con “valoración de activos prudente” quiere decir ficticia, no?
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Muy cierto todo esto.
A menudo no son triviales de comparar, pues no gravan de la misma manera. Es decir el sistema o esquema de tributación es distinto, no una mera cifra homologable entre sistemas que te indica cuánto te gravan aquí, y cuánto allá. Por ejemplo hay países donde los impuestos sobre plusvalías de bienes mobiliarios como las acciones se integran dentro de la renta total. Es decir no hacen distinción entre rentas salariales y de capital como se hace en España. Y este es sólo un ejemplo de muchos más que existen. Por tanto son difícilmente comparables, efectivamente.
Y sí, existe ese mantra de que en España es “demencial”, como vd dice. Sin entrar en si lo es -lo cual es soslayable, si se quiere que la gente vaya ahorrando para su jubilación porque la pensión de la SS no dará suficiente-, esa gente debería mirar a los vecinos franceses e italianos, que me da no lo tienen mejor. Sin obviar la mentada complicada comparación entre fiscalidades de distintos países.
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Para gustos hay colores
Porque Vd no sea de los que compramos Amazon antes de que Bezos lo tuviera claro no generalice
En este caso es nacer con tara ya, indudablemente
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Saludos cordiales, @Amat.
En España hasta la reforma de 2007.
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Buenas tardes,
Yo diría que g= -2,50% (equivalente a 1/40, es decir, que desaparece en 40 años). La verdad es que nunca he valorado activos con vida útil “clara”, pero me parece una aproximación lógica.
En cualquier caso, no pondría g>0 ya que en la proyección de los primeros años de explotación parece que no hay incrementos ni en ingresos ni en gastos (g=0).
Espero que sea de ayuda, y que alguien pueda corregirlo si no es el caso.
Un saludo!
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@enferinver66 es la señal 
que todos necesitamos para hacer lo contrario. 
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Danaher To Acquire Masimo Corporation
WASHINGTON, Feb. 17, 2026 /PRNewswire/ – Danaher Corporation (NYSE: DHR), a global science and technology innovator, announced today that it has entered into a definitive agreement to acquire Masimo Corporation (NASDAQ: MASI) a leading specialty diagnostics provider of pulse oximetry and other patient monitoring solutions, primarily in acute care settings. Under the terms of the agreement, Danaher will acquire all of the outstanding shares of Masimo common stock for $180 per share in cash, or a total enterprise value of approximately $9.9 billion including assumed indebtedness and net of acquired cash. This represents a transaction multiple of approximately 18x estimated 2027 EBITDA, or 15x 2027 estimated EBITDA including the full benefit of expected annual synergies1.
Rainer M. Blair, President and Chief Executive Officer, Danaher, said: “We are excited to welcome the Masimo team to Danaher. We’ve followed this innovative company for many years and see it as an exceptional strategic fit for Danaher. Masimo is a leader in pulse oximetry and other patient monitoring solutions, which combined with its trusted brand and differentiated technology, will greatly strengthen our diagnostics franchise. With the Danaher Business System and our global scale, we see opportunities to expand Masimo’s reach and continue improving outcomes for patients, particularly those in acute care settings.”
Julie Sawyer Montgomery, Executive Vice President for Diagnostics, Danaher, said: “Masimo’s advanced sensor technology and AI-enabled monitoring bring powerful new capabilities to our diagnostics portfolio. Integrating these strengths into Danaher will create meaningful opportunities to innovate for clinicians and improve decision making in critical settings.”
Upon completion of the transaction, Masimo will be a standalone operating company within Danaher’s Diagnostics segment along with Radiometer, Leica Biosystems, Cepheid and Beckman Coulter Diagnostics. Masimo is expected to be accretive to adjusted diluted net earnings per common share by $0.15 to $0.20 in the first full year and approximately $0.70 in the fifth full year following completion of the acquisition. Masimo is expected to deliver high-single digit core revenue growth over the long-term, accelerating Danaher’s Diagnostics segment core revenue growth profile.
Under Danaher’s ownership, Masimo is expected to generate EBITDA of more than $530 million in 2027. Additionally, Danaher expects to realize more than $125 million of annual cost synergies and more than $50 million of annual revenue synergies by the fifth full year following completion of the acquisition.
The transaction is anticipated to close in the second half of 2026 and is subject to customary conditions, including receipt of applicable regulatory clearances and Masimo shareholder approval. Danaher expects to fund the acquisition using cash on hand and proceeds from debt financing.
Citi acted as financial advisor to Danaher and Goldman Sachs provided advisory support. Kirkland & Ellis LLP served as legal advisor to Danaher in connection with the Transaction.
Core revenue growth, adjusted diluted net earnings per common share and EBITDA are non-GAAP measures; please see “Non-GAAP Measures” below for additional information.
1 2027 estimated EBITDA including the full benefit of expected annual synergies refers to 2027 estimated EBITDA adjusted to include the full benefit of annual synergies expected to be achieved by the fifth full year following acquisition.
A note containing additional financial and other information relating to Danaher’s anticipated acquisition of Masimo has been posted to the “Investors” section of Danaher’s public website (www.danaher.com ).
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Es una operación interesante por parte de Danaher, aunque me produce sentimientos encontrados; de hecho, el mercado no ha reaccionado de forma positiva a priori. Si bien es una empresa que encaja en la propuesta de valor del ecosistema Danaher —primando la venta recurrente de consumibles frente a la ciclicidad de los dispositivos—, no termino de ver claras sus ventajas competitivas a largo plazo. Es cierto que su tecnología es superior sobre el papel, pero la pulsioximetría está prácticamente comoditizada. Ya no compiten solo con Nellcor, sino con nuevos fabricantes que están implantando sus propios sensores: tecnología mucho más barata, eficiente e intercambiable entre dispositivos.
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Saludos cordiales, @Estructurero.
A este respecto la IA me hace estas sugerencias: Las cuentas del Gran Capitán - nº 625 por Buso.
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Creo al value aún le queda algo de recorrido para estar en precio y al quality growth recorrido a la baja.No obstante estaremos vigilantes para traspasar beneficios.Si ustedes tuvieran que elegir un quality ( growth) con cual se quedarían Fundsmith, seilern o Comgest( Europe)?
Y en la caso de algo pasivo, alguna recomendación en ese sector de crecimiento de calidad?
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Basándome en su pasado, me quedaría con Fundsmith Equity Fund T porque mantiene una filosofía muy clara y coherente: invertir a largo plazo en buenos negocios y dejar que el tiempo haga el trabajo, sin rotaciones innecesarias que ocasionan gastos en comisiones y merman la rentabilidad ni cambios constantes de criterio que hacen ir a contrapié. Esa consistencia es lo que le ha dado solidez y credibilidad.
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En mi caso a final de año traspasé Seilern a Fundsmith, por menores comisiones y por que me genera más confianza. Respecto a algun pasivo, me encuentro un poco en su misma tesitura, ando buscando algo con bajas comisiones en ese sector, he localizado algun ETF, pero fondos no encuentro a priori.
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Me ha parecido muy interesante este tweet, food for thought:
The Hollow Men
American capitalism is rotting from the head down. We have replaced the “Owner-Operator”—the risk-taker-with a new, parasitic class of corporate bureaucrat: The Risk-Free Insider.
By “Insider,” I am not referring to a specific title. I am referring to the entire administrative state that has captured the modern corporation. This includes the Directors who exist solely to collect fees, the Executives who exist solely to collect bonuses, and the Managers who exist solely to hire consultants.
These are the hollow men of the boardroom. They are masters of PowerPoint. They wear the right suits. They say the right buzzwords about “governance” and “ESG.” But they are mercenaries fighting a war with someone else’s ammunition.
In a functioning economy, authority is tied to liability. If you make a bad decision, you lose your own money. That fear of loss is the only thing that keeps a business honest. It forces you to cut waste, obsess over the customer, and stay late to fix what is broken.
Today, we have severed that link.
We have rigged the game so that heads, the Insider wins; tails, the shareholder loses.
If the stock goes up, the Insider collects a massive performance bonus. If the stock crashes due to their own incompetence, they are fired with a “Golden Parachute” worth tens of millions. They are gambling with the house’s money, and they never leave the table poorer than they arrived.
This looting starts in the boardroom.
We have normalized a “Country Club” culture where directors are selected based on social profiling rather than their ability to build a business. The modern board member is often a professional tourist—paid an average of $350,000 a year.
Let’s be brutally honest about what that number represents. The average director is paid nearly five times the GDP per capita of the United States. They earn more for attending four quarterly lunches than the vast majority of Americans earn in five years of hard labor.
And for what?
Most of these directors are “over-boarded,” sitting on three or four boards simultaneously. They treat directorships as a gig economy for the elite. They fly in, rubber-stamp a compensation package they didn’t read, and fly out. They collect checks from companies they do not understand, do not use, and certainly do not love.
They are not there to ask hard questions. They are there to be collegial. They are there to protect the other Insiders.
And what happens when these boards hire executives who also have no personal capital at risk?
We get the Delegation Economy.
When a Risk-Free Insider faces a crisis—bloated expenses, a broken supply chain, or a stale product—they do not roll up their sleeves. They hire a consultant. They pay a strategy firm millions of shareholder dollars to produce a 100-page deck telling them what they already know.
This is not management. It is intellectual money laundering.
They use shareholder capital to buy an insurance policy for their own careers. If the plan fails, they can blame the consultants. They delegate the work because they are terrified of the responsibility. They would rather preside over a slow, comfortable decline than risk a bold mistake.
While American Insiders are busy optimizing their severance packages, our global competitors are optimizing their products. They are not slowed down by bureaucracy. They are not waiting for a slide deck. They are outworking us.
If we continue to fill our C-suites with administrators instead of operators, we will lose our edge. We will see iconic American franchises hollowed out by fees, managed for the benefit of the Insiders, while the true owners—the shareholders—are left holding the bag.
The time for polite governance is over.
If we want to save the American economy from mediocrity, we must demand a return to the “Owner’s Mentality.” We need leaders who treat shareholder capital with the same reverence they treat their own savings. The era of the Risk-Free Insider must end.
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Yo creo que a l/p posiblemente Seilern o Comgest tengan mas recorrido tras estos ultimos dos años tan malos especialmente, pero es cierto que hasta la fecha Fundsmih aporta una mayor consistencia y muy importante: unas comisiones mucho mas razonables, algo esencial si uno entra en el fondo para tener paciencia y esperar a que la estrategia de sus resultados.
Respecto a una idea pasiva a estudiar, quizas podria ser Xtrackers MSCI World Quality UCITS ETF:
https://global.morningstar.com/es/inversiones/etfs/0P00014B9E/cotizacion
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Fundsmith a 0,94 en EBN.Clase limpia.Hay diferencia con los otros, especialmente el Comgest.
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https://global.morningstar.com/en-eu/investments/funds/0P00009FS8/quote?marketID=fr
Llevo mucho growth en la cartera desde hace siete años. Ahora mismo el ganador es este.
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John Kenneth Galbraith, en su obra El nuevo estado industrial (1967), critica a los directivos al argumentar que han perdido poder frente a la “tecnoestructura” —el grupo de técnicos, ingenieros y expertos que realmente gestiona las grandes corporaciones. Sostiene que estos gerentes ya no buscan maximizar beneficios, sino asegurar la supervivencia y crecimiento de la empresa, manipulando al consumidor y al Estado para satisfacer sus propios intereses organizacionales
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