Año Rentabilidad del Rentabilidad de la Rentabilidad de la

Mercado (%) industria (%) empresa (%)

2000 17.4 17.0 14.5
2001 9.8 5.0 9.8
2002 7.8 4.9 8.8
2003 11.0 7.9 8.4
2004 14.8 11.0 11.5
2005 17.0 16.0 12.9
2006 16.8 14.8 13.8
2007 16.2 17.2 15.7
2008 5.6 10.2 12.0
2009 6.2 7.4 10.0
2010 7.8 5.6 7.5
2011 10.6 9.8 6.6
2012 12.9 11.4 9.2
2013 14.8 12.8 11.9
2014 15.4 13.8 13.4
2015 17.5 14.9 15.9
2016 16.0 16.7 14.8
2017 13.5 11.4 15.0
2018 14.9 12.8 14.8
2019 16.0 14.3 16.0
2020 9.4 11.0 13.7
Beta Industria 0.81
Covarianza 12.30
Varianza 15.18

Beta Empresa 0.85

Covarianza 7.41
Varianza 8.67
2. El Propietario de la empresa KS Bikes, desea calcular el Beta de su empresa. Para eso ha conseguido información de otras em
similares. Calcule el Beta, el Ke y el Wacc de KS Bikes considerando que su costo de deuda es 10%, cuenta con una estructura d
25% deuda y 75%
Beta %D %E Kd T Ke
American Bikes 1.35 30% 70% 8.0% 34% 19.70%
Colorado Bike Company 1.41 28% 72% 8.0% 34% 20.42%
J&K Bike Company 1.12 43% 57% 8.5% 34% 16.94%
Atlantic Bike Company 1.65 32% 68% 8.0% 34% 23.30%
Victory County Bikes 1.30 29% 71% 7.5% 34% 19.10%
Rockford Bikes 1.44 35% 65% 9.5% 34% 20.78%
Promedio 1.38
KS Bikes 1.27 25% 75% 10% 34% 18.8%

RM 15.50%
RF 3.50%
uido información de otras empresas
cuenta con una estructura de capital

WACC Bu
15.37% 1.05
16.18% 1.12
12.07% 0.75
17.53% 1.26
15.00% 1.02
15.70% 1.06
1.04
15.73% 1.04
 % de endeudmiento Kd %D %E B Ke WACC
0% 7% 0% 100% 1.20 18.10% 18.10%
10.0% 7% 10% 90% 1.28 18.94% 17.47%
20.0% 8% 20% 80% 1.38 19.99% 16.95%
30.0% 9% 30% 70% 1.51 21.34% 16.56%
40.0% 10% 40% 60% 1.68 23.14% 16.28%
50.0% 13% 50% 50% 1.92 25.66% 16.73%
60.0% 16% 60% 40% 2.28 29.44% 17.54%
70.0% 19% 70% 30% 2.88 35.74% 18.70%
80.0% 26% 80% 20% 4.08 48.34% 22.15%
90.0% 33% 90% 10% 7.68 86.14% 26.43%

RM 16%
RF 5.50%

30.00%
Valor de la Empresa
160,000,000.00 25.00%

140,000,000.00
20.00%
120,000,000.00

100,000,000.00 15.00%

80,000,000.00
10.00%
60,000,000.00

40,000,000.00
5.00%
20,000,000.00

- 0.00%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
 UAII 40,000,000.00

Valor de la Empresa D E N° ACCIONES Precio x Accion

132,596,685.08 - 132,596,685.08 1,428,571.43 92.82
137,409,824.80 13,740,982.48 123,668,842.32 1,285,714.29 96.19
141,576,215.20 28,315,243.04 113,260,972.16 1,142,857.14 99.10
144,945,041.67 43,483,512.50 101,461,529.17 1,000,000.00 101.46
147,383,935.15 58,953,574.06 88,430,361.09 857,142.86 103.17
143,454,871.49 71,727,435.74 71,727,435.74 714,285.71 100.42
136,861,313.87 82,116,788.32 54,744,525.55 571,428.57 95.80
128,328,521.01 89,829,964.71 38,498,556.30 428,571.43 89.83
108,361,928.84 86,689,543.07 21,672,385.77 285,714.29 75.85
90,792,161.61 81,712,945.45 9,079,216.16 142,857.14 63.55

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
18.10%
 Intereses Utilidad Neta Utilidad x Accion
- 24,000,000.00 16.80
961,868.77 23,422,878.74 18.22
2,265,219.44 22,640,868.33 19.81
3,913,516.13 21,651,890.32 21.65
5,895,357.41 20,462,785.56 23.87
9,324,566.65 18,405,260.01 25.77
13,138,686.13 16,116,788.32 28.20
17,067,693.29 13,759,384.02 32.11
22,539,281.20 10,476,431.28 36.67
26,965,272.00 7,820,836.80 54.75