Proceso
CÁLCULO DEL KD
Info del Costo Financiero del Bono
10 años Plazo
9% interes anual
Tipo de bono estandar
Ingreso venta de Bonos
Costo de la emicion
Intereses anuales (9%)
Valor al vencimiento
Totales
Tir= Costo financiero Bonos
Pasivo
Patrimonio
Costo de emisión $10,000
Facial $130,000
0 1
$ 130,000.00
$ (10,000.00)
$ (11,700.00)
$ 120,000.00 $ (11,700.00)
10.27%
Proveedores
Cuentas por Pagar
Prestamos por Pagar CP
Bonos
Intereses por Pagar
Impuestos por Pagar
Préstamos Bancarios LP
Acciones Preferentes
Total Pasivo
Capital Social
Reserva Legal
Utilidades Retenidas
Total de Patrimonio
Total Pasivo y Patrimonio
Cuenta de Pasivo
Proveedores
Cuentas por Pagar
Prestamos por Pagar CP
Bonos
Intereses por Pagar
 Impuestos por Pagar
Prestamos Bancarios LP
Total Pasivo

KD= 8.69%

CÁLCULO DEL KE

Calculo del Ke Utilizando el Modelo Capital asset pricing model (C.A.P.M.) o Modelo de Fijacion de Precio de los Activos

ke = Rf + B*PM

Rf= tasa libre de riesgo Rf=3.63%

B= Beta de la empresa
Pm= Prima de mercado

Pm= 8.30%-3.63%
Pm= 4.67%

CÁLCULO DEL BETA DE LA EMPRESA

B= 0.39030619259047

Precios promedio Acciones IBES

$12,223.44
$12,210.37 -0.00106925709947443
$12,207.92 -0.000200649120378885
$12,174.63 -0.00272691826289826
$12,229.57 0.00451266280782254
$12,154.70 -0.00612204680949526
$12,221.17 0.0054686664417879
$12,295.41 0.00607470479504006
$12,304.75 0.000759633066323136
$12,303.03 -0.000139783416973067
$12,369.69 0.00541817747335411
$12,316.58 -0.00429355949906591
$12,043.40 -0.0221798583697747
$12,113.01 0.00577992925585803
$11,947.76 -0.0136423564415451
$12,049.71 0.00853298024064753
$12,026.64 -0.00191456889833861
$12,043.30 0.00138525806043915
$12,129.02 0.00711765047785916
$12,085.50 -0.0035880887326429
$12,129.59 0.00364817343097101
$12,076.72 -0.00435876233244494
$11,900.69 -0.0145759775833172
$11,783.78 -0.00982380013259734
$11,795.94 0.00103192693685726
$11,946.14 0.0127331946415461
$12,014.96 0.00576085664490787
$12,050.06 0.00292135804030978
$12,042.78 -0.000604146369395575
$12,047.85 0.000420999138072746
$12,107.43 0.00494528069323572
$12,115.35 0.000654143777828992
$12,036.08 -0.00654293932903304
$12,167.41 0.0109113598447335
$12,176.40 0.000738858968342464
$12,202.09 0.00210981899411981
$12,387.57 0.015200674638525
$12,253.53 -0.0108205241221643
$12,310.75 0.00466967477943085
$12,341.20 0.00247344800276187
$12,323.93 -0.0013993776942275
$12,428.42 0.00847862654202026
$12,401.83 -0.0021394513542349
$12,406.37 0.000366075006672473
$12,495.37 0.00717373413818869
$12,444.80 -0.00404709904548657
$12,428.13 -0.00133951529956288
$12,441.62 0.0010854408507154
$12,463.77 0.00178031478215856
$12,417.94 -0.00367705758370059
$12,484.62 0.00536965068280249
$12,648.76 0.013147376532085
$12,669.68 0.00165391706380705
$12,516.55 -0.012086335250772
$12,608.99 0.00738542170166703
$12,576.91 -0.00254421646777418
$12,607.01 0.00239327465967399
$12,563.59 -0.00344411561504275
$12,617.22 0.00426868434897981
$12,644.30 0.00214627310929031
$12,724.23 0.00632142546443855
CÁLCULO DEL KAP
Valor nominal acciín preferente

kap = Dps / PN Costo emisión 1% sobre valor nominal

Tasa de acciones preferentes

Dps= Dividendo por accion preferente Dps=

PN= precio accion menos costo emicion PN=

Kap= 6.57%

CÁL
WACC= kd (P/A) +ke (E/A) + kap (Ap/A)
Primero kd = kd (1 – Tasa de Impuesto) = 8.69% (1 – 30 %) = 6
WACC= 5.91%
KD= 6.09% 54.48%
KE= 5.45% 35.56%
kap= 6.57% 9.96%

ANÁLISIS PARA DETERMINAR SI SE ACEPTA CREAR LA NUEVA SUCU

Proyecto de Inversión de Capital: Nue

Miles de $
Análisis de Rentabilidad
Años 0 1
Inversión -229,500
Ingresos por Ventas 129,000
Costos Operacionales -90,300
Costos de Administración -14,190
Utilidad Operacional 24,510
Impuesto s/Renta
Valor de Rescate
Flujo Efectivo Nominal -229,500 24,510
Inflación Proyectada 10.00%
Deflactor 1 0.91
Flujo Efectivo Constante -229,500 22,282

VAN NOMINAL ($142,729.06) TIR NOMINAL

VAN CONSTANTE O REAL ($162,179.02) TIR CONSTANTE O

RESPUESTA

No es viable el proyecto porque el criterio del VAN es negativo y tambie

utilizando el criterio de la TIR porque la TIR es menor que la tasa de descu
(el WACC 5.91%). Tanto para flujo nominal y flujo constante
 Proceso para calcular el WACC

Años
2 3 4 5

$ (11,700.00) $ (11,700.00) $ (11,700.00) $ (11,700.00)

$ (11,700.00) $ (11,700.00) $ (11,700.00) $ (11,700.00)

Costo
30,000
Pagar 20,000
or Pagar CP 150,000 9.50%
130,000 10.27%
Pagar 1000
or Pagar 2,000
ancarios LP 50,000 11.40%
erentes 70,000 6.50%
$453,000

176,000
l 34,000
tenidas 40,000
imonio $250,000
y Patrimonio $703,000 Activo= $ 703,000.00

Monto Costo Porcentaje kd

30,000 0.00% 7.83% 0.00%
20,000 0.00% 5.22% 0.00%
150,000 9.50% 39.16% 3.72%
130,000 10.27% 33.94% 3.48%
1,000 0.00% 0.26% 0.00%
 2,000 0.00% 0.52% 0.00%
50,000 11.40% 13.05% 1.49%
383,000 100.00% 8.69%

elo de Fijacion de Precio de los Activos de capital

Tasa bonos del tesoro Estados Unidos 3.63%

Tasa Eurobonos de El Salvador 8.30%

KE= 5.45%

Precios Acciones Empresa Covarianza

Varianza
$24,449.92 Beta=
$24,285.47 -0.006725993377483
$23,874.86 -0.016907640659209
$23,711.66 -0.006835642177588
$23,618.58 -0.003925494883108
$23,640.89 0.000944595314367
$23,507.21 -0.005654609449983
$23,324.34 -0.007779315367498
$23,322.05 -9.81806987894E-05
$23,420.92 0.004239335735924
$23,658.66 0.010150754112136
$23,745.03 0.003650671677939
$23,526.02 -0.009223403802817
$23,363.63 -0.006902570005466
$23,194.86 -0.007223620644566
$23,008.63 -0.008028933996584
$22,648.70 -0.01564326081127
$22,806.78 0.006979650046139
$22,751.55 -0.002421648299322
$23,050.88 0.013156466262738
$23,056.35 0.000237301135575
$22,821.21 -0.010198491955578
$22,476.50 -0.015104808202545
$22,378.78 -0.004347651992081
$21,933.19 -0.019911273089954
$21,983.87 0.002310653397887
$22,165.38 0.008256508067051
$22,411.44 0.011101095492159
$22,225.40 -0.008301117643489
$22,219.17 -0.000280309915682
$22,532.45 0.014099536571348
$22,715.98 0.008145141784404
$22,644.36 -0.003152846586412
$22,990.23 0.015274002003148
$23,091.30 0.004396215261874
$23,000.75 -0.003921390307172
$23,191.25 0.008282338619393
$23,144.67 -0.002008516142942
$23,297.27 0.00659331068449
$23,617.69 0.013753542797075
$23,519.08 -0.00417526015457
$23,501.72 -0.000738124110297
$23,384.48 -0.004988571049268
$23,223.90 -0.006866947650749
$23,231.81 0.000340597401815
$22,995.95 -0.010152459063672
$22,821.13 -0.007602208214925
$23,002.27 0.007937380839599
$23,162.02 0.006944966735892
$24,140.99 0.042266175402664
$23,029.67 -0.046034566105201
$23,284.23 0.011053566985545
$23,324.37 0.001723913567251
$22,997.12 -0.014030389673976
$22,994.14 -0.000129581443242
$23,188.74 0.008463025797008
$23,224.87 0.001558083794117
$23,128.63 -0.004143833743741
$23,184.19 0.00240221751137
$23,172.79 -0.00049171439675
$23,337.67 0.007115241626062
or nominal acciín preferente $20
emisión 1% sobre valor nominal
sa de acciones preferentes 6.50%

$1.30
$19.80

CÁLCULO DEL WACC

8.69% (1 – 30 %) = 6.09 %

3.32%
1.94%
0.65%
5.91%

REAR LA NUEVA SUCURSAL (utilizando el WACC de la empresa de 5.91%)

Nueva Sucursal

2 3 4 5

134,418 140,467 146,788 153,393

-94,093 -98,327 -102,751 -107,375
-14,786 -15,451 -16,147 -16,873
25,539 26,689 27,890 29,145
-7,353 -7,662 -8,007 -8,367

18,186 19,027 19,883 20,778

10.10% 9.20% 8.00% 9.00%
0.83 0.76 0.7 0.64
 15,016 14,387 13,921 13,346

-22%
-29%

AN es negativo y tambien se rechaza

enor que la tasa de descuento utilizada
ominal y flujo constante.
WACC

6 7 8 9 10

$ (11,700.00) $ (11,700.00) $ (11,700.00) $ (11,700.00) $ (11,700.00)

$ (130,000.00)
$ (11,700.00) $ (11,700.00) $ (11,700.00) $ (11,700.00) $ (141,700.00)
1.80762822E-05
4.63130807E-05
0.39030619259
mpresa de 5.91%)