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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
