MIDLAND ENERGY RESOURCED E

Patrimonio a
Exploración y Producción Valor de Mercado Deuda Neta
Jackson Energy 57,931.00 6,480.00
Wide Plain Petroleum 46,089.00 39,375.00
Corsicana Energy Corp. 42,263.00 6,442.00
Worthington Petroleum 27,591.00 13,098.00
Promedio 43,468.50 16,348.75

D E
Patrimonio a
Refinación y Mercadeo Valor de Mercado Deuda Neta
Bexar Energy Corp. 60,356.00 6,200.00
Kirk Corp. 15,567.00 3,017.00
White Point Energy 9,204.00 1,925.00
Petrarch Fuel Services 2,460.00 -296.00
Arkana Petroleum Corp. 18,363.00 5,931.00
Beaumont Energy Inc. 32,662.00 6,743.00
Dameron Fuel Services 48,796.00 24,525.00
Promedio 26,772.57 6,863.57

MIDLAND ENERGY RESOURCE 134,114.00 79,508.00

Petroquimica

TASA IMPOSITIVA
2004 2005 2006
Ingresos antes de
17,910.00 32,723.00 30,447.00
Impuestos
Impuestos 7,414.00 12,830.00 11,747.00
41% 39% 38.58%
t
TABLA 1 Spread Tasa de
SEGMENTO DE Deuda / Deudas sobre
NEGOCIO Valor Tasa de Gobierno
Consolidado 42.20% 1.62%
Exploracion y Produc 46% 1.60%
Refinamiento y Marke 31% 1.80%
Petroquimicos 40% 1.35%

COSTO DE LA DEUDA
Rendimiento de los Bonos a 10 años 4.66%
Rd Rf
Exploración y Producción 6.26% 4.66%
Refinación y Marketing 6.46% 4.66%
Petroquímica 6.01% 4.66%
Midland Corporation 6.28% 4.66%
DIVISION/CONS
OLIDADO D/D + E E/D + E D/E
% Deuda % Capital Propio

Exploración y Produc 0.46 54.0% 85.19%

Refinación y Marketi 0.31 69.0% 44.93%
Petroquímica 0.40 60.0% 66.67%
Midland Corporation 0.42 57.8% 73.01%

EP RM PQ
Beta Inicial βL 1.15 1.2
D/E inicial 39.80% 20.30%
Beta Despal. βu 0.92 1.07 0.38
D/(D/E) 46% 31% 40%
D/E final 85.19% 44.93% 66.67%
Beta Final 1.41 1.36 0.54
β Apalancada
Activos 140100 93829 28450
Activos/Total 53.40% 35.76% 10.84%

EP RM PQ
Rd 6.26% 6.46% 6.01%
D/(D/E) 46% 31% 40%
Re 11.71% 11.46% 7.36%
E/(D+E) 54.0% 69.0% 60.0%
WACC 8.09% 9.14% 5.89%
 V
Beta de las
D/E Acciones V=D+E
11.2% 0.89 64,411.00
85.4% 1.21 85,464.00
15.2% 1.11 48,705.00
47.5% 1.39 40,689.00
39.8% 1.15 59,817.25

V
Beta de las
D/E Acciones V=D+E
10.3% 1.70 66,556.00
19.4% 0.94 18,584.00
20.9% 1.78 11,129.00
-12.0% 0.24 2,164.00
32.3% 1.25 24,294.00
20.6% 1.04 39,405.00
50.3% 1.42 73,321.00
20.3% 1.20 28,149.50

59.30% 1.25 213,622.00

Promedio

0.6142
39.73% 1-t=1-0,3858=0,6142

TABLA 2
TASA DE INTERES
INSTRUMENTO DE GOBIERNO
MADUREZ TASA %
1 AÑO 4.54%
10 AÑOS 4.66%
30 AÑOS 4.98%

PM Apalancada Re
5% 1.4100 11.71%
5% 1.3600 11.46%
5% 0.5400 7.36%
5% 1.3300 11.31%
MIDLAND
1.25
59.30%
0.92
42.20%
73.01%
1.33

262379

MIDLAND
6.28%
42.20%
11.31%
57.8%
8.16%
 Midland Corporation
Rd 6.28% t 40%
Rf 4.66% Re 11.31%
PM 5.00% D/V 0.00%
β Err:509 E/V 0.00%
β
Apalancada 1.3300 WACC 0.00%

Exploración y Producción Refinación y Marketing

Rd 6.26% t 40% Rd 6.46% t
Rf 4.66% Re 11.71% Rf 4.66% Re
PM 5.00% D/V 0.00% PM 5.00% D/V
β Err:509 E/V 0.00% β Err:509
β E/V
β Apalancad
Apalancada 1.4100 WACC 0.00% a 1.3600 WACC
Petroquímica
Rd 6.01% t 40%
Rf 4.66% Re 7.36%
PM 5.00% D/V 0.00%
β
β Err:509 E/V 0.00%
Apalancad
a 0.5400 WACC 0.00%
Marketing
40%
11.46%
0.00%
0.00%

0.00%