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1.2.3.4.5.6.7.8.9.-
rstamos
r cobrar comerciales
IC36: WACC
cuentas por cobrar
W/P
H1
H2
H3
H4
H5
H6
H7
H8
H9
1.Caso 1:
Cobros
1,500,000
Pagos
Neto
0
-100,000
1,400,000
Caso 2:
1
-194,257
-194,257
2
-194,257
-194,257
3
-194,257
-194,257
4
-194,257
-194,257
Cobros
1,400,000
CT
Intereses
Principal
Neto
0
-50,000
1,350,000
1
-120,000
-120,000
2
-120,000
-120,000
3
-120,000
-120,000
4
-120,000
-120,000
mo sigue:
5
-194,257
-194,257
6
-194,257
-194,257
7
-194,257
-194,257
8
-194,257
-194,257
9
-194,257
-194,257
10
-194,257
-194,257
5
-120,000
-120,000
6
-120,000
-120,000
7
-120,000
-120,000
8
-120,000
-120,000
9
-120,000
-120,000
10
-120,000
-1,500,000
-1,620,000
siguiente
H1
:
:
:
1,500,000
5%
10 periodos
Periodo
TIR
6.45%
TIR
9.60%
1
2
3
4
5
6
7
8
9
10
Principal
119,257
125,220
131,481
138,055
144,957
152,205
159,816
167,806
176,197
185,007
1,500,000
Intereses
75,000
69,037
62,776
56,202
49,299
42,052
34,441
26,450
18,060
9,250
442,569
Cuota
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
1,942,569
e prstamos
2.Caso 2:
Cobros
1,400,000
CT
Intereses
Principal
Neto
0
-50,000
1,350,000
1
-120,000
-120,000
2
-120,000
-120,000
3
-120,000
-120,000
4
-120,000
-120,000
(-) Pagos
-120,000
-120,000
-120,000
-120,000
-120,000
-120,000
-120,000
-120,000
-120,000
-1,620,000
Saldo
Final
1,359,594
1,370,109
1,381,634
1,394,265
1,408,108
1,423,280
1,439,909
1,458,134
1,478,108
-0
Saldo
Inicial
1,350,000
1,359,594
1,370,109
1,381,634
1,394,265
1,408,108
1,423,280
1,439,909
1,458,134
1,478,108
(+) Gasto
Financiero
129,594
130,515
131,525
132,631
133,843
135,172
136,629
138,225
139,974
141,892
siguiente
5
-120,000
-120,000
6
-120,000
-120,000
7
-120,000
-120,000
8
-120,000
-120,000
9
-120,000
-120,000
10
-120,000
-1,500,000
-1,620,000
Entradas Contables
Debe
EFECTIVO
BONOS POR PAGAR
1,350,000
GASTOS FINANCIEROS
BONOS POR PAGAR
129,594
120,000
H2
TIR
9.60%
Haber
###
129,594
120,000
3.Caso 1:
Cobros
1,500,000
Pagos
Neto
0
-100,000
1,400,000
1
-194,257
-194,257
2
-194,257
-194,257
3
-194,257
-194,257
4
-194,257
-194,257
(-) Pagos
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
Saldo
Final
1,295,990
1,185,276
1,067,425
941,977
808,442
666,299
514,994
353,934
182,493
0
Periodo
1
2
3
4
5
6
7
8
9
10
Saldo
Inicial
1,400,000
1,295,990
1,185,276
1,067,425
941,977
808,442
666,299
514,994
353,934
182,493
(+) Gasto
Financiero
90,247
83,543
76,406
68,809
60,722
52,114
42,951
33,198
22,815
11,764
tamos
mo sigue:
5
-194,257
-194,257
6
-194,257
-194,257
7
-194,257
-194,257
8
-194,257
-194,257
9
-194,257
-194,257
10
-194,257
-194,257
Entradas Contables
Debe
EFECTIVO
PRESTAMOS POR PAGAR
1,400,000
GASTOS FINANCIEROS
PRESTAMOS POR PAGAR
90,247
90,247
H3
Prstamo
Tasa
Plazo
Cronograma
TIR
6.45%
Haber
1,400,000
90,247
90,247
:
1,500,000
:
5%
:
10 periodos
de Pagos Contractual
Periodo
Principal
Intereses
1
119,257
75,000
2
125,220
69,037
3
131,481
62,776
4
138,055
56,202
5
144,957
49,299
6
152,205
42,052
7
159,816
34,441
8
167,806
26,450
9
176,197
18,060
10
185,007
9,250
1,500,000
442,569
Cuota
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
1,942,569
4.-
Reperfilamiento de deuda
Caso 1:
Cobros
1,500,000
Pagos
Neto
0
-100,000
1,400,000
1
-194,257
-194,257
2
-194,257
-194,257
3
-194,257
-194,257
(-) Pagos
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
-194,257
Saldo
Final
1,295,990
1,185,276
1,067,425
941,977
808,442
666,299
514,994
353,934
182,493
0
4
-194,257
-194,257
Periodo
1
2
3
4
5
6
7
8
9
10
11
12
Saldo
Inicial
1,400,000
1,295,990
1,185,276
1,067,425
941,977
808,442
666,299
514,994
353,934
182,493
Valor Presente :
(+) Gasto
Financiero
90,247
83,543
76,406
68,809
60,722
52,114
42,951
33,198
22,815
11,764
-941,977
Pagado
Pagado
Pagado
Pagado
Pendiente
Pendiente
Pendiente
Pendiente
Pendiente
Pendiente
Valor Presente :
9
10
11
12
531,649
410,920
282,409
145,613
34,271
26,489
18,205
9,387
-155,000
-155,000
-155,000
-155,000
410,920
282,409
145,613
-0
mo sigue:
5
-194,257
-194,257
6
-194,257
-194,257
7
-194,257
-194,257
8
-194,257
-194,257
9
-194,257
-194,257
10
-194,257
-194,257
Nuevo
Contrato
-155,000
-155,000
-155,000
-155,000
-155,000
-155,000
-155,000
-155,000
or Presente :
-945,747
155,000
Nueva
Tasa
6.55%
9
10
11
12
530,417
410,150
282,008
145,474
34,733
26,858
18,466
9,526
-155,000
-155,000
-155,000
-155,000
410,150
282,008
145,474
0
H4
Prstamo
Tasa
Plazo
Cronograma
TIR
6.45%
:
1,500,000
:
5%
:
10 periodos
de Pagos Contractual
Periodo
Principal
Intereses
1
119,257
75,000
2
125,220
69,037
3
131,481
62,776
4
138,055
56,202
5
144,957
49,299
6
152,205
42,052
7
159,816
34,441
8
167,806
26,450
9
176,197
18,060
10
185,007
9,250
1,500,000
442,569
Entradas Contables
Cuota
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
194,257
1,942,569
Debe
Haber
5.-
Caso 3:
(-) Cobros
-1,200,000
Saldo
Final
1,030,853
1,062,659
1,095,445
1,129,243
1,164,084
0
obrar comerciales
5
-
6
1,200,000
TIR
3.09%
H5
Entradas Contables
Debe
Haber
6.-
Pasivos operativos
FINANCIAMIENTO
CAPEX
PATRIMONIO
FINANCIAMIENTO
CAPEX
PATRIMONIO
: WACC
DE MANERA SENCILLA:
USD(000)
COSTO DE
FINANCIAM.
USD(000)
100,000
7.00%
7,000
250,000
10.00%
25,000
350,000
9.14%
32,000
100,000
250,000
7.00%
9.20% WACC:
30.00%
4.00%
12.00%
40.00%
2.00%
H6
7.97%
INPUTS DE VALOR
Cifras en S/(000)
Capacidad productiva
Capacidad de planta
Capacidad utilizada
Incremento en uso
120,000,000
60%
5%
Ventas
V.V Unitario
Inflacin esperada
Desviacin estandar
Unidades
Histrica
Esperado
Precio
4.100
4.000
4.170
4.990
4.200
Costo de venta
Promedio de las ventas
Desviacin estandar
Gastos G&A y Gasto de ventas
% de las ventas prom
Desviacin estandar
Gastos Mantenimiento de activos
Costo Unit
2.788
68.00%
2.716
67.90%
2.840
68.10%
3.383
67.80%
2.862
68.15%
67.99%
0.14%
5.00%
0.45%
Unidades producidas
Valor de venta unitario
Ingresos
Costo de ventas
Margen bruto
Gastos G&A y Ventas
Mantenimiento del equipo
EBITDA
Depreciacin
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Terminal Value
Valor de rescate
Recuperacion k w
FCF
WACC
VAN
Movimiento de activo fijo
Saldo inicial
Depreciacin Edificios
Depreciacin Otros activos
Depreciacin CAPEX
CAPEX
Saldo final
2010
72,000
3.462
249,272
(169,591)
79,680
(12,111)
(12,000)
55,570
(55,300)
2011
78,000
4.056
316,369
(214,887)
101,482
(14,732)
(12,000)
74,750
(55,600)
2012
84,000
4.101
344,512
(233,777)
110,734
(15,657)
(12,000)
83,077
(55,900)
2013
90,000
4.300
386,982
(263,502)
123,480
(19,987)
(12,000)
91,493
(26,200)
2014
96,000
4.016
385,552
(262,060)
123,492
(18,436)
(12,000)
93,056
(26,500)
270
(90)
55,300
55,479
19,150
(6,415)
55,600
68,335
27,177
(9,104)
55,900
73,973
65,293
(21,873)
26,200
69,620
66,556
(22,296)
26,500
70,760
55,479
68,335
73,973
69,620
70,760
10.00%
773,126 S/(000)
VF
VA
240,000
-30,000
-25,000
-300
3,000
187,700
187,700
-30,000
-25,000
-600
3,000
135,100
135,100
-30,000
-25,000
-900
3,000
82,200
82,200
-25,000
-1,200
3,000
59,000
59,000
-25,000
-1,500
3,000
35,500
WACC
1998-2008
1959-2008
Promedio artimtico
Stock - T Bills
Stock - T Bonds
7.53%
6.03%
5.48%
3.78%
Promedio geomtrico
Stock - T Bills Stock - T Bonds
5.32%
4.29%
4.09%
2.74%
WACC
Tasa libre de riesgo
2.44% (10 aos)
Beta desapalancado
0.820 (archivo Betas Damodarn)
Prima de mercado
5.32% (archivo histretSP)
tasa de la deuda
8.00%
Patrimonio
3,000,000
Pasivo
2,000,000
Riesgo pas
bps
%
Per
159
1.59%
Argentina
1014
10.14%
Brasil
195
1.95%
Mexico
161
1.61%
Uruguay
180
1.80%
Venezuela
954
9.54%
Rentabilidad requerida por los accionistas 11-May-2012
Pas
Impuestos
Beta
Re
Per
30.00%
1.20266667
10.43%
Argentina
30.00%
1.20266667
18.98%
Brasil
30.00%
1.20266667
10.79%
Mexico
30.00%
1.20266667
10.45%
Uruguay
30.00%
1.20266667
10.64%
Venezuela
30.00%
1.20266667
18.38%
IBM 2004
An example of the calculation of the weighted-average cost of capital
Cost of Equity
Riskfree rate
Beta
Market return
Cost of Equity
4.40%
1.09
12%
12.68%
Cost of Debt
Rate
Taxrate
Cost of Debt
5.36%
36%
3.43%
WACC
9.59%
Total Capital
WACC
8.50%
13.63%
8.71%
8.51%
8.62%
13.27%
y (MARKET VALUE)
0.943
130
122.59
BOOK VALUE)
61.7
1
61.7
184.29
7.-
Caso 3:
(-) Cobros
-1,200,000
Saldo
Final
1,030,853
1,062,659
1,095,445
1,129,243
1,164,084
0
5
-
6
1,200,000
TIR
3.09%
H7
Entradas Contables
Debe
Haber
11/13/2010
6/30/2011
229
1,000,000 USD
2,831,182 S/
2.800
2.831
3.63000% http://www.sbs.gob.pe/app/stats/TasaDiaria_5.asp
5.45000% http://www.sbs.gob.pe/app/stats/TasaDiaria_5.asp
0.00991%
0.01474%
Al 31 de diciembre de 2010
T.C. Spot
2.900
T.C. Liquidacin
2.831
T.C. Forward
2.931
Fecha actual
12/31/2010
Liquidacin
6/30/2011
N Das
181
TEA USD
4.12000%
TEA S/
6.35000%
TED USD
0.01122%
TED S/
0.01710%
TasaDiaria_5.asp
TasaDiaria_5.asp
3.1926
Spot
USD Rate
PEN Rate
N Das
Forward
V.R. Forw.
1/5/2009
3.140
0.0240%
0.0286%
359
3.192621
0.000000
2/27/2009
3.251
0.0236%
0.0291%
306
3.306170
0.103872
3/31/2009
3.161
0.0226%
0.0284%
274
3.211341
0.017320
4/30/2009
2.995
0.0227%
0.0258%
244
3.017997
-0.163975
5/29/2009
2.991
0.0215%
0.0235%
215
3.003847
-0.179460
6/30/2009
3.011
0.0209%
0.0223%
183
3.018963
-0.166706
7/31/2009
2.987
0.0199%
0.0213%
152
2.993700
-0.192573
8/31/2009
2.948
0.0195%
0.0197%
121
2.948637
-0.238248
9/30/2009
2.885
0.0195%
0.0196%
91
2.885134
-0.302063
10/30/2009
2.906
0.0181%
0.0205%
61
2.910348
-0.278760
11/30/2009
2.881
0.0177%
0.0179%
30
2.881200
-0.309749
12/30/2009
2.891
0.0177%
0.0162%
2.891000
-0.301621
Regresin Line
0.2000
0.1500
0.1000
0.0500
0.0000
3.251
-0.0500
-0.1000
-0.1500
-0.2000
3.161
2.995
2.991
3.011
2.987
2.
.011
Dollar
IFD
Subyacente
Off -Set
0.1039
-0.1110
0.936
-0.0866
0.0900
0.962
-0.1813
0.1660
1.092
-0.0155
0.0040
3.871
0.0128
-0.0200
0.638
-0.0259
0.0240
1.078
-0.0457
0.0390
1.171
-0.0638
0.0630
1.013
0.0233
-0.0210
1.110
-0.0310
0.0250
1.240
0.0081
-0.0100
0.813
Regresin Lineal
USD Rate
9.15%
9.00%
8.60%
8.62%
8.18%
7.92%
7.52%
7.37%
7.38%
6.82%
6.68%
6.66%
PEN Rate
11.01%
11.21%
10.91%
9.87%
8.97%
8.49%
8.10%
7.44%
7.40%
7.78%
6.77%
6.08%
-99.70%
VR IFD
2.987
2.948
2.885
2.906
2.881
2.891
VR SPOT
9000
1000
10000
PASIVO/(PASIVO+PAT)
TASA PASIVO FIN
TASA ACCIONISTA
TASA IMP RENTA
WACC
90%
10%
15%
30%
7.80%
VALOR NOMINAL
NUMERO DE ACCIONES
2
500
EGP
VENTAS
CV
G.ADM
G.FIN
IMP. RTA.
U.NETA
N Acciones
UPA
EBIT/GF
S/
6000
-3600
-900
-900
-180
420
500
0.84000
2
s por cobrar
H9