Costo 

Promedio Ponderado 
Capital Global

LIMA – PERÚ
2020
FUENTES
https://www.sonda.com/

Reporte Integrado Emisión de Bonos Estado Financiero

2019
EBITDA by Country
Tasa de Libre Riesgo (TLR)
Riesgo País
Beta sin Deuda (S/D)

Number of Effective Unlevered

Industry Name firms Beta D/E Ratio Tax rate beta

Information Services 215 1.10 12.11% 12.89% 1.01

Deuda/Patrimonio (D/E)
Tasa Impositiva (TAX)
Country 2018 2019
Argentina 30.00% 30.00%
Brazil 34.00% 34.00%
Chile 26.00% 27.00%
Colombia 33.00% 33.00%
Costa Rica 30.00% 30.00%
Ecuador 25.00% 25.00%
Mexico 30.00% 30.00%
Panama 25.00% 25.00%
Perú 29.50% 29.50%
Uruguay 25.00% 25.00%
Tasa de Oportunidad (Rm‐Rf)
Tasa de Deuda (Rb)
 Consolidado COK – CPPC / WACC
COK (Ro, Rs): TLR + B x ( Rm ‐ TLR)
CPPC: Deuda / Deuda+Patrimonio x Rb x (1‐Tax) + Patrimonio/(Deuda + Patrimonio) x COK

Paises Argentina Brazil Colombia Chile Perú Uruguay Ecuador Panamá Costa Rica México
% EBITDA 3% 21% 3% 56% 3% 3% 3% 3% 3% 3%
TLR 0.63% 0.63% 0.63% 0.63% 0.63% 0.63% 0.63% 0.63% 0.63% 0.63%
Riesgo País 25.39% 3.65% 2.87% 2.09% 1.80% 5.48% 32.97% 5.48% 5.48% 5.07%
TLR País 26.02% 4.28% 3.50% 2.72% 2.43% 6.11% 33.60% 6.11% 6.11% 5.70%
Beta (S/D) 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01
D/E 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61
TAX 30.0% 34.0% 33.0% 27.0% 29.5% 25.0% 25.0% 25.0% 30.0% 30.0%
Beta (C/D) 1.44 1.42 1.42 1.46 1.44 1.47 1.47 1.47 1.44 1.44
Rm‐Rf 5.68% 5.68% 5.68% 5.68% 5.68% 5.68% 5.68% 5.68% 5.68% 5.68%
COK 34.2% 12.3% 11.6% 11.0% 10.6% 14.5% 42.0% 14.5% 14.3% 13.9%
D/D+E 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8%
E/D+E 57.7% 57.7% 57.7% 57.7% 57.7% 57.7% 57.7% 57.7% 57.7% 57.7%
Rb 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
CPPC:WACC 20.5% 7.9% 7.4% 7.2% 6.9% 9.2% 25.1% 9.2% 9.0% 8.8%
COK – CPPC / WACC  (GLOBAL)

COK Global 13%

CPPC:WACC Global 8%
GRACIAS POR SU ATENCIÓN

GRUPO 04