OPCION REAL CON ARBOL DE DECISION

Considere que la empresa tiene la oportunidad de invertir 400 millones de pesos.

El valor actual medio de los flujos de caja esperados es de 300 millones de pesos
con una desviacion de un 70% anual.
Considere la tasa de rendimiento exigida para el inversionista calculada en la tarea 2
Considere rf obtenido en la tarea 2
Calcular el valor de la opcion de diferir 2 años la inversion

OPCION REAL
Desembolso Inicial 400,000
VA 300,000
VAN -100,000
Desviacion 70% Ꝺ
rf 1.42%
ke 11.71%
Periodos 2 retrasar 2 años la inversion

27.10%
Calculo de valores de probabilidades
Factores de incremento U 2
Factores de descenso D 0.5

Probabilidad de incremento U 0.3

Probabilidad de descenso D 0.7

Arbol de decision original

604,126 1,216,560
300,000 300,000
148,976 73,979

Arbol de decision introduciendo la opcion de esperar

249,380 816,560
76,161 0
0 0

VAN Basico -100,000

VAN Opcion de esperar 76,161
Valor de la opcion 176,161

OPCION REAL CON BLACK SCHOLES

SUPONGA QUE LA EMPRESA QUIERE INGRESAR A LA INDUSTRIA DE MINERÌA DENTRO DE 12 MESES MAS Y QUIERE ADQU
EL PRECIO ACTUAL DE LOS INGRESOS ES DE M$8.466 (P *Q)
EL COSTO DE EXTRACCION SE ESTIMA EN M$6.800.000,
UTILICE LA MISMA TASA LIBRE CALCULADA EN LA TAREA 2
CONSIDERE UNA VOLATILIDAD DE LOS INGRESOS DE UN 20%
CALCULAR EL PRECIO DE LA OPCION PARA QUE SEA CONVENIENTE PARTICIPAR DE ESTE PROYECTO
OPCION REAL CON BLACK SCHOLES

Stock Price (So) 8,466,000

Costo de extraccion $(STRIKE) (K) 6,800,000
Plazo en años 1
Tasa libre de riesgo (rf) 4.1%
Desviacion estàndar (SD) 20%

Raiz de T 1.00
Varianza /2 0.020

D1 1.40068
D2 1.2006776

N(d1) 91.93%
N(d2) 88.51%

So*N(d1) 7,783,173
X*(e -r*t)*Nd2 5,776,655

CALL 2,006,517 Lo maximo que deberìa pagar la empresa para participar de este
Precio maximo a pagar por la Opcion 5,776,655
 1,000

MESES MAS Y QUIERE ADQUIRIR EL DERECHO DE PERFORAR UN TERRENO A 160 KM DE ANTOFAGASTA.

mpresa para participar de este proyecto son $M2.000.741.En caso contrario no sera rentable para la empresa
 OPCION SOBRE UNA ACCIÒN
Utilizando el modelo de Black Scholes se pide calcular el precio de una opcion Call y Put
Utilizar el precio de la accion obtenido en la tarea 2 .
Utilizar la tasa rf utilizada en la tarea 2
Considerar la desviacion del precio de la accion obtenido en la tarea 3
Considere un precio de ejercicio un 5% bajo el precio spot

So Precio de la accion 3,064

K Precio de ejercicio 2,720
r rf (anual) 1%
desv desviacion anual 17.02%
t 6 meses t años 0.5

raiz t 0.707106781
Varianza/2 1.45%

D1 1.11
D2 0.99
D1 -1.11
D2 -0.99

Nd1 0.87
Nd2 0.84
N(-d1) 0.13
N(-d2) 0.16

So*Nd1 2652.52
X*(e -r*t)*Nd2 2295.98
CALL 356.53

Interpretacion: Sin considerar el valor temporal del dinero en el tiempo ,el precio de las acciones ti
del Call no gane ni pierda dinero.

X(e -r*t)*N-d2 440.43

So*N -D1 410.98
PUT 29.44
o ,el precio de las acciones tiene que subir en 356,53 para que el comprador
FORWARD
Realizar una cobertura tipo de cambio para USD 1.000.000 para un plazo de 180 dìas.
Considere que el banco le ofrece comprar a un precio ,Forward compra menos un peso.

Para realizar esta actividad debes cotizar lo siguiente:

Tipo de cambio comprador al dìa de hoy 699.52
Tasa de interes en $ a 180 dìas (base 30 dìas) 2.70%
Tasa de interes en dolares a 180 dìas (base 360 dìas) 2.42%

Responder las preguntas que se plantean.

a) Calcular el valor del Forward compra
b)El operador bancario le ofrece comprar a un precio forward compra menos un $ modalidad entrega física
¿ Qué obligación adquieren ambas partes?
¿Cual es el valor entregado y recibido?
c)Suponga que el contrato lo realiza por compensación y que al final del contrato el dólar observado es $20 bajo el spot (en tiemp
¿Quien realiza la compensacion y en cuanto?
d)Suponga que al final del contrato el dólar observado es $40 pesos por sobre el spot (en tiempo cero). Determine el valor de la
compensación y quien la realiza.

SOLUCION
a) Calcular el valor del Forward compra

USD 1,000,000
Cobro dìas 180
Tipo de cambio comprador 699.52
Tasa de interes en $ a 180 dìass 2.70% Tasa captación
Tasa de interes en dolares a 180 dìas 2.4% Tasa colocación
n expresado en meses para la tasa en $ 3
n expresada en años para la tasa en dolares 0.3
El valor del forward es: 709.84

b)El operador bancario le ofrece comprar a un precio forward compra menos un $ modalidad entrega física

El Banco ofrece.($1 bajo forward) 708.84

.¿ Qué obligación adquieren ambas partes?

El contrato obliga a que en 180 días más el banco le compre al exportador US$ 1 millón a un precio de $ 708,84
El exportador tiene la obligación de vender US$ 1 millón en 180 días a un precio de $708,84

¿Cual es el valor entregado y recibido?

. El exportador entrega US$ 1 millón y a cambio recibe $708.840.000
c)Suponga que el contrato lo realiza por compensación y que al final del contrato el dólar observado es $20 bajo el
¿Quien realiza la compensacion y en cuanto?

Dólar Observado 688.84

Diferencial 688,837,692.45 El día que vence el contrato el b
El banco pagarà al exportador 20,002,308 El banco le pagará $20.002.308

d)Suponga que al final del contrato el dólar observado es $40 pesos por sobre el spot . Determine el valor de la
compensación y quien la realiza.

Dólar Observado 748.84

Diferencial 748,837,692 El exportador deberá pagar al b
El exportador deberá pagar al banco 39,997,692 El exportador deberá pagar al b
 banco central

$20 bajo el spot (en tiempo cero)

Determine el valor de la

entrega física
ervado es $20 bajo el spot

que vence el contrato el banco le deberá pagar la diferencia entre $708,84 y $688,84
co le pagará $20.002.308 al exportador.

mine el valor de la

ortador deberá pagar al banco la diferencia entre los $748,84 y $708,84

ortador deberá pagar al banco $ 39.997.692
 Flujo de caja 2014 2015 2016
Ingresos de actividades ordinarias 1,797,199,877 1,877,394,256 1,777,459,320
Costo de ventas 1,081,243,408 1,106,706,146 1,033,910,027
Ganancia bruta 715,956,469 770,688,110 743,549,293
Otros ingresos 3,970,623 471,569 1,760,899
Costos de distribución 187,042,843 202,490,792 183,676,895
Gastos de administración 342,140,932 352,600,846 346,202,795
Otros gastos, por función 18,591,271 21,983,048 22,765,167
Otras ganancias (pérdidas) -4,392,105 -6,301,121 -3,387,377
EBITDA 983,642,427 1,018,375,243 1,071,464,239
Depreciacion 595,510,464 584,413,383 654,715,994
Amortizacion 14,316,426 15,874,596 19,401,747
EBIT 373,815,537 418,087,264 397,346,498
Tasa efectiva 22.51% 32.10% 34.65%
TAX 84,140,553 134,192,688 137,681,742
Resultado neto operacional después de impuesto 289,674,984 283,894,576 259,664,756
Depreciacion 595,510,464 584,413,383 654,715,994
Amortizacion 14,316,426 15,874,596 19,401,747
Capital de Trabajo -85,083,827 -23,311,872 33,628,103
CAPEX -615,635,941 -511,867,970 -680,337,007
FLUJO DE CAJA LIBRE 1,600,221,642 1,419,362,397 1,580,491,401
 Proyección
2017 2018 2019 2020 2021 2022
1,848,878,619 1,672,915,799 1,794,769,574 1,794,283,514 1,777,661,365 1,777,701,774
1,069,024,964 968,027,774 1,051,782,464 1,045,890,275 1,033,727,101 1,033,690,516
779,853,655 704,888,025 742,987,110 748,393,239 743,934,264 744,011,259
550,834 2,609,168 1,872,619 1,453,018 1,649,307 1,626,989
192,927,875 165,775,484 186,382,778 186,250,765 183,002,759 182,867,932
348,199,321 313,742,853 340,577,349 340,264,633 337,797,390 336,116,309
16,701,471 16,057,763 19,219,744 19,345,439 18,817,917 18,028,467
-2,537,269 -2,707,859 -3,865,146 -3,759,754 -3,251,481 -3,224,302
1,130,451,690 1,385,115,667 1,117,809,853 1,144,643,338 1,169,896,958 1,189,583,501
677,552,676 969,252,857 696,289,075 716,444,797 742,851,080 760,478,097
21,244,680 24,717,638 19,111,017 20,069,936 20,909,004 21,210,455
431,654,334 391,145,172 402,409,761 408,128,606 406,136,874 407,894,949
30.33% 36.31% 31.18% 32.91% 33.08% 32.76%
130,906,839 142,037,313 125,467,868 134,328,358 134,335,978 133,633,624
300,747,495 249,107,859 276,941,893 273,800,248 271,800,896 274,261,325
677,552,676 969,252,857 696,289,075 716,444,797 742,851,080 760,478,097
21,244,680 24,717,638 19,111,017 20,069,936 20,909,004 21,210,455
77,484,815 -6,001,625 -656,881 16,228,508 24,136,584 22,238,280
-671,152,290 -1,020,273,326 -699,853,307 -716,696,780 -757,662,542 -773,127,649
1,593,212,326 2,269,353,305 1,692,852,173 1,710,783,253 1,769,086,937 1,806,839,246

Perpetuidad

CAPEX 699,663,772 693,182,124 693,197,881

VAR CAP Tbjo -656,703 -650,620 -650,634
 2023 A. vertical
1,763,466,405 100.00% G 2.24%
1,026,623,626 58.60%
736,842,779 41.40%
1,842,220 0.10% Wacc historico 7.99%
180,855,944 10.38% wacc de mercado 19%
333,699,707 18.98%
18,293,866 1.07% VNA Flujos VA Perpetuidad
-3,361,709 -0.22% Histórico 7,028,009,705.98 7,667,768,256.07
1,201,409,863 62.28% Mercado 5,351,750,306.28 4,710,385,409.30
777,063,181 38.80%
21,203,610 1.06%
403,143,072 22.42% Tasa de crecimiento
33.25% 0.00% 2020 2021 2022
134,040,131 6.99% 1.06% 3.41% 2.13%
269,102,941 15.43%
777,063,181 38.80%
21,203,610 1.06%
11,188,973 -0.04% Dudaa
-793,522,721 -38.99%
1,849,703,480 94.32%

32,929,168,240.08
11,259,493,474.72

687,646,934
-645,424
 VAN
14,695,777,962.04
10,062,135,715.58

to
2023
2.37%
Datos al 31 de Diciembre del año 2017 y 2018
INFORMACION NECESARIA PARA CALCULAR LOS MULTIPLOS DE VALORACION
CIFRAS EN M$

Ingresos por venta

Utilidad Neta
EBITDA
EBIT
Pasivos
Valor Libro del Patrimonio
Valor Libro Empresa
Deuda Financiera
Patrimonio económico
Valor Empresa
Nº de acciones
Precio cierre accion
Utilidad Por acción
PER
Valor Libro
Ventas/Accion
Efectivo y equivalentes al efectivo

Ev

TIPO DE MÚLTIPLO

MÚLTIPLOS DE GANANCIAS

MÚLTIPLOS DE VALOR LIBRO

MÚLTIPLOS DE INGRESOS

Utilizar el promedio simple de los ratios de las empresas comparables

Empresas Comparables
TIPO DE MÚLTIPLO
MÚLTIPLOS DE GANANCIAS

MÚLTIPLOS DE VALOR LIBRO

MÚLTIPLOS DE INGRESOS

Càlculo del Precio de la accion utilizando los multiplos promedio de la industria

TIPO DE MÚLTIPLO
MÚLTIPLOS DE GANANCIAS

MÚLTIPLOS DE VALOR LIBRO

MÚLTIPLOS DE INGRESOS
 embotelladora andina embotelladora andina watt´s
2017 2018 2017
1,848,878,619 1,672,915,799 428,747,322
779,853,655 704,888,025 110,327,450
1,130,451,690 1,385,115,667 8,758,394
431,654,334 391,145,172 5,337,672
1,301,626,118 1,350,789,946 255,143,173
813,233,349 863,714,743 187,446,145
2,114,859,467 2,214,504,689 442,589,318
810,018,880 827,517,032 156,395,866
1,625,261,727 1,995,181,519 364,297,214
2,435,280,607 2,822,698,551 520,693,080
946,571 946,571 315,166
3,070.7 2,595 1,155.89
824 745 350
3.73 3.48 3.30
859 912 595
1,953.24 1,767.34 1,360.39
136,242,116 137,538,613 11,351,531

2,435,280,607 2,822,698,551 520,693,080

Cálculo de múltiplos
embotelladora andinaembotelladora andina
MÚLTIPLOS 2017 2018
PRICE-EARNING RATIO (PRECIO UTILIDAD) (PER) 3.73 3.48
ENTERPRISE VALUE TO EBITDA (EV/EBITDA) 2.15 2.04
ENTERPRISE VALUE TO EBIT (EV/EBIT) 5.64 7.22
PRICE TO BOOK EQUITY (PBV) Precio accion/Valor
libro de la accion 3.57 2.84
VALUE TO BOOK RATIO (valor empresa/valor libro de
la empresa) 1.15 1.27
PRICE TO SALES RATIO (Precio accion/(ventas/nº de
acciones) 1.57 1.47
ENTERPRISE VALUE TO SALES RATIO (Valor
empresa/ventas) 1.32 1.69

promedio por año para las dos empresas

MÚLTIPLOS 2,017 2,018
PRICE-EARNING RATIO (PRECIO UTILIDAD) (PE) 2.56 2.54
ENTERPRISE VALUE TO EBITDA (EV/EBITDA) 57.64 53.68
ENTERPRISE VALUE TO EBIT (EV/EBIT) 88.69 86.34
PRICE TO BOOK EQUITY (PBV) 1.30 1.21
VALUE TO BOOK RATIO 0.89 0.86
PRICE TO SALES RATIO (PS) 0.72 0.74
ENTERPRISE VALUE TO SALES RATIO (VS) 1.12 1.18

Indicadores para la empresa:

ITEM CONTABLE 43,465
UTILIDAD POR ACCIÓN 745
EBITDA 1,385,115,667
EBIT 391,145,172
VALOR LIBRO DEL PATRIMONIO 863,714,743
VALOR LIBRO DE LA EMPRESA 2,214,504,689
VENTAS POR ACCIÓN 1,767
VENTAS 1,672,915,799

MÚLTIPLOS Valor Empresa Patrimonio

PRICE-EARNING RATIO (PRECIO UTILIDAD) (PE) 1,900
ENTERPRISE VALUE TO EBITDA (EV/EBITDA) 77,095,152,619 75,744,362,673
ENTERPRISE VALUE TO EBIT (EV/EBIT) 34,231,611,866 32,880,821,920
PRICE TO BOOK EQUITY (PBV) 1,084,711,620 1,084,711,620
VALUE TO BOOK RATIO 1,941,842,510 591,052,564
PRICE TO SALES RATIO (PS) 1,293 1,223,625,789
ENTERPRISE VALUE TO SALES RATIO (VS) 1,930,923,052 580,133,106
 watt´s concha y toro concha y toro
2018 2017 2018
438,694,430 613,515,357 614,128,905
114,615,209 201,436,140 204,586,309
9,477,807 11,379,227 13,807,082
5,304,366 7,958,505 9,633,641
262,227,378 505,593,351 574,014,863
205,838,728 551,233,236 572,153,244
468,066,106 1,056,826,587 1,146,168,107
161,166,431 268,262,608 320,431,638
343,332,372 367,042,310 426,923,847
504,498,803 635,304,918 747,355,485
315,166 315,166 315,166
1,089 1,165 1,355
364 639 649
3.00 1.82 2.09
653 1,749 1,815
1,391.95 1,947 1,949
13,133,516 31,162,346 37,486,337

504,498,803 635,304,918 747,355,485

Watt´s Watt´s Concha y toro Concha y toro

2017 2018 2017 2018
3.30 3.00 1.82 2.09
59.45 53.23 55.83 54.13
97.55 95.11 79.83 77.58

1.94 1.67 0.67 0.75

1.18 1.08 0.60 0.65

0.85 0.78 0.60 0.70

1.21 1.15 1.04 1.22

Promedio Industria (dos años)

2.55
55.66
87.52
1.26
 0.88
0.73
1.15

Precio
1,900
80,019.77
34,736.79
1,145.94
624.41
1,292.69
612.88
Swap de tasa de interes

Suponga que la empresa acuerda hoy pagar una tasa fija de un 6%

sobre un capital de $100.000.000 y recibir a cambio el tipo LIBOR semestral
sobre el mismo capital.
Se pide calcular los flujos que tendria la empresa si la informacion entregada es la siguiente:

Si hoy el LIBOR es 5,2 %

LIBOR
Fecha Tasa
5-Jul-14 5.20%
5-Jan-15 5.80%
5-Jul-15 6.30% Tasa Fija 0.06
5-Jan-16 6.50%
5-Jul-16 6.60% Libor Semestral 0.5
5-Jan-17 6.90%
5-Jul-17 6.40%

Solucion

Capital 100,000,000

LIBOR Ingreso Pago Pago

Fecha Tasa Variable Fijo Neto
5-Jul-14 5.20%
5-Jan-15 5.80% 2,600,000 3,000,000 -400,000
5-Jul-15 6.30% 2,900,000 3,000,000 -100,000
5-Jan-16 6.50% 3,150,000 3,000,000 150,000
5-Jul-16 6.60% 3,250,000 3,000,000 250,000
5-Jan-17 6.90% 3,300,000 3,000,000 300,000
5-Jul-17 6.40% 3,450,000 3,000,000 450,000
18,650,000 18,000,000 650,000
 M$
ESTADO CONSOLIDADO DE RESULTADOS INTEGRAL 2014 2015 2016
FUNCIÓN
Ingreso de actividades ordinarias 1,797,199,877 1,877,394,256 1,777,459,320
Costo de ventas 1,081,243,408 1,106,706,146 1,033,910,027
Ganancia bruta 715,956,469 770,688,110 743,549,293
Otros ingresos 3,970,623 471,569 1,760,899
Costos de distribucion 187,042,843 202,490,792 183,676,895
Gastos de administracion 342,140,932 352,600,846 346,202,795
otros gastos, por funcion 18,591,271 21,983,048 22,765,167
Ganancia(Pérdida) por actividades de operación 172,152,046 194,084,993 192,665,335
Ingresos financieros 8,655,623 10,118,375 9,661,692
Costos financieros 65,081,431 55,669,217 51,374,971
Participación en las ganancias (perdidas) de asociadas y 1,629,316 -2,327,829 -262,582
Diferencias de cambio -2,675,027 -2,856,370 -67,518
Resultados por unidades de reajuste -12,461,548 -7,308,343 -6,378,375
Ganancia antes de impuesto 102,218,979 136,041,609 144,243,581
Gastos por impuesto a las ganancias 23,008,036 43,665,021 49,980,829
Ganancia neta 79,210,943 92,376,588 94,262,752

Calculos Previos al flujo de caja 2014 2015 2016

Depreciacion 23,008,036 43,665,021 49,980,829
Amortizacion 79,210,943 92,376,588 94,262,752
Costo financiero $8,655,623 $10,118,375 $9,661,692
EBITDA 98,413,054 138,851,641 147,526,898
Inversión en Reposición 85,083,827 23,311,872 -33,628,103
Nuevas Inversiones (CAPEX) 615,635,941 511,867,970 680,337,007

Tasa de crecimiento
2020 2021 2022 2023
-6.26% 1.10% -9.60% 6.51%

880,955,516.02
Perpetuidad
465,015,954.69
M$ PROYECCION M$
2017 2018 2019 2020

1,848,878,619 1,672,915,799 1711644436.3 #NAME?

1,069,024,964 968,027,774 1003068933.32735 940253891.991284
779,853,655 704,888,025 708575502.972648 664202481.308719
550,834 2,609,168 1785887.86776742 #NAME?
192,927,875 165,775,484 177750419.457444 #NAME?
348,199,321 313,742,853 324803436.391077 #NAME?
16,701,471 16,057,763 18329577.4330105 #NAME?
222,575,822 211,921,093 189477957.558884 177612306.713879
11,194,375 3,940,244 8310468.1581159 7790042.9076374
55,220,369 55,014,660 53856610.8013824 50483956.0203325
-80,360 1,411,179 70520.0307230146 #NAME?
-1,370,910 -1,449,256 -1605829.89143131 #NAME?
-3,762,930 -5,085,140 -6675094.63792706 #NAME?
173,335,628 155,723,460 135721410.416982 127222148.080892
52,567,106 56,548,165 36644780.8125853 34349979.9818408
120,768,522 99,175,295 99076629.6043972 92872168.0990511

2017 2018
52,567,106 56,548,165 43,062,522 40,365,824
120,768,522 99,175,295 92,658,888 86,856,324
$11,194,375 $3,940,244 8,310,468 7,790,043
180,767,073 154,578,564 243,108,508 227,884,359
-77,484,815 6,001,625 626,458 587,227
671,152,290 1,020,273,326 667,439,451 625,642,486
FCF 911,174,417 854,114,072

G Wacc historico
-2.06% wacc de mercado

Histórico
Mercado
PROYECCION M$ promedio 2014- tasa de crecimiento
2021 2022 2023 2018 historica

#NAME? #NAME? #NAME? 1,794,769,574 100.00%

950553632.535399 859340690.16999 915266822.534358 1051782463.8 58.60%
671478296.154589 607044781.80001 646551425.912633 742987110.4 0.4139735379
#NAME? #NAME? #NAME? 1872618.6 0.10%
#NAME? #NAME? #NAME? 186382777.8 10.38%
#NAME? #NAME? #NAME? 340577349.4 18.98%
#NAME? #NAME? #NAME? 19219744 1.07%
179557909.590056 162327945.17973 172892293.234471 198679857.8 0.1106993681
7875376.68977815 7119673.6389208 7583023.9898073 8714061.8 0.49%
51036967.9813346 46139577.808231 49142354.4313522 56472129.6 3.15%
#NAME? #NAME? #NAME? 73944.8 0.00%
#NAME? #NAME? #NAME? -1683816.2 -0.09%
#NAME? #NAME? #NAME? -6999267.2 -0.39%
128615766.47254 116274093.05928 123841243.542625 142312651.4 0.0792929931
34726256.9475859 31394005.126005 33437135.7565087 45153831.501 2.52%
93889509.5249544 84880087.933273 90404107.7861162 97158819.899 0.0541344256

promedio 2014- tasa de crecimiento

2018 historica
40,808,000 36,892,158 39,293,110 45,153,832 2.52%
87,807,767 79,381,935 84,548,134 97,158,820 5.41%
7,875,377 7,119,674 7,583,024 8,714,062 0.49%
230,380,653 208,273,855 221,828,375 144,027,446 8.02%
593,660 536,693 571,622 656,881 0.04%
632,495,907 571,803,053 609,016,155 699,853,307 38.99%
863,470,219 780,613,601 831,416,152

7.99%
19%

VNA Flujos VA Perpetuidad VAN

3,402,193,133.73 ? 3,402,193,133.73
2,616,627,007.95 ? 2,616,627,007.95
Deuda financiera 2014 2015 2016
Otros pasivos Financieros Corrientes 83,402,440 62,217,688 64,800,570
Otros pasivos Financieros no Corrientes 726,616,440 765,299,344 721,570,587
Deuda Financiera Total 810,018,880 827,517,032 786,371,157

Patrimonio económico 12/30/2014 12/30/2015 12/30/2016

Precio de la accion 1,717.0 2,107.8 2,491.2
N° total de acciones suscritas y pagadas 946,570,604 946,570,604 946,570,604
Patrimonio económico 1,625,261,727 1,995,181,519 2,358,096,689
Total pasivo 810,018,880 827,517,032 786,371,157
v 2,435,280,607 2,822,698,551 3,144,467,846

Estructura de Capital 2014 2015 2016

B/V wd 33.26% 29.32% 25.01%
P/V we 66.74% 70.68% 74.99%
B/P leverage 0.498393 0.414758 0.333477
 2017 2018 2014 2015 2016
67,981,405 56,114,977 3386.61231 2427.61986 2459.41321
675,767,201 716,563,778 726616.44 31075.4959 28154.3585
743,748,606 772,678,755 730,003 33,503 30,614

12/29/2017 12/28/2018 12/30/2014 12/30/2015 12/30/2016

3,070.7 2,594.6 0.06971994 0.08224248 0.09454994
946,570,604 946,570,604 946,570,604 946,570,604 946,570,604
2,906,634,354 2,455,972,089 65,995 77,848 89,498
743,748,606 772,678,755
3,650,382,960 3,228,650,844
estimacion
2018 2019 estructura de capital estimada
20.37% 23.93% 26.38%
79.63% 76.07% 73.62%
0.255880 0.314612 0.363424
 2017 2018
2536.79565 2035.67454
25647.7802 26739.3102
28,185 28,775

12/29/2017 12/28/2018
0.11458631 0.09412391
946,570,604 946,570,604
108,464 89,095
 embotelladora
Fecha andina IPSA R ANDINA R IPSA Fecha
1/2/2014 2460 0 1/2/2015
1/3/2014 2471.7 0 0.00474482 - 1/5/2015
1/6/2014 2466 3694.99 -0.0023088 - 1/6/2015
1/7/2014 2439.5 3673.68 -0.0108043 -0.005784 1/7/2015
1/8/2014 2382.1 3689.76 -0.0238106 0.00436753 1/8/2015
1/9/2014 2250.3 3645.12 -0.0569189 -0.0121721 1/9/2015
1/10/2014 2270.2 3620.46 0.00880439 -0.0067882 1/12/2015
1/13/2014 2283 3618.8 0.00562243 -0.0004586 1/13/2015
1/14/2014 2285.4 3615.22 0.0010507 -0.0009898 1/14/2015
1/15/2014 2256.3 3650.07 -0.0128148 0.00959363 1/15/2015
1/16/2014 2286.1 3673 0.01312101 0.00626242 1/16/2015
1/17/2014 2270.1 3704.44 -0.0070234 0.00852333 1/19/2015
1/20/2014 2225.5 3686.68 -0.0198423 -0.0048058 1/20/2015
1/21/2014 2240 3679.77 0.00649426 -0.0018761 1/21/2015
1/22/2014 2220.2 3700.08 -0.0088786 0.00550419 1/22/2015
1/23/2014 2112 3673.23 -0.0499619 -0.0072831 1/23/2015
1/24/2014 2064.2 3597.98 -0.0228926 -0.0206988 1/26/2015
1/27/2014 2057.9 3520.82 -0.0030567 -0.0216787 1/27/2015
1/28/2014 2070.9 3487 0.00629725 -0.0096521 1/28/2015
1/29/2014 2077.9 3393.31 0.00337447 -0.0272359 1/29/2015
1/30/2014 2037.8 3391.31 -0.019487 -0.0005896 1/30/2015
1/31/2014 2067.9 3439.41 0.01466281 0.01408367 2/2/2015
2/3/2014 1999.3 3393.27 -0.0337365 -0.0135059 2/3/2015
2/4/2014 1965 3407.26 -0.0173049 0.00411439 2/4/2015
2/5/2014 1952.4 3408.89 -0.0064329 0.00047828 2/5/2015
2/6/2014 1949.6 3446.99 -0.0014352 0.01111466 2/6/2015
2/7/2014 1921.5 3485.41 -0.0145181 0.0110843 2/9/2015
2/10/2014 1941.4 3501 0.01030323 0.00446296 2/10/2015
2/11/2014 1954.2 3548.88 0.00657154 0.01358342 2/11/2015
2/12/2014 1926.5 3605.45 -0.014276 0.01581453 2/12/2015
2/13/2014 1986.6 3603.95 0.03071975 -0.0004161 2/13/2015
2/14/2014 2031.7 3666.48 0.02244825 0.01720161 2/16/2015
2/17/2014 2028.9 3671.7 -0.0013791 0.0014227 2/17/2015
2/18/2014 2054.6 3648.03 0.01258741 -0.0064675 2/18/2015
2/19/2014 2056.9 3641.25 0.00111881 -0.0018603 2/19/2015
2/20/2014 2076.2 3641.09 0.0093393 -4.3942E-05 2/20/2015
2/21/2014 2071.4 3626.69 -0.0023146 -0.0039627 2/23/2015
2/24/2014 2085 3640.44 0.00654415 0.00378417 2/24/2015
2/25/2014 2079.3 3633.78 -0.0027376 -0.0018311 2/25/2015
2/26/2014 2124 3675.28 0.0212698 0.01135589 2/26/2015
2/27/2014 2116.2 3689.01 -0.0036791 0.00372881 2/27/2015
2/28/2014 2164.3 3718.88 0.02247496 0.00806442 3/2/2015
 3/3/2014 2133 3661.64 -0.0145675 -0.0155114 3/3/2015
3/4/2014 2149.5 3703.81 0.00770582 0.01145089 3/4/2015
3/5/2014 2125.1 3715.81 -0.0114164 0.00323467 3/5/2015
3/6/2014 2122.1 3730.39 -0.0014127 0.0039161 3/6/2015
3/7/2014 2086.4 3697.79 -0.0169661 -0.0087774 3/9/2015
3/10/2014 2037.2 3652.51 -0.0238638 -0.0123207 3/10/2015
3/11/2014 2036.4 3659.3 -0.0003928 0.00185727 3/11/2015
3/12/2014 2007.5 3623.29 -0.0142934 -0.0098894 3/12/2015
3/13/2014 1987.6 3630.76 -0.0099623 0.00205954 3/13/2015
3/14/2014 1998.1 3611.65 0.00526885 -0.0052773 3/16/2015
3/17/2014 2005.8 3631.28 0.00384625 0.00542047 3/17/2015
3/18/2014 2008.7 3673.62 0.00144476 0.01159235 3/18/2015
3/19/2014 1952.7 3638.8 -0.0282747 -0.0095236 3/19/2015
3/20/2014 1978.3 3656.05 0.01302486 0.00472937 3/20/2015
3/21/2014 1926.7 3633.2 -0.0264292 -0.0062695 3/23/2015
3/24/2014 1914.9 3658.94 -0.0061433 0.00705969 3/24/2015
3/25/2014 1924.9 3707.74 0.00520862 0.01324904 3/25/2015
3/26/2014 1959.1 3697.14 0.01761117 -0.002863 3/26/2015
3/27/2014 2036.5 3742.36 0.03874746 0.01215688 3/27/2015
3/28/2014 2027.8 3759.79 -0.0042812 0.00464668 3/30/2015
3/31/2014 1984.4 3772.76 -0.0216349 0.00344372 3/31/2015
4/1/2014 2033.4 3794.62 0.02439267 0.00577744 4/1/2015
4/2/2014 2081 3809.86 0.02313928 0.00400817 4/2/2015
4/3/2014 2111.5 3793.64 0.01455005 -0.0042665 4/6/2015
4/4/2014 2104.9 3766.41 -0.0031306 -0.0072037 4/7/2015
4/7/2014 2092.4 3778.26 -0.0059562 0.00314129 4/8/2015
4/8/2014 2132.2 3822.19 0.01884258 0.01155997 4/9/2015
4/9/2014 2186.6 3863.92 0.02519352 0.01085866 4/10/2015
4/10/2014 2190.5 3853.95 0.001782 -0.0025836 4/13/2015
4/11/2014 2247.7 3868.35 0.02577764 0.00372946 4/14/2015
4/14/2014 2272.5 3893.51 0.01097308 0.006483 4/15/2015
4/15/2014 2293.6 3877.49 0.00924209 -0.004123 4/16/2015
4/16/2014 2317.4 3912.24 0.01032323 0.00892206 4/17/2015
4/17/2014 2320.5 3895.63 0.00133681 -0.0042547 4/20/2015
4/21/2014 2284.7 3887.86 -0.015548 -0.0019965 4/21/2015
4/22/2014 2250 3878.5 -0.0153045 -0.0024104 4/22/2015
4/23/2014 2229.1 3871.61 -0.0093323 -0.001778 4/23/2015
4/24/2014 2214.7 3869.16 -0.006481 -0.000633 4/24/2015
4/25/2014 2173.9 3823.65 -0.0185942 -0.011832 4/27/2015
4/28/2014 2166.4 3812.86 -0.003456 -0.0028259 4/28/2015
4/29/2014 2217.6 3846.91 0.02335873 0.00889066 4/29/2015
4/30/2014 2272.8 3909.64 0.02458702 0.01617507 4/30/2015
5/2/2014 2284.8 3929.85 0.00526594 0.00515596 5/4/2015
5/5/2014 2299.3 3907 0.00632624 -0.0058314 5/5/2015
5/6/2014 2249.2 3891.53 -0.0220301 -0.0039674 5/6/2015
 5/7/2014 2240 3903.68 -0.0040987 0.0031173 5/7/2015
5/8/2014 2260.9 3910.93 0.0092871 0.0018555 5/8/2015
5/9/2014 2250 3904.06 -0.0048327 -0.0017582 5/11/2015
5/12/2014 2241.5 3920.17 -0.0037849 0.00411798 5/12/2015
5/13/2014 2213.7 3956.33 -0.01248 0.00918181 5/13/2015
5/14/2014 2189.9 3964.09 -0.0108094 0.00195949 5/14/2015
5/15/2014 2207.9 3947.2 0.00818596 -0.0042699 5/15/2015
5/16/2014 2216.8 3969.38 0.00402288 0.00560344 5/18/2015
5/19/2014 2159.3 3935.28 -0.0262806 -0.0086279 5/19/2015
5/20/2014 2096.3 3881.35 -0.0296102 -0.013799 5/20/2015
5/22/2014 2105.8 3925.31 0.00452156 0.0112623 5/22/2015
5/23/2014 2159.3 3960.06 0.02508865 0.00881385 5/25/2015
5/26/2014 2191.4 3959.01 0.01475651 -0.0002652 5/26/2015
5/27/2014 2179.3 3930.02 -0.0055369 -0.0073495 5/27/2015
5/28/2014 2187.3 3929.3 0.00366418 -0.0001832 5/28/2015
5/29/2014 2211 3944.21 0.010777 0.00378739 5/29/2015
5/30/2014 2311.7 3903.81 0.04453828 -0.0102957 6/1/2015
6/2/2014 2256 3891.19 -0.0243899 -0.003238 6/2/2015
6/3/2014 2272 3908.83 0.00706717 0.00452307 6/3/2015
6/4/2014 2283 3916.96 0.00482987 0.00207775 6/4/2015
6/5/2014 2306 3940.35 0.01002405 0.00595371 6/5/2015
6/6/2014 2285.8 3936.37 -0.0087983 -0.0010106 6/8/2015
6/9/2014 2270.1 3912.01 -0.0068922 -0.0062077 6/9/2015
6/10/2014 2263.8 3929.53 -0.0027791 0.00446852 6/10/2015
6/11/2014 2224.2 3906.91 -0.0176475 -0.005773 6/11/2015
6/12/2014 2252 3890.77 0.01242141 -0.0041397 6/12/2015
6/13/2014 2181.9 3863.13 -0.0316227 -0.0071293 6/15/2015
6/16/2014 2130 3841.28 -0.0240741 -0.0056721 6/16/2015
6/17/2014 2139.8 3827.68 0.00459039 -0.0035468 6/17/2015
6/18/2014 2143 3869.3 0.00149435 0.01081474 6/18/2015
6/19/2014 2129.6 3893.56 -0.0062725 0.00625029 6/19/2015
6/20/2014 2133.7 3870.2 0.00192339 -0.0060177 6/22/2015
6/23/2014 2122.1 3879.98 -0.0054514 0.00252381 6/23/2015
6/24/2014 2125 3902.03 0.00136564 0.00566693 6/24/2015
6/25/2014 2084.6 3893.83 -0.0191948 -0.0021037 6/25/2015
6/26/2014 2089.4 3886.91 0.00229995 -0.0017788 6/26/2015
6/27/2014 2082.9 3874.47 -0.0031158 -0.0032056 6/30/2015
6/30/2014 2080 3875.73 -0.0013933 0.00032515 7/1/2015
7/1/2014 2054.7 3871.02 -0.012238 -0.001216 7/2/2015
7/2/2014 2059.1 3887.72 0.00213914 0.00430483 7/3/2015
7/3/2014 2066.3 3893.48 0.00349057 0.00148049 7/6/2015
7/4/2014 2097.5 3887.55 0.01498659 -0.0015242 7/7/2015
7/7/2014 2028.1 3882.17 -0.0336468 -0.0013849 7/8/2015
7/8/2014 1992.6 3920.66 -0.0176591 0.00986573 7/9/2015
7/9/2014 2093.3 3974.34 0.04930145 0.01359869 7/10/2015
7/10/2014 2091.4 3967.36 -0.0009081 -0.0017578 7/13/2015
7/11/2014 2078.6 3974.45 -0.0061391 0.00178549 7/14/2015
7/14/2014 2072 3964.81 -0.0031803 -0.0024284 7/15/2015
7/15/2014 2079.9 3964.22 0.00380549 -0.0001488 7/17/2015
7/17/2014 2080.3 3946.67 0.0001923 -0.0044369 7/20/2015
7/18/2014 2096.7 3945.35 0.00785257 -0.0003345 7/21/2015
7/21/2014 2077.4 3936.83 -0.0092476 -0.0021618 7/22/2015
7/22/2014 2066.1 3931.11 -0.0054543 -0.001454 7/23/2015
7/23/2014 2060.1 3921.98 -0.0029082 -0.0023252 7/24/2015
7/24/2014 2050 3929.51 -0.0049147 0.00191811 7/27/2015
7/25/2014 2039.5 3918.79 -0.0051351 -0.0027318 7/28/2015
7/28/2014 2050.2 3918.56 0.00523267 -5.8693E-05 7/29/2015
7/29/2014 2040.7 3914.86 -0.0046445 -0.0009447 7/30/2015
7/30/2014 2049.5 3906.37 0.00430297 -0.002171 7/31/2015
7/31/2014 2027.5 3875.44 -0.0107924 -0.0079493 8/3/2015
8/1/2014 2005 3904.93 -0.0111594 0.00758065 8/4/2015
8/4/2014 2001.2 3934.93 -0.0018971 0.00765324 8/5/2015
8/5/2014 2001 3940.62 -9.9945E-05 0.00144498 8/6/2015
8/6/2014 1960.3 3923.37 -0.0205495 -0.0043871 8/7/2015
8/7/2014 1978 3906.73 0.00898871 -0.0042503 8/10/2015
8/8/2014 1966.4 3894.46 -0.0058818 -0.0031457 8/11/2015
8/11/2014 1979.2 3926.35 0.00648826 0.00815521 8/12/2015
8/12/2014 1995.2 3924.05 0.00805157 -0.000586 8/13/2015
8/13/2014 1999.8 3952.77 0.00230288 0.00729232 8/14/2015
8/14/2014 1996.5 3955.38 -0.0016515 0.00066008 8/17/2015
8/18/2014 1993.9 3953.56 -0.0013031 -0.0004602 8/18/2015
8/19/2014 1999.2 3947.96 0.00265458 -0.0014174 8/19/2015
8/20/2014 1984.8 3978 -0.0072289 0.00758019 8/20/2015
8/21/2014 1955.4 3969.36 -0.0149234 -0.0021743 8/21/2015
8/22/2014 1921.8 3950.01 -0.0173325 -0.0048868 8/24/2015
8/25/2014 1879.2 3945.78 -0.0224161 -0.0010715 8/25/2015
8/26/2014 1920.6 3951.44 0.02179148 0.00143342 8/26/2015
8/27/2014 1957.5 3973.31 0.01903051 0.00551943 8/27/2015
8/28/2014 1939.9 3963.78 -0.0090317 -0.0024014 8/28/2015
8/29/2014 1938.6 3996.63 -0.0006704 0.00825339 8/31/2015
9/1/2014 1940.9 4012.06 0.00118572 0.00385332 9/1/2015
9/2/2014 1949.3 4055.1 0.00431855 0.01067052 9/2/2015
9/3/2014 1971 4094.65 0.01107069 0.0097059 9/3/2015
9/4/2014 1950.6 4086.33 -0.010404 -0.002034 9/4/2015
9/5/2014 1946.5 4071.26 -0.0021041 -0.0036947 9/7/2015
9/8/2014 1938.1 4060.05 -0.0043248 -0.0027572 9/8/2015
9/9/2014 1935.2 4062.51 -0.0014974 0.00060572 9/9/2015
9/10/2014 1929 4067.05 -0.0032089 0.00111691 9/10/2015
9/11/2014 1934 4025.73 0.00258866 -0.0102117 9/11/2015
9/12/2014 1901.5 3990.97 -0.0169473 -0.008672 9/14/2015
 9/15/2014 1887.4 3968.13 -0.0074428 -0.0057394 9/15/2015
9/16/2014 1881.3 3993.99 -0.0032372 0.00649578 9/16/2015
9/17/2014 1883 4028.55 0.00090322 0.00861578 9/17/2015
9/22/2014 1911.2 3999.34 0.01486507 -0.0072772 9/21/2015
9/23/2014 1930.1 3962.28 0.0098405 -0.0093097 9/22/2015
9/24/2014 1923.3 3972.79 -0.0035294 0.002649 9/23/2015
9/25/2014 1943.7 3976.17 0.01055091 0.00085043 9/24/2015
9/26/2014 1938.8 3968.61 -0.0025241 -0.0019031 9/25/2015
9/29/2014 1949.1 3943.88 0.0052985 -0.0062509 9/28/2015
9/30/2014 1938.2 3943.56 -0.005608 -8.1142E-05 9/29/2015
10/1/2014 1921.3 3882.16 -0.0087577 -0.0156922 9/30/2015
10/2/2014 1922.1 3872.52 0.0004163 -0.0024862 10/1/2015
10/3/2014 1946.2 3924.31 0.01246042 0.01328508 10/2/2015
10/6/2014 1943.5 3948.68 -0.0013883 0.00619081 10/5/2015
10/7/2014 1929.1 3933.41 -0.0074369 -0.0038746 10/6/2015
10/8/2014 1932.5 3913.52 0.00176093 -0.0050695 10/7/2015
10/9/2014 1925.4 3884.81 -0.0036808 -0.0073631 10/8/2015
10/10/2014 1881.2 3831.91 -0.0232239 -0.0137107 10/9/2015
10/13/2014 1878.8 3858.49 -0.0012766 0.00691254 10/13/2015
10/14/2014 1875.3 3846.23 -0.0018646 -0.0031825 10/14/2015
10/15/2014 1867.1 3791.28 -0.0043822 -0.0143898 10/15/2015
10/16/2014 1862 3778.03 -0.0027352 -0.003501 10/16/2015
10/17/2014 1866 3760.74 0.00214592 -0.004587 10/19/2015
10/20/2014 1878.8 3757.11 0.00683617 -0.0009657 10/20/2015
10/21/2014 1886.9 3794.5 0.004302 0.00990261 10/21/2015
10/22/2014 1889.9 3808.67 0.00158865 0.0037274 10/22/2015
10/23/2014 1869.9 3816.88 -0.010639 0.00215329 10/23/2015
10/24/2014 1839.8 3822.55 -0.0162281 0.0014844 10/26/2015
10/27/2014 1807.7 3794.83 -0.0176016 -0.0072781 10/27/2015
10/28/2014 1800.5 3792.22 -0.0039909 -0.000688 10/28/2015
10/29/2014 1809.2 3804.9 0.00482035 0.00333811 10/29/2015
10/30/2014 1831.5 3850.97 0.01225054 0.01203535 10/30/2015
11/3/2014 1811.6 3901.14 -0.0109249 0.01294375 11/2/2015
11/4/2014 1793.5 3901.15 -0.0100414 2.5633E-06 11/3/2015
11/5/2014 1797.3 3908.46 0.00211652 0.00187205 11/4/2015
11/6/2014 1802 3890.3 0.00261162 -0.0046572 11/5/2015
11/7/2014 1816.5 3888.07 0.00801441 -0.0005734 11/6/2015
11/10/2014 1804.8 3890.44 -0.0064618 0.00060937 11/9/2015
11/11/2014 1790 3891.37 -0.0082342 0.00023902 11/10/2015
11/12/2014 1794.7 3921.62 0.00262226 0.00774355 11/11/2015
11/13/2014 1787.6 3931.8 -0.0039639 0.0025925 11/12/2015
11/14/2014 1796 3919.85 0.00468803 -0.0030439 11/13/2015
11/17/2014 1797.5 3921.98 0.00083484 0.00054324 11/16/2015
11/18/2014 1798 3933.64 0.00027813 0.00296858 11/17/2015
11/19/2014 1839.9 3975.15 0.02303629 0.01049728 11/18/2015
11/20/2014 1795.4 3976.18 -0.0244834 0.00025908 11/19/2015
11/21/2014 1804.9 3988.04 0.00527735 0.00297832 11/20/2015
11/24/2014 1811.7 3972.04 0.00376044 -0.0040201 11/23/2015
11/25/2014 1805.5 3975.86 -0.0034281 0.00096126 11/24/2015
11/26/2014 1826.5 3962.08 0.01156401 -0.0034719 11/25/2015
11/27/2014 1830 3981.06 0.0019144 0.00477898 11/26/2015
11/28/2014 1855.4 3991.78 0.01378434 0.00268913 11/27/2015
12/1/2014 1890.4 3958.49 0.01868814 -0.0083746 11/30/2015
12/2/2014 1872.4 3948.93 -0.0095674 -0.002418 12/1/2015
12/3/2014 1870.9 3948.27 -0.0008014 -0.0001671 12/2/2015
12/4/2014 1871.1 3941.88 0.00010689 -0.0016197 12/3/2015
12/5/2014 1871.7 3968.12 0.00032062 0.00663466 12/4/2015
12/9/2014 1829.9 3911.27 -0.0225858 -0.0144303 12/7/2015
12/10/2014 1834.4 3859.57 0.00245613 -0.0133064 12/9/2015
12/11/2014 1829 3825.33 -0.0029481 -0.008911 12/10/2015
12/12/2014 1769.5 3802.56 -0.0330723 -0.0059702 12/11/2015
12/15/2014 1774.4 3752.89 0.00276532 -0.0131483 12/14/2015
12/16/2014 1749.7 3751.51 -0.014018 -0.0003678 12/15/2015
12/17/2014 1739.8 3779.19 -0.0056742 0.00735128 12/16/2015
12/18/2014 1752.4 3808.53 0.00721611 0.00773359 12/17/2015
12/19/2014 1751.4 3810.23 -0.0005708 0.00044627 12/18/2015
12/22/2014 1752.8 3798.47 0.00079904 -0.0030912 12/21/2015
12/23/2014 1764.4 3820.58 0.00659618 0.00580389 12/22/2015
12/24/2014 1765.5 3812.14 0.00062325 -0.0022115 12/23/2015
12/26/2014 1735.1 3818.48 -0.0173689 0.00166173 12/24/2015
12/29/2014 1740 3854.41 0.00282006 0.00936551 12/28/2015
12/30/2014 1717 3850.96 -0.0133065 -0.0008955 12/29/2015
12/30/2015

2014 2015 2016 2017 2018

Beta del patrimonio 0.76 1.15 1.22 1.01 0.82
RM IPSA 0.00016807 -0.0001824 0.00054433 0.00119346 -0.0003928
RM IPSA anual 0.04235303 -0.04597 0.13717104 0.30075228 -9.90%
embotelladora embotelladora
andina IPSA R ANDINA R IPSA Fecha andina
1721.9 3851.23 1/4/2016 2084.4
1699 3797.99 -0.0133885 -0.0139206 1/5/2016 2070.3
1685.5 3776.64 -0.0079776 -0.0056373 1/6/2016 2072.8
1683.3 3776.65 -0.0013061 2.6479E-06 1/7/2016 1967.2
1657.4 3785.57 -0.015506 0.0023591 1/8/2016 1943.6
1665 3783.06 0.00457501 -0.0006633 1/11/2016 1903.7
1675.7 3779.32 0.00640586 -0.0009891 1/12/2016 1891.8
1700.8 3786.57 0.01486774 0.0019165 1/13/2016 1875.8
1723.4 3749.1 0.01320036 -0.0099448 1/14/2016 1875.7
1710.3 3729.39 -0.0076303 -0.0052711 1/15/2016 1850
1701.2 3729.91 -0.0053349 0.00013942 1/18/2016 1802
1700.1 3733.46 -0.0006468 0.00095131 1/19/2016 1801.5
1701.7 3748.76 0.00094068 0.0040897 1/20/2016 1788.1
1747.1 3806.04 0.02632952 0.01516416 1/21/2016 1777.7
1795 3865.59 0.02704775 0.01552504 1/22/2016 1818.7
1795.2 3859.89 0.00011141 -0.0014756 1/25/2016 1798.6
1731.3 3837.62 -0.0362439 -0.0057863 1/26/2016 1803
1733.9 3852.71 0.00150064 0.00392441 1/27/2016 1846.6
1757.7 3845.37 0.01363293 -0.001907 1/28/2016 1916.9
1765.9 3839.79 0.00465434 -0.0014521 1/29/2016 2022.3
1784.4 3836.73 0.01042175 -0.0007972 2/1/2016 2019.7
1792.6 3861.55 0.00458486 0.00644822 2/2/2016 1997.8
1786.4 3915.34 -0.0034647 0.01383351 2/3/2016 1922.6
1785.6 3917.29 -0.0004479 0.00049792 2/4/2016 1986.3
1783.5 3931.16 -0.0011768 0.00353446 2/5/2016 2026.5
1790.3 3951.17 0.00380548 0.00507719 2/8/2016 2040.5
1775.3 3923.71 -0.0084138 -0.0069741 2/9/2016 1987.6
1751.8 3905.48 -0.0133256 -0.0046569 2/10/2016 2003.6
1732.8 3920.45 -0.0109052 0.00382575 2/11/2016 1995.9
1712.2 3963.81 -0.0119595 0.01099924 2/12/2016 1945.3
1696.8 3983.27 -0.009035 0.00489741 2/15/2016 1979.8
1729.9 3994.03 0.01931948 0.00269766 2/16/2016 1973.9
1750.9 3983.54 0.01206634 -0.0026299 2/17/2016 2020.5
1754.4 3990.16 0.00199698 0.00166046 2/18/2016 2076.8
1784.8 3996.13 0.01717945 0.00149506 2/19/2016 2100
1781.8 3994.14 -0.0016823 -0.0004981 2/22/2016 2111.7
1771 4024.08 -0.0060797 0.00746803 2/23/2016 2090.6
1715.5 3987.49 -0.0318398 -0.0091344 2/24/2016 2043.7
1740.8 3986.05 0.01464019 -0.0003612 2/25/2016 2053.2
1746.3 3988.89 0.00315449 0.00071223 2/26/2016 2066.1
1722.6 3983.72 -0.0136645 -0.0012969 2/29/2016 2070.9
1702.6 3940.95 -0.0116783 -0.0107942 3/1/2016 2089.5
1743.8 3966.17 0.02391015 0.00637908 3/2/2016 2049.1
1770.2 3963 0.01502589 -0.0007996 3/3/2016 2059.9
1787.7 3952.89 0.00983734 -0.0025544 3/4/2016 2079.8
1796.5 3933.54 0.00491045 -0.0049072 3/7/2016 2110.6
1777.9 3890.58 -0.0104074 -0.0109815 3/8/2016 2111.8
1732.3 3871.16 -0.0259829 -0.005004 3/9/2016 2098.8
1691.7 3867.46 -0.0237161 -0.0009562 3/10/2016 2139.7
1643.2 3873.52 -0.0290884 0.00156569 3/11/2016 2119.7
1626 3826.46 -0.0105225 -0.0122236 3/14/2016 2091.7
1667.4 3830.7 0.02514252 0.00110746 3/15/2016 2085
1610.5 3849.72 -0.0347208 0.00495286 3/16/2016 2078.5
1619.3 3865.4 0.00544927 0.00406475 3/17/2016 2085.3
1615.2 3863.2 -0.0025352 -0.0005693 3/18/2016 2205.7
1606.6 3885.25 -0.0053386 0.00569148 3/21/2016 2179.1
1629.1 3878.24 0.01390757 -0.0018059 3/22/2016 2143.9
1625.7 3895.62 -0.0020892 0.0044714 3/23/2016 2080.5
1619.8 3897.3 -0.0036358 0.00043116 3/24/2016 2093.5
1594.5 3872.02 -0.0157425 -0.0065077 3/28/2016 2086.1
1594.9 3884.33 0.00025083 0.00317418 3/29/2016 2130
1570.6 3912.63 -0.0153533 0.00725927 3/30/2016 2164
1584.6 3916.92 0.0088743 0.00109585 3/31/2016 2199.4
1637.2 3939.17 0.03265546 0.00566441 4/1/2016 2165.6
1653.4 3965.71 0.00984631 0.00671486 4/4/2016 2181.1
1684.5 3979.92 0.01863501 0.00357681 4/5/2016 2152.9
1699.5 3981.33 0.00886531 0.00035422 4/6/2016 2122.3
1678.7 3992.1 -0.0123144 0.00270147 4/7/2016 2129.1
1645.1 4014.21 -0.0202185 0.00552316 4/8/2016 2110.5
1654.9 4035.72 0.00593941 0.00534416 4/11/2016 2108.7
1648.5 4039.58 -0.0038748 0.000956 4/12/2016 2120
1639.7 4018.82 -0.0053525 -0.0051524 4/13/2016 2118.2
1631.5 4032 -0.0050135 0.0032742 4/14/2016 2098.6
1648.1 4068.99 0.01012327 0.00913228 4/15/2016 2155.6
1649.6 4018.06 0.00090973 -0.0125956 4/18/2016 2184.6
1650.9 4020.59 0.00078776 0.00062946 4/19/2016 2177.6
1700 4036.12 0.02930766 0.00385518 4/20/2016 2182.6
1709.4 4036.34 0.00551418 5.4506E-05 4/21/2016 2188.7
1715.6 4055.44 0.00362044 0.00472085 4/22/2016 2180.4
1733.9 4075.92 0.01061033 0.0050373 4/25/2016 2182.9
1756.7 4130.26 0.01306384 0.01324387 4/26/2016 2248.7
1761 4090.16 0.00244478 -0.0097563 4/27/2016 2243.4
1754.5 4055.14 -0.0036979 -0.0085989 4/28/2016 2231.6
1940.4 4043.45 0.10071022 -0.0028869 4/29/2016 2234.4
2019.8 4062.8 0.04010436 0.0047741 5/2/2016 2287.6
2031.3 4086.75 0.00567749 0.00587764 5/3/2016 2289.2
2028.7 4112.17 -0.0012808 0.00620084 5/4/2016 2267.3
2039.8 4110.27 0.00545657 -0.0004621 5/5/2016 2262
2023.3 4105.91 -0.0081219 -0.0010613 5/6/2016 2252.7
2048.6 4144.98 0.01242679 0.00947056 5/9/2016 2259.3
2045.3 4118.15 -0.0016122 -0.0064939 5/10/2016 2334.4
2061.4 4098.71 0.00784089 -0.0047317 5/11/2016 2309.8
2077.4 4076.73 0.00773175 -0.0053771 5/12/2016 2378.1
2096.1 4111.66 0.00896136 0.00853164 5/13/2016 2349.3
2097.5 4107 0.00066768 -0.001134 5/16/2016 2325.2
2120 4080.03 0.01066993 -0.0065885 5/17/2016 2316.7
2155.4 4057.94 0.01656023 -0.0054289 5/18/2016 2336.9
2167.9 4061.82 0.00578264 0.00095569 5/19/2016 2339.2
2130.9 4043.97 -0.0172145 -0.0044043 5/20/2016 2311.5
2055.4 4016.83 -0.0360739 -0.0067338 5/23/2016 2257.5
2032 4036.61 -0.0114499 0.0049122 5/24/2016 2269.3
1962.8 4032.16 -0.0346485 -0.001103 5/25/2016 2278.3
1971 4045.62 0.004169 0.0033326 5/26/2016 2251.6
2003 4004.96 0.01610503 -0.0101012 5/27/2016 2250
2012.7 3986.11 0.00483105 -0.0047178 5/30/2016 2235.1
2032.4 3994.46 0.00974026 0.00209258 5/31/2016 2179.3
2035.5 3952.84 0.00152413 -0.0104741 6/1/2016 2221.3
2046.3 3967.03 0.0052918 0.0035834 6/2/2016 2239
2015.2 3946.98 -0.0153148 -0.005067 6/3/2016 2251.8
1996.2 3906.62 -0.0094731 -0.0102782 6/6/2016 2294
1982.6 3956.19 -0.0068363 0.01260889 6/7/2016 2365.8
2018.9 3967.39 0.01814369 0.00282701 6/8/2016 2370.3
2081 3957.42 0.03029574 -0.0025161 6/9/2016 2314.4
2061.2 3925.85 -0.0095602 -0.0080094 6/10/2016 2303.4
2060.2 3937.52 -0.0004853 0.0029682 6/13/2016 2240.4
2061.1 3950.91 0.00043676 0.00339485 6/14/2016 2292.4
2030.1 3914.35 -0.0151548 -0.0092966 6/15/2016 2330.2
2043.7 3893.14 0.00667684 -0.0054333 6/16/2016 2321.3
2069.2 3918.64 0.01240017 0.00652862 6/17/2016 2332
2094.4 3922.31 0.01210506 0.00093611 6/20/2016 2341.8
2098.7 3905.64 0.00205099 -0.0042591 6/21/2016 2344.2
2085.6 3860.33 -0.0062615 -0.011669 6/22/2016 2346.3
2098.6 3881.39 0.00621387 0.00544066 6/23/2016 2353.7
2162.1 3897.1 0.02980952 0.00403935 6/24/2016 2337.7
2062 3831.88 -0.0474036 -0.0168771 6/28/2016 2281.7
2083.3 3855.09 0.01027679 0.00603881 6/29/2016 2330.2
2039 3842.93 -0.0214937 -0.0031593 6/30/2016 2357.1
2017.4 3796.02 -0.0106499 -0.0122819 7/1/2016 2319.6
2027.9 3777.91 0.00519122 -0.0047822 7/4/2016 2320
2007.9 3758.12 -0.0099114 -0.0052521 7/5/2016 2337.6
2046.7 3796.55 0.01913934 0.01017393 7/6/2016 2327.8
2098.8 3881.73 0.02513701 0.02218817 7/7/2016 2399.1
2073.1 3903.08 -0.0123207 0.00548505 7/8/2016 2602.7
2060.6 3915.92 -0.0060479 0.00328431 7/11/2016 2577.6
2057 3902.69 -0.0017486 -0.0033842 7/12/2016 2541.5
2066 3900.26 0.00436576 -0.0006228 7/13/2016 2505.8
2059.8 3912.48 -0.0030055 0.00312823 7/14/2016 2480.8
2044.1 3922.79 -0.0076513 0.00263169 7/15/2016 2449.9
1996 3891.28 -0.0238124 -0.008065 7/18/2016 2427.3
1929.3 3871.28 -0.0339879 -0.005153 7/19/2016 2533.4
1870.4 3840.26 -0.0310049 -0.0080451 7/20/2016 2502.5
1905.2 3793.47 0.01843468 -0.0122589 7/21/2016 2519.8
1898.7 3782.75 -0.0034175 -0.0028299 7/22/2016 2579.4
1903.5 3804.75 0.00252486 0.00579903 7/25/2016 2572.4
1860 3788.04 -0.0231178 -0.0044016 7/26/2016 2527.4
1915.6 3870.35 0.0294544 0.02149621 7/27/2016 2583.3
1934.2 3836.37 0.00966291 -0.0088183 7/28/2016 2537.4
1926 3850.07 -0.0042485 0.00356472 7/29/2016 2555.9
1971.7 3875.96 0.0234508 0.00670204 8/1/2016 2604.7
1942.7 3866.7 -0.0148174 -0.0023919 8/2/2016 2631.1
1922.2 3862.89 -0.0106084 -0.0009858 8/3/2016 2566.9
1930.1 3869.17 0.00410145 0.00162441 8/4/2016 2550.4
1925.7 3836.18 -0.0022823 -0.0085629 8/5/2016 2553.6
1900 3828.28 -0.0134357 -0.0020615 8/8/2016 2552.7
1902.4 3813.34 0.00126236 -0.0039102 8/9/2016 2559.6
1872.1 3799.3 -0.0160555 -0.0036886 8/10/2016 2548.9
2176.7 3785.55 0.15074917 -0.0036257 8/11/2016 2596.4
2066.2 3778.94 -0.0520988 -0.0017476 8/12/2016 2600.9
2155.7 3777.94 0.04240433 -0.0002647 8/16/2016 2637.6
2146.4 3765.28 -0.0043235 -0.0033567 8/17/2016 2677.3
2158.1 3718.9 0.00543618 -0.0123943 8/18/2016 2628.1
2099.5 3615.99 -0.027529 -0.0280622 8/19/2016 2593.5
2157.6 3666.4 0.02729727 0.01384458 8/22/2016 2591
2216.7 3677.4 0.02702311 0.00299573 8/23/2016 2556.7
2346.1 3792.66 0.05673477 0.03086164 8/24/2016 2569.5
2331.3 3798.99 -0.0063283 0.00166762 8/25/2016 2526.6
2377.4 3840.21 0.0195814 0.01079181 8/26/2016 2512.5
2262 3786.22 -0.0497581 -0.0141589 8/29/2016 2499
2164.8 3799.43 -0.0439214 0.0034829 8/30/2016 2515.1
2248.9 3843.17 0.03811323 0.01144649 8/31/2016 2437.7
2196.8 3774.27 -0.0234395 -0.0180906 9/1/2016 2466.5
2204 3774.92 0.00327214 0.0001722 9/2/2016 2476.2
2132.1 3755.12 -0.0331665 -0.0052589 9/5/2016 2439.2
2109.6 3734.46 -0.0106091 -0.005517 9/6/2016 2447.4
2195.2 3763.59 0.0397748 0.00777006 9/7/2016 2445.1
2311.2 3748.68 0.05149371 -0.0039695 9/8/2016 2402.3
2421.6 3754.5 0.04666161 0.00155134 9/9/2016 2432.8
2472.6 3774.99 0.02084175 0.00544261 9/12/2016 2405.5
2506.1 3807.1 0.01345753 0.00847001 9/13/2016 2458.9
2464.1 3796.69 -0.0169011 -0.0027381 9/14/2016 2468.2
2484.1 3793.69 0.00808379 -0.0007905 9/15/2016 2469.8
2495.7 3752.66 0.00465883 -0.0108742 9/16/2016 2455.2
2687.2 3722.27 0.07393051 -0.0081312 9/20/2016 2490.1
2732.5 3727.39 0.01671718 0.00137456 9/21/2016 2485.8
2578.3 3716.38 -0.0580867 -0.0029582 9/22/2016 2524.5
2412.5 3652.83 -0.0664667 -0.0172479 9/23/2016 2569.3
2380.4 3657.39 -0.013395 0.00124757 9/26/2016 2549.7
2409 3685.18 0.01194318 0.00756959 9/27/2016 2483.5
2369.9 3684.7 -0.016364 -0.0001303 9/28/2016 2512.9
2313.9 3691.69 -0.0239133 0.00189524 9/29/2016 2486.3
2357.3 3745.81 0.01858248 0.01455353 9/30/2016 2518.8
2460.6 3776.31 0.04288833 0.00810946 10/3/2016 2525
2455.9 3797.02 -0.0019119 0.00546921 10/4/2016 2569.4
2417.8 3805.45 -0.0156353 0.0022177 10/5/2016 2594.9
2498.9 3832.55 0.0329926 0.00709613 10/6/2016 2590.9
2507 3820.34 0.00323618 -0.003191 10/7/2016 2586.5
2519.8 3793.73 0.00509271 -0.0069897 10/11/2016 2572.7
2514.4 3808.45 -0.0021453 0.00387258 10/12/2016 2580
2636.7 3796.71 0.04749393 -0.0030874 10/13/2016 2550.7
2615.7 3812.35 -0.0079964 0.00411089 10/14/2016 2591.7
2655.6 3822.33 0.01513887 0.00261439 10/17/2016 2570.7
2659.4 3834.37 0.00142992 0.00314496 10/18/2016 2597.5
2699.3 3873.4 0.01489195 0.01012753 10/19/2016 2611.7
2610.8 3896.03 -0.0333358 0.00582541 10/20/2016 2658.3
2508 3904.88 -0.0401711 0.00226897 10/21/2016 2659.9
2499.1 3875.79 -0.003555 -0.0074775 10/24/2016 2690.7
2468.5 3873.86 -0.01232 -0.0004981 10/25/2016 2667.8
2538.5 3836.4 0.02796268 -0.009717 10/26/2016 2633.4
2536 3827.99 -0.0009853 -0.0021946 10/27/2016 2662.8
2533.5 3839.01 -0.0009863 0.00287466 10/28/2016 2619.5
2523 3873.1 -0.0041531 0.0088407 11/2/2016 2665.3
2506.8 3865.68 -0.0064416 -0.0019176 11/3/2016 2579.2
2453.9 3858.99 -0.0213284 -0.0017321 11/4/2016 2571.2
2443.9 3849.62 -0.0040835 -0.002431 11/7/2016 2621
2427.8 3830.55 -0.0066096 -0.004966 11/8/2016 2649.2
2403.9 3808.16 -0.0098931 -0.0058623 11/9/2016 2647.9
2419.1 3804.62 0.00630315 -0.00093 11/10/2016 2545.8
2381.4 3794.35 -0.015707 -0.002703 11/11/2016 2516.3
2357.6 3779.32 -0.0100444 -0.003969 11/14/2016 2493.1
2351.6 3759.66 -0.0025482 -0.0052156 11/15/2016 2496.5
2269 3735.1 -0.0357567 -0.0065539 11/16/2016 2599.3
2235.3 3766.65 -0.0149638 0.00841142 11/17/2016 2616.3
2273.3 3802.74 0.01685707 0.00953585 11/18/2016 2554.1
2415.7 3844.66 0.06075658 0.01096331 11/21/2016 2513.9
2360.2 3805.58 -0.0232427 -0.0102168 11/22/2016 2522.7
2359.9 3774.8 -0.0001271 -0.008121 11/23/2016 2569.4
2298.8 3760.31 -0.026232 -0.003846 11/24/2016 2544
2310 3757.01 0.00486028 -0.000878 11/25/2016 2565.9
2271.7 3719.01 -0.0167191 -0.0101659 11/28/2016 2563
2175.1 3655.3 -0.0434538 -0.0172793 11/29/2016 2542.3
2135 3633.58 -0.018608 -0.0059598 11/30/2016 2522
2117.1 3605.1 -0.0084194 -0.0078689 12/1/2016 2468.3
2114.8 3605.11 -0.001087 2.7738E-06 12/2/2016 2480.4
2100 3612.82 -0.0070229 0.00213635 12/5/2016 2486.1
2032.9 3590 -0.032474 -0.0063364 12/6/2016 2474.6
2009.2 3559.16 -0.0117267 -0.0086276 12/7/2016 2461.3
1977.5 3564.32 -0.0159032 0.00144873 12/9/2016 2505.6
2066.1 3533.07 0.04382935 -0.0088061 12/12/2016 2488.6
2022.6 3532.73 -0.021279 -9.6238E-05 12/13/2016 2508.1
2100 3570.23 0.03755353 0.01055908 12/14/2016 2493.9
2169.3 3619.54 0.03246719 0.01371693 12/15/2016 2465.5
2213.4 3663.05 0.02012526 0.01194919 12/16/2016 2466.3
2173.5 3626.47 -0.018191 -0.0100364 12/19/2016 2482.5
2100.8 3600.88 -0.0340205 -0.0070815 12/20/2016 2524
2119.7 3608.04 0.00895634 0.00198643 12/21/2016 2429
2107.1 3661.24 -0.005962 0.0146372 12/22/2016 2377.5
2107.1 3655.26 0 -0.0016347 12/23/2016 2411.1
2111.3 3655.4 0.00199128 3.83E-05 12/26/2016 2400
2097.8 3664.64 -0.0064147 0.00252458 12/27/2016 2425.8
2107.8 3680.21 0.00475557 0.00423971 12/28/2016 2445
0.00091418 12/29/2016 2482.3
12/30/2016 2491.2
 embotelladora
IPSA R ANDINA R IPSA Fecha andina IPSA R ANDINA
3621.24 1/3/2017 2532.5 4148.86
3626.13 -0.0067875 0.00134946 1/4/2017 2542 4168.34 0.003744216
3614.97 0.00120683 -0.0030824 1/5/2017 2524.5 4163.65 -0.006908149
3557.77 -0.0522891 -0.0159496 1/6/2017 2536 4171.14 0.004545013
3559.16 -0.0120693 0.00039062 1/9/2017 2552.4 4161.51 0.006446056
3543.36 -0.0207426 -0.0044491 1/10/2017 2551.2 4174.58 -0.000470256
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4224.67 -0.0053891 0.00243866 12/13/2017 2797.1 5135.19 0.008905866
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0.00109335
 embotelladora
R IPSA Fecha andina IPSA R ANDINA R IPSA
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0.01259474 7/12/2018 2401.3 5283.82 -0.0070959 -0.0025819
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-0.0141866 12/24/2018 2553 5030.73 -0.0014873 -0.0064593
0.0157933 12/26/2018 2584.9 5062.78 0.01241768 0.00635064
-0.0041367 12/27/2018 2578.7 5070.65 -0.0024014 0.00155327
-0.0033585 12/28/2018 2594.6 5105.43 0.00614697 0.00683566
0.00989944 12/29/2018 2594.6 5425.58763 0 0.06082153
0.00245962 12/30/2018 2594.6 5425.58763 0 0
2720.1668016194 -0.0006753
-0.1701775
 determinación del Kd IPSA anual
cy 2.80% 2014 4.10%
M 156,483,743 2015 4.40%
V 156,362,970 2016 12.80%

N 21 2017 34.04%
t 27% 2018 8.25%
ki 0.028
Kd 0.020

determinación del beta de la deuda

kd 2.05%
rf 1.42%
rm 8.25%
BETA deuda 0.09

BETA SEGÚN HAMADA

Bu 0.40

BETA SEGÚN RUBINSTEIN

Bl 0.78

�_� Beta patrimonial con deuda

�_𝑝^(𝑆/𝐷)
0.78
(1−𝑡_𝑐 ) 0.27
𝐵∕� 0.26
�_� 0.09
�_𝑝^(𝐶/𝐷)
0.83

costo patrimonial
Kp 0.07

costo de capital
P/V 0.80
Ko 0.19
 Wacc historico
2018
Costo financiero 55,014,660
Otros pasivos financieros corrientes 56,114,977

Otros pasivos financieros no corrientes 716,563,778

Pasivos financieros 772,678,755
Costo de la deuda(kd) 7.68%

Tasa libre de riesgo(rf) 4.10%

Rentabilidad del mercado(rm) 11.65%
Beta(β) 1.01
Costo del aporte propio (ke) 11.71%

Razon de deuda(wd) 61.00%

Costo de la deuda actual(kd) 7.68%
Tasa de impuesto a la renta(T) 27.0%
Participación de los aportes propios(we) 39.00%
Costo del aporte propio(ke) 11.71%
Costo del promedio ponderado(ko) 7.99%