Indicador Descripción Método Valor

tax IUE en Bolivia (efectivo) contable 25%

rf(h) Tasa Libre de Riesgo Histórica Geom 05 años 2.08%

rf(a) Tasa Libre de Riesgo Actual igual a rf(h) 2.08%

rM Rentabilidad del Mercado 15.55%

rubro Rubro de la empresa Auto Parts

Est. Fin. Estructura de Financiamiento Disponible

D Deuda con Costo Financiero = 0.5

E Valor de Mercado del Patrimonio = 0.5
β Beta Desapalancado 1.09
βL Beta de la Empresa 1.91

RP Calificación de Riesgo País B2

PRP Premio por Riesgo País Fitch Ratings 4.86%

π Tasa de Inflación No Considera 0.00%

ke Costo de Capital Propio CAPM ajustado 32.68%

Fecha de Actualización: 26-ene-2021 Validez: 1 año

Fuentes: www.damodaran.com www.ine.gob.bo
Elaboración: Juan F. Subirana (juanfer.subirana@gmail.com)
Cuadro para Copia Valores para Copia

Indicador Descripción Método Valor

tax IUE en Bolivia (efectivo) contable 25% 25%

r f(h) Tasa Libre de Riesgo Histórica Geom 05 años 2.08% 2.08%

2.08%
r f(a) Tasa Libre de Riesgo Actual igual a rf(h) 2.08%

rM Rentabilidad del Mercado 15.55%

15.55%

rubro Rubro de la empresa Auto Parts

Est. Fin. Estructura de Financiamiento Disponible

D Deuda con Costo Financiero = 0.5 50%

E Valor de Mercado del Patrimonio = 0.5 50%
β Beta Desapalancado 1.09 1.09
βL Beta de la Empresa 1.91 1.91

RP Calificación de Riesgo País B2

PRP Premio por Riesgo País Fitch Ratings 4.86% 4.86%

π Tasa de Inflación No Considera 0.00% 0.00%

ke Costo de Capital Propio CAPM ajustado 32.68% 32.68%

Fecha de Actualización: 26-ene-2021 Validez: 1 año

Fuentes: www.damodaran.com www.ine.gob.bo
Elaboración: Juan F. Subirana ( juanfer.subirana@gmail.com )

Fórmula Empleada:
Estructura Actual Óptima EBIT 10,000
%D 50% 55% Intereses 3,000
%E 50% 45% kd a.i. 10.00%
WACC 20.1% 19.9%

25%

20%

15%

10%

5%

0%
0 4 8 12 16 2 0 24 28 32 36 4 0 44 48 52 56 60 64 68 72 76 80 84 88

%Deuda

ECO kd ke WACC
 S&P 500 & Raw Data

Year T.Bond rateReturn on bond

1927 3.17%
1928 3.45% 0.84%
1929 3.36% 4.20%
1930 3.22% 4.54%
1931 3.93% -2.56%
1932 3.35% 8.79%
1933 3.53% 1.86%
1934 3.01% 7.96%
1935 2.84% 4.47%
1936 2.59% 5.02%
1937 2.73% 1.38%
1938 2.56% 4.21%
1939 2.35% 4.41%
1940 2.01% 5.40%
1941 2.47% -2.02%
1942 2.49% 2.29%
1943 2.49% 2.49%
1944 2.48% 2.58%
1945 2.33% 3.80%
1946 2.24% 3.13%
1947 2.39% 0.92%
1948 2.44% 1.95%
1949 2.19% 4.66%
1950 2.39% 0.43%
1951 2.70% -0.30%
1952 2.75% 2.27%
1953 2.59% 4.14%
1954 2.51% 3.29%
1955 2.96% -1.34%
1956 3.59% -2.26%
1957 3.21% 6.80%
1958 3.86% -2.10%
1959 4.69% -2.65%
1960 3.84% 11.64%
1961 4.06% 2.06%
1962 3.86% 5.69%
1963 4.13% 1.68%
1964 4.18% 3.73%
1965 4.62% 0.72%
1966 4.84% 2.91%

Page 4
 S&P 500 & Raw Data

1967 5.70% -1.58%

1968 6.03% 3.27%
1969 7.65% -5.01%
1970 6.39% 16.75%
1971 5.93% 9.79%
1972 6.36% 2.82%
1973 6.74% 3.66%
1974 7.43% 1.99%
1975 8.00% 3.61%
1976 6.87% 15.98%
1977 7.69% 1.29%
1978 9.01% -0.78%
1979 10.39% 0.67%
1980 12.84% -2.99%
1981 13.72% 8.20%
1982 10.54% 32.81%
1983 11.83% 3.20%
1984 11.50% 13.73%
1985 9.26% 25.71%
1986 7.11% 24.28%
1987 8.99% -4.96%
1988 9.11% 8.22%
1989 7.84% 17.69%
1990 8.08% 6.24%
1991 7.09% 15.00%
1992 6.77% 9.36%
1993 5.77% 14.21%
1994 7.81% -8.04%
1995 5.71% 23.48%
1996 6.30% 1.43%
1997 5.81% 9.94%
1998 4.65% 14.92%
1999 6.44% -8.25%
2000 5.11% 16.66%
2001 5.05% 5.57%
2002 3.82% 15.12%
2003 4.25% 0.38%
2004 4.22% 4.49%
2005 4.39% 2.87%
2006 4.70% 1.96%
2007 4.02% 10.21%

Page 5
 S&P 500 & Raw Data

2008 2.21% 20.10%

2009 3.84% -11.12%
2010 3.29% 8.46%
2011 1.88% 16.04%
2012 1.76% 2.97%
2013 3.04% -9.10%
2014 2.17% 10.75%
2015 2.27% 1.28%
2016 2.45% 0.69%
2017 2.41% 2.80%
2018 2.69%
2019 1.92%
2020 0.93%
Geom 05 años 2.08%
Geom 10 años 2.15%
Aritm 05 años 2.08%
Aritm 10 años 2.15%
Último Dato 0.93%

Page 6
S&P 500 & Raw Data

101.88%
101.76%
103.04%
102.17%
102.27%
102.45%
102.41%
102.69%
101.92%
100.93%
2.08%
2.15%
2.08%
2.15%
0.93%

Page 7
Global Companies Cost of Capital by Sector January 2016

rM 15.55%

Industry Name Number of Firms Beta Cost of Equity E/(D+E) Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E) Cost of Capital
 Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Advertising 61 1.08 77.50% 3.35% 0.69 11.23% 0.77 0.4119 46.39%
Aerospace/Defense 72 1.07 33.05% 7.37% 0.86 5.93% 0.91 0.3590 37.02%
Air Transport 17 1.61 161.36% 6.00% 0.74 19.71% 0.91 0.2918 30.61%
Apparel 51 1.10 39.39% 4.75% 0.85 9.39% 0.94 0.3469 36.30%
Auto & Truck 19 1.28 38.67% 7.86% 1.00 4.72% 1.05 0.3364 33.62%
Auto Parts 52 1.20 24.37% 7.35% 1.02 6.59% 1.09 0.3233 34.67%
Bank (Money Center) 7 0.83 216.19% 16.16% 0.32 46.36% 0.59 0.2069 22.54%
Banks (Regional) 598 0.64 61.25% 16.42% 0.45 25.74% 0.60 0.1673 19.98%
Beverage (Alcoholic) 23 0.78 23.41% 5.33% 0.66 1.68% 0.67 0.2970 29.17%
Beverage (Soft) 41 0.79 21.60% 3.32% 0.68 3.39% 0.71 0.4070 34.38%
Broadcasting 29 1.13 121.72% 9.26% 0.60 8.50% 0.65 0.3393 33.69%
Brokerage & Investment Ban 39 1.13 218.88% 9.75% 0.44 24.48% 0.57 0.3423 36.29%
Building Materials 42 1.09 26.29% 15.15% 0.91 5.89% 0.97 0.2924 31.42%
Business & Consumer Service 169 0.93 24.72% 7.43% 0.79 5.41% 0.83 0.3583 41.49%
Cable TV 13 0.94 51.96% 18.97% 0.68 2.41% 0.70 0.3344 30.69%
Chemical (Basic) 48 0.99 55.12% 2.98% 0.71 7.00% 0.76 0.3023 32.19%
Chemical (Diversified) 5 1.36 58.10% 1.25% 0.96 7.64% 1.03 0.2927 29.94%
Chemical (Specialty) 97 0.93 25.35% 6.43% 0.78 4.44% 0.82 0.3370 36.68%
Coal & Related Energy 29 0.83 94.63% 0.00% 0.49 12.92% 0.56 0.4430 55.46%
Computer Services 116 1.12 39.75% 5.55% 0.87 7.89% 0.94 0.3466 39.39%
Computers/Peripherals 52 1.18 9.36% 3.71% 1.11 2.72% 1.14 0.3582 37.67%
Construction Supplies 46 1.02 34.78% 10.79% 0.81 6.64% 0.87 0.3093 35.08%
Diversified 29 1.02 29.74% 6.52% 0.84 5.70% 0.89 0.2604 26.62%
Drugs (Biotechnology) 547 0.89 15.50% 0.52% 0.80 6.50% 0.85 0.5222 62.07%
Drugs (Pharmaceutical) 287 0.91 18.18% 1.88% 0.80 4.24% 0.84 0.4549 52.03%
Education 38 1.15 24.33% 4.02% 0.97 8.97% 1.07 0.3816 39.39%
Electrical Equipment 122 1.06 15.35% 4.44% 0.95 4.90% 1.00 0.3709 38.22%
Electronics (Consumer & Offi 22 0.96 9.50% 1.05% 0.89 11.62% 1.01 0.3872 40.86%
Electronics (General) 157 0.89 13.48% 6.11% 0.81 6.09% 0.86 0.3522 39.67%
Engineering/Construction 61 1.06 28.24% 9.31% 0.88 8.35% 0.95 0.3267 36.53%
Entertainment 118 0.88 15.20% 0.53% 0.79 5.26% 0.84 0.4414 48.01%
Environmental & Waste Servi 86 0.95 25.20% 2.69% 0.81 1.92% 0.82 0.4335 43.82%
Farming/Agriculture 32 0.87 45.05% 6.45% 0.66 4.07% 0.68 0.3439 38.16%
Financial Svcs. (Non-bank & 235 0.80 895.89% 12.91% 0.11 3.11% 0.11 0.3079 34.53%
Food Processing 101 0.64 33.01% 8.56% 0.51 3.64% 0.53 0.3057 32.02%
Food Wholesalers 18 1.03 56.02% 0.52% 0.73 8.97% 0.80 0.3029 34.20%
Furn/Home Furnishings 40 0.88 34.06% 4.79% 0.71 9.25% 0.78 0.3106 34.40%
Green & Renewable Energy 25 0.98 64.06% 1.74% 0.67 1.44% 0.68 0.3796 38.03%
Healthcare Products 265 0.83 10.69% 2.57% 0.77 3.45% 0.80 0.4267 48.36%
Healthcare Support Services 129 0.85 31.70% 5.65% 0.69 6.49% 0.74 0.3842 39.82%
 Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Heathcare Information and T 139 0.79 12.10% 4.16% 0.73 3.56% 0.75 0.4619 53.76%
Homebuilding 30 1.46 32.73% 15.91% 1.18 11.39% 1.33 0.3004 32.29%
Hospitals/Healthcare Facilitie 32 1.28 99.40% 8.16% 0.74 7.94% 0.80 0.3045 31.47%
Hotel/Gaming 66 1.56 57.24% 2.02% 1.10 7.25% 1.19 0.3102 34.67%
Household Products 140 0.73 14.85% 5.06% 0.66 3.68% 0.68 0.4064 40.58%
Information Services 77 1.01 9.37% 9.75% 0.95 3.01% 0.97 0.4047 41.26%
Insurance (General) 21 0.68 40.81% 12.61% 0.53 5.92% 0.56 0.2177 26.83%
Insurance (Life) 26 0.98 119.95% 15.12% 0.52 19.22% 0.64 0.2266 25.89%
Insurance (Prop/Cas.) 55 0.64 25.06% 10.86% 0.54 5.96% 0.58 0.2351 24.73%
Investments & Asset Manag 348 0.93 45.22% 4.64% 0.70 11.00% 0.78 0.3070 37.11%
Machinery 125 1.05 19.65% 8.81% 0.92 4.30% 0.96 0.3057 35.09%
Metals & Mining 86 0.90 23.86% 1.70% 0.77 6.04% 0.82 0.4932 71.29%
Office Equipment & Services 22 1.00 47.82% 13.20% 0.74 11.13% 0.83 0.3306 36.39%
Oil/Gas (Integrated) 3 1.26 44.09% 8.54% 0.95 3.46% 0.98 0.2401 28.82%
Oil/Gas (Production and Expl 278 1.18 72.08% 0.68% 0.78 4.36% 0.81 0.5470 63.69%
Oil/Gas Distribution 57 1.16 129.69% 4.55% 0.59 1.37% 0.60 0.3294 33.56%
Oilfield Svcs/Equip. 135 1.21 77.44% 1.19% 0.77 7.61% 0.83 0.4193 44.97%
Packaging & Container 26 0.92 55.11% 15.67% 0.66 3.68% 0.68 0.3218 35.41%
Paper/Forest Products 15 1.14 37.52% 5.94% 0.89 6.81% 0.96 0.3289 35.35%
Power 55 0.67 78.08% 9.91% 0.42 1.47% 0.43 0.2539 26.60%
Precious Metals 93 0.76 12.69% 1.08% 0.69 7.93% 0.75 0.5154 81.37%
Publishing & Newspapers 29 1.41 54.00% 5.76% 1.01 8.67% 1.10 0.3244 37.95%
R.E.I.T. 238 1.21 76.73% 1.26% 0.77 2.69% 0.79 0.1780 18.54%
Real Estate (Development) 25 0.85 94.70% 2.84% 0.50 11.06% 0.56 0.3075 33.04%
Real Estate (General/Diversif 11 0.78 29.22% 7.34% 0.64 15.20% 0.76 0.2742 29.90%
Real Estate (Operations & Ser 61 0.92 40.79% 4.38% 0.71 6.12% 0.75 0.2845 31.57%
Recreation 69 0.87 24.50% 5.78% 0.74 5.05% 0.77 0.3489 37.72%
Reinsurance 2 1.16 38.52% 12.57% 0.91 19.61% 1.13 0.2504 23.61%
Restaurant/Dining 79 1.34 33.70% 3.19% 1.08 2.85% 1.11 0.3144 34.40%
Retail (Automotive) 30 1.30 49.71% 11.65% 0.95 3.77% 0.99 0.3271 34.45%
Retail (Building Supply) 15 1.54 18.08% 13.48% 1.36 5.00% 1.43 0.3216 36.34%
Retail (Distributors) 85 0.97 45.74% 12.21% 0.73 3.52% 0.75 0.3331 36.07%
Retail (General) 17 0.90 21.34% 12.48% 0.78 4.66% 0.81 0.2650 29.10%
Retail (Grocery and Food) 14 0.24 94.34% 13.52% 0.14 5.82% 0.15 0.2450 29.31%
Retail (Online) 75 1.16 7.15% 2.93% 1.11 2.75% 1.14 0.4503 51.87%
Retail (Special Lines) 85 1.28 48.26% 8.06% 0.95 8.57% 1.03 0.3450 37.51%
Rubber& Tires 3 1.09 174.90% 5.30% 0.48 12.32% 0.54 0.2752 28.62%
Semiconductor 70 1.00 9.71% 6.41% 0.94 2.71% 0.96 0.3541 38.89%
Semiconductor Equip 40 1.07 8.03% 7.38% 1.01 5.40% 1.07 0.3652 41.00%
Shipbuilding & Marine 11 1.04 62.15% 2.30% 0.71 4.31% 0.74 0.2875 33.90%
Shoe 11 0.98 6.87% 6.63% 0.94 4.30% 0.98 0.3476 34.37%
Software (Entertainment) 101 0.96 2.62% 0.58% 0.94 1.96% 0.96 0.4843 55.26%
Software (Internet) 36 0.77 8.83% 3.30% 0.73 3.03% 0.75 0.4248 46.67%
Software (System & Applicati 388 0.91 6.55% 2.77% 0.87 2.68% 0.89 0.4634 50.45%
Steel 32 0.95 50.24% 6.01% 0.70 11.19% 0.78 0.3357 37.09%
Telecom (Wireless) 16 0.53 54.57% 3.57% 0.38 3.34% 0.39 0.3063 33.97%
Telecom. Equipment 96 0.87 14.80% 3.85% 0.78 5.72% 0.83 0.3856 42.66%
 Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Telecom. Services 58 0.66 83.14% 3.93% 0.41 2.77% 0.42 0.3777 39.02%
Tobacco 15 0.72 30.31% 8.69% 0.59 3.54% 0.61 0.3724 29.53%
Transportation 21 0.91 31.69% 10.56% 0.74 6.36% 0.79 0.3039 32.74%
Transportation (Railroads) 6 0.84 22.54% 15.58% 0.73 2.12% 0.74 0.2072 19.15%
Trucking 35 1.11 33.76% 9.70% 0.89 5.71% 0.94 0.2828 32.56%
Utility (General) 16 0.74 74.69% 9.74% 0.48 1.41% 0.48 0.1764 20.13%
Utility (Water) 17 0.73 40.46% 10.79% 0.57 1.10% 0.57 0.2867 39.22%
Total Market 7582 0.94 48.33% 5.76% 0.70 6.97% 0.75 0.3534 39.22%
Total Market (without financ 6253 0.98 25.10% 4.39% 0.83 4.06% 0.86 0.3641 40.31%
Standard deviation in operating income (last 10 years) 2015 2016 2017 2018 Average (2015-19)
20.63% 0.8264428 0.7384664 0.910182 0.784279 0.8254703
16.43% 1.057999 1.1953921 0.9370324 0.9923323 1.0549963
52.01% 0.6107517 0.8452993 0.7608122 0.6732804 0.7049268
21.20% 0.8599735 0.8817528 0.705231 0.8509573 0.8122175
41.09% 0.5900805 0.4713807 0.3792833 0.592262 0.4749755
34.18% 1.1437099 1.0847454 0.9367122 0.9200446 1.0106194
55.71% 0.3376616 0.4735351 0.4052683 0.3225042 0.3934405
-454.14% 0.372229 0.3632766 0.3643891 0.3857264 0.3779946
20.68% 0.8943949 0.8180934 0.7101372 1.1198147 0.918081
9.56% 0.9754858 0.9893616 0.7781056 0.6268056 0.8828644
15.37% 0.83336 0.7536638 0.70004 0.6509782 0.6893393
54.36% 0.4114097 0.4557081 0.4212709 0.5441747 0.4580469
24.80% 0.9277736 0.9803524 0.8695294 0.9859342 0.9357048
20.35% 0.9962621 0.949827 0.8491443 1.0067304 0.960431
27.60% 0.6954883 0.8852768 0.8202497 0.6674683 0.7659998
30.27% 0.7527587 0.807257 0.6777352 0.9648999 0.8650691
22.08% 0.9872038 1.2650471 1.2197952 1.794686 1.3516175
21.77% 0.9128108 1.0143944 0.9815033 0.9484996 0.9692464
40.75% 0.8320078 0.3868782 0.6054034 1.0423911 0.766793
12.14% 0.98577 0.9999471 0.8307122 0.9440318 0.9613441
27.45% 1.1719433 1.2196783 0.9437685 0.9283256 1.1523989
23.89% 1.2210317 1.1789614 1.0238599 0.9525777 1.1052055
20.85% 0.6992779 0.7357056 0.6293063 1.013544 0.8443286
36.63% 1.0616455 1.1948507 1.2459331 1.3565309 1.2579488
4.78% 0.9493215 0.9390098 0.9259313 1.1295686 1.0645837
17.35% 0.9468156 0.8592964 1.0467335 0.9581617 0.9838765
13.64% 1.1429176 1.030587 1.0350924 1.0244696 1.0830929
60.39% 1.3785902 1.1642409 0.971338 1.0791544 1.1634702
35.87% 1.014338 0.9797733 0.8258592 0.9133221 0.9387906
21.44% 1.1909554 1.0654127 1.0094288 1.1280527 1.0408017
18.77% 0.9861068 0.9782923 0.9657899 0.9571668 1.0202737
21.46% 0.9416297 0.8219558 0.6280158 0.6997748 0.8103103
17.82% 0.5790943 0.7741951 0.6158204 0.5573708 0.6044717
31.30% 0.0632074 0.0558495 0.0676311 0.0702891 0.0665185
14.53% 0.8236529 0.7416482 0.6294579 0.556319 0.6725
11.64% 1.25731 0.6108383 0.9278233 1.4147585 1.089032
30.70% 0.9214539 1.0034658 0.6931925 0.6736866 0.7919215
41.60% 0.6762612 0.8421343 0.4686081 0.7201596 0.7011852
17.11% 0.9041555 0.9169735 0.9228609 0.8850835 0.9340631
22.88% 0.9078134 0.8905148 0.8183065 0.8238204 0.8934212
Standard deviation in operating income (last 10 years) 2015 2016 2017 2018 Average (2015-19)
32.58% 0.8363159 0.9867309 0.8312184 0.883708 0.9430093
54.26% 0.9203779 0.8107315 0.7680004 0.8948282 0.8237106
20.73% 0.5888859 0.4412551 0.4451957 0.5122854 0.5079634
24.52% 0.82845 0.6791558 0.6674918 0.7441595 0.7261938
9.78% 0.9100825 0.9149797 0.6881762 0.8792693 0.8779517
32.00% 1.0445513 0.917567 0.870204 0.821026 0.9401926
15.37% 0.8038714 0.8192906 0.7144384 0.6316179 0.728202
25.12% 0.7538007 0.9106785 0.80215 0.805195 0.7950361
21.64% 0.6929239 0.7538568 0.7008267 0.727743 0.7053002
23.79% 0.7286752 0.8069818 0.6756947 0.8669094 0.7889891
24.09% 1.1123629 1.228614 0.9314608 1.0376808 1.0644568
38.25% 0.9051575 0.8741228 0.8877998 0.9601622 0.9473369
15.28% 0.9991396 1.2940649 1.0949133 1.0984143 1.16404
40.73% 0.764286 1.3768945 0.9452362 1.250764 1.0785576
93.68% 0.9141875 0.9474376 0.9919879 1.0036901 0.9863241
28.98% 0.6689985 0.6537294 0.6890384 0.7164676 0.670279
24.37% 1.3187768 1.4104761 1.1096395 1.0558983 1.1923355
20.71% 0.6951033 0.9070684 0.6046979 0.5510685 0.6989986
32.58% 0.594997 0.8935662 0.826762 0.9775302 0.893146
5.93% 0.5285258 0.4988809 0.3271936 0.3249357 0.4051105
64.18% 1.0462116 1.0348311 1.1036722 0.9463998 1.0560379
10.89% 0.8829648 1.0689824 0.9620249 0.8262336 0.9276183
28.68% 0.4265942 0.4128922 0.4136581 0.4213359 0.4167898
55.09% 0.8188677 0.9299401 0.4692733 0.6135581 0.7405354
25.64% 1.4749955 1.0263403 1.0942955 0.733311 1.1312599
26.31% 0.8948891 0.9919081 0.6156286 0.8018564 0.8514319
21.26% 0.9865337 0.7478614 0.7595539 0.7260734 0.8058511
28.32% 1.1247783 0.8915193 0.6462242 0.4672103 0.8023499
16.67% 0.7392844 0.641087 0.6088359 0.6957909 0.6672134
23.86% 0.846293 0.7551536 0.6308701 0.6472817 0.7281193
24.09% 1.2904329 1.3061752 1.123789 0.7633773 1.0902107
23.61% 0.8114799 0.8269717 0.7666712 0.8712352 0.8526758
6.00% 0.8506152 0.9239598 0.824073 0.8743005 0.8448869
10.07% 0.7472803 0.774202 0.4635891 0.4389603 0.5410529
34.69% 1.3922709 1.5262047 1.1722871 1.1236598 1.3117842
10.56% 0.8459754 0.8095355 0.7575193 0.8200959 0.8066382
26.99% 0.6542272 1.1764477 0.8870011 0.6372636 0.7187939
47.37% 1.1683596 1.3173693 1.1108452 1.1567612 1.2034264
68.56% 1.1738493 1.2230546 1.0972796 0.9851955 1.1740537
35.13% 0.940669 0.8419653 0.854146 1.0134798 0.8857535
14.62% 0.8249468 0.8087281 0.8296209 0.8606519 0.813046
57.09% 1.1318067 1.4648195 0.9647797 0.9110163 1.1484434
55.89% 1.2936072 1.3281793 1.1180452 1.1991308 1.2488212
14.50% 1.0611135 1.2468088 0.9885981 1.0202561 1.0957472
50.03% 0.9037061 0.8626523 1.1939862 1.5326927 1.1575818
14.05% 0.508684 0.6507009 0.580986 0.708369 0.6310012
12.23% 1.1969863 1.1678672 0.8626346 0.958986 1.0418666
Standard deviation in operating income (last 10 years) 2015 2016 2017 2018 Average (2015-19)
8.05% 0.6911067 0.5700703 0.6756207 0.7193095 0.6793867
9.97% 0.9449998 1.6611707 1.1328879 1.1518438 1.2032333
22.03% 0.7652117 1.1882548 0.8310838 0.7966486 0.8960993
16.95% 0.9200011 0.92728 0.6575716 0.8688373 1.0907684
19.53% 0.9173034 1.0263927 0.7558237 0.8069462 0.8434645
19.57% 0.4190862 0.364636 0.2512253 0.1952883 0.2809611
17.14% 0.7663265 0.3316686 0.4713326 0.2674285 0.4319426
16.33% 0.7 0.73 0.65 0.7245712 0.7213177
16.35% 0.87 0.9 0.85 0.9018937 0.9040905
Rating 1.00
Default spread in basis points
A1 62 0.62%
A2 75 0.75%
A3 106 1.06%
Aa1 35 0.35%
Aa2 44 0.44%
Aa3 53 0.53%
Aaa 0 0.00%
B1 398 3.98%
B2 486 4.86%
B3 575 5.75%
Ba1 221 2.21%
Ba2 265 2.65%
Ba3 318 3.18%
Baa1 141 1.41%
Baa2 168 1.68%
Baa3 195 1.95%
C 1750 17.50%
Ca 1060 10.60%
Caa1 663 6.63%
Caa2 796 7.96%
Caa3 883
NR NA
CUADRO Nº 1.4
BOLIVIA: VARIACION PORCENTUAL A 12 MESES DEL ÍNDICE DE PRECIOS AL CONSUMIDOR, POR AÑO, SEGÚN ME
(Porcentaje)
MES 1937 1938 1939 1940 1941 1942 1943 1944
ENERO 18.52 16.67 55.80 14.90 38.40 27.75 9.59
FEBRERO 18.67 18.78 49.15 19.77 41.15 26.27 4.97
MARZO 13.71 19.60 46.64 21.78 37.88 25.94 9.89
ABRIL 30.06 15.09 45.08 25.42 32.88 25.08 10.16
MAYO 31.88 18.48 44.00 27.50 30.72 25.83 4.77
JUNIO 41.57 12.77 35.85 30.83 27.81 26.41 4.07
JULIO 40.94 22.41 24.41 29.70 27.73 26.15 3.39
AGOSTO 37.43 26.38 24.92 31.00 25.10 24.84 4.48
SEPTIEMBRE 35.29 30.87 25.91 34.30 19.84 23.93 4.89
OCTUBRE 36.21 29.11 30.07 28.39 20.94 22.49 7.40
NOVIEMBRE 31.15 32.50 26.42 29.35 33.27 9.52 7.77
DICIEMBRE 34.07 40.57 16.91 35.16 29.34 8.42 7.63
PROM. ANUAL 30.84 24.02 33.91 27.55 30.01 22.32 6.55
Fuente: INSTITUTO NACIONAL DE ESTADÍSTICA

MES 2010 2011 2012 2013 2014 2015 2016

ENERO 0.07 8.38 5.86 4.92 6.05 5.94 2.39
FEBRERO 0.31 10.00 4.64 5.08 6.17 5.49 2.64
MARZO 0.69 11.11 4.03 5.04 6.12 4.75 3.28
ABRIL 1.22 11.03 4.17 4.95 6.22 4.14 4.13
MAYO 1.38 11.27 4.47 4.72 6.38 4.08 5.02
JUNIO 1.33 11.28 4.54 4.81 7.33 3.19 4.16
JULIO 2.16 11.18 4.39 5.05 7.47 3.06 3.56
AGOSTO 2.60 10.43 4.36 6.08 6.11 3.20 3.49
SEPTIEMBRE 3.27 9.93 4.43 7.13 4.30 4.08 3.47
OCTUBRE 4.20 9.11 4.34 7.50 3.64 4.32 3.50
NOVIEMBRE 5.57 8.26 4.49 6.96 4.41 3.64 3.88
DICIEMBRE 7.18 6.90 4.54 6.48 5.19 2.95 4.00
PROM. ANUAL 100.00 109.88 114.85 121.44 128.44 133.65 138.50
Fuente: INSTITUTO NACIONAL DE ESTADÍSTICA
DOR, POR AÑO, SEGÚN MES, SERIE: 1938 - 2020

1945 1946 1947 1948 1949 1950 1951 1952 1953

5.66 6.21 19.95 13.96 5.45 9.55 40.16 26.84 34.97
4.99 6.46 19.79 14.61 6.33 8.86 41.47 25.14 38.59
1.60 6.07 20.48 14.43 6.89 8.70 43.79 22.90 40.30
0.12 7.62 20.21 15.10 6.27 13.98 41.08 21.15 48.47
2.91 8.23 20.54 14.41 7.00 20.92 31.68 23.04 93.64
3.03 8.70 21.65 12.88 6.90 22.27 32.22 22.38 117.66
6.94 5.31 21.28 12.65 6.56 24.38 32.41 19.99 131.53
8.83 6.26 20.50 10.41 6.80 27.71 33.29 18.89 125.82
7.69 7.03 22.65 9.37 6.77 29.64 31.00 21.73 129.56
7.38 4.93 22.93 9.68 8.02 32.83 26.64 24.96 131.70
7.58 8.64 18.31 10.26 7.62 35.92 25.44 24.91 152.55
7.70 16.00 15.85 5.32 9.70 35.82 26.91 30.87 152.24
5.37 7.65 20.29 11.82 7.04 22.74 33.26 23.60 102.26

2017 2018 2019 Geom 05 año 2.64%

3.68 2.93 1.43 Geom 10 año 4.48%
3.46 2.87 0.95 Último Dato 1.84%
3.34 2.73 1.06 No Consider 0.00%
2.51 3.01 1.35
1.25 3.15 1.69
1.84 3.17 1.73
2.57 2.44 1.92
3.25 1.82 2.25
3.61 0.92 2.26
3.01 1.31 2.54
2.67 1.50 3.41
2.71 1.51 1.47
142.41 145.64 148.32
1954 1955 1956 1957 1958 1959 1960 1961 1962 1963
148.37 93.51 102.94 370.00 -13.83 16.54 12.08 8.70 8.52 1.12
146.24 95.71 127.60 268.97 -6.31 21.70 10.45 7.05 7.11 1.13
148.26 119.51 109.56 256.10 -8.22 19.90 11.62 7.06 10.42 -3.46
178.39 102.67 97.80 227.91 -5.20 21.45 12.94 7.27 7.46 -2.05
121.63 95.83 103.24 182.96 2.62 24.23 10.47 8.92 7.34 -1.43
117.89 80.31 117.97 151.68 6.40 22.56 12.47 7.09 6.96 -1.59
113.21 76.16 123.59 141.94 4.80 25.70 13.16 6.26 6.57 -2.05
121.07 69.69 132.24 124.84 9.67 26.70 11.73 5.34 5.74 -0.96
123.18 65.07 160.51 96.76 9.07 26.70 11.13 6.98 5.02 0.16
116.08 69.66 226.06 59.34 14.32 15.26 14.03 7.80 1.77 -0.63
109.68 60.98 258.45 45.02 18.58 10.09 13.84 8.39 1.11 -1.72
98.65 68.64 474.66 -13.76 18.70 10.08 10.69 7.41 3.21 -1.56
123.35 79.96 179.09 115.02 3.61 19.73 12.05 7.35 5.86 -1.10
1964 1965 1966 1967 1968 1969 1970 1971 1972 1973
8.56 4.67 1.16 15.44 4.52 3.20 2.94 3.34 4.02 23.20
10.72 3.03 1.67 17.91 2.30 2.69 3.80 2.68 4.35 23.52
11.89 4.22 0.98 11.61 8.26 2.08 4.50 2.93 3.48 26.64
10.95 3.92 2.81 11.07 6.30 2.44 4.26 2.78 4.05 28.09
10.81 2.47 4.88 9.82 8.69 1.46 4.41 2.44 3.80 28.85
11.29 1.01 7.02 14.89 4.07 0.51 4.90 3.30 3.04 28.24
11.29 1.16 8.17 11.00 8.14 -0.42 5.04 4.00 2.23 31.80
11.61 0.87 9.00 11.06 6.82 1.68 3.39 5.11 0.76 36.73
9.86 2.32 10.63 8.32 5.81 2.54 3.22 5.75 0.53 40.20
10.02 3.47 13.86 5.31 4.15 3.39 3.28 4.52 1.75 51.72
10.02 4.62 11.20 7.58 3.85 3.79 3.00 3.78 25.82 24.62
10.43 4.86 6.57 11.36 3.48 3.20 4.08 3.29 23.60 34.75
10.61 3.05 6.49 11.18 5.49 2.21 3.89 3.67 6.51 31.49
1974 1975 1976 1977 1978 1979 1980 1981 1982
56.68 21.33 5.99 7.56 7.50 13.85 46.90 36.92 14.11
75.74 7.90 7.36 5.74 6.69 17.71 44.41 39.01 29.95
75.59 5.94 5.68 5.18 9.05 17.12 47.48 36.36 40.94
74.79 5.12 5.03 6.36 8.85 15.98 49.88 35.33 58.56
75.30 4.72 5.27 5.68 7.93 19.81 50.60 34.27 61.36
78.63 4.24 4.98 7.91 8.01 17.56 56.15 27.40 68.73
73.13 6.25 3.49 8.16 11.07 16.58 53.81 27.36 102.23
67.90 7.61 2.40 9.32 10.92 17.15 55.90 30.63 124.93
59.75 10.08 2.25 9.29 11.77 17.66 50.45 33.10 170.04
45.50 10.64 2.80 10.64 14.32 15.21 49.96 32.27 207.41
46.54 7.83 3.58 10.64 13.84 20.21 45.32 30.59 265.58
38.95 6.04 5.50 10.46 13.49 45.45 23.94 25.12 296.55
62.84 7.98 4.49 8.10 10.36 19.72 47.24 32.13 123.54
1983 1984 1985 1986 1987 1988 1989 1990 1991
289.04 366.69 3407.65 6416.20 27.88 7.53 22.65 17.21 23.61
269.57 420.67 7963.52 2387.63 19.91 8.29 20.97 16.47 24.06
282.08 464.09 8216.57 1892.36 20.67 8.44 20.97 15.90 24.41
267.67 748.32 5604.40 1746.40 18.34 11.80 15.63 16.14 24.61
286.18 1041.55 5163.97 1274.14 17.60 12.99 14.73 16.06 24.90
280.62 1051.16 8926.87 702.79 12.55 15.57 12.21 18.60 23.38
244.57 1000.02 14173.11 391.34 10.52 20.25 8.40 20.17 22.23
268.11 904.46 20560.88 197.05 10.91 21.92 9.18 17.80 22.15
258.69 1084.94 23447.04 94.12 9.07 20.78 13.66 14.91 21.23
249.00 1590.55 14421.60 98.97 10.69 20.76 13.67 16.45 18.32
266.70 1682.31 11291.71 92.60 10.49 20.88 15.87 17.70 16.01
328.49 2177.23 8170.52 65.96 10.66 21.51 16.56 18.01 14.52
275.59 1281.35 11749.63 276.34 14.58 16.00 15.17 17.12 21.44
1992 1993 1994 1995 1996 1997 1998 1999
10.98 9.53 8.37 8.52 13.38 6.30 8.23 3.10
13.17 8.14 7.94 8.53 15.87 3.64 8.92 2.64
13.04 7.52 7.90 9.63 14.54 3.62 9.42 2.00
12.78 7.37 8.30 10.80 12.54 4.42 9.12 1.56
12.68 7.44 8.14 10.64 12.44 4.77 8.67 1.33
12.56 7.71 7.68 10.87 12.27 5.20 7.91 1.48
12.46 8.09 7.50 10.27 13.09 5.34 6.80 1.44
12.34 8.98 6.95 9.50 13.68 4.94 6.13 1.94
11.94 9.49 7.03 9.40 13.28 3.68 7.20 2.60
11.44 9.48 7.30 10.61 11.10 4.15 7.85 2.32
11.08 9.14 8.90 10.74 9.71 3.75 7.74 2.36
10.46 9.31 8.52 12.58 7.95 6.73 4.39 3.13
12.06 8.53 7.88 10.19 12.43 4.71 7.67 2.16
2000 2001 2002 2003 2004 2005 2006 2007
3.52 3.10 0.69 2.86 4.17 5.41 3.91 6.02
3.56 2.65 0.93 2.42 4.59 5.26 4.18 6.57
4.63 1.80 0.85 2.80 4.25 5.71 3.72 7.19
5.80 1.04 0.61 3.16 3.94 5.29 4.26 6.76
4.39 2.13 0.83 3.13 4.35 5.57 4.43 6.36
4.21 2.68 0.20 3.23 4.92 6.40 3.49 6.59
4.75 3.17 -0.58 3.42 4.84 5.35 4.55 8.84
4.62 2.09 0.30 3.85 4.54 5.35 4.39 10.36
5.92 -0.02 1.03 3.62 4.27 5.53 4.31 10.48
6.58 -1.27 1.50 4.35 3.82 5.07 4.41 11.34
3.79 1.08 2.27 3.26 4.93 4.96 4.74 11.86
3.41 0.92 2.45 3.94 4.62 4.91 4.95 11.73
4.60 1.60 0.92 3.34 4.44 5.40 4.28 8.70
2008 2009 2010 2011 2012 2013 2014 2015
11.35 11.04 0.07 8.38 5.86 4.92 6.05 5.94
13.32 8.13 0.31 10.00 4.64 5.08 6.17 5.49
14.08 6.56 0.69 11.11 4.03 5.04 6.12 4.75
15.22 5.32 1.22 11.03 4.17 4.95 6.22 4.14
16.84 3.20 1.38 11.27 4.47 4.72 6.38 4.08
17.32 2.12 1.33 11.28 4.54 4.81 7.33 3.19
14.79 1.45 2.16 11.18 4.39 5.05 7.47 3.06
13.73 1.42 2.60 10.43 4.36 6.08 6.11 3.20
14.51 0.64 3.27 9.93 4.43 7.13 4.30 4.08
13.30 0.78 4.20 9.11 4.34 7.50 3.64 4.32
12.08 0.46 5.57 8.26 4.49 6.96 4.41 3.64
11.85 0.26 7.18 6.90 4.54 6.48 5.19 2.95
14.01 3.35 2.50 9.88 4.52 5.74 5.76 4.06
2016 2017 2018 2019 2020
2.39 3.68 2.93 1.43 1.21
2.64 3.46 2.87 0.95 1.30
3.28 3.34 2.73 1.06
4.13 2.51 3.01 1.35
5.02 1.25 3.15 1.69
4.16 1.84 3.17 1.73
3.56 2.57 2.44 1.92
3.49 3.25 1.82 2.25
3.47 3.61 0.92 2.26
3.50 3.01 1.31 2.54
3.88 2.67 1.50 3.41
4.00 2.71 1.51 1.47
3.62 2.82 2.27 1.84
D E D/E kd ke WACC
7.50% 32.68% 20.09% 0 0 TLR 2.08% 2.08%
0 100 0.00 21.65% 0 0 rm 15.55% 15.55%
1 99 0.01 21.61% 0 0 PRP 4.86% 4.86%
2 98 0.02 21.56% 0 0 bU 1.09 1.09
3 97 0.03 21.52% 0 0 D 50.00% 50.00%
4 96 0.04 21.47% 0 0 E 50.00% 50.00%
5 95 0.05 21.43% 0 0 D/E 1.00 1.00
6 94 0.06 21.38% 0 0 tax 25% 25%
7 93 0.08 21.34% 0 0 bL 1.91 1.91
8 92 0.09 21.29% 0 0 ke 32.68% 32.68%
9 91 0.10 21.25% 0 0
10 90 0.11 21.21% 0 0
11 89 0.12 21.16% 0 0 RAII 10000.00 10000.00
12 88 0.14 21.12% 0 0 Gasto Fin 3000.00 3000.00
13 87 0.15 21.07% 0 0 Cob Int 3.33 3.33
14 86 0.16 21.04% 0 0 Tasa Banco 10.00% 10.00%
15 85 0.18 21.00% 0 0 kd 7.50% 7.50%
16 84 0.19 20.96% 0 0
17 83 0.20 20.91% 0 0 WACC 20.09% 20.09%
18 82 0.22 20.90% 0 0 25%

19 81 0.23 20.86% 0 0 min WACC 19.94%

20%
20 80 0.25 20.81% 0 0 D/E óptima 1.22
21 79 0.27 20.77% 0 0 D% 55%
15%
22 78 0.28 20.73% 0 0 E% 45%
23 77 0.30 20.71% 0 0 10%
24 76 0.32 20.66% 0 0
25 75 0.33 20.62% 0 0 5%
26 74 0.35 20.58% 0 0
27 73 0.37 20.54% 0 0 0%
0 4 8 12 16 20
28 72 0.39 20.53% 0 0
29 71 0.41 20.49% 0 0
30 70 0.43 20.45% 0 0
31 69 0.45 20.41% 0 0
32 68 0.47 20.37% 0 0
33 67 0.49 20.33% 0 0
34 66 0.52 20.29% 0 0
35 65 0.54 20.25% 0 0
36 64 0.56 20.21% 0 0
37 63 0.59 20.17% 0 0
38 62 0.61 20.23% 0 0
39 61 0.64 20.19% 0 0
40 60 0.67 20.15% 0 0
41 59 0.69 20.11% 0 0
42 58 0.72 20.21% 0 0
43 57 0.75 20.18% 0 0
44 56 0.79 20.15% 0 0
45 55 0.82 20.11% 0 0
46 54 0.85 20.08% 0 0
47 53 0.89 20.04% 0 0
48 52 0.92 20.15% 0 0
49 51 0.96 20.12% 0 0
50 50 1.00 20.09% 0 0
51 49 1.04 20.06% 0 0
52 48 1.08 20.03% 0 0
53 47 1.13 20.00% 0 0
54 46 1.17 19.97% 0 0
55 45 1.22 19.94% 1 0.2
56 44 1.27 20.37% 0 0
57 43 1.33 20.35% 0 0
58 42 1.38 20.32% 0 0
59 41 1.44 20.30% 0 0
60 40 1.50 20.28% 0 0
61 39 1.56 20.26% 0 0
62 38 1.63 20.23% 0 0
63 37 1.70 20.21% 0 0
64 36 1.78 20.19% 0 0
65 35 1.86 20.16% 0 0
66 34 1.94 20.14% 0 0.0
67 33 2.03 20.47% 0 0
68 32 2.13 20.45% 0 0
69 31 2.23 20.44% 0 0
70 30 2.33 20.42% 0 0
71 29 2.45 20.40% 0 0
72 28 2.57 20.38% 0 0
73 27 2.70 20.36% 0 0
74 26 2.85 20.35% 0 0
75 25 3.00 20.33% 0 0
76 24 3.17 20.31% 0 0
77 23 3.35 20.29% 0 0
78 22 3.55 20.28% 0 0
79 21 3.76 20.26% 0 0
80 20 4.00 20.24% 0 0
81 19 4.26 20.22% 0 0
82 18 4.56 20.21% 0 0
83 17 4.88 20.19% 0 0
84 16 5.25 20.76% 0 0
85 15 5.67 20.75% 0 0
86 14 6.14 20.74% 0 0
87 13 6.69 20.73% 0 0
88 12 7.33 20.72% 0 0
89 11 8.09 20.71% 0 0
90 10 9.00 20.70% 0 0
For smaller non-financial service companies with market cap < $ 5 billion

If interest coverage ratio is

greater than ≤ to Rating is Spread is D i
12.50 100,000.00 Aaa/AAA 0.63% 0 -1.77% 8.23% 0
9.50 12.50 Aa2/AA 0.78% 0 -1.62% 8.38% 0
7.50 9.50 A1/A+ 0.98% 0 -1.42% 8.58% 0
6.00 7.50 A2/A 1.08% 0 -1.32% 8.68% 0
4.50 6.00 A3/A- 1.22% 0 -1.18% 8.82% 0
4.00 4.50 Baa2/BBB 1.56% 0 -0.84% 9.16% 0
3.50 4.00 Ba1/BB+ 2% 0 -0.40% 9.60% 0
3.00 3.50 Ba2/BB 2.40% 1 0.00% 10.00% 1
2.50 3.00 B1/B+ 3.51% 0 1.11% 11.11% 0
2.00 2.50 B2/B 4.21% 0 1.81% 11.81% 0
1.50 2.00 B3/B- 5.15% 0 2.75% 12.75% 0
1.25 1.50 Caa/CCC 8.20% 0 5.80% 15.80% 0
0.80 1.25 Ca2/CC 8.64% 0 6.24% 16.24% 0
0.50 0.80 C2/C 11.34% 0 8.94% 18.94% 0
-100,000.00 0.50 D2/D 15.12% 0 12.72% 22.72% 0

25%

20%

15%

10%

5%

0%
0 4 8 12 16 20 24 28 32 36 40 44 4 8 52 56 60 64 68 72 7 6 80 84 88

%Deuda

ECO kd ke WACC