BACKUS SAA

Estado de Resultados, 2012 - 2014 (Miles de S/., excepto la utilidad por acción)
Proyectado 2015 2018
2,012 2,013 2,014 2,015 2,016 2,017 2,018 2,019

Ingresos 3,398,219 3,468,480 3,615,748 3,724,220 3,835,947 3,951,025 4,069,556 4,191,643

Costo de Ventas 948,173 949,185 1,016,341 1,046,831 1,078,236 1,110,583 1,143,901 1,178,218
Utilidad Bruta 2,450,046 2,519,295 2,599,407 2,677,389 2,757,711 2,840,442 2,925,655 3,013,425

Gastos Administrativos 994,171 1,011,658 1,089,088 1,121,761 1,155,413 1,190,076 1,225,778 1,262,551
Gastos de Ventas 289,547 302,453 323,514 333,219 343,216 353,512 364,118 375,041
Utilidad Operativa 1,166,328 1,205,184 1,186,805 1,222,409 1,259,081 1,296,854 1,335,759 1,375,832

Gastos Financieros 7,252 1,914 1,372 1,413 1,456 1,499 1,544 1,591
Otros Ingresos y Egresos -25,845 -26,289 -36,972 -38,081 -39,224 -40,400 -41,612 -42,861
Diferencia por tipo de cambio 5,312 -15,876 -13,521 3,000 3,090 3,183 3,278 3,377
Utilidad antes de Impuestos 1,153,047 1,164,933 1,137,684 1,188,741 1,224,403 1,261,135 1,298,970 1,337,939

Impuesto a la Renta (a) -271,469 -283,921 -235,376 -356,622 -367,321 -378,341 -389,691 -401,382
Utilidad Neta 881,578 881,012 902,308 832,119 857,082 882,795 909,279 936,557

Utilidad por Acción 0.59 0.59 0.60 2.33 2.56 2.81 3.13 3.52

BACKUS SAA 3.00 3.00 3.00 3.00 3.00

Estado de Situación General, 2011 - 2013 (Miles de S/, excepto número de acciones en circulación y valor nominal por acción)

2,012 2,013 2,014 2,015 2,016 2,017 2,018 2,019

Caja-Bancos 2,536.00 2,218.00 2,934.00 3,387.04 3,895.09 4,479.36 5,151.26 5,923.95

Cuentas por Cobrar 10,988.00 12,864.00 14,671.00 16,871.92 19,402.71 22,313.11 25,660.08 29,509.09
Inventarios 9,592.00 10,072.00 11,509.00 11,858.71 13,637.51 15,683.14 18,035.61 20,740.96
Gastos Pagados por Anticipado 309.00 324.00 357.00 410.55 472.13 542.95 624.40 718.05
Total Activo Corriente 23,425.00 25,478.00 29,471.00 32,528.21 37,407.45 43,018.56 49,471.35 56,892.05

Inmueble, Maquinaria y Equipos 5,306.00 6,116.00 7,282.00 8,182.00 9,082.00 9,982.00 10,882.00 11,782.00
Menos: Depreciación Acumulada 792.00 1,174.00 1,633.00 2,179.15 2,792.80 3,473.95 4,222.60 5,038.75
Planta y Equipos neto de Depreciación 4,514.00 4,942.00 5,649.00 6,002.85 6,289.20 6,508.05 6,659.40 6,743.25

Total Activos 27,939.00 30,420.00 35,120.00 38,531.06 43,696.65 49,526.61 56,130.75 63,635.30

Cuentas por Pagar 18,432.76 18,751.33 21,900.03 4,104.94 4,720.68 5,428.78 6,243.10 7,179.56
Obligaciones por Pagar (a) 5,143.00 7,396.00 8,655.00 12,735.87 17,715.65 22,860.45 28,164.17 33,619.85
Gastos Aumulados 563.00 591.00 652.00 749.25 861.64 990.89 1,139.52 1,310.45
Impuesto a la Renta por Pagar (b) 151.00 9.00 167.00 135.39 148.71 163.27 181.53 204.12
Otros Pasivos Corrientes 478.00 502.00 554.00 636.35 731.81 841.58 967.81 1,112.98
Total Pasivos Corrientes 24,767.76 27,249.33 31,928.03 18,361.81 24,178.48 30,284.97 36,696.13 43,426.96

Capital Social 1,491.66 1,491.66 1,491.66 1,491.66 1,491.66 1,491.66 1,491.66 1,491.66
Capital Adicional (Sobre el Valor Nominal) 798.00 798.00 798.00 7,980.00 7,980.00 7,980.00 7,980.00 7,980.00
Utilidad Retenida 881.58 881.01 902.31 10,697.60 10,046.51 9,769.98 9,962.96 10,736.68
Total Patrimonio 3,171.24 3,170.67 3,191.97 20,169.26 19,518.17 19,241.64 19,434.62 20,208.34

Total Pasivo y Patrimonio 27,939.00 30,420.00 35,120.00 38,531.06 43,696.65 49,526.61 56,130.75 63,635.30

Comprobación 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Número de Acciones en Circulación 1,491,662.00 1,491,662.00 1,491,662.00

Valor Nominal por Acción 1.00 1.00 1.00

(a) Financiamiento de cuentas por cobrar.

(b) Corresponde al 10% del pago de impuestos correspondiente al mismo año.

BACKUS SAA
Estados de Cambios en el Patrimonio, 2011 - 2018 (Miles de S/.)

2,012 2,013 2,014 2,015 2,016 2,017 2,018 2,019

Patrimonio Neto Inicial: 3,171.24 3,170.67 21,162.66 20,169.26 19,518.17 19,241.64 19,434.62
Utilidad/(Pérdida) Neta 881,012.00 902,308.00 3,481.58 3,823.90 4,198.46 4,667.96 5,248.71
Ajuste Patrimonial
Aportes de Capital
Dividendos Declarados 0.00 0.00 4,474.99 4,474.99 4,474.99 4,474.99 4,474.99
Impuestos por Capitalizacion

Otras Deducciones
Ajustes
Patrimonio Neto Final: 3,170.67 3,191.97 20,169.26 19,518.17 19,241.64 19,434.62 20,208.34
Cambio Neto Patrimonial: -0.57 21.30 -993.40 -651.09 -276.53 192.98 773.72

ACO 23,116.00 25,154.00 29,114.00 32,117.66 36,935.31 42,475.61 48,846.95 56,173.99

PCO 18,583.76 18,760.33 22,067.03 4,240.33 4,869.39 5,592.05 6,424.63 7,383.68
CTNO 4,532.24 6,393.67 7,046.97 27,877.33 32,065.93 36,883.56 42,422.32 48,790.32

a) Calculo del WACC, CAPM Y BETA

Calcular el Beta relevante para la empresa

b = 0.79 Beta apalancada del sector

D/C = 18.82% Estructura para el sector
Impuestos 28%
b= 0.69629 Beta no apalancado del sector
0.6872
Considerando para la empresa:

D/C = 0.55 Estructura para la empresa

b= 0.97202 Beta apalancado de la empresa

Calculo del Ke o CAPM para la empresa:

Rf = 6.00%
 Deuda 
(Rm - Rf) =
b=
8.00%
 capital apalancado  1   (1  T )   empresa desapalancada
 Capital
0.97
Ke = CAPM 13.7762% 

Deuda 35.5% D 0.55

Capital 64.5% C 1.00
Rd = Costo deuda 6.43%
Tasa impuesto 28.00% 2,000.00 0.80 7% 5.6%
500.00 0.20 4.13% 0.8%
CPPC = WACC 10.5296% 2,500.00 6.4260%

ROE 28.27%
d (Ratio de dividendos) 0.55
g Calculo crecimiento FCL 12.80%
g Asume 2% 2.00%
g Calculo crecimiento FCL (ROE industria) 6.38%

b) FUJO DE CAJA SIN LA COMPRA

BACKUS SAC
Flujo de Caja Libre, 2014 - 2018 (Miles de S/.)

2,015 2,016 2,017 2,018 2,019

Utilidad Operativa 1,222,409.15 1,259,081.42 1,296,853.87 1,335,759.48 1,375,832.27
(-) Impuesto a la Renta -342,274.56 -352,542.80 -363,119.08 -374,012.66 -385,233.03
NOPAT 880,134.59 906,538.63 933,734.78 961,746.83 990,599.23
(+) Depreciación 546.15 613.65 681.15 748.65 816.15
(-) CAPEX -900.00 -900.00 -900.00 -900.00 -900.00
(-) Variación CTNO -20,830.36 -4,188.60 -4,817.63 -5,538.77 -6,367.99
Flujo de Caja Libre 902,411 912,241 940,134 968,934 998,683

Flujo de Caja Libre (Continuo) 11,942,633.07

Flujo de Caja Neto 902,411.10 912,240.87 940,133.56 968,934.24 12,941,316.45

Valor de Mercado de la Empresa 10,753,458 Valor de Mercado de los Activos

(-) Deuda 8,655.00

Valor de Mercado del Patrimonio 10,744,803.38

Número de Acciones 1,491,662.00

Precio por Acción 7.20

PROYECCIONES DE AMBEV PERU - SI COMPRA BACKUS

AMBEV PERU S.A.A. (incluye Bcakus)

Estado de Resultados, 2014 - 2018 (Miles de S/., excepto la utilidad por acción)

2015 2016 2017 2018 2019

Ingresos $3,814,220 $3,935,947 $4,001,025 $4,169,556 $4,191,643

Costo de Ventas $1,046,831 $1,078,236 $1,110,583 $1,143,901 $1,178,218
Utilidad Bruta $2,767,389 $2,857,711 $2,890,442 $3,025,655 $3,013,425

Investigación y Desarrollo $1,121,761 $1,155,413 $1,190,076 $1,225,778 $1,262,551

Gastos Administrativos y Ventas $333,219 $343,216 $353,512 $364,118 $375,041
Diferencia por tipo de cambio $3,000 $3,090 $3,183 $3,278 $3,377
Utilidad Operativa $1,309,409 $1,355,991 $1,343,671 $1,432,481 $1,372,456

Gastos Financieros -$38,081 -$39,224 -$40,400 -$41,612 -$42,861

Otros Ingresos y Egresos $3,000 $3,090 $3,183 $3,278 $3,377
Utilidad antes de Impuestos $1,188,741 $1,224,403 $1,261,135 $1,298,970 $1,337,939
$0 $0 $0 $0 $0
Impuesto a la Renta (a) -$356,622 -$367,321 -$378,341 -$389,691 -$401,382
Utilidad Neta $832,119 $857,082 $882,795 $909,279 $936,557

Utilidad por Acción $3.24 $4.08 $4.71 $5.50 $6.49

Dividendos por Acción 5.0 5.0 5.0 5.0 5.0

Estado de Situación General, 2014 - 2018 (Miles de S/, excepto número de acciones en circulación y valor nominal por acción)

2015 2016 2017 2018 2019

Caja-Bancos $3,186 $3,792 $4,512 $5,369 $6,389

Cuentas por Cobrar $13,094 $15,582 $18,543 $22,066 $26,258
Inventarios $8,249 $9,817 $11,682 $13,901 $16,543
Gastos Pagados por Anticipado $425 $506 $602 $716 $852
Total Activo Corriente $24,954 $29,696 $35,338 $42,052 $50,042

Inmueble, Maquinaria y Equipos $8,182 $9,082 $9,982 $10,882 $11,782

Menos: Depreciación Acumulada $2,179 $2,793 $3,474 $4,223 $5,039
Planta y Equipos neto de Depreciación $6,003 $6,289 $6,508 $6,659 $6,743

Total Activos $30,957 $35,985 $41,846 $48,712 $56,785

Cuentas por Pagar $6,364 $7,573 $9,012 $10,724 $12,761

Obligaciones por Pagar (a) $4,438 $9,305 $13,806 $17,786 $21,079
Gastos Aumulados $775 $923 $1,098 $1,307 $1,555
Impuesto a la Renta por Pagar (b) $188 $237 $273 $319 $377
Otros Pasivos Corrientes $658 $784 $932 $1,110 $1,320
Total Pasivos Corrientes $12,424 $18,821 $25,121 $31,245 $37,092

Capital Social $1,492 $1,492 $1,492 $1,492 $1,492

Capital Adicional (Sobre el Valor Nominal) $7,980 $7,980 $7,980 $7,980 $7,980
Utilidad Retenida $9,062 $7,693 $7,253 $7,995 $10,221
Total Patrimonio $18,533 $17,164 $16,725 $17,467 $19,693

Total Pasivo y Patrimonio $30,957 $35,985 $41,846 $48,712 $56,785

Comprobación $0 $0 $0 $0 $0

Número de Acciones en Circulación

Valor Nominal por Acción

(a) Financiamiento de cuentas por cobrar.

(b) Corresponde al 10% del pago de impuestos correspondiente al mismo año.

Estados de Cambios en el Patrimonio, 2014 - 2018 (Miles de US$)

2015 2016 2017 2018 2019

Patrimonio Neto Inicial: 21,163 18,533 17,164 16,725 17,467

Utilidad/(Pérdida) Neta 4,829 6,089 7,019 8,200 9,685
Ajuste Patrimonial
Aportes de Capital
Dividendos Declarados 7,458 7,458 7,458 7,458 7,458
Impuestos por Capitalizacion

Otras Deducciones
Ajustes
Patrimonio Neto Final: 18,533 17,164 16,725 17,467 19,693
Cambio Neto Patrimonial: -2,629 -1,369 -439 742 2,226

Necesidad Operativa de Fondos 14,980 17,826 21,213 25,243 30,039

C)
AMBEV PERU SAA (Incluye BACKUS)
Flujo de Caja Libre, 2015 - 2018 (Miles de S/.)

2015 2016 2017 2018 2019

Utilidad Operativa $1,309,409 $1,355,991 $1,343,671 $1,432,481 $1,372,456
(-) Impuesto a la Renta 366,635 379,678 376,228 401,095 384,288
NOPAT 942,775 976,314 967,443 1,031,387 988,168
(+) Depreciación 546 614 681 749 816
(-) Variación CTNO -7,933 -17,826 6,665 6,823 6,844
(-) CAPEX -6,549 -900 -900 -900 -900
Flujo de Caja Libre 957,802 995,653 962,360 1,026,212 983,040

Flujo de Caja Libre (Explicito) 957,802 995,653 962,360 1,026,212 983,040

Flujo de Caja Libre (Continuo) 50,135,037
Flujo de Caja Libre (Incluye Valor Terminal) 957,802 995,653 962,360 1,026,212 51,118,077

Valor Actual del FCL 34,068,980

Valor de Mercado de la Empresa 34,068,980 Valor de Mercado de los Activos

(-) Deuda 8,655,000

Valor de Mercado del Patrimonio 25,413,980

Número de Acciones 1,491,662

Precio por Acción 17.04

d) SINERGIA

Valor de la Acción Sinergia Monto Máximo

BACKUS 7.20
ABINBEV 17.04 9.83 17.04
No genera sinergia.

e) Metodo de Multiplos
Ratio VE / EBITDA (promedio) 12.30
EBITDA (año 2014) 1,222,955.3
Valor de Mercado de la Empresa 15,045,966.20
Valor de Mercado del Patrimonio 6,390,966.20

Número de Acciones 1,491,662.00

Precio por Acción 4.28

f) FLUJO DE CAJA DEL ACCIONISTA (Miles de S/)

Bonos
n Saldo Cupon Amortización Pago
1 2,000,000 140,000 - 140,000
2 2,000,000 140,000 - 140,000
3 2,000,000 140,000 - 140,000
4 2,000,000 140,000 - 140,000
5 2,000,000 140,000 2,000,000 2,140,000

Prestamo
n Saldo Interes Amortización Cuota
0 500,000
1 407,926 20,650 92,074 112,724
2 312,049 16,847 95,877 112,724
3 212,213 12,888 99,836 112,724
4 108,253 8,764 103,960 112,724
5 - 4,471 108,253 112,724

FLUJO DE CAJA DEL ACCIONISTA

FLUJO CAJA LIBRE INCLUYENDO EL VT 957,802 995,653 962,360 1,026,212 983,040

BONO
Cupon -140,000 -140,000 -140,000 -140,000 -140,000
Amortización -2,000,000
EFI 42,000 42,000 42,000 42,000 42,000

PRESTAMO
Interes -20,650 -16,847 -12,888 -8,764 -4,471
Amortización -92,074 -95,877 -99,836 -103,960 -108,253
EFI 6,195 5,054 3,866 2,629 1,341

FLUJO DE CAJA DEL ACCIONISTA 753,273 789,983 755,502 818,118 -1,226,343

VALOR PRESENTE DEL F CAJA DEL ACCIONISTA S/. 1,630,285.10

Damodaran data

Annual Average Revenue growth Pre-tax Operating

Industry Name Number of firms - Last 5 years Margin After-tax ROC
Advertising 253 9.72% 8.86% 28.21%
Aerospace/Defense 208 6.91% 10.04% 24.34%
Air Transport 158 8.61% 5.22% 5.17%
Apparel 1174 10.86% 12.37% 14.95%
Auto & Truck 125 10.79% 5.89% 6.47%
Auto Parts 632 11.44% 6.85% 11.15%
Bank (Money Center) 604 12.92% -0.03% 0.00%
Banks (Regional) 911 12.34% -0.17% -0.03%
Beverage (Alcoholic) 216 2.37% 19.23% 13.38%
Beverage (Soft) 108 4.58% 15.21% 21.84%
Broadcasting 138 5.19% 16.54% 15.61%
Brokerage & Investment B 551 8.50% 0.29% 0.04%
Building Materials 432 9.34% 7.40% 9.85%
Business & Consumer Ser 759 7.87% 8.26% 21.64%
Cable TV 64 10.80% 18.63% 15.72%
Chemical (Basic) 731 10.24% 9.60% 10.93%
Chemical (Diversified) 85 8.76% 8.08% 9.22%
Chemical (Specialty) 700 10.47% 10.90% 11.95%
Coal & Related Energy 321 18.43% 9.68% 7.36%
Computer Services 934 9.21% 7.92% 23.36%
Computers/Peripherals 329 4.18% 11.53% 17.59%
Construction Supplies 751 7.27% 7.82% 7.93%
Diversified 378 8.76% 10.04% 7.85%
Drugs (Biotechnology) 782 16.54% 23.93% 12.46%
Drugs (Pharmaceutical) 877 12.40% 20.91% 13.90%
Education 170 11.53% 9.43% 11.93%
Electrical Equipment 838 11.79% 7.51% 11.81%
Electronics (Consumer & O 151 1.83% 2.94% 4.86%
Electronics (General) 1227 6.11% 6.26% 8.61%
Engineering/Construction 1148 5.35% 4.58% 8.60%
Entertainment 350 7.33% 16.96% 22.91%
Environmental & Waste Se 307 9.07% 9.40% 14.39%
Farming/Agriculture 408 11.81% 6.00% 8.13%
Financial Svcs. (Non-bank 966 17.40% 8.26% 0.36%
Food Processing 1247 8.50% 8.58% 14.22%
Food Wholesalers 125 5.22% 3.11% 15.64%
Furn/Home Furnishings 303 7.04% 7.62% 16.09%
Green & Renewable Ener 167 8.90% 33.92% 8.15%
Healthcare Products 642 9.88% 16.17% 15.69%
Healthcare Support Servic 335 10.58% 4.60% 28.81%
Heathcare Information an 285 12.80% 12.13% 15.56%
Homebuilding 160 8.42% 8.34% 8.08%
Hospitals/Healthcare Facili 199 11.25% 11.47% 8.13%
Hotel/Gaming 665 11.49% 12.27% 9.28%
Household Products 465 9.00% 15.11% 23.56%
Information Services 185 6.68% 21.74% 35.83%
Insurance (General) 233 13.39% 9.34% 14.32%
Insurance (Life) 124 14.71% 9.10% 12.13%
Insurance (Prop/Cas.) 220 11.15% 11.13% 12.48%
Investments & Asset Man 914 11.09% 22.78% 8.21%
Machinery 1272 7.29% 9.72% 12.27%
Metals & Mining 1589 13.47% 12.05% 11.67%
Office Equipment & Servic 155 4.05% 7.87% 12.73%
Oil/Gas (Integrated) 55 10.45% 9.23% 9.99%
Oil/Gas (Production and Ex 1140 23.64% 23.49% 11.72%
Oil/Gas Distribution 215 15.15% 7.70% 8.39%
Oilfield Svcs/Equip. 586 13.00% 4.14% 10.48%
Packaging & Container 398 8.20% 8.50% 11.72%
Paper/Forest Products 303 5.58% 6.35% 5.61%
Power 574 11.86% 12.46% 6.80%
Precious Metals 1079 33.25% 5.32% 2.64%
Publshing & Newspapers 373 0.67% 8.47% 10.71%
R.E.I.T. 482 13.47% 29.53% 3.32%
Real Estate (Development 703 15.78% 21.57% 9.14%
Real Estate (General/Diver 449 9.47% 19.85% 4.89%
Real Estate (Operations & 577 10.19% 30.68% 5.23%
Recreation 293 4.14% 10.82% 9.82%
Reinsurance 40 14.08% 12.50% 14.99%
Restaurant/Dining 306 6.71% 9.65% 12.01%
Retail (Automotive) 149 9.64% 4.30% 9.99%
Retail (Building Supply) 50 7.99% 8.10% 11.71%
Retail (Distributors) 889 9.42% 3.78% 6.18%
Retail (General) 231 8.82% 4.17% 9.01%
Retail (Grocery and Food) 180 10.24% 3.15% 7.30%
Retail (Online) 115 19.34% 4.34% 17.10%
Retail (Special Lines) 540 5.69% 6.29% 11.13%
Rubber& Tires 89 8.87% 10.96% 12.44%
Semiconductor 564 8.27% 17.56% 12.65%
Semiconductor Equip 259 12.60% 10.95% 8.54%
Shipbuilding & Marine 354 3.18% 7.80% 4.65%
Shoe 95 9.66% 9.80% 14.71%
Software (Entertainment) 119 0.74% 12.62% 9.82%
Software (Internet) 759 10.80% 20.41% 17.14%
Software (System & Applic 991 9.53% 23.80% 21.97%
Steel 757 5.82% 4.83% 5.22%
Telecom (Wireless) 117 9.09% 13.50% 9.69%
Telecom. Equipment 484 5.85% 12.38% 11.52%
Telecom. Services 308 5.53% 16.07% 13.64%
Tobacco 61 8.38% 28.61% 52.27%
Transportation 225 10.45% 8.65% 11.57%
Transportation (Railroads) 53 5.05% 21.36% 8.88%
Trucking 190 5.42% 7.61% 9.19%
Unclassified 33 7.56% 19.38% 6.38%
Utility (General) 56 2.00% 9.94% 7.44%
Utility (Water) 98 12.98% 26.22% 9.19%
Total Market 42410 9.94% 9.05% 5.93%
Average effective
tax rate Unlevered Beta Equity (Levered) Beta Cost of equity Std deviation in stock prices
30.55% 1.10 1.27 11.31% 56.72%
27.54% 0.97 1.08 9.91% 47.90%
19.11% 0.64 1.09 9.98% 43.55%
25.61% 0.73 0.82 8.06% 51.79%
23.00% 0.84 1.28 11.37% 45.05%
25.00% 1.15 1.25 11.14% 47.79%
24.29% 0.39 1.02 9.52% 35.24%
27.98% 0.49 0.66 6.88% 36.79%
22.00% 0.69 0.79 7.85% 43.05%
25.35% 0.81 0.93 8.86% 42.96%
30.24% 1.05 1.35 11.85% 50.58%
26.12% 0.45 1.05 9.70% 56.73%
28.21% 0.80 0.96 9.06% 47.42%
30.08% 0.91 1.05 9.69% 50.70%
31.30% 0.71 0.96 9.10% 43.88%
18.39% 0.75 0.95 8.99% 46.40%
27.77% 1.14 1.42 12.38% 43.73%
26.02% 0.92 1.03 9.55% 49.35%
23.63% 1.05 1.38 12.08% 72.21%
23.77% 0.92 0.99 9.26% 52.97%
23.60% 1.13 1.13 10.29% 55.30%
24.49% 0.89 1.15 10.46% 48.14%
17.76% 0.76 1.08 9.93% 38.88%
19.44% 1.12 1.16 10.48% 85.38%
20.40% 0.85 0.91 8.68% 55.39%
23.90% 1.02 1.14 10.33% 56.66%
25.25% 0.99 1.10 10.06% 49.99%
38.71% 1.07 1.22 10.91% 52.36%
24.22% 1.04 1.08 9.90% 52.45%
28.15% 0.89 1.25 11.16% 52.45%
29.19% 0.94 1.12 10.22% 59.72%
35.83% 1.00 1.27 11.27% 62.88%
27.71% 0.64 0.90 8.64% 46.18%
23.16% 0.10 0.79 7.82% 45.27%
26.99% 0.66 0.77 7.71% 42.50%
29.36% 0.54 0.81 7.97% 45.54%
19.84% 0.99 1.01 9.42% 49.73%
23.62% 0.74 1.20 10.79% 53.45%
24.47% 0.90 0.97 9.16% 58.69%
36.36% 0.95 1.11 10.15% 47.70%
22.34% 1.01 1.14 10.33% 68.43%
27.66% 1.01 1.34 11.77% 51.33%
19.75% 0.56 0.83 8.15% 41.92%
17.03% 0.75 0.94 8.90% 46.98%
27.21% 0.91 0.98 9.19% 50.39%
29.68% 1.00 1.06 9.78% 51.45%
27.36% 0.63 0.72 7.31% 35.05%
24.59% 0.94 1.04 9.61% 36.75%
23.11% 0.52 0.60 6.45% 37.33%
15.76% 0.65 0.89 8.57% 47.25%
27.17% 1.06 1.12 10.23% 48.15%
31.03% 1.07 1.43 12.45% 79.34%
31.08% 0.74 0.91 8.73% 48.07%
37.73% 1.17 1.40 12.19% 40.33%
34.94% 1.10 1.48 12.82% 73.94%
17.89% 0.85 1.23 11.02% 45.55%
27.30% 1.05 1.38 12.11% 56.14%
25.36% 0.61 0.79 7.84% 44.72%
22.24% 0.62 0.96 9.06% 47.03%
24.89% 0.51 0.87 8.42% 38.21%
41.95% 1.21 1.48 12.80% 95.83%
18.18% 0.86 1.02 9.50% 52.04%
2.63% 0.45 0.79 7.81% 29.85%
30.11% 0.78 1.16 10.52% 48.53%
19.17% 0.70 1.08 9.90% 49.50%
19.41% 0.55 0.92 8.77% 43.86%
26.92% 0.95 1.07 9.82% 49.10%
11.50% 1.07 1.21 10.83% 28.34%
31.32% 0.70 0.84 8.21% 41.15%
32.98% 0.72 0.96 9.05% 43.92%
35.68% 0.90 1.03 9.54% 35.64%
27.60% 0.58 0.93 8.84% 49.35%
32.62% 0.73 0.93 8.84% 40.14%
28.84% 0.60 0.85 8.24% 36.41%
26.29% 1.40 1.42 12.34% 72.03%
32.67% 0.87 1.03 9.57% 47.17%
32.30% 0.93 1.13 10.29% 43.79%
17.85% 1.23 1.27 11.30% 53.27%
18.24% 1.35 1.40 12.25% 57.71%
26.44% 0.83 1.26 11.19% 49.49%
23.66% 0.84 0.86 8.35% 49.82%
30.54% 1.35 1.19 10.72% 68.74%
32.81% 1.35 1.34 11.77% 68.76%
23.04% 1.10 1.12 10.24% 62.34%
29.21% 0.79 1.28 11.34% 54.23%
29.45% 0.88 1.17 10.55% 47.57%
19.92% 1.15 1.18 10.61% 57.38%
27.70% 0.69 1.01 9.44% 50.50%
29.24% 0.69 0.77 7.66% 39.03%
30.04% 0.70 0.88 8.49% 42.81%
31.36% 0.81 1.00 9.36% 32.27%
33.70% 0.68 0.96 9.04% 42.00%
8.75% 0.61 0.86 8.34% 58.05%
32.69% 0.51 0.80 7.90% 32.08%
20.05% 0.73 0.98 9.17% 42.62%
26.09% 0.71 1.07 9.87% 51.47%
Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT
4.63% 23.31% 9.43% 3.78 1.51 9.78 16.21
4.13% 18.10% 8.64% 2.78 1.38 10.34 13.98
4.13% 49.06% 6.50% 1.16 1.41 8.26 26.97
4.63% 19.89% 7.10% 1.44 1.73 9.40 13.59
4.13% 45.27% 7.53% 1.26 0.94 9.19 15.51
4.13% 20.24% 9.47% 2.01 0.81 7.39 11.71
4.13% 73.39% 4.66% 0.11 9.37 NA NA
4.13% 53.21% 4.76% 0.26 4.39 NA NA
4.13% 18.82% 6.91% 0.84 3.33 12.30 16.58
4.13% 19.20% 7.71% 1.64 2.63 13.61 17.27
4.63% 29.37% 9.32% 1.17 2.48 10.59 14.91
4.63% 67.14% 5.36% 0.17 6.96 NA NA
4.13% 27.13% 7.39% 1.63 1.11 9.32 14.78
4.63% 21.87% 8.28% 3.21 1.31 10.13 15.57
4.13% 32.90% 7.05% 1.02 3.56 10.92 19.07
4.13% 30.25% 7.14% 1.36 1.07 7.02 10.38
4.13% 28.94% 9.64% 1.45 1.12 8.46 13.61
4.13% 19.09% 8.28% 1.32 1.74 10.87 15.79
5.13% 35.06% 9.11% 0.81 1.72 8.55 16.48
4.63% 16.07% 8.29% 3.62 1.03 9.56 12.73
4.63% 11.15% 9.51% 1.78 1.30 7.90 11.26
4.13% 32.34% 8.01% 1.20 1.37 10.07 16.74
4.13% 39.72% 7.13% 0.92 1.69 11.27 16.46
5.63% 7.64% 9.98% 0.53 10.12 19.75 38.97
4.63% 11.43% 8.06% 0.77 3.93 13.61 18.69
4.63% 21.75% 8.79% 1.49 1.86 9.42 18.98
4.13% 21.03% 8.55% 1.81 1.31 11.22 16.76
4.63% 28.81% 8.70% 1.89 0.52 6.99 15.49
4.63% 17.84% 8.72% 1.60 1.07 9.07 16.71
4.63% 44.62% 7.63% 2.25 0.67 9.17 14.19
4.63% 21.67% 8.71% 1.49 2.98 11.79 17.14
4.63% 26.68% 9.12% 1.74 1.72 10.23 17.89
4.13% 37.62% 6.48% 1.55 0.93 10.71 15.17
4.13% 89.52% 3.41% 0.05 19.48 155.86 NA
4.13% 20.81% 6.71% 2.00 1.43 11.81 16.48
4.13% 44.51% 5.71% 6.08 0.37 7.71 11.87
4.13% 16.71% 8.33% 2.55 0.97 9.24 12.52
4.63% 42.14% 7.61% 0.26 6.20 10.84 18.03
4.63% 12.80% 8.40% 1.07 3.51 14.49 21.03
4.13% 22.93% 8.49% 7.48 0.63 10.23 13.52
5.13% 16.49% 9.22% 1.38 3.38 16.46 28.13
4.63% 36.53% 8.65% 1.21 1.19 10.40 13.85
4.13% 38.34% 6.13% 0.83 2.83 13.23 24.14
4.13% 28.60% 7.18% 0.87 2.50 11.74 19.98
4.63% 12.70% 8.44% 1.82 2.56 13.28 16.84
4.63% 11.71% 9.02% 1.98 3.78 13.72 17.35
4.13% 29.30% 6.01% 1.81 0.81 7.10 8.37
4.13% 32.85% 7.40% 1.66 0.96 9.82 10.58
4.13% 23.97% 5.60% 1.35 1.02 8.51 9.05
4.13% 38.41% 6.39% 0.39 4.69 16.33 17.97
4.13% 17.38% 8.95% 1.55 1.49 10.83 15.07
5.13% 31.87% 9.63% 1.01 1.37 6.81 11.10
4.13% 30.48% 6.95% 1.99 1.11 8.47 13.99
4.13% 27.35% 9.65% 1.45 0.76 4.60 8.19
5.13% 31.98% 9.87% 0.54 2.42 4.83 10.04
4.13% 34.58% 8.21% 1.20 2.01 15.65 25.12
4.63% 33.42% 9.15% 2.96 0.55 7.76 13.01
4.13% 31.57% 6.28% 1.70 1.20 8.74 14.03
4.13% 42.96% 6.41% 1.00 1.19 9.18 18.37
4.13% 49.19% 5.70% 0.66 1.94 8.65 15.49
6.13% 26.22% 10.57% 0.51 2.26 7.63 39.22
4.63% 24.72% 7.95% 1.49 1.63 9.61 16.88
4.13% 44.49% 5.62% 0.11 12.62 22.80 37.39
4.13% 47.42% 6.90% 0.52 2.69 11.38 12.08
4.13% 44.11% 6.81% 0.29 3.92 14.41 19.07
4.13% 47.25% 5.99% 0.20 6.26 15.88 18.79
4.13% 21.63% 8.32% 1.09 1.97 10.71 17.41
4.13% 24.87% 8.85% 1.34 0.81 6.52 6.46
4.13% 24.61% 6.90% 1.58 2.11 11.48 21.29
4.13% 33.74% 6.97% 2.98 0.81 11.72 18.74
4.13% 20.43% 8.18% 2.08 1.41 11.04 17.37
4.13% 48.46% 5.96% 2.02 0.67 11.52 17.32
4.13% 30.82% 7.00% 2.81 0.76 9.30 17.88
4.13% 40.82% 6.06% 3.06 0.61 8.05 19.38
5.13% 8.44% 11.60% 4.44 2.19 23.72 52.08
4.13% 24.59% 7.93% 2.27 1.22 9.90 19.21
4.13% 28.39% 8.19% 1.46 0.96 5.84 8.65
4.63% 11.47% 10.38% 0.80 2.81 9.48 16.21
4.63% 13.47% 11.04% 0.87 2.70 13.80 23.01
4.13% 44.10% 7.53% 0.68 1.76 9.50 22.06
4.13% 10.52% 7.78% 1.87 1.79 12.99 18.24
5.13% 9.48% 10.04% 0.88 2.40 10.25 15.44
5.13% 5.23% 11.34% 0.91 6.18 20.73 31.86
4.63% 8.14% 9.67% 1.03 4.49 14.24 18.27
4.63% 47.34% 7.51% 1.25 0.78 7.47 15.36
4.13% 32.79% 8.04% 0.83 2.00 6.42 14.71
4.63% 11.72% 9.75% 1.05 2.20 12.08 16.62
4.63% 38.63% 7.05% 0.99 2.02 5.91 12.45
4.13% 14.43% 6.97% 2.24 3.68 11.59 12.85
4.13% 31.89% 6.70% 1.69 1.32 9.31 15.20
4.13% 26.24% 7.66% 0.56 3.29 10.32 15.47
4.13% 38.57% 6.67% 1.56 1.15 8.21 14.94
4.63% 36.24% 6.49% 0.36 6.89 14.41 22.92
4.13% 45.72% 5.61% 0.99 1.41 8.29 14.14
4.13% 32.89% 7.11% 0.41 4.95 12.83 18.60
4.63% 44.24% 6.94% 0.76 2.00 12.54 20.24
 Non-cash WC
as % of Cap Ex as % Net Cap Ex as Reinvestment Dividend
Price/Book Trailing PE Revenues of Revenues % of Revenues Rate ROE Payout Ratio
2.50 63.93 -6.27% 1.84% 1.45% 37.84% 10.21% 51.39%
3.26 36.81 21.11% 3.33% 4.61% 94.37% 21.05% 32.53%
2.30 23.96 -2.40% 9.99% 5.38% 125.07% 11.09% 32.69%
2.27 53.20 23.85% 4.28% 5.78% 84.82% 12.07% 43.21%
1.43 31.16 2.28% 7.09% 6.88% 163.55% 14.68% 29.62%
1.84 43.50 9.91% 5.45% 5.64% 121.45% 13.32% 22.84%
1.11 22.92 NA 4.31% 4.74% NA 10.26% 36.72%
0.96 37.96 NA 5.51% 2.44% NA 8.55% 23.45%
2.86 34.36 6.81% 5.37% 3.74% 33.29% 14.10% 54.73%
4.66 64.53 1.63% 3.42% 3.07% -34.69% 20.79% 58.13%
2.36 28.73 12.92% 3.45% 2.82% 32.76% 8.64% 55.67%
1.74 248.96 NA 2.63% 2.37% -2315.77% 9.01% 27.72%
1.75 41.88 17.10% 3.85% 4.16% 93.55% 8.50% 39.47%
3.17 44.50 9.45% 2.78% 3.58% 73.12% 15.21% 65.48%
5.79 116.12 13.48% 12.50% 2.74% 24.61% 23.75% 29.91%
1.45 78.15 13.42% 5.40% 5.60% 98.60% 8.91% 62.94%
1.91 26.74 19.55% 5.92% 6.00% 109.21% 12.43% 46.56%
2.58 34.22 17.46% 7.00% 8.14% 109.07% 12.32% 47.61%
1.30 70.52 2.45% 13.39% 11.19% 188.42% 4.50% 117.15%
3.44 54.59 12.19% 1.72% 2.12% 54.14% 19.68% 31.39%
2.51 76.74 8.56% 4.89% 5.84% 62.73% 18.26% 26.45%
1.68 36.16 16.27% 5.31% 5.18% 126.20% 8.90% 54.25%
1.34 26.92 4.59% 5.82% 6.10% 81.22% 10.75% 29.93%
7.84 108.44 24.61% 4.44% 21.34% 162.34% 10.58% 29.31%
3.72 81.26 19.49% 4.36% 7.66% 54.54% 15.00% 61.73%
2.21 310.11 8.41% 5.37% 6.15% 120.91% 6.10% 62.79%
2.23 333.33 22.32% 3.73% 4.81% 100.25% 7.76% 57.16%
1.47 34.90 6.87% 3.02% 2.79% 121.27% 2.35% 101.58%
1.78 54.19 18.48% 4.97% 5.43% 153.81% 9.11% 31.53%
1.48 103.83 11.67% 3.10% 3.29% 151.49% 7.62% 67.19%
3.29 213.79 10.39% 4.13% 2.65% 94.50% 15.25% 25.94%
2.61 41.23 11.30% 5.89% 2.94% 65.52% 5.93% 86.61%
1.59 31.29 18.82% 3.80% 4.68% 119.21% 9.68% 37.77%
1.30 111.52 NA 7.38% 8.26% 158.19% 24.84% 333.91%
2.69 159.96 10.81% 4.50% 6.98% 115.19% 12.64% 51.45%
1.25 63.69 2.97% 1.60% 1.62% 90.90% 10.68% 50.99%
2.29 48.17 10.44% 3.06% 3.64% 50.87% 15.35% 37.28%
1.54 45.99 0.85% 35.95% 30.40% 120.06% 7.80% 87.40%
3.70 60.77 25.74% 5.14% 12.28% 114.37% 11.45% 38.96%
2.49 52.08 0.46% 1.02% 1.58% 76.34% 11.38% 25.05%
3.93 123.00 22.23% 3.63% 19.35% 227.79% 9.65% 17.60%
1.36 35.82 66.89% 0.81% 2.14% 137.86% 12.17% 19.62%
2.88 71.58 13.28% 5.94% 7.58% 124.55% 12.24% 59.84%
2.29 50.53 -0.80% 7.01% 4.76% 48.85% 9.68% 53.66%
4.26 63.65 10.14% 4.09% 5.50% 50.37% 17.59% 54.33%
5.23 35.14 13.85% 3.05% 4.95% 37.13% 22.36% 25.90%
1.07 20.45 4.37% 0.79% 1.24% 8.48% 10.77% 42.41%
1.35 29.73 4.75% 0.62% 0.81% 7.98% 10.95% 31.70%
1.22 16.13 -25.63% 0.65% 1.33% 18.56% 10.69% 30.35%
1.27 131.39 NA 2.02% -3.05% -14.15% 12.25% 45.31%
2.35 54.58 23.46% 3.84% 5.36% 96.20% 11.77% 36.57%
1.28 65.71 9.89% 12.96% 9.89% 134.21% 8.00% 69.85%
2.36 203.75 12.95% 3.54% 4.33% 91.05% 10.97% 37.55%
 1.03 15.01 3.33% 11.35% 6.09% 111.94% 11.41% 44.94%
1.20 52.25 -0.33% 51.05% 34.14% 213.10% 8.23% 52.89%
2.12 90.52 3.09% 14.79% 14.60% 227.93% 9.15% 138.99%
1.45 607.04 7.98% 3.57% 3.08% 115.35% 9.97% 40.25%
2.21 36.73 14.10% 5.30% 6.47% 104.27% 11.20% 44.73%
1.29 66.53 16.69% 6.33% 4.06% 88.70% 4.52% 73.54%
1.29 37.79 2.60% 15.91% 11.55% 131.00% 8.15% 68.52%
1.08 1831.07 13.94% 24.80% 13.37% 548.81% -6.32% 0.76%
1.93 37.64 8.34% 3.41% 4.51% 73.52% 13.40% 37.79%
1.69 32.40 34.80% 8.80% 10.10% 45.31% 10.48% 69.95%
1.00 49.76 164.65% 4.02% 6.75% 185.09% 14.27% 37.86%
0.92 76.83 78.65% 6.64% 6.88% 85.41% 8.94% 26.94%
0.98 35.02 20.35% 7.30% 9.65% 46.25% 8.00% 40.10%
2.57 56.72 17.62% 5.56% 5.22% 73.41% 11.81% 42.07%
0.91 11.14 -41.98% 0.14% 0.24% 1.49% 13.66% 27.39%
5.19 44.75 -1.17% 5.52% 4.12% 61.18% 19.55% 50.15%
3.57 88.65 8.36% 2.65% 3.73% 134.05% 19.36% 23.19%
4.84 30.55 7.26% 2.03% 0.32% 3.79% 19.41% 37.86%
1.27 218.46 14.11% 2.76% 3.12% 151.25% 9.61% 36.45%
2.32 31.22 0.93% 3.11% 2.53% 99.22% 12.52% 40.62%
1.81 33.03 -3.53% 3.13% 4.41% 173.08% 10.18% 59.23%
7.47 73.15 0.21% 4.38% 7.12% 245.73% 11.52% 21.12%
3.45 28.68 9.75% 2.41% 2.69% 84.55% 14.05% 36.01%
1.66 19.62 19.58% 4.98% 4.47% 58.12% 14.55% 29.66%
2.96 50.00 18.02% 13.58% 16.75% 130.50% 14.96% 36.86%
2.75 41.77 27.30% 7.56% 9.24% 134.95% 5.44% 50.43%
1.22 45.15 0.03% 12.34% 9.29% 174.25% 6.54% 54.65%
3.35 25.52 20.69% 1.71% 1.68% 38.92% 15.78% 43.87%
2.09 52.54 17.88% 3.37% 4.80% 35.41% 8.30% 18.47%
4.55 145.13 7.59% 9.95% 16.70% 141.83% 14.78% 7.22%
4.41 69.26 12.98% 4.02% 11.30% 71.24% 17.73% 37.91%
0.94 47.45 13.06% 5.68% 5.83% 179.95% 0.65% 519.88%
1.74 24.46 -6.98% 17.84% 9.05% 102.91% 23.02% 28.10%
2.73 107.83 17.13% 3.14% 4.11% 43.57% 13.72% 40.95%
1.95 29.53 -0.65% 13.55% 0.83% 9.49% 14.91% 61.31%
10.80 25.41 16.90% 3.26% 2.02% 11.39% 59.64% 70.95%
2.36 29.78 3.37% 4.15% 1.78% 51.33% 13.89% 52.25%
2.52 25.95 -0.04% 15.76% 12.02% 81.74% 13.83% 28.44%
2.33 29.56 4.80% 9.69% 8.13% 167.50% 10.51% 26.03%
2.36 89.48 -118.42% 10.36% 16.10% 91.09% -7.15% 0.05%
1.45 28.99 0.86% 11.37% 6.17% 87.35% 2.02% 357.99%
2.15 51.54 6.25% 19.01% 13.73% 72.55% 13.69% 55.95%
1.78 90.60 -93.99% 6.60% 5.65% 97.23% 11.42% 54.41%
Equity
Reinvestment
Rate
51.39%
32.53%
32.69%
43.21%
29.62%
22.84%
36.72%
23.45%
54.73%
58.13%
55.67%
27.72%
39.47%
65.48%
29.91%
62.94%
46.56%
47.61%
117.15%
31.39%
26.45%
54.25%
29.93%
29.31%
61.73%
62.79%
57.16%
101.58%
31.53%
67.19%
25.94%
86.61%
37.77%
333.91%
51.45%
50.99%
37.28%
87.40%
38.96%
25.05%
17.60%
19.62%
59.84%
53.66%
54.33%
25.90%
42.41%
31.70%
30.35%
45.31%
36.57%
69.85%
37.55%
 44.94%
52.89%
138.99%
40.25%
44.73%
73.54%
68.52%
0.76%
37.79%
69.95%
37.86%
26.94%
40.10%
42.07%
27.39%
50.15%
23.19%
37.86%
36.45%
40.62%
59.23%
21.12%
36.01%
29.66%
36.86%
50.43%
54.65%
43.87%
18.47%
7.22%
37.91%
519.88%
28.10%
40.95%
61.31%
70.95%
52.25%
28.44%
26.03%
0.05%
357.99%
55.95%
54.41%
 1 Tasa Empresa Citi
Fija 12% 10%
Variable L + 1% L
Ahorro neto total

10.95%
Citi paga
a) flotante
Libor

500MM
bonos

b) 10.00%
Citi paga
flotante
Libor
10%

500MM
bonos

3 Tasa Global Insight BH Diferencia

Fija 12% 12% 0%
Variable L + 1% L + 0.5% 0.5%
Ahorro neto total 0.5%

g) ¿Cuáles serían los ahorros máximos y mínimos para ambas instituciones? (JP Morgan les cobrará 5 punt

El máximo ahorro de la operación viene dado por la diferencia entre los ahorros
conseguidos en los mercados de renta fija y de renta variable:

Tasa Empresa Citi Diferencia

Fija 12% 10% 2%
Variable L + 1% L 1%
Ahorro neto total 1%

El ahorro a repartir entre ambas entidades es 100 puntos básicos menos lo que cobra
banco de inversión 5 p.b.

a) Si todo el ahorro se destinase a Citi, el esquema de la operación sería el siguien

 Ahorro neto total 1%

El ahorro a repartir entre ambas entidades es 100 puntos básicos menos lo que cobra
banco de inversión 5 p.b.

a) Si todo el ahorro se destinase a Citi, el esquema de la operación sería el siguien

(Citi tiene un coste final de Libor – 95 pb., mientras que el de la empresa de puertos e
el 12%):
10.95% 11%
Citi paga Empresa
Bancco de Inversion
flotante paga fija
Libor Libor

500MM 500MM
bonos bonos

b) Si todo el ahorro fuese para Global Insight el esquema de la operación sería

siguiente (observe que Citi tiene un coste final de Libor, mientras que Global Insight e
el 11,05%):

10.00% 10.05%
Citi paga Empresa
Bancco de Inversion
flotante paga fija
Libor Libor
10% L +1%

500MM 500MM
bonos bonos

h) ¿Qué ocurriría si Ambev Peru deseara endeudarse a tipo variable?, ¿sería posible el Swap de tasas de in
Si Ambev Perú deseara endeudarse a tipo flotante no se podría realizar el Swap porque el ahorro a tasa vari
sería contrarrestado y superado por el ahorro a tipo fijo (2%) lo que daría un ahorro total de -2

i) Si aparece en escena el Banco BBVA, al cual le cotizan un financiamiento a tasa fija del 12% o a tasa var
pero sabiendo que ellos realmente desean el crédito a tasa fija, ¿sería posible el Swap de tasa de interés?.

Tasa Global Insight BH Diferencia

Fija 12% 12% 0%
Variable L + 1% L + 0.5% 0.5%
Ahorro neto total 0.5%

sí podría, ya que el ahorro a tipo variable es del 0,5% mientras que a tipo fijo no hay ningun
por lo tanto, el ahorro total sería de 50 pb.
sí podría, ya que el ahorro a tipo variable es del 0,5% mientras que a tipo fijo no hay ningun
por lo tanto, el ahorro total sería de 50 pb.
 Diferencia
2%
1%
1%

11%
Empresa
Bancco de Inversion
paga fija
Libor

500MM
bonos

10.05%
Empresa
Bancco de Inversion
paga fija
Libor
L +1%

500MM
bonos

s instituciones? (JP Morgan les cobrará 5 puntos básicos que serán pagados por la empresa portuaria). (2 puntos).

or la diferencia entre los ahorros

renta variable:

Diferencia
10% 2%
1%
1%

00 puntos básicos menos lo que cobra el

quema de la operación sería el siguiente

 1%

00 puntos básicos menos lo que cobra el

quema de la operación sería el siguiente

ntras que el de la empresa de puertos es

11%
Empresa
paga fija
Libor

500MM
bonos

ht el esquema de la operación sería el

de Libor, mientras que Global Insight es

10.05%
Empresa
paga fija
Libor
L +1%

500MM
bonos

ariable?, ¿sería posible el Swap de tasas de interés?. (1.5 puntos).

a realizar el Swap porque el ahorro a tasa variable (1%)
o que daría un ahorro total de -2

nanciamiento a tasa fija del 12% o a tasa variable Libor más 50 puntos básicos,
ja, ¿sería posible el Swap de tasa de interés?. (1.5 puntos).

erencia
0%
0.5%
0.5%

% mientras que a tipo fijo no hay ninguno,

% mientras que a tipo fijo no hay ninguno,