Cálculo Ke (Datos Damodaran) 2014

Indicador Descripción Método Valor

tax IUE en Bolivia (efectivo) contable 25%

Tasa Libre de Riesgo Histórica Geom 05 años 2.47%

Tasa Libre de Riesgo Actual Último Dato 1.76%

Rentabilidad del Mercado 8.04%

rubro Rubro de la empresa Furn/Home Furnishings

Est. Fin. Estructura de Financiamiento No Disponible

8020

β Beta Apalancado 1.24Beta de la Empresa 1.24

país País a analizar Bolivia

PRP Premio por Riesgo País Fitch Ratings 5.40%

π Tasa de Inflación Geom 05 años 5.63%

ke Costo de Capital Propio D-CAPM 8.00%

Fuentes:Elaboración:

rf(h)

rf(a)

rM

βL

Fecha de Actualización: 20-ene-2014 Validez: 1 añowww.damodaran.com www.ine.gob.bo

Juan F. Subirana ([email protected])

http://www.damodaran.com/

http://www.ine.gob.bo/

mailto:[email protected]

palabrastaxtasa libre de riesgo geométrica

tasa libre de riesgo aritmética

Tasa libre de riesgo

RUBRO DE LA EMPRESAAdvertisingAerospace/defenseAir transportApparelAuto & TruckAuto partsBanksBanks (regional)BeverageBeverage (alcoholic)BiotechnologyBroadcastingBrokerage & Investment bankingBuilding MaterialsBusiness & Consumer ServicesCable TVChemical (basic)Chemical (diversified)Chemical (specialty)Coal & Related energyComputer servicesComputer softwareComputer peripheralsConstructionDiversifiedEducational ServicesElectrical equipmentElectronicsElectronics (consumer & office)EngineeringEntertainmentEnvironmental & Waste servicesFarming / AgricultureFinancial Svcs.Financial Svcs. (Non-bank & Insurance)Food processingFood WholesalersFurn / Home FurnishingHealthcare equipmentHealthcare facilitiesHealthcare productsHealthcare servicesHealthcare Information & technologyHeavy constructionHomebuildingHotel / gaming

Household productsInformation ServicesInsurance (general)Insurance (life)Insurance (prop/Cas.)Internet software & servicesInvestment Co.MachineryMetals & MiningOffice equipment & servicesOil / Gas (Integrated)Oil / Gas (Production & Exploration)Oil / Gas (Distribution)Oilfield Svcs/Equip.Packaging & ContainerPaper / Forest productsPharma & DrugsPowerPrecious MetalsPublishing & NewspapersR.E.I.T.RailroadReal Estate (Development)Real Estate (General/Diversified)Real Estate (Operations & Services)RecreationReinsuranceRestaurantRetail (Automotive)Retail (Distributors)Retail (General)Retail (Grocery & Food)Retail (Internet)Retail (Special Lines)Rubber & TiresSemiconductorSemiconductor Equip.Shipbuilding & MarineShoeSteelTelecom (Wireless)Telecom. EquipmentTelecom. ServicesThriftTobaccoTransportationTruckingUtility (General)Utility (Water)Total Market

Estructura de Financiamiento

País

Tasa de Inflación

significadostasa de interéses una secuencia en la que el elemento se obtiene multiplicandoel elemento anterior por una constante denominada razón o factorde la progresión.es una secuencia en la que el elemento se obtiene sumandoel elemento anterior con una constante denominada diferenciade la progresión.Es la tasa con menor riesgo del mercado y se refiere a la tasa quepagan los bonos de Estados Unidos

PublicidadAeroespacial / DefensaTransporte AéreoVestimentaAutos y CaminesAuto partesBancosBancos (regionales)BebidasBebidas (alcohólicas)BiotecnologíaRadiodifusiónCorretaje y Banca de InversiónMateriales de construcciónServicios a las Empresas y ConsumidoresTV cableQuímica (básica)Química (diversificada)Química (especializada)Carbón y energía relacionadaServicios de InformáticaSoftware para computadorasPeriféricos para computadorasConstrucciónDiversificadoServicios educativosEquipo eléctricoElectrónicaElectrónica (Consumidor y Oficina)IngenieríaEntretenimientoServicios ambientales y de residuosAgriculturaServicios financierosServicios financieros (no bancario y de seguros)Procesamiento de alimentosMayoristas de alimentosMobiliarioEquipamiento sanitarioCentros de saludProductos para la saludServicios de saludInformación y tecnología para la saludConstrucción pesadaConstrucción de viviendasHotel / juegos

Productos domésticosServicios de informaciónSeguros (general)Seguros (de vida)Seguros ()Software y servicios de InternetCompañías de InversiónMaquinariaMetales y MineríaEquipos y Servicios de OficinasPetróleo / Gas (integrado)Petróleo / Gas (Producción y Exploración)Petróleo / Gas (Distribución)Servicios y Equipamiento de Campos PetrolerosEmbalaje y EnvasePapel / Productos ForestalesFarmaceutica y medicamentosEnergíaMetales preciososPublicación y periódicosInversiones y Fideicomiso en Bienes RaicesFerrocarrilBienes raices (desarrollo)Bienes raices (general/diversificada)Bienes raices (Operaciones y Servicios)RecreaciónReaseguroRestauranteVenta al por menor (automotores)Venta al por menor (distribuidores)Venta al por menor (general)Venta al por menor (abarrotes y comidas)Venta al por menor (por internet)Venta al por menor (líneas especiales)Caucho y neumáticosSemiconductorEquipos para semiconductoresConstrucción naval y MarinaZapatosAceroTelecomunicaciones (inalámbrica)Equipamiento para TelecomunicacionesServicios para TelecomunicacionesAhorroTabacoTransporteCamionajeUtilidad (general)Utilidad (agua)Mercado total

Pocentajes de financiamiento Pasivo-Patrimonio

País a analizar

¿cómo usar?es la tasa del IUE en Bolivia = 25%

Usar esta opción si su proyecto no está especificado en esta lista

si se tiene la estructura elegir "disponible" y colocar el porcentajede Pasivo y porcentaje de Patrimonio

elegir "Bolivia"

elegir el mismo método de "Tasa libre de riesgo"

Cuadro para Copia

Indicador Descripción Método Valor

tax IUE en Bolivia (efectivo) contable 25%

rf(h) Tasa Libre de Riesgo Histórica Geom 05 años 2,47%

rf(a) Tasa Libre de Riesgo Actual Último Dato 1,76%

rM Rentabilidad del Mercado 8,04%

rubro Rubro de la empresaEst. Fin. Estructura de Financiamiento

8020

β Beta Apalancado 1,24

β L Beta de la Empresa 1,24

país País a analizarPRP Premio por Riesgo País Fitch Ratings 5,40%

π Tasa de Inflación Geom 05 años 5,63%

ke Costo de Capital Propio D-CAPM 8,00%

Fecha de Actualización: 20-ene-2014 Validez: 1 añoFuentes: www.damodaran.com www.ine.gob.boElaboración: Juan F. Subirana ( [email protected] )

Fórmula Empleada:

Furn/Home Furnishings

No Disponible

Bolivia

Valores para Copia

25%

2.47%1.76%

8.04%

1.241.24

5.40%

5.63%

8.00%

T. Bond return

Page 10

Bond used: US treasury 10-year bond at end of each yearSource: Federal Reserve of St. Louis (FRED)Computation To compute the return on a constant maturity bond, I add two components - the promised coupon at the start of the year and the price change due to interest rate changes.

The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end of 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45%.

Year T.Bond rate Return on bond1927 3.17%1928 3.45% 0.84%1929 3.36% 4.20%1930 3.22% 4.54%1931 3.93% -2.56%1932 3.35% 8.79%1933 3.53% 1.86%1934 3.01% 7.96%1935 2.84% 4.47%1936 2.59% 5.02%1937 2.73% 1.38%1938 2.56% 4.21%1939 2.35% 4.41%1940 2.01% 5.40%1941 2.47% -2.02%1942 2.49% 2.29%1943 2.49% 2.49%1944 2.48% 2.58%1945 2.33% 3.80%1946 2.24% 3.13%1947 2.39% 0.92%1948 2.44% 1.95%1949 2.19% 4.66%1950 2.39% 0.43%1951 2.70% -0.30%1952 2.75% 2.27%1953 2.59% 4.14%1954 2.51% 3.29%1955 2.96% -1.34%1956 3.59% -2.26%1957 3.21% 6.80%1958 3.86% -2.10%1959 4.69% -2.65%

T. Bond return

Page 11

1960 3.84% 11.64%1961 4.06% 2.06%1962 3.86% 5.69%1963 4.13% 1.68%1964 4.18% 3.73%1965 4.62% 0.72%1966 4.84% 2.91%1967 5.70% -1.58%1968 6.03% 3.27%1969 7.65% -5.01%1970 6.39% 16.75%1971 5.93% 9.79%1972 6.36% 2.82%1973 6.74% 3.66%1974 7.43% 1.99%1975 8.00% 3.61%1976 6.87% 15.98%1977 7.69% 1.29%1978 9.01% -0.78%1979 10.39% 0.67%1980 12.84% -2.99%1981 13.72% 8.20%1982 10.54% 32.81%1983 11.83% 3.20%1984 11.50% 13.73%1985 9.26% 25.71%1986 7.11% 24.28%1987 8.99% -4.96%1988 9.11% 8.22%1989 7.84% 17.69%1990 8.08% 6.24%1991 7.09% 15.00%1992 6.77% 9.36%1993 5.77% 14.21%1994 7.81% -8.04%1995 5.71% 23.48%1996 6.30% 1.43%1997 5.81% 9.94%1998 4.65% 14.92%1999 6.44% -8.25%

T. Bond return

Page 12

2000 5.11% 16.66%2001 5.05% 5.57%2002 3.82% 15.12%2003 4.25% 0.38%2004 4.22% 4.49%2005 4.39% 2.87%2006 4.70% 1.96%2007 4.02% 10.21%2008 2.21% 20.10%2009 3.84% -11.12%2010 3.29% 8.46%2011 1.88% 16.04%2012 1.76% 2.97% ¡Se mantienen datos del 2012, aún no está actualizada la web!

Geom 05 año 2.47%Geom 10 año 3.26%Aritm 05 años 2.60%Aritm 10 años 3.46%Último Dato 1.76%

T. Bond return

Page 13

To compute the return on a constant maturity bond, I add two components - the promised coupon at the start of the year and the price change due to interest rate changes.The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end of 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45%.

T. Bond return

Page 14

¡Se mantienen datos del 2012, aún no está actualizada la web!

T. Bond return

Page 15

The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end of 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45%.

Date updated: 5-Jan-14 Aswath Damodaran

To update this spreadsheet, enter the following

Long Term Treasury bond rate = 3.04%

Risk Premium to Use for Equity = 5.00% US implied premium

Global Defautl Spread to add to cost of debt = 0.00% None for the US

Do you want to use the marginal tax rate for cost of debt?

If yes, enter the marginal tax rate to use

rM 8.04%

Industry Name Number of Firms Beta Cost of Equity E/(D+E)

Advertising 65 1.03 8.19% 65.55%Aerospace/Defense 95 1.01 8.08% 84.04%Air Transport 25 0.94 7.73% 47.74%Apparel 70 1.15 8.77% 82.42%Auto & Truck 26 1.28 9.42% 50.62%Auto Parts 75 1.46 10.35% 75.76%Bank 7 0.72 6.62% 54.29%Banks (Regional) 721 0.58 5.96% 58.14%Beverage 47 1.42 10.16% 81.86%Beverage (Alcoholic) 19 1.14 8.74% 78.40%Biotechnology 349 1.12 8.62% 91.61%Broadcasting 30 1.53 10.70% 67.35%Brokerage & Investment Banking 49 1.11 8.58% 19.98%Building Materials 37 1.27 9.40% 76.89%Business & Consumer Services 179 0.90 7.53% 77.38%Cable TV 16 0.97 7.91% 67.01%Chemical (Basic) 47 1.01 8.10% 77.12%Chemical (Diversified) 10 1.42 10.12% 74.97%Chemical (Specialty) 100 1.01 8.11% 85.99%Coal & Related Energy 45 1.28 9.42% 53.58%Computer Services 129 0.92 7.65% 83.00%Computer Software 273 1.07 8.38% 92.01%Computers/Peripherals 66 1.15 8.79% 91.89%Construction 18 0.96 7.84% 76.65%Diversified 20 0.77 6.89% 51.42%Educational Services 40 1.24 9.22% 71.93%

http://www.damodaran.com


Electrical Equipment 135 1.14 8.75% 87.92%Electronics 191 1.02 8.16% 86.20%Electronics (Consumer & Office) 26 1.37 9.88% 71.27%Engineering 56 1.20 9.04% 81.49%Entertainment 85 1.19 8.98% 79.38%Environmental & Waste Services 108 1.13 8.71% 69.64%Farming/Agriculture 29 0.79 7.01% 70.86%Financial Svcs. 76 0.99 7.97% 49.48%Financial Svcs. (Non-bank & Insurance) 17 1.05 8.29% 23.18%Food Processing 97 0.85 7.30% 78.17%Food Wholesalers 18 1.18 8.92% 85.63%Furn/Home Furnishings 36 1.24 9.25% 78.33%Healthcare Equipment 193 0.85 7.31% 85.28%Healthcare Facilities 47 1.13 8.68% 45.27%Healthcare Products 58 1.00 8.06% 83.47%Healthcare Services 126 0.83 7.20% 78.17%Heathcare Information and Technology 125 0.99 8.00% 87.32%Heavy Construction 46 1.67 11.39% 63.98%Homebuilding 32 1.71 11.61% 63.85%Hotel/Gaming 89 1.27 9.41% 65.65%Household Products 139 1.00 8.06% 83.80%Information Services 71 0.84 7.26% 90.39%Insurance (General) 26 0.92 7.64% 68.43%Insurance (Life) 27 1.21 9.09% 60.00%Insurance (Prop/Cas.) 53 0.76 6.86% 74.09%Internet software and services 330 1.05 8.27% 96.00%Investment Co. 65 0.82 7.12% 48.92%Machinery 141 1.04 8.25% 85.11%Metals & Mining 134 1.26 9.34% 67.47%Office Equipment & Services 30 1.14 8.76% 64.48%Oil/Gas (Integrated) 8 1.00 8.06% 92.13%Oil/Gas (Production and Exploration) 411 1.24 9.24% 39.04%Oil/Gas Distribution 80 0.82 7.12% 65.82%Oilfield Svcs/Equip. 163 1.30 9.56% 83.14%Packaging & Container 24 0.99 7.97% 67.03%Paper/Forest Products 21 1.34 9.72% 65.79%Pharma & Drugs 138 1.10 8.56% 87.82%Power 106 0.68 6.43% 54.02%Precious Metals 166 1.33 9.71% 72.98%Publshing & Newspapers 52 1.08 8.45% 73.09%R.E.I.T. 46 0.78 6.95% 14.93%

Railroad 10 1.08 8.43% 80.85%Real Estate (Development) 22 0.99 7.99% 80.06%Real Estate (General/Diversified) 11 0.72 6.63% 85.25%Real Estate (Operations & Services) 47 1.40 10.05% 62.67%Recreation 70 1.30 9.56% 79.92%Reinsurance 3 0.56 5.85% 72.20%Restaurant 84 0.86 7.32% 78.39%Retail (Automotive) 30 1.15 8.80% 63.49%Retail (Building Supply) 7 1.07 8.38% 81.85%Retail (Distributors) 87 1.00 8.04% 69.53%Retail (General) 21 0.98 7.94% 73.74%Retail (Grocery and Food) 21 0.81 7.11% 63.75%Retail (Internet) 47 1.03 8.19% 95.18%Retail (Special Lines) 137 0.99 7.97% 72.57%Rubber& Tires 4 1.27 9.38% 47.67%Semiconductor 104 1.19 9.01% 88.48%Semiconductor Equip 51 1.25 9.31% 85.49%Shipbuilding & Marine 14 1.50 10.52% 60.48%Shoe 14 0.83 7.19% 92.69%Steel 37 1.19 8.99% 68.54%Telecom (Wireless) 28 0.68 6.44% 48.75%Telecom. Equipment 131 1.14 8.76% 90.28%Telecom. Services 82 0.94 7.74% 58.40%Thrift 223 0.53 5.70% 1.84%Tobacco 12 0.94 7.73% 82.76%Transportation 22 1.01 8.07% 82.81%Trucking 28 1.17 8.87% 56.03%Utility (General) 20 0.56 5.84% 59.05%Utility (Water) 20 0.75 6.78% 63.33%Total Market 7766 1.01 8.07% 57.38%

Cost of Debt Lookup Table (based on std dev in stock prices)

Standard Deviation Basis Spread

US implied premium 0 0.25 0.50%None for the US 0.25 0.5 1.00%

No 0.5 0.65 1.50%40% 0.65 0.8 2.00%

0.8 0.9 2.50%0.9 1 3.00%1 10 4.00%

Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E) Cost of Capital

113.36% 7.04% 6.04% 6.62% 34.45% 7.64%88.97% 5.54% 15.03% 4.71% 15.96% 7.54%92.87% 6.04% 13.79% 5.21% 52.26% 6.41%94.86% 6.04% 10.29% 5.42% 17.58% 8.18%

103.75% 7.04% 4.71% 6.71% 49.38% 8.08%102.64% 7.04% 9.43% 6.38% 24.24% 9.38%

41.40% 4.04% 22.17% 3.14% 45.71% 5.03%70.20% 5.04% 18.00% 4.13% 41.86% 5.19%

109.89% 7.04% 3.95% 6.76% 18.14% 9.54%97.07% 6.04% 10.72% 5.39% 21.60% 8.01%

133.64% 7.04% 1.13% 6.96% 8.39% 8.48%110.90% 7.04% 13.21% 6.11% 32.65% 9.20%

87.95% 5.54% 13.44% 4.80% 80.02% 5.55%85.47% 5.54% 16.33% 4.64% 23.11% 8.30%89.91% 5.54% 13.41% 4.80% 22.62% 6.91%86.81% 5.54% 15.00% 4.71% 32.99% 6.86%

108.14% 7.04% 6.27% 6.60% 22.88% 7.76%64.97% 4.54% 25.03% 3.40% 25.03% 8.44%85.18% 5.54% 12.74% 4.83% 14.01% 7.65%

120.20% 7.04% 2.44% 6.87% 46.42% 8.24%96.81% 6.04% 9.94% 5.44% 17.00% 7.27%

100.31% 7.04% 6.16% 6.61% 7.99% 8.24%111.60% 7.04% 5.66% 6.64% 8.11% 8.61%

94.83% 6.04% 9.82% 5.45% 23.35% 7.28%58.91% 4.54% 12.60% 3.97% 48.58% 5.47%

120.83% 7.04% 11.84% 6.21% 28.07% 8.37%



109.94% 7.04% 7.49% 6.51% 12.08% 8.48%111.11% 7.04% 7.52% 6.51% 13.80% 7.94%101.29% 7.04% 8.97% 6.41% 28.73% 8.88%

89.28% 5.54% 14.86% 4.72% 18.51% 8.24%102.02% 7.04% 4.85% 6.70% 20.62% 8.51%118.46% 7.04% 5.02% 6.69% 30.36% 8.10%

84.88% 5.54% 9.01% 5.04% 29.14% 6.44%79.79% 5.04% 18.37% 4.11% 50.52% 6.02%66.66% 5.04% 9.77% 4.55% 76.82% 5.41%86.41% 5.54% 14.00% 4.76% 21.83% 6.74%91.05% 6.04% 10.69% 5.39% 14.37% 8.41%

100.03% 7.04% 10.03% 6.33% 21.67% 8.62%105.14% 7.04% 5.80% 6.63% 14.72% 7.21%

90.96% 6.04% 13.49% 5.23% 54.73% 6.79%100.72% 7.04% 8.76% 6.42% 16.53% 7.79%

91.19% 6.04% 13.77% 5.21% 21.83% 6.77%112.18% 7.04% 6.09% 6.61% 12.68% 7.83%

89.60% 5.54% 19.40% 4.47% 36.02% 8.89%105.53% 7.04% 6.68% 6.57% 36.15% 9.78%

99.66% 6.04% 10.48% 5.41% 34.35% 8.03%106.72% 7.04% 9.51% 6.37% 16.20% 7.79%

66.77% 5.04% 17.05% 4.18% 9.61% 6.96%55.60% 4.54% 19.19% 3.67% 31.57% 6.38%57.69% 4.54% 17.82% 3.73% 40.00% 6.95%65.78% 5.04% 19.42% 4.06% 25.91% 6.13%

120.28% 7.04% 4.59% 6.72% 4.00% 8.20%76.57% 5.04% 6.62% 4.71% 51.08% 5.89%78.89% 5.04% 13.02% 4.38% 14.89% 7.68%

127.20% 7.04% 1.90% 6.91% 32.53% 8.55%81.92% 5.54% 12.81% 4.83% 35.52% 7.37%52.52% 4.54% 20.55% 3.61% 7.87% 7.71%

112.16% 7.04% 6.29% 6.60% 60.96% 7.63%63.33% 4.54% 4.18% 4.35% 34.18% 6.18%

101.55% 7.04% 10.73% 6.28% 16.86% 9.01%56.60% 4.54% 21.28% 3.57% 32.97% 6.52%75.10% 5.04% 8.20% 4.63% 34.21% 7.98%

117.64% 7.04% 4.30% 6.74% 12.18% 8.33%55.54% 4.54% 16.03% 3.81% 45.98% 5.23%

140.33% 7.04% 0.82% 6.98% 27.02% 8.97%88.39% 5.54% 13.92% 4.77% 26.91% 7.46%56.02% 4.54% 2.48% 4.43% 85.07% 4.80%

67.40% 5.04% 20.51% 4.01% 19.15% 7.59%94.11% 6.04% 3.00% 5.86% 19.94% 7.57%74.92% 5.04% 8.72% 4.60% 14.75% 6.33%

101.66% 7.04% 8.56% 6.44% 37.33% 8.70%97.36% 6.04% 8.81% 5.51% 20.08% 8.75%37.61% 4.04% 13.34% 3.50% 27.80% 5.20%78.32% 5.04% 15.17% 4.28% 21.61% 6.66%84.47% 5.54% 19.23% 4.47% 36.51% 7.22%97.40% 6.04% 21.97% 4.71% 18.15% 7.72%85.26% 5.54% 16.18% 4.64% 30.47% 7.00%77.55% 5.04% 25.03% 3.78% 26.26% 6.84%79.40% 5.04% 22.83% 3.89% 36.25% 5.94%

114.31% 7.04% 9.80% 6.35% 4.82% 8.10%91.79% 6.04% 18.90% 4.90% 27.43% 7.13%

106.10% 7.04% 15.21% 5.97% 52.33% 7.59%95.41% 6.04% 7.30% 5.60% 11.52% 8.61%

101.14% 7.04% 5.13% 6.68% 14.51% 8.93%117.34% 7.04% 4.99% 6.69% 39.52% 9.01%

78.29% 5.04% 19.82% 4.04% 7.31% 6.96%83.60% 5.54% 14.13% 4.76% 31.46% 7.66%96.71% 6.04% 11.54% 5.34% 51.25% 5.88%

106.61% 7.04% 6.90% 6.55% 9.72% 8.55%98.32% 6.04% 8.40% 5.53% 41.60% 6.82%69.10% 5.04% 18.93% 4.09% 98.16% 4.12%58.61% 4.54% 14.23% 3.89% 17.24% 7.07%75.94% 5.04% 21.21% 3.97% 17.19% 7.37%82.51% 5.54% 27.93% 3.99% 43.97% 6.73%33.80% 4.04% 29.93% 2.83% 40.95% 4.61%77.13% 5.04% 14.52% 4.31% 36.67% 5.87%

94.94% 6.04% 10.32% 5.42% 42.62% 6.94%

Date updated: 5-Jan-14 Aswath Damodaran

Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash

Advertising 65 1.03 52.57% 6.04% 0.69 5.91% 0.73Aerospace/Defense 95 1.01 18.99% 15.03% 0.87 6.24% 0.92Air Transport 25 0.94 109.48% 13.79% 0.48 6.92% 0.52Apparel 70 1.15 21.33% 10.29% 0.96 2.99% 0.99Auto & Truck 26 1.28 97.56% 4.71% 0.66 8.48% 0.72Auto Parts 75 1.46 32.00% 9.43% 1.13 8.04% 1.23Bank 7 0.72 84.19% 22.17% 0.43 10.94% 0.49Banks (Regional) 721 0.58 72.00% 18.00% 0.37 13.80% 0.43Beverage 47 1.42 22.16% 3.95% 1.17 5.06% 1.24Beverage (Alcoholic) 19 1.14 27.56% 10.72% 0.91 1.38% 0.93Biotechnology 349 1.12 9.15% 1.13% 1.02 4.39% 1.07Broadcasting 30 1.53 48.49% 13.21% 1.08 2.31% 1.10Brokerage & Investment Banking 49 1.11 400.56% 13.44% 0.25 24.39% 0.33Building Materials 37 1.27 30.05% 16.33% 1.02 5.04% 1.07Business & Consumer Services 179 0.90 29.23% 13.41% 0.72 4.33% 0.75Cable TV 16 0.97 49.23% 15.00% 0.69 2.58% 0.71Chemical (Basic) 47 1.01 29.67% 6.27% 0.79 7.19% 0.85Chemical (Diversified) 10 1.42 33.39% 25.03% 1.13 6.82% 1.22Chemical (Specialty) 100 1.01 16.30% 12.74% 0.89 6.25% 0.95Coal & Related Energy 45 1.28 86.63% 2.44% 0.69 5.86% 0.73Computer Services 129 0.92 20.48% 9.94% 0.78 5.48% 0.82Computer Software 273 1.07 8.68% 6.16% 0.99 5.50% 1.04Computers/Peripherals 66 1.15 8.83% 5.66% 1.06 5.92% 1.13Construction 18 0.96 30.47% 9.82% 0.75 1.89% 0.77Diversified 20 0.77 94.47% 12.60% 0.42 2.27% 0.43Educational Services 40 1.24 39.03% 11.84% 0.92 11.98% 1.04Electrical Equipment 135 1.14 13.74% 7.49% 1.01 5.37% 1.07Electronics 191 1.02 16.01% 7.52% 0.89 10.69% 1.00Electronics (Consumer & Office) 26 1.37 40.30% 8.97% 1.00 6.97% 1.08Engineering 56 1.20 22.72% 14.86% 1.01 11.21% 1.13Entertainment 85 1.19 25.98% 4.85% 0.95 4.05% 0.99Environmental & Waste Services 108 1.13 43.59% 5.02% 0.80 1.42% 0.81Farming/Agriculture 29 0.79 41.12% 9.01% 0.58 7.63% 0.63Financial Svcs. 76 0.99 102.12% 18.37% 0.54 7.22% 0.58Financial Svcs. (Non-bank & Insurance) 17 1.05 331.47% 9.77% 0.26 7.85% 0.29Food Processing 97 0.85 27.92% 14.00% 0.69 3.10% 0.71Food Wholesalers 18 1.18 16.79% 10.69% 1.02 1.71% 1.04Furn/Home Furnishings 36 1.24 27.66% 10.03% 0.99 3.88% 1.03Healthcare Equipment 193 0.85 17.26% 5.80% 0.73 5.20% 0.77Healthcare Facilities 47 1.13 120.90% 13.49% 0.55 1.22% 0.56Healthcare Products 58 1.00 19.80% 8.76% 0.85 4.28% 0.89Healthcare Services 126 0.83 27.93% 13.77% 0.67 6.54% 0.72Heathcare Information and Technology 125 0.99 14.52% 6.09% 0.87 4.88% 0.92Heavy Construction 46 1.67 56.30% 19.40% 1.15 5.54% 1.22Homebuilding 32 1.71 56.61% 6.68% 1.12 9.15% 1.23Hotel/Gaming 89 1.27 52.33% 10.48% 0.87 3.84% 0.90




Household Products 139 1.00 19.33% 9.51% 0.86 3.52% 0.89Information Services 71 0.84 10.63% 17.05% 0.77 3.84% 0.81Insurance (General) 26 0.92 46.14% 19.19% 0.67 5.04% 0.71Insurance (Life) 27 1.21 66.67% 17.82% 0.78 10.41% 0.87Insurance (Prop/Cas.) 53 0.76 34.98% 19.42% 0.60 5.47% 0.63Internet software and services 330 1.05 4.16% 4.59% 1.01 3.98% 1.05Investment Co. 65 0.82 104.40% 6.62% 0.41 11.38% 0.47Machinery 141 1.04 17.50% 13.02% 0.91 5.90% 0.96Metals & Mining 134 1.26 48.21% 1.90% 0.86 5.37% 0.90Office Equipment & Services 30 1.14 55.08% 12.81% 0.77 5.45% 0.82Oil/Gas (Integrated) 8 1.00 8.54% 20.55% 0.94 3.09% 0.97Oil/Gas (Production and Exploration) 411 1.24 156.15% 6.29% 0.50 1.76% 0.51Oil/Gas Distribution 80 0.82 51.93% 4.18% 0.55 1.12% 0.55Oilfield Svcs/Equip. 163 1.30 20.29% 10.73% 1.10 5.69% 1.17Packaging & Container 24 0.99 49.19% 21.28% 0.71 3.31% 0.73Paper/Forest Products 21 1.34 51.99% 8.20% 0.90 3.12% 0.93Pharma & Drugs 138 1.10 13.87% 4.30% 0.97 5.15% 1.03Power 106 0.68 85.11% 16.03% 0.40 2.05% 0.40Precious Metals 166 1.33 37.02% 0.82% 0.98 10.57% 1.09Publshing & Newspapers 52 1.08 36.82% 13.92% 0.82 6.06% 0.87R.E.I.T. 46 0.78 569.79% 2.48% 0.12 2.40% 0.12Railroad 10 1.08 23.69% 20.51% 0.91 1.61% 0.92Real Estate (Development) 22 0.99 24.90% 3.00% 0.80 6.27% 0.85Real Estate (General/Diversified) 11 0.72 17.30% 8.72% 0.62 0.69% 0.62Real Estate (Operations & Services) 47 1.40 59.57% 8.56% 0.91 3.25% 0.94Recreation 70 1.30 25.13% 8.81% 1.06 4.22% 1.11Reinsurance 3 0.56 38.50% 13.34% 0.42 10.46% 0.47Restaurant 84 0.86 27.57% 15.17% 0.69 2.56% 0.71Retail (Automotive) 30 1.15 57.51% 19.23% 0.79 2.25% 0.80Retail (Building Supply) 7 1.07 22.18% 21.97% 0.91 2.89% 0.94Retail (Distributors) 87 1.00 43.82% 16.18% 0.73 1.86% 0.74Retail (General) 21 0.98 35.62% 25.03% 0.77 3.19% 0.80Retail (Grocery and Food) 21 0.81 56.86% 22.83% 0.57 1.72% 0.58Retail (Internet) 47 1.03 5.06% 9.80% 0.99 3.03% 1.02Retail (Special Lines) 137 0.99 37.80% 18.90% 0.75 3.20% 0.78Rubber& Tires 4 1.27 109.78% 15.21% 0.66 17.50% 0.80Semiconductor 104 1.19 13.02% 7.30% 1.06 6.34% 1.14Semiconductor Equip 51 1.25 16.97% 5.13% 1.08 10.97% 1.21Shipbuilding & Marine 14 1.50 65.35% 4.99% 0.92 2.28% 0.94Shoe 14 0.83 7.89% 19.82% 0.78 3.53% 0.81Steel 37 1.19 45.91% 14.13% 0.85 6.31% 0.91Telecom (Wireless) 28 0.68 105.14% 11.54% 0.35 5.15% 0.37Telecom. Equipment 131 1.14 10.77% 6.90% 1.04 6.36% 1.11Telecom. Services 82 0.94 71.23% 8.40% 0.57 9.63% 0.63Thrift 223 0.53 NA 18.93% 0.01 1.88% 0.34Tobacco 12 0.94 20.83% 14.23% 0.80 3.80% 0.83Transportation 22 1.01 20.75% 21.21% 0.86 5.60% 0.92Trucking 28 1.17 78.48% 27.93% 0.75 2.92% 0.77

H94

Juan Fernando Subirana Osuna: Se aproxima el valor desapalancado.


Utility (General) 20 0.56 69.35% 29.93% 0.38 0.97% 0.38Utility (Water) 20 0.75 57.90% 14.52% 0.50 0.55% 0.50Total Market 7766 1.01 74.28% 10.32% 0.60 5.24% 0.64

Country GDP Long-Term RatingAbu Dhabi 15.0 Aa2Albania 13.1 B1Andorra 4.5 A3Angola 114.2 Ba3Argentina 474.9 B3Armenia 9.9 Ba2Aruba 2.6 Baa1Australia 1520.6 AaaAustria 399.6 AaaAzerbaijan 67.2 Baa3Bahamas 8.1 Baa1Bahrain 22.9 Baa2Bangladesh 115.6 Ba3Barbados 3.7 Ba1Belarus 63.3 B3Belgium 483.7 Aa3Belize 1.4 Caa2Benin 7.6 B2Bermuda 5.6 Aa3Bolivia 27.0 Ba3Bosnia and Herzegovina 17.0 B3Botswana 14.4 A2Brazil 2252.7 Baa2Bulgaria 51.0 Baa2Burkina Faso 10.4 B2Cambodia 14.1 B2Cameroon 25.0 B2Canada 1821.4 AaaCape Verde 1.9 B2Cayman Islands 4.0 Aa3Chile 268.3 Aa3China 8227.1 Aa3Colombia 369.8 Baa3Cook Islands 1.2 B1Costa Rica 45.1 Baa3Croatia 56.4 Ba1Cuba 60.8 Caa1Curacao 1.0 B1Cyprus 23.0 Caa3Czech Republic 195.7 A1

Democratic Republic of Congo 17.9 B3Denmark 314.2 AaaDominican Republic 59.0 B1Ecuador 84.5 Caa1Egypt 84.5 Caa1El Salvador 23.8 Ba3Estonia 21.9 A1Fiji 3.9 B1Finland 250.0 AaaFrance 2612.9 Aa1Gabon 18.7 Ba3Georgia 15.8 Ba3Germany 3399.6 AaaGhana 40.7 B1Greece 249.1 Caa3Guatemala 50.8 Ba1Honduras 18.0 B2Hong Kong 263.3 Aa1Hungary 125.5 Ba1Iceland 13.7 Baa3India 1841.7 Baa3Indonesia 878.0 Baa3Ireland 210.3 Ba1Isle of Man 1.4 Aa1Israel 242.9 A1Italy 2013.3 Baa2Jamaica 14.8 Caa3Japan 5959.7 Aa3Jordan 31.2 B1Kazakhstan 201.7 Baa2Kenya 37.2 B1Korea 1129.6 Aa3Kuwait 176.6 Aa2Latvia 28.4 Baa2Lebanon 42.9 B1Liechtenstein 10.5 AaaLithuania 42.2 Baa1Luxembourg 57.1 AaaMacao 43.6 Aa3Macedonia 9.7 Ba3Malaysia 303.5 A3

Malta 8.7 A3Mauritius 10.5 Baa1Mexico 1177.3 Baa1Moldova 7.3 B3Mongolia 10.3 B1Montenegro 4.2 Ba3Montserrat 1.5 Baa3Morocco 96.7 Ba1Mozambique 14.6 B1Namibia 12.8 Baa3Netherlands 772.2 AaaNew Zealand 139.8 AaaNicaragua 10.5 B3Nigeria 262.6 Ba3Norway 499.7 AaaOman 71.8 A1Pakistan 231.2 Caa1Panama 36.3 Baa2Papua New Guinea 15.7 B1Paraguay 25.5 Ba3Peru 197.1 Baa2Philippines 250.3 Baa3Poland 489.8 A2Portugal 212.5 Ba3Qatar 173.0 Aa2Ras Al Kaminah 5.2 A2Republic of the Congo 13.7 Ba3Romania 169.4 Baa3Russia 2014.8 Baa1Rwanda 7.1 B2Saudi Arabia 576.8 Aa3Senegal 14.2 B1Serbia 37.5 B1Singapore 274.7 AaaSlovakia 91.6 A2Slovenia 45.5 Ba1South Africa 384.3 Baa1Spain 1349.4 Baa3Sri Lanka 59.4 B1St. Maarten 1.5 Baa1St. Vincent & the Grenadines 1.5 B2

Suriname 4.7 Ba3Sweden 525.7 AaaSwitzerland 632.2 AaaTaiwan 44.0 Aa3Thailand 365.6 Baa1Trinidad and Tobago 24.0 Baa1Tunisia 45.7 Ba3Turkey 789.3 Baa3Uganda 33.7 B1Ukraine 176.3 Caa1United Arab Emirates 360.2 Aa2United Kingdom 2435.2 Aa1United States of America 15684.8 AaaUruguay 49.1 Baa3Venezuela 49.1 Caa1Vietnam 141.7 B2Zambia 20.7 B1

Adj. Default Spread Total Risk Premium Country Risk Premium Region0.50% 5.75% 0.75% Middle East

4.50% 11.75% 6.75% Eastern Europe & Russia

1.20% 6.80% 1.80% Western Europe

3.60% 10.40% 5.40% Africa

6.50% 14.75% 9.75% Central and South America


1.60% 7.40% 2.40% Caribbean

0.00% 5.00% 0.00% Australia & New Zealand



1.60% 7.40% 2.40% Caribbean

1.90% 7.85% 2.85% Middle East

3.60% 10.40% 5.40% Asia

2.50% 8.75% 3.75% Caribbean




5.50% 13.25% 8.25% Africa

0.60% 5.90% 0.90% Caribbean



0.85% 6.28% 1.28% Africa



5.50% 13.25% 8.25% Africa

5.50% 13.25% 8.25% Asia

5.50% 13.25% 8.25% Africa

0.00% 5.00% 0.00% North America

5.50% 13.25% 8.25% Africa

0.60% 5.90% 0.90% Caribbean


0.60% 5.90% 0.90% Asia





7.50% 16.25% 11.25% Caribbean

4.50% 11.75% 6.75% Caribbean

10.00% 20.00% 15.00% Western Europe


6.50% 14.75% 9.75% Africa


4.50% 11.75% 6.75% Caribbean


7.50% 16.25% 11.25% Africa



4.50% 11.75% 6.75% Asia



3.60% 10.40% 5.40% Africa



4.50% 11.75% 6.75% Africa

10.00% 20.00% 15.00% Western Europe



0.40% 5.60% 0.60% Asia



2.20% 8.30% 3.30% Asia

2.20% 8.30% 3.30% Asia



0.70% 6.05% 1.05% Middle East


10.00% 20.00% 15.00% Caribbean

0.60% 5.90% 0.90% Asia

4.50% 11.75% 6.75% Middle East


4.50% 11.75% 6.75% Africa

0.60% 5.90% 0.90% Asia

0.50% 5.75% 0.75% Middle East


4.50% 11.75% 6.75% Middle East




0.60% 5.90% 0.90% Asia


1.20% 6.80% 1.80% Asia


1.60% 7.40% 2.40% Asia



4.50% 11.75% 6.75% Asia


2.20% 8.30% 3.30% Caribbean

2.50% 8.75% 3.75% Africa

4.50% 11.75% 6.75% Africa

2.20% 8.30% 3.30% Africa




3.60% 10.40% 5.40% Africa


0.70% 6.05% 1.05% Middle East

7.50% 16.25% 11.25% Asia


4.50% 11.75% 6.75% Asia



2.20% 8.30% 3.30% Asia


3.60% 10.40% 5.40% Western Europe

0.50% 5.75% 0.75% Middle East

0.85% 6.28% 1.28% Middle East

3.60% 10.40% 5.40% Africa



5.50% 13.25% 8.25% Africa

0.60% 5.90% 0.90% Middle East

4.50% 11.75% 6.75% Africa


0.00% 5.00% 0.00% Asia



1.60% 7.40% 2.40% Africa


4.50% 11.75% 6.75% Asia

1.60% 7.40% 2.40% Caribbean

5.50% 13.25% 8.25% Caribbean




0.60% 5.90% 0.90% Asia

1.60% 7.40% 2.40% Asia

1.60% 7.40% 2.40% Caribbean

3.60% 10.40% 5.40% Africa


4.50% 11.75% 6.75% Africa


0.50% 5.75% 0.75% Middle East


0.00% 5.00% 0.00% North America



5.50% 13.25% 8.25% Asia

4.50% 11.75% 6.75% Africa

PRP

0.8%

6.8%

1.8%

5.4%

9.8%

4.5%

2.4%

0.0%

0.0%

3.3%

2.4%

2.8%

5.4%

3.8%

9.8%

0.9%

13.5%

8.3%

0.9%

5.4%

9.8%

1.3%

2.8%

2.8%

8.3%

8.3%

8.3%

0.0%

8.3%

0.9%

0.9%

0.9%

3.3%

6.8%

3.3%

3.8%

11.2%

6.8%

15.0%

1.1%

9.8%

0.0%

6.8%

11.2%

11.2%

5.4%

1.1%

6.8%

0.0%

0.6%

5.4%

5.4%

0.0%

6.8%

15.0%

3.8%

8.3%

0.6%

3.8%

3.3%

3.3%

3.3%

3.8%

0.6%

1.1%

2.8%

15.0%

0.9%

6.8%

2.8%

6.8%

0.9%

0.8%

2.8%

6.8%

0.0%

2.4%

0.0%

0.9%

5.4%

1.8%

1.8%

2.4%

2.4%

9.8%

6.8%

5.4%

3.3%

3.8%

6.8%

3.3%

0.0%

0.0%

9.8%

5.4%

0.0%

1.1%

11.2%

2.8%

6.8%

5.4%

2.8%

3.3%

1.3%

5.4%

0.8%

1.3%

5.4%

3.3%

2.4%

8.3%

0.9%

6.8%

6.8%

0.0%

1.3%

3.8%

2.4%

3.3%

6.8%

2.4%

8.3%

5.4%

0.0%

0.0%

0.9%

2.4%

2.4%

5.4%

3.3%

6.8%

11.2%

0.8%

0.6%

0.0%

3.3%

11.2%

8.3%

6.8%

Bolivia: Indice de Precios al Consumidor por Año según Mes (Base 2007),

Serie: 1967 - 2013

MES 1967 1968 1969 1970 1971 1972

Enero 0.00004029 0.00004212 0.00004347 0.00004474 0.00004624 0.00004810

Febrero 0.00004113 0.00004208 0.00004321 0.00004485 0.00004606 0.00004806

Marzo 0.00003884 0.00004204 0.00004292 0.00004485 0.00004617 0.00004777

Abril 0.00003935 0.00004183 0.00004285 0.00004467 0.00004591 0.00004777

Mayo 0.00003902 0.00004241 0.00004303 0.00004493 0.00004602 0.00004777

Junio 0.00004124 0.00004292 0.00004314 0.00004525 0.00004675 0.00004817

Julio 0.00004033 0.00004361 0.00004343 0.00004562 0.00004744 0.00004850

Agosto 0.00004066 0.00004343 0.00004416 0.00004565 0.00004799 0.00004835

Septiembre 0.00004077 0.00004314 0.00004423 0.00004565 0.00004828 0.00004854

Octubre 0.00004132 0.00004303 0.00004449 0.00004595 0.00004802 0.00004886

Noviembre 0.00004168 0.00004328 0.00004493 0.00004627 0.00004802 0.00006042

Diciembre 0.00004186 0.00004332 0.00004471 0.00004653 0.00004806 0.00005940

Prom. Anual 0.00004054 0.00004277 0.00004371 0.00004541 0.00004708 0.00005014

FUENTE: INSTITUTO NACIONAL DE ESTADÍSTICA

1973 1974 1975 1976 1977 1978 1979

0.00005926 0.00009284 0.00011264 0.00011939 0.00012842 0.00013805 0.00015717

0.00005937 0.00010433 0.00011257 0.00012085 0.00012779 0.00013633 0.00016048

0.00006050 0.00010622 0.00011254 0.00011893 0.00012509 0.00013641 0.00015975

0.00006119 0.00010695 0.00011243 0.00011808 0.00012559 0.00013671 0.00015856

0.00006155 0.00010790 0.00011299 0.00011895 0.00012570 0.00013568 0.00016256

0.00006177 0.00011034 0.00011502 0.00012075 0.00013030 0.00014074 0.00016545

0.00006392 0.00011067 0.00011759 0.00012169 0.00013163 0.00014620 0.00017044

0.00006611 0.00011100 0.00011945 0.00012232 0.00013371 0.00014832 0.00017376

0.00006804 0.00010870 0.00011966 0.00012236 0.00013372 0.00014946 0.00017585

0.00007413 0.00010786 0.00011934 0.00012267 0.00013573 0.00015516 0.00017877

0.00007530 0.00011034 0.00011899 0.00012325 0.00013636 0.00015523 0.00018660

0.00008004 0.00011122 0.00011794 0.00012442 0.00013744 0.00015597 0.00022686

0.00006593 0.00010737 0.00011593 0.00012114 0.00013096 0.00014452 0.00017302

1980 1981 1982 1983 1984 1985 1986

0.00023088 0.00031613 0.00036072 0.0014 0.0065 0.23 14.97

0.00023175 0.00032217 0.00041866 0.0015 0.0081 0.65 16.16

0.00023560 0.00032127 0.00045279 0.0017 0.0098 0.81 16.17

0.00023764 0.00032160 0.00050991 0.0019 0.0159 0.91 16.75

0.00024481 0.00032870 0.00053040 0.0020 0.0234 1.23 16.91

0.00025835 0.00032914 0.00055537 0.0021 0.0243 2.20 17.63

0.00026215 0.00033388 0.00067522 0.0023 0.0256 3.65 17.95

0.00027089 0.00035388 0.00079597 0.0029 0.0294 6.08 18.06

0.00026457 0.00035215 0.00095093 0.0034 0.0404 9.52 18.47

0.00026809 0.00035460 0.00109008 0.0038 0.0643 9.34 18.58

0.00027116 0.00035411 0.00129456 0.0047 0.0846 9.64 18.56

0.00028116 0.00035180 0.00139503 0.0060 0.1361 11.26 18.68

0.00025476 0.00033662 0.00075247 0.0028 0.0390 4.63 17.41

1987 1988 1989 1990 1991 1992 1993 1994

19.14 20.58 25.24 29.59 36.58 40.59 44.46 48.18

19.38 20.98 25.38 29.56 36.67 41.50 44.88 48.44

19.51 21.16 25.60 29.67 36.91 41.72 44.86 48.40

19.82 22.16 25.63 29.76 37.09 41.83 44.91 48.64

19.89 22.47 25.79 29.93 37.38 42.12 45.25 48.94

19.85 22.94 25.74 30.53 37.66 42.39 45.66 49.17

19.84 23.85 25.86 31.07 37.98 42.71 46.17 49.63

20.03 24.43 26.67 31.41 38.37 43.10 46.98 50.24

20.15 24.34 27.66 31.78 38.53 43.13 47.23 50.55

20.57 24.84 28.24 32.88 38.90 43.36 47.47 50.93

20.51 24.79 28.73 33.81 39.23 43.57 47.56 51.79

20.68 25.12 29.28 34.56 39.58 43.72 47.78 51.86

19.95 23.14 26.65 31.21 37.91 42.48 46.10 49.73

1995 1996 1997 1998 1999 2000 2001 2002

52.29 59.28 63.02 68.20 70.32 72.80 75.06 75.57

52.58 60.92 63.13 68.77 70.59 73.10 75.04 75.73

53.07 60.78 62.98 68.91 70.29 73.55 74.87 75.50

53.89 60.65 63.33 69.10 70.18 74.26 75.02 75.48

54.14 60.88 63.79 69.32 70.24 73.33 74.89 75.51

54.52 61.20 64.38 69.48 70.50 73.47 75.44 75.59

54.73 61.89 65.20 69.64 70.64 74.00 76.34 75.90

55.01 62.54 65.63 69.66 71.01 74.29 75.84 76.07

55.30 62.64 64.94 69.62 71.43 75.66 75.64 76.42

56.34 62.59 65.19 70.31 71.94 76.67 75.70 76.83

57.35 62.92 65.27 70.33 71.99 74.72 75.53 77.25

58.38 63.02 67.26 70.22 72.42 74.89 75.58 77.43

54.80 61.61 64.51 69.46 70.96 74.23 75.41 76.11

2003 2004 2005 2006 2007 2008 2009 2010

77.74 80.97 85.35 88.69 94.03 104.70 116.26 116.35

77.57 81.13 85.40 88.96 94.81 107.44 116.18 116.54

77.62 80.91 85.53 88.72 95.10 108.49 115.61 116.40

77.86 80.93 85.21 88.84 94.85 109.29 115.11 116.51

77.87 81.26 85.79 89.59 95.28 111.33 114.89 116.49

78.03 81.87 87.11 90.14 96.09 112.73 115.12 116.65

78.50 82.30 86.70 90.65 98.66 113.25 114.89 117.37

79.00 82.59 87.01 90.82 100.23 113.99 115.61 118.61

79.19 82.57 87.14 90.90 100.42 114.99 115.73 119.52

80.18 83.24 87.46 91.32 101.67 115.20 116.10 120.98

79.76 83.69 87.84 92.01 102.92 115.35 115.88 122.33

80.48 84.20 88.33 92.70 103.57 115.84 116.15 124.49

78.65 82.14 86.57 90.28 98.14 111.88 115.63 118.52

2011 2012 2013

126.10 133.49 140.05

128.19 134.15 140.96

129.33 134.55 141.31

129.36 134.75 141.41

129.62 135.41 141.80

129.80 135.70 142.23

130.49 136.22 143.10

130.99 136.70 145.02

131.39 137.21 146.99

132.01 137.73 148.07

132.44 138.39 148.02

133.08 139.13 148.14

130.23 136.12 143.93

Datos INE http://www.ine.gob.bo/indice/visualizador.aspx?ah=PC02020104.HTM

Geom 05 años 5.63%Geom 10 años 6.43%Último Dato 5.74%No Considera 0.00%

Documents

Cálculo Ke (Datos Damodaran) 2014