ESTRUCTURA DE CAPITAL

WACC 9.94%

%
DEUDA 56.10%
CAPITAL 43.90%

TASA IMPUESTO 30%

COSTO DE LA DEUDA 9.35%

COSTO DE CAPITAL 14.28%

𝑅𝑓+𝛽∗(𝑅𝑚−𝑅𝑓)+
COSTO DE CAPITAL

TASA LIBRE DE RIESGO (Rf) 1.89%

RENDIMIENTO DEL MERCADO (Rm) 11.21%
BETA APALANCADO 1.12 =+B25*(1+((B26/B27)*(1-B28)))
RIESGO PAIS 1.97%

BETA APALANACADO

BETA DESAPALANCADO 0.59 𝛽𝑙𝑒𝑣=𝛽𝑢𝑛𝑙𝑒𝑣∗(

DEUDA 1,150,000.00
CAPITAL 900,000.00
TASA DE IMPUESTO 30%

ENLANCES
BETA DESAPALANCADO
RIESGO PAIS
TASA LIBRE RIESGO
RENDIMIENTO DEL MERCADO
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
https://estadisticas.bcrp.gob.pe/estadisticas/series/diarias/resultados/PD04709XD/htm
https://es.investing.com/rates-bonds/u.s.-5-year-bond-yield-historical-data
https://es.investing.com/indices/us-spx-500-historical-data
∗(𝑅𝑚−𝑅𝑓)+𝑅𝑝𝑎í𝑠

𝑣=𝛽𝑢𝑛𝑙𝑒𝑣∗(1+(𝐷/𝐸∗(1−𝑇)))

_Page/data.html
diarias/resultados/PD04709XD/html
nd-yield-historical-data
 Rf Rm
Fecha BONO USA 5A S&P 500 BONO USA 5 S&P 500
01.04.2023 3.5120 4,135.35 3.5120% 0.6337% RENDIMIENTO MENSUAL
01.03.2023 3.5836 4,109.31 3.5836% 3.5052% RENDIMIENTO ANUAL
01.02.2023 4.1853 3,970.15 4.1853% -2.6112%
01.01.2023 3.6189 4,076.60 3.6189% 6.1753%
01.12.2022 4.0004 3,839.50 4.0004% -5.8971% CAPITALIZACION SEMESTRAL
01.11.2022 3.7522 4,080.11 3.7522% 5.3753%
01.10.2022 4.2300 3,871.98 4.2300% 7.9863%
01.09.2022 4.0865 3,585.62 4.0865% -9.3396%
01.08.2022 3.3526 3,955.00 3.3526% -4.2440%
01.07.2022 2.6811 4,130.29 2.6811% 9.1116%
01.06.2022 3.0429 3,785.38 3.0429% -8.3920%
01.05.2022 2.8207 4,132.15 2.8207% 0.0053%
01.04.2022 2.9618 4,131.93 2.9618% -8.7957%
01.03.2022 2.4649 4,530.41 2.4649% 3.5809%
01.02.2022 1.7129 4,373.79 1.7129% -3.1394%
01.01.2022 1.6144 4,515.55 1.6144% -5.2585%
01.12.2021 1.2630 4,766.18 1.2630% 4.3613%
01.11.2021 1.1677 4,567.00 1.1677% -0.8334%
01.10.2021 1.1848 4,605.38 1.1848% 6.9144%
01.09.2021 0.9713 4,307.54 0.9713% -4.7569%
01.08.2021 0.7755 4,522.68 0.7755% 2.8990%
01.07.2021 0.6935 4,395.26 0.6935% 2.2748%
01.06.2021 0.8910 4,297.50 0.8910% 2.2214%
01.05.2021 0.7883 4,204.11 0.7883% 0.5487%
01.04.2021 0.8493 4,181.17 0.8493% 5.2425%
01.03.2021 0.9377 3,972.89 0.9377% 4.2439%
01.02.2021 0.7297 3,811.15 0.7297% 2.6091%
01.01.2021 0.4256 3,714.24 0.4256% -1.1137%
01.12.2020 0.3608 3,756.07 0.3608% 3.7121%
01.11.2020 0.3639 3,621.63 0.3639% 10.7546%
01.10.2020 0.3844 3,269.96 0.3844% -2.7666%
01.09.2020 0.2784 3,363.00 0.2784% -3.9228%
01.08.2020 0.2689 3,500.31 0.2689% 7.0065%
01.07.2020 0.2091 3,271.12 0.2091% 5.5101%
01.06.2020 0.2878 3,100.29 0.2878% 1.8388%
01.05.2020 0.3036 3,044.31 0.3036% 4.5282%
01.04.2020 0.3655 2,912.43 0.3655% 12.6844%
01.03.2020 0.3736 2,584.59 0.3736% -12.5119%
01.02.2020 0.9516 2,954.22 0.9516% -8.4110%
01.01.2020 1.3150 3,225.52 1.3150% -0.1628%
01.12.2019 1.6927 3,230.78 1.6927% 2.8590%
01.11.2019 1.6242 3,140.98 1.6242% 3.4047%
01.10.2019 1.5179 3,037.56 1.5179% 2.0432%
01.09.2019 1.5456 2,976.74 1.5456% 1.7181%
01.08.2019 1.3914 2,926.46 1.3914% -1.8092%
01.07.2019 1.8223 2,980.38 1.8223% 1.3128%
01.06.2019 1.7680 2,941.76 1.7680% 6.8930%
01.05.2019 1.9159 2,752.06 1.9159% -6.5778%
01.04.2019 2.2783 2,945.83 2.2783% 3.9313%
01.03.2019 2.2363 2,834.40 2.2363% 1.7924%
01.02.2019 2.5156 2,784.49 2.5156% 2.9729%
01.01.2019 2.4399 2,704.10 2.4399% 7.8684%
01.12.2018 2.5095 2,506.85 2.5095% -9.1777%
01.11.2018 2.8226 2,760.17 2.8226% 1.7859%
01.10.2018 2.9783 2,711.74 2.9783% -6.9403%
01.09.2018 2.9546 2,913.98 2.9546% 0.4294%
01.08.2018 2.7382 2,901.52 2.7382% 3.0263%
01.07.2018 2.8479 2,816.29 2.8479% 3.6022%
01.06.2018 2.7395 2,718.37 2.7395% 0.4842%
01.05.2018 2.6995 2,705.27 2.6995% 2.1608%
01.04.2018 2.8006 2,648.05
BONO USA 5A S&P 500
0.16% 0.8891%
1.89% 11.21% =((1+I3)^(12/1))-1

1.88%
0.94%
 Determinar el CPPC para una línea aérea cuyo mercado se encuentra en EEUU. Con
mantiene dos prestamos el primero valorizado en USD 750K a una TEA del 9% y un seg
una TEA del 10%.
El capital invertido es de USD 900K y pagan un impuesto de 30%

DEUDA TEA PESOS

1° PRESTAMO 750,000.00 USD 9% 0.65 5.87%
2° PRESTAMO 400,000.00 USD 10% 0.35 3.48%
1,150,000.00 Kd 9.35%

CAPITAL PROPIO 900,000.00 USD

IR 30%

D+E 2,050,000.00
D% 56.10%
E% 43.90%
 encuentra en EEUU. Consideremos que
una TEA del 9% y un segundo de USD 400K a

an un impuesto de 30%
Global Companies Betas by Sector January 2016

Date updated: 5-Jan-23 Notes

Created by: Aswath Damodaran, adamodar@stern.nyu.edu if you are looking for a pure-play beta, i.e., a beta for a bu
What is this data? Beta, Unlevered beta and other risk measures US companies unlevered beta corrected for cash is your best bet. Since e
can move over time, I have also reported the average of t
Home Page: http://www.damodaran.com YouTube Video explaining estimationbeta
choices
acrossand
timeprocess.
in the last column. This number, for obvi
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html less likely to be volatile over time.
Companies in each industry: https://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 25.00%

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Air Transport 21 1.42 186.33% 10.47% 0.59 14.90% 0.69 0.4403
 Global Companies Betas by Sector January 2016

Notes
if you are looking for a pure-play beta, i.e., a beta for a business, the
unlevered beta corrected for cash is your best bet. Since even sector betas
can move over time, I have also reported the average of the this sector
beta across time in the last column. This number, for obvious reasons, is
less likely to be volatile over time.

Unlevered beta corrected for cash - Over time

Standard deviation in
operating income (last Average
Standard deviation of equity 10 years) 2019 2020 2021 2022 (2019-23)
37.73% 221.20% 0.63 0.84 0.91 0.91 0.80