CASO 1 TASA CAPM

RF Tasa libre de riesgo 1.64% BTU a 10 años

RM 5.59% Fondo AFP -A
Bs/d 1.19 Unlevered Beta advertising
Riesgo de liquidez Pyme 3.0%
CAPM Anual 9.34%

CASO 2 TASA CAPM

RF Tasa libre de riesgo 1.64%
RM 11.15% IGPA ajustado IPC
Bs/d 1.19
Riesgo de liquidez Pyme 0.0% Sin riesgo pyme
CAPM Anual 12.95%

TASA WACC O CPPC

Rs 12.95%
Capital 30.00%
Deuda 70.00%
Rd Tasa Banco 18.45% banco ITAU MAYO 2022
T(impuesto) 25%
CPPC 13.57%
 Riesgo de pymes: Señala que las empresas que
no transan en la bolsa debieran tener un castigo
de entre 0,5 al 3% dependiendo del tipo de
advertising empresa.
Pero es un dato arbitrario donde uds pueden
asumir un valor.

CAPM=E(Ri)=Rf+ βs/d∗[ E ( Rm) −Rf ]

CPPC=C∗R s +D∗R d∗(1−t )

 https://www.hacienda.cl/areas-de-trabajo/finanzas-internacionales/oficina-de-la-deuda-publica/estadisticas/result

BTU

Licitación de Bonos de la Tesorería General de la República en Unidades de Fomento - 5 años (BTU-5)

(Miles de UF)

Adjudicado
Fecha de Monto AFP,
Cupo Corredores de Tasa de interés
Licitación Demandado Total Bcos
Bolsa y Cías base 365
Seg.
14-Jul-09 2,700 7,760 2,700 2,200 500 2.43
19-Aug-09 2,700 8,375 2,700 1,600 1,100 2.67
9-Sep-09 2,700 8,155 2,700 2,070 630 2.34
14-Oct-09 2,700 5,775 2,700 2,295 405 2.13
11-Nov-09 2,700 6,640 2,700 1,998 702 2.60
27-Jan-10 2,500 8,900 2,500 1,000 1,500 2.40
24-Feb-10 2,300 5,845 2,300 1,975 325 2.15
24-Mar-10 2,300 6,945 2,300 1,995 305 2.10
28-Apr-10 2,300 5,875 2,300 1,415 885 2.33
26-May-10 2,300 7,345 2,300 845 1,455 2.28
23-Jun-10 2,300 7,865 2,300 1,945 355 2.42
26-Jan-11 1,300 5,445 1,300 520 780 2.69
23-Feb-11 1,700 7,965 1,700 1,680 20 2.61
23-Mar-11 1,700 6,420 1,700 1,000 700 2.40
20-Apr-11 1,700 3,885 1,700 1,600 100 2.45
25-May-11 1,700 4,715 1,700 1,095 605 2.64
29-Jun-11 1,700 4,640 1,700 1,480 220 2.70
27-Jul-11 1,700 2,170 1,700 1,480 220 2.77
24-Aug-11 1,700 4,170 1,700 460 1,240 2.49
28-Sep-11 1,700 2,170 1,700 460 1,240 2.09
26-Oct-11 1,700 Desierta
23-Nov-11 2,550 2,110 2,110 1,370 740 2.60
21-Dec-11 2,990 5,145 2,990 545 2,445 2.57
29-Feb-12 2,100 3,625 2,100 1,740 360 2.38
28-Mar-12 2,100 3,495 2,100 1,775 325 2.47
18-Apr-12 2,100 6,315 2,100 400 1,700 2.44
30-May-12 2,100 5,495 2,100 985 1,115 2.16
27-Jun-12 2,100 5,555 1,715 355 1,360 2.37
25-Jul-12 2,100 Desierta
29-Aug-12 2,100 Desierta
26-Sep-12 2,100 Desierta
31-Oct-12 2,100 Desierta
2-Sep-15 25,500 33,740 25,500 7,688 17,812 1.12
11-May-16 37,500 58,950 37,500 1,450 36,050 1.24
7-Jun-17 32,350 66,280 32,350 7,040 25,310 0.89
16-May-18 7,900 30,070 7,900 4,480 3,420 1.20
11-Jul-18 7,900 13,690 7,900 7,050 850 1.10
22-Aug-18 6,800 20,590 6,590 3,300 3,290 0.90
13-Mar-19 7,100 40,160 7,100 1,050 6,050 1.00
24-Apr-19 7,100 24,010 7,100 5,040 2,060 0.64
16-Oct-19 7,200 10,250 7,200 4,100 3,100 -0.66
8-Apr-20 7,550 18,010 4,880 1,580 3,300 -0.25
15-Apr-20 2,670 7,470 2,670 1,670 1,000 -0.25
17-Jun-20 9,000 Desierta
7-Oct-20 9,000 22,720 9,000 7,350 1,650 -0.95
29-Oct-20 3,500 5,250 3,500 3,350 150 -1.03
4-Nov-20 380 4,840 380 100 280 -1.25
9-Dec-20 10,700 26,680 10,700 7,400 3,300 -1.23
19-Apr-22 5,600 10,610 5,580 500 1,080 1.77
27-Apr-22 5,600 9,500 5,600 610 4,990 1.90
15-Jun-22 5,600 11,710 5,600 750 4,850 2.20
1.64 promedio todos los datos
a-publica/estadisticas/resultados-historicos-licitacion-de-bonos

Bono tesorería expresado en UF expresado en meses y en años.

A 5 años aparece hasta diciembre 2020

A 10 años Hasta 2022

- 5 años (BTU-5)
omedio todos los datos
PASO 1 http://people.stern.nyu.edu/adamodar/New_Home_Page/datacurrent.html

PASO 2 BUSCAR EN LA MISMA PAGINA MAS ABAJO LEVERAGE AND UNLEVERAGE BETA, ELEGIR EMERG MAKT
TAMBIEN SE PUEDE UTILIZAR TOTAL BETA BY UNDUSTRY EMERG MKT

PASO 3 BAJAR EL EXCEL Y BUSCAR UNLEVERD BETA SEGÚN SECTOR INDUSTRIAL QUE MEJOR SE AJUSTE A
ETA, ELEGIR EMERG MAKT

QUE MEJOR SE AJUSTE A SU PROYECTO

Date updated: 5-Jan-22
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures
Home Page: http://www.damodaran.com
Data website: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variab
Do you want to use marginal or effective tax rates in unlevering betas?
If marginal tax rate, enter the marginal tax rate to use

Industry Name Number of firms Beta D/E Ratio

Advertising 125 1.27 8.74%
Aerospace/Defense 117 1.22 13.49%
Air Transport 75 1.61 120.44%
Apparel 934 0.91 20.74%
Auto & Truck 80 1.40 37.99%
Auto Parts 510 1.55 18.68%
Bank (Money Center) 469 0.98 176.11%
Banks (Regional) 100 0.82 419.96%
Beverage (Alcoholic) 127 1.07 2.00%
Beverage (Soft) 37 0.69 4.77%
Broadcasting 62 1.12 19.20%
Brokerage & Investment Banking 436 0.87 174.65%
Building Materials 244 1.17 18.34%
Business & Consumer Services 296 0.89 12.61%
Cable TV 33 1.13 32.41%
Chemical (Basic) 674 1.12 24.57%
Chemical (Diversified) 37 1.42 21.91%
Chemical (Specialty) 599 1.12 13.14%
Coal & Related Energy 93 1.09 44.55%
Computer Services 499 1.06 6.77%
Computers/Peripherals 213 1.43 14.51%
Construction Supplies 544 1.15 37.93%
Diversified 211 1.03 146.18%
Drugs (Biotechnology) 278 1.44 3.30%
Drugs (Pharmaceutical) 680 1.06 9.82%
Education 144 1.13 35.72%
Electrical Equipment 658 1.01 11.02%
Electronics (Consumer & Office) 85 1.32 52.93%
Electronics (General) 937 1.35 15.42%
Engineering/Construction 876 1.16 122.96%
Entertainment 320 1.20 13.05%
Environmental & Waste Services 168 0.91 55.41%
Farming/Agriculture 282 0.99 46.83%
Financial Svcs. (Non-bank & Insurance) 636 0.82 134.57%
Food Processing 925 0.93 25.20%
Food Wholesalers 89 0.80 63.38%
Furn/Home Furnishings 250 1.16 15.23%
Green & Renewable Energy 122 0.92 50.62%
Healthcare Products 306 1.18 3.25%
Healthcare Support Services 178 0.95 33.33%
Heathcare Information and Technology 107 1.47 2.23%
Homebuilding 40 1.89 51.17%
Hospitals/Healthcare Facilities 131 0.88 18.03%
Hotel/Gaming 418 1.04 69.13%
Household Products 292 1.12 7.16%
Information Services 93 1.40 8.94%
Insurance (General) 141 0.69 35.64%
Insurance (Life) 82 1.00 80.18%
Insurance (Prop/Cas.) 149 0.90 31.44%
Investments & Asset Management 445 0.79 166.25%
Machinery 825 1.09 12.45%
Metals & Mining 325 1.31 29.91%
Office Equipment & Services 72 1.06 9.49%
Oil/Gas (Integrated) 23 1.11 18.46%
Oil/Gas (Production and Exploration) 114 1.87 49.82%
Oil/Gas Distribution 105 1.21 81.49%
Oilfield Svcs/Equip. 231 1.31 45.85%
Packaging & Container 301 0.96 18.24%
Paper/Forest Products 187 1.17 65.83%
Power 372 0.88 95.85%
Precious Metals 81 1.34 21.44%
Publishing & Newspapers 176 0.81 11.22%
R.E.I.T. 261 0.91 50.75%
Real Estate (Development) 776 1.01 212.20%
Real Estate (General/Diversified) 222 0.96 89.32%
Real Estate (Operations & Services) 369 0.96 56.04%
Recreation 137 1.02 44.43%
Reinsurance 31 1.56 39.01%
Restaurant/Dining 143 1.08 23.69%
Retail (Automotive) 102 0.95 47.92%
Retail (Building Supply) 36 1.34 23.16%
Retail (Distributors) 630 0.78 104.02%
Retail (General) 130 1.05 62.62%
Retail (Grocery and Food) 73 0.75 44.09%
Retail (Online) 96 1.74 9.21%
Retail (Special Lines) 186 1.17 28.63%
Rubber& Tires 73 1.27 32.76%
Semiconductor 449 1.63 6.39%
Semiconductor Equip 232 2.07 6.43%
Shipbuilding & Marine 238 1.18 41.52%
Shoe 60 1.11 13.08%
Software (Entertainment) 58 1.44 8.24%
Software (Internet) 40 1.13 15.22%
Software (System & Application) 462 1.43 4.43%
Steel 521 1.30 44.55%
Telecom (Wireless) 61 1.03 41.96%
Telecom. Equipment 290 1.22 12.62%
Telecom. Services 140 0.91 33.30%
Tobacco 29 0.80 0.79%
Transportation 213 1.08 52.37%
Transportation (Railroads) 16 0.97 31.66%
Trucking 118 1.12 63.76%
Utility (General) 12 0.79 84.54%
Utility (Water) 72 0.72 88.42%
Total Market 24435 1.11 55.19%
Total Market (without financials) 21977 1.13 33.31%
 YouTube Video explaining estimation choices and process.
u.edu
ures Emerging Markets

New_Home_Page/data.html
c/datasets/indname.xls
New_Home_Page/datafile/variable.htm
Marginal
26.37%
Effective
Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash
12.15% 1.19 8.52% 1.30
10.89% 1.11 9.89% 1.24
5.49% 0.85 7.80% 0.92
13.52% 0.79 7.71% 0.85
11.42% 1.10 13.38% 1.27
15.28% 1.37 9.59% 1.51
20.88% 0.43 24.31% 0.56
16.50% 0.20 12.82% 0.23
18.56% 1.05 4.32% 1.10
15.26% 0.67 4.16% 0.70
12.84% 0.98 7.94% 1.06
14.54% 0.38 9.64% 0.42
14.38% 1.03 7.03% 1.11
12.92% 0.81 9.35% 0.89
11.92% 0.92 12.43% 1.05
15.84% 0.95 7.82% 1.03
18.93% 1.22 4.77% 1.28
15.85% 1.02 5.52% 1.08
14.73% 0.82 22.61% 1.06
13.57% 1.01 4.10% 1.05
12.71% 1.29 11.22% 1.45
14.25% 0.90 13.53% 1.04
14.56% 0.49 11.59% 0.56
5.82% 1.41 6.17% 1.50
14.59% 0.99 7.46% 1.07
10.97% 0.89 12.03% 1.01
13.02% 0.93 7.18% 1.00
12.58% 0.95 14.64% 1.11
12.34% 1.21 11.10% 1.36
13.18% 0.61 19.98% 0.76
8.67% 1.09 8.62% 1.19
13.56% 0.64 8.30% 0.70
13.30% 0.74 6.72% 0.79
15.29% 0.41 8.84% 0.45
15.02% 0.78 7.51% 0.85
11.91% 0.54 10.68% 0.61
15.23% 1.05 13.29% 1.21
10.08% 0.67 3.65% 0.70
10.31% 1.15 7.82% 1.25
15.43% 0.76 11.16% 0.86
9.55% 1.45 4.00% 1.51
12.49% 1.37 9.96% 1.52
16.82% 0.78 3.99% 0.81
4.46% 0.69 10.57% 0.77
13.34% 1.06 5.21% 1.12
17.00% 1.32 6.75% 1.41
13.05% 0.55 22.15% 0.70
15.53% 0.63 18.36% 0.77
15.69% 0.73 9.94% 0.81
7.29% 0.35 3.25% 0.37
13.83% 1.00 7.50% 1.08
13.92% 1.08 9.38% 1.19
10.01% 0.99 8.42% 1.09
22.35% 0.97 5.97% 1.04
13.70% 1.37 8.98% 1.50
13.60% 0.76 8.81% 0.83
13.11% 0.98 6.38% 1.05
16.09% 0.85 5.57% 0.90
12.93% 0.79 8.98% 0.86
16.45% 0.52 6.34% 0.55
11.84% 1.15 8.90% 1.27
10.75% 0.75 19.14% 0.93
4.52% 0.66 2.39% 0.68
17.87% 0.40 23.42% 0.52
10.94% 0.58 10.89% 0.65
14.42% 0.68 10.40% 0.76
11.79% 0.77 12.63% 0.88
8.71% 1.21 20.72% 1.52
8.08% 0.92 6.60% 0.98
17.05% 0.70 8.93% 0.77
15.88% 1.14 3.52% 1.19
13.59% 0.44 13.38% 0.51
17.77% 0.72 9.18% 0.79
16.61% 0.56 5.51% 0.60
10.18% 1.63 5.96% 1.73
14.59% 0.97 7.37% 1.04
15.01% 1.02 8.29% 1.12
10.75% 1.56 6.34% 1.66
12.62% 1.98 5.15% 2.08
11.94% 0.90 15.62% 1.07
13.91% 1.01 6.98% 1.09
9.21% 1.35 4.92% 1.42
13.23% 1.01 6.55% 1.09
9.02% 1.38 6.42% 1.48
16.09% 0.98 10.99% 1.10
17.63% 0.79 11.56% 0.89
9.08% 1.12 10.18% 1.24
15.69% 0.73 7.40% 0.79
20.60% 0.80 5.06% 0.84
16.05% 0.78 10.10% 0.86
24.55% 0.79 10.71% 0.88
12.64% 0.76 10.32% 0.85
24.29% 0.48 6.26% 0.52
16.37% 0.44 9.73% 0.48
13.47% 0.79 12.28% 0.90
13.33% 0.91 9.40% 1.00
HiLo Risk Standard deviation of equity
0.4280 37.70%
0.3261 30.86%
0.2769 27.25%
0.4211 31.45%
0.2993 27.15%
0.3496 30.59%
0.2346 20.12%
0.2753 21.57%
0.3296 27.53%
0.2778 21.33%
0.3929 31.56%
0.4113 29.15%
0.3608 29.87%
0.4148 33.58%
0.2874 29.66%
0.3766 29.00%
0.3696 27.73%
0.3796 30.45%
0.4604 33.72%
0.3883 32.11%
0.3361 31.88%
0.3375 27.56%
0.2930 23.87%
0.4030 39.06%
0.3359 29.93%
0.3924 32.03%
0.3767 30.26%
0.3564 29.86%
0.3457 29.55%
0.3815 31.68%
0.4336 35.36%
0.3521 28.24%
0.3569 28.77%
0.3842 30.03%
0.3322 27.39%
0.3854 31.96%
0.3559 28.06%
0.3339 26.79%
0.3925 35.95%
0.3517 27.95%
0.3952 36.01%
0.3931 34.44%
0.3139 25.64%
0.3372 29.18%
0.3434 29.08%
0.3991 32.94%
0.2720 21.84%
0.2808 21.30%
0.3045 25.62%
0.3260 29.55%
0.3642 28.94%
0.4148 32.62%
0.3903 33.14%
0.2913 20.65%
0.4083 38.38%
0.3015 24.88%
0.3487 31.91%
0.3534 29.36%
0.3641 30.13%
0.3065 22.80%
0.4043 36.84%
0.3759 27.47%
0.1616 16.96%
0.3466 26.76%
0.3136 24.72%
0.3329 27.86%
0.3369 29.27%
0.2933 25.00%
0.3599 29.13%
0.3433 28.07%
0.3510 28.87%
0.4251 31.55%
0.2661 24.46%
0.2929 25.57%
0.5088 40.61%
0.3588 29.08%
0.3154 26.09%
0.4002 33.64%
0.3543 33.55%
0.3645 29.67%
0.3859 30.27%
0.4995 37.46%
0.3828 32.13%
0.4157 35.13%
0.4298 31.19%
0.2702 22.17%
0.3570 30.69%
0.3142 27.27%
0.3276 24.98%
0.3572 28.94%
0.2126 21.25%
0.3465 30.93%
0.1705 18.41%
0.2719 29.55%
0.3607 29.55%
0.3641 29.88%
 Average Beta over time

Standard deviation in operating income (last 10 years) 2018 2019 2020

24.51% 1.52 1.39 1.46
25.79% 1.04 1.14 1.10
129.66% 0.59 0.57 0.59
14.77% 0.82 0.72 0.64
17.49% 1.42 1.28 1.13
11.87% 1.30 1.16 1.11
53.44% 0.52 0.42 0.43
NA 0.27 0.35 0.26
25.29% 0.74 1.05 1.06
44.66% 0.41 0.53 0.36
23.68% 1.08 0.78 0.70
89.36% 0.59 0.51 0.54
25.82% 0.87 0.82 0.79
28.10% 1.02 1.18 0.94
43.18% 1.17 1.06 1.21
21.03% 1.07 0.96 0.92
20.69% 1.42 0.86 0.73
22.24% 1.08 1.03 0.93
33.76% 1.22 1.13 1.39
24.73% 1.18 1.06 1.04
33.67% 1.39 1.53 1.40
33.98% 1.08 0.96 0.97
26.13% 0.57 0.47 0.41
50.16% 1.10 1.45 1.50
23.51% 1.06 1.14 1.13
45.72% 0.95 1.32 1.14
30.35% 1.14 1.06 1.08
35.98% 1.11 1.15 1.31
41.12% 1.43 1.49 1.47
32.28% 0.97 0.89 0.72
45.31% 1.18 1.40 1.26
55.24% 1.60 1.06 1.10
22.88% 0.77 0.63 0.64
 39.55% 0.52 0.42 0.34
30.27% 0.78 0.73 0.69
23.35% 0.65 0.67 0.61
35.81% 1.03 1.11 1.07
38.92% 0.78 0.68 0.59
111.43% 1.14 1.34 1.42
44.50% 1.03 1.04 0.90
102.78% 1.27 1.80 1.65
77.26% 1.18 0.76 0.57
19.57% 0.82 0.78 0.58
73.41% 0.93 0.82 0.67
20.20% 0.96 0.98 1.04
21.71% 1.57 1.19 1.10
25.18% 0.58 0.47 0.47
46.41% 0.73 0.72 0.73
20.95% 0.58 0.44 0.43
43.25% 0.29 0.21 0.17
26.21% 1.23 1.14 1.15
27.85% 1.24 1.10 0.98
25.84% 0.88 0.80 0.84
48.83% 0.94 0.96 1.11
40.24% 1.69 1.32 1.14
26.04% 1.23 0.86 0.89
38.25% 1.19 1.10 0.98
20.03% 0.67 0.67 0.65
37.80% 0.72 0.69 0.64
17.45% 0.63 0.52 0.52
48.65% 1.57 1.21 0.97
10.37% 0.99 1.14 1.12
40.01% 0.52 0.33 0.31
47.79% 0.80 0.69 0.65
17.90% 0.91 0.79 0.74
16.57% 0.82 0.63 0.59
32.02% 0.87 0.82 0.92
48.27% 1.32 0.96 0.96
46.00% 1.10 1.01 0.88
26.43% 0.81 0.72 0.72
19.12% 0.88 1.14 1.26
26.83% 0.66 0.62 0.60
12.10% 1.12 0.90 0.91
11.42% 1.11 0.73 0.65
NA 1.46 1.46 1.49
17.02% 1.05 1.00 0.83
23.85% 0.75 0.70 0.70
51.33% 1.48 1.73 1.58
56.50% 1.25 1.66 1.82
39.85% 0.96 0.69 0.67
19.96% 1.09 0.91 0.77
64.66% 1.58 1.78 1.38
71.61% 1.59 0.85 1.18
31.85% 1.50 1.46 1.59
43.61% 0.97 0.89 0.77
19.97% 1.01 0.76 0.66
38.20% 1.39 1.45 1.47
4.47% 0.78 0.81 0.64
28.52% 0.32 0.83 0.77
14.47% 1.10 0.87 0.87
26.31% 1.40 1.30 1.14
17.73% 0.79 0.72 0.65
18.00% 0.48 0.41 0.44
22.67% 1.12 0.82 0.81
22.91% 0.90 0.84 0.82
22.42% 1.00 0.93 0.91
e Beta over time
Average
2021 (2018-21)
1.30 1.39
1.24 1.15
0.92 0.72
0.85 0.78
1.27 1.27
1.51 1.32
0.56 0.50
0.23 0.27
1.10 1.01
0.70 0.54
1.06 0.94
0.42 0.50
1.11 0.94
0.89 0.99
1.05 1.10
1.03 1.00
1.28 1.11
1.08 1.04
1.06 1.17
1.05 1.08
1.45 1.44
1.04 1.02
0.56 0.51
1.50 1.41
1.07 1.09
1.01 1.09
1.00 1.06
1.11 1.16
1.36 1.42
0.76 0.82
1.19 1.25
0.70 1.03
0.79 0.72
0.45 0.44
0.85 0.78
0.61 0.63
1.21 1.12
0.70 0.69
1.25 1.28
0.86 0.94
1.51 1.55
1.52 1.11
0.81 0.76
0.77 0.79
1.12 1.05
1.41 1.33
0.70 0.58
0.77 0.74
0.81 0.61
0.37 0.28
1.08 1.14
1.19 1.14
1.09 0.94
1.04 1.01
1.50 1.43
0.83 0.93
1.05 1.07
0.90 0.76
0.86 0.75
0.55 0.55
1.27 1.26
0.93 1.02
0.68 0.50
0.52 0.63
0.65 0.75
0.76 0.71
0.88 0.87
1.52 1.26
0.98 0.99
0.77 0.76
1.19 1.13
0.51 0.58
0.79 0.90
0.60 0.74
1.73 1.58
1.04 0.99
1.12 0.88
1.66 1.62
2.08 1.78
1.07 0.89
1.09 0.99
1.42 1.52
1.09 1.16
1.48 1.50
1.10 0.97
0.89 0.84
1.24 1.36
0.79 0.76
0.84 0.72
0.86 0.91
0.88 1.12
0.85 0.77
0.52 0.47
0.48 0.74
0.90 0.87
1.00 0.97
PASO 1 EN EL LINK INVESTING BUSCAR EL IGPA. MENSUAL Y AGREGAR FECHA DE ESTUDIO: EN ESTE CASO S
https://es.investing.com/indices/igpa-historical-data
STUDIO: EN ESTE CASO SE USÓ DESDE 2016 AL 2021
PASO 1 EN EL LINK DEL SII ENCONTRARÁN EL HISTORIAL DEL IPC .. ELEGIR EL AÑO DE ESTUDIO Y SACAR PR

2016 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 44,955 539,460 111.39 0.5 0.5 4.8
Febrero 44,955 539,460 111.7 0.3 0.7 4.7
Marzo 45,180 542,160 112.13 0.4 1.1 4.5
Abril 45,316 543,792 112.49 0.3 1.5 4.2
Mayo 45,497 545,964 112.75 0.2 1.7 4.2
Junio 45,633 547,596 113.25 0.4 2.1 4.2
Julio 45,724 548,688 113.53 0.2 2.4 4
Agosto 45,907 550,884 113.58 0 2.4 3.4
Septiembre 45,999 551,988 113.86 0.2 2.7 3.1
Octubre 45,999 551,988 114.05 0.2 2.9 2.8
Noviembre 46,091 553,092 114.11 0.1 2.9 2.9
Diciembre 46,183 554,196 113.88 -0.2 2.7 2.7
3.79

2017 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 46,229 554,748 114.49 0.5 0.5 2.8
Febrero 46,137 553,644 114.76 0.2 0.8 2.7
Marzo 46,368 556,416 115.2 0.4 1.2 2.7
Abril 46,461 557,532 115.48 0.2 1.4 2.7
Mayo 46,647 559,764 115.63 0.1 1.5 2.6
Junio 46,740 560,880 115.18 -0.4 1.1 1.7
Julio 46,787 561,444 115.45 0.2 1.4 1.7
Agosto 46,600 559,200 115.69 0.2 1.6 1.9
Septiembre 46,693 560,316 115.51 -0.2 1.4 1.5
Octubre 46,786 561,432 116.19 0.6 2 1.9
Noviembre 46,692 560,304 116.29 0.1 2.1 1.9
Diciembre 46,972 563,664 116.46 0.1 2.3 2.3
2.2

2018 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 47,019 564,228 117 0.5 0.5 2.2
Febrero 47,066 564,792 117.05 0 0.5 2.0
Marzo 47,301 567,612 117.29 0.2 0.7 1.8
Abril 47,301 567,612 117.66 0.3 1 1.9
Mayo 47,396 568,752 117.99 0.3 1.3 2.0
Junio 47,538 570,456 118.11 0.1 1.4 2.5
Julio 47,681 572,172 118.53 0.4 1.8 2.7
Agosto 47,729 572,748 118.73 0.2 2 2.6
Septiembre 47,920 575,040 119.14 0.3 2.3 3.1
Octubre 48,016 576,192 119.57 0.4 2.7 2.9
Noviembre 48,160 577,920 119.57 0 2.7 2.8
Diciembre 48,353 580,236 119.45 -0.1 2.6 2.6
2.5

2019 UTM (1) UTA (2) Indice de Pre Variación Porcentual

 Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 48,353 580,236 100.75 0.1 0.1 2.2
Febrero 48,305 579,660 100.79 0 0.2 2.2
Marzo 48,353 580,236 101.27 0.5 0.6 2.5
Abril 48,353 580,236 101.54 0.3 0.9 2.4
Mayo 48,595 583,140 102.15 0.6 1.5 2.8
Junio 48,741 584,892 102.2 0 1.6 2.7
Julio 49,033 588,396 102.43 0.2 1.8 2.6
Agosto 49,033 588,396 102.62 0.2 2 2.6
Septiembre 49,131 589,572 102.63 0 2 2.2
Octubre 49,229 590,748 103.47 0.8 2.8 2.7
Noviembre 49,229 590,748 103.55 0.1 2.9 2.8
Diciembre 49,623 595,476 103.66 0.1 3 3

2.6

2020 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 49,673 596,076 104.24 0.6 0.6 3.5
Febrero 49,723 596,676 104.71 0.4 1 3.9
Marzo 50,021 600,252 105.06 0.3 1.4 3.7
Abril 50,221 602,652 105.01 0 1.3 3.4
Mayo 50,372 604,464 104.96 -0.1 1.3 2.8
Junio 50,372 604,464 104.89 -0.1 1.2 2.6
Julio 50,322 603,864 104.99 0.1 1.3 2.5
Agosto 50,272 603,264 105.13 0.1 1.4 2.4
Septiembre 50,322 603,864 105.8 0.6 2.1 3.1
Octubre 50,372 604,464 106.52 0.7 2.8 3
Noviembre 50,674 608,088 106.38 -0.1 2.6 2.7
Diciembre 51,029 612,348 106.74 0.3 3 3
3.05

2021 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 50,978 611,736 107.49 0.7 0.7 3.1
Febrero 51,131 613,572 107.69 0.2 0.9 2.8
Marzo 51,489 617,868 108.09 0.4 1.3 2.9
Abril 51,592 619,104 108.5 0.4 1.6 3.3
Mayo 51,798 621,576 108.79 0.3 1.9 3.6
Junio 52,005 624,060 108.88 0.1 2 3.8
Julio 52,161 625,932 109.76 0.8 2.8 4.5
Agosto 52,213 626,556 110.15 0.4 3.2 4.8
Septiembre 52,631 631,572 111.45 1.2 4.4 5.3
Octubre 52,842 634,104 112.94 1.3 5.8 6
Noviembre 53,476 641,712 113.51 0.5 6.3 6.7
Diciembre 54,171 650,052 114.39 0.8 7.2 7.2
4.5

2022 UTM (1) UTA (2) Indice de Pre Variación Porcentual

Valor en punt Mensual (3) Acumulado 20Ultimos 12 meses (5)
Enero 54,442 653,304 115.77 1.2 1.2 7.7
Febrero 54,878 658,536 116.1 0.3 1.5 7.8
Marzo 55,537 666,444 118.26 1.9 3.4 9.4
Abril 55,704 668,448 119.91 1.4 4.8 10.5
Mayo 56,762 681,144 121.35 1.2 6.1 11.5
Junio 57,557 690,684
Julio 58,248 698,976
Agosto
Septiembre
Octubre
Noviembre
Diciembre
9.38

Promedio anual
2016 0.0
2017 2.2
2018 2.5
2019 2.6
2020 3.1
2021 4.5
2022 9.4
PROMEDIO 4.03

RETORNO REAL ESPERADO=DIFERENCIA ENTRE EL RETORNO NOMINAL Y LA

IGPA PROMEDIO I 11.15% DESDE 26 DE JUNIO 2017-26 DE NUNIO
IPC 3.99% ESTE ESTA ANUAL
RM 7.16%
DE ESTUDIO Y SACAR PROMEDIOS

http://www.sii.cl/valores_y_fechas/utm/utm2019.htm#
L RETORNO NOMINAL Y LA INFLACION
JUNIO 2017-26 DE NUNIO 2022
 https://www.spensiones.cl/apps/rentabilidad/getRentabilidad.php?tiprent=FP

PASO 1| REVISAR CUENTA FONDO A DE LAS AFP HASTA MAYO 2022 Y CALCULAR EL PROMEDIO DE LA INFORM
PROMEDIO DE LA INFORMACIÓN DISPONIBLE

CON 5 AFP
5.66%
5.62%
5.74%

5.32%
5.62%

5.59%