{"id":223,"date":"2025-05-20T10:02:51","date_gmt":"2025-05-20T13:02:51","guid":{"rendered":"https:\/\/espanol.valordeempresa.com\/?page_id=223"},"modified":"2025-08-07T17:06:04","modified_gmt":"2025-08-07T20:06:04","slug":"valor-de-mercado-vs-valor-intrinseco","status":"publish","type":"page","link":"https:\/\/valordeempresa.com\/en\/valor-de-mercado-vs-valor-intrinseco\/","title":{"rendered":"Valor de mercado vs Valor intr\u00ednseco"},"content":{"rendered":"

[page_header align=”center” title=”VALOR DE MERCADO VS VALOR INTR\u00cdNSECO” title_size=”larger” bg_color=”#02449b”]<\/p>\n

\u00a0<\/p>\n

Uno <\/span>de <\/span>los <\/span>mayores desaf\u00edos <\/span>para <\/span>la <\/span>supervivencia <\/span>de <\/span>una <\/span>empresa <\/span>es <\/span>establecer <\/span>el <\/span>precio <\/span>correcto <\/span>de <\/span>sus <\/span>productos.\u00a0<\/span> Esto <\/span>es crucial <\/span>porque, <\/span>si <\/span>se fija<\/span>\u00a0<\/span>un <\/span>valor <\/span>inadecuado, <\/span>se comete una in<\/span>justicia <\/span>tanto hacia<\/span>\u00a0<\/span>los <\/span>clientes <\/span>como hacia la propia empresa, obtaculiz\u00e1ndoles su crecimiento<\/span>.\u00a0 <\/span>En otras palabras, se perjudica<\/span>\u00a0<\/span>tanto a<\/span>l <\/span>comprador <\/span>como a<\/span>l <\/span>vendedor.<\/span><\/span><\/strong><\/span><\/p>\n

Por lo general, <\/span>se <\/span>cree <\/span>que <\/span>el <\/span>valor <\/span>de <\/span>los <\/span>bienes <\/span>lo <\/span>determina <\/span>el <\/span>mercado.\u00a0 <\/span>Esta afirmaci\u00f3n es v\u00e1lida en um entorno con<\/span> numerosos<\/span>\u00a0<\/span>compradores (<\/span>consumidores) <\/span>y <\/span>vendedores (<\/span>productores), donde la<\/span>\u00a0<\/span>informaci\u00f3n <\/span>circula libemente y de manera equitativa<\/span>.\u00a0 En tales condiciones, el<\/span>\u00a0<\/span>precio tiende a estabilizarse en un punto en el que ambas est\u00e1n satisfechas.\u00a0 A ese punto<\/span>\u00a0<\/span>lo <\/span>llamamos <\/span>Precio <\/span>de <\/span>Mercado.<\/span><\/strong><\/span><\/p>\n

Sin embargo, esta l\u00f3gica se distorsiona cuando hay<\/span>\u00a0<\/span>pocos <\/span>compradores <\/span>o, <\/span>en <\/span>el <\/span>peor <\/span>de <\/span>los <\/span>casos, <\/span>un \u00fanico<\/span>\u00a0<\/span>comprador.\u00a0 En ese escenario, c<\/span>ada uno<\/span>\u00a0<\/span>ofrece <\/span>un <\/span>precio d<\/span>e acuerdo con sus intereses, lo que genera una amplia dispersi\u00f3n de valores<\/span>.\u00a0 Una soluci\u00f3n posible es vender al mejor postor, es decir, recurrir a una subasta.<\/span><\/strong><\/span><\/p>\n

Pero aqu\u00ed surge la pregunta, \u00bfe<\/span>s <\/span>posible encontrar un <\/span>precio basado \u00fanicamente en <\/span>el <\/span>potencial <\/span>del <\/span>bien en venta, sin depender de los <\/span>compradores?\u00a0 La respuesta es afirmativa:\u00a0 ese valor existe y se denomina <\/span>Precio <\/span>Intr\u00ednseco.<\/span><\/strong><\/span><\/p>\n

Si <\/span>est\u00e1s <\/span>de <\/span>acuerdo, <\/span>perfecto<\/span>.\u00a0 Si no, <\/span>basta <\/span>con present<\/span>ar <\/span>un <\/span>ejemplo <\/span>que <\/span>demuestre <\/span>lo <\/span>contrario.\u00a0 Aqu\u00ed, nuestro prop\u00f3sito <\/span>es justamente <\/span>demostrar <\/span>la <\/span>existencia <\/span>de <\/span>ese <\/span>Precio <\/span>Intr\u00ednseco.
<\/span><\/strong><\/span><\/p>\n

\n


<\/span><\/strong><\/span>Comencemos por lo esencial:\u00a0 para s<\/span>obrevivir, <\/span>necesitas <\/span>alimentarte.\u00a0 <\/span>Esto implica <\/span>comprar comida que se adquiere a cambio de dinero.<\/span> \u00a0<\/span>\u00bf<\/span>En <\/span>qu\u00e9 <\/span>cantidad?\u00a0 <\/span>Generalmente, el equivalente a <\/span>un <\/span>precio <\/span>justo <\/span>de <\/span>intercambio.<\/span><\/strong><\/span><\/p>\n

Ahora <\/span>bien, <\/span>para <\/span>adquirir <\/span>esa <\/span>comida, <\/span>necesitas <\/span>generar ingresos, es decir, <\/span>producir <\/span>riqueza.<\/span><\/strong><\/span><\/p>\n

De <\/span>las <\/span>riquezas <\/span>fundamentales d<\/span>el <\/span>ser <\/span>humano \u2014<\/span>CONOCIMIENTO, <\/span>TRABAJO <\/span>y <\/span>TIERRA\u2014 <\/span>surge<\/span>\u00a0<\/span>otra:\u00a0 <\/span>el <\/span>CAPITAL.\u00a0 A partir de la combinaci\u00f3n de estas cuatro fuentes, se generan<\/span>\u00a0<\/span>16 <\/span>grupos <\/span>productivos<\/span>\u00a0<\/span>y <\/span>11 <\/span>tipos bien definidos <\/span>de <\/span>actividades econ\u00f3micas<\/span>.\u00a0 <\/span>Esas <\/span>actividades <\/span>permiten <\/span>10 <\/span>formas <\/span>de <\/span>generar <\/span>ingresos, <\/span>es <\/span>decir, <\/span>de <\/span>producir<\/span>\u00a0<\/span>riqueza.\u00a0 <\/span>No aborda<\/span>remos ahora <\/span>esos <\/span>16 <\/span>grupos<\/span>, <\/span>ya <\/span>que <\/span>es <\/span>un <\/span>tema <\/span>que <\/span>debe <\/span>tratarse <\/span>con <\/span>m\u00e1s <\/span>detalle <\/span>en <\/span>otro <\/span>momento.<\/span><\/strong><\/span><\/p>\n

Una <\/span>de esas actividades genera el <\/span>salario.\u00a0 <\/span>Su valor <\/span>depende <\/span>de <\/span>tu <\/span>destreza y del nivel de oferta en esa \u00e1rea.<\/span>\u00a0\u00a0<\/span>Si <\/span>muchas <\/span>personas <\/span>desempe\u00f1an el mismo <\/span>trabajo, los salarios tienden a ser bajos.<\/span>\u00a0\u00a0<\/span>Si <\/span>hay escasez de especialistas, los<\/span>\u00a0<\/span>salarios tienden a ser m\u00e1s<\/span>\u00a0<\/span>altos.\u00a0 <\/span>Si <\/span>eres <\/span>Pel\u00e9 <\/span>o <\/span>Muhammad <\/span>Ali (<\/span>Cassius <\/span>Clay),<\/span> recibir\u00e1s una remuneraci\u00f3n elevada<\/span>.\u00a0 <\/span>Si <\/span>eres <\/span>una <\/span>persona com\u00fan<\/span>, <\/span>probablemente <\/span>tu <\/span>salario cubrir\u00e1 tus <\/span>necesidades <\/span>y <\/span>las <\/span>de <\/span>tu <\/span>familia.\u00a0 En todos los casos, estamos hablando de asignar <\/span>un <\/span>precio al<\/span>\u00a0<\/span>salario.<\/span><\/strong><\/span><\/p>\n

Otro <\/span>tipo <\/span>de <\/span>actividad generadora de<\/span>\u00a0<\/span>riqueza e<\/span>s el<\/span>\u00a0<\/span>alquiler.\u00a0 Definir <\/span>el <\/span>valor <\/span>del <\/span>alquiler <\/span>de <\/span>un <\/span>inmueble es, en esencia, establecer <\/span>un <\/span>precio.<\/span><\/strong><\/span><\/p>\n

Como puedes ver, para obt<\/span>ener cualquier bien<\/span>\u00a0<\/span>material, es necesario<\/span>\u00a0<\/span>pagar <\/span>un <\/span>valor <\/span>por <\/span>\u00e9l.\u00a0 <\/span>Ese valor <\/span>es <\/span>el <\/span>precio.<\/span><\/strong><\/span><\/p>\n

En <\/span>el <\/span>mundo <\/span>material, <\/span>todo tiene un precio.\u00a0 En e<\/span>l <\/span>mundo ideal, todos los bienes tendr\u00edan <\/span>un <\/span>precio <\/span>justo.\u00a0 <\/span>Pero <\/span>en <\/span>la <\/span>realidad, <\/span>los <\/span>precios est\u00e1n frecuentamente <\/span>distorsionados, ya que <\/span>no <\/span>existe <\/span>un <\/span>est\u00e1ndar universal ni<\/span>\u00a0<\/span>una <\/span>entidad <\/span>reguladora <\/span>infalible.<\/span><\/strong><\/span><\/p>\n

La <\/span>\u00fanica <\/span>herramienta <\/span>ampliamente aceptada es el sistema de<\/span>\u00a0<\/span>oferta <\/span>y<\/span>\u00a0<\/span>demanda, <\/span>que <\/span>mencionamos <\/span>al inicio<\/span>.\u00a0 En \u00e9l, e<\/span>l <\/span>precio <\/span>se <\/span>equilibra <\/span>en el<\/span>\u00a0<\/span>punto donde<\/span>\u00a0<\/span>productores <\/span>y <\/span>consumidores coinciden<\/span>.\u00a0 Este modelo funciona especialmente bien para productos masivos, con m\u00faltiplos oferentes y demandantes.\u00a0 <\/span>Es <\/span>justo, <\/span>y representa una re<\/span>gla <\/span>natural <\/span>del <\/span>mercado.<\/span><\/strong><\/span><\/p>\n

Pero, \u00bf<\/span>qu\u00e9 <\/span>ocurre <\/span>cuando <\/span>el <\/span>producto <\/span>es <\/span>\u00fanico <\/span>y cuenta con<\/span>\u00a0<\/span>pocos <\/span>compradores, <\/span>como <\/span>es <\/span>el <\/span>caso <\/span>de <\/span>una <\/span>empresa en venta<\/span>?<\/span><\/strong><\/span><\/p>\n

En esos casos, se suele recurrir a<\/span>l <\/span>Precio <\/span>de <\/span>Mercado, calculado como <\/span>el <\/span>valor <\/span>de <\/span>la <\/span>acci\u00f3n <\/span>negociada <\/span>en <\/span>la <\/span>Bolsa <\/span>multiplicado <\/span>por <\/span>el <\/span>n\u00famero <\/span>de <\/span>acciones <\/span>en <\/span>circulaci\u00f3n.\u00a0 <\/span>Es <\/span>decir, <\/span>cu\u00e1nto <\/span>est\u00e1 <\/span>dispuesto <\/span>a <\/span>pagar el<\/span>\u00a0<\/span>comprador <\/span>y <\/span>cu\u00e1nto <\/span>desea recibir<\/span>\u00a0<\/span>el <\/span>vendedor.\u00a0 Si ambas partes llegan a un acuerdo, <\/span>la <\/span>operaci\u00f3n se concreta a ese precio.\u00a0 En este escenario, prevalece el Precio de Mercado.\u00a0 <\/span>En <\/span>realidad, <\/span>quien <\/span>manda <\/span>es <\/span>el <\/span>Precio <\/span>de <\/span>Mercado.\u00a0 As\u00ed ha<\/span>\u00a0<\/span>sido<\/span>, as\u00ed <\/span>es<\/span>\u00a0<\/span>y <\/span>ser\u00e1 <\/span>as\u00ed <\/span>siempre.\u00a0 <\/span>Pero ahora pregunto:\u00a0 \u00bf<\/span>ese<\/span>\u00a0<\/span>precio <\/span>es realmente <\/span>justo?<\/span><\/strong><\/span><\/p>\n

Antes <\/span>de <\/span>responder, <\/span>aclaremos <\/span>un <\/span>poco <\/span>m\u00e1s <\/span>este <\/span>concepto<\/span>.<\/span><\/strong><\/span><\/p>\n

\n

Imagina que <\/span>eres <\/span>carpintero <\/span>y <\/span>fabricas <\/span>sillas.\u00a0 <\/span>Construyes <\/span>una <\/span>silla <\/span>por <\/span>mes, con un costo de <\/span>R$<\/span>8.\u00a0 <\/span>Para <\/span>mantener <\/span>a <\/span>tu <\/span>familia <\/span>necesitas <\/span>R$<\/span>2 adicionales.\u00a0 Por<\/span>\u00a0<\/span>lo <\/span>tanto, <\/span>planeas <\/span>vender la<\/span>\u00a0<\/span>silla <\/span>por <\/span>R$<\/span>10.\u00a0 <\/span>Si <\/span>analizamos el promedio de precios de <\/span>todos <\/span>los <\/span>carpinteros <\/span>de <\/span>la <\/span>regi\u00f3n, <\/span>probablemente <\/span>estar\u00e1 <\/span>cerca <\/span>de <\/span>ese <\/span>valor<\/span>.<\/span><\/strong><\/span><\/p>\n

Sin embargo, si un comprador cree <\/span>que habr\u00e1 escasez de sillas pr\u00f3ximamente,<\/span>\u00a0<\/span>probablemente <\/span>estar\u00e1 <\/span>dispuesto <\/span>a <\/span>pagar <\/span>un <\/span>valor <\/span>mayor <\/span>a <\/span>los <\/span>R$<\/span>10, <\/span>digamos <\/span>R$<\/span>20.\u00a0 <\/span>Por otro lado, si anticipa un exceso de sillas, podr\u00eda ofrecer solo <\/span>R$<\/span>7.<\/span><\/strong><\/span><\/p>\n

Los <\/span>valores <\/span>7 <\/span>y <\/span>20 <\/span>representan <\/span>precios <\/span>de <\/span>mercado en distintos contextos, influenciados por las percepciones y necesidads de los actores.\u00a0 Son precios v\u00e1lidos para ellos, pero no necesariamente para ti.\u00a0 Para ti, el valor justo es<\/span> R$<\/span>10, que representa lo necesario para cubrir tus costos y necesidades.\u00a0 Ese es un valor generado internamente, no por el mercado:\u00a0 es<\/span>\u00a0<\/span>el <\/span>Precio <\/span>Intr\u00ednseco, <\/span>y pod<\/span>r\u00eda considerarse como el precio verdadero de tu producto<\/span>.<\/span><\/strong><\/span><\/p>\n

Ahora volvamos al caso de una empresa.\u00a0 Supongamos que tenemos acceso a toda la informaci\u00f3n relevante: ventas, costos, gastos, inversiones, financiamiento y premisas claves sobre la empresa y su mercado. <\/span>\u00a0A<\/span>fortunadamente, hoy contamos con la tecnolog\u00eda necesaria <\/span>para <\/span>calcular <\/span>su <\/span>valor <\/span>justo, es decir<\/span>, <\/span>su <\/span>Precio <\/span>Intr\u00ednseco, tambi\u00e9n conocido en Finanzas Corporativas como<\/span>\u00a0<\/span>Precio <\/span>Justo <\/span>Esperado.\u00a0 <\/span>Supongamos que ese valor es de <\/span>R$<\/span>10 <\/span>millones (<\/span>MM).<\/span><\/strong><\/span><\/p>\n

Si <\/span>alguien <\/span>ofrece <\/span>entre <\/span>R$<\/span>7 <\/span>y <\/span>R$<\/span>20 <\/span>MM, <\/span>y <\/span>la negociaci\u00f3n cierra dentro de ese<\/span>\u00a0<\/span>rango, <\/span>ese <\/span>ser\u00e1 <\/span>el <\/span>Precio <\/span>de <\/span>Mercado.\u00a0 <\/span>Pero <\/span>nosotros <\/span>sabremos <\/span>que <\/span>su <\/span>Precio <\/span>Intr\u00ednseco <\/span>es <\/span>R$<\/span>10 <\/span>MM.<\/span><\/strong><\/span><\/p>\n

Entonces, volvemos a la pregunta inicial:\u00a0 <\/span>\u00bf<\/span>es <\/span>justo <\/span>utilizar <\/span>el <\/span>Precio <\/span>de <\/span>Mercado <\/span>para <\/span>definir <\/span>el <\/span>valor <\/span>de <\/span>una <\/span>empresa, <\/span>o <\/span>deber\u00edamos optar por <\/span>calcular <\/span>su <\/span>Precio <\/span>Intr\u00ednseco?<\/span><\/strong><\/span><\/p>\n

La respuesta est\u00e1 en tu <\/span>conciencia<\/span>\u2026<\/span><\/strong><\/span><\/p>\n

\u00a0<\/p>\n

Contacte<\/span>-nos<\/strong><\/a>
<\/span>Volver a la Home Page<\/strong><\/a><\/span><\/p>\n

Isaac Hayon Sasson<\/em><\/strong> es Ingeniero Mec\u00e1nico, Executive MBA, especializado en Finanzas Corporativas, y consultor en las \u00e1reas de evaluaci\u00f3n de empresas y plataformas de ventas, proyectos de ingenier\u00eda, construcci\u00f3n de f\u00e1bricas y recuperaci\u00f3n de empresas.<\/span><\/p>\n

E-mail<\/em>\u00a0:\u00a0 isaachayon17@gmail.com<\/a><\/span>\u00a0 \u00a0Portal\u00a0<\/em>: \u00a0valordeempresa.com<\/a>
Whatsapp :<\/em><\/span>\u00a011 97676.8573<\/span><\/span><\/strong><\/span><\/p>\n

[page_header align=”center” title=”Antiguamente evaluar empresas era un arte. Hoy es una ciencia bien definida.” bg_size=”original” bg_color=”#fcfcfc” bg_overlay=”#02449b”]<\/p>\n","protected":false},"excerpt":{"rendered":"

[page_header align=”center” title=”VALOR DE MERCADO VS VALOR INTR\u00cdNSECO” title_size=”larger” bg_color=”#02449b”] \u00a0 Uno de los mayores desaf\u00edos para la supervivencia de una empresa es establecer el precio correcto de sus productos.\u00a0 Esto es crucial porque, si se fija\u00a0un valor inadecuado, se comete una injusticia tanto hacia\u00a0los clientes como hacia la propia empresa, obtaculiz\u00e1ndoles su crecimiento.\u00a0 En […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-223","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/pages\/223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/comments?post=223"}],"version-history":[{"count":51,"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/pages\/223\/revisions"}],"predecessor-version":[{"id":472,"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/pages\/223\/revisions\/472"}],"wp:attachment":[{"href":"https:\/\/valordeempresa.com\/en\/wp-json\/wp\/v2\/media?parent=223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}