Banco NoBank

Monto máximo $150,000,000.00

Tasa de interés 8,56% NS/TA

Plazo (años) 3
2% al momento del
Comisión
desembolso
0,5% sobre el monto
solicitado en el momento
Seguro inicial (este valor se debe
pagar en cada una de las
cuotas)
1 semestre sobre el abono a
Periodo de gracia
capital

Reciprocidad -

Amortización trimestral
Modalidad de pago
constante
 MoneyTiger Ualalá e)
$180,000,000.00 $160,000,000.00
IBR plazo 3 meses del 1 de
12,45% NA/SV abril del 2022 + 320 pb (Ver
Nota)
5 8
$ 8 millones al momento del
-
desembolso

1,5% sobre el saldo del

-
capital del periodo anterior

- -

$ 10 millones al momento del

-
desembolso

Tipo Bullet Cuota anual constante

h)
a)

b)
c)
d)

f)

g)

i)
j)

k)
Tasa 35%
EBIT = EBITDA - Dep
FCL = EBITDA - Impuestos Oper - Delta WK - CAPEX

Línea de calzado

Periodo EBITDA Depreciación

0 $0 $0

1 $200,000,000 $30,000,000

2 $235,000,000 $30,000,000

3 $325,000,000 $30,000,000

4 $350,000,000 $30,000,000
5 $435,000,000 $30,000,000
6 $486,000,000 $30,000,000
7 $548,000,000 $30,000,000
8 $620,000,000 $30,000,000
9 $750,000,000 $30,000,000
10 $980,000,000 $30,000,000

Línea de gorras
Periodo EBITDA Depreciación
0 $0 $0
1 $150,000,000 $25,000,000
2 $230,000,000 $25,000,000
3 $280,000,000 $25,000,000
4 $325,000,000 $25,000,000
5 $375,000,000 $25,000,000
6 $415,000,000 $25,000,000
7 $462,000,000 $25,000,000
8 $513,000,000 $25,000,000
9 $548,000,000 $25,000,000
10 $610,000,000 $25,000,000
 Banco NoBank
Monto máximo $150,000,000
Tasa de interés 8.56% NS/TA
Plazo (años) 3
Comisión 2% al momento del desembolso
Seguro 0.50% sobre el monto solicitado en el momento inicial (este valor se debe p
Periodo de gracia 1 semestre sobre el abono a capital
Reciprocidad -
Modalidad de pago Amortización trimestral constante

Trimestre Saldo Desembolso

0 $150,000,000 $150,000,000
1 $150,000,000
2 $150,000,000
3 $135,000,000
4 $120,000,000
5 $105,000,000
6 $90,000,000
7 $75,000,000
8 $60,000,000
9 $45,000,000
10 $30,000,000
11 $15,000,000
12 $0

Banco MoneyTiger
Monto máximo $180,000,000.00
Tasa de interés 12.45% NA/SV
Plazo (años) 5
Comisión $8,000,000 al momento del desembolso
Seguro -
Periodo de gracia -
Reciprocidad $10,000,000 al momento del desembolso
Modalidad de pago Tipo Bullet
 Semestral Saldo Desembolso
0 $180,000,000.00 $180,000,000.00
1 $180,000,000.00
2 $180,000,000.00
3 $180,000,000.00
4 $180,000,000.00
5 $180,000,000.00
6 $180,000,000.00
7 $180,000,000.00
8 $180,000,000.00
9 $180,000,000.00
10 $0.00

Banco Ualalá
Monto máximo $160,000,000.00
Tasa de interés IBR plazo 3 meses del 1 de abril del 2022 + 320 pb (Ver Nota)
Plazo (años) 8
Comisión -
Seguro 1.50%
Periodo de gracia -
Reciprocidad -
Modalidad de pago Cuota anual constante

IBR 5.856% EA
bp 320 100 bp -> 1%-> 1b = 1/10000 = (1/100)%
IBR + 320 bp 9.056% EA

Cuota $ 28,968,095 Fórmula de Anualidad

interés (t) = Saldo (t-1) *Tasa interés
Amortización (t) = Cuota - interés (t)
Año Saldo Desembolso
0 $ 160,000,000 $ 160,000,000
1 $ 145,521,505
2 $ 129,731,837
3 $ 112,512,258
 4 $ 93,733,273
5 $ 73,253,663
6 $ 50,919,420
7 $ 26,562,587
8 $ -

Vamos a suponer que es al final de semestre

Ps $ 80,000
g semestral 3%
comisión 2%
P0 $ 78,960 P0= Ps*(1-c%*(1-tax))
Div semestre 1 $ 5,000
Ke 9.33% Ke = D1/P0 + g
ke 19.54% EA

Monto a Recibir $800,000,000

Fuentes Monto Solicitado Monto Recibido

Ulalá $ 160,000,000 $ 160,000,000
Money Tiger $ 180,000,000 $ 162,000,000
No Bank $ 150,000,000 $ 140,580,000
Emisión de Acciones $ 344,306,122 $ 337,420,000
Total $ 834,306,122 $ 800,000,000

Monto Recibido = Monto Solicitado - c%*Monto Solicitado

Monto Solicitado = Monto Recibido/(1-c%)

WACC 14.33%

VPN $390,811,100 Positivo genera valor

Monto a Recibir $500,000,000

Fuentes Monto Solicitado Monto Recibido

Ulalá $ 160,000,000 $ 160,000,000
Money Tiger $ 180,000,000 $ 162,000,000
No Bank $ 150,000,000 $ 140,580,000
Emisión de Acciones $ 38,183,673 $ 37,420,000
Total $ 528,183,673 $ 500,000,000

Monto Recibido = Monto Solicitado - c%*Monto Solicitado

Monto Solicitado = Monto Recibido/(1-c%)

WACC 11.32%

VPN $645,816,855 Positivo genera valor

Pregunta: Se pueden comparar dos Proyectos Mutuamente excluyentes si tienen distinto CO?

Si la respuesta es Sí:
La línea de gorra genera mayor valor
 ∆ WK CAPEX EBIT Imp Oper FCL

$0 $800,000,000

$0 $0 -$800,000,000
$60,000,000 $0
$170,000,000 $59,500,000 $80,500,000
$30,000,000 $0
$205,000,000 $71,750,000 $133,250,000
$50,000,000 $0
$295,000,000 $103,250,000 $171,750,000
$50,000,000 $0 $320,000,000 $112,000,000 $188,000,000
$60,000,000 $0 $405,000,000 $141,750,000 $233,250,000
$30,000,000 $0 $456,000,000 $159,600,000 $296,400,000
$30,000,000 $0 $518,000,000 $181,300,000 $336,700,000
$50,000,000 $0 $590,000,000 $206,500,000 $363,500,000
$60,000,000 $0 $720,000,000 $252,000,000 $438,000,000
$60,000,000 $0 $950,000,000 $332,500,000 $587,500,000

∆ WK CAPEX EBIT Imp Oper FCL

$0 $500,000,000 $0 $0 -$500,000,000
$20,000,000 $0 $125,000,000 $43,750,000 $86,250,000
$25,000,000 $0 $205,000,000 $71,750,000 $133,250,000
$30,000,000 $0 $255,000,000 $89,250,000 $160,750,000
$35,000,000 $0 $300,000,000 $105,000,000 $185,000,000
$40,000,000 $0 $350,000,000 $122,500,000 $212,500,000
$45,000,000 $0 $390,000,000 $136,500,000 $233,500,000
$50,000,000 $0 $437,000,000 $152,950,000 $259,050,000
$55,000,000 $0 $488,000,000 $170,800,000 $287,200,000
$60,000,000 $0 $523,000,000 $183,050,000 $304,950,000
$65,000,000 $0 $585,000,000 $204,750,000 $340,250,000
 4.28% TA Debo cambiarla a TV?????

momento inicial (este valor se debe pagar en cada una de las cuotas)

Interés Amortización Comisión Seguro FCD AI

6,420,000 $3,000,000 $140,580,000
6,420,000 $750,000.00 -$7,170,000
6,420,000 $750,000.00 -$7,170,000
5,778,000 $15,000,000 $750,000.00 -$21,528,000
5,136,000 $15,000,000 $750,000.00 -$20,886,000
4,494,000 $15,000,000 $750,000.00 -$20,244,000
3,852,000 $15,000,000 $750,000.00 -$19,602,000
3,210,000 $15,000,000 $750,000.00 -$18,960,000
2,568,000 $15,000,000 $750,000.00 -$18,318,000
1,926,000 $15,000,000 $750,000.00 -$17,676,000
1,284,000 $15,000,000 $750,000.00 -$17,034,000
642,000 $15,000,000 $750,000.00 -$16,392,000
- $15,000,000 $750,000.00 -$15,750,000

6.23% SV
 Interés Amortización Comisión Seguro Reciprocidad
$8,000,000 $10,000,000
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00
$11,205,000.00 $180,000,000.00 -$10,000,000

l 2022 + 320 pb (Ver Nota)

Interés Amortización Comisión Seguro FCD AI

$ 160,000,000
$ 14,489,600 $ 14,478,495 $ 2,400,000.00 -$ 31,368,095
$ 13,178,427 $ 15,789,668 $ 2,182,822.57 -$ 31,150,918
$ 11,748,515 $ 17,219,580 $ 1,945,977.56 -$ 30,914,073
$ 10,189,110 $ 18,778,985 $ 1,687,683.86 -$ 30,655,779
$ 8,488,485 $ 20,479,610 $ 1,405,999.09 -$ 30,374,094
$ 6,633,852 $ 22,334,243 $ 1,098,804.94 -$ 30,066,900
$ 4,611,263 $ 24,356,832 $ 763,791.29 -$ 29,731,886
$ 2,405,508 $ 26,562,587 $ 398,438.81 -$ 29,366,534

SV

Costo Peso
6.86% 19.18%
9.72% 21.57%
15.90% 17.98%
19.54% 41.27%
100.00%

Costo Peso
6.86% 30.29%
9.72% 34.08%
15.90% 28.40%
 19.54% 7.23%
100.00%

excluyentes si tienen distinto CO?

Tax Shield FCD DI
$140,580,000
-$7,170,000
-$7,170,000
-$21,528,000
10,863,300.00 -$10,022,700
-$20,244,000
-$19,602,000
-$18,960,000
6,892,200.00 -$11,425,800
-$17,676,000
-$17,034,000
-$16,392,000
3,297,000.00 -$12,453,000

TIR 3.76% TV
KdDI 15.90% EA
15.90%
FCD AI Tax Shield FCD DI
$162,000,000.00 $162,000,000.00
-$11,205,000.00 -$11,205,000.00
-$11,205,000.00 $10,643,500.00 -$561,500.00
-$11,205,000.00 -$11,205,000.00
-$11,205,000.00 $7,843,500.00 -$3,361,500.00
-$11,205,000.00 -$11,205,000.00
-$11,205,000.00 $7,843,500.00 -$3,361,500.00
-$11,205,000.00 -$11,205,000.00
-$11,205,000.00 $7,843,500.00 -$3,361,500.00
-$11,205,000.00 -$11,205,000.00
-$181,205,000.00 $7,843,500.00 -$173,361,500.00

TIR 4.75% SV
KDDI 9.72% EA

Tax Shield FCD DI

$ 160,000,000
$ 5,911,360.00 -$ 25,456,735
$ 5,376,437.52 -$ 25,774,480
$ 4,793,072.47 -$ 26,121,000
$ 4,156,877.87 -$ 26,498,901
$ 3,463,069.49 -$ 26,911,025
$ 2,706,429.83 -$ 27,360,470
$ 1,881,268.87 -$ 27,850,617
$ 981,381.34 -$ 28,385,152

KdDI 6.86% EA
U.neta $ 980,000,000
#acciones 500,000
g 4.50%
%Dividedos 70%
Ke 12% EA

EPS (UPA) 0 $ 1,960.00 U.Neta/#acciones

Div 0 $ 1,372.00 70%*EPS
Div 1 $ 1,433.74 Div1 = Div0*(1+g)
P $ 19,116.53 D1/(ke-g)

b)

Fuente Monto solicitado Kd (After-tax) Peso

Aportes de capital propio $500 15% 38.46%
Préstamo bancario de largo
$200 12%
plazo 15.38%
Crédito de largo plazo $600 14% 46.15%
Préstamo bancario a 6 meses $450 10%
Total $1,300

El WACC solo debe hacerse confuentes deLP (mayor a un año)

WACC 14.08%

TIR 4.75% SV

Banco interés 18% EA

Impuestos 35%
Como es 100% Deuda el WACC = KdDI
y como no hay costos de transacción ni alteraciones
la amortización no afecta el costo de oportunidad
entonces KdDI = iEA*(1-35%)
KdDI 11.70% EA
TIR EA 9.73% EA

WACC > TIR -> El proyecto destruye valor

Banco Interés Seguro Plazo

A x% TV 1.50% 4 años
B x% TA 4 años
C x% TV 4 años

Impuestos 35%

C es mejor que A porque tienen la misma tasa pero C no tiene que incurrir en costo de seguro
y sabemos que la amortización no afecta el KdDI

C es mejor que B porque la tasa anticipada es mayor a la tasa vencida (más costosa)

Por ende la mejor opción es la C

n costo de seguro