Precio Precio Indice Retorno Retorno

FECHA Acción Mercado Acción Mercado

1/2/2014 296.75 1685.00
1/3/1996 299.00 1720.00
1/4/1996 295.50 1755.00
1/5/1996 296.75 1780.00
1/8/1996 297.00 1780.00
1/9/1996 295.50 1765.00
1/10/1996 292.00 1736.00
1/11/1996 291.50 1710.00
1/12/1996 294.00 1720.10
1/15/1996 286.50 1690.00
1/16/1996 286.00 1660.00
1/17/1996 285.50 1715.00
1/18/1996 282.75 1730.00
1/19/1996 275.00 1728.00
1/22/1996 269.00 1708.00
1/23/1996 267.00 1717.00
1/24/1996 265.50 1745.00
1/25/1996 266.00 1730.00
1/26/1996 258.00 1690.00
1/29/1996 261.00 1715.00
1/30/1996 263.25 1680.00
1/31/1996 269.25 1671.00
2/1/1996 275.50 1700.00
2/2/1996 279.50 1700.00
2/5/1996 277.50 1679.00
2/6/1996 272.00 1660.00
2/7/1996 273.00 1670.00
2/8/1996 273.00 1650.00
2/9/1996 274.00 1625.00
2/12/1996 267.50 1580.00
2/13/1996 268.50 1590.00
2/14/1996 272.00 1550.00
2/15/1996 269.00 1510.00
2/16/1996 268.00 1485.00
2/19/1996 268.00 1475.00
2/20/1996 271.00 1530.00
2/21/1996 276.25 1600.00
2/22/1996 272.75 1545.00
2/23/1996 271.00 1510.00
2/26/1996 269.25 1520.00
2/27/1996 272.50 1540.00
2/28/1996 269.00 1530.00
2/29/1996 270.00 1505.00
 3/1/1996 270.50 1555.00
3/3/1996 270.50 1555.00
3/4/1996 270.75 1506.00
3/5/1996 270.55 1470.00
3/6/1996 269.50 1420.00
3/7/1996 267.00 1390.00
3/8/1996 263.00 1380.00
3/11/1996 264.00 1440.00
3/12/1996 267.00 1435.00
3/13/1996 266.00 1460.00
3/14/1996 263.00 1425.00
3/15/1996 261.90 1412.00
3/18/1996 261.00 1415.00
3/19/1996 258.00 1420.00
3/20/1996 258.75 1425.00
3/21/1996 256.75 1412.00
3/22/1996 258.25 1430.00
3/25/1996 256.05 1420.00
3/26/1996 251.00 1408.00
3/27/1996 250.00 1415.00
3/28/1996 253.75 1425.00
3/29/1996 256.00 1420.00
4/1/1996 253.40 1410.00
4/2/1996 255.50 1415.00
4/3/1996 251.75 1390.00
4/4/1996 251.00 1380.00
4/8/1996 251.00 1400.00
4/9/1996 250.60 1400.00
4/10/1996 252.50 1420.00
4/11/1996 252.50 1439.00
4/12/1996 255.25 1470.00
4/15/1996 258.00 1520.00
4/16/1996 260.00 1560.00
4/17/1996 258.00 1575.00
4/18/1996 259.00 1600.00
4/19/1996 267.00 1620.00
4/22/1996 268.50 1640.00
4/23/1996 267.75 1615.00
4/24/1996 264.00 1565.00
4/25/1996 264.00 1575.00
4/26/1996 267.25 1590.00
4/29/1996 261.25 1570.00
4/30/1996 260.00 1560.00
5/2/1996 263.00 1600.00
5/3/1996 264.30 1631.00
 5/6/1996 266.50 1610.00
5/7/1996 269.00 1640.00
5/8/1996 275.00 1630.00
5/9/1996 278.00 1670.00
5/10/1996 276.00 1690.00
5/13/1996 273.50 1691.00
5/14/1996 274.25 1720.00
5/15/1996 271.00 1710.00
5/16/1996 267.00 1700.00
5/17/1996 268.00 1680.00
5/20/1996 269.50 1670.00
5/22/1996 262.50 1640.00
5/23/1996 261.50 1610.00
5/24/1996 259.00 1590.00
5/27/1996 258.00 1565.00
5/28/1996 253.00 1520.00
5/29/1996 251.50 1525.00
5/30/1996 252.50 1550.00
5/31/1996 253.00 1570.00
6/3/1996 250.25 1540.00
6/4/1996 249.75 1515.00
6/5/1996 255.00 1538.00
6/7/1996 261.00 1570.00
6/10/1996 261.00 1565.00
6/11/1996 258.50 1600.00
6/12/1996 263.50 1650.00
6/13/1996 270.00 1685.00
6/14/1996 268.50 1665.00
6/17/1996 269.50 1630.00
6/18/1996 273.00 1675.00
6/19/1996 271.50 1683.00
6/20/1996 272.00 1710.00
6/21/1996 276.50 1735.00
6/24/1996 279.00 1700.00
6/25/1996 278.00 1680.00
6/26/1996 280.00 1670.00
6/27/1996 282.00 1710.00
6/28/1996 284.00 1770.00
7/1/1996 287.00 1805.00
7/2/1996 290.50 1795.00
7/3/1996 291.50 1800.00
7/4/1996 292.00 1840.00
7/5/1996 291.00 1845.00
7/8/1996 292.25 1845.00
7/9/1996 292.00 1845.00
7/10/1996 287.25 1855.00
7/11/1996 282.50 1860.00
7/12/1996 276.00 1845.00
7/15/1996 272.25 1830.00
7/16/1996 273.00 1800.00
7/17/1996 268.25 1780.00
7/18/1996 271.25 1795.00
7/19/1996 272.00 1835.00
7/22/1996 268.50 1828.00
7/23/1996 269.50 1835.00
7/24/1996 267.75 1838.00
7/25/1996 264.75 1830.00
7/26/1996 265.75 1825.00
7/29/1996 265.50 1760.00
7/30/1996 267.00 1730.00
7/31/1996 267.50 1720.00
8/1/1996 268.10 1700.00
8/2/1996 274.00 1730.00
8/5/1996 273.01 1750.00
8/6/1996 271.25 1740.00
8/7/1996 270.75 1730.00
8/8/1996 271.50 1700.00
8/9/1996 272.00 1710.00
8/12/1996 268.00 1695.00
8/13/1996 266.00 1650.00
8/14/1996 266.60 1650.00
8/16/1996 269.50 1670.00
8/19/1996 266.50 1685.00
8/20/1996 267.25 1700.00
8/21/1996 268.50 1705.00
8/22/1996 268.00 1700.00
8/23/1996 266.00 1690.00
8/26/1996 261.50 1670.00
8/27/1996 262.50 1665.00
8/28/1996 261.75 1655.00
8/29/1996 260.00 1660.00
8/30/1996 259.00 1655.00
9/2/1996 257.50 1655.00
9/3/1996 258.50 1645.00
9/4/1996 257.00 1650.00
9/5/1996 257.25 1660.00
9/6/1996 260.00 1670.00
9/9/1996 260.50 1678.00
9/10/1996 259.50 1674.00
9/12/1996 258.50 1675.00
 9/13/1996 260.00 1681.00
9/16/1996 258.50 1690.00
9/17/1996 258.25 1700.00
9/20/1996 257.50 1725.00
9/23/1996 262.00 1740.00
9/24/1996 262.60 1775.00
9/25/1996 261.50 1761.00
9/26/1996 260.00 1775.00
9/27/1996 258.25 1770.00
9/30/1996 255.00 1760.00
10/1/1996 257.00 1750.00
10/2/1996 258.50 1765.00
10/3/1996 261.00 1790.00
10/4/1996 265.00 1815.00
10/7/1996 268.00 1840.00
10/8/1996 272.50 1860.00
10/9/1996 274.75 1832.00
10/10/1996 270.25 1810.00
10/11/1996 271.50 1813.00
10/14/1996 270.60 1815.00
10/15/1996 269.00 1805.00
10/16/1996 264.25 1810.00
10/17/1996 263.50 1815.00
10/18/1996 262.50 1818.00
10/21/1996 258.75 1780.00
10/22/1996 257.00 1790.00
10/23/1996 256.50 1780.00
10/24/1996 258.75 1805.00
10/25/1996 257.25 1790.00
10/28/1996 256.30 1775.00
10/29/1996 253.25 1755.00
10/30/1996 251.25 1710.00
10/31/1996 256.00 1700.00
11/4/1996 254.50 1685.00
11/5/1996 253.00 1652.00
11/6/1996 252.50 1640.00
11/7/1996 252.00 1605.00
11/8/1996 251.50 1597.50
11/11/1996 252.25 1630.00
11/12/1996 253.50 1660.00
11/13/1996 251.50 1645.00
11/14/1996 248.75 1620.00
11/15/1996 246.00 1600.00
11/18/1996 243.00 1595.00
11/19/1996 243.00 1600.00
11/20/1996 246.00 1625.00
11/21/1996 246.00 1610.00
11/22/1996 246.00 1610.00
11/25/1996 243.50 1610.00
11/26/1996 238.75 1603.00
11/27/1996 235.75 1602.00
11/28/1996 229.50 1590.00
11/29/1996 229.60 1605.10
12/2/1996 223.00 1600.00
12/3/1996 220.75 1590.00
12/4/1996 225.00 1590.00
12/5/1996 222.75 1564.00
12/6/1996 218.75 1555.00
12/9/1996 222.00 1580.00
12/10/1996 225.00 1585.00
12/11/1996 222.50 1567.00
12/12/1996 220.50 1550.00
12/13/1996 218.00 1520.00
12/16/1996 217.40 1510.00
12/17/1996 214.25 1500.00
12/18/1996 213.50 1495.00
12/19/1996 213.50 1510.00
12/20/1996 214.00 1505.00
12/23/1996 213.00 1495.00
12/24/1996 212.50 1500.00
12/26/1996 213.00 1530.10
12/27/1996 212.50 1535.00
12/30/1996 211.00 1525.00
12/31/1996 211.00 1525.00
1/1/1997 211.00 1525.00
1/2/1997 210.50 1520.00
1/3/1997 219.00 1560.00
1/6/1997 226.50 1600.10
1/7/1997 231.00 1615.00
1/8/1997 237.00 1642.00
1/9/1997 234.00 1610.00
1/10/1997 234.90 1600.00
1/11/1997 234.90 1600.00
1/12/1997 234.90 1600.00
1/13/1997 239.80 1620.00
1/14/1997 246.50 1650.00
1/15/1997 250.00 1700.00
1/16/1997 251.00 1670.00
1/17/1997 259.50 1700.10
1/19/1997 259.50 1700.10
1/20/1997 272.00 1743.00
1/21/1997 256.00 1695.00
1/22/1997 241.00 1660.00
1/23/1997 246.00 1700.00
1/24/1997 241.00 1650.00
1/27/1997 230.00 1630.00
1/28/1997 239.00 1620.00
1/29/1997 242.00 1635.00
1/30/1997 253.00 1625.00
1/31/1997 249.50 1650.00
2/3/1997 252.00 1675.00
2/4/1997 253.00 1690.00
2/5/1997 252.00 1695.00
2/6/1997 251.00 1700.00
2/7/1997 262.00 1765.00
2/10/1997 256.50 1715.00
2/11/1997 251.75 1685.00
2/12/1997 254.25 1690.00
2/13/1997 254.25 1690.00
2/14/1997 255.50 1670.00
2/17/1997 253.50 1645.00
2/18/1997 253.50 1670.00
2/19/1997 251.00 1650.00
2/20/1997 251.50 1650.00
2/21/1997 252.50 1665.00
2/24/1997 251.50 1675.00
2/25/1997 257.25 1695.00
2/26/1997 257.00 1660.00
2/27/1997 255.00 1655.00
2/28/1997 255.00 1630.00
3/3/1997 253.50 1593.00
3/4/1997 254.00 1610.00
3/5/1997 254.00 1615.00
3/6/1997 256.00 1605.00
3/7/1997 261.00 1630.00
3/10/1997 259.00 1620.00
3/11/1997 261.00 1615.00
3/12/1997 258.00 1590.00
3/13/1997 254.50 1570.00
3/14/1997 254.50 1580.00
3/17/1997 252.50 1565.00
3/18/1997 248.50 1560.00
3/19/1997 247.00 1540.00
3/20/1997 247.00 1535.00
3/21/1997 252.00 1550.00
3/24/1997 256.50 1540.00
3/25/1997 254.00 1540.00
3/26/1997 253.00 1560.00
3/27/1997 254.50 1570.00
3/31/1997 254.50 1548.00
4/1/1997 256.25 1540.00
4/2/1997 261.50 1550.00
4/3/1997 268.00 1600.00
4/4/1997 264.50 1570.00
4/7/1997 267.50 1575.00
4/8/1997 268.00 1590.00
4/9/1997 262.75 1579.00
4/10/1997 267.00 1580.00
4/11/1997 262.50 1560.00
4/14/1997 255.00 1540.00
4/15/1997 247.00 1545.00
4/16/1997 253.00 1575.00
4/17/1997 247.00 1625.00
4/18/1997 249.50 1625.00
4/21/1997 247.75 1620.00
4/22/1997 252.50 1645.00
4/23/1997 256.50 1630.00
4/24/1997 257.75 1630.00
4/25/1997 255.50 1630.00
4/28/1997 258.00 1628.00
4/29/1997 259.00 1630.00
4/30/1997 259.00 1620.00
5/2/1997 259.25 1630.00
5/5/1997 257.00 1655.00
5/6/1997 257.00 1700.00
5/7/1997 256.00 1715.00
5/8/1997 257.25 1750.00
5/9/1997 259.00 1760.00
5/12/1997 258.00 1770.00
5/13/1997 256.50 1725.10
5/14/1997 256.00 1740.00
5/15/1997 254.00 1725.00
5/16/1997 258.00 1750.00
5/19/1997 263.00 1745.00
5/20/1997 264.50 1770.00
5/22/1997 271.50 1800.00
5/23/1997 278.00 1805.00
5/26/1997 279.00 1810.00
5/27/1997 284.75 1835.00
5/28/1997 291.50 1871.00
5/30/1997 302.00 1910.00
6/2/1997 309.00 1910.00
6/3/1997 314.00 1875.00
6/4/1997 313.00 1845.00
6/5/1997 303.00 1840.00
6/6/1997 305.00 1820.00
6/9/1997 305.25 1835.00
6/10/1997 308.50 1880.00
6/11/1997 315.00 1905.00
6/12/1997 322.00 1962.00
6/13/1997 320.00 1995.00
6/16/1997 312.50 1970.00
6/17/1997 306.00 1965.00
6/18/1997 307.50 1967.00
6/19/1997 310.00 1995.00
6/20/1997 311.10 2010.00
6/23/1997 307.00 1995.10
6/24/1997 312.50 2030.00
6/25/1997 306.00 2040.00
6/26/1997 307.00 2110.00
6/27/1997 308.00 2150.00
6/30/1997 310.50 2140.00
7/1/1997 317.00 2095.00
7/2/1997 317.50 2080.00
7/3/1997 321.00 2100.00
7/4/1997 322.00 2135.00
7/7/1997 318.00 2140.00
7/8/1997 323.00 2105.00
7/9/1997 327.00 2117.00
7/10/1997 326.00 2121.00
7/11/1997 320.00 2110.00
7/14/1997 314.00 2110.00
7/15/1997 306.00 2035.00
7/16/1997 310.00 2049.00
7/17/1997 309.00 2010.00
7/18/1997 306.00 1990.00
7/21/1997 295.00 1970.00
7/22/1997 302.00 1990.00
7/23/1997 309.50 2045.00
7/24/1997 317.00 2065.00
7/25/1997 322.00 2095.00
7/28/1997 315.00 2088.50
7/29/1997 322.50 2090.00
7/30/1997 325.50 2100.00
7/31/1997 322.00 2095.00
 8/1/1997 326.00 2095.00
8/4/1997 327.00 2120.10
8/5/1997 319.00 2080.00
8/6/1997 324.00 2090.00
8/7/1997 323.00 2095.00
8/8/1997 321.50 2070.00
8/11/1997 313.50 2040.00
8/12/1997 307.75 2025.00
8/13/1997 305.00 2000.00
8/14/1997 309.50 2040.00
8/18/1997 309.00 2040.00
8/19/1997 310.50 2080.00
8/20/1997 318.00 2100.00
8/21/1997 314.00 2070.00
8/22/1997 310.75 2020.00
8/25/1997 306.00 2020.00
8/26/1997 306.00 2010.00
8/27/1997 304.50 2005.00
8/28/1997 302.00 1980.00
8/29/1997 299.00 1970.00
9/1/1997 299.00 1970.00
9/2/1997 307.00 1990.00
9/3/1997 317.50 2012.00
9/4/1997 313.50 1980.00
9/5/1997 309.00 1980.00
9/8/1997 306.00 1940.00
9/9/1997 310.00 1950.00
9/10/1997 307.00 1925.00
9/12/1997 308.00 1920.00
9/15/1997 302.50 1865.00
9/16/1997 307.00 1900.00
9/17/1997 310.50 1930.00
9/22/1997 305.50 1925.00
9/23/1997 298.50 1910.00
9/24/1997 295.00 1890.00
9/25/1997 289.00 1875.00
9/26/1997 293.00 1875.00
9/29/1997 292.50 1880.00
9/30/1997 290.00 1880.00
Análisis Estadístico
Desviación Retorno Acción
Desviación Retorno Mercado

Covarianza (Rs, Rm)

Coeficiente de Correlación
Varianza Retorno Mercado
BETA Apalancado
Beta Desapalancado

BETA APALANCADO

COV ( Rs , Rm )
L 
VAR ( Rm )
BETA DESAPALANCADO

Beta Apalancado (base 30% deuda)

WACC
KE
Tala Libre de Riesgo anual
Rentabilidad Mercado (360 días)
Prima de Mercado
Beta Apalancado
KE
KD
Wacc
 Tasa Impuestos 20%
Estructura Financiera
Deuda Financiera 30.00%
Equity 70.00%
Leverage 0.43

Promedio Rentabilidad Acción #DIV/0!

Promedio Rentabilidad Mercado #DIV/0!

SENSIBILIZACION
BETA

Nueva Deuda Financiera 60%

Nuevo Equity 40%
Nuevo Leverage
L 1.50

U 
Nuevo Impuesto 20%

1  (1  TC ) B / S

8.00%
#DIV/0!
#DIV/0!
-
Cálculo de Valor Futuro
Valor Actual 100,000 Años Crédito 3
Período Capitalización Mensual
Tasa Anual (%) 12%
Capitalización 12
Tasa compuesta (%) 0.00%
Plazo 36
Valor Futuro

Cálculo de Cuota
Valor Préstamo 100,000 Años Crédito 3
Período Capitalización Mensual
Tasa Anual (%) 12%
Capitalización 12
Tasa compuesta (%) 0.00%
Plazo 36
Valor Cuota

Pago Total
Préstamo Original 100,000
Intereses - 100,000
Cálculo de Valor Futuro
Valor Ahorro 100,000 Años Crédito 3
Período Capitalización Mensual
Tasa Anual (%) 12%
Capitalización 12
Tasa compuesta (%) 0.00%
Plazo 36
Valor Futuro

Valor Nominal Ahorro

Valor Ahorro Rentabilizado -
Ganancia -
Crecimiento Flujos 2%
1 2 3 4 5
F0 F1 F2 F3 F4 F5
Ingresos 190,000
Costos - 80,000
Gastos - 25,000
Depreciación - 30,000 - 30,000 - 30,000 - 30,000 - 30,000
Utilidad AI - 55,000 - 30,000 - 30,000 - 30,000 - 30,000
Impuesto - - 11,000 6,000 6,000 6,000 6,000
Utilidad Final - 44,000 - 24,000 - 24,000 - 24,000 - 24,000
Depreciación - 30,000 30,000 30,000 30,000 30,000
Inversión - 300,000
Valor Residual
Flujo de Caja - 300,000 74,000 6,000 6,000 6,000 6,000

Kd 8.00%
Ke 12.00% Valor Residual
Deuda Financiera 33.00% 900,000 800,000 700,000
Capital 67.00%
wacc 10.15200%
VAN 125,227 Estructura Deuda
TIR 15.08582% 20% 33% 40%

Costo Deuda
8.00% 10.00% 12.00%
 6 7 8 9 10
F6 F7 F8 F9 F10

- 30,000 - 30,000 - 30,000 - 30,000 - 30,000

- 30,000 - 30,000 - 30,000 - 30,000 - 30,000
6,000 6,000 6,000 6,000 6,000
- 24,000 - 24,000 - 24,000 - 24,000 - 24,000
30,000 30,000 30,000 30,000 30,000

859,594
6,000 6,000 6,000 6,000 865,594
CALCULAR VAN MANUAL

Valor Residual
600,000 500,000 400,000

Estructura Deuda
50% 60% 70%

Costo Deuda
18.00% 20.00% 25.00%
 NAME COUNTRY_FULL_NAME

Lista de Empresas Comparables a la Compañía

Empresas Comparables Pais

Expressway ANHUI EXPRESSWAY CO LTD-H CHINA

Airport & Related BEIJING CAPITAL INTL AIRPO-H CHINA
Infrastructure Conglomerates CHEUNG KONG INFRASTRUCTURE HONG KONG
Ports CHINA COSCO HOLDINGS-H CHINA
Ports CHINA MERCHANTS CHINA DIRECT HONG KONG
Ports CHINA SHIPPING DEVELOPMENT-H CHINA
Ports COSCO PACIFIC LIMITED HONG KONG
Ports DALIAN PORT (PDA) CO LTD-H CHINA
Ports DP WORLD LTD UAE
Ports FORTH PORTS PLC BRITAIN
Rail & Bus GUANGSHEN RAILWAY CO LTD-H CHINA
Airport & Related HAINAN MEILAN INTL AIRPORT-H CHINA
Expressway HOPEWELL HIGHWAY INFRASTRUCT HONG KONG
Expressway HOPEWELL HOLDINGS HONG KONG
Ports INERGY LP UNITED STATES
Ports INTL CONTAINER TERM SVCS INC PHILIPPINES
Expressway JIANGSU EXPRESS CO LTD-H CHINA
Ports KOREA LINE CORP SOUTH KOREA
Ports MALAYSIAN BULK CARRIERS BHD MALAYSIA
Rail & Bus MTR CORP HONG KONG
Ports NANJING PORT CO LTD CHINA
Ports NCB HOLDINGS BHD MALAYSIA
Infrastructure Conglomerates NWS HOLDINGS LTD HONG KONG
Ports PACIFIC BASIN SHIPPING LTD HONG KONG
Ports PORT OF TAURANGA LIMITED NEW ZEALAND
Ports PRECIOUS SHIPPING PCL THAILAND
Ports SHANGHAI INTERNATIONAL PORT CHINA
Ports SHENZHEN CHIWAN WHARF HLDG-B CHINA
Expressway SHENZHEN EXPRESSWAY CO-H CHINA
Ports SHENZHEN YANTIAN PORT HLD-A CHINA
Expressway SICHUAN EXPRESSWAY CO-H CHINA
Ports SINCERE NAVIGATION TAIWAN
Ports STX PAN OCEAN CO LTD SOUTH KOREA
Ports THORESEN THAI AGENCIES PCL THAILAND
Ports TIANJIN PORT DVLP HLDS LTD HONG KONG
Rail & Bus TRANSPORT INTERNATIONAL HLDG HONG KONG
Airport & Related TRAVELSKY TECHNOLOGY LTD-H CHINA
Ports U-MING MARINE TRANSPORT CORP TAIWAN
Ports XIAMEN INTERNATIONAL PORT-H CHINA
Ports YINGKOU PORT LIABILITY CO-A CHINA
Expressway ZHEJIANG EXPRESSWAY CO-H CHINA

Mínimo
Mediana
Promedio
Máximo

Ports
Mínimo
Mediana
Promedio
Máximo

Calculo del Beta Apalancado para la Compañía

Beta Desapalancado de la Industria
Mayor
Menor
Mediana
Promedio

Deuda sobre patrimonio

Beta Apalancado de la Comapañia

Tasa Impositiva Teorica - Chile
Usando Beta Mayor
Usando Beta Menor
Usando Beta Mediana
Usando Beta Promedio

WACC
Tasa libre de riesgo 4.61%
Riesgo soberano Chile 1.60%
Spread deuda 2.50%
Retorno sobre Deuda antes de impuesto 8.71%
Impuesto 17.0%
Kd después de Impuesto 7.23%

Premio de mercado 5.50%

Beta desapalancado 0.00
Beta apalancado 0.00
Ke 4.61%

Leverage 2.0x
Peso Equity 33.3%
Peso Deuda 66.7%
WACC 6.36%
 Dic 07 Dic 07
Beta Apalancado Capitalización Deuda Deuda sobre Tasa Impositiva
(Raw Beta) de Mercado Bruta Capitalizacion Teorica
0.57 1,437 178 12.4% 33%
1.23 6,427 -- 0.0% 33%
0.57 8,426 972 11.5% 18%
1.41 26,411 2,484 9.4% 33%
1.10 88 -- 0.0% 18%
1.32 8,219 788 9.6% 33%
1.15 768 117 15.3% 18%
0.86 2,089 286 13.7% 33%
0.48 20,252 5,902 29.1% 55%
0.78 1,756 422 24.1% 30%
1.01 4,810 365 7.6% 33%
0.46 1,308 3 0.2% 33%
0.42 2,788 669 24.0% 18%
0.52 3,679 -- 0.0% 18%
0.47 1,598 710 44.4% 40%
0.83 2,058 154 7.5% 35%
1.07 5,137 1,057 20.6% 33%
1.26 1,864 121 6.5% 27%
0.92 1,370 107 7.8% 30%
0.61 20,649 4,366 21.1% 18%
1.17 502 4 0.8% 33%
0.55 439 0 0.0% 30%
0.62 5,036 1,498 29.8% 18%
1.10 328 85 25.8% 18%
0.84 1,274 247 19.4% 33%
1.07 902 -- 0.0% 30%
1.20 27,941 523 1.9% 33%
0.78 1,301 193 14.8% 33%
0.88 2,255 724 32.1% 33%
0.99 3,096 9 0.3% 33%
0.75 1,071 257 24.0% 33%
0.92 873 63 7.2% 25%
1.30 4,519,696 602,198 13.3% 27%
1.27 1,117 272 24.3% 30%
1.02 1,363 50 3.7% 18%
0.33 1,905 204 10.7% 18%
0.68 1,767 -- 0.0% 33%
1.01 2,498 230 9.2% 25%
0.61 700 198 28.2% 33%
0.96 848 148 17.4% 33%
1.16 6,502 208 3.2% 33%

0.33
0.92
0.88
 1.41

0.33
0.90
0.87
1.30

0.00
0.00
0.00 BETA APALANCADO

COV ( Rs , R
0.00

2.00x L 
VAR ( Rm )
17.00%
0.00
D FP
0.00 wacc  Kd (1  T )  Ke
0.00 D  FP DF
0.00

Descripción Descripción
US Treasury 30y del 24 jul 3.49% US Treasury 30y del 11 nov
3.50%
2.80%
9.79%
Impuesto vigente 17.0% Impuesto vigente
8.12%

5.50%
0.00
0.00
3.49%

2.0x
33.3%
66.7%
6.58%
 HISTORICAL_ SHORT_AND
COUNTRY CRNCY LAST_PRICE
MARKET_CA _LONG_TER
P M_DEBT

Beta
Desapalancado
11203.79 1390 CH HKD HKD CURNCY 7.79885
50120.27 0 CH HKD HKD CURNCY 7.79885
65710.22 7579 HK HKD HKD CURNCY 7.79885
0 205979.1 19368.91 CH HKD HKD CURNCY 7.79885
0 683.63 0 HK HKD HKD CURNCY 7.79885
0 64102.2 6148.1 CH HKD HKD CURNCY 7.79885
0 5986.73 914.03 HK HKD HKD CURNCY 7.79885
0 16288.26 2227.96 CH HKD HKD CURNCY 7.79885
0 20252 5901.95 UA USD USD CURNCY 1
0 884.64 212.8 GB GBp GBp CURNCY 1.98445
37510.26 2850 CH HKD HKD CURNCY 7.79885
10201.14 25 CH HKD HKD CURNCY 7.79885
21742.79 5215.06 HK HKD HKD CURNCY 7.79885
28690.32 0 HK HKD HKD CURNCY 7.79885
0 1597.9 710.2 US USD USD CURNCY 1
0 90639.05 6762.91 PH PHP PHP CURNCY 44.0325
40062.58 8240.13 CH HKD HKD CURNCY 7.79885
0 1877207 122177.7 SK KRW KRW CURNCY 1007.15
0 4460 349.4 MA MYR MYR CURNCY 3.2545
161037.3 34050 HK HKD HKD CURNCY 7.79885
0 3425 28.5 CH CNY CNY CURNCY 6.8289
0 1429.57 0.23 MA MYR MYR CURNCY 3.2545
39277.78 11685.6 HK HKD HKD CURNCY 7.79885
0 2554.92 660.26 HK HKD HKD CURNCY 7.79885
0 943.05 183.09 NZ NZD NZD CURNCY 0.74037
0 30146.11 0 TH THB THB CURNCY 33.425
0 190805.4 3573.64 CH CNY CNY CURNCY 6.8289
0 10144.85 1501.43 CH HKD HKD CURNCY 7.79885
17586.8 5642.95 CH HKD HKD CURNCY 7.79885
0 21140.1 63.69 CH CNY CNY CURNCY 6.8289
8352.56 2002.46 CH HKD HKD CURNCY 7.79885
0 26553.1 1922.8 TA TWD TWD CURNCY 30.43
0 6155148 820102.7 SK SGD SGD CURNCY 1.36185
0 37333.7 9076.56 TH THB THB CURNCY 33.425
0 10633.25 390 HK HKD HKD CURNCY 7.79885
14853.93 1591.6 HK HKD HKD CURNCY 7.79885
13777.11 0 CH HKD HKD CURNCY 7.79885
0 76020.31 6986.86 TA TWD TWD CURNCY 30.43
0 5458.27 1541.34 CH HKD HKD CURNCY 7.79885
0 5789.84 1009 CH CNY CNY CURNCY 6.8289
50710.68 1621.99 CH HKD HKD CURNCY 7.79885

--
#VALUE!
#DIV/0!
 --

--
--
--
--

BETA DESAPALANCADO

COV ( Rs , Rm ) L
L  U 
VAR ( Rm ) 1  (1  TC ) B / S

D FP
d (1  T )  Ke
D  FP D  FP
Factor

0.128224033
0.128224033
0.128224033
0.128224033
0.128224033
0.128224033
0.128224033
0.128224033
1
1.98445
0.128224033
0.128224033
0.128224033
0.128224033
1
0.0227104979
0.128224033
0.0009929008
0.3072668613
0.128224033
0.1464364685
0.3072668613
0.128224033
0.128224033
1.3506760133
0.0299177263
0.1464364685
0.128224033
0.128224033
0.1464364685
0.128224033
0.0328623069
0.7342952601
0.0299177263
0.128224033
0.128224033
0.128224033
0.0328623069
0.128224033
0.1464364685
0.128224033
 BALANCE SOCIEDAD XX (MM$) 2015

TOTAL DISPONIBLE -
CLIENTES NACIONALES 1,844,193,582

CLIENTES EXTRANJEROS 475,913

EXISTENCIAS 135,422,000
OTROS ACTIVOS CIRCULANTES 2,938,210,211
TOTAL ACTIVO CIRCULANTE 4,918,301,707
TOTAL ACTIVO FIJO FISICO 25,911,668,810
OTROS ACTIVOS 34,260,297,781
TOTAL OTROS ACTIVOS 60,171,966,591
TOTAL ACTIVOS 65,090,268,298

BANCOS Y FINANCIERAS 7,845,072,411

PROVEEDORES 1,157,679,032
OTROS PASIVOS CIRC. 3,193,499,640
TOTAL PASIVO CIRCULANTE 12,196,251,083
BANCOS Y FINANCIERAS 8,727,857,000
OTROS PASIVOS LP 18,269,384,984
TOTAL PASIVO LARGO PLAZO 26,997,241,984
CAPITAL 6,399,326,135
DIVIDENDOS PROVISORIOS - 4,709,383,433
ACCIONES PROPIAS -
RESERVAS 14,785,981,987
UTILIDAD(PERDIDA) EJERC.ANT. 3,762,494,126
UTILIDAD(PERDIDA) DEL EJERCICIO 5,658,356,417
TOTAL PATRIMONIO 25,896,775,231
TOTAL PASIVOS Y PATRIMONIO 65,090,268,299
0

ESTADO DE RESULTADO (MM$) TOTAL 2015

Venta Servicios 15,907,617,393
Servicios Internos 2,183,928,917
Total Ingresos 18,091,546,310
Total Gastos Fijos y Variables - 7,040,267,798
EBITDA 11,051,278,512
Depreciación Total - 2,334,812,423
Resultado Operacional s/ Staf 8,716,466,089
STAFF - 566,000,000
Resultado Operacional c/ Staf
Ingresos/Gastos Financieros
Diferencia Cambio
Otros Ingresos/Egresos
Resultado Antes de Impuestos
Impuesto a la Renta
Resultado del Ejercicio
8,150,466,089
- 984,442,195
- 826,061,366
- 34,817,480
6,305,145,048
- 646,788,631
5,658,356,417
 JUN - 2016 Análisis Año 2015

-
2,542,795,815 Deuda Financiera CP

- Monto Deuda Financiera % Deuda UF

54,507,000 7,845,072,411 12%
2,048,818,728
4,646,121,543
25,726,646,059
33,971,124,147
59,697,770,206
64,343,891,749 Deuda Financiera LP

7,725,492,900 Monto Deuda Financiera % Deuda UF

593,290,853 8,727,857,000 0%
1,459,109,400 18,269,384,984 100%
9,777,893,153 26,997,241,984
7,254,893,000
18,549,746,811
25,804,639,811
6,396,934,589
- Deuda Tasa CLP
- Corto Plazo 7,845,072,411 0.00%
14,643,386,062 Largo Plazo 26,997,241,984 0.00%
4,063,863,224 Kd (i%) CLP
3,657,174,910
28,761,358,785 Ke (i%) CLP
64,343,891,749
0 Deuda 34,842,314,395 57.36%
Equity 25,896,775,231 42.64%
ACUMULADO A JUN 2016 60,739,089,627
9,790,105,955
1,054,333,938 Tasa Impuesto 27%
10,844,439,893
- 3,990,231,704 WACC
6,854,208,189
- 1,328,189,786
5,526,018,403
- 265,000,000
 5,261,018,403
- 721,705,846
- 331,831,144
- 61,195,832
4,146,285,581
- 489,110,671
3,657,174,910
 Inflación
Chile
Estimada 4.0%

Tasa
% Deuda Tasa M° Tasa USD Ponderada
% Deuda CLP USD Tasa M° UF Tasa M° CLP USD en CLP CLP
70% 18% 2.20% 5.08% 3.00%

Tasa
% Deuda Tasa M° Tasa USD Ponderada
% Deuda CLP USD Tasa M° UF Tasa M° CLP USD en CLP CLP
100% 0% 3.50% 7.00%
0% 0% 3.50% 7.00%

Ponderado Tasa Final

22.52% 0.00%
77.48% 0.00%
0.00%

9.0%
Tasa Ponderada CLP
sobre toda Deuda CP
0.00%
0.00%

Tasa Ponderada CLP

sobre toda Deuda LP

0.00%
CONVERSOR TASA CON PARIDAD DÓLAR PESO

Fecha 11/14/2018
Promedio Bid Ask
Spot 656.4 656.25 656.55
Puntos Forward 360 19.855 19.61 20.10
Tasa USD Mercado 0.35%

dias Puntos Fwd Spot Forward FWD/SPOT

360 19.86 656.4 676.26 1.03

Conversión USD a CLP

CLP días/ 360

1 r  Fwd
Fwd Spot* USD  1 /( días / 360 ) * (1  r USD )  1  r CLP
1  r  Spot
 Inflación Esperada LP 4.0%

Tasa USD Tasa CLP Tasa UF

3.00% -4.00%

* (1  r USD )  1  r CLP