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Material elaborado por el Mtro. Edgardo A. Torres Herrera
Etructura de CapitalEl valor de una empresa se define como la suma del valor de su deuda y del capital de los accionistasLa mezcla de deuda y el capital de los accionistas es un factor fundamental en el logro del objetivo de los accionistasV = B + S MAXIMIZAR EL VALOR DE LA EMPRESA
Estructura de CapitalEs una de las reas ms complejas en la toma de decisiones financieras, debido a su interrelacin con otras variables financierasMalas decisiones pueden resultar en un alto costo de capital, lo que reducira el VPN de los proyectos de la empresaBuenas decisiones en el financiamiento de la empresa pueden reducir el costo de capital, aumentando el VPN de los proyectos
Tipos de Capital
ESTADO DE SITUACIN FINANCIERAActivosPasivos circulantesPasivos de largo plazoCapital contable Acciones preferentes Acciones comunes Utilidades retenidas
Teora de Estructura de CapitalDe acuerdo con la teora financiera, cada empresa debe tener una estructura de capital meta, la cual minimiza su costo de capitalSin embargo, la teora todava no aporta una metodologa especfica para determinar la estructura ptima.La estructura debe balancear los beneficios y costos de la deuda
El mayor beneficio del financiamiento con deuda es el escudo fiscal que proporciona la deducibilidad de los intereses.Los costos de la deuda resultan de:El aumento de la probabilidad de quiebra debido a mayores obligaciones.Los condicionantes impuestos por los acreedores.Los costos asociados con la informacin asimtricaSobreinversin, subinversin, u ordenamiento de la empresaTeora de Estructura de Capital
Factores que influyen en la estructura de capitalRiesgo de negocioPosicin fiscalFlexibilidad financieraActitudes administrativas
En general, se establece que el valor de mercado de una empresa se maximiza cuando el costo de capital se minimiza (tasa de descuento, o costo de fondos).Una primera aproximacin al valor de la empresa es:Estructura de capital ptima
Estructura de capital ptima
Estructura de capital ptimaGrficamente
Ejemplo:Estructura de capital ptima
Costo de capital y Valor de la empresa para estructuras de capital alternativasFuente de capitalEstructura1Estructura 2Estructura3Deuda25%40%70%Capital contable75%60%30%WACC10%8%13%FE esperados anuales$ 20$ 20$ 20Valor de la empresa$ 200.00$ 250.00$ 153.80
Estructura de capital ptima
Chart1
0.1200
0.08250
0.125160
WACC
Valor
Deuda total / Activo total
WACC (%)
Valor empresa ($)
WACC & Valor de la empresa
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
00
00
00
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
Considera seleccionar la estructura que maximiza la UPA para un rango esperado de UAIIEl nfasis se da en maximizar la utilidad de los accionistas (UPA) Una debilidad de este enfoque es que la utilidad es el nico determinante de la maximizacin de la riquezaEl mtodo no considera de manera explcita el impacto del riesgoEl enfoque UPA-UAII
EjemploLa estructura de capital de JGS, se muestra en la siguiente tabla. Actualmente contempla solo capital contable, por lo tanto, la razn de deuda es de 0%El enfoque UPA-UAII
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
00
00
00
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
EPS-EBIT
Estructura de capital actual de JGS
Deuda de largo plazo0.0
Acciones comunes (25,000 acciones)$500,000EBIT
Capital total (activos)$500,000Interest
EBT
T
NI
EPS
Podemos calcular coordenadas para valores de la UPA en funcin de la UAIIEl enfoque UPA-UAII
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
00
00
00
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
EPS-EBIT
JGS Current Capital Structure40%
25,000
Long-term debt0.0UAII$100,000$200,000
Common stock (25,000 shares @ $20)$500,000Intereses0.00.0
Total Capital (assets)$500,000UAI$100,000$200,000
Impuestos$40,000$80,000
Utilidad neta$60,000$120,000
UPA$2.40$4.80
El enfoque UPA-UAIIJGS est considerando cambiar su estructura de capital, manteniendo el total de los $500,000
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
0.1200
0.08250
0.125160
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
EPS-EBIT
JGS Current Capital Structure40%
25,000
Long-term debt0.0EBIT$100,000$200,000EBIT$100,000$200,000
Common stock (25,000 shares @ $20)$500,000Interest0.00.0EPS$2.40$4.80Estructura actual vs. estructuras alternativas
T0.00.0Razn de deudaActivo totalDeudaCapital contableTasa de inters (10%)Inters anual (%)Nm. de acciones
NI0.00.00%$500,0000.0$500,0000.0%0.025,000
EPS0.00.030%$500,000$150,000$350,00010.0%$15,00017,500
60%$500,000$300,000$200,00016.5%$49,50010,000
EPS-EBIT
0
0
EPS
EBIT ($)
EPS ($)
JSG's Zero Leverage Financing Plan
El enfoque UPA-UAII
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
0.1200
0.08250
0.125160
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
EPS-EBIT
JGS Current Capital Structure40%
25,000tax rate34%Estructura de capital
Long-term debt0.0EBIT$100,000$200,000EBIT$100,000$200,000Razn de deuda 30%Razn de deuda 60%
Common stock (25,000 shares @ $20)$500,000Interest0.00.0EPS$2.40$4.80JSG's Alternative Current and Alternative Capital StructuresUAII$100,000$200,000$100,000$200,000
Total Capital (assets)$500,000EBT$100,000$200,000Intereses$15,000$15,000$49,500$49,500
T$40,000$80,000Debt RatioTotal AssetsDebtEquityInt. Rate (%)Annual Int. ($)No. of SharesUAI$85,000$185,000$50,500$150,500
NI$60,000$120,0000%$500,0000.0$500,0000.0%0.025,000Impuestos$28,900$62,900$17,170$51,170
EPS$2.40$4.8030%$500,000$150,000$350,00010.0%$15,00017,500Utilidad neta$56,100$122,100$33,330$99,330
60%$500,000$300,000$200,00016.5%$49,50010,000UPA$3.21$6.98$3.33$9.93
EPS-EBIT
2.4
4.8
EPS
EBIT ($)
EPS ($)
JSG's Zero Leverage Financing Plan
Anlisis UPA-UAII
Eleccin de la Estructura de capital ptimaSi suponemos que todas las utilidades son pagadas como dividendos, podemos usar el modelo de crecimiento cero [P0 = UPA/ke] para estimar el valor de las acciones:
Breakeven
EBIT at Various Levels of Quantity Sold
ItemVariable
Price/UnitP10QuantityTotalTotalTotalTotal
QuantityQSoldRevenueCostsFCVCEBIT
Variable Cost/UnitVC50.00.02,5002,5000.0(2,500)
Fixed CostsFC25005005,0005,0002,5002,5000.0
1,00010,0007,5002,5005,0002,500
1,50015,00010,0002,5007,5005,000
2,00020,00012,5002,50010,0007,500
2,50025,00015,0002,50012,50010,000
3,00030,00017,5002,50015,00012,500
Breakeven
025002500
500050002500
1000075002500
15000100002500
20000125002500
Brekeven
Total Revenue
Total Costs
Total FC
sales (posters)
revenue/costs ($)
OperLeverage
Effects of Operating Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
Sales DecreaseSales RemainSales Increase
10.0%Unchanged10.0%
Net Sales$630,000$700,000$770,000
Less: Variable Costs
(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000
Ebit DecreasesEbit Increases
35.0%35.0%
FinLeverage
Effects of Financial Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3
EBIT DcreaseSales RemainEBIT Increase
35.00%Unchanged35.00%
EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
CombLeverage
Effects of Leverage on the Income StatementEffects of Combined Leverage on the Income Statement
Scenario 1Scenario 2Scenario 3Scenario 1Scenario 2Scenario 3
10% SalesSales Remain10% Sales10% SalesSales Remain10% Sales
DecreaseUnchangedIncreaseDecreaseUnchangedIncrease
Net Sales$630,000$700,000$770,000Net Sales$630,000$700,000$770,000
Less: Variable CostsLess: Variable Costs
(60% of Sales)378,000420,000462,000(60% of Sales)378,000420,000462,000
Less: Fixed Costs200,000200,000200,000Less: Fixed Costs200,000200,000200,000
EBIT52,00080,000108,000EBIT52,00080,000108,000
Less: Interest Expense20,00020,00020,000Less: Interest Expense20,00020,00020,000
EBT32,00060,00088,000EBT32,00060,00088,000
Less: Taxes (30%)9,60018,00026,400Less: Taxes (30%)9,60018,00026,400
Net Income$22,400$42,000$61,600Net Income$22,400$42,000$61,600
EPS (42,000 shares)$0.53$1.00$1.47
EPS DecreasesEPS Increases
46.67%46.67%
DebtRatios
Debt Ratios for Selected Industries (1994-1995)
DebtTIEDebtTIE
Manufacturing:RatioRatioRetailing:RatioRatio
Books65%3.8Autos78%2.9
Computers58%3.0Restaurants68%2.9
Steel59%3.7Shoes60%3.5
Wholesaling:Services:
Furniture66%2.9Accounting52%6.6
Groceries68%2.6Advertising77%4.9
Hardware60%3.1Physicians70%2.7
Theory
Cost of Capital & Firm Value for Alternative Capital Structures
Source ofCapitalCapitalCapital
CapitalStructure 1Structure 2Structure 3Debt RatioWACCValue
Debt25%40%70%25%10%$200
Equity75%60%30%40%8%$250
WACC10%8%13%70%13%$160
Expected Future
Annual Cash Flows$20$20$20
Firm Value$200$250$160
Theory
0.1200
0.08250
0.125160
&A
Page &P
WACC
Value
Total Debt/Total Assets
WACC (%)
Firm Value ($)
WACC & Firm Value
EPS-EBIT
JGS Current Capital Structure40%
25,000tax rate40%Capital Structure
Long-term debt0.0EBIT0.0$100,000$200,000EBIT$100,000$200,00030% Debt Ratio60% Debt Ratio
Common stock (25,000 shares @ $20)$500,000Interest0.00.00.0EPS$2.40$4.80JSG's Alternative Current and Alternative Capital StructuresEBIT0.0$100,000$200,0000.0$100,000$200,000
Total Capital (assets)$500,000EBT0.0$100,000$200,000Interest$15,000$15,000$15,000$49,500$49,500$49,500EBITEPS (0% Debt)EPS (30% Debt)EPS (60% Debt)
T0.0$40,000$80,000Debt RatioTotal AssetsDebtEquityInt. Rate (%)Annual Int. ($)No. of SharesEBT$(15,000)$85,000$185,000$(49,500)$50,500$150,5000.00.0$(0.51)$(2.97)
NI0.0$60,000$120,0000%$500,0000.0$500,0000.0%0.025,000T$(6,000)$34,000$74,000$(19,800)$20,200$60,200$100,000$2.40$2.91$3.03
EPS0.0$2.40$4.8030%$500,000$150,000$350,00010.0%$15,00017,500NI$(9,000)$51,000$111,000$(29,700)$30,300$90,300$200,000$4.80$6.34$9.03
60%$500,000$300,000$200,00016.5%$49,50010,000EPS$(0.51)$2.91$6.34$(2.97)$3.03$9.03
EPS-EBIT
0
0
EPS
EBIT ($)
EPS ($)
JSG's Zero Leverage Financing Plan
OptCapStr
000
000
000
EPS (0% Debt)
EPS (30% Debt)
EPS (60% Debt)
EBIT($)
EPS($)
EPS-EBIT Analysis
Razn de deudaUPA esperadaRendimiento requeridoPrecio accin
0%$2.4011.5%$20.87
10%$2.5511.7%$21.79
20%$2.7212.1%$22.48
30%$2.9112.5%$23.28
40%$3.1214.0%$22.29
50%$3.1816.5%$19.27
60%$3.0319.0%$15.95
Eleccin de la Estructura de capital ptima
Chart1
2.420.8695652174
2.5521.7948717949
2.7222.479338843
2.9123.28
3.1222.2857142857
3.1819.2727272727
3.0315.9473684211
UPA
precio accin
razn de deuda
UPA
precio accin
Sheet1
Razn de deudaUPA esperadaPrecio accinrend.
requerido
0%$2.40$20.8711.5%
10%$2.55$21.7911.7%
20%$2.72$22.4812.1%
30%$2.91$23.2812.5%
40%$3.12$22.2914.0%
50%$3.18$19.2716.5%
60%$3.03$15.9519.00%
Sheet1
00
00
00
00
00
00
00
&A
Page &P
UPA
precio accin
razn de deuda
UPA
precio accin
Sheet2
Sheet3
El apalancamiento resulta del uso de costos fijos para incrementar los rendimientos de la empresaGeneralmente, un mayor apalancamiento implica un aumento en el riesgo y rendimientoEl nivel de apalancamiento en la estructura de capital de la empresa, puede afectar significativamente su riesgo y rendimientoApalancamiento
ApalancamientoOperativoFinancieroTotal
Apalancamiento operativoPunto de equilibrio operativoCuando la utilidad operativa = 0
Apalancamiento operativoExistencia de costos operativos fijos
Grado de apalancamiento operativo (GAO)
Apalancamiento operativoEjemplo:Las ventas de una empresa son $8,100, los costos fijos operativos $2,500, el precio de venta unitario $10 y los costos variables unitarios $5.
El punto de equilibrio es:
El GAO es:
Apalancamiento operativoIngresosCosto total operativoprdidaPto. equilibriooperativoutilidadUnidades vendidas
Chart6
025002500
50027502500
100030002500
150032502500
200035002500
250037502500
300040002500
350042502500
400045002500
450047502500
500050002500
550052502500
600055002500
650057502500
700060002500
750062502500
800065002500
850067502500
900070002500
950072502500
1000075002500
1050077502500
1100080002500
1150082502500
1200085002500
1250087502500
1300090002500
1350092502500
1400095002500
1450097502500
15000100002500
I
CT
Sheet1
Razn de deudaUPA esperadaPrecio accinrend.
requerido
0%$2.40$20.8711.5%
10%$2.55$21.7911.7%
20%$2.72$22.4812.1%
30%$2.91$23.2812.5%
40%$3.12$22.2914.0%
50%$3.18$19.2716.5%
60%$3.03$15.9519.00%
Sheet1
00
00
00
00
00
00
00
&A
Page &P
UPA
precio accin
razn de deuda
UPA
precio accin
Sheet2
Example: Omnibus Posters has fixed operating costs of $2,500, a sales price of $10 per poster, and variable costs of $5 per poster. Find the OBP.
CF2500QUAIIICT
precio100(2,500.00)0.02,500.002500
cv550(2,250.00)500.002,750.002500
100(2,000.00)1,000.003,000.002500
Q500150(1,750.00)1,500.003,250.002500
200(1,500.00)2,000.003,500.002500
250(1,250.00)2,500.003,750.002500
300(1,000.00)3,000.004,000.002500
350(750.00)3,500.004,250.002500
400(500.00)4,000.004,500.002500
450(250.00)4,500.004,750.002500
5000.05,000.005,000.002500
550250.005,500.005,250.002500
600500.006,000.005,500.002500
650750.006,500.005,750.002500
7001,000.007,000.006,000.002500
7501,250.007,500.006,250.002500
8001,500.008,000.006,500.002500
8501,750.008,500.006,750.002500
9002,000.009,000.007,000.002500
9502,250.009,500.007,250.002500
10002,500.0010,000.007,500.002500
10502,750.0010,500.007,750.002500
11003,000.0011,000.008,000.002500
11503,250.0011,500.008,250.002500
12003,500.0012,000.008,500.002500
12503,750.0012,500.008,750.002500
13004,000.0013,000.009,000.002500
13504,250.0013,500.009,250.002500
14004,500.0014,000.009,500.002500
14504,750.0014,500.009,750.002500
15005,000.0015,000.0010,000.002500
Sheet2
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
I
CT
Sheet3
Apalancamiento financieroPunto de equilibrio financieroCuando la UPA = 0
Apalancamiento financieroExistencia de costos financieros fijos
Grado de apalancamiento financiero (GAF)
Apalancamiento Financiero, Utilidad por Accin, y Rendimiento sobre Capital ActualActivos$20,000Deuda$0Capital Accionario$20,000Razn Deuda a Capital0.00Tasa de Intersn/aAcciones400Precio de Acciones$50Propuesto$20,000$8,000$12,0002/38%240$50Supongamos que tenemos una empresa que tiene solo capital accionario (Con quizs algunos accionistas que quieren vender)
UPA y Rend. Sobre Patrimonio bajo la Estructura de Capital ActualRecesinEsperadoExpansinUAII$1,000$2,000$3,000Inters000Utilidad Neta$1,000$2,000$3,000UPA$2.50$5.00$7.50Rend. a Activos5%10%15%Rend. a Patrimonio5%10%15%
Acciones Actuales = 400 acciones
UPA y Rend. Sobre Patrimonio bajo la Estructura de Capital PropuestaRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes640640640Utilidad Neta$360$1,360$2,360UPA$1.50$5.67$9.83Rend. Sobre Activos5%10%15%Rend. Sobre Patrimonio3%11%20%
Acciones Propuestas = 240 acciones
UPA y Rend sobre Patrimonio bajo ambas estructuras de capitalApalancadaRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes640640640Utilidad Neta$360$1,360$2,360UPA$1.50$5.67$9.83Rend. sobre Activos5%10%15%Rend. Sobre Patrimonio3%11%20%Acciones Comunes Propuestas = 240 accionesTodo Capital AccionarioRecesinEsperadoExpansinUAII$1,000$2,000$3,000Interes000Utilidad Neta$1,000$2,000$3,000UPA$2.50$5.00$7.50Rend sobre Activos5%10%15%Rend sobre Patrimonio5%10%15%Acciones Comunes = 400 acciones
Apalancamiento Financiero y UPA(2.00)0.002.004.006.008.0010.0012.001,0002,0003,000UPADeudaNo DeudaPunto de Equilibrio UAII en pesos, no impuestosVentaja de DeudaDesventaja de Deuda
Apalancamiento totalApalancamiento totalExistencia de costos fijos, tanto operativos como financierosGrado de apalancamiento total (GAT)
**Los cambios en la estructura de capital de la empresa slo beneficiarn a los accionistas si incrementan el valor de la empresa
***Estructura de capital metaMezcla de deudas y capital contable con que la empresa planea financiar sus inversionesPoltica de estructura de capitalImplica un intercambio entre riesgo y rendimientoEstructura ptimaAquella que genera equilibrio entre el riesgo y el rendimiento para el logro de la meta final, consistente en la maximizacin del valor de la empresaEl lado derecho de un balance general denota su estructura financiera. Por lo tanto, la estructura financiera incluye los pasivos circulantes ms las deudas a largo plazo y el capital contable de la empresa (todo aquello que se usa para financiar los activos. Una empresa tiene opcin de elegir entre dos instrumentos bsicos de financiamiento: deuda y capital. Hay cuatro caractersticas distintivas:Vencimiento. Las deudas tienen vencimiento, deben ser liquidadas en alguna fecha especfica. El capital no tiene fecha de vencimiento.Derechos sobre las utilidades. Existen tres aspectos de los derechos sobre las utilidades que distinguen el pasivo del capital:Prioridad en derecho. El derecho de los acreedores tiene prioridad sobre el derecho de los propietarios. Deben cubrirse primero todas las obligaciones a los acreedores y en algunos casos, los propietarios no pueden retirar utilidades si tales retiros ponen en peligro el derecho de prioridad de los acreedores.Seguridad en cuanto a derecho. Si la empresa prometi pagar intereses sobre la deuda, est obligada a pagarlos, sin importar el nivel de las utilidades. Los pagos de intereses son un cargo fijo.Monto del derecho. Los pagos de intereses estn limitados a cierta cantidad fija.Derechos sobre los activos. Los derechos de los acreedores sobre los activos tienen siempre prioridad sobre los propietariosDerecho a voto en la administracin. Los acreedores no tienen voto directo en la administracin de una empresa
*Allowing companies to deduct interest payments when computing taxable income lowers the amount of corporate taxes.This in turn increases firm cash flows and makes more cash available to investors.In essence, the government is subsidizing the cost of debt financing relative to equity financing.The probability that debt obligations will lead to bankruptcy depends on the level of a companys business risk and financial risk.Business risk is the risk to the firm of being unable to cover operating costs.In general, the higher the firms fixed costs relative to variable costs, the greater the firms operating leverage and business risk.Business risk is also affected by revenue and cost stability.The firms capital structure - the mix between debt versus equity - directly impacts financial leverage.Financial leverage measures the extent to which a firm employs fixed cost financing sources such as debt and preferred stock.The greater a firms financial leverage, the greater will be its financial risk - the risk of being unable to meet its fixed interest and preferred stock dividends.When a firm borrows funds by issuing debt, the interest rate charged by lenders is based on the lenders assessment of the risk of the firms investments.After obtaining the loan, the firms stockholders and/or managers could use the funds to invest in riskier assets.If these high risk investments pay off, the stockholders benefit but the firms bondholders are locked in and are unable to share in this success.Agency Costs Imposed by LendersTo avoid this, lenders impose various monitoring costs on the firm.Examples would of these monitoring costs would:include raising the rate on future debt issues, denying future loan requests, imposing restrictive bond provisions.Asymmetric information results when managers of a firm have more information about operations and future prospects than do investors.Asymmetric information can impact the firms capital structure as follows:Suppose management has identified an extremely lucrative investment opportunity and needs to raise capital. Based on this opportunity, management believes its stock is undervalued since the investors have no information about the investment.In this case, management will raise the funds using debt since they believe/know the stock is undervalued (underpriced) given this information. In this case, the use of debt is viewed as a positive signal to investors regarding the firms prospects.On the other hand, if the outlook for the firm is poor, management will issue equity instead since they believe/know that the price of the firms stock is overvalued (overpriced). Issuing equity is therefore generally thought of as a negative signal.
*INFLUENCIA DE LA INDUSTRIA EN LA ESTRUCTURA FINANCIERALas industrias de la construccin y del comercio al mayoreo dependen ms del uso de PC para financiar sus activos. Las empresas de electricidad y gas representan a los usuarios de ms importancia de los pasivos a lp.ADECUACIN. Se refiere a la compatibilidad de los tipos de fondos usados con relacin a la naturaleza de los activos financiados. Como regla general, es conveniente financiar los activos permanentes, incluyendo los activos circulantes permanentes con fondos permanentes.RIESGO. El riesgo total de una empresa est compuesto por la variabilidad de las ventas (riesgo comercial), la palanca de operacin (riesgo de operacin) y la palanca financiera (riesgo financiero).El grado de variabilidad de las ventas que puede ser considerado como riesgo de negocio est determinado en su mayor parte por el sector industrial que eligi para operar. Esto es porque los cambios o movimientos en la actividad econmica influirn sobre la produccin y las ventas en algunas industrias ms que en otras. Las compaas que tienen una gran parte de su riesgo comercial explicada por el riesgo sistemtico (movimientos macroeconmicos) y tienen elevados ndices de riesgo sistemtico, por lo general emplean menor apalancamiento operativo y financiero.En muchos casos, una ca. no puede controlar su riesgo comercial, simplemente es el riesgo inherente de una inversin. En contraste, el riesgo financiero est determinado por la cantidad de deuda que tiene, una mayor deuda aumenta el riesgo financiero.***********Basic Shortcoming of EPS-EBIT AnalysisAlthough EPS maximization is generally good for the firms shareholders, the basic shortcoming of this method is that it does not necessary maximize shareholder wealth because it fails to consider risk.If shareholders did not require risk premiums (additional return) as the firm increased its use of debt, a strategy focusing on EPS maximization would work.Unfortunately, this is not the case.The following discussion will attempt to create a framework for making capital budgeting decisions that maximizes shareholder wealth -- i.e., considers both risk and return.Perhaps the best way to demonstrate this is through the following example:
*Assume that JSG is attempting to choose the best of several alternative capital structures -- specifically, debt ratios of 0, 10, 20, 30, 40, 50, and 60 percent. Furthermore, for each of these capital structures, the firm has estimated EPS, the CV of EPS, and required return
****APALANCAMIENTO OPERATIVO. Es la mezcla relativa de costos fijos y variables que se emplean para producir un bien o servicio.El apalancamiento operativo es importante a causa de su impacto sobre el riesgo de la inversin. El apalancamiento operativo afecta el riesgo total de un proyecto, tanto el diversificable como el no diversificable, por lo que afecta la beta del proyecto y por lo tanto el costo de capital.*Q=500GAO=2.61***The firm borrows $8,000 and buys back 160 shares at $50 per share.*****APALANCAMIENTO OPERATIVO. Es la mezcla relativa de costos fijos y variables que se emplean para producir un bien o servicio.El apalancamiento operativo es importante a causa de su impacto sobre el riesgo de la inversin. El apalancamiento operativo afecta el riesgo total de un proyecto, tanto el diversificable como el no diversificable, por lo que afecta la beta del proyecto y por lo tanto el costo de capital.