PEPSICO INC (PEP)

ESTADO DE RESULTADOS

2015 2016 2017 2018

Ingresos $66,415.00 $66,683.00 $63,056.00 $62,799.00

Costo de ventas $31,243.00 $30,884.00 $28,384.00 $28,209.00
Utilidad bruta $35,172.00 $35,799.00 $34,672.00 $34,590.00
Gastos Operacionales
Administración y ventas $25,357.00 $26,126.00 $24,885.00 $24,735.00
Otros gastos operacionales $110.00 $92.00 $75.00 $70.00
Total Gastos operativos $25,467.00 $26,218.00 $24,960.00 $24,805.00
Utilidad Operativa $9,705.00 $9,581.00 $9,712.00 $9,785.00
Gastos por intereses $911.00 $909.00 $970.00 $1,342.00
Otros ingresos (gastos) $97.00 $85.00 -$1,300.00 $110.00
Utilidad antes de impuestos $8,891.00 $8,757.00 $7,442.00 $8,553.00
Provisión para impuestos sobre la renta $2,104.00 $2,199.00 $1,941.00 $2,174.00
Ingreso neto de operaciones continuas $6,787.00 $6,558.00 $5,501.00 $6,379.00
Otros -$47.00 -$45.00 -$49.00 -$50.00
Utilidad neta $6,740.00 $6,513.00 $5,452.00 $6,329.00

PEPSICO INC (PEP)

ESTADO DE SITUACIÓN FINANCIERA

2015 2016 2017 2018

Activos
Activo corriente
Efectivo y equivalentes de efectivo $9,375.00 $6,134.00 $9,096.00 $9,158.00
Inversiones a corto plazo $303.00 $2,592.00 $2,913.00 $6,967.00
Créditos $6,178.00 $5,817.00 $5,497.00 $5,709.00
Inventarios $3,409.00 $3,143.00 $2,720.00 $2,723.00
Gastos pagados por anticipado $2,162.00 $2,143.00 $1,865.00 $1,547.00
Otros activos corrientes $776.00 $834.00 $940.00 $985.00
Total activo corriente $22,203.00 $20,663.00 $23,031.00 $27,089.00
Activos no corrientes
Propiedad planta y equipo $36,961.00 $36,300.00 $35,747.00 $36,818.00
depreciación Acumulada Propiedad planta y equipo -$18,386.00 -$19,056.00 -$19,430.00 -$20,227.00
Inversiones de capital y otras inversiones $2,623.00 $2,689.00 $2,311.00 $1,950.00
Fondo de comercio $16,613.00 $14,965.00 $14,177.00 $14,430.00
Activos intangibles $16,039.00 $14,088.00 $13,081.00 $13,433.00
Beneficio de pensión pagado por adelantado $687.00 $141.00 $60.00 $53.00
Otros activos a largo plazo $738.00 $719.00 $690.00 $583.00
Total activo no corriente $55,275.00 $49,846.00 $46,636.00 $47,040.00
Total activo $77,478.00 $70,509.00 $69,667.00 $74,129.00
Pasivo y Patrimonio
Pasivo
Pasivo corriente
Deuda a corto plazo $5,306.00 $5,076.00 $4,071.00 $6,892.00
Cuentas por pagar $4,874.00 $5,127.00 $5,546.00 $6,158.00
Pasivos devengados $2,245.00 $2,222.00 $2,319.00 $2,444.00
Otros pasivos corrientes $5,414.00 $5,667.00 $5,642.00 $5,641.00
Total pasivo corriente $17,839.00 $18,092.00 $17,578.00 $21,135.00
Pasivo no corriente
Deuda a largo plazo $24,333.00 $23,821.00 $29,213.00 $30,053.00
Impuestos diferidos pasivos $5,986.00 $5,304.00 $4,959.00 $5,073.00
Intereses $110.00 $110.00 $107.00 $104.00
Otros pasivos a largo plazo $4,931.00 $5,744.00 $5,887.00 $6,669.00
Total pasivo no corriente $35,360.00 $34,979.00 $40,166.00 $41,899.00
Total del pasivo $53,199.00 $53,071.00 $57,744.00 $63,034.00
Patrimonio
Acciones comunes $3,990.00 $4,000.00 $3,955.00 $3,964.00
Beneficios de balance $46,420.00 $49,092.00 $50,472.00 $52,518.00
Acciones propias -$21,004.00 -$24,985.00 -$29,185.00 -$31,468.00
Otros ingresos generales acumulados -$5,127.00 -$10,669.00 -$13,319.00 -$13,919.00
Total Patrimonio $24,279.00 $17,438.00 $11,923.00 $11,095.00
Total pasivo y patrimonio $77,478.00 $70,509.00 $69,667.00 $74,129.00
Diferencia $0.00 $0.00 $0.00 $0.00

Datos Adicionales:
Tasa de interés 9%
Beta 1.2
Rf 3.34%
RM 10.00%
Inversión Inicial -$28,000.00
Inflación 2.52%

Se pide:
a) Calcular Flujo de caja Libre método directo
b) Calcular la tasa de descuento (WACC)
c) Calcular VAN, TIR y EVA
d) Realizar simulación y gráfico del VAN
e) Evaluar el proyecto bajo incertidumbre
f) Análisis de resultados

2015 2016 2017 2018

EBIT $9,705.00 $9,581.00 $9,712.00 $9,785.00
ISLR 23.66% 25.11% 26.08% 25.42%
CAPITAL $59,639.00 $52,417.00 $52,089.00 $52,994.00
FLUJO DE CAJA 2015 2016 2017 2018
NOPAT 7,408.37 7,175.08 7,178.95 7,297.85
(-) INVERSION -$7,222.00 -$328.00 $905.00 $6,308.00
FCF $14,630.37 $7,503.08 $6,273.95 $989.85

WACC
ESTRUCTURA DE CAPITAL
DEUDA A LARGO PLAZO $33,796.00 78%
DEUDA A CORTO PLAZO $5,485.00 13%
ACCIONES COMUNES $3,864.00 9%
TOTAL $43,145.00 100%

DEUDA A LARGO PLAZO $5,485.00 58.67% 5.28% 2.70%

DEUDA A CORTO PLAZO $3,864.00 41.33% 3.72% 1.90%
$9,349.00 100%

ke
11.33%

WACC
3.37% Está mal

FLUJO DE EFECTIVO -$28,000.00 $14,630.37 $7,503.08 $6,273.95

VAN $3,770.62

TIR 10%
$6,000.00

$5,000.00
TASA VAN
$4,000.00
1% $5,428.08
2% $4,709.89 $3,000.00
5% $2,717.38 $2,000.00
10% $0.00
13% -$1,627.88 $1,000.00
15% -$2,537.56 $0.00
EBIT*1-T 5,371.61 0% 2%
ACTIVO $79,804.00 -$1,000.00
PASIVO $20,502.00 -$2,000.00
CAPITAL 59,302.00
-$3,000.00
ROIC 7%
WACC 3.4%
EVA 1,992.71
WACCr 0.83%

FLUJO DE CAJA I0 2015 2016 2017

NOPAT
(-) INVERSION 1 2 3
FCF -$28,000.00 14270.74907 7138.75587 5822.57304
VAN Bs 3,770.62
TIR 7.03%
EVA 3,499.52

ANALISIS
COMO EL VAN EN MAYOR A 0 ES BUENA OPCION PARA INVERTIR EN DICHO PROIYECTO
EL TIR ES MUCHO MAYOR AL WACC NOS COMPRUEBA QUE INVERTIR EN EL PROYECTO NOS TRAERA BENEFICIOS

EN CONCLUSION SI DEBEMOS INVERTIR EN EL PROYECTO

 2019
15
$63,525.00
$28,785.00
$34,740.00

$24,231.00

$24,231.00
$10,509.00
$1,151.00
$244.00
$9,602.00
$4,694.00
$4,908.00
-$51.00
$4,857.00

2019

$10,610.00
$8,900.00
$5,956.00
$2,947.00
$1,546.00
$1,068.00
$31,027.00

$39,106.00
-$21,866.00
$2,042.00
$14,744.00
$13,838.00
$374.00
$539.00
$48,777.00
$79,804.00
 $5,485.00
$6,727.00
$2,390.00
$5,900.00
$20,502.00

$33,796.00
$3,242.00
$92.00
$11,283.00
$48,413.00
$68,915.00

$3,864.00
$52,839.00
-$32,757.00
-$13,057.00
$10,889.00
$79,804.00
$0.00

2019 PERPETUIDAD
$10,509.00
48.89%
$59,302.00 59,895.02
 2019
5,371.61
$593.02
$4,778.59

$989.85 $4,778.59

$6,000.00

$5,000.00

$4,000.00
VAN

$3,000.00

$2,000.00

$1,000.00

$0.00
0% 2% 4% 6% 8% 10% 12% 14% 16%
-$1,000.00

-$2,000.00

-$3,000.00
 2018 2019

4 5
896.056099 4219.456605