Estructura Optima de Capital

Inversión (equipos,planta y capital de trabajo) $500,000

Toda la inversión se deprecia cada año

La empresa no crecerá y se mantiene estable a lo largo del tiempo, g=0

a Cantidad financiada por deuda del total a invertir $0

b Tasa de interés por endeudamiento 8.00%

1 % de deuda de la estructura de capital 0%

2 Beneficios antes de intereses a impuestos, BAIT $120,000

3 Intereses $0

4 Utilidades antes de impuestos $120,000

5 Impuestos (50%) $60,000

6 Utilidad después de Imp. Utilidad Neta. $60,000

6a Depreciación $500,000

6b Incremento en capital fijo y de operación -$500,000

7 Dividendo a pagar o payout (Free Cash Flow) $60,000

8 Total de pagos a inversionistas de capital $60,000

9 Costo de la deuda antes impuestos 8.00%

10 Costo de oportunidad de capital 12.00%

11 Valor de mercado de la deuda (a) $0

12 Valor de mercado del patrimonio (7 entre 10) $500,000

13 Valor de mercado del activo (11 más 12) $500,000

14 Valor en libros de la deuda, VLd (a) $0

15 Valor en libros del patrimonio, VLe (Inversión menos a) $500,000

16 Valor en libros del activo (14 más 15) $500,000

17 Retorno sobre el capital empleado (BAIT por (1 - t), entre 16) 12.00%

18 ROE (6 entre 15) 12.00%

19 Número de acciones en circulación (n) 5,000

20 Precio por acción (12 entre 19) $100.00

21 Utilidad por acción (6 entre 19) $12.00

22 PER (12 entre 6) 8.33

23 Ratio de la deuda versus activo (14 entre 16) valor en libros 0.00%

24 Ratio de la deuda versus activo (11 entre 13) valor de merca 0.00%

25 WACC (usando ratios de deuda a valores mercado) 12.00%

26 Cash flow libre explotación $60,000

26a BAIDI, BAIT por (1 - t) $60,000

26b Depreciaciones $500,000

26c Incremento en capital fijo y de operación -$500,000

27 Valor de mercado del activo (26 entre 25) $500,000

$50,000 $100,000 $150,000 $200,000 $250,000

8.25% 8.75% 9.75% 11.00% 12.50%

10% 20% 30% 40% 50%

$120,000 $120,000 $120,000 $120,000 $120,000

$4,125 $8,750 $14,625 $22,000 $31,250 $0

$115,875 $111,250 $105,375 $98,000 $88,750 $0

$57,938 $55,625 $52,688 $49,000 $44,375 50% $0

$57,938 $55,625 $52,688 $49,000 $44,375

$500,000 $500,000 $500,000 $500,000 $500,000

-$500,000 -$500,000 -$500,000 -$500,000 -$500,000

$57,938 $55,625 $52,688 $49,000 $44,375 $60,000

$62,063 $64,375 $67,313 $71,000 $75,625

8.25% 8.75% 9.75% 11.00% 12.50%

12.50% 13.00% 13.50% 14.50% 16.00%

$50,000 $100,000 $150,000 $200,000 $250,000

$463,500 $427,885 $390,278 $337,931 $277,344

$513,500 $527,885 $540,278 $537,931 $527,344

$50,000 $100,000 $150,000 $200,000 $250,000

$450,000 $400,000 $350,000 $300,000 $250,000

$500,000 $500,000 $500,000 $500,000 $500,000

12.00% 12.00% 12.00% 12.00% 12.00%

12.88% 13.91% 15.05% 16.33% 17.75%

4,513 4,053 3,612 3,141 2,630

$102.70 $105.57 $108.05 $107.59 $105.45

$12.84 $13.72 $14.59 $15.60 $16.87

8.00 7.69 7.41 6.90 6.25

10.00% 20.00% 30.00% 40.00% 50.00%

9.74% 18.94% 27.76% 37.18% 47.41%

11.68% 11.37% 11.11% 11.15% 11.38%

$60,000 $60,000 $60,000 $60,000 $60,000

$60,000 $60,000 $60,000 $60,000 $60,000

$500,000 $500,000 $500,000 $500,000 $500,000

-$500,000 -$500,000 -$500,000 -$500,000 -$500,000

$513,500 $527,885 $540,278 $537,931 $527,344

$4,125 $8,750 $14,625 $22,000 $31,250

$2,063 $4,375 $7,313 $11,000 $15,625

$2,063 $4,375 $7,313 $11,000 $15,625

$62,063 $64,375 $67,313 $71,000 $75,625

0% 10% 20% 30% 40% 50%$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

Utilidad por acción (6 entre 19)

Ratio de deuda

utilid

ad p

or a

cció

n

0% 10% 20% 30% 40% 50%6.00

6.50

7.00

7.50

8.00

8.50

PER (12 entre 6)

Ratio de deuda

PER

0% 10% 20% 30% 40% 50%$100.00

$102.00

$104.00

$106.00

$108.00

$110.00

Precio por acción (12 entre 19)

Ratio de deuda

Prec

io a

cció

n

0% 10% 20% 30% 40% 50%$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

Valor de mercado del activo (26 entre 25)

Ratio de deuda

Valo

r em

pres

a

0% 10% 20% 30% 40% 50%11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC (usando ratios de deuda a valores mercado)

Ratio de deuda

WAC

C

0% 10% 20% 30% 40% 50%$470,000

$480,000

$490,000

$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC y Valor empresa

Ratio de deuda

Valo

r em

pres

a

WAC

C

0% 10% 20% 30% 40% 50%11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC (usando ratios de deuda a valores mercado)

Ratio de deuda

WAC

C

0% 10% 20% 30% 40% 50%$470,000

$480,000

$490,000

$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC y Valor empresa

Ratio de deuda

Valo

r em

pres

a

WAC

C

0% 10% 20% 30% 40% 50%6.00

6.50

7.00

7.50

8.00

8.50

PER (12 entre 6)

Ratio de deuda

PER

0% 10% 20% 30% 40% 50%$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

Valor de mercado del activo (26 entre 25)

Ratio de deuda

Valo

r em

pres

a

0% 10% 20% 30% 40% 50%$470,000

$480,000

$490,000

$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC y Valor empresa

Ratio de deuda

Valo

r em

pres

a

WAC

C

0% 10% 20% 30% 40% 50%$470,000

$480,000

$490,000

$500,000

$510,000

$520,000

$530,000

$540,000

$550,000

10.60%

10.80%

11.00%

11.20%

11.40%

11.60%

11.80%

12.00%

12.20%

WACC y Valor empresa

Ratio de deuda

Valo

r em

pres

a

WAC

C