1.

Determine la rentabilidad que debe exigir una acción si la rentabilidad libre de riesgo es 6%
la rentabilidad que el inversionista espera del mercado es del 15%. El entormo politico hace q
la beta sea del 0,30

RF = 6% Kei = E (Ri ) = RF + β[ E(RM) - RF ]

E(RM) = 15% Kei = E (Ri ) =
β= 0.30 Kei = E (Ri ) =
Kei = E (Ri ) =
abilidad libre de riesgo es 6%,
%. El entormo politico hace que
 388818302.xlsx

NOTA SOBRE LA TEORIA DE LA ESTRUCTURA DE CAPITAL OPTIMA (FN-215) Anexo 1

Perpetuidad g=0
1 Endeudamiento (valor contable 0% 10% 20% 30% 40%
2 BAIT 120,000 120,000 120,000 120,000 120,000
3 Intereses 0 4,125 8,750 14,625 22,000
4 Beneficio antes de impuestos (BAT 120,000 115,875 111,250 105,375 98,000
5 Impuestos (50%) 60,000 57,938 55,625 52,688 49,000
6 Beneficio después de impuestos ( 60,000 57,938 55,625 52,688 49,000
7 Dividendos = CFac 60,000 57,938 55,625 52,688 49,000
8 Intereses + dividendos (L3+L7) 60,000 62,063 64,375 67,313 71,000
9 Coste de la deuda: Kd 8.00% 8.25% 8.75% 9.75% 11.00%
10 Coste de los recursos propios: Ke 12.00% 12.50% 13.00% 13.50% 14.50%
11 Valor de mercado de la deuda; VD 0 50,000 100,000 150,000 200,000
12 Valor acciones. VE (L7/L10) 500,000 463,500 427,885 390,278 337,931
13 Valor de mercado de la empresa V 500,000 513,500 527,885 540,278 537,931
14 Valor contable de la deuda, BVD 0 50,000 100,000 150,000 200,000
15 Valor contable de las acciones, BV 500,000 450,000 400,000 350,000 300,000
16 Valor contable de la empresa, BVF 500,000 500,000 500,000 500,000 500,000
17 ROA (BAIT (1–t)/L16) 12.00% 12.00% 12.00% 12.00% 12.00%
18 ROE (L6/L15) 12.00% 12.88% 13.91% 15.05% 16.33%
19 Número de acciones en circulación 5,000 4,513 4,053 3,612 3,141
20 Cotización de la acción, P (L12/L19 100 102.7 105.576923 108.0555556 107.586207
21 Beneficio por acción, BPA (L6/L19) 12 12.8375 13.725 14.5875 15.6
22 Ratio cotización-beneficio, PER 8.33333333 8 7.69230769 7.4074074074 6.89655172
23 Endeudamiento contable (L14/L16) 0% 10% 20% 30% 40%
24 Endeudamiento (mercado), VD/VF ( 0.00% 9.74% 18.94% 27.76% 37.18%
25 Coste promedio del capital (WACC)
26 Cash flow disponible, FCF = BAIT (1 60,000 60,000 60,000 60,000 60,000
27 Valor de mercado de la empresa, VF (L26/L25)

D+E 500,000 513,500 527,885 540,278 537,931

WACC 0.00% 0.00% 0.00% 0.00% 0.00%
P (precio de la acción) 100 102.7 105.576923 108.05555556 107.586207

Página 3
 388818302.xlsx

50%
120,000
31,250
88,750
44,375
44,375
44,375
75,625
12.50%
16.00%
250,000
277,344
527,344
250,000
250,000
500,000
12.00%
17.75%
2,630
105.4688
16.875
6.25
50%
47.41%

60,000

527,344
0.00%
105.4688

Página 4
 Probabilidad Nivel de Ventas
miles US$ Nro de acciones
10.00% 70,000 Costos Fijos
25.00% 75,000 C Variables
35.00% 80,000 Impuestos
20.00% 85,000 Activos Totales
10.00% 90,000 Tasa de deuda

Cálculo (no hay deuda)

Probabilidad de ventas 10.00% 25.00%
Ventas 70,000 75,000
Costos Fijos 18,000 18,000
Costos Variables 49,000 52,500
EBIT (Utilidad antes de interes) 3,000 4,500
Intereses - -
EBT (Utilidad antes impuestos) 3,000 4,500
Impuestos 900 1,350
Utilidad Neta 2,100 3,150
EPS en 100,000 acciones 21.00 31.50
EPS esperada 41.48
EPS desviación estándar 11.73
Coeficiente de variación 0.28

Cálculo (grado de endeudamiento 0.50)

Probabilidad de ventas 10.00% 25.00%
Ventas 70,000 75,000
Costos Fijos 18,000 18,000
Costos Variables 49,000 52,500
EBIT (Utilidad antes de interes) 3,000 4,500
Intereses 2,380 2,380
EBT (Utilidad antes impuestos) 620 2,120
Impuestos 186 636
Utilidad Neta 434 1,484
EPS 8.68 29.68
EPS esperada 49.63
EPS desviación estándar 23.46
Coeficiente de variación 0.47

Beta apalancada = Beta desapalancada x (1 + (1 – t ) x (pasivo / patrimonio))

Beta desapalancada = beta del sector
Rentabilidad requerida = CAPM con riesgo pais
Precio = EPS / WACC
Coeficiente de variación = EPS desviación estandar / EPS esperada
PER = Precio / EPS
CCPP = WACC
Tasa impuestos 30.00%
Rf 4.00% Beta del sector
Rm 8.00% riesgo pais
Monto de Deuda Grado de Pasivos / Tasa de Interes
endeudamiento Patrimonio (préstamos)
(Deuda / activo total)

- 0.00% - 6.00%
10,000 14.71% 0.17 6.00%
20,000 29.41% 0.42 6.50%
30,000 44.12% 0.79 7.00%
40,000 58.82% 1.43 8.00%

EPS (Utilidades por 49.63 6.00% 6.50%

acción) 0.00%
14.71%
29.41%
44.12%
58.82%

Coeficiente de 0.47 6.00% 6.50%

variación 0.00%
14.71%
29.41%
44.12%
58.82%

EPS

50.00

48.00

46.00

44.00

42.00

40.00

38.00
 50.00

48.00

46.00

44.00

42.00

40.00

38.00
- 10,000 20,000

Beta apalancado

12.00

10.00

8.00

6.00

4.00

2.00

-
- 10,000 20,000

Rentabilidad requerida accionistas

1200.00%

1000.00%

800.00%

600.00%

400.00%

200.00%

0.00%
- 10,000 20,000
 600.00%

400.00%

200.00%

0.00%
- 10,000 20,000

WACC

1200.0000%

1000.0000%

800.0000%

600.0000%

400.0000%

200.0000%

0.0000%
- 10,000 20,000

Precio = EPS / WACC

12.00

10.00

8.00

6.00

4.00

2.00

-
- 10,000 20,000
4.00

2.00

-
- 10,000 20,000
 100
18,000 grado de
70.00% endeudamiento Monto de deuda
30.00% 50.00% 34,000
68,000 50
7.00%

35.00% 20.00% 10.00%

80,000 85,000 90,000
18,000 18,000 18,000
56,000 59,500 63,000
6,000 7,500 9,000
- - -
6,000 7,500 9,000
1,800 2,250 2,700
4,200 5,250 6,300
42.00 52.50 63.00

35.00% 20.00% 10.00%

80,000 85,000 90,000
18,000 18,000 18,000
56,000 59,500 63,000
6,000 7,500 9,000
2,380 2,380 2,380
3,620 5,120 6,620
1,086 1,536 1,986
2,534 3,584 4,634
50.68 71.68 92.68
 1.20
1.85%
EPS Coeficiente de Beta apalancado Rentabilidad WACC
variación requerida
accionistas

41.48 0.28
43.70 0.31
45.86 0.36
47.91 0.44
46.33 0.61

7.00% 8.00%

7.00% 8.00%

EPS

EPS
 EPS

20,000 30,000 40,000

Beta apalancado

Beta apalancado

20,000 30,000 40,000

Rentabilidad requerida accionistas

Rentabilidad requerida accionistas

20,000 30,000 40,000

 20,000 30,000 40,000

WACC

WACC

20,000 30,000 40,000

Precio = EPS / WACC

0 20,000 30,000 40,000

0 20,000 30,000 40,000
 Precio = PER Ratio
EPS / WACC

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
 (000 $)

Compra del activo 10,000

CAPEX anual 500

Precio Unidad año 1 3.40

Incremento precios 5.00%

Costos variables 70.31%

Costos fijos incrementales 1er año 1,300

Incrementos c fijos 5.00%

Vida del activo años 7 años

Escenario base

Valor venta activo (7 años) 2,000

Unidades vendidas 1er año 3,200

Incremento unidades 10.00%

Depreciacion activos 5 años

Impuesto a la renta 30.00%

Tasas

Costo de deuda 8.75%

Tasa reinversion 11.50%

Tasa libre de riesgo 3.75%
Tasa de mercado 9.00%
Riesgo pais 1.96%
PPP 45
PPC 60
PPI 60
Pasivo 3,000
Patrimonio 7,000
Beta 1.16
Beta apalancado

COK

WACC
INDICACIONES: SOLO LLENAR ESPAC
unidades
precio

+ Ingresos

- C variables

- c fijos

= EBITDA

- Depreciacion

= EBIT

- Impuestos

= EBT

+ Depreciacion

- Inv k de w

- CAPEX

+ Valor de rescate

+ Recuperacion k w

= FCF (10,000)

CCPP 11.38%
VAN (10,000)
TIR Err:523

CALCULO DE LA INVERSION EN CAPITAL D

+ CxC

+ Inventario
- CxP
Total Capital Trabajo
Inversión en Capital de T
OLO LLENAR ESPACIOS EN AMARILLO
Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7

- - - - - - -

1,529 1,629 1,729 1,829 1,929 1,429 1,429

(1,529) (1,629) (1,729) (1,829) (1,929) (1,429) (1,429)

(1,529) (1,629) (1,729) (1,829) (1,929) (1,429) (1,429)

1,529 1,629 1,729 1,829 1,929 1,429 1,429

2,132 330 382 441 509 588 679

500 500 500 500 500 500 500

2,000

10,255

LA INVERSION EN CAPITAL DE TRABAJO

1,813.33 2094.4 2419.032 2793.98196 3227.04916 3727.24178 4304.96426

1,275 1,473 1,701 1,965 2,269 2,621 3,027

 956.25 1104.46875 1275.66141 1473.38892 1701.76421 1965.53766 2270.196
2,132.08 2,462.56 2,844.25 3,285.11 3,794.30 4,382.42 5,061.70
2,132.08 330.47 381.70 440.86 509.19 588.12 679.28
Date updated: 6-Jan-22
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Cost of equity and capital (updateable)
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.htm
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile
To update this spreadsheet, enter the following
Long Term Treasury bond rate =
Risk Premium to Use for Equity =
Global Default Spread to add to cost of debt =
Do you want to use the marginal tax rate for cost of debt?
If yes, enter the marginal tax rate to use

These costs of capital are in US$. To convert to a different currency, please enter
Expected inflation rate in local currency = 6.00%
Expected inflation rate in US $ = 1.90%

Industry Name Number of Firms Beta

Advertising 40 1.15
Aerospace/Defense 87 1.08
Air Transport 17 1.01
Apparel 51 1.02
Auto & Truck 18 1.20
Auto Parts 62 1.04
Bank (Money Center) 11 0.64
Banks (Regional) 612 0.50
Beverage (Alcoholic) 28 1.33
Beverage (Soft) 35 0.70
Broadcasting 27 1.12
Brokerage & Investment Banking 42 1.24
Building Materials 39 1.11
Business & Consumer Services 169 1.17
Cable TV 14 0.92
Chemical (Basic) 38 1.20
Chemical (Diversified) 7 2.03
Chemical (Specialty) 99 1.11
Coal & Related Energy 30 1.25
Computer Services 111 1.10
Computers/Peripherals 58 1.01
Construction Supplies 49 1.12
Diversified 24 1.19
Drugs (Biotechnology) 459 1.44
Drugs (Pharmaceutical) 185 1.21
Education 34 1.15
Electrical Equipment 118 1.08
Electronics (Consumer & Office) 24 1.09
Electronics (General) 167 0.94
Engineering/Construction 49 1.27
Entertainment 90 1.15
Environmental & Waste Services 87 0.88
Farming/Agriculture 34 0.74
Financial Svcs. (Non-bank & Insurance) 264 0.61
Food Processing 87 0.68
Food Wholesalers 15 1.79
Furn/Home Furnishings 31 0.79
Green & Renewable Energy 22 1.20
Healthcare Products 251 0.94
Healthcare Support Services 115 0.90
Heathcare Information and Technology 112 0.98
Homebuilding 32 1.11
Hospitals/Healthcare Facilities 35 1.18
Hotel/Gaming 70 0.94
Household Products 131 1.00
Information Services 61 0.88
Insurance (General) 21 0.78
Insurance (Life) 25 1.01
Insurance (Prop/Cas.) 50 0.84
Investments & Asset Management 165 0.99
Machinery 126 1.15
Metals & Mining 102 1.10
Office Equipment & Services 24 1.37
Oil/Gas (Integrated) 5 1.37
Oil/Gas (Production and Exploration) 311 1.26
Oil/Gas Distribution 16 1.21
Oilfield Svcs/Equip. 130 1.23
Packaging & Container 25 0.74
Paper/Forest Products 21 1.20
Power 61 0.50
Precious Metals 111 0.96
Publishing & Newspapers 41 1.02
R.E.I.T. 244 0.66
Real Estate (Development) 20 0.75
Real Estate (General/Diversified) 10 0.75
Real Estate (Operations & Services) 60 1.02
Recreation 70 0.85
Reinsurance 3 0.52
Restaurant/Dining 81 0.85
Retail (Automotive) 25 1.01
Retail (Building Supply) 8 0.86
Retail (Distributors) 92 1.15
Retail (General) 18 1.05
Retail (Grocery and Food) 14 0.71
Retail (Online) 61 1.18
Retail (Special Lines) 106 1.11
Rubber& Tires 4 0.95
Semiconductor 72 1.17
Semiconductor Equip 45 0.98
Shipbuilding & Marine 9 1.34
Shoe 11 0.88
Software (Entertainment) 13 0.89
Software (Internet) 305 1.20
Software (System & Application) 255 1.09
Steel 37 1.82
Telecom (Wireless) 18 1.30
Telecom. Equipment 104 1.03
Telecom. Services 66 1.08
Tobacco 24 1.26
Transportation 18 0.95
Transportation (Railroads) 8 1.01
Trucking 30 1.20
Utility (General) 18 0.29
Utility (Water) 23 0.34
Total Market 7247 1.00
Total Market (without financials) 6057 1.07
nyu.edu

New_Home_Page/data.html
pc/datasets/indname.xls
New_Home_Page/datafile/variable.htm

2.41%
5.08%
0.00%

Cost of Equity E/(D+E)

8.27% 57.51%
7.91% 84.42%
7.5351281800% 58.48%
7.58% 74.52%
8.49% 40.31%
7.6806800280701800% 77.94%
5.65% 38.87%
4.96% 63.02%
9.15% 79.27%
5.99% 81.26%
8.10% 47.13%
8.70% 31.26%
8.04% 82.33%
8.35% 78.47%
7.09% 65.34%
8.49% 70.78%
12.74% 78.63%
8.07% 77.52%
8.75% 68.77%
8.00% 76.43%
7.54% 84.62%
8.10% 75.49%
8.48% 75.48%
9.72% 86.33%
8.55% 87.24%
8.27% 72.03%
7.92% 86.32%
7.96% 93.51%
7.17% 86.98%
8.86% 77.09%
8.26% 74.77%
6.87% 74.15%
6.19% 64.29%
5.49% 8.83%
5.84% 76.44%
11.48% 72.75%
6.42% 78.21%
8.51% 50.45%
7.19% 85.41%
6.97% 80.11%
7.38% 83.83%
8.04% 71.61%
8.40% 36.16%
7.18% 71.48%
7.47% 82.63%
6.89% 86.42%
6.39% 72.20%
7.53% 63.67%
6.67% 79.10%
7.43% 70.38%
8.25% 83.51%
8.01% 76.61%
9.39% 65.94%
9.38% 86.74%
8.80% 70.47%
8.54% 51.70%
8.64% 76.35%
6.16% 66.57%
8.50% 71.42%
4.97% 56.70%
7.30% 84.85%
7.59% 69.21%
5.76% 56.02%
6.22% 68.82%
6.20% 80.90%
7.60% 68.16%
6.73% 77.17%
5.06% 78.29%
6.73% 75.64%
7.55% 56.83%
6.76% 84.85%
8.25% 68.69%
7.74% 76.25%
6.00% 54.44%
8.41% 89.76%
8.05% 65.36%
7.25% 56.18%
8.37% 88.42%
7.40% 89.66%
9.22% 68.05%
6.89% 91.20%
6.94% 93.94%
8.52% 96.79%
7.93% 87.61%
11.64% 73.41%
9.02% 45.46%
7.67% 82.83%
7.91% 55.70%
8.82% 85.37%
7.23% 76.91%
7.52% 81.52%
8.50% 58.89%
3.90% 59.79%
4.15% 72.39%
7.49% 62.89%
7.84% 76.49%
US companies

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

Standard Deviation Basis Spread
0 0.25 0.70%
0.25 0.4 1.20%
Yes 0.4 0.65 1.50%
24% 0.65 0.75 2.25%
0.75 0.9 4.50%
0.9 1 5.75%
1 10 7.00%

Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E)
80.95% 6.91% 6.38% 5.25% 42.49%
49.06% 3.91% 11.59% 2.97% 15.58%
40.20% 3.91% 24.57% 2.97% 41.52%
59.71% 3.91% 10.35% 2.97% 25.48%
38.59% 3.61% 8.15% 2.74% 59.69%
56.74% 3.91% 7.71% 2.97% 22.06%
33.37% 3.61% 27.31% 2.74% 61.13%
32.08% 3.61% 25.57% 2.74% 36.98%
50.14% 3.91% 10.12% 2.97% 20.73%
45.33% 3.91% 6.41% 2.97% 18.74%
52.30% 3.91% 17.18% 2.97% 52.87%
42.48% 3.91% 14.56% 2.97% 68.74%
41.01% 3.91% 23.34% 2.97% 17.67%
49.45% 3.91% 11.09% 2.97% 21.53%
36.33% 3.61% 22.23% 2.74% 34.66%
59.39% 3.91% 9.76% 2.97% 29.22%
68.62% 4.66% 11.66% 3.54% 21.37%
59.69% 3.91% 9.64% 2.97% 22.48%
90.61% 8.16% 4.94% 6.20% 31.23%
48.53% 3.91% 9.40% 2.97% 23.57%
61.38% 3.91% 5.03% 2.97% 15.38%
45.67% 3.91% 17.36% 2.97% 24.51%
26.82% 3.61% 12.09% 2.74% 24.52%
94.78% 8.16% 1.36% 6.20% 13.67%
85.70% 6.91% 2.11% 5.25% 12.76%
53.59% 3.91% 8.24% 2.97% 27.97%
66.17% 4.66% 5.06% 3.54% 13.68%
70.22% 4.66% 5.98% 3.54% 6.49%
60.25% 3.91% 8.34% 2.97% 13.02%
53.02% 3.91% 13.37% 2.97% 22.91%
54.94% 3.91% 5.45% 2.97% 25.23%
65.74% 4.66% 4.45% 3.54% 25.85%
42.57% 3.91% 7.69% 2.97% 35.71%
36.63% 3.61% 19.89% 2.74% 91.17%
41.18% 3.91% 15.13% 2.97% 23.56%
55.42% 3.91% 11.91% 2.97% 27.25%
51.26% 3.91% 12.56% 2.97% 21.79%
60.29% 3.91% 2.41% 2.97% 49.55%
66.92% 4.66% 4.79% 3.54% 14.59%
57.44% 3.91% 13.69% 2.97% 19.89%
58.64% 3.91% 5.96% 2.97% 16.17%
44.70% 3.91% 23.86% 2.97% 28.39%
60.63% 3.91% 10.57% 2.97% 63.84%
45.51% 3.91% 14.01% 2.97% 28.52%
56.30% 3.91% 7.35% 2.97% 17.37%
41.35% 3.91% 15.90% 2.97% 13.58%
37.21% 3.61% 14.71% 2.74% 27.80%
37.34% 3.61% 15.32% 2.74% 36.33%
34.65% 3.61% 18.50% 2.74% 20.90%
41.00% 3.91% 8.30% 2.97% 29.62%
43.17% 3.91% 14.05% 2.97% 16.49%
82.33% 6.91% 1.66% 5.25% 23.39%
49.66% 3.91% 18.37% 2.97% 34.06%
20.21% 3.11% 10.96% 2.36% 13.26%
78.88% 6.91% 2.18% 5.25% 29.53%
62.79% 3.91% 4.84% 2.97% 48.30%
73.29% 4.66% 5.27% 3.54% 23.65%
27.67% 3.61% 22.37% 2.74% 33.43%
56.81% 3.91% 14.18% 2.97% 28.58%
31.23% 3.61% 20.31% 2.74% 43.30%
91.35% 8.16% 2.16% 6.20% 15.15%
54.14% 3.91% 11.92% 2.97% 30.79%
32.14% 3.61% 1.96% 2.74% 43.98%
44.27% 3.91% 5.80% 2.97% 31.18%
41.07% 3.91% 12.77% 2.97% 19.10%
54.01% 3.91% 8.82% 2.97% 31.84%
50.85% 3.91% 10.16% 2.97% 22.83%
18.99% 3.11% 10.92% 2.36% 21.71%
48.41% 3.91% 14.99% 2.97% 24.36%
42.62% 3.91% 19.04% 2.97% 43.17%
53.44% 3.91% 15.36% 2.97% 15.15%
49.24% 3.91% 14.20% 2.97% 31.31%
49.94% 3.91% 22.96% 2.97% 23.75%
45.73% 3.91% 21.04% 2.97% 45.56%
60.64% 3.91% 7.57% 2.97% 10.24%
59.68% 3.91% 22.01% 2.97% 34.64%
56.24% 3.91% 7.91% 2.97% 43.82%
52.68% 3.91% 8.04% 2.97% 11.58%
61.04% 3.91% 8.51% 2.97% 10.34%
94.40% 8.16% 8.31% 6.20% 31.95%
44.39% 3.91% 16.75% 2.97% 8.80%
49.61% 3.91% 2.21% 2.97% 6.06%
65.60% 4.66% 2.50% 3.54% 3.21%
53.27% 3.91% 3.98% 2.97% 12.39%
70.40% 4.66% 7.05% 3.54% 26.59%
54.46% 3.91% 7.95% 2.97% 54.54%
57.87% 3.91% 8.12% 2.97% 17.17%
52.57% 3.91% 8.05% 2.97% 44.30%
45.16% 3.91% 5.25% 2.97% 14.63%
46.36% 3.91% 21.92% 2.97% 23.09%
29.77% 3.61% 23.82% 2.74% 18.48%
54.25% 3.91% 20.56% 2.97% 41.11%
20.67% 3.11% 30.89% 2.36% 40.21%
34.50% 3.61% 15.09% 2.74% 27.61%
53.52% 3.91% 10.04% 2.97% 37.11%
57.16% 3.91% 7.92% 2.97% 23.51%
Cost of Capital Cost of Capital (Local Currency)
6.99% 11.29%
7.14% 11.45%
5.64% 9.89%
6.40% 10.68%
5.06% 9.29%
6.64% 10.93%
3.87% 8.05%
4.14% 8.33%
7.87% 12.21%
5.42% 9.66%
5.39% 9.63%
4.76% 8.98%
7.15% 11.46%
7.19% 11.50%
5.58% 9.83%
6.88% 11.18%
10.78% 15.23%
6.93% 11.23%
7.96% 12.30%
6.82% 11.12%
6.84% 11.14%
6.85% 11.14%
7.07% 11.38%
9.24% 13.64%
8.13% 12.48%
6.79% 11.08%
7.32% 11.64%
7.67% 12.00%
6.63% 10.92%
7.51% 11.84%
6.93% 11.23%
6.01% 10.27%
5.04% 9.27%
2.99% 7.13%
5.17% 9.40%
9.16% 13.55%
5.67% 9.92%
5.77% 10.02%
6.66% 10.95%
6.17% 10.45%
6.67% 10.96%
6.60% 10.89%
4.93% 9.16%
5.98% 10.24%
6.69% 10.98%
6.36% 10.64%
5.38% 9.62%
5.79% 10.05%
5.85% 10.11%
6.11% 10.38%
7.38% 11.70%
7.37% 11.69%
7.20% 11.52%
8.45% 12.81%
7.76% 12.09%
5.85% 10.11%
7.44% 11.76%
5.02% 9.24%
6.92% 11.22%
4.01% 8.19%
7.14% 11.45%
6.17% 10.44%
4.43% 8.63%
5.21% 9.44%
5.58% 9.83%
6.13% 10.40%
5.87% 10.13%
4.47% 8.68%
5.81% 10.07%
5.57% 9.82%
6.19% 10.46%
6.59% 10.88%
6.61% 10.90%
4.62% 8.83%
7.86% 12.20%
6.29% 10.57%
5.38% 9.62%
7.74% 12.08%
6.94% 11.24%
8.26% 12.61%
6.54% 10.83%
6.70% 10.99%
8.36% 12.72%
7.32% 11.64%
9.49% 13.89%
5.72% 9.98%
6.86% 11.16%
5.72% 9.98%
7.97% 12.31%
6.25% 10.52%
6.64% 10.93%
6.23% 10.50%
3.28% 7.44%
3.76% 7.94%
5.81% 10.07%
6.69% 10.99%