ESTRUCTURA DE

CAPITAL

OBJETIVO DE LA CLASE

Determinar el impacto de la deuda sobre la retribucin al

capital de la empresa
Analizar el impacto de la deuda sobre el ROE
Evaluar el riesgo asociado al endeudamiento
Determinar el efecto de la estructura de capital sobre el
valor de la empresa
Establecer cul debe ser la combinacin ideal de deuda
y recursos propios para maximizar el valor de la
empresa.

ESTIMACION DEL CAPITAL

El Capital es el valor del patrimonio ms la deuda

Se puede calcular como la inversin (activo total) menos los
pasivos espontneos, lo que se conoce como inversin neta

PE

NOF

INVERSIN
NETA

DEUDA +
PATRIMONIO

AFN

CAPITAL

ES LA DEUDA DE CORTO PLAZO

PARTE DEL CAPITAL?

La deuda de CP es parte del capital de la empresa

Si es permanentemente renovada y permanece en el
tiempo se debe considerar como parte de la deuda al
determinar la proporcin deseada de deuda entre capital
Si es un requerimiento temporal de CP no se debe
considerar para determinar el ratio ideal de deuda/capital

REPARTO BAIT CON Y SIN DEUDA

SIN DEUDA

CON DEUDA
Int 50

Imp 60

-15

Div 140

BAIT = 200

Imp 45

Div 105

BAIT = 200

DEUDA, ROE E IMPUESTOS

Escudo tributario

Sin Deuda

Con Deuda

Con Deuda

NO

NO

SI

Inversin

1,000

1,000

1,000

Recursos propios

1,000

500

500

500

500

200

200

200

50

50

200

150

150

50

200

200

150

60

60

45

BDT

140

90

105

ROE

14.0%

18.0%

21.0%

140

140

155

15

Deuda
BAIT
Inters (10%)
BAT
Adiciones
Base imponible
Impuestos (30%)

Retribucin capital total

Escudo tributario

ROE 14%

500
14% 10% 18%
500
500
ROE 14%
14% 10% 1 30% 21%
500

EFECTO DE LA DEUDA SOBRE ROE

Escudo tributario
ROE

Sin Deuda

Con Deuda

Con Deuda

NO

NO

SI

14.0%

18.0%

21.0%

Efecto
Apalancamiento
Efecto
Escudo Tributario

El 3% adicional se obtiene dividiendo

el escudo tributario entre los recursos
propios (15/500)

ESCUDO TRIBUTARIO

Escudo tributario de los intereses i Deuda T

I = 10%, Deuda = 500, T = 30%
i x D x T = 10% x 500 x 300
US$15

RETTRIBUCIN CAPITAL TOTAL

Retribucin al Capital Total BDT i D

BAIT - i D 1 - T i D
BAIT - i D - BAIT T i D T i D

BAIT - BAIT T i D T
BAIT1 - T i D T
Retribucin al Capital Total BDT i D BAIT1 - T i D T

RETRIBUCIN CAPITAL TOTAL

Retribucin al Capital Total BDT i D BAIT1 - T i D T

Para hallar el valor

de mercado del
capital

Retribucin al Captal Total

Tasa de Retribucin al Capital Total

BDT i D
Tasa de Retribucin al Capital Total
BAIT1 - T i D T
Tasa de Retribucin al Capital Total

EFECTO DE LA DEUDA SOBRE EL

CAPITAL TOTAL
Aumento de la retribucin al capital de la empresa

i Deuda T
Capital Total

E.T.
Aumento de la retribucin al capital de la empresa
Capital Total

Escudo tributario

Sin Deuda

Con Deuda

Con Deuda

NO

NO

SI

Retribucin capital total

140

140

Escudo tributario

Aumento de RCT

155
15

1.5%

15
1000

RIESGO EMPRESA, ACCIONISTAS Y

DEUDA

A mayor deuda, mayor riesgo para los accionistas

El riesgo se puede apreciar en el incremento de la
desviacin estndar
Los cambios en el BAIT tendrn un mayor impacto en el
BPA en la empresa con deuda que en la empresa sin
deuda
Los accionistas tienen ms riesgo que los titulares de la
deuda, por lo que el retorno esperado debe ser mayor
Los titulares de la deuda cobran antes que los
accionistas, por lo que el riesgo de cobro es mayor para
el segundo de la fila

DEUDA, BPA Y RIESGO:

AUMENTO DESVIACIN ESTNDAR
Sin deuda
Pes Esp
Opt

Con deuda
Pes
Esp
Opt

Inversin

1,000

1,000

1,000

1,000

1,000

1,000

R. Propios

1,000

1,000

1,000

500

500

500

500

500

500

5%

20%

35%

5%

20%

35%

50

200

350

50

200

350

50

50

50

Deuda
BAIT
Inters

BAT

50

200

350

150

300

Impuestos

15

60

105

45

90

BDT

35

140

245

105

210

ROE

3.5% 14.0% 24.5%

BPA

0.04

Des est

0.14
8.57%

0.25

0.0%

21.0% 42.0%

0.21

0.42

17.15%

El aumento de la deuda
incrementa la dispersin

BPA

BDT
RR.PP.

GRAFICO IMPACTO DE LA DEUDA EN

EL BPA
IMPACTO DE LA DEUDA SOBRE EL BPA

BPA
0.30
0.25
0.20
0.15
0.10
0.05
(0.05)

50

100

150

200

250
BAIT

(0.10)

BPA sin deuda

BPA con deuda

PRINCIPIO DE ADITIVIDAD DEL VALOR

El valor actual de un flujo de caja dividido entre su costo
de capital total es igual al de sus componentes entre su
respectivo costo parcial.

FC A FC B
FCA
FCB

COK A,B
COK A COK B

PRINCIPIO DE ADITIVIDAD DEL VALOR

Retribucin al Capital Total
BDT i D

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

BDT

FC que recibe el
accionista

Se descuenta con
COKACC

iD

FC que recibe el
acreedor

Se descuenta con
COKDE

Retribucin al Capital Total

BDT
iD

Tasa de Retribucin al Capital Total COKACC COKDE

PRINCIPIO DE ADITIVIDAD DEL VALOR

Retribucin al Capital Total
BAIT1 - T i D T

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

BAIT1 - T

FC que generara una

empresa sin deuda

i DT

Escudo Tributario

Se descuenta con
COKSD

Se descuenta con
COKDE

Retribucin al Capital Total

BAIT 1 T i D T

Tasa de Retribucin al Capital Total

COKSD
COKDE

PRINCIPIO DE ADITIVIDAD DEL VALOR

Retribucin al Capital Total
BAIT1 - T i D T

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

Retribucin al Capital Total
BAIT 1 T i D T

Tasa de Retribucin al Capital Total

COKSD
COKDE

Valor de la Empresa VSD Valor Actual del Escudo Tributario

EFECTO DE LA DEUDA EN EL VALOR

EJEMPLO
C apital en libros
Valor sin deuda

1,100.0
3,091.7
EFECTO DEL ENDEUDAMIENTO
SOBRE EL VALOR DE LA EMPRESA

Valor de la
Em presa
3450
3400
3350
3300
3250
3200
3150
3100
3050
0

200

400

600

800

1000

1200
Deuda

Valor de la Empresa VSD Valor Actual del Escudo Tributario

CUL ES LA TASA DE RETRIBUCIN

AL CAPITAL TOTAL?
Retribucin al Capital Total
BDT i D

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

FC que recibe el accionista
FC que recibe el
acreedor

Entonces, la tasa de retribucin total al

capital debe tomar en cuenta la rentabilidad
de ambos agentes
WACC
?

CUL ES LA TASA DE RETRIBUCIN

AL CAPITAL TOTAL?
Retribucin al Capital Total
BDT i D

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

FC que recibe el accionista

Ya incluye el efecto del escudo tributario de

los intereses (beneficio del endeudamiento)

FC que recibe el
acreedor

Por lo tanto, la tasa de descuento que se debe utilizar debe excluir el efecto del
escudo tributario, pues el numerador ya est recogiendo ese efecto

CUL ES LA TASA DE RETRIBUCIN

AL CAPITAL TOTAL?

Retribucin al Capital Total

BDT i D

Tasa de Retribucin al Capital Total Tasa de Retribucin al Capital Total

Entonces

La Tasa de
Retribucin al
Capital Total

WACC
sin Escudo
Tributario

INCORPORACIN EFECTO DE LA
DEUDA A TRAVS DEL WACC

BDT i D
BDT
i D
BAIT 1 T i D T

WACC SIN ET COKACC COKDE

COK SD
COK DE

BAIT 1 T
WACC CON ET

WACCSET VS WACC TRADICIONAL

BDT i D
BDT
i D
BAIT 1 T i D T

WACC SIN ET COKACC COKDE

COK SD
COK DE

Por qu son
distintas
tasas de
descuento?

BAIT 1 T
WACC CON ET

WACCSET VS WACC TRADICIONAL

BAIT 1 T
Valor de la Empresa
WACC CON ET
Con este flujo se retribuir al
accionista y al acreedor de la
deuda
Este flujo NO considera el efecto del
escudo tributario (beneficio del
endeudamiento)

Por lo tanto, la tasa de descuento debe

considerar el beneficio del
endeudamiento, ya que en el numerador
no se est considerando esto

WACC con escudo

tributario

TODOS LOS CAMINOS CONDUCEN A

ROMA

BDT i D
BDT
i D
BAIT 1 T i D T BAIT 1 T

WACC SIN ET COKACC COKDE

COK SD
COK DE
WACC CON ET

EJEMPLO PARA PERPETUIDADES

EJEMPLO NUMRICO
RR.PP
600.0
Deuda
500.0
C apital en libros
1,100.0
BAIT
Intereses (6%)
BAT
Impuestos (30%)
BDT

500.0
30.0
470.0
141.0
329.0

BDT Operativo

350.0

C OKacc
C OKde

12.00%
6.00%

BDT i D
BDT
i D
BAIT 1 T i D T BAIT 1 T

WACC SIN ET COKACC COKDE

COK SD
COK DE
WACC CON ET

EJEMPLO PARA PERPETUIDADES

I MTODO
BDT Financiero
C OKacc
Valor Patrimonio
Deuda
C OKde
Valor Deuda
CAPITAL

COK ACC COK OP

329.0
12.00%
2,741.7
500.0
6.00%
500.0
3,241.7

D
1 t COK OP COK DE
S

D/ C
S/ C
D/ S
COKop

15.42%
84.58%
0.1824
11.32%

C OKacc
S/ C
C OKde
D/ C
WACC c/ET
WACC s/ET

12.00%
84.58%
6.00%
15.42%
10.80%
11.07%

EJEMPLO PARA PERPETUIDADES

II MTODO
BDT Operativo
WAC C con ET
Capital

350.0
10.80%
3,241.7

EJEMPLO PARA PERPETUIDADES

III MTODO
BDT Operativo
C OKop
Valor sin deuda
Deuda
C OKde
ET intereses
VA ET
CAPITAL

350.0
11.32%
3,091.7
500.0
6.00%
30.00%
150.0
3,241.7

EJEMPLO PARA PERPETUIDADES

IV MTODO
WAC C sin ET
BDT Financiero
Intereses
Retribucin total al capital
CAPITAL

11.07%
329.0
30.0
359.0
3,241.7

EJEMPLO PARA PERPETUIDADES

I MTODO
BDT Financiero
C OKacc
Valor Patrimonio
Deuda
C OKde
Valor Deuda
CAPITAL

329.0
12.00%
2,741.7
500.0
6.00%
500.0
3,241.7

III MTODO
BDT Operativo
C OKop
Valor sin deuda
Deuda
C OKde
ET intereses
VA ET
CAPITAL

350.0
11.32%
3,091.7
500.0
6.00%
30.00%
150.0
3,241.7

II MTODO
BDT Operativo
WAC C con ET
Capital

350.0
10.80%
3,241.7

IV MTODO
WAC C sin ET
BDT Financiero
Intereses
Retribucin total al capital
CAPITAL

11.07%
329.0
30.0
359.0
3,241.7

RIESGOS ASOCIADOS CON LA DUEDA

Privilegian la obtencin de caja en el CP, dejando de

aplicar el criterio del VAN para analizar inversiones
Se rechazan proyectos con VAN positivo por falta de
recursos
Se pierde el escudo tributario si no hay utilidades
Se posterga la toma de decisiones
Clientes se aprovechan
Proveedores se endurecen
Costos de reestructuracin
Costo de quiebra - venta de activos castigados

MIX FINANCIERO: DEUDA VS

RECURSOS PROPIOS

Ventajas de la deuda:

Aumenta la rentabilidad de recursos propios

Permite conseguir capital adicional para crecer

Desventajas de la deuda:

Aumenta el riesgo del negocio

CUL ES EL NIVEL DE DEUDA PTIMO?

CUL ES EL NIVEL DE DEUDA

PTIMO?
Valor
Valor mximo

Valor
de
empres
a sin
deuda

Deuda ptima

Deuda

NIVEL DEUDA PTIMO Y WACC

COK

Valor

Valor mximo

Valor
de
empres
a sin
deuda

WACC
Deuda ptima

Deuda

CMO ESTIMAR EL COSTO DE LA

DEUDA SYNTHETIC RATING?

CLASIFICACIN Y SPREAD

Reuters Corporate Spreads for

Industrials*
Rating
Aaa/AAA
Aa1/AA+
Aa2/AA
Aa3/AAA1/A+
A2/A
A3/ABaa1/BBB+
Baa2/BBB
Baa3/BBBBa1/BB+
Ba2/BB
Ba3/BBB1/B+
B2/B
B3/BCaa/CCC

1 yr

2 yr
5
10
15
20
30
40
50
60
65
75
85
290
320
500
525
725
1500

3 yr
10
15
25
30
40
50
65
75
80
90
100
290
395
525
550
800
1600

5 yr
15
20
30
35
45
57
79
90
88
105
115
265
420
600
600
775
1550

7 yr
22
32
37
45
58
65
85
97
95
112
124
240
370
425
500
800
1400

10 yr
27
37
44
53
62
71
82
100
126
116
130
265
320
425
450
750
1300

30 yr
30
40
50
55
65
75
88
107
149
121
133
210
290
375
450
775
1375

55
60
65
70
79
90
108
127
175
146
168
235
300
450
725
850
1500

Updated Default Spreads January 2013

Rating
Aaa/AAA
Aa1/AA+
Aa2/AA
Aa3/AAA1/A+
A2/A
A3/ABaa1/BBB+
Baa2/BBB
Baa3/BBBBa1/BB+
Ba2/BB
Ba3/BBB1/B+
B2/B
B3/BCaa/CCC+

1 year
0.04%
0.07%
0.09%
0.12%
0.15%
0.36%
0.41%
0.63%
0.81%
1.29%
2.07%
2.85%
3.63%
4.41%
5.19%
5.97%
6.75%

Aswath Damodaran

5 year
0.16%
0.35%
0.53%
0.58%
0.62%
0.77%
1.04%
1.28%
1.53%
1.98%
2.78%
3.58%
4.38%
5.18%
5.98%
6.78%
7.57%

10 year
0.41%
0.57%
0.73%
0.78%
0.82%
0.95%
1.31%
1.55%
1.84%
2.28%
3.12%
3.97%
4.81%
5.65%
6.49%
7.34%
8.18%
39

30 year
0.65%
0.84%
1.03%
1.09%
1.15%
1.23%
1.74%
1.99%
2.33%
2.74%
3.56%
4.39%
5.21%
6.03%
6.85%
7.68%
8.50%

QU HACER CON ESTA

INFORMACIN?

Podemos construir los grficos y determinar el nivel ptimo de

endeudamiento.
El Costo de la deuda lo estimamos con los rating sintticos
El COKacc es:

COK ACC

Deuda
.1 t . COK OP COK DE
COK OP
Re cursos Pr opios

Con esta informacin determinamos el WACC y

obsevamos el punto de inflexin de la curva. Ese
punto es el nivel ptimo de deuda.

EJEMPLO

Si el ratio de cobertura de intereses es 2.10 y la tasa

libre de riesgo es 4%, la clasificacin de una empresa
mediana ser B+, por lo que el spread demandado ser
3.25%. De esta manera, el costo de la deuda ser 7.25%
(4% + 3.25%).
Si estamos en un pas emergente, debemos aadirle el
spread pas, que puede determinarse sobre la base del
EMBI. Si este fuese 1.5%, el costo de la deuda sera
8.75% (7.25% + 1.5%).

EJERCICIO

BAIT = 15% del capital invertido

COKop = 10%
Rf + riesgo pas = 5.5%
Deuda = X% de la inversin
Inversin = 1,000
T= 30%

Inversin
Deuda
Recursos propios
BAIT
Rf + riesgo pas
Spread
Costo total
Intereses
BAT
Impuestos

COKop
Vsd
ET
VA et COKet=COKde
Valor empresa
S
D/S
COKacc COKet=COKde
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKde
COKacc coket=COKde
WACC COKet=COKde
S
S+D
WACC ajustado
Vsd
ET
VA et COKet=COKop
Valor empresa
S
D/S
COKacc COKet=COKop
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKop
COKacc coket=COKop
WACC COKet=COKop
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKde
COKacc coket=COKde
WACC bd =0 COKet=COKde
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKop
WACC bd =0 COKet=COKop
S
S+D
WACC ajustado

5%
1,000.0
50.0
950.0
150.0
5.50%
0.35%
5.85%
2.9
147.1
44.1
103.0
51.3
10.00%
1,050.0
0.9
15.0
1,065.0
1,015.0
0.05
10.14%
9.86%
1.0
10.00%
5.50%
10.00%
1.0
10.14%
9.86%
1,015.0
1,065.0
9.86%
1,050.0
0.9
8.8
1,058.8
1,008.8
0.05
10.21%
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.21%
9.92%
1,008.8
1,058.8
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.16%
9.87%
1,013.8
1,063.8
9.87%
1.0
10.00%
5.50%
10.00%
1.0
10.22%
9.93%
1,007.0
1,057.0
9.93%

10%
1,000.0
100.0
900.0
150.0
5.50%
0.35%
5.85%
5.9
144.2
43.2
100.9
25.6
10.00%
1,050.0
1.8
30.0
1,080.0
980.0
0.10
10.30%
9.72%
1.0
10.00%
5.50%
10.00%
1.1
10.30%
9.72%
980.0
1,080.0
9.72%
1,050.0
1.8
17.6
1,067.6
967.6
0.10
10.43%
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.43%
9.84%
967.6
1,067.6
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.32%
9.75%
977.6
1,077.6
9.74%
1.0
10.00%
5.50%
10.00%
1.1
10.47%
9.87%
964.1
1,064.1
9.87%

15%
1,000.0
150.0
850.0
150.0
5.50%
0.50%
6.00%
9.0
141.0
42.3
98.7
16.7
10.00%
1,050.0
2.7
45.0
1,095.0
945.0
0.16
10.44%
9.59%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
9.59%
945.0
1,095.0
9.59%
1,050.0
2.7
27.0
1,077.0
927.0
0.16
10.65%
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.65%
9.76%
927.0
1,077.0
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
9.65%
939.8
1,089.8
9.64%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
9.82%
919.5
1,069.5
9.82%

20%
1,000.0
200.0
800.0
150.0
5.50%
0.50%
6.00%
12.0
138.0
41.4
96.6
12.5
10.00%
1,050.0
3.6
60.0
1,110.0
910.0
0.22
10.62%
9.46%
1.0
10.00%
5.50%
10.00%
1.1
10.62%
9.46%
910.0
1,110.0
9.46%
1,050.0
3.6
36.0
1,086.0
886.0
0.23
10.90%
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.90%
9.70%
886.0
1,086.0
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.70%
9.54%
903.0
1,103.0
9.52%
1.0
10.00%
5.50%
10.00%
1.2
11.03%
9.77%
876.0
1,076.0
9.76%

25%
1,000.0
250.0
750.0
150.0
5.50%
0.50%
6.00%
15.0
135.0
40.5
94.5
10.0
10.00%
1,050.0
4.5
75.0
1,125.0
875.0
0.29
10.80%
9.33%
1.0
10.00%
5.50%
10.00%
1.2
10.80%
9.33%
875.0
1,125.0
9.33%
1,050.0
4.5
45.0
1,095.0
845.0
0.30
11.18%
9.59%
1.0
10.00%
5.50%
10.00%
1.3
11.18%
9.63%
845.0
1,095.0
9.59%
1.0
10.00%
5.50%
10.00%
1.2
10.91%
9.44%
866.3
1,116.3
9.41%
1.0
10.00%
5.50%
10.00%
1.3
11.35%
9.72%
832.5
1,082.5
9.70%

DATOS EJERCICIO

BDT
cobertura

COKacc coket=COKop

15.0%
0%
1,000.0
1,000.0
150.0
5.50%
0.35%
5.85%
150.0
45.0
105.0
100.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%

30%
1,000.0
300.0
700.0
150.0
5.50%
0.70%
6.20%
18.6
131.4
39.4
92.0
8.1
10.00%
1,050.0
5.6
90.0
1,140.0
840.0
0.36
10.95%
9.21%
1.0
10.00%
5.50%
10.00%
1.2
10.95%
9.21%
840.0
1,140.0
9.21%
1,050.0
5.6
55.8
1,105.8
805.8
0.37
11.41%
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.55%
805.8
1,105.8
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.15%
9.39%
825.3
1,125.3
9.33%
1.0
10.00%
5.50%
10.00%
1.4
11.72%
9.72%
784.8
1,084.8
9.68%

35%
1,000.0
350.0
650.0
150.0
5.50%
0.85%
6.35%
22.2
127.8
38.3
89.4
6.7
10.00%
1,050.0
6.7
105.0
1,155.0
805.0
0.43
11.11%
9.09%
1.0
10.00%
5.50%
10.00%
1.2
11.11%
9.09%
805.0
1,155.0
9.09%
1,050.0
6.7
66.7
1,116.7
766.7
0.46
11.67%
9.40%
1.0
10.00%
5.50%
10.00%
1.4
11.67%
9.48%
766.7
1,116.7
9.40%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.34%
784.2
1,134.2
9.26%
1.0
10.00%
5.50%
10.00%
1.5
12.14%
9.73%
736.9
1,086.9
9.66%

40%
1,000.0
400.0
600.0
150.0
5.50%
1.00%
6.50%
26.0
124.0
37.2
86.8
5.8
10.00%
1,050.0
7.8
120.0
1,170.0
770.0
0.52
11.27%
8.97%
1.0
10.00%
5.50%
10.00%
1.3
11.27%
8.97%
770.0
1,170.0
8.97%
1,050.0
7.8
78.0
1,128.0
728.0
0.55
11.92%
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.92%
9.40%
728.0
1,128.0
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.70%
9.31%
742.0
1,142.0
9.19%
1.0
10.00%
5.50%
10.00%
1.6
12.62%
9.76%
688.0
1,088.0
9.65%

45%
1,000.0
450.0
550.0
150.0
5.50%
1.00%
6.50%
29.3
120.8
36.2
84.5
5.1
10.00%
1,050.0
8.8
135.0
1,185.0
735.0
0.61
11.50%
8.86%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.86%
735.0
1,185.0
8.86%
1,050.0
8.8
87.8
1,137.8
687.8
0.65
12.29%
9.23%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.35%
687.8
1,137.8
9.23%
1.0
10.00%
5.50%
10.00%
1.4
12.01%
9.25%
703.5
1,153.5
9.10%
1.0
10.00%
5.50%
10.00%
1.7
13.15%
9.75%
642.8
1,092.8
9.61%

50%
1,000.0
500.0
500.0
150.0
5.50%
1.50%
7.00%
35.0
115.0
34.5
80.5
4.3
10.00%
1,050.0
10.5
150.0
1,200.0
700.0
0.71
11.50%
8.75%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.75%
700.0
1,200.0
8.75%
1,050.0
10.5
105.0
1,155.0
655.0
0.76
12.29%
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.21%
655.0
1,155.0
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.43%
9.37%
647.5
1,147.5
9.15%
1.0
10.00%
5.50%
10.00%
1.9
13.88%
9.99%
580.0
1,080.0
9.72%

55%
1,000.0
550.0
450.0
150.0
5.50%
2.00%
7.50%
41.3
108.8
32.6
76.1
3.6
10.00%
1,050.0
12.4
165.0
1,215.0
665.0
0.83
11.45%
8.64%
1.0
10.00%
5.50%
10.00%
1.3
11.45%
8.64%
665.0
1,215.0
8.64%
1,050.0
12.4
123.8
1,173.8
623.8
0.88
12.20%
8.95%
1.0
10.00%
5.50%
10.00%
1.5
12.20%
9.06%
623.8
1,173.8
8.95%
1.0
10.00%
5.50%
10.00%
1.7
12.95%
9.55%
588.0
1,138.0
9.23%
1.0
10.00%
5.50%
10.00%
2.1
14.82%
10.33%
513.8
1,063.8
9.87%

60%
1,000.0
600.0
400.0
150.0
5.50%
2.50%
8.00%
48.0
102.0
30.6
71.4
3.1
10.00%
1,050.0
14.4
180.0
1,230.0
630.0
0.95
11.33%
8.54%
1.0
10.00%
5.50%
10.00%
1.3
11.33%
8.54%
630.0
1,230.0
8.54%
1,050.0
14.4
144.0
1,194.0
594.0
1.01
12.02%
8.79%
1.0
10.00%
5.50%
10.00%
1.4
12.02%
8.89%
594.0
1,194.0
8.79%
1.0
10.00%
5.50%
10.00%
1.8
13.60%
9.78%
525.0
1,125.0
9.33%
1.0
10.00%
5.50%
10.00%
2.4
16.08%
10.81%
444.0
1,044.0
10.06%

65%
1,000.0
650.0
350.0
150.0
5.50%
3.25%
8.75%
56.9
93.1
27.9
65.2
2.6
10.00%
1,050.0
17.1
195.0
1,245.0
595.0
1.09
10.96%
8.43%
1.0
10.00%
5.50%
10.00%
1.2
10.96%
8.43%
595.0
1,245.0
8.43%
1,050.0
17.1
170.6
1,220.6
570.6
1.14
11.42%
8.60%
1.0
10.00%
5.50%
10.00%
1.3
11.42%
8.66%
570.6
1,220.6
8.60%
1.0
10.00%
5.50%
10.00%
2.0
14.58%
10.23%
447.1
1,097.1
9.57%
1.0
10.00%
5.50%
10.00%
2.8
18.14%
11.74%
359.4
1,009.4
10.40%

70%
1,000.0
700.0
300.0
150.0
5.50%
4.00%
9.50%
66.5
83.5
25.1
58.5
2.3
10.00%
1,050.0
20.0
210.0
1,260.0
560.0
1.25
10.44%
8.33%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
8.33%
560.0
1,260.0
8.33%
1,050.0
20.0
199.5
1,249.5
549.5
1.27
10.64%
8.40%
1.0
10.00%
5.50%
10.00%
1.1
10.64%
8.42%
549.5
1,249.5
8.40%
1.0
10.00%
5.50%
10.00%
2.3
16.06%
10.86%
364.0
1,064.0
9.87%
1.0
10.00%
5.50%
10.00%
3.6
21.69%
13.26%
269.5
969.5
10.83%

75%
1,000.0
750.0
250.0
150.0
5.50%
4.00%
9.50%
71.3
78.8
23.6
55.1
2.1
10.00%
1,050.0
21.4
225.0
1,275.0
525.0
1.43
10.50%
8.24%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
8.24%
525.0
1,275.0
8.24%
1,050.0
21.4
213.8
1,263.8
513.8
1.46
10.73%
8.31%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
8.33%
513.8
1,263.8
8.31%
1.0
10.00%
5.50%
10.00%
2.7
17.50%
11.15%
315.0
1,065.0
9.86%
1.0
10.00%
5.50%
10.00%
4.5
25.79%
14.43%
213.8
963.8
10.89%

Inversin
Deuda
Recursos propios
BAIT
Rf + riesgo pas
Spread
Costo total
Intereses
BAT
Impuestos

COKop
Vsd
ET
VA et COKet=COKde
Valor empresa
S
D/S
COKacc COKet=COKde
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKde
COKacc coket=COKde
WACC COKet=COKde
S
S+D
WACC ajustado
Vsd
ET
VA et COKet=COKop
Valor empresa
S
D/S
COKacc COKet=COKop
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKop
COKacc coket=COKop
WACC COKet=COKop
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKde
COKacc coket=COKde
WACC bd =0 COKet=COKde
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKop
WACC bd =0 COKet=COKop
S
S+D
WACC ajustado

5%
1,000.0
50.0
950.0
150.0
5.50%
0.35%
5.85%
2.9
147.1
44.1
103.0
51.3
10.00%
1,050.0
0.9
15.0
1,065.0
1,015.0
0.05
10.14%
9.86%
1.0
10.00%
5.50%
10.00%
1.0
10.14%
9.86%
1,015.0
1,065.0
9.86%
1,050.0
0.9
8.8
1,058.8
1,008.8
0.05
10.21%
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.21%
9.92%
1,008.8
1,058.8
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.16%
9.87%
1,013.8
1,063.8
9.87%
1.0
10.00%
5.50%
10.00%
1.0
10.22%
9.93%
1,007.0
1,057.0
9.93%

10%
1,000.0
100.0
900.0
150.0
5.50%
0.35%
5.85%
5.9
144.2
43.2
100.9
25.6
10.00%
1,050.0
1.8
30.0
1,080.0
980.0
0.10
10.30%
9.72%
1.0
10.00%
5.50%
10.00%
1.1
10.30%
9.72%
980.0
1,080.0
9.72%
1,050.0
1.8
17.6
1,067.6
967.6
0.10
10.43%
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.43%
9.84%
967.6
1,067.6
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.32%
9.75%
977.6
1,077.6
9.74%
1.0
10.00%
5.50%
10.00%
1.1
10.47%
9.87%
964.1
1,064.1
9.87%

15%
1,000.0
150.0
850.0
150.0
5.50%
0.50%
6.00%
9.0
141.0
42.3
98.7
16.7
10.00%
1,050.0
2.7
45.0
1,095.0
945.0
0.16
10.44%
9.59%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
9.59%
945.0
1,095.0
9.59%
1,050.0
2.7
27.0
1,077.0
927.0
0.16
10.65%
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.65%
9.76%
927.0
1,077.0
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
9.65%
939.8
1,089.8
9.64%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
9.82%
919.5
1,069.5
9.82%

20%
1,000.0
200.0
800.0
150.0
5.50%
0.50%
6.00%
12.0
138.0
41.4
96.6
12.5
10.00%
1,050.0
3.6
60.0
1,110.0
910.0
0.22
10.62%
9.46%
1.0
10.00%
5.50%
10.00%
1.1
10.62%
9.46%
910.0
1,110.0
9.46%
1,050.0
3.6
36.0
1,086.0
886.0
0.23
10.90%
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.90%
9.70%
886.0
1,086.0
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.70%
9.54%
903.0
1,103.0
9.52%
1.0
10.00%
5.50%
10.00%
1.2
11.03%
9.77%
876.0
1,076.0
9.76%

25%
1,000.0
250.0
750.0
150.0
5.50%
0.50%
6.00%
15.0
135.0
40.5
94.5
10.0
10.00%
1,050.0
4.5
75.0
1,125.0
875.0
0.29
10.80%
9.33%
1.0
10.00%
5.50%
10.00%
1.2
10.80%
9.33%
875.0
1,125.0
9.33%
1,050.0
4.5
45.0
1,095.0
845.0
0.30
11.18%
9.59%
1.0
10.00%
5.50%
10.00%
1.3
11.18%
9.63%
845.0
1,095.0
9.59%
1.0
10.00%
5.50%
10.00%
1.2
10.91%
9.44%
866.3
1,116.3
9.41%
1.0
10.00%
5.50%
10.00%
1.3
11.35%
9.72%
832.5
1,082.5
9.70%

DATOS EJERCICIO

BDT
cobertura

COKacc coket=COKop

15.0%
0%
1,000.0
1,000.0
150.0
5.50%
0.35%
5.85%
150.0
45.0
105.0
100.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%

30%
1,000.0
300.0
700.0
150.0
5.50%
0.70%
6.20%
18.6
131.4
39.4
92.0
8.1
10.00%
1,050.0
5.6
90.0
1,140.0
840.0
0.36
10.95%
9.21%
1.0
10.00%
5.50%
10.00%
1.2
10.95%
9.21%
840.0
1,140.0
9.21%
1,050.0
5.6
55.8
1,105.8
805.8
0.37
11.41%
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.55%
805.8
1,105.8
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.15%
9.39%
825.3
1,125.3
9.33%
1.0
10.00%
5.50%
10.00%
1.4
11.72%
9.72%
784.8
1,084.8
9.68%

35%
1,000.0
350.0
650.0
150.0
5.50%
0.85%
6.35%
22.2
127.8
38.3
89.4
6.7
10.00%
1,050.0
6.7
105.0
1,155.0
805.0
0.43
11.11%
9.09%
1.0
10.00%
5.50%
10.00%
1.2
11.11%
9.09%
805.0
1,155.0
9.09%
1,050.0
6.7
66.7
1,116.7
766.7
0.46
11.67%
9.40%
1.0
10.00%
5.50%
10.00%
1.4
11.67%
9.48%
766.7
1,116.7
9.40%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.34%
784.2
1,134.2
9.26%
1.0
10.00%
5.50%
10.00%
1.5
12.14%
9.73%
736.9
1,086.9
9.66%

40%
1,000.0
400.0
600.0
150.0
5.50%
1.00%
6.50%
26.0
124.0
37.2
86.8
5.8
10.00%
1,050.0
7.8
120.0
1,170.0
770.0
0.52
11.27%
8.97%
1.0
10.00%
5.50%
10.00%
1.3
11.27%
8.97%
770.0
1,170.0
8.97%
1,050.0
7.8
78.0
1,128.0
728.0
0.55
11.92%
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.92%
9.40%
728.0
1,128.0
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.70%
9.31%
742.0
1,142.0
9.19%
1.0
10.00%
5.50%
10.00%
1.6
12.62%
9.76%
688.0
1,088.0
9.65%

45%
1,000.0
450.0
550.0
150.0
5.50%
1.00%
6.50%
29.3
120.8
36.2
84.5
5.1
10.00%
1,050.0
8.8
135.0
1,185.0
735.0
0.61
11.50%
8.86%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.86%
735.0
1,185.0
8.86%
1,050.0
8.8
87.8
1,137.8
687.8
0.65
12.29%
9.23%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.35%
687.8
1,137.8
9.23%
1.0
10.00%
5.50%
10.00%
1.4
12.01%
9.25%
703.5
1,153.5
9.10%
1.0
10.00%
5.50%
10.00%
1.7
13.15%
9.75%
642.8
1,092.8
9.61%

50%
1,000.0
500.0
500.0
150.0
5.50%
1.50%
7.00%
35.0
115.0
34.5
80.5
4.3
10.00%
1,050.0
10.5
150.0
1,200.0
700.0
0.71
11.50%
8.75%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.75%
700.0
1,200.0
8.75%
1,050.0
10.5
105.0
1,155.0
655.0
0.76
12.29%
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.21%
655.0
1,155.0
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.43%
9.37%
647.5
1,147.5
9.15%
1.0
10.00%
5.50%
10.00%
1.9
13.88%
9.99%
580.0
1,080.0
9.72%

55%
1,000.0
550.0
450.0
150.0
5.50%
2.00%
7.50%
41.3
108.8
32.6
76.1
3.6
10.00%
1,050.0
12.4
165.0
1,215.0
665.0
0.83
11.45%
8.64%
1.0
10.00%
5.50%
10.00%
1.3
11.45%
8.64%
665.0
1,215.0
8.64%
1,050.0
12.4
123.8
1,173.8
623.8
0.88
12.20%
8.95%
1.0
10.00%
5.50%
10.00%
1.5
12.20%
9.06%
623.8
1,173.8
8.95%
1.0
10.00%
5.50%
10.00%
1.7
12.95%
9.55%
588.0
1,138.0
9.23%
1.0
10.00%
5.50%
10.00%
2.1
14.82%
10.33%
513.8
1,063.8
9.87%

60%
1,000.0
600.0
400.0
150.0
5.50%
2.50%
8.00%
48.0
102.0
30.6
71.4
3.1
10.00%
1,050.0
14.4
180.0
1,230.0
630.0
0.95
11.33%
8.54%
1.0
10.00%
5.50%
10.00%
1.3
11.33%
8.54%
630.0
1,230.0
8.54%
1,050.0
14.4
144.0
1,194.0
594.0
1.01
12.02%
8.79%
1.0
10.00%
5.50%
10.00%
1.4
12.02%
8.89%
594.0
1,194.0
8.79%
1.0
10.00%
5.50%
10.00%
1.8
13.60%
9.78%
525.0
1,125.0
9.33%
1.0
10.00%
5.50%
10.00%
2.4
16.08%
10.81%
444.0
1,044.0
10.06%

65%
1,000.0
650.0
350.0
150.0
5.50%
3.25%
8.75%
56.9
93.1
27.9
65.2
2.6
10.00%
1,050.0
17.1
195.0
1,245.0
595.0
1.09
10.96%
8.43%
1.0
10.00%
5.50%
10.00%
1.2
10.96%
8.43%
595.0
1,245.0
8.43%
1,050.0
17.1
170.6
1,220.6
570.6
1.14
11.42%
8.60%
1.0
10.00%
5.50%
10.00%
1.3
11.42%
8.66%
570.6
1,220.6
8.60%
1.0
10.00%
5.50%
10.00%
2.0
14.58%
10.23%
447.1
1,097.1
9.57%
1.0
10.00%
5.50%
10.00%
2.8
18.14%
11.74%
359.4
1,009.4
10.40%

70%
1,000.0
700.0
300.0
150.0
5.50%
4.00%
9.50%
66.5
83.5
25.1
58.5
2.3
10.00%
1,050.0
20.0
210.0
1,260.0
560.0
1.25
10.44%
8.33%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
8.33%
560.0
1,260.0
8.33%
1,050.0
20.0
199.5
1,249.5
549.5
1.27
10.64%
8.40%
1.0
10.00%
5.50%
10.00%
1.1
10.64%
8.42%
549.5
1,249.5
8.40%
1.0
10.00%
5.50%
10.00%
2.3
16.06%
10.86%
364.0
1,064.0
9.87%
1.0
10.00%
5.50%
10.00%
3.6
21.69%
13.26%
269.5
969.5
10.83%

75%
1,000.0
750.0
250.0
150.0
5.50%
4.00%
9.50%
71.3
78.8
23.6
55.1
2.1
10.00%
1,050.0
21.4
225.0
1,275.0
525.0
1.43
10.50%
8.24%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
8.24%
525.0
1,275.0
8.24%
1,050.0
21.4
213.8
1,263.8
513.8
1.46
10.73%
8.31%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
8.33%
513.8
1,263.8
8.31%
1.0
10.00%
5.50%
10.00%
2.7
17.50%
11.15%
315.0
1,065.0
9.86%
1.0
10.00%
5.50%
10.00%
4.5
25.79%
14.43%
213.8
963.8
10.89%

WACC y COKacc - COKet=COKde

30.00%

apalancada sin deuda sin deuda 1 t

Rec.
propios

25.00%

20.00%

15.00%

COK ACC COK OP

COKacc (bde>0)
WACC (bde>0)

D
COK OP COK DE 1 t
S

COKacc (bde=0)
WACC (bde=0)

10.00%

5.00%

80%

75%

70%

65%

60%

55%

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

0.00%

WACC y COKacc - COKet=COKop

30.00%

25.00%

20.00%
COKacc (bde>0)
WACC (bde>0)

15.00%

COKacc (bde=0)
WACC (bde=0)

10.00%

5.00%

75%

70%

65%

60%

55%

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

0.00%

Inversin
Deuda
Recursos propios
BAIT
Rf + riesgo pas
Spread
Costo total
Intereses
BAT
Impuestos

COKop
Vsd
ET
VA et COKet=COKde
Valor empresa
S
D/S
COKacc COKet=COKde
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKde
COKacc coket=COKde
WACC COKet=COKde
S
S+D
WACC ajustado
Vsd
ET
VA et COKet=COKop
Valor empresa
S
D/S
COKacc COKet=COKop
WACC
beta sd
Rm
Rf + riesgo pas
COKop
beta cd COKet=COKop
COKacc coket=COKop
WACC COKet=COKop
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKde
COKacc coket=COKde
WACC bd =0 COKet=COKde
S
S+D
WACC ajustado
beta sd (asumiendo bd =0)
Rm
Rf + riesgo pas
COKop
beta cd beta d =0 COKet=COKop
WACC bd =0 COKet=COKop
S
S+D
WACC ajustado

5%
1,000.0
50.0
950.0
150.0
5.50%
0.35%
5.85%
2.9
147.1
44.1
103.0
51.3
10.00%
1,050.0
0.9
15.0
1,065.0
1,015.0
0.05
10.14%
9.86%
1.0
10.00%
5.50%
10.00%
1.0
10.14%
9.86%
1,015.0
1,065.0
9.86%
1,050.0
0.9
8.8
1,058.8
1,008.8
0.05
10.21%
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.21%
9.92%
1,008.8
1,058.8
9.92%
1.0
10.00%
5.50%
10.00%
1.0
10.16%
9.87%
1,013.8
1,063.8
9.87%
1.0
10.00%
5.50%
10.00%
1.0
10.22%
9.93%
1,007.0
1,057.0
9.93%

10%
1,000.0
100.0
900.0
150.0
5.50%
0.35%
5.85%
5.9
144.2
43.2
100.9
25.6
10.00%
1,050.0
1.8
30.0
1,080.0
980.0
0.10
10.30%
9.72%
1.0
10.00%
5.50%
10.00%
1.1
10.30%
9.72%
980.0
1,080.0
9.72%
1,050.0
1.8
17.6
1,067.6
967.6
0.10
10.43%
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.43%
9.84%
967.6
1,067.6
9.84%
1.0
10.00%
5.50%
10.00%
1.1
10.32%
9.75%
977.6
1,077.6
9.74%
1.0
10.00%
5.50%
10.00%
1.1
10.47%
9.87%
964.1
1,064.1
9.87%

15%
1,000.0
150.0
850.0
150.0
5.50%
0.50%
6.00%
9.0
141.0
42.3
98.7
16.7
10.00%
1,050.0
2.7
45.0
1,095.0
945.0
0.16
10.44%
9.59%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
9.59%
945.0
1,095.0
9.59%
1,050.0
2.7
27.0
1,077.0
927.0
0.16
10.65%
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.65%
9.76%
927.0
1,077.0
9.75%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
9.65%
939.8
1,089.8
9.64%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
9.82%
919.5
1,069.5
9.82%

20%
1,000.0
200.0
800.0
150.0
5.50%
0.50%
6.00%
12.0
138.0
41.4
96.6
12.5
10.00%
1,050.0
3.6
60.0
1,110.0
910.0
0.22
10.62%
9.46%
1.0
10.00%
5.50%
10.00%
1.1
10.62%
9.46%
910.0
1,110.0
9.46%
1,050.0
3.6
36.0
1,086.0
886.0
0.23
10.90%
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.90%
9.70%
886.0
1,086.0
9.67%
1.0
10.00%
5.50%
10.00%
1.2
10.70%
9.54%
903.0
1,103.0
9.52%
1.0
10.00%
5.50%
10.00%
1.2
11.03%
9.77%
876.0
1,076.0
9.76%

25%
1,000.0
250.0
750.0
150.0
5.50%
0.50%
6.00%
15.0
135.0
40.5
94.5
10.0
10.00%
1,050.0
4.5
75.0
1,125.0
875.0
0.29
10.80%
9.33%
1.0
10.00%
5.50%
10.00%
1.2
10.80%
9.33%
875.0
1,125.0
9.33%
1,050.0
4.5
45.0
1,095.0
845.0
0.30
11.18%
9.59%
1.0
10.00%
5.50%
10.00%
1.3
11.18%
9.63%
845.0
1,095.0
9.59%
1.0
10.00%
5.50%
10.00%
1.2
10.91%
9.44%
866.3
1,116.3
9.41%
1.0
10.00%
5.50%
10.00%
1.3
11.35%
9.72%
832.5
1,082.5
9.70%

DATOS EJERCICIO

BDT
cobertura

COKacc coket=COKop

15.0%
0%
1,000.0
1,000.0
150.0
5.50%
0.35%
5.85%
150.0
45.0
105.0
100.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1,050.0
1,050.0
1,050.0
10.00%
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%
1.0
10.00%
5.50%
10.00%
1.0
10.00%
10.00%
1,050.0
1,050.0
10.00%

30%
1,000.0
300.0
700.0
150.0
5.50%
0.70%
6.20%
18.6
131.4
39.4
92.0
8.1
10.00%
1,050.0
5.6
90.0
1,140.0
840.0
0.36
10.95%
9.21%
1.0
10.00%
5.50%
10.00%
1.2
10.95%
9.21%
840.0
1,140.0
9.21%
1,050.0
5.6
55.8
1,105.8
805.8
0.37
11.41%
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.55%
805.8
1,105.8
9.50%
1.0
10.00%
5.50%
10.00%
1.3
11.15%
9.39%
825.3
1,125.3
9.33%
1.0
10.00%
5.50%
10.00%
1.4
11.72%
9.72%
784.8
1,084.8
9.68%

35%
1,000.0
350.0
650.0
150.0
5.50%
0.85%
6.35%
22.2
127.8
38.3
89.4
6.7
10.00%
1,050.0
6.7
105.0
1,155.0
805.0
0.43
11.11%
9.09%
1.0
10.00%
5.50%
10.00%
1.2
11.11%
9.09%
805.0
1,155.0
9.09%
1,050.0
6.7
66.7
1,116.7
766.7
0.46
11.67%
9.40%
1.0
10.00%
5.50%
10.00%
1.4
11.67%
9.48%
766.7
1,116.7
9.40%
1.0
10.00%
5.50%
10.00%
1.3
11.41%
9.34%
784.2
1,134.2
9.26%
1.0
10.00%
5.50%
10.00%
1.5
12.14%
9.73%
736.9
1,086.9
9.66%

40%
1,000.0
400.0
600.0
150.0
5.50%
1.00%
6.50%
26.0
124.0
37.2
86.8
5.8
10.00%
1,050.0
7.8
120.0
1,170.0
770.0
0.52
11.27%
8.97%
1.0
10.00%
5.50%
10.00%
1.3
11.27%
8.97%
770.0
1,170.0
8.97%
1,050.0
7.8
78.0
1,128.0
728.0
0.55
11.92%
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.92%
9.40%
728.0
1,128.0
9.31%
1.0
10.00%
5.50%
10.00%
1.4
11.70%
9.31%
742.0
1,142.0
9.19%
1.0
10.00%
5.50%
10.00%
1.6
12.62%
9.76%
688.0
1,088.0
9.65%

45%
1,000.0
450.0
550.0
150.0
5.50%
1.00%
6.50%
29.3
120.8
36.2
84.5
5.1
10.00%
1,050.0
8.8
135.0
1,185.0
735.0
0.61
11.50%
8.86%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.86%
735.0
1,185.0
8.86%
1,050.0
8.8
87.8
1,137.8
687.8
0.65
12.29%
9.23%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.35%
687.8
1,137.8
9.23%
1.0
10.00%
5.50%
10.00%
1.4
12.01%
9.25%
703.5
1,153.5
9.10%
1.0
10.00%
5.50%
10.00%
1.7
13.15%
9.75%
642.8
1,092.8
9.61%

50%
1,000.0
500.0
500.0
150.0
5.50%
1.50%
7.00%
35.0
115.0
34.5
80.5
4.3
10.00%
1,050.0
10.5
150.0
1,200.0
700.0
0.71
11.50%
8.75%
1.0
10.00%
5.50%
10.00%
1.3
11.50%
8.75%
700.0
1,200.0
8.75%
1,050.0
10.5
105.0
1,155.0
655.0
0.76
12.29%
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.29%
9.21%
655.0
1,155.0
9.09%
1.0
10.00%
5.50%
10.00%
1.5
12.43%
9.37%
647.5
1,147.5
9.15%
1.0
10.00%
5.50%
10.00%
1.9
13.88%
9.99%
580.0
1,080.0
9.72%

55%
1,000.0
550.0
450.0
150.0
5.50%
2.00%
7.50%
41.3
108.8
32.6
76.1
3.6
10.00%
1,050.0
12.4
165.0
1,215.0
665.0
0.83
11.45%
8.64%
1.0
10.00%
5.50%
10.00%
1.3
11.45%
8.64%
665.0
1,215.0
8.64%
1,050.0
12.4
123.8
1,173.8
623.8
0.88
12.20%
8.95%
1.0
10.00%
5.50%
10.00%
1.5
12.20%
9.06%
623.8
1,173.8
8.95%
1.0
10.00%
5.50%
10.00%
1.7
12.95%
9.55%
588.0
1,138.0
9.23%
1.0
10.00%
5.50%
10.00%
2.1
14.82%
10.33%
513.8
1,063.8
9.87%

60%
1,000.0
600.0
400.0
150.0
5.50%
2.50%
8.00%
48.0
102.0
30.6
71.4
3.1
10.00%
1,050.0
14.4
180.0
1,230.0
630.0
0.95
11.33%
8.54%
1.0
10.00%
5.50%
10.00%
1.3
11.33%
8.54%
630.0
1,230.0
8.54%
1,050.0
14.4
144.0
1,194.0
594.0
1.01
12.02%
8.79%
1.0
10.00%
5.50%
10.00%
1.4
12.02%
8.89%
594.0
1,194.0
8.79%
1.0
10.00%
5.50%
10.00%
1.8
13.60%
9.78%
525.0
1,125.0
9.33%
1.0
10.00%
5.50%
10.00%
2.4
16.08%
10.81%
444.0
1,044.0
10.06%

65%
1,000.0
650.0
350.0
150.0
5.50%
3.25%
8.75%
56.9
93.1
27.9
65.2
2.6
10.00%
1,050.0
17.1
195.0
1,245.0
595.0
1.09
10.96%
8.43%
1.0
10.00%
5.50%
10.00%
1.2
10.96%
8.43%
595.0
1,245.0
8.43%
1,050.0
17.1
170.6
1,220.6
570.6
1.14
11.42%
8.60%
1.0
10.00%
5.50%
10.00%
1.3
11.42%
8.66%
570.6
1,220.6
8.60%
1.0
10.00%
5.50%
10.00%
2.0
14.58%
10.23%
447.1
1,097.1
9.57%
1.0
10.00%
5.50%
10.00%
2.8
18.14%
11.74%
359.4
1,009.4
10.40%

70%
1,000.0
700.0
300.0
150.0
5.50%
4.00%
9.50%
66.5
83.5
25.1
58.5
2.3
10.00%
1,050.0
20.0
210.0
1,260.0
560.0
1.25
10.44%
8.33%
1.0
10.00%
5.50%
10.00%
1.1
10.44%
8.33%
560.0
1,260.0
8.33%
1,050.0
20.0
199.5
1,249.5
549.5
1.27
10.64%
8.40%
1.0
10.00%
5.50%
10.00%
1.1
10.64%
8.42%
549.5
1,249.5
8.40%
1.0
10.00%
5.50%
10.00%
2.3
16.06%
10.86%
364.0
1,064.0
9.87%
1.0
10.00%
5.50%
10.00%
3.6
21.69%
13.26%
269.5
969.5
10.83%

75%
1,000.0
750.0
250.0
150.0
5.50%
4.00%
9.50%
71.3
78.8
23.6
55.1
2.1
10.00%
1,050.0
21.4
225.0
1,275.0
525.0
1.43
10.50%
8.24%
1.0
10.00%
5.50%
10.00%
1.1
10.50%
8.24%
525.0
1,275.0
8.24%
1,050.0
21.4
213.8
1,263.8
513.8
1.46
10.73%
8.31%
1.0
10.00%
5.50%
10.00%
1.2
10.73%
8.33%
513.8
1,263.8
8.31%
1.0
10.00%
5.50%
10.00%
2.7
17.50%
11.15%
315.0
1,065.0
9.86%
1.0
10.00%
5.50%
10.00%
4.5
25.79%
14.43%
213.8
963.8
10.89%

CUNTA DEUDA PUEDE ABSORBER

LA EMPRESA?

Considerar pocas tanto buenas como difciles

Experiencia pasada de la empresa y de otras empresas
Estabilidad de ingresos, mrgenes y gastos
Tipos de Activo (servicios)
Crecimiento
Flexibilidad

SE CONSIDERA EL COSTO DE CADA

INSTRUMENTO DE DEUDA?

Se debe considerar el costo de la deuda de largo plazo.

No se debe considerar el costo individual de cada
instrumento.

SE CONSIDERAN LOS LEASING

OPERATIVOS?

Se deben considerar como deuda, determinando el valor

actual del leasing. Este se considera como deuda al
calcular el WACC.

SON DEUDA LOS PASIVOS

CONTINGENTES?

Otras deudas como pasivos contingentes se deben

considerar como deuda pero no son parte de la
estructura de capital. Simplemente se restan al momento
de determinar el valor de los recursos propios.

DEUDA Y CRECIMIENTO

Se debe tomar deuda para crecer?

Se debe condicionar el crecimiento a la obtencin de
recursos de terceros?
Cul es el orden?

DEUDA Y RIESGO PARA LOS

ACCIONISTAS

Quin asume mayor riesgo: accionistas o bancos?

Quin debe demandar una mayor rentabilidad?

DEUDA Y CONTROL

Cmo deben enfrentar los accionistas la prdida de

control frente a un aumento de capital?
Es bueno para la empresa?

COSTO DE LA DEUDA Y RETORNO

SOBRE LA INVERSIN

Para que el COKacc sea mayor que el COKop:

COKop debe ser mayor que el COKde
COK ACC COK OP

D
COK OP COK DE 1 t
S

En una empresa con crecimiento

El crecimiento debe ser menor que el COKde x (1-t)
COK ACC COK OP

D
COK DE

COK OP COK DE 1 t
S
COK DE g

En todos los casos, para que la empresa tenga un valor

mayor a la inversin (Van +vo):
RSCI mayor que el COKop
I RSCI - COK
Valor I 0 0

COK

g I 0 RSCI - COK
COK
COK - g

POLITICA DE NO ENDEUDARSE

El no endeudarse quita valor

Empresa privada o de varios accionistas
Endeudarse conservadoramente

ACTITUD DE LOS DIRECTIVOS

La empresa no paga por la tranquilidad del Gerente Financiero

DEUDA Y OTROS IMPUESTOS

Debemos considerar todos los impuestos

Participacin de trabajadores
Impuesto a los dividendos

OBSERVACIN DEL MERCADO

En que momento la deuda se convierte en algo negativo

TEORIA DEL ORDEN DEL PICOTEO

Cmo el accionista percibe el mercado?

Se opta por la fuente de capital ms econmica
Si se piensa que la accin esta sobrevaluada, emiten
acciones
Si est subvaluada, emiten deuda

ANEXO
CONCEPTO DURACIN

DURACION

La duracin es una medida de la sensibilidad del precio

de un bono frente a cambios en la tasa de inters.
Duration sera el tiempo promedio de maduracin del
bono. Un bono de cupn cero a 10 aos tiene una
duracin de 10 aos. Si tuviese cuotas su plazo
promedio de maduracin sera menor.
En un bono con una duracin de 10, si la tasa de inters
sube en 1% el precio del bono caera en 10%.

FRMULA

dP
Duracin

di

t Cupn

N Valor nominal

1 i
1 i
Cupn Valor nominal
1 i 1 i
t

t 1

t 1

MACAULY

Cupon N - 1 i factor anualidad

Precio bono i
Cupon interes del bono valor nominal bono
N nmero de perodos
i tasa de inters
Precio bono Precio de mercado del bono
factor anualidad es el valor presente asumiendo pago uniforme igual a 1
MACAULI duration N -

Ejercicio
N
valor nominal bono
cupon
i

4N
1000
5%
9%

FC
1
2
3
4

50
50
50
1050

PV (9%)
% VP
N*% VP
45.87
5.27%
0.05270
42.08
4.83%
0.09670
38.61
4.44%
0.13307
743.85
85.46%
3.41837
870.41
3.70084 duration

Cupon N - 1 i factor anualidad

Precio bono i
50 4 - 1 9% 3.23972
MACAULI duration 4
3.70084
870.41 9%
MACAULI duration N

t 50
4 1,000

dP t 1 1 9% t 1 9% t
Duracin
N
3.70084
50
1,000
di

t
1 9% t
t 1 1 9%
4

Duracin modificada

Para tener una mejor medida de la sensibilidad, la duracin indicada

debe ser dividida entre (1+i).
El valor estimado es una medida de la elasticidad del bono. No es
matemticamente exacto pero las diferencias son muy pequeas
(menores al 0.1%).

Ejercicio

N
valor nominal bono
cupon
i

N
valor nominal bono
cupon
i

modified duration
Duracin original

4N
1000
5%
9%

4N
1000
5%
8%

0.0771%
0.3947%

FC
1
2
3
4

50
50
50
1050

FC
1
2
3
4

0.65
3.31

50
50
50
1050

841.51
841.51

PV (9%)
% VP
N*% VP
45.87
5.27%
0.05270
42.08
4.83%
0.09670
38.61
4.44%
0.13307
743.85
85.46%
3.41837
870.41
3.70084 duration

Frmulas
45.87
84.17
115.83
2,975.39
3,221.25

45.87
42.08
38.61
743.85
870.41

899.96
902.62

900.64
900.64

3.70084

PV (9%)
% VP
N*% VP
46.30
5.32%
0.05319
42.87
4.92%
0.09850
39.69
4.56%
0.13680
771.78
88.67%
3.54674
900.64
3.83523 duration

840.86
838.20

0.9660
0.9630

3.39527
3.70084

1.0340
1.0370

0.67
(1.99)

0.0747%
-0.2202%