Está en la página 1de 11

Costo Promedio Ponderado de Capital

Empresa: Tecnofil S.A.


WACC 9.93%
Mensual 1 WACC mensual 0.79%

Tecnofil Nov-07 Tasa de interes de la deuda (M.E.)* 9.48%

Estructura de Capital de la empresa

Fuente: Mes
Tecnofil S.A. Nov-07 Deuda 70.35%
Tecnofil S.A. Nov-07 Patrimonio 29.65%
Tecnofil S.A. Tasa impositiva 30.00%

Costo Oportunidad del Capital 17.73%

Fecha Nov-07 T-Bill (10 aos) 4.17%


Pas Peru Riesgo Pais (Peru) 2.03%
Damodaran January 2007 Riesgo de mercado (USA) 4.80%
January 2007 Beta apalancado 2.40

Beta Apalancado 2.40

Sector => Tire & Rubber Beta desapalancada de la industria 0.90

http://pages.stern.nyu.edu/~adamodar/

Date of last
Market update Number of firms Data source
United States January 2007 7661 Value Line
Mes Pas Tipo Industria
Jan-06 Argentina Advertising
Feb-06 Australia Aerospace/Defense
Mar-06 Austria Air Transport
Apr-06 Bahamas Apparel
May-06 Bahrain Auto & Truck
Jun-06 Barbados Auto Parts
Jul-06 Belgium Bank
Aug-06 Belize Bank (Canadian)
Sep-06 Bermuda Bank (Foreign)
Oct-06 Bolivia Bank (Midwest)
Nov-06 Bosnia and HerzegoBeverage (Alcoholic)
Dec-06 Botswana Beverage (Soft Drink)
Jan-07 Brazil Biotechnology
Feb-07 Bulgaria Building Materials
Mar-07 Canada Cable TV
Apr-07 Cayman islands Canadian Energy
May-07 Chile Cement & Aggregates
Jun-07 China Chemical (Basic)
Jul-07 Colombia Chemical (Diversified)
Aug-07 Costa Chemical (Specialty)
Sep-07 Croatia Coal
Oct-07 Cuba Computer Software/Svcs
Nov-07 Cyprus Computers/Peripherals
Czech Republic Diversified Co.
Denmark Drug
Dominican RepublicE-Commerce
Ecuador Educational Services
Egypt Electric Util. (Central)
El Salvador Electric Utility (East)
Estonia Electric Utility (West)
Fiji Islands Electrical Equipment
Finland Electronics
France Entertainment
Germany Entertainment Tech
Greece Environmental
Guatemala Financial Svcs. (Div.)
Honduras Food Processing
Hong Kong Food Wholesalers
Hungary Foreign Electronics
Iceland Furn/Home Furnishings
India Grocery
Indonesia Healthcare Information
Ireland Home Appliance
Isle of Man Homebuilding
Israel Hotel/Gaming
Italy Household Products
Jamaica Human Resources
Japan Industrial Services
Jordan Information Services
Kazakhstan Insurance (Life)
Korea Insurance (Prop/Cas.)
Kuwait Internet
Latvia Investment Co.
Lebanon Investment Co.(Foreign)
Liechtenstein Machinery
Lithuania Manuf. Housing/RV
Luxembourg Maritime
Macao Medical Services
Malaysia Medical Supplies
Malta Metal Fabricating
Mauritius Metals & Mining (Div.)
Mexico Natural Gas (Distrib.)
Moldova Natural Gas (Div.)
Monaco Newspaper
Mongolia Office Equip/Supplies
Morocco Oilfield Svcs/Equip.
Netherlands Packaging & Container
New Zealand Paper/Forest Products
Nicaragua Petroleum (Integrated)
Norway Petroleum (Producing)
Oman Pharmacy Services
Pakistan Power
Panama Precious Metals
Papua & New GuinePrecision Instrument
Paraguay Publishing
Peru R.E.I.T.
Philippines Railroad
Poland Recreation
Portugal Restaurant
Qatar Retail (Special Lines)
Romania Retail Automotive
Russia Retail Building Supply
Saudi Arabia Retail Store
Singapore Securities Brokerage
Slovakia Semiconductor
Slovenia Semiconductor Equip
South Africa Shoe
Spain Steel (General)
Suriname Steel (Integrated)
Sweden Telecom. Equipment
Switzerland Telecom. Services
Taiwan Thrift
Thailand Tire & Rubber
Trinidad & Tobago Tobacco
Tunisia Toiletries/Cosmetics
Turkey Trucking
Turkmenistan Utility (Foreign)
Ukraine Water Utility
United Arab EmirateWireless Networking
UK Other
US
Uruguay
Venezuela
Vietnam
CUADRO 49 INDICADORES DE RIESGO PARA PASES EMERGENTES: ndice de B
DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO D
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market B

Diferencial de rendimientos del ndice de bonos de mercados emergen


Fecha
Per 6/ Argentina Brasil Colombia
Jan-13 Ene. 193 460 283 209
Feb-06 Feb. 141 382 239 169
Mar-06 Mar. 182 349 229 170
Apr-06 Abr. 190 332 234 173
May-06 May. 170 343 245 188
Jun-06 Jun. 172 383 262 231
Jul-06 Jul. 160 362 239 228
Aug-06 Ago. 140 325 218 196
Sep-06 Set. 138 332 229 206
Oct-06 Oct. 149 302 217 179
Nov-06 Nov. 147 292 220 176
Dec-06 Dic. 131 250 207 168

2007
Jan-07 Ene. 123 203 192 165
Feb-07 Feb. 127 207 183 163
Mar-07 Mar. 132 220 187 171
Apr-07 Abr. 118 235 155 142
May-07 May. 110 278 148 131
Jun-07 Jun. 104 290 147 108
Jul-07 Jul. 129 355 169 136
Aug-07 Ago. 169 461 201 186
Sep-07 Set. 156 427 191 181
Oct-07 Oct. 139 371 170 161
Nov-07 Nov. 172 395 209 194

Nota: Var %
Anual 17.1 35.4 -5.1 10.3
Acumulada 30.9 57.6 1.1 15.6
Mensual 24.0 6.4 22.7 20.8

1 2 3 4 5 6

FUENTE: http://www.bcrp.gob.pe/bcr/dmdocuments/Estadistica/Cuadros
PASES EMERGENTES: ndice de Bonos de Mercados Emergentes (EMBI + )
CONTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMRICA (EUA) 2/ (En puntos bsicos) 3/
G COUNTRIES: Emerging Market Bond Index (EMBI +) 1/ Stripped Spread (In basis points)

Tasa de Inters / Int


ice de bonos de mercados emergentes (EMBI+) LATIN EMBI+ EMBI+ Pases
Pases Emergentes Tesoro de EUA 5
aos
Ecuador Mxico Venezuela
623 121 282 259 228 4.3
569 111 241 224 202 4.6
560 123 219 218 196 4.7
513 130 187 214 190 4.9
488 132 189 218 195 5.0
517 150 223 241 223 5.1
503 120 211 219 207 5.0
494 111 202 203 190 4.8
580 115 230 218 200 4.7
560 112 224 208 192 4.7
528 114 228 207 192 4.6
724 106 206 198 181 4.5

904 102 207 189 171 4.7


746 104 209 185 170 4.7
695 108 220 191 180 4.5
611 91 218 170 160 4.6
625 80 243 171 158 4.7
630 83 286 176 159 5.0
714 101 318 203 183 4.9
702 123 418 248 224 4.4
660 112 434 239 216 4.2
599 108 378 215 195 4.2
616 135 460 253 231 3.7

16.5 17.9 101.8 22.2 20.2 -19.6


-15.0 27.6 123.5 27.8 27.6 -18.8
2.8 25.0 21.5 18.0 18.4 -12.4

7 8 9 10 11 12 13 14

ocuments/Estadistica/Cuadros/Semanales/NC_049.xls
Tasa de Inters / Interest Rate

Tesoro de EUA Tesoro de EUA Date


10 aos 30 aos

4.4 4.6 Jan.


4.6 4.6 Feb.
4.7 4.7 Mar.
5.0 5.1 Apr.
5.1 5.2 May.
5.1 5.2 Jun.
5.1 5.1 Jul.
4.9 5.0 Aug.
4.7 4.9 Sep.
4.7 4.9 Oct.
4.6 4.7 Nov.
4.6 4.7 Dec.

2007
4.8 4.8 Jan.
4.7 4.8 Feb.
4.6 4.7 Mar.
4.7 4.9 Apr.
4.7 4.9 May.
5.1 5.2 Jun.
5.0 5.1 July.
4.7 4.9 Aug.
4.5 4.8 Sep.
4.5 4.8 Oct .
4.2 4.5 Nov. 1 to 27

Note: % chg
-9.2 -3.0 Year-to-Year
-8.6 -3.0 Cumulative
-7.8 -4.9 Month-to-Month

15 16 17
EstimatingCountryRiskPremiu

Enter the current risk premium for a mature equity market 4.80%
Do you want to use current US corporate spreads(C) or country bond
spreads (H) C
The US corporate spreads come from a deeper market, but the
country bond spreads may be a more direct measure of country risk.
To update the spreads go to the bottom of the spreadsheet.

Do you want to adjust the country risk premium for the additional
volatility of the equity market? Yes
If no, use the country risk premium from the columns below
If yes, you can adjust the country risk premium for the relative
volatility of the equity market below: 5.50%
Enter the country risk premium from default spread = 61%
Enter the standard deviation in the equity market in the country = 35%
Enter the standard deviation in the long term bond issued by the
country = 9.59%
The adjusted country risk premium for your country is =

Country LongTermRating Adj.DefaultSpread

Argentina B3 600
Australia Aaa 0
Austria Aaa 0
Bahamas A1 60
Bahrain Baa1 110
Peru Baa3 135
Philippines B1 400
Poland A2 80
UnitedArabEmirates A1 60
UK Aaa 0
US Aaa 0
Uruguay B3 600
Venezuela B1 400
Vietnam Ba3 360

Fuente: http://pages.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls
tingCountryRiskPremiums

I use the risk premium for the United States for this estimate

The historical spreads represent an average over 5 years

Yes or No

Use annualized historical volatility


Use annualized historical volatility

TotalRiskPremium CountryRiskPremium Has to be sorted in ascending order


Default spread
Rating
13.80% 9.00% in basis points
4.80% 0.00% A1 60
4.80% 0.00% A2 80
5.70% 0.90% A3 90
6.45% 1.65% Aa1 50
6.83% 2.03%
10.80% 6.00%
6.00% 1.20%
5.70% 0.90%
4.80% 0.00%
4.80% 0.00%
13.80% 9.00%
10.80% 6.00%
10.20% 5.40%

tasets/ctryprem.xls
Industry Name Number of FirmsAverage Beta Market D/E Ratio Tax Rate Unlevered Beta
Advertising 36 0.99 22.25% 11.96% 0.83
Aerospace/Defense 73 0.92 20.81% 21.77% 0.79
Air Transport 56 1.38 42.16% 19.40% 1.03
Apparel 64 0.93 13.39% 21.60% 0.84
Auto & Truck 31 1.29 125.80% 18.90% 0.64
Auto Parts 64 0.99 52.49% 18.93% 0.69
Internet 329 2.30 2.28% 4.76% 2.25
Investment Co. 20 0.75 103.83% 0.00% 0.37
Investment Co.(Foreign) 15 1.21 4.09% 2.49% 1.16
Machinery 139 1.01 31.26% 20.52% 0.81
Manuf. Housing/RV 19 0.99 19.00% 19.77% 0.86
Maritime 46 0.86 60.09% 5.91% 0.55
Medical Services 186 0.94 17.47% 17.17% 0.82
Medical Supplies 279 1.11 6.47% 13.16% 1.05
Metal Fabricating 37 1.01 15.88% 24.89% 0.91
Metals & Mining (Div.) 82 1.04 8.74% 7.81% 0.96
Natural Gas (Distrib.) 30 0.73 60.93% 30.18% 0.51
Natural Gas (Div.) 34 1.01 40.33% 22.04% 0.77
Newspaper 18 0.76 30.08% 24.85% 0.62
Office Equip/Supplies 26 1.02 24.34% 29.99% 0.87
Oilfield Svcs/Equip. 110 1.05 11.72% 21.42% 0.96
Market 7661 1.14 32.11% 16.40% 0.90

Fuente: http://pages.stern.nyu.edu/~adamodar/pc/datasets/betas.xls
Cash/Firm Value
Unlevered Beta corrected for cash
6.85% 0.89
6.35% 0.84
11.95% 1.17
5.46% 0.89
11.63% 0.72
9.69% 0.77
8.55% 2.46
5.64% 0.39
2.53% 1.19
4.62% 0.84
11.03% 0.96
4.39% 0.58
11.80% 0.93
6.74% 1.12
3.46% 0.94
3.22% 0.99
2.60% 0.52
3.91% 0.80
1.53% 0.63
6.01% 0.93
4.33% 1.01
7.53% 0.98