EJERCICIO LA MIEL

1.
BONOS $ 900,000,000 BONO CON DESCUENTO
VALOR NOMINAL $ 3,000,000 BONO A LA PAR
n 3 AÑOS BONO CON PRIMA
11.00% ATV ES A COMO YO LO VENDO, LO QUE SALE, HAC
TASA
11.46% EA
DESCUENTO 5%

FC 0 1 2
VENTA $ 2,850,000
INTERESE PAGADOS $343,864 $343,864
REDENCIÓN
FLUJO DEL BONO $ 2,850,000 -$343,864 -$343,864
COSTO DE LOS BONOS 13.60% EA

2.
VA $ 250,000,000
n 3 AÑOS
14.3% ATV
DTF
15.09% EA
400 PB 4%
TASA (DTF + 400PB) 19.1% EA
COMISIÓN INICIAL 1.20%

FC 0 1 2
SALDO INCIAL $250,000,000 $180,728,409 $98,236,143
CUOTA $116,984,784 $116,984,784
INTERÉS $47,713,193 $34,492,518
AMORTIZACIÓN $69,271,591 $82,492,266
COMISIÓN INICIAL $3,000,000
FLUJO DEL PRESTAMO $247,000,000 -$116,984,784 -$116,984,784
COSTO DEL PRESTAMO ($) 19.85% EA

3.
U. RETENIDAS $ 220,000,000
VAL DE LA ACCIÓN (P0) $ 1,400
DIVIDENDO PAG (D0) $ 200
g 9%
D1 218
COSTO DE U. RETENIDAS 24.57% EA

4.
U. RETENIDAS $ 400,000,000
VAL DE LA ACCIÓN (P0) $ 1,400
DIVIDENDO PAG (D0) $ 200
g 9%
D1 218

Costo de Emisión (f) 3%

COSTO DE EMISIÓN 25.05%

5.
PRESTAMO $ 250,000,000 COL
COMISIÓN INICIAL 3%
n 3 AÑOS
PRIME (LIBOR) 8.3% EA $US
400 PTS 4%
TASA (PRIME + 800 PTS) 12.30% EA $US
DEVALUACIÓN 8% EA

FC 0 1 2
SALDO INCIAL $ 250,000,000 $250,000,000 $250,000,000
PAGO
AMORTIZACIÓN
INTERÉS
COMISIÓN INICIAL $7,500,000
FLUJO DEL PRESTAMO $242,500,000 $0 $0
COSTO DEL PRESTAMO ($) 13.45% EA USA
DEVALUACIÓN 8.00%
COSTO DEL PRESTAMO 22.52% EA COL

6.
PROVEEDORES $ 120,000,000
TASA 3%

FC 0 2 3
SALDO INCIAL -$117,000,000 $0 $0
AMORTIZACIÓN
INTERÉS
COMISIÓN INICIAL
FLUJO DEL PRESTAMO -$117,000,000 $0 $0
0.85% EQ
COSTO DEL PRESTAMO ($) 20.34% EQV
22.45% EA

WACC

IMPUESTOS 33%

FUENTE MONTO EN $ CkAI CkDI

BONOS $ 900,000,000 13.60% 9.11%
PRESTAMO EN $ $ 250,000,000 19.85% 13.30%
U RETENIDAS $ 220,000,000 24.57% 24.57%
COSTO DE EMISIÓN $ 400,000,000 25.05% 25.05%
PRESTAMO EN US$ $ 250,000,000 22.52% 15.09%
PROVEEDORES $ 120,000,000 22.45% 15.04%
$ 2,140,000,000

LAS DEUDAS NO SE PAGAN ANTES

CON DESCUENTO

CON PRIMA
OMO YO LO VENDO, LO QUE SALE, HACIA ARRIBA

$343,864
$ 3,000,000
-$3,343,864

3
$0
$116,984,784
$18,748,640
$98,236,143

-$116,984,784
 3
$0
$ 354,061,967
$ 250,000,000
$ 104,061,967

-$354,061,967

3 QUINCENAS
$ 120,000,000
 $0

PARTICIPACIÓN PONDERACIÓN
42.06% 3.83%
11.68% 1.55%
10.28% 2.53%
18.69% 4.68%
11.68% 1.76%
5.61% 0.84%
100% 15.20%
WACC
TALLER INTERACTVA

EJERCICIO 1

0 1 2
PROY A -$15,000 $0 $26,456
PROY B -$15,000 $11,782 $11,782

TD 12%

TIR VPN TVR(TIRM) TIRI

PROY A 32.81% $6,091 32.81%
24.5%
PROY B 36.21% $4,912 29.04%
ORDENAMIENTO B/A A/B A/B A/B

0 1 2 TIRI
A-B $0 -$11,782 $14,674 24.5%
B-A $0 $11,782 -$14,674 24.5%

EJERCICIO 2

0 1 2 3
PROY A -$180,000 $15,000 $90,000 $165,000
PROY B -$180,000 $150,000 $75,000 $15,000

TD 10%

TIR VPN TVR(TIRM) TIRI

PROY A 17.41% $31,983 16.16%
11.11%
PROY B 22.79% $29,617 15.73%
ORDENAMIENTO B/A A/B A/B A/B

0 1 2 3
A-B $0 -$135,000 $15,000 $150,000
EJERCICIO 3

0 1 2 VNA INGRESOS
PROY A -$15,000,000 $0 $23,400,000 $16,250,000
PROY B -$15,000,000 $14,000,000 $7,000,000 $16,527,778

TD 20%

TIR VPN TVR(TIRM) TIRI

PROY A 24.90% $1,250,000 24.90%
17.14%
PROY B 29.40% $1,527,778 25.96%
ORDENAMIENTO A/B B/A B/A B/A

0 1 2
A-B $0 -$14,000,000 $16,400,000

EJERCICIO 4

0 1 2 3
PROY A -$6,800 $8,000 $7,000 $7,500
PROY B -$6,800 $12,000 $0 $12,500
PROY C -$6,800 $0 $0 $7,600

TD 10%

TIR VPN TVR(TIRM) TIRI

PROY A 97.85% $11,893 54.09% Err:523
PROY B 115.91% $13,501 58.39% Err:523
PROY C 3.78% -$1,090 3.78% Err:523
ORDENAMIENTO B/A/C B/A/C A/B/C

0 1 2 3
A-B $0 -$4,000 $7,000 -$5,000
EJERCICIO 5 (NO SE HACE LA TIRI)

0 1 2 3
A -$1,000 $400 $400 $400
B -$3,000 $0 $400 $1,600
C -$2,500 $200 $700 $1,200
D -$1,000 $0 $0 $0

TD 12%

TIR VPN TVR(TIRM) R (B/C)

A 21.86% $214.94 17.59% 1.21
B 15.14% $300.73 14.71% 1.10
C 16.98% $361.78 15.85% 1.14
D 15.83% $143.93 15.83% 1.14
ORDENAMIENTO A/C/D/B C/B/A/D C/D/B/A C/D/A/B

EJERCICIO 6

0 1 2
INVERSIÓN -$150,000,000
K Y AMPLIACIÓN -$20,000,000 -$80,000,000
PROY A
INGRESOS $100,000,000 $75,000,000
FC -$150,000,000 $80,000,000 -$5,000,000

0 1 2
INVERSIÓN -$200,000,000
PROY B INGRESOS NETOS $70,000,000 $100,000,000
FC -$200,000,000 $70,000,000 $100,000,000
 INVERSIÓN MAYOR DEL OTRO FC DEL OTRO FC
TVR = (Con menor invFC -$200,000,000 $80,000,000 -$5,000,000

TD 20% EA

TIR VPN TVR (TIRM) TVR =

PROY A 13.02% $45,000,000 8.87% 16.19%
PROY B 19.19% $90,000,000 13.19% 13.19%
ORDENAMIENTO B/A B/A B/A B/A

0 1 2 3
A-B $50,000,000 $10,000,000 -$105,000,000 $0

VPBA $305,000,000
VPBB $290,000,000
VPCA -$260,000,000
VPCB -$200,000,000

EJERCICIO 7

0 1 2 VNA INGRESOS
PROY A -$20,000 $15,000 $10,000 $21,901
PROY B -$10,000 $6,500 $6,500 $11,281

TD 10%

TIR VPN TVR(TIRM) TIRI

PROY A 17.54% $1,901 15.11%
15.34%
PROY B 19.43% $1,281 16.83%
ORDENAMIENTO B/A A/B B/A B/A

0 1 2
A-B -$10,000 $8,500 $3,500
EJERCICIO 8

EGRESOS COSTO COSTO DE OPER DAÑOS

A PEQUEÑOS -$10 -$0.1 -$3
B MEDIANOS -$5.0 -$15 -$0.2 -$1.6
C GRANDES -$25 -$0.5 -$0.5

TD 20%

R (B/C)
A 0.95
B 1.06
C 0.82
B/A/C
 VPBA $26,456.00
VPBB $23,564.00
VPCA -$15,000.00
VPCB -$15,000.00

BAUE RBC
$3,603.77 $1.76
$2,906.53 $1.57
A/B A/B

> TD -> A,B

> TD -> B,A NUNCA VA, PORQUE EL DUEÑO ES INVERSIONISTA

VNA INGRESOS VNA EGRESOS

$211,983 -$180,000
$209,617 -$180,000

R (B/C)
1.18
1.16
A/B
VNA EGRESOS
-$15,000,000
-$15,000,000

R (B/C) CAUE
1.08 $ 818,182
1.10 $ 1,000,000
B/A B/A

VNA INGRESOS VNA EGRESOS

$18,693 -$6,800
$20,301 -$6,800
$7,600 -$6,800

R (B/C)
2.75
2.99
1.12
B/A/C

AB
BC
 CA

4 VNA INGRESOS VNA EGRESOS

$400 $1,215 -$1,000
$2,900 $3,301 -$3,000
$2,000 $2,862 -$2,500
$1,800 $1,144 -$1,000

-$10,000,000
$130,000,000
$120,000,000

$120,000,000
$120,000,000
DEL OTRO FC + EXCEDENTE EN VF
$206,400,000
$ 50,000,000

TIRI R(B/C) CAUE

117.31% -$21,362,637
35.26%
145.00% -$42,725,275
B/A B/A B/A

VNA EGRESOS
-$20,000
-$10,000

R (B/C)
1.10
1.13
B/A