Valoración financiera de la empresa Travel Retail S.A.

Abstract

The purpose of this research was to determine the economic value of Travel Retail S.A. using the discounted cash flow (DCF) method, applying a quantitative approach aimed at the objective analysis of its financial performance. To this end, the main liquidity, activity, profitability, and leverage indicators were evaluated for the period 2023–2024. In addition, the company’s financial statements were analyzed, and future cash flows were projected based on assumptions consistent with the historical performance of the business and the current conditions of the duty-free sector in Ecuador. The results revealed a company with adequate operational efficiency and solid liquidity levels; however, its capital structure was weakened by increased indebtedness and a significant decline in profitability during 2024. The projections were developed considering actual business trends, excluding atypical pandemic years and applying moderate growth assumptions based on sector behavior. Based on these assumptions, the economic value of the company was estimated for the year 2024 using a discount rate consistent with its risk profile. The study concludes that Travel Retail S.A. has value-generation potential; nevertheless, it must strengthen its financial structure and optimize its operational management to improve the sustainability of its future cash flows. Keywords: financial valuation, discounted cash flow, financial indicators, operational management, economic projection, business competitiveness.