T.

impuestos 29%
WACC Escudo Fiscal
FUENTE T. INTERES MONTO % PARTI T. Ponderada (1-t)
BANCOMER 17.25% 2,250.00 30% 5.18% 3.67%
BANAMEX 16.85% 1,500.00 20% 3.37% 2.39%
CAPITAL SOCIAL 15.86% 3,750.00 50% 7.93% 7.93%
7,500.00 100% 16.48% 14.00%

1,000,000.00 1,080,000.00 1,260,000.00 1,320,000.00

1,464,000.00
 Impuesto 28%

AÑO 1 AÑO 2 AÑO 3 AÑO 4

INGRESO POR VENTA 1,000,000.00 1,080,000.00 1,260,000.00 1,320,000.00

COSTO DIRECTO DE VENTAS 230,000.00 248,400.00 289,800.00 303,600.00
COSTO FIJOS ANUALES 200,000.00 200,000.00 300,000.00 300,000.00
UTILIDAD BRUTA 570,000.00 631,600.00 670,200.00 716,400.00

*UIIA (EBITDA) 570,000.00 631,600.00 670,200.00 716,400.00

IMPUESTOS 159,600.00 176,848.00 187,656.00 200,592.00

UTILIDAD NETA 410,400.00 454,752.00 482,544.00 515,808.00

AÑO 0 AÑO 1 AÑO 2 AÑO 3 AÑO 4

INGRESO POR VENTA $11,385 $11,385 $11,385 $11,385

COSTO DE VENTA $4,255 $4,255 $4,255 $4,255
UTILIDAD BRUTA $7,130 $7,130 $7,130 $7,130

GASTOS DE MANO DE OBRA $1,700 $1,700 $1,700 $1,700

DEPRECIACION $1,500 $1,500 $1,500 $1,500
GASTOS DE OPERACIÓN $3,200 $3,200 $3,200 $3,200

UTILIDAD DE OPERACIÓN $3,930 $3,930 $3,930 $3,930

GASTOS FINANCIEROS $601 $505 $392 $257

OTROS PRODUCTOS

UTILIDAD ANTES DE IMPUESTOS $3,329 $3,425 $3,538 $3,673

IMPUESTOS $965 $993 $1,026 $1,065
UTILIDAD NETA $2,363 $2,431 $2,512 $2,608

INVERSION INICIAL -$ 7,500.00 $2,363 $2,431 $2,512 $2,608

(+)DEPRECIACION $1,500 $1,500 $1,500 $1,500
(-) PAGOS A CAPITAL ($519) ($615) ($729) ($864)
FLUJO DE EFECTIVO -$ 7,500.00 $3,344 $3,316 $3,283 $3,244

FLUJOS DESCONTADOS -$ 7,500.00 $3,233 $3,099 $2,966 $2,833

-$ 7,500.00 $2,934 $2,552 $2,216 $1,921
 AÑO 5

1,464,000.00
336,720.00
300,000.00
827,280.00

827,280.00

231,638.40
595,641.60

AÑO 5

$11,385
$4,255
$7,130

$1,700
$1,500
$3,200

$3,930

$97
$400

$4,233
$1,228
$3,005

$3,005
$1,500
($1,023)
$3,482

$2,939
$1,809
ESTADO DE RESULTADOS OPCION B)
INV INICIAL 82,000
DEPRECIACIO 20% 5 AÑOS
1 2 3
AÑO 1 AÑO 2 AÑO 3

INGRESO POR VENTAS 180,000.00 180,000.00 180,000.00

UTILIDAD BRUTA 180,000.00 180,000.00 180,000.00

GASTOS 120,000.00 120,000.00 120,000.00

DEPRECIACION 16,400 16,400 16,400
GASTOS DE OPERACIÓN 136,400 136,400 136,400

UTILIDAD DE OPERACIÓN 43,600.00 43,600.00 43,600.00

GASTOS FINANCIEROS 13,280 11,696 9,546

OTROS PRODUCTOS

UTILIDAD ANTES DE IMPUESTOS 30,320 31,904 34,054

IMPUESTOS 8,490 8,933 9,535
UTILIDAD NETA 21,831 22,971 24,519

INVERSION INICIAL - 82,000.00 21,831 22,971 24,519

(+) DEPRECIACION 16,400 16,400 16,400
(-) PAGOS A CAPITAL - 4,500.22 - 6,083.77 - 8,233.53
FLUJO EFECTIVO - 82,000.00 33,730 33,287 32,685

FLUJOS DESCONTADOS - 82,000.00 32,675 31,236 29,712

- 82,000.00 28,916 24,462 20,591

TIR 28.68%
VPN A TASA
3.23% CETES $65,920.40

VPN A TASA
16.65% WACC $23,418.92
 VPN A TASA
12.16% WACC $35,161.59
 4 5
AÑO 4 AÑO 5

180,000.00 180,000.00

180,000.00 180,000.00

120,000.00 120,000.00
16,400 16,400
136,400 136,400

43,600.00 43,600.00

6,625 2,652

36,975 40,948
10,353 11,465
26,622 29,482

26,622 29,482
16,400 16,400
- 11,154.71 - 15,127.77
31,867 30,755

28,062 26,235 FLUJOS DESCONTADOS CETES

17,211 14,239 FLUJOS DESCONTADOS WACC

 BANCOMER
Plazo 60 meses
Ti 24.60% anual 2.05% mensual
Capital $ 9,020.00

No Pagos Intereses Amortizacion Saldo

0 $ 9,020.00
1 -$262.64 $ 184.91 -$77.73 $ 8,942.27
2 -$262.64 $ 183.32 -$79.32 $ 8,862.95
3 -$262.64 $ 181.69 -$80.95 $ 8,782.00
4 -$262.64 $ 180.03 -$82.61 $ 8,699.40
5 -$262.64 $ 178.34 -$84.30 $ 8,615.10
6 -$262.64 $ 176.61 -$86.03 $ 8,529.07
7 -$262.64 $ 174.85 -$87.79 $ 8,441.28
8 -$262.64 $ 173.05 -$89.59 $ 8,351.68
9 -$262.64 $ 171.21 -$91.43 $ 8,260.26
10 -$262.64 $ 169.34 -$93.30 $ 8,166.95
11 -$262.64 $ 167.42 -$95.22 $ 8,071.74
12 -$262.64 $ 165.47 -$97.17 $ 7,974.57 -$3,151.65 $ 2,106.23
13 -$262.64 $ 163.48 -$99.16 $ 7,875.41
14 -$262.64 $ 161.45 -$101.19 $ 7,774.22

15 -$262.64 $ 159.37 -$103.27 $ 7,670.95

16 -$262.64 $ 157.25 -$105.38 $ 7,565.57
17 -$262.64 $ 155.09 -$107.54 $ 7,458.03

18 -$262.64 $ 152.89 -$109.75 $ 7,348.28

19 -$262.64 $ 150.64 -$112.00 $ 7,236.28
20 -$262.64 $ 148.34 -$114.29 $ 7,121.99
21 -$262.64 $ 146.00 -$116.64 $ 7,005.35
22 -$262.64 $ 143.61 -$119.03 $ 6,886.32
23 -$262.64 $ 141.17 -$121.47 $ 6,764.85
24 -$262.64 $ 138.68 -$123.96 $ 6,640.89 -$3,151.65 $ 1,817.98
25 -$262.64 $ 136.14 -$126.50 $ 6,514.39
26 -$262.64 $ 133.55 -$129.09 $ 6,385.30
27 -$262.64 $ 130.90 -$131.74 $ 6,253.56
28 -$262.64 $ 128.20 -$134.44 $ 6,119.12
29 -$262.64 $ 125.44 -$137.20 $ 5,981.93
30 -$262.64 $ 122.63 -$140.01 $ 5,841.92
31 -$262.64 $ 119.76 -$142.88 $ 5,699.04
32 -$262.64 $ 116.83 -$145.81 $ 5,553.23
33 -$262.64 $ 113.84 -$148.80 $ 5,404.43
 34 -$262.64 $ 110.79 -$151.85 $ 5,252.59
35 -$262.64 $ 107.68 -$154.96 $ 5,097.63
36 -$262.64 $ 104.50 -$158.14 $ 4,939.49 -$3,151.65 $ 1,450.25
37 -$262.64 $ 101.26 -$161.38 $ 4,778.11
38 -$262.64 $ 97.95 -$164.69 $ 4,613.43
39 -$262.64 $ 94.58 -$168.06 $ 4,445.36
40 -$262.64 $ 91.13 -$171.51 $ 4,273.86
41 -$262.64 $ 87.61 -$175.02 $ 4,098.83
42 -$262.64 $ 84.03 -$178.61 $ 3,920.22
43 -$262.64 $ 80.36 -$182.27 $ 3,737.95
44 -$262.64 $ 76.63 -$186.01 $ 3,551.94
45 -$262.64 $ 72.81 -$189.82 $ 3,362.11
46 -$262.64 $ 68.92 -$193.71 $ 3,168.40
47 -$262.64 $ 64.95 -$197.69 $ 2,970.71
48 -$262.64 $ 60.90 -$201.74 $ 2,768.98 -$3,151.65 $ 981.14
49 -$262.64 $ 56.76 -$205.87 $ 2,563.10
50 -$262.64 $ 52.54 -$210.09 $ 2,353.01
51 -$262.64 $ 48.24 -$214.40 $ 2,138.61
52 -$262.64 $ 43.84 -$218.80 $ 1,919.81
53 -$262.64 $ 39.36 -$223.28 $ 1,696.53
54 -$262.64 $ 34.78 -$227.86 $ 1,468.67
55 -$262.64 $ 30.11 -$232.53 $ 1,236.14
56 -$262.64 $ 25.34 -$237.30 $ 998.84
57 -$262.64 $ 20.48 -$242.16 $ 756.68
58 -$262.64 $ 15.51 -$247.13 $ 509.55
59 -$262.64 $ 10.45 -$252.19 $ 257.36
60 -$262.64 $ 5.28 -$257.36 -$ 0.00 -$3,151.65 $ 382.68

BANAMEX
Plazo 60 meses
Ti 32.40% anual 2.70% mensual
Capital $ 15,785.00

No Pagos Intereses Amortizacion Saldo

0 $ 15,785.00
1 -$534.21 $ 426.20 -$108.02 $ 15,676.98
2 -$534.21 $ 423.28 -$110.93 $ 15,566.05
3 -$534.21 $ 420.28 -$113.93 $ 15,452.13
4 -$534.21 $ 417.21 -$117.00 $ 15,335.12
5 -$534.21 $ 414.05 -$120.16 $ 15,214.96
6 -$534.21 $ 410.80 -$123.41 $ 15,091.55
 7 -$534.21 $ 407.47 -$126.74 $ 14,964.82
8 -$534.21 $ 404.05 -$130.16 $ 14,834.66
9 -$534.21 $ 400.54 -$133.67 $ 14,700.98
10 -$534.21 $ 396.93 -$137.28 $ 14,563.70
11 -$534.21 $ 393.22 -$140.99 $ 14,422.71
12 -$534.21 $ 389.41 -$144.80 $ 14,277.91 -$6,410.52 $ 4,903.43
13 -$534.21 $ 385.50 -$148.71 $ 14,129.20
14 -$534.21 $ 381.49 -$152.72 $ 13,976.48
15 -$534.21 $ 377.36 -$156.85 $ 13,819.63
16 -$534.21 $ 373.13 -$161.08 $ 13,658.55
17 -$534.21 $ 368.78 -$165.43 $ 13,493.12
18 -$534.21 $ 364.31 -$169.90 $ 13,323.23
19 -$534.21 $ 359.73 -$174.48 $ 13,148.75
20 -$534.21 $ 355.02 -$179.19 $ 12,969.55
21 -$534.21 $ 350.18 -$184.03 $ 12,785.52
22 -$534.21 $ 345.21 -$189.00 $ 12,596.52
23 -$534.21 $ 340.11 -$194.10 $ 12,402.41
24 -$534.21 $ 334.87 -$199.35 $ 12,203.07 -$6,410.52 $ 4,335.68
25 -$534.21 $ 329.48 -$204.73 $ 11,998.34
26 -$534.21 $ 323.96 -$210.26 $ 11,788.08
27 -$534.21 $ 318.28 -$215.93 $ 11,572.15
28 -$534.21 $ 312.45 -$221.76 $ 11,350.39
29 -$534.21 $ 306.46 -$227.75 $ 11,122.64
30 -$534.21 $ 300.31 -$233.90 $ 10,888.74
31 -$534.21 $ 294.00 -$240.21 $ 10,648.53
32 -$534.21 $ 287.51 -$246.70 $ 10,401.83
33 -$534.21 $ 280.85 -$253.36 $ 10,148.47
34 -$534.21 $ 274.01 -$260.20 $ 9,888.26
35 -$534.21 $ 266.98 -$267.23 $ 9,621.04
36 -$534.21 $ 259.77 -$274.44 $ 9,346.59 -$6,410.52 $ 3,554.05
37 -$534.21 $ 252.36 -$281.85 $ 9,064.74
38 -$534.21 $ 244.75 -$289.46 $ 8,775.28
39 -$534.21 $ 236.93 -$297.28 $ 8,478.00
40 -$534.21 $ 228.91 -$305.30 $ 8,172.70
41 -$534.21 $ 220.66 -$313.55 $ 7,859.15
42 -$534.21 $ 212.20 -$322.01 $ 7,537.14
43 -$534.21 $ 203.50 -$330.71 $ 7,206.43
44 -$534.21 $ 194.57 -$339.64 $ 6,866.79
45 -$534.21 $ 185.40 -$348.81 $ 6,517.98
46 -$534.21 $ 175.99 -$358.22 $ 6,159.76
47 -$534.21 $ 166.31 -$367.90 $ 5,791.86
48 -$534.21 $ 156.38 -$377.83 $ 5,414.03 -$6,410.52 $ 2,477.96
49 -$534.21 $ 146.18 -$388.03 $ 5,026.00
50 -$534.21 $ 135.70 -$398.51 $ 4,627.49
51 -$534.21 $ 124.94 -$409.27 $ 4,218.22
 52 -$534.21 $ 113.89 -$420.32 $ 3,797.91
53 -$534.21 $ 102.54 -$431.67 $ 3,366.24
54 -$534.21 $ 90.89 -$443.32 $ 2,922.92
55 -$534.21 $ 78.92 -$455.29 $ 2,467.63
56 -$534.21 $ 66.63 -$467.58 $ 2,000.04
57 -$534.21 $ 54.00 -$480.21 $ 1,519.83
58 -$534.21 $ 41.04 -$493.17 $ 1,026.66
59 -$534.21 $ 27.72 -$506.49 $ 520.17
60 -$534.21 $ 14.04 -$520.17 -$ 0.00 -$6,410.52 $ 996.49

HSBC
Plazo 60 meses
Ti 34.20% anual 2.85% mensual
Capital $ 9,020.00

No Pagos Intereses Amortizacion Saldo

0 $ 9,020.00
1 -$315.52 $ 257.07 -$58.45 $ 8,961.55
2 -$315.52 $ 255.40 -$60.11 $ 8,901.44
3 -$315.52 $ 253.69 -$61.83 $ 8,839.61
4 -$315.52 $ 251.93 -$63.59 $ 8,776.02
5 -$315.52 $ 250.12 -$65.40 $ 8,710.62
6 -$315.52 $ 248.25 -$67.26 $ 8,643.36
7 -$315.52 $ 246.34 -$69.18 $ 8,574.18
8 -$315.52 $ 244.36 -$71.15 $ 8,503.02
9 -$315.52 $ 242.34 -$73.18 $ 8,429.84
10 -$315.52 $ 240.25 -$75.27 $ 8,354.58
11 -$315.52 $ 238.11 -$77.41 $ 8,277.16
12 -$315.52 $ 235.90 -$79.62 $ 8,197.55 -$3,786.21 $ 2,963.75
13 -$315.52 $ 233.63 -$81.89 $ 8,115.66
14 -$315.52 $ 231.30 -$84.22 $ 8,031.44
15 -$315.52 $ 228.90 -$86.62 $ 7,944.82
16 -$315.52 $ 226.43 -$89.09 $ 7,855.72
17 -$315.52 $ 223.89 -$91.63 $ 7,764.10
18 -$315.52 $ 221.28 -$94.24 $ 7,669.85
19 -$315.52 $ 218.59 -$96.93 $ 7,572.93
20 -$315.52 $ 215.83 -$99.69 $ 7,473.24
21 -$315.52 $ 212.99 -$102.53 $ 7,370.71
22 -$315.52 $ 210.07 -$105.45 $ 7,265.26
23 -$315.52 $ 207.06 -$108.46 $ 7,156.80
 24 -$315.52 $ 203.97 -$111.55 $ 7,045.25 -$3,786.21 $ 2,633.91
25 -$315.52 $ 200.79 -$114.73 $ 6,930.52
26 -$315.52 $ 197.52 -$118.00 $ 6,812.53
27 -$315.52 $ 194.16 -$121.36 $ 6,691.16
28 -$315.52 $ 190.70 -$124.82 $ 6,566.35
29 -$315.52 $ 187.14 -$128.38 $ 6,437.97
30 -$315.52 $ 183.48 -$132.04 $ 6,305.93
31 -$315.52 $ 179.72 -$135.80 $ 6,170.14
32 -$315.52 $ 175.85 -$139.67 $ 6,030.47
33 -$315.52 $ 171.87 -$143.65 $ 5,886.82
34 -$315.52 $ 167.77 -$147.74 $ 5,739.07
35 -$315.52 $ 163.56 -$151.95 $ 5,587.12
36 -$315.52 $ 159.23 -$156.28 $ 5,430.84 -$3,786.21 $ 2,171.79
37 -$315.52 $ 154.78 -$160.74 $ 5,270.10
38 -$315.52 $ 150.20 -$165.32 $ 5,104.78
39 -$315.52 $ 145.49 -$170.03 $ 4,934.75
40 -$315.52 $ 140.64 -$174.88 $ 4,759.87
41 -$315.52 $ 135.66 -$179.86 $ 4,580.01
42 -$315.52 $ 130.53 -$184.99 $ 4,395.02
43 -$315.52 $ 125.26 -$190.26 $ 4,204.76
44 -$315.52 $ 119.84 -$195.68 $ 4,009.08
45 -$315.52 $ 114.26 -$201.26 $ 3,807.82
46 -$315.52 $ 108.52 -$206.99 $ 3,600.83
47 -$315.52 $ 102.62 -$212.89 $ 3,387.93
48 -$315.52 $ 96.56 -$218.96 $ 3,168.97 -$3,786.21 $ 1,524.34
49 -$315.52 $ 90.32 -$225.20 $ 2,943.77
50 -$315.52 $ 83.90 -$231.62 $ 2,712.15
51 -$315.52 $ 77.30 -$238.22 $ 2,473.93
52 -$315.52 $ 70.51 -$245.01 $ 2,228.92
53 -$315.52 $ 63.52 -$251.99 $ 1,976.92
54 -$315.52 $ 56.34 -$259.18 $ 1,717.75
55 -$315.52 $ 48.96 -$266.56 $ 1,451.19
56 -$315.52 $ 41.36 -$274.16 $ 1,177.03
57 -$315.52 $ 33.55 -$281.97 $ 895.06
58 -$315.52 $ 25.51 -$290.01 $ 605.05
59 -$315.52 $ 17.24 -$298.27 $ 306.77
60 -$315.52 $ 8.74 -$306.77 -$ 0.00 -$3,786.21 $ 617.24

SANTANDER
Plazo 60 meses
Ti 30.65% anual 2.55% mensual
Capital $ 11,275.00

No Pagos Intereses Amortizacion Saldo

0 $ 11,275.00
1 -$369.30 $ 287.98 -$81.32 $ 11,193.68
2 -$369.30 $ 285.91 -$83.39 $ 11,110.29
3 -$369.30 $ 283.78 -$85.52 $ 11,024.77
4 -$369.30 $ 281.59 -$87.71 $ 10,937.06
5 -$369.30 $ 279.35 -$89.95 $ 10,847.11
6 -$369.30 $ 277.05 -$92.25 $ 10,754.86
7 -$369.30 $ 274.70 -$94.60 $ 10,660.26
8 -$369.30 $ 272.28 -$97.02 $ 10,563.24
9 -$369.30 $ 269.80 -$99.50 $ 10,463.75
10 -$369.30 $ 267.26 -$102.04 $ 10,361.71
11 -$369.30 $ 264.66 -$104.64 $ 10,257.07
12 -$369.30 $ 261.98 -$107.32 $ 10,149.75 -$4,431.59 $ 3,306.34
13 -$369.30 $ 259.24 -$110.06 $ 10,039.69
14 -$369.30 $ 256.43 -$112.87 $ 9,926.83
15 -$369.30 $ 253.55 -$115.75 $ 9,811.07
16 -$369.30 $ 250.59 -$118.71 $ 9,692.37
17 -$369.30 $ 247.56 -$121.74 $ 9,570.63
18 -$369.30 $ 244.45 -$124.85 $ 9,445.78
19 -$369.30 $ 241.26 -$128.04 $ 9,317.74
20 -$369.30 $ 237.99 -$131.31 $ 9,186.43
21 -$369.30 $ 234.64 -$134.66 $ 9,051.77
22 -$369.30 $ 231.20 -$138.10 $ 8,913.67
23 -$369.30 $ 227.67 -$141.63 $ 8,772.04
24 -$369.30 $ 224.05 -$145.25 $ 8,626.79 -$4,431.59 $ 2,908.63
25 -$369.30 $ 220.34 -$148.96 $ 8,477.84
26 -$369.30 $ 216.54 -$152.76 $ 8,325.07
27 -$369.30 $ 212.64 -$156.66 $ 8,168.41
28 -$369.30 $ 208.63 -$160.66 $ 8,007.75
29 -$369.30 $ 204.53 -$164.77 $ 7,842.98
30 -$369.30 $ 200.32 -$168.98 $ 7,674.00
31 -$369.30 $ 196.01 -$173.29 $ 7,500.71
32 -$369.30 $ 191.58 -$177.72 $ 7,322.99
33 -$369.30 $ 187.04 -$182.26 $ 7,140.74
34 -$369.30 $ 182.39 -$186.91 $ 6,953.82
35 -$369.30 $ 177.61 -$191.69 $ 6,762.14
36 -$369.30 $ 172.72 -$196.58 $ 6,565.55 -$4,431.59 $ 2,370.35
37 -$369.30 $ 167.70 -$201.60 $ 6,363.95
38 -$369.30 $ 162.55 -$206.75 $ 6,157.20
39 -$369.30 $ 157.27 -$212.03 $ 5,945.16
40 -$369.30 $ 151.85 -$217.45 $ 5,727.71
41 -$369.30 $ 146.30 -$223.00 $ 5,504.71
42 -$369.30 $ 140.60 -$228.70 $ 5,276.01
43 -$369.30 $ 134.76 -$234.54 $ 5,041.47
44 -$369.30 $ 128.77 -$240.53 $ 4,800.94
45 -$369.30 $ 122.62 -$246.67 $ 4,554.26
46 -$369.30 $ 116.32 -$252.98 $ 4,301.29
47 -$369.30 $ 109.86 -$259.44 $ 4,041.85
48 -$369.30 $ 103.24 -$266.06 $ 3,775.79 -$4,431.59 $ 1,641.82
49 -$369.30 $ 96.44 -$272.86 $ 3,502.93
50 -$369.30 $ 89.47 -$279.83 $ 3,223.10
51 -$369.30 $ 82.32 -$286.98 $ 2,936.12
52 -$369.30 $ 74.99 -$294.31 $ 2,641.82
53 -$369.30 $ 67.48 -$301.82 $ 2,340.00
54 -$369.30 $ 59.77 -$309.53 $ 2,030.47
55 -$369.30 $ 51.86 -$317.44 $ 1,713.03
56 -$369.30 $ 43.75 -$325.55 $ 1,387.48
57 -$369.30 $ 35.44 -$333.86 $ 1,053.62
58 -$369.30 $ 26.91 -$342.39 $ 711.23
59 -$369.30 $ 18.17 -$351.13 $ 360.10
60 -$369.30 $ 9.20 -$360.10 $ - -$4,431.59 $ 655.80
 ADQUISICION DE FINANCIAMIENT
EQUIPO % O TASA INTERES
BANCOMER 20% 9,020.00 24.60%
BANAMEX 35% 15,785.00 32.40%
HSBC 20% 9,020.00 34.20%
SANTANDER 25% 11,275.00 30.65%
TOTAL 100% 45,100.00

INTERESES 1 2 3
BANCOMER 2,106.23 1,817.98 1,450.25
BANAMEX 4,903.43 4,335.68 3,554.05
HSBC 2,963.75 2,633.91 2,171.79
SANTANDER 3,306.34 2,908.63 2,370.35
TOTAL DE INTERESES 13,279.75 11,696.20 9,546.45

PAGOS A CAPITAL 1 2 3
BANCOMER - 1,045.43 - 1,333.68 - 1,701.40
-$1,045.43 BANAMEX -$1,507.09 - 2,074.84 - 2,856.47
HSBC - 822.45 - 1,152.29 - 1,614.41
SANTANDER - 1,125.25 - 1,522.96 - 2,061.24
TOTAL DE PAGOS A
CAPITAL - 4,500.22 - 6,083.77 - 8,233.53

Fuentes de Montos de
financiamiento Tasa de interes financiamiento Par. De fuente
BANCOMER 24.60% $ 9,020.00 11%
BANAMEX 32.40% $ 15,785.00 19%
HSBC 34.20% $ 9,020.00 11%
SANTANDER 30.65% $ 11,275.00 14%
Capital social CAPM $ 36,900.00 45%
-$1,333.68 $ 82,000.00 100%

BANCOMER 20% 11.00%

BANAMEX 35% 19.25%
HSBC 20% 11.00%
SANTANDER 25% 13.75%
TOTAL 100% 55.00%
 ESTRUCTURA DE CAPITAL INVERSION

PASIVOS 55% 45,100.00

-$1,701.40 CAPITAL 45% 36,900.00
TOTAL 100% 82,000.00

-$2,170.52

-$2,768.98
-$1,507.09

-$2,074.84

-$2,856.47

-$3,932.56
-$5,414.03

-$822.45
-$1,152.29

-$1,614.41

-$2,261.86

-$3,168.97
-$1,125.25

-$1,522.96

-$2,061.24
-$2,789.77

-$3,775.79
 LINK
www.bancomer.com
www.banamex.com
www.hsbc.com
www.santander.com

4 5 SUMA INT PAGADOS T. PROM

981.14 382.68 6,738.27 1,347.65 14.94%
2,477.96 996.49 16,267.62 3,253.52 20.61%
1,524.34 617.24 9,911.05 1,982.21 21.98%
1,641.82 655.80 10,882.94 2,176.59 19.30%
6,625.27 2,652.21 43,799.88

4 5 SUMA
- 2,170.52 - 2,768.98 - 9,020.00
- 3,932.56 - 5,414.03 - 15,785.00
- 2,261.86 - 3,168.97 - 9,020.00
- 2,789.77 - 3,775.79 - 11,275.00

- 11,154.71 - 15,127.77 - 45,100.00

T. interes
ponderada Escudo fiscal
2.71% 1.95%
6.24% 4.49%
3.76% 2.71%
4.21% 3.03%
 T. impuestos 28%
Escudo
WACC Fiscal
FUENTE T. INTERES MONTO % PARTI T. Ponderada (1-t)
BANCOMER 24.60% 9,020.00 11% 2.71% 1.95%
BANAMEX 32.40% 15,785.00 19% 6.24% 4.49%
HSBC 34.20% 9,020.00 11% 3.76% 2.71%
SANTANDER 30.65% 11,275.00 14% 4.21% 3.03%
CAPITAL SOCIAL 9.93% 36,900.00 45% 4.47% 4.47%
82,000.00 100% 21.39% 16.65%

BETA 0.45
CETES 3.23%
MERCADO 18%
CAPM 9.93%

T. impuestos 28%
Escudo
WACC Fiscal
FUENTE T. INTERES MONTO % PARTI T. Ponderada (1-t)
BANCOMER 14.94% 9,020.00 11% 1.64% 1.18%
BANAMEX 20.61% 15,785.00 19% 3.97% 2.86%
HSBC 21.98% 9,020.00 11% 2.42% 1.74%
SANTANDER 19.30% 11,275.00 14% 2.65% 1.91%
CAPITAL SOCIAL 9.93% 36,900.00 45% 4.47% 4.47%
82,000.00 100% 15.15% 12.16%

BETA 0.45
CETES 3.23%
MERCADO 18%
CAPM 9.93%
ESTRUCTURA DE CAPITAL ESTRUCTURA DE CAPITAL
35% 65% 55% 45%
TIR 37.06% TIR 28.68%
VPN CETES 91,201.49 VPN CETES 65,920.40
VPN CPPC 48,358.35 VPN CPPC 23,418.92
VPN CPPC 2 57,721.87 VPN CPPC 2 35,161.59

ESTRUCTURA DE CAPITAL ESTRUCTURA DE CAPITAL

65% 35% 45% 55%
TIR 24.28% TIR 32.93%
VPN CETES 53,279.86 VPN CETES 78,560.95
VPN CPPC 11,949.90 VPN CPPC 35,539.56
VPN CPPC 2 24,219.57 VPN CPPC 2 46,327.18