Ao

Equipo A
Equipo B

6%

VA (r=6%)

Anualidad
equivalente

0.00
0.00

0.00
0.00

Anualidad equivalente se hace con la funcion - PAGO

con la funcion - PAGO

Ao
0
1
2
3
4
5
TIR
VAN (r=10%)

A
220,000.00
150,000.00
150,000.00
150,000.00
150,000.00
400,000.00
5.62%
7,111.29

10%

2200
10%

Ao
0
1
2
3
4

Coste
ordenador
5,000.00
4,000.00
3,500.00
3,200.00
3,000.00

Ao
1
2
3
4
VA (r=10%)

VA ahorro
(r=10%)

VAN (r=10%)
ao de
compra

6,973.70
6,973.70
6,973.70
6,973.70
6,973.70

1,973.70
2,973.70
3,473.70
3,773.70
3,973.70

VA ahorro
2,200.00
2,200.00
2,200.00
2,200.00
6,973.70

VA(r=10%)
hoy
1,973.70
2,703.37
2,870.83
2,835.24
2,714.09

VAN ao de compra es diferencia entre VAN ahorro y Coste ordenador

En la ltima columna se hace el VA

OTROS DATOS DEL PROYECTO

Periodo medio fa
0
Periodo medio v
60
Periodo medio co
0
Periodo medio p
30
Tasa de inflacin
3%
Amortizacin lin
2%
Amortizacin lin
12.50%
Tipo impuesto s
30%
Variabilidad de fl
100%
Variabilidad de l

100%
0

Ao 0

Ao 1

Ao 2

Ao 3

Ao 4

A. ACTIVOS FIJOS
Inversin en acti Inversin en act Ventas de activo fijos

4,000
4,000

Flujo de caja A -

4,000

B. CAPITAL CIRCULANTE
Tesorera
Existencias mercaderas
Clientes
Proveedores mat. primas
NOF(Necesidad Operativa de Fo
Variaciones NOF
Flujo de caja B

C. OPERACIONES
Ventas reales (ao 0)
Ventas nominales
Compra mercaderas reales (ao Compra mercaderas nominales Mano de obra reales (ao 0)
Mano de obra nomimal
Otros gastos reales (ao 0)
Otros gastos nominal
-

Amortizaciones

Beneficio antes de impuestos

Impuesto de sociedades
Beneficio despus de impuestos
Flujo de caja C

10
135
-
68 78
78

10
140
-
70 80
2

10
144
-
72 82
2

10
148
-
74
84
2

78 -

2 -

2 -

1,850

1,850

1,850

1,850

1,906

1,963

2,022

2,082

800 -

800 -

800 -

800

824 -

849 -

874 -

900

300 -

300 -

300 -

300

309 -

318 -

328 -

338

50 -

50 -

50 -

50

52 119 602
181 421

53 119 624
187 437

55 119 646
194 452

56
119
669
201
468

540

556

571

587

463

554

569

585

D. VALORACIN DEL PROYECTO

Flujos de caja t Tasa de descuen

Valor Actual N
Tasa Interna R

4,000

9%

774.65
12.63%

Ao 5

Ao 6

Ao 7

Ao 8

3,084
3,084

10
152
-
76 86
2

10
157
-
79 89
2

2 -

2 -

10
162
-
81 91
2 -

10
167
-
83
91

91

1,850

1,850

1,850

1,850

2,145

2,209

2,275

2,344

800 -

800 -

800 -

800

927 -

955 -

984 -

1,013

300 -

300 -

300 -

300

348 -

358 -

369 -

380

50 -

50 -

50 -

50

58 119 692
208 485

60 119 717
215 502

61 119 742
223 519

63
119
768
230
537

604

621

638

656

602

618

636

3,831

Mes
Siderrgica SA Teleco SA Alimentos SA
Jan-13
0.56%
-2.84%
2.82%
Feb-13
-0.90%
3.91%
3.62%
Mar-13
4.15%
-4.00%
-4.13%
Apr-13
-3.22%
10.55%
-3.53%
May-13
2.94%
-10.21%
-2.37%
Jun-13
10.05%
15.53%
13.67%
Jul-13
4.69%
-10.92%
-4.30%
Aug-13
-4.15%
9.21%
8.31%
Sep-13
1.21%
3.79%
2.81%
Oct-13
-2.66%
1.89%
1.02%
Nov-13
3.31%
-0.57%
-1.37%
Dec-13
-3.80%
1.03%
1.04%
Rent esperada anual
12.18%
17.37%
17.58%
Desv. Tipica
4.26%
7.94%
5.37%
Volatilidad
14.74%
27.52%
18.59%

Matriz varianza-covarianza
0.00181
-0.00036
0.00036
-0.00076
0.00088

-0.00036
0.00631
0.00279
0.00333
0.00239

COMPOSICION CARTERA

RENT esperada

Energa SABanco XX SA
11.84%
1.71%
6.74%
4.72%
-9.51%
-7.15%
-5.48%
-15.98%
-10.72%
8.49%
8.92%
20.19%
-4.57%
-6.40%
13.48%
14.71%
3.68%
2.55%
2.49%
2.34%
-5.85%
-2.35%
3.65%
3.27%
14.68%
26.09%
8.27%
9.72%
28.65%
33.68%
Matriz varianza-covarianza
0.00036
0.00279
0.00288
0.00332
0.00409

Sider

-0.00076
0.00333
0.00332
0.00684
0.00444

0.00088
0.00239
0.00409
0.00444
0.00945

Teleco
Alim
Energa
Banco
total
20.00%
15.00%
20.00%
20.00%
25.00%
100.00%

18.02% Desv. Tipica

5.38%

CARTERA
20.00%
15.00%
20.00%
20.00%
25.00%

Fecha
11/25/2010
11/26/2010
11/29/2010
11/30/2010
1/12/2010
2/12/2010
3/12/2010
6/12/2010
7/12/2010
8/12/2010
9/12/2010
10/12/2010
12/13/2010
12/14/2010
12/15/2010
12/16/2010
12/17/2010
12/20/2010
12/21/2010
12/22/2010
12/23/2010
12/27/2010
12/28/2010
12/29/2010
12/30/2010
3/1/2011
4/1/2011
5/1/2011
6/1/2011
7/1/2011
10/1/2011
11/1/2011
12/1/2011
01/13/2011
01/14/2011
01/17/2011
01/18/2011
01/19/2011
01/20/2011
01/21/2011
01/24/2011
01/25/2011
01/26/2011
01/27/2011
01/28/2011
01/31/2011
1/2/2011
2/2/2011
3/2/2011
4/2/2011
7/2/2011
8/2/2011
9/2/2011
10/2/2011
11/2/2011
02/14/2011
02/15/2011
02/16/2011
02/17/2011
02/18/2011
02/21/2011
02/22/2011
02/23/2011
02/24/2011
02/25/2011
02/28/2011
1/3/2011

Ibex-35 Aceri-nox
-1.80%
-2.33%
-0.62%
4.44%
2.78%
0.68%
-1.25%
0.35%
1.55%
1.06%
-0.62%
0.29%
0.11%
-1.50%
0.00%
-1.12%
0.99%
2.07%
-0.20%
-0.75%
-2.06%
0.05%
0.79%
-1.23%
0.30%
0.00%
-0.88%
-1.01%
-1.46%
-1.29%
1.53%
5.42%
2.67%
0.14%
-1.01%
2.95%
-0.25%
0.76%
1.81%
-0.13%
-1.40%
0.06%
1.48%
-0.75%
0.55%
1.50%
0.39%
-1.36%
-0.06%
0.63%
0.39%
-0.27%
-1.31%
0.11%
-0.27%
0.48%
2.05%
0.59%
-0.40%
-2.33%
-1.00%
-0.64%
0.13%
1.64%
0.26%
-0.82%
-1.10%

-0.09%
-1.59%
-1.25%
1.72%
0.62%
3.63%
0.13%
0.04%
-1.02%
0.47%
2.32%
0.17%
-0.96%
3.38%
2.62%
-0.40%
3.00%
3.65%
-0.49%
-0.11%
-1.02%
-0.53%
1.45%
-0.94%
0.50%
-3.26%
-2.98%
0.89%
-0.84%
0.36%
1.81%
2.53%
1.00%
0.08%
-1.41%
0.97%
-2.26%
-2.04%
0.40%
-1.39%
2.42%
0.28%
-0.87%
-0.36%
-0.92%
0.08%
1.45%
-1.19%
1.12%
1.74%
1.05%
-0.50%
0.08%
-0.04%
0.81%
1.08%
1.44%
-0.37%
-0.15%
-1.66%
-1.11%
-0.89%
-0.39%
5.41%
2.31%
-1.38%
0.74%

Ebro
Foods

Endesa

Inditex

NH
hoteles

B. Santander

Telefnica

Vueling
airlines

-4.04%
-1.23%
-0.52%
0.92%
1.37%
1.68%
1.52%
0.47%
1.09%
0.89%
-0.40%
-0.43%
0.00%
1.48%
-0.36%
-0.88%
0.21%
2.05%
0.99%
-5.40%
-2.32%
1.09%
0.76%
-0.13%
-1.23%
-1.18%
0.10%
-2.33%
0.17%
1.32%
0.46%
0.84%
-1.45%
-0.95%
0.00%
0.07%
0.53%
-1.90%
-0.67%
2.42%
0.79%
-0.13%
1.31%
0.16%
-2.03%
0.59%
1.27%
0.10%
1.16%
0.13%
0.41%
-0.66%
-0.61%
-0.29%
1.03%
1.27%
-1.10%
0.70%
-0.69%
-1.43%
1.39%
-2.13%
-0.19%
0.10%
3.32%
-0.85%
-0.32%

0.11%
-1.93%
-2.51%
3.32%
-1.09%
2.35%
-0.08%
-0.75%
1.73%
1.04%
-1.46%
0.14%
1.04%
-0.16%
-0.27%
2.54%
2.00%
0.39%
0.47%
1.40%
-0.38%
-0.74%
-0.39%
0.00%
-3.58%
0.13%
0.38%
-0.32%
-0.11%
-0.64%
0.24%
4.96%
2.75%
-2.70%
0.95%
1.78%
0.08%
2.85%
-0.41%
0.27%
-0.73%
-2.40%
2.34%
-0.22%
1.89%
1.86%
0.57%
-0.42%
1.61%
1.26%
0.25%
-0.73%
0.25%
0.51%
-1.01%
0.60%
0.48%
0.11%
0.27%
-0.78%
-0.87%
-0.63%
1.31%
0.67%
0.55%
-0.82%
-1.13%

-2.77%
-1.43%
1.13%
3.98%
2.73%
2.63%
-1.62%
0.40%
0.89%
-1.61%
0.80%
-0.03%
-0.68%
-5.54%
-0.29%
-1.12%
-2.70%
3.82%
0.41%
-1.68%
-2.34%
0.44%
0.37%
-1.89%
-0.55%
1.04%
-0.36%
-0.62%
0.47%
1.05%
2.31%
1.57%
-0.17%
-0.02%
-1.69%
1.82%
0.05%
-0.51%
-1.21%
-1.52%
-0.37%
0.97%
-2.18%
-1.91%
0.47%
-0.04%
-0.38%
-0.49%
-0.44%
0.04%
2.81%
0.88%
-2.57%
-2.56%
1.01%
-0.48%
0.85%
0.77%
-0.55%
-1.23%
-0.45%
-0.60%
-0.21%
0.23%
-1.52%
-0.17%
-1.01%

-3.99%
-2.08%
-1.31%
3.81%
1.75%
1.88%
2.46%
-2.40%
-0.62%
-0.77%
-0.78%
2.04%
0.46%
-1.23%
-1.24%
-1.57%
0.16%
1.91%
-1.10%
2.37%
2.16%
1.82%
2.53%
-1.59%
0.44%
2.05%
-3.02%
0.30%
0.89%
-3.07%
1.66%
7.58%
-0.41%
1.80%
4.90%
-1.30%
-1.45%
1.47%
5.66%
1.87%
2.08%
-2.28%
2.21%
3.84%
-0.23%
-0.23%
4.99%
-0.33%
2.55%
3.89%
-1.56%
0.95%
-1.88%
-4.16%
0.89%
0.88%
-2.74%
0.11%
6.74%
-4.00%
-2.74%
-0.56%
-0.23%
0.91%
-0.45%
3.73%
1.96%

-3.68%
-2.67%
-0.42%
7.16%
5.14%
1.40%
-2.23%
-0.66%
2.38%
2.42%
-2.28%
0.20%
0.61%
-2.64%
-0.09%
-2.03%
0.94%
2.87%
-1.36%
-0.48%
-2.94%
0.38%
1.04%
-0.92%
0.52%
0.23%
-0.65%
-2.08%
-2.19%
-2.68%
1.69%
9.56%
4.79%
-0.17%
-1.06%
4.01%
-0.64%
0.69%
3.78%
-0.33%
-3.13%
-0.94%
3.52%
-1.16%
0.83%
2.04%
0.12%
-1.68%
-0.79%
0.37%
0.68%
-0.38%
-2.56%
1.04%
-0.90%
1.48%
3.76%
1.01%
-0.59%
-3.29%
-1.07%
-0.46%
-0.87%
2.23%
-0.03%
-1.73%
-1.59%

-1.19%
-2.21%
-1.21%
3.42%
1.42%
0.06%
-1.05%
0.06%
0.82%
0.76%
-0.17%
0.17%
0.40%
-0.89%
0.20%
-1.10%
0.50%
1.63%
-0.03%
-0.23%
-1.44%
-0.12%
0.50%
-1.34%
0.21%
0.53%
-0.85%
-0.15%
-1.18%
-0.84%
0.93%
3.76%
1.87%
-0.34%
-0.40%
2.11%
-0.11%
0.61%
1.94%
0.44%
-0.54%
0.33%
0.76%
-1.46%
0.36%
1.01%
0.57%
-0.51%
-0.05%
0.30%
0.38%
-0.48%
-0.89%
-0.41%
-0.25%
0.00%
0.93%
0.00%
0.11%
-1.14%
-1.29%
-0.86%
0.73%
1.56%
0.66%
0.00%
-1.41%

-2.14%
-0.58%
0.46%
7.49%
0.32%
-0.11%
-2.99%
0.88%
1.53%
2.26%
-1.79%
0.75%
1.06%
2.32%
0.82%
0.10%
-0.61%
1.13%
2.03%
-0.10%
-3.08%
0.31%
-0.41%
0.00%
0.62%
2.15%
-0.90%
0.10%
-1.01%
-1.02%
0.00%
0.51%
-0.72%
0.62%
2.46%
3.20%
0.29%
-2.51%
1.19%
-0.78%
-2.57%
4.36%
2.72%
0.38%
5.08%
0.63%
-1.34%
1.08%
1.43%
3.43%
2.04%
-3.09%
-3.36%
0.62%
1.68%
0.09%
1.30%
-0.94%
-0.52%
-3.22%
-2.34%
0.74%
-4.85%
1.44%
1.90%
-3.81%
-1.55%

2/3/2011
3/3/2011
4/3/2011
7/3/2011
8/3/2011
9/3/2011
10/3/2011
11/3/2011
03/14/2011
03/15/2011
03/16/2011
03/17/2011
03/18/2011
03/21/2011
03/22/2011
03/23/2011
03/24/2011
03/25/2011
03/28/2011
03/29/2011
03/30/2011
03/31/2011
1/4/2011
4/4/2011
5/4/2011
6/4/2011
7/4/2011
8/4/2011
11/4/2011
12/4/2011
04/13/2011
04/14/2011
04/15/2011
04/18/2011
04/19/2011
04/20/2011
04/21/2011
04/26/2011
04/27/2011
04/28/2011
04/29/2011
2/5/2011
3/5/2011
4/5/2011
5/5/2011
6/5/2011
9/5/2011
10/5/2011
11/5/2011
12/5/2011
05/13/2011
05/16/2011
05/17/2011
05/18/2011
05/19/2011
05/20/2011
05/23/2011
05/24/2011
05/25/2011
05/26/2011
05/27/2011
05/30/2011
05/31/2011
1/6/2011
2/6/2011
3/6/2011
6/6/2011
7/6/2011
8/6/2011

-0.72%
-0.65%
-0.03%
0.70%
-0.09%
-1.17%
-0.36%
0.17%
-0.83%
-2.30%
2.31%
0.03%
2.38%
0.02%
0.59%
1.11%
-0.42%
0.38%
-0.15%
-0.03%
-1.45%
1.45%
0.24%
-0.72%
1.56%
0.04%
0.59%
-0.32%
-0.86%
0.01%
-1.51%
-0.60%
-2.02%
0.31%
1.53%
0.46%
0.63%
0.85%
1.18%
0.10%
-0.01%
-0.48%
-1.04%
-0.80%
-0.16%
-2.02%
0.75%
0.55%
-0.42%
-1.25%
0.07%
-0.55%
0.36%
0.32%
-1.45%
-1.41%
0.33%
1.00%
-0.14%
0.57%
-0.04%
2.13%
-1.30%
-0.76%
0.24%
-1.24%
0.10%
-0.84%
0.39%

0.88%
0.87%
1.22%
-1.17%
0.14%
-1.62%
-0.33%
-0.70%
-1.81%
-0.79%
3.37%
-0.18%
0.40%
-2.08%
1.04%
1.48%
-0.84%
0.29%
0.29%
1.24%
0.36%
0.65%
0.46%
-1.88%
0.58%
-0.54%
-0.29%
-0.83%
-1.13%
0.04%
-1.00%
0.41%
-1.79%
-0.57%
0.34%
0.57%
0.26%
0.30%
1.20%
0.67%
0.48%
0.26%
-1.28%
-0.26%
1.19%
0.37%
0.15%
0.47%
-0.40%
-0.33%
-0.22%
-1.03%
-0.22%
-0.22%
-0.97%
-0.90%
0.08%
-0.30%
-0.19%
0.72%
-0.49%
1.03%
-0.56%
-1.10%
-1.91%
-1.05%
-1.58%
-0.92%
0.24%

-0.54%
0.19%
2.01%
0.13%
-0.84%
-0.16%
-0.66%
-0.99%
-1.35%
0.13%
1.43%
0.45%
1.37%
-1.07%
2.67%
0.28%
0.00%
0.28%
2.96%
-0.93%
0.24%
0.18%
-0.69%
-0.15%
0.64%
-0.72%
-0.12%
-0.46%
-0.03%
0.46%
1.07%
-1.02%
0.21%
-0.12%
1.55%
0.72%
0.36%
-1.21%
0.99%
-1.07%
1.14%
0.86%
-0.56%
0.77%
0.59%
-0.20%
-0.35%
0.56%
0.38%
-0.29%
-0.87%
-0.65%
0.65%
0.18%
-0.29%
-0.65%
-0.71%
-1.19%
0.30%
0.00%
-0.81%
-1.82%
2.88%
-2.13%
0.28%
-0.70%
-0.56%
1.15%
-0.95%

-0.79%
1.76%
0.74%
-0.18%
1.69%
-0.54%
-2.19%
-2.06%
-1.37%
-1.20%
0.15%
0.73%
1.59%
0.69%
-0.14%
1.43%
-1.02%
0.89%
1.93%
1.00%
-1.35%
1.23%
1.31%
-0.13%
1.23%
-0.82%
0.98%
0.22%
-2.22%
2.38%
-2.15%
-0.58%
-1.74%
0.41%
3.48%
0.62%
0.26%
1.42%
1.88%
-0.21%
1.66%
-1.65%
-0.76%
-0.11%
0.60%
-2.19%
4.79%
-0.17%
-1.19%
-0.11%
-1.22%
-1.58%
1.30%
0.51%
-0.81%
-1.44%
0.31%
0.28%
-0.15%
0.48%
-0.11%
1.23%
-0.11%
-1.20%
0.00%
-0.17%
1.00%
-1.93%
0.79%

0.19%
0.64%
1.97%
-1.29%
-0.67%
1.42%
-0.62%
-0.82%
-0.65%
-1.25%
0.64%
2.07%
1.41%
1.14%
6.02%
0.84%
-1.65%
0.04%
1.30%
-0.78%
-0.82%
1.68%
1.70%
0.46%
1.19%
-1.29%
0.17%
-0.36%
0.53%
-0.27%
-0.65%
1.51%
-1.91%
0.93%
1.43%
0.17%
0.74%
-0.63%
1.16%
0.25%
-0.55%
0.05%
1.16%
0.10%
1.15%
-2.71%
0.42%
2.32%
-0.44%
0.47%
0.49%
-0.42%
-0.10%
1.48%
-2.38%
-0.36%
-0.46%
2.72%
0.71%
-0.14%
0.40%
0.51%
-1.00%
-1.36%
0.71%
-0.77%
-0.19%
-1.27%
0.13%

1.60%
-1.05%
-1.60%
-0.65%
1.63%
-1.50%
-0.76%
-1.64%
-2.34%
0.91%
4.75%
2.70%
1.16%
-0.52%
3.76%
-2.62%
-1.76%
2.63%
-0.10%
2.56%
-4.30%
0.94%
2.38%
-2.73%
0.83%
0.21%
2.06%
-1.01%
-1.02%
1.54%
1.32%
-0.30%
-4.01%
2.40%
4.08%
6.86%
-1.28%
4.37%
0.09%
1.33%
-0.35%
-5.90%
-1.59%
-3.52%
-0.69%
3.97%
11.56%
-2.05%
-2.19%
-0.36%
-0.09%
-1.26%
2.36%
0.00%
-0.44%
-3.12%
-0.09%
1.84%
-0.45%
1.64%
0.27%
0.71%
-1.42%
-2.25%
0.64%
-2.01%
0.28%
-0.93%
-0.28%

-1.66%
-1.85%
-1.20%
0.87%
-0.40%
-1.36%
-0.88%
2.31%
0.23%
-3.24%
3.25%
0.04%
2.88%
-0.40%
-0.14%
1.37%
-0.93%
0.34%
-1.26%
-0.62%
-2.39%
2.66%
-0.70%
-1.42%
2.24%
1.71%
1.18%
-0.47%
-1.06%
-0.34%
-2.29%
-0.49%
-2.60%
0.61%
1.02%
0.72%
1.30%
1.53%
1.49%
0.24%
-2.90%
0.17%
-1.24%
-0.99%
0.99%
-2.79%
1.58%
0.04%
-0.10%
-1.93%
0.64%
-0.76%
0.82%
-0.15%
-1.90%
-1.68%
0.59%
1.68%
-0.60%
1.11%
-0.55%
4.02%
-2.06%
-0.84%
0.74%
-1.69%
0.28%
-1.37%
0.13%

-0.14%
-0.39%
0.25%
0.80%
-0.52%
-0.55%
-1.05%
-1.76%
-1.65%
-1.83%
2.63%
-0.43%
2.25%
-0.68%
0.57%
0.51%
0.17%
0.37%
-0.34%
0.11%
-0.84%
1.61%
0.33%
-0.44%
0.89%
-0.30%
1.08%
-0.44%
-0.52%
-0.30%
-1.06%
-0.59%
-1.16%
-0.06%
1.34%
-0.65%
0.62%
0.79%
1.20%
0.41%
0.33%
-0.25%
-0.69%
-1.19%
-3.65%
-1.43%
-0.06%
0.65%
-0.35%
-0.77%
-0.48%
0.21%
-0.09%
0.60%
-0.98%
-0.87%
0.15%
0.51%
-0.66%
0.00%
0.24%
1.60%
-1.04%
-0.81%
-0.21%
-0.82%
0.49%
-0.61%
0.37%

1.18%
2.23%
-0.47%
-0.57%
0.29%
0.96%
-3.32%
-4.90%
-3.92%
0.32%
1.28%
-1.37%
2.36%
-0.10%
-1.57%
5.32%
2.02%
-0.99%
-1.50%
0.00%
-1.83%
0.83%
-0.51%
-1.86%
0.53%
-0.94%
-0.84%
-0.43%
0.43%
0.00%
-0.43%
-0.96%
-3.34%
3.46%
1.94%
-0.63%
-1.49%
1.51%
0.64%
0.53%
0.00%
-1.26%
-5.54%
0.34%
4.50%
-0.97%
0.98%
0.11%
0.00%
-1.40%
-0.44%
-1.97%
0.89%
-0.44%
-0.22%
-3.01%
-1.49%
2.10%
0.00%
2.86%
0.67%
0.22%
-1.98%
-1.01%
1.48%
-1.57%
1.02%
-0.67%
1.81%

9/6/2011
10/6/2011
06/13/2011
06/14/2011
06/15/2011
06/16/2011
06/17/2011
06/20/2011
06/21/2011
06/22/2011
06/23/2011
06/24/2011
06/27/2011
06/28/2011
06/29/2011
06/30/2011
1/7/2011
4/7/2011
5/7/2011
6/7/2011
7/7/2011
8/7/2011
11/7/2011
12/7/2011
07/13/2011
07/14/2011
07/15/2011
07/18/2011
07/19/2011
07/20/2011
07/21/2011
07/22/2011
07/25/2011
07/26/2011
07/27/2011
07/28/2011
07/29/2011
1/8/2011
2/8/2011
3/8/2011
4/8/2011
5/8/2011
8/8/2011
9/8/2011
10/8/2011
11/8/2011
12/8/2011
08/15/2011
08/16/2011
08/17/2011
08/18/2011
08/19/2011
08/22/2011
08/23/2011
08/24/2011
08/25/2011
08/26/2011
08/29/2011
08/30/2011
08/31/2011
1/9/2011
2/9/2011
5/9/2011
6/9/2011
7/9/2011
8/9/2011
9/9/2011
12/9/2011
09/13/2011

-1.69%
-0.05%
1.87%
-1.97%
-0.15%
2.18%
-0.96%
1.93%
-0.06%
-2.77%
-1.31%
0.61%
0.65%
2.08%
2.13%
1.28%
-0.23%
-1.32%
-1.22%
-0.08%
-2.53%
-2.69%
-0.69%
0.66%
-0.71%
-1.19%
-1.44%
1.03%
3.06%
2.93%
0.42%
-1.92%
-0.33%
-1.93%
0.14%
-0.27%
-3.24%
-2.18%
-0.85%
-3.89%
-0.18%
-2.44%
-0.36%
-5.49%
3.56%
4.82%
0.71%
-0.40%
0.62%
-4.70%
-2.11%
1.87%
-0.17%
1.08%
-0.84%
-1.37%
2.56%
0.59%
3.24%
0.49%
-3.40%
-4.69%
-1.61%
2.77%
1.49%
-4.44%
-3.41%
2.53%
2.70%

-1.05%
0.08%
0.86%
-2.18%
-0.29%
0.25%
-2.07%
1.86%
0.41%
-1.73%
0.25%
-0.34%
0.08%
3.95%
1.62%
2.11%
-0.97%
-2.67%
-1.01%
0.69%
-1.30%
-1.48%
-1.08%
1.39%
-0.79%
-1.01%
-0.76%
-0.60%
-0.09%
0.00%
0.73%
-1.19%
0.86%
-1.37%
-1.13%
1.05%
-2.13%
-3.95%
-2.17%
-4.72%
-1.36%
-3.01%
3.48%
-3.43%
3.72%
1.50%
2.21%
-1.40%
1.85%
-4.93%
-2.67%
-1.70%
-0.44%
0.53%
0.15%
-2.07%
2.93%
1.50%
3.71%
-1.14%
-3.05%
-5.81%
0.50%
4.16%
0.38%
-3.94%
-3.33%
0.40%
2.24%

-0.84%
-0.31%
0.75%
-1.24%
-0.72%
0.82%
-1.54%
0.38%
0.67%
-1.74%
-0.71%
0.52%
0.16%
1.77%
0.76%
-0.09%
-0.88%
-2.06%
-2.27%
-2.32%
-1.90%
-3.87%
-1.37%
4.15%
-2.10%
-1.82%
0.00%
0.04%
-1.02%
2.21%
2.52%
-0.98%
0.43%
-3.88%
-0.73%
0.07%
-3.03%
-1.37%
-0.66%
-2.29%
1.47%
-2.71%
0.52%
-0.64%
3.84%
2.10%
0.53%
-1.14%
2.80%
-2.61%
-0.92%
1.43%
0.53%
0.83%
-0.68%
-1.21%
1.65%
-0.41%
2.12%
1.44%
-2.01%
-2.76%
-0.15%
-0.08%
0.96%
-1.10%
-1.46%
0.12%
0.58%

-2.06%
-0.38%
1.25%
-0.73%
-1.46%
1.48%
-1.68%
1.69%
1.02%
-3.29%
-0.63%
-0.21%
1.12%
2.24%
1.57%
-1.35%
-0.33%
-0.69%
0.78%
-0.77%
-0.38%
-4.16%
-3.15%
1.76%
-1.09%
-1.65%
-1.90%
0.62%
3.51%
1.76%
1.22%
-0.58%
-0.77%
-2.04%
-0.57%
-1.42%
-1.64%
-2.01%
0.43%
-2.73%
-1.79%
-2.78%
-1.20%
-3.94%
3.01%
4.42%
0.19%
-2.45%
1.23%
-5.03%
-1.39%
3.33%
-0.67%
1.51%
-2.10%
-2.40%
2.48%
-0.11%
1.33%
-0.42%
-1.20%
-3.51%
-0.44%
2.56%
1.29%
-6.01%
-1.93%
-0.22%
3.36%

-0.85%
1.33%
1.05%
-1.59%
-0.23%
-0.08%
-0.43%
3.13%
0.55%
-0.38%
-0.66%
1.10%
-0.05%
0.32%
0.14%
-0.73%
2.98%
-0.50%
-0.48%
-0.06%
1.15%
-2.30%
-1.70%
0.86%
-0.67%
0.05%
0.37%
-0.48%
2.72%
-0.08%
1.13%
0.50%
-0.51%
-0.37%
-0.89%
-0.33%
-1.08%
-2.96%
-0.84%
-4.06%
-0.64%
-2.93%
1.19%
-1.33%
3.93%
2.11%
0.44%
-0.29%
1.93%
-4.24%
-3.72%
1.30%
-0.87%
0.45%
-0.45%
-1.54%
1.71%
2.06%
4.18%
1.69%
-1.19%
-2.84%
-1.31%
3.41%
0.88%
-1.28%
-0.29%
-0.10%
3.26%

-1.60%
-2.58%
1.28%
-1.16%
-0.78%
1.38%
-1.56%
1.49%
0.29%
-4.67%
-1.12%
-0.10%
1.03%
1.84%
3.82%
2.71%
1.13%
-0.19%
-2.05%
-0.38%
-3.73%
-6.65%
3.40%
0.62%
-2.04%
0.21%
-6.25%
0.67%
-4.19%
1.96%
0.00%
-2.15%
0.46%
-1.84%
1.87%
0.69%
-4.68%
-2.51%
-6.39%
-6.96%
-2.96%
-7.27%
2.82%
-3.35%
1.42%
6.53%
1.61%
-4.02%
-1.05%
-7.72%
-1.31%
1.50%
-0.16%
4.75%
-0.31%
0.47%
3.91%
-0.75%
6.52%
1.14%
-3.38%
-5.97%
-4.64%
7.31%
0.00%
-3.33%
-4.23%
0.82%
2.59%

-2.21%
-0.35%
2.46%
-3.04%
0.03%
4.30%
-1.07%
2.03%
-0.31%
-4.79%
-1.42%
0.53%
1.10%
2.14%
2.16%
2.64%
-0.54%
-1.34%
-2.12%
0.18%
-3.81%
-3.16%
0.22%
-0.19%
0.25%
-1.23%
-1.83%
1.61%
5.02%
4.42%
-1.15%
-3.21%
-0.14%
-3.18%
0.38%
-0.60%
-5.23%
-2.82%
-1.22%
-4.43%
1.18%
-1.15%
-0.33%
-8.33%
3.20%
6.56%
1.03%
0.74%
0.54%
-4.08%
-3.07%
0.80%
0.00%
0.05%
-0.67%
-1.48%
2.40%
-0.05%
4.37%
0.34%
-4.84%
-5.94%
-2.01%
1.96%
1.58%
-5.62%
-4.69%
4.33%
2.53%

-1.49%
-0.25%
1.18%
-1.96%
0.37%
2.58%
-0.67%
1.16%
0.21%
-1.96%
-1.11%
0.65%
0.06%
1.79%
2.12%
0.74%
-0.62%
-1.33%
-0.72%
0.09%
-2.63%
-2.20%
-0.82%
2.11%
-0.88%
-1.30%
-1.38%
0.78%
2.32%
2.33%
0.34%
-2.12%
0.28%
-1.78%
-0.48%
-0.61%
-1.77%
-1.01%
0.00%
-2.88%
0.20%
-2.51%
-1.36%
-5.69%
3.00%
4.29%
0.84%
-0.24%
1.21%
-4.76%
-1.80%
2.53%
0.61%
0.85%
-1.58%
-1.32%
2.25%
-0.14%
3.05%
0.55%
-3.36%
-4.29%
-1.89%
2.64%
1.40%
-4.32%
-3.75%
3.11%
3.02%

-0.11%
-0.67%
0.90%
-1.22%
-3.26%
-0.81%
0.35%
1.52%
-1.38%
-1.75%
-2.02%
1.33%
0.00%
4.90%
2.85%
2.00%
-1.09%
-0.55%
-1.66%
-2.25%
-2.76%
-3.31%
-3.91%
1.78%
-3.63%
-0.78%
-2.22%
0.27%
1.07%
1.58%
2.86%
-2.02%
-1.55%
-5.76%
0.97%
-1.65%
-4.48%
-8.49%
7.84%
-3.26%
-0.61%
-3.40%
-1.92%
-6.19%
3.65%
5.86%
3.48%
-0.76%
1.08%
-6.25%
1.79%
-0.96%
0.32%
2.57%
0.00%
-5.49%
4.31%
-0.95%
0.96%
-0.95%
-1.28%
-5.53%
-3.27%
3.20%
4.83%
-3.78%
-3.42%
3.72%
4.10%

09/14/2011
09/15/2011
09/16/2011
09/19/2011
09/20/2011
09/21/2011
09/22/2011
09/23/2011
09/26/2011
09/27/2011
09/28/2011
09/29/2011
09/30/2011
3/10/2011
4/10/2011
5/10/2011
6/10/2011
7/10/2011
10/10/2011
11/10/2011
12/10/2011
10/13/2011
10/14/2011
10/17/2011
10/18/2011
10/19/2011
10/20/2011
10/21/2011
10/24/2011
10/25/2011
10/26/2011
10/27/2011
10/28/2011
10/31/2011
1/11/2011
2/11/2011
3/11/2011
4/11/2011
7/11/2011
8/11/2011
9/11/2011
10/11/2011
11/11/2011
11/14/2011
11/15/2011
11/16/2011
11/17/2011
11/18/2011
11/21/2011
11/22/2011
11/23/2011
Media diaria
Media anual
Desv. tpica (diaria)
Volatilidad

Beta
Correlacin
Coef. Determin. (R2)

3.63%
0.61%
-1.98%
1.70%
-1.82%
-4.62%
2.12%
2.56%
4.03%
-0.61%
1.32%
-0.53%
-2.26%
-1.54%
3.06%
2.68%
1.08%
1.07%
-0.53%
2.05%
-0.92%
0.36%
-1.24%
-0.60%
0.43%
-2.73%
2.84%
1.18%
-0.87%
-0.53%
4.96%
-0.50%
-2.92%
-4.19%
-0.06%
1.61%
-1.33%
-1.40%
0.50%
-2.09%
-0.36%
2.95%
-2.15%
-1.61%
0.81%
-0.40%
0.48%
-3.48%
-1.45%
-2.09%

1.97%
0.58%
-6.92%
1.64%
-2.55%
-5.20%
1.05%
0.65%
3.78%
-0.79%
0.99%
-2.11%
-1.22%
-1.97%
3.60%
3.93%
0.70%
2.68%
-0.55%
3.54%
1.67%
1.85%
-2.98%
-0.84%
-0.62%
-3.25%
2.55%
3.25%
-0.13%
-0.15%
4.60%
0.48%
-3.80%
-4.24%
0.10%
3.46%
-0.05%
0.89%
-0.29%
-0.53%
-0.53%
1.53%
-1.92%
-0.74%
-0.83%
0.12%
-0.15%
-2.57%
-0.54%
2.21%

0.78%
-0.38%
0.00%
-0.39%
-0.16%
-3.53%
0.48%
-0.32%
2.53%
0.27%
0.55%
-0.16%
1.91%
-0.50%
0.88%
3.88%
0.77%
0.55%
-1.08%
0.88%
1.30%
0.25%
-0.21%
0.46%
-0.71%
0.32%
1.14%
-0.04%
-0.28%
1.17%
0.32%
3.35%
-0.81%
-3.30%
-0.67%
4.61%
-0.20%
0.10%
1.26%
-1.34%
-1.60%
1.83%
-0.61%
0.14%
-0.82%
-0.96%
-0.14%
-1.98%
0.78%
-2.28%

2.44%
1.31%
-2.15%
1.50%
-0.93%
-4.61%
-1.01%
2.29%
4.81%
1.24%
1.57%
-2.22%
-1.46%
-2.97%
3.06%
2.47%
1.76%
-1.20%
-1.38%
1.78%
-0.23%
1.02%
-2.71%
-2.10%
1.70%
-1.96%
3.29%
0.91%
-2.20%
-0.89%
3.49%
-1.46%
-1.46%
-3.94%
-0.48%
3.82%
-2.22%
0.96%
-0.30%
-3.91%
0.25%
2.49%
-2.10%
-0.95%
0.65%
-1.02%
1.52%
-4.47%
-0.83%
-1.07%

2.12%
1.91%
-2.59%
2.77%
0.95%
-2.17%
1.99%
2.66%
0.44%
-1.62%
1.30%
-1.39%
-2.38%
-3.04%
2.63%
0.91%
1.27%
1.71%
1.91%
-0.38%
2.02%
-0.13%
0.55%
-1.78%
-1.33%
2.17%
2.36%
-0.19%
-0.48%
-0.21%
0.59%
-1.52%
-2.23%
-2.77%
-2.10%
2.76%
0.87%
-0.52%
0.36%
-0.83%
-1.07%
3.54%
-0.50%
-0.24%
-0.55%
0.74%
-0.29%
-2.51%
0.88%
-3.44%

4.58%
1.06%
-4.19%
0.94%
-1.55%
-5.18%
1.16%
-2.62%
7.56%
1.56%
-1.23%
-2.34%
-3.67%
-6.62%
3.37%
6.17%
6.30%
1.06%
-0.60%
3.48%
-2.92%
-1.81%
14.72%
-2.27%
0.68%
-2.17%
3.19%
1.21%
-0.80%
-2.82%
3.31%
-1.20%
-3.92%
-5.77%
-1.49%
2.42%
0.89%
-1.76%
-1.49%
-3.64%
-4.09%
4.26%
-2.99%
-0.49%
-1.95%
-0.66%
1.51%
-3.29%
-4.26%
-6.41%

5.13%
0.00%
-2.25%
2.13%
-2.54%
-5.00%
4.64%
3.32%
4.39%
-1.47%
1.66%
0.61%
-3.50%
-1.53%
2.84%
3.01%
1.10%
0.25%
-0.93%
1.97%
-1.82%
-1.08%
-0.68%
0.08%
1.33%
-4.80%
2.92%
1.56%
-0.90%
-1.30%
7.53%
-0.19%
-3.86%
-4.76%
-1.34%
1.21%
-0.85%
-2.44%
0.49%
-2.40%
0.04%
4.16%
-2.70%
-2.51%
1.78%
-1.43%
0.83%
-3.45%
-2.68%
-2.02%

3.78%
0.79%
-2.34%
1.82%
-1.78%
-4.68%
2.63%
2.67%
3.04%
-0.25%
1.65%
-0.17%
-1.98%
-0.50%
3.09%
2.41%
0.61%
1.07%
-0.89%
2.20%
-0.95%
0.92%
-1.01%
-0.79%
0.50%
-2.85%
3.85%
0.76%
-1.34%
-0.33%
4.90%
-0.63%
-2.23%
-3.41%
0.54%
1.64%
-1.19%
-5.73%
0.04%
-1.80%
0.36%
1.72%
-2.29%
-1.48%
1.03%
0.00%
0.83%
-3.56%
-1.12%
-2.49%

1.31%
-1.46%
-0.33%
1.15%
-1.79%
-6.47%
-0.18%
1.95%
3.31%
-3.54%
0.87%
-1.39%
-5.98%
-6.73%
0.80%
3.38%
-0.96%
3.88%
0.19%
1.87%
-1.83%
1.49%
-3.49%
-1.90%
-1.36%
0.00%
2.17%
2.50%
0.56%
-1.12%
2.65%
-2.03%
-3.95%
-2.94%
1.81%
0.40%
1.78%
-3.68%
-1.21%
0.20%
-3.66%
3.80%
-1.22%
-3.29%
-2.77%
0.22%
-1.75%
-5.33%
-3.05%
-1.69%

-0.23%
-0.07%
-19.17%
0.017
0.277

0.62%
-0.06%
-15.97%
0.018
0.296

-1.08%
-0.05%
-13.07%
0.014
0.227

-1.21%
-0.05%
-13.67%
0.018
0.291

-1.16%
0.02%
5.56%
0.016
0.259

1.90%
-0.03%
-7.07%
0.031
0.500

0.41%
-0.12%
-30.60%
0.024
0.390

-0.50%
-0.10%
-25.38%
0.016
0.263

-0.99%
-0.28%
-71.02%
0.025
0.402

0.754
0.707

0.411
0.502

0.812
0.774

0.570
0.610

1.066
0.592

1.335
0.950

0.886
0.934

0.934
0.645

Aceri-nox
Beta
Rentabilidad esperada
Rentabilidad sin riesgo
Prima de riesgo

0.754
6.03%
1.50%
6.00%

Ebro
Foods

Endesa

Inditex

NH
hoteles

B. Santander

Telefnica

Vueling
airlines

0.411
3.97%

0.812
6.37%

0.570
4.92%

1.066
7.90%

1.335
9.51%

0.886
6.81%

0.934
7.10%