Rubros: A B MCT

GAOa = =
Precio $10 $10 UAII
Costo variable unitario $4 $2
Costos Fijos $280,000 $540,000 MCT
GAOb = =
Ventas 130,000 130,000 UAII
Capacidad normal 160,000 160,000
Inversión $1,000,000 $1,000,000 UAII
GAF a = =
Grado de endeudamiento 20% 60% UAI
Tasa de interés nominal 18% 32%
Precio de acción común $10 $10 UAII
GAF b = =
Tasa impositiva 30% 30% UAI
Deuda $200,000 $600,000
Gastos Financieros (Intereses) $36,000 $192,000 MCT
GAT a = =
Capital Social $800,000 $400,000 UAI
Número de acciones comunes 80,000 40,000
MCT
GAT b = =
GAO < 1.5 Bajo riesgo UAI
1.5 <GAO < 2.0 Riesgo moderado
2.0 <GAO < 2.5 Riesgo considerable
2.5 <GAO Riesgo alto

UPA a = $4.060

UPA b = $5.390

UAII UPAa=UPAb = $348,000.00

UAII UPAa UPAb

$36,000 $0.000 ($2.730) Punto de In
$50,000 $0.123 ($2.485) 14
12
$100,000 $0.560 ($1.610) 10
$150,000 $0.998 ($0.735) 8
$192,000 $1.365 $0.000 6
4
$200,000 $1.435 $0.140 2
$250,000 $1.873 $1.015 0
$300,000 $2.310 $1.890 -2 00 0 0 0 0
0 00 00 00 00
3 6, 00, 92, 50, 48, 00,
-4
-30.40% $348,000 $2.730 $2.730 $ $1 $1 $2 $3 $4
$350,000 $2.748 $2.765
$400,000 $3.185 $3.640
$450,000 $3.623 $4.515
$500,000 $4.060 $5.390
$550,000 $4.498 $6.265
$600,000 $4.935 $7.140
$650,000 $5.373 $8.015
$700,000 $5.810 $8.890
$750,000 $6.248 $9.765
$800,000 $6.685 $10.640
$850,000 $7.123 $11.515
$900,000 $7.560 $12.390
 $780,000 CFT $280,000
= 1.56 Veces Riesgo Moderado Qe (a) = = =
$500,000 MCU $6

$1,040,000 CFT $540,000

= 2.08 Veces Riesgo Considerable Qe (b) = = =
$500,000 MCU $8

$500,000
= 1.08 Veces Riesgo Bajo UAIIa UPA=$0 = $36,000
$464,000

$500,000
= 1.62 Veces Riesgo Moderado UAIIb UPA=$0 = $192,000
$308,000

$780,000 Pronóstico de ventas = 130,000

= 1.68 Veces Riesgo bajo
$464,000

$1,040,000
= 3.38 Veces Riesgo considerable
$308,000

Punto de Indiferencia
14
12
10
8
6
4
2
0
-2 00 0 0 0 0 0 0 0 0 0 0
0 00 00 00 00 00 00 00 00 00 00
3 6, 00, 92, 50, 48, 00, 00, 00, 00, 00, 00,
-4
$ $1 $1 $2 $3 $4 $5 $6 $7 $8 $9
 CFT $280,000
46,667 unidades Ieq (a) = = = $466,667
MC% 60.00%

CFT $540,000
67,500 unidades Ieq (a) = = = $675,000
MC% 80.00%

52,667 = Volumen de ventas requerido para obtener UPA=$0

77,333 59.49%

38,500 29.62%
91,500 = Volumen de ventas requerido para obtener UPA=$0
 A B C
RUBROS Situación Actual
Deuda Adicional Acciones Preferentes Acciones Comunes
Deuda actual $240,000.00 $240,000.00 $240,000.00 $240,000.00
Tasa de interés préstamo vigente 16% 16% 16% 16%
Gastos Financieros Actuales $38,400.00 $38,400.00 $38,400.00 $38,400.00
# de Acciones Comunes Actuales 20,000 20,000 20,000 20,000
Desembolso Inicial del Proyecto $320,000.00 $320,000.00 $320,000.00
Deuda adicional $320,000.00
Tasa de interés nuevo préstamo 18%
Gastos financieros adicionales $57,600.00
Capital Preferente $320,000.00
Tasa de dividendos preferentes 15%
Pago de dividendos preferentes $48,000.00
Capital Social Común Adicional $320,000.00
Acciones comunes adicionales 3,200
Precio de las acciones comunes $100

UAII esperada $650,000 $650,000 $650,000

Gastos Financieros $96,000.00 $38,400.00 $38,400.00
Utilidad Antes de Impuestos $554,000.00 $611,600.00 $611,600.00
Impuesto Sobre la Renta $166,200.00 $183,480.00 $183,480.00
Utilidad Neta Después de Impuestos $387,800.00 $428,120.00 $428,120.00
Dividendos Preferentes $0.00 $48,000.00 $0.00
Utilidad Disponible Para Accionistas Comunes $387,800.00 $380,120.00 $428,120.00
# de Acciones Comunes 20,000 20,000 23,200
Utilidad por Acción (UPA) $19.39 $19.01 $18.45

UAII (upa = $0) = $96,000.00 $106,971.43 $38,400.00

GAF = 1.17 1.20 1.06

Cobertura de intereses = 6.770833333333 16.9270833333333 16.9270833333333

UAII (UPAa=UPAb) = #DIV/0! UAII

$38,400.00
UAII (UPAa=UPAc) = $456,000.00 $50,000.00
$96,000.00
UAII (UPAb=UPAc) = $535,542.86 $100,000.00
$106,971.43
$150,000.00
$200,000.00
$250,000.00
$300,000.00
$350,000.00
$400,000.00
 $450,000.00
-29.85% $456,000.00
$500,000.00
$535,542.86
$550,000.00
$600,000.00
$650,000.00
$700,000.00
$750,000.00
$800,000.00
$850,000.00
$900,000.00
$950,000.00
$1,000,000.00
UPAa UPAb UPAc
($2.02) ($2.40) $0.00
($1.61) ($1.99) $0.35
$0.00 ($0.38) $1.74
$0.14 ($0.24) $1.86
$0.38 $0.00 $2.07
$1.89 $1.51 $3.37
$3.64 $3.26 $4.88
$5.39 $5.01 $6.38
$7.14 $6.76 $7.89
$8.89 $8.51 $9.40
$10.64 $10.26 $10.91
$12.39 $12.01 $12.42
$12.60 $12.22 $12.60
$14.14 $13.76 $13.93
$15.38 $15.00 $15.00
$15.89 $15.51 $15.44
$17.64 $17.26 $16.94
$19.39 $19.01 $18.45
$21.14 $20.76 $19.96
$22.89 $22.51 $21.47
$24.64 $24.26 $22.98
$26.39 $26.01 $24.49
$28.14 $27.76 $26.00
$29.89 $29.51 $27.51
$31.64 $31.26 $29.01