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Title: Análisis cuantitativo de las ventajas competitivas empresariales
Author: Sánchez Molina, David
Tutor: Aslanidis, Nektarios  
Abstract: Competitive advantages are one of the main topics of study in financial and strategic analysis and corporate management. Authors such as Michael Porter, Aswath Damodaran, Bruce Greenwald and Pat Dorsey, as well as a large part of the Value Investing community, have made significant contributions to the detection, classification, analysis and quantification of competitive advantages. The investment community is particularly interested in these advantages because it is precisely companies with competitive advantages that are more predictable and maintain returns on invested capital well above the market average over long periods of time without the competition being able to reduce their market share. Companies with competitive advantages are true machines for generating compound interest for their shareholders. This study provides a compendium of the theoretical framework of reference in the field of competitive advantage. At the same time, the few proposals for quantifying competitive advantages available in the literature are presented in a separate section. Finally, a proposal is made for a methodology of quantification of competitive advantages where an indicator is developed which has been called moat indicator (moat in Spanish), referring to the widespread comparison between competitive advantages and the moats that protect medieval fortresses from enemy attack or competition. The moat indicator developed is based on eight financial pillars: ROIC, EPS, sales, EBITDA and FCF growth, together with net, EBITDA and FCF margins. Its chronological study in three-, five- and ten-year medians compared to the benchmark market (SP500) or to the industry itself provides highly interesting information on the consistency and robustness of its fundamentals in relation to the fundamentals of the average company. Competitive advantages do not exist per se, but rather their reason for existence is relative to another company or other group to be compared. The comparison with the SP500 is of particular interest to the investment community as it is the metric on which most equity managers measure their efficiency. And it is this benchmark that appears to offer a reliable measure of quantitative detection of competitive advantage. Moat results obtained for different companies in the Computer Software and Gold Miners industries, two industries at the antipodes in terms of moat, have been presented. The proposed indicator has been verified by qualitatively investigating the competitive advantages on a case-by-case basis. Finally, the results have been validated with the Morningstar ranking proposal, thus corroborating the results obtained. In turn, a comparison was made between the moat indicator created here and the Sustainalytics ESG criteria indicator, corroborating the positive correlation between the existence of competitive advantages and a good rating in terms of sustainability, social impact and governance.
Keywords: strategic analysis
variable income
barriers of entry
Document type: info:eu-repo/semantics/bachelorThesis
Issue Date: Jul-2022
Publication license:  
Appears in Collections:Trabajos finales de carrera, trabajos de investigación, etc.

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