Método 3

CAPITAL CASH FLOW CCF 0 1 2 3 4 5 6

CF ac $7,800.00 $7,962.00 $8,115.48 $8,258.60 $8,389.29
Pago Intereses $0.00 $0.00 $0.00 $0.00 $0.00
Incremento deuda $0.00 $0.00 $0.00 $0.00 $0.00
CCF $7,800.00 $7,962.00 $8,115.48 $8,258.60 $8,389.29 $8,724.86

Kd (tasa de la deuda) 10% 10% 10% 10% 10% 10%

Rf (tasa libre de riesgo) 5% 5% 5% 5% 5% 5%
Prima de riesgo 10% 10% 10% 10% 10% 10%
ßu (beta desapalancada) 1.00 1.00 1.00 1.00 1.00 1.00
ßd (beta de la deuda = (Kd-Rf)/Prima de riesgo) 0.50 0.50 0.50 0.50 0.50 0.50
T (tasa de impuesto a la renta) 25% 25% 25% 25% 25% 25%
ßL (beta apalancada)
Ke (CAPM)
WACC (BT)
E+D = VA(WACC(BT); CCF)

Deuda
Capital

Método 4
Valor sin deuda + escudos fiscales 0 1 2 3 4 5 6
FCF 7,800.00 7,962.00 8,115.48 8,258.60 8,389.29 8,724.86
ku (CAPM sin deuda)
FCF Descontado

Escudo fiscal
ku (CAPM sin deuda)
Escudo fiscal descontado
E+D = VA(ku; FCF) + VA (ku; Escudo fiscal)