PREGUNTA 1

PREGUNTA A
VN 500,000.00
Cupón 6%
Cupón (valor) 30,000.00

Periodos (años) 0 1 2 3 4
Cupón 30,000.00 30,000.00 30,000.00 30,000.00
VN 500,000.00
FC 30,000.00 30,000.00 30,000.00 530,000.00

TASA suma PVFC = P

0.000% 620,000.00
0.200% 615,422.31 Ecuación Precio bono B
700,000.00
0.400% 610,888.90
0.600% 606,399.24 600,000.00
0.800% 601,952.82
1.000% 597,549.14 500,000.00

1.200% 593,187.70 400,000.00

1.400% 588,868.00
1.600% 584,589.56 300,000.00

1.800% 580,351.91 200,000.00

2.000% 576,154.57
100,000.00

0.00
0.000% 10.000% 20.000% 30.000% 40.000% 50.000% 6
 300,000.00

200,000.00

2.200% 571,997.08 100,000.00

2.400% 567,878.97 0.00

2.600% 563,799.80 0.000% 10.000% 20.000% 30.000% 40.000% 50.000% 6
2.800% 559,759.12
3.000% 555,756.48
3.200% 551,791.45
3.400% 547,863.60
3.600% 543,972.52
3.800% 540,117.77
4.000% 536,298.95
4.200% 532,515.66
4.400% 528,767.48
4.600% 525,054.03
4.800% 521,374.92
5.000% 517,729.75
5.200% 514,118.15
5.400% 510,539.75
5.600% 506,994.16
5.800% 503,481.03
6.000% 500,000.00
6.200% 496,550.70
6.400% 493,132.80
6.600% 489,745.93
6.800% 486,389.76
7.000% 483,063.94
7.200% 479,768.16
7.400% 476,502.06
7.600% 473,265.34
7.800% 470,057.67
8.000% 466,878.73
8.200% 463,728.21
8.400% 460,605.80
8.600% 457,511.20
8.800% 454,444.10
9.000% 451,404.20
9.200% 448,391.22
9.400% 445,404.86
9.600% 442,444.85
9.800% 439,510.88
10.000% 436,602.69
10.200% 433,720.00
10.400% 430,862.54
10.600% 428,030.04
10.800% 425,222.23
11.000% 422,438.86
11.200% 419,679.66
11.400% 416,944.37
11.600% 414,232.75
11.800% 411,544.55
12.000% 408,879.52
12.200% 406,237.41
12.400% 403,618.00
12.600% 401,021.03
12.800% 398,446.27
13.000% 395,893.50
13.200% 393,362.49
13.400% 390,853.00
13.600% 388,364.83
13.800% 385,897.73
14.000% 383,451.51
14.200% 381,025.94
14.400% 378,620.81
14.600% 376,235.91
14.800% 373,871.03
15.000% 371,525.97
15.200% 369,200.53
15.400% 366,894.51
15.600% 364,607.70
15.800% 362,339.92
16.000% 360,090.97
16.200% 357,860.66
16.400% 355,648.80
16.600% 353,455.20
16.800% 351,279.69
17.000% 349,122.07
17.200% 346,982.18
17.400% 344,859.83
17.600% 342,754.85
17.800% 340,667.06
18.000% 338,596.29
18.200% 336,542.38
18.400% 334,505.15
18.600% 332,484.44
18.800% 330,480.10
19.000% 328,491.94
19.200% 326,519.82
19.400% 324,563.58
19.600% 322,623.07
19.800% 320,698.12
20.000% 318,788.58
20.200% 316,894.31
20.400% 315,015.16
20.600% 313,150.97
20.800% 311,301.61
21.000% 309,466.92
21.200% 307,646.77
21.400% 305,841.02
21.600% 304,049.53
21.800% 302,272.15
22.000% 300,508.76
22.200% 298,759.22
22.400% 297,023.39
22.600% 295,301.15
22.800% 293,592.36
23.000% 291,896.90
23.200% 290,214.64
23.400% 288,545.45
23.600% 286,889.21
23.800% 285,245.80
24.000% 283,615.10
24.200% 281,996.98
24.400% 280,391.33
24.600% 278,798.02
24.800% 277,216.95
25.000% 275,648.00
25.200% 274,091.05
25.400% 272,546.00
25.600% 271,012.72
25.800% 269,491.12
26.000% 267,981.08
26.200% 266,482.49
26.400% 264,995.26
26.600% 263,519.27
26.800% 262,054.41
27.000% 260,600.60
27.200% 259,157.72
27.400% 257,725.67
27.600% 256,304.36
27.800% 254,893.68
28.000% 253,493.55
28.200% 252,103.85
28.400% 250,724.51
28.600% 249,355.41
28.800% 247,996.48
29.000% 246,647.61
29.200% 245,308.72
29.400% 243,979.71
29.600% 242,660.50
29.800% 241,351.00
30.000% 240,051.12
30.200% 238,760.77
30.400% 237,479.87
30.600% 236,208.33
30.800% 234,946.07
31.000% 233,693.01
31.200% 232,449.06
31.400% 231,214.15
31.600% 229,988.18
31.800% 228,771.09
32.000% 227,562.80
32.200% 226,363.22
32.400% 225,172.28
32.600% 223,989.90
32.800% 222,816.01
33.000% 221,650.53
33.200% 220,493.39
33.400% 219,344.52
33.600% 218,203.84
33.800% 217,071.28
34.000% 215,946.77
34.200% 214,830.24
34.400% 213,721.62
34.600% 212,620.85
34.800% 211,527.85
35.000% 210,442.55
35.200% 209,364.90
35.400% 208,294.81
35.600% 207,232.24
35.800% 206,177.11
36.000% 205,129.36
36.200% 204,088.93
36.400% 203,055.75
36.600% 202,029.76
36.800% 201,010.90
37.000% 199,999.11
37.200% 198,994.33
37.400% 197,996.50
37.600% 197,005.56
37.800% 196,021.45
38.000% 195,044.11
38.200% 194,073.49
38.400% 193,109.53
38.600% 192,152.18
38.800% 191,201.37
39.000% 190,257.06
39.200% 189,319.18
39.400% 188,387.69
39.600% 187,462.53
39.800% 186,543.64
40.000% 185,630.99
40.200% 184,724.50
40.400% 183,824.14
40.600% 182,929.85
40.800% 182,041.59
41.000% 181,159.29
41.200% 180,282.91
41.400% 179,412.41
41.600% 178,547.74
41.800% 177,688.84
42.000% 176,835.66
42.200% 175,988.18
42.400% 175,146.32
42.600% 174,310.06
42.800% 173,479.34
43.000% 172,654.11
43.200% 171,834.35
43.400% 171,019.99
43.600% 170,210.99
43.800% 169,407.32
44.000% 168,608.93
44.200% 167,815.77
44.400% 167,027.80
44.600% 166,244.99
44.800% 165,467.29
45.000% 164,694.65
45.200% 163,927.05
45.400% 163,164.43
45.600% 162,406.76
45.800% 161,654.00
46.000% 160,906.11
46.200% 160,163.05
46.400% 159,424.78
46.600% 158,691.26
46.800% 157,962.47
47.000% 157,238.34
47.200% 156,518.87
47.400% 155,803.99
47.600% 155,093.69
47.800% 154,387.91
48.000% 153,686.64
48.200% 152,989.82
48.400% 152,297.43
48.600% 151,609.44
48.800% 150,925.80
49.000% 150,246.48
49.200% 149,571.45
49.400% 148,900.68
49.600% 148,234.14
49.800% 147,571.78
50.000% 146,913.58
50.200% 146,259.51
50.400% 145,609.52
50.600% 144,963.61
50.800% 144,321.72
51.000% 143,683.83
51.200% 143,049.91
51.400% 142,419.92
51.600% 141,793.85
51.800% 141,171.65
52.000% 140,553.30
52.200% 139,938.77
52.400% 139,328.03
52.600% 138,721.05
52.800% 138,117.80
53.000% 137,518.26
53.200% 136,922.39
53.400% 136,330.17
53.600% 135,741.57
53.800% 135,156.56
54.000% 134,575.11
54.200% 133,997.21
54.400% 133,422.82
54.600% 132,851.91
54.800% 132,284.46
55.000% 131,720.45
55.200% 131,159.84
 PREGUNTA B
A
VN 250,000.00
CUPÓN 5.50%
CUPÓN VALOR 6,875.00
PERIODO(AÑOS) 0.5
PERIODO (SEMESTRES) 1
YTM 5.10%
PERIODO (SEMESTRES) 0 1
CUPÓN 6,875.00
VN
FC 6,875.00
o bono B PVFC 6,704.05
PRECIO MERCADO 232,448.51

PREGUNTA C
CALCULO DEL YTM
FORMA 1
PERIODO (SEMESTRES) 0 1
CUPÓN 6,875.00
VN
FC 6,875.00

.000% 40.000% 50.000% 60.000%

 PVFC 6,624.37
PRECIO MERCADO 232,448.51
.000% 40.000% 50.000% 60.000% PRECIO ESTIMADO 232,448.51
j 3.78%
YTM 7.57%

FORMA 2
PERIODO (SEMESTRES) 0 1
CUPÓN 6,875.00
VN
FC -232,448.51 6,875.00
TIR=j 3.78%
YTM 7.57%
 1 1.5 2 2.5 3 3.5 4
2 3 4 5 6 7 8
5.70% 6.10% 6.50% 6.85% 7.02% 7.32% 7.66%
2 3 4 5 6 7 8
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00
250,000.00
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 256,875.00
6,499.20 6,282.45 6,049.40 5,809.58 5,589.58 5,345.57 190,168.69

2 3 4 5 6 7 8
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00
250,000.00
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 256,875.00
6,382.88 6,150.19 5,925.98 5,709.95 5,501.79 5,301.22 190,852.13

2 3 4 5 6 7 8
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00
250,000.00
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 256,875.00
 B
VN 500,000.00
CUPÓN 6.00%
CUPÓN VALOR 30,000.00
PERIODO (AÑOS) 1 2
PERIODO (SEMESTRES) 1 2 3 4 5
YTM 5.10% 5.70% 6.10% 6.50% 6.85%
PERIODO (SEMESTRES) 0 1 2 3 4 5
CUPÓN 30,000.00 30,000.00
VN
FC 30,000.00 30,000.00
PVFC 28,381.95 26,449.78
PRECIO MERCADO 473,817.25

FORMA 1
PERIODO (AÑOS) 0 1 2 3 4
CUPÓN 30,000.00 30,000.00 30,000.00 30,000.00
VN 500,000.00
FC 30,000.00 30,000.00 30,000.00 530,000.00
PVFC 27,889.91 25,928.24 24,104.55 395,894.55
PRECIO MERCADO 473,817.25
PRECIO ESTIMADO 473,817.25
j 7.57%
YTM 7.57%

FORMA 2
PERIODO (AÑOS) 0 1 2 3 4
CUPÓN 30,000.00 30,000.00 30,000.00 30,000.00
VN 500,000.00
FC -473,817.25 30,000.00 30,000.00 30,000.00 530,000.00
TIR=j 7.57%
YTM 7.57%
 3 4
6 7 8
7.02% 7.32% 7.66%
6 7 8
30,000.00 30,000.00
500,000.00
30,000.00 530,000.00
24,475.21 394,510.32
PREGUNTA 2

PREGUNTA A
Rm 12%
Rrf 3%

A B C D
BETA 1.25 1.05 1.35 0.8
RRRj 14.25% 12.45% 15.15% 10.20%

PREGUNTA B
VALORIZANDO A
DIVo 2.5
g1 15%
T1 6
g2 6%
RRRA 14.25%

PERIODO 0 1 2 3 4 5
FC DIVIDENDOS 2.88 3.31 3.80 4.37 5.03
P6 (GORDON)
FC 2.88 3.31 3.80 4.37 5.03
PVFC 2.52 2.53 2.55 2.57 2.58
PRECIO ESTIMADO 48.76 PRECIO MÁXIMO
PRECIO MERCADO 82.15
CARA O SOBREVALUADA

VALORIZANDO B
DIVo 1.92
g1 16%
T1 6
g2 5%
RRRA 12.45%

PERIODO 0 1 2 3 4 5
FC DIVIDENDOS 2.23 2.58 3.00 3.48 4.03
P6 (GORDON)
FC 2.23 2.58 3.00 3.48 4.03
PVFC 1.98 2.04 2.11 2.17 2.24
PRECIO ESTIMADO 45.47 PRECIO MÁXIMO
PRECIO MERCADO 42.17
BARATA O SUBVALUADA

VALORIZANDO C
DIVo 1.15
g1 20%
T1 6
g2 7%
RRRA 15.15%

PERIODO 0 1 2 3 4 5
FC DIVIDENDOS 1.38 1.66 1.99 2.38 2.86
P6 (GORDON)
FC 1.38 1.66 1.99 2.38 2.86
PVFC 1.20 1.25 1.30 1.36 1.41
PRECIO ESTIMADO 27.33 PRECIO MÁXIMO
PRECIO MERCADO 52.57
CARA O SOBREVALUADA

VALORIZANDO D
DIVo 1.32
g1 13%
T1 6
g2 5.25%
RRRA 10.20%

PERIODO 0 1 2 3 4 5
FC DIVIDENDOS 1.49 1.69 1.90 2.15 2.43
P6 (GORDON)
FC 1.49 1.69 1.90 2.15 2.43
PVFC 1.35 1.39 1.42 1.46 1.50
PRECIO ESTIMADO 41.28 PRECIO MÁXIMO
PRECIO MERCADO 21.73
BARATA O SUBVALUADA

CONCLUSIÓN: B Y D ESTÁN SUBVALUADAS

 6
5.78
74.30
80.08
36.01

6
4.68
65.93
70.61
34.92

6
3.43
45.08
48.52
20.81

6
 2.75
58.43
61.18
34.16
PREGUNTA 3

PREGUNTA A
Supuestos:
E 575 NUEVO ACTIVO 300
D/V 47% E/V 53% INCREMENTO VENTAS 30%
VENTAS 2.5 VECES VALOR ACTIVOS INCREMENTO CF 90
COSTOS VARIABLES 75% VENTAS COSTOS VARIABLES 75%
COSTOS FIJOS 380 NUEVA DEUDA 127%
Kd 10% K'd 12%
PREGUNTA B
ACTUAL NUEVA
ACTIVOS 1,084.91 DEUDA 509.91
VENTAS 2,712.26 VENTAS 3,525.94
COSTOS VARIABLES 2,034.20 COSTOS VARIABLES 2,644.46
MARGEN BRUTO 678.07 MARGEN BRUTO 881.49
COSTOS FIJOS 380.00 COSTOS FIJOS 470.00
EBIT 298.07 EBIT 411.49
INTERESES 50.99 INTERESES 96.67
EBT 247.08 EBT 314.82

DOL 2.27 DOL 2.14

DFL 1.21 DFL 1.31
DTL 2.74 DTL 2.80
VENTAS
DE NUEVOS ACTIVOS

NUEVA DEUDA 380.631943

SE PODRÍA UTLIZAR INCLUSO HASTA EL 100% DE DEUDA

PREGUNTA A
NUEVA
NUEVA DEUDA 210
VENTAS 3,525.94
COSTOS VARIABLES 2,644.46
MARGEN BRUTO 881.49
COSTOS FIJOS 470.00
EBIT 411.49
INTERESES 76.19
EBT 335.30

DOL 2.14
DFL 1.23
DTL 2.63 DADO QUE ES MENOR QUE 2.7, ENTONCES SI SE DEBERÍA INCORPORAR EL NUEVO AC
CORPORAR EL NUEVO ACTIVO
PREGUNTA 4

PREGUNTA A
Supuestos:

EBIT 50% ACTIVOS NUEVO ACTIVO 100

ACTIVOS 600 INCREMENTO ACTIVO 25%
D/V 40% DEUDA 240 SI ES CON DEUDA:
Kd 10% K'd 14%
t 30% SI ES CON CAPITAL PROPIO:
# ACCIONES 4 INCREMENTO # ACCCIONES 0.4

ACTUAL DEUDA
EBIT 300 EBIT 375.00
INTERESES 24 INTERESES 38.00
EBT 276 EBT 337.00
IMPUESTO 82.8 IMPUESTO 101.10
UTILIDAD NETA 193.2 UTILIDAD NETA 235.90
#ACCIONES 4 #ACCIONES 4.00
EPS 48.3 EPS 58.98
CONVIENE FINANCIAR CON DE
 PREGUNTA B
EPS
EPSD = (EBIT -38)*0.7/4

EPSE = (EBIT -24)*0.7/4.4

EBIT* SE CALCULA CUANDO EPSD =EPSE EPS* =24.50

EBIT* 178
CAPITAL PROPIO
375.00 EPS* 24.500
24.00 24.500
351.00
105.30
245.70
4.40
55.84
ONVIENE FINANCIAR CON DEUDA
 EPSD

EPSE

INTE=24
INTD=38 EBIT*=178 EBIT
PREGUNTA 5

Po 390 USD MILLONES

So 0.8745 EUR/USD
TASA INTERES FRANCIA 3.50%
TASA INTERES USA 2.85%
Fo 0.8274 EUR/USD

PREGUNTA A

SI INVIERTO EN USA:
ACUMULADO 401.12 USD MILLONES

SI INVIERTO FRANCIA:
PRIMERO CAMBIO MIS USD A EUROS 341.06 EUROS
INVIERTO EN EUROS
ACUMULADO EN EUROS 352.99 EUROS
ACUMULADO EN USD 426.63 USD

DEBERÍA INVERTIR EN FRANCIA

Po 390 USD MILLONES
So 0.8745 EUR/USD
TASA INTERES FRANCIA 3.50%
TASA INTERES USA 2.85%
Fo 0.8800 EUR/USD

PREGUNTA B

SI INVIERTO EN USA:
ACUMULADO 401.12 USD MILLONES

SI INVIERTO FRANCIA:
PRIMERO CAMBIO MIS USD A EUROS 341.06 EUROS
INVIERTO EN EUROS
ACUMULADO EN EUROS 352.99 EUROS
ACUMULADO EN USD 401.12 USD