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Eléctricas españolas: 1991-2007. Creación de valor y rentabilidad para los accionistas


  • Fernandez, Pablo

    () (IESE Business School)

  • Bermejo, Vicente J.

    (IESE Business School)


Este documento analiza la creación de valor y la rentabilidad para los accionistas de Endesa (ELE), Iberdrola (IBE) y Unión Fenosa (UNF) entre diciembre de 1991 y diciembre de 2007. En ese período, la creación de valor para los accionistas fue (en millardos de euros): ELE, 31,2; IBE, 32, y UNF, 12,5. UNF fue la más rentable para sus accionistas; IBE fue la que más creció en capitalización, la que más valor creó y la menos volátil; ELE fue la que más dividendos repartió. Las rentabilidades de las tres empresas a lo largo de estos dieciséis años (ELE, 17,6%; IBE, 19,7% y UNF, 21,8%) fueron sensiblemente superiores a la del IBEX 35 (15,1%): una inversión de 100 euros en diciembre de 1991 se convirtió en diciembre de 2007 en 1.336 euros en el caso de ELE, en 1.770 euros en el caso de IBE, en 2.359 en el caso de UNF y en 943 en el caso del IBEX 35. La rentabilidad media debida a este descenso de los tipos de interés en este período (cayeron desde el 11,3% al 4,4%) se estima en un 4,4%.

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente J., 2008. "Eléctricas españolas: 1991-2007. Creación de valor y rentabilidad para los accionistas," IESE Research Papers D/743, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0743

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    References listed on IDEAS

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    More about this item


    creación valor para accionistas; rentabilidad ponderada accionistas; aumento valor para accionistas; rentabilidad para accionistas; rentabilidad debida a cambios tipos interés; capitalización:;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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