Ejemplo de VAN:

Año 0 1 2 3
Flujo de Caja Financiero -14000 2000 3000 3000

¿Qué tasa podemos utilizar para actualizarla?

Utilizaremos el costo de capital.
El costo de capital podría considerarse como el costo de oportunidad, cuál es la mejor opción, de rie
Podríamos utilizar la tasa de un depósito a plazo fijo, aunque no sería exacto, ya que un depósito
Otra opción más cercana a la realidad, sería usar un promedio del rendimiento de los últimos años d
La opción más exacta, aunque más trabajosa sería utilizar el Costo de Capital obtenido luego de apli

CAPM: Rf + beta (Rm - Rf)

Donde: Rf: Tasa libre de riesgo

Rm: Rendimiento de mercado
beta: Indicador de riesgo del proyecto

Costo de Capital: 1.83%

VAN: S/ 41,708.53
TIR: 27%

Gráfico VAN:
Tasa VAN
1% S/ 45,493.13
S/50,000.00
1.83% S/ 41,701.40
2% S/ 40,964.31 S/40,000.00
4% S/ 33,192.20
6% S/ 26,838.41 S/30,000.00
8% S/ 21,617.66
10% S/ 17,307.04 S/20,000.00
12% S/ 13,731.44
14% S/ 10,752.51 S/10,000.00
16% S/ 8,260.36
18% S/ 6,167.27 S/0.00
0% 5%
20% S/ 4,402.88
22% S/ 2,910.45 (S/10,000.00)
 S/0.00
0% 5%

(S/10,000.00)
24% S/ 1,644.03
26% S/ 566.22 En este gráfico se observa co
27% S/ 88.27
28% -S/ 353.53
30% -S/ 1,140.32
 4 5 6 7 8 9 10
4000 5000 6000 8000 2300 1222 30000

uál es la mejor opción, de riesgo semejante, en la que podríamos invertir nuestro dinero.
exacto, ya que un depósito a plazo fijo tendrá menor riesgo que una empresa, sin embargo, podríamos a veces considerar ese como el co
miento de los últimos años de la bolsa de valores.
pital obtenido luego de aplicar el CAPM: Capital Asset Pricing Model.

3.70% Como tasa libre de riesgo, se usa la tasa de deuda de un bono estadounidense.
1.36% Promedio de los últimos 5 años de la bolsa de valores de Lima, usualmente se usarían 10 año
esgo del proyecto 0.80 Se usa el beta de acuerdo al sector de la industria.
El beta se obtiene de https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurren
All Emerging Mkts (Se adjunta como hoja adicional a este libro)
Por ejemplo, para bancos, el beta sería 0.80

VAN
S/50,000.00

S/40,000.00

S/30,000.00

S/20,000.00

S/10,000.00

S/0.00
0% 5% 10% 15% 20% 25% 30% 35%

(S/10,000.00)
 S/0.00
0% 5% 10% 15% 20% 25% 30% 35%

(S/10,000.00)

n este gráfico se observa como aumentando la tasa de descuento, se disminuye el VAN del proyecto
podríamos a veces considerar ese como el costo de oportunidad de nuestro inversionista.

n bono estadounidense. https://datosmacro.expansion.com/bono/usa

de Lima, usualmente se usarían 10 año
amodar/New_Home_Page/datacurren
2022 1.04% https://www.bvl.com.pe/noticias-bvl/bvl-remonto-perdidas-y-cerro-el-20
2021 1.40% https://www.bvl.com.pe/bvlupdate/performance-de-la-bvl-en-2021
2020 1.40% https://www.bvl.com.pe/bvlupdate/bvl_cerro_el_2020_en_positivo
2019 6.10% https://cdn.www.gob.pe/uploads/document/file/948399/Anuario_Estad
2018 -3.12% https://andina.pe/agencia/noticia-bvl-alcanzo-rendimiento-653-dos-prim
-remonto-perdidas-y-cerro-el-2022-con-rendimiento-de-59
ormance-de-la-bvl-en-2021
cerro_el_2020_en_positivo
ent/file/948399/Anuario_Estad%C3%ADstico_2019.pdf
anzo-rendimiento-653-dos-primeros-meses-del-2019-743942.aspx
Ejemplo de VAN:

Año 0 1 2 3 4
Flujo de Caja Económico -18000 3000 4000 2000 4000

El flujo económico lo podemos actualizar usando el CPPC. https://gestion.pe/blog/inversioneinfraestructu

El CPPC (Costo Promedio Ponderado de Capital) y el WACC (Weighted Average Cost of Capital) son el mismo conc

El CPPC se calcula:

CPPC = ( 1- tasa impositiva) * (costo de deuda) * (pasivo / activo) + (costo de capital) * (patrimonio / activo)

Tasa de Impuesto: 30% (por ejemplo)

Costo de deuda: 8% (el costo al que se financia la empresa, si no tenemos el dato, podemos re
Pasivo: 20000 (por ejemplo, sale del balance general)
Activo: 30000 (por ejemplo, sale del balance general)
Patrimonio: 10000 (por ejemplo, sale del balance general)
Costo de Capital: 1.83% (El mínimo requerido del accionista, se calcula con el CAPM, caso contrario

CPPC: 4.34%

VAN: S/ 28,566.92
TIR: 22.96%

La interpretación es que con un CPPC del 4.34%, tenemos un VAN positivo de S/ 28,566.92, eso indica que el pro
El TIR de 22.96%, nos indica que el proyecto nos rinde un 22.96%, lo que también podríamos interpretarlo como
 5 6 7 8 9 10
5600 6900 8800 3300 1500 25000

.pe/blog/inversioneinfraestructura/2022/07/valorizacion-de-empresas-a-traves-de-flujos-de-caja-libre-fcf.html/

Cost of Capital) son el mismo concepto.

pital) * (patrimonio / activo)

no tenemos el dato, podemos realizar un supuesto)

lcula con el CAPM, caso contrario, podrían usar un supuesto de lo que podría ganar el accionista si invirtiera en un negocio de similar riesg

28,566.92, eso indica que el proyecto debe llevarse a cabo, ya que es mayor que cero.
n podríamos interpretarlo como el máximo CPPC al que nuestro proyecto sería rentable.
ra en un negocio de similar riesgo, es decir, lo que dejó de ganar por invertir en esta empresa, también conocido como el costo de oportun
ocido como el costo de oportunidad del accionista).
Date updated: 5-Jan-23 YouTube Video explaining estimation choices and process.
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures Emerging Markets
Home Page: http://www.damodaran.com
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
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 24.23%

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 135 1.25 10.52% 12.72% 1.16 11.17% 1.31 0.4375
Aerospace/Defense 121 1.11 12.26% 11.28% 1.02 11.65% 1.15 0.3272
Air Transport 79 1.22 87.88% 6.71% 0.73 8.11% 0.80 0.2862
Apparel 919 0.87 23.14% 14.80% 0.74 8.79% 0.81 0.3654
Auto & Truck 78 1.28 45.12% 13.07% 0.95 20.36% 1.20 0.3418
Auto Parts 527 1.42 21.56% 15.26% 1.22 10.69% 1.36 0.3369
Bank (Money Center) 459 0.80 197.33% 20.87% 0.32 23.64% 0.42 0.2222
Banks (Regional) 91 0.80 499.56% 16.12% 0.17 11.20% 0.19 0.2431
Beverage (Alcoholic) 123 1.00 2.08% 18.21% 0.99 5.41% 1.04 0.2572
Beverage (Soft) 40 0.51 4.92% 15.83% 0.50 4.92% 0.52 0.2951
Broadcasting 60 1.11 25.64% 14.61% 0.93 11.40% 1.05 0.3577
Brokerage & Investment Banking 434 0.99 234.01% 13.78% 0.36 11.14% 0.40 0.3813
Building Materials 250 1.15 23.71% 16.53% 0.97 8.16% 1.06 0.3405
Business & Consumer Services 313 0.97 12.49% 11.71% 0.89 11.66% 1.00 0.3896
Cable TV 33 1.11 36.98% 9.31% 0.87 14.84% 1.02 0.3466
Chemical (Basic) 691 1.14 33.98% 15.62% 0.91 10.19% 1.01 0.3324
Chemical (Diversified) 34 1.16 27.06% 19.58% 0.96 8.54% 1.05 0.2760
Chemical (Specialty) 625 1.06 17.53% 16.43% 0.94 8.57% 1.03 0.3396
Coal & Related Energy 93 0.86 26.08% 16.74% 0.72 26.37% 0.98 0.4088
Computer Services 548 1.05 9.85% 13.56% 0.98 5.34% 1.03 0.3705
Computers/Peripherals 220 1.28 19.21% 14.73% 1.12 16.40% 1.34 0.3395
Construction Supplies 546 1.09 45.55% 14.33% 0.81 14.50% 0.95 0.3207
Diversified 204 0.89 110.18% 13.53% 0.49 9.53% 0.54 0.2809
Drugs (Biotechnology) 304 1.44 4.10% 6.45% 1.39 8.23% 1.52 0.4232
Drugs (Pharmaceutical) 701 0.94 12.66% 14.94% 0.86 8.62% 0.94 0.3396
Education 151 0.88 34.54% 11.18% 0.70 10.83% 0.79 0.4020
Electrical Equipment 694 1.00 14.90% 12.20% 0.90 9.90% 1.00 0.3562
Electronics (Consumer & Office) 81 1.29 88.40% 14.35% 0.77 20.49% 0.97 0.3493
Electronics (General) 976 1.31 23.08% 11.91% 1.11 15.18% 1.31 0.3436
Engineering/Construction 876 1.10 154.85% 13.28% 0.51 24.21% 0.67 0.3800
Entertainment 329 1.28 17.39% 8.99% 1.13 11.13% 1.27 0.4206
Environmental & Waste Services 183 1.09 69.68% 13.87% 0.71 9.69% 0.79 0.3575
Farming/Agriculture 296 0.82 56.35% 12.80% 0.58 8.68% 0.63 0.3619
Financial Svcs. (Non-bank & Insurance) 609 0.83 162.84% 16.15% 0.37 8.76% 0.41 0.3643
Food Processing 946 0.85 33.14% 15.56% 0.68 8.48% 0.74 0.3231
Food Wholesalers 98 0.64 53.23% 13.35% 0.46 10.13% 0.51 0.3681
Furn/Home Furnishings 254 1.08 18.39% 14.20% 0.94 19.13% 1.17 0.3318
Green & Renewable Energy 131 1.00 58.16% 9.85% 0.70 3.84% 0.73 0.3219
 Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Healthcare Products 340 1.13 3.99% 10.12% 1.09 9.94% 1.22 0.3829
Healthcare Support Services 195 0.95 37.42% 16.02% 0.74 14.24% 0.86 0.3702
Heathcare Information and Technology 117 1.48 3.90% 8.82% 1.44 5.08% 1.52 0.4129
Homebuilding 42 1.05 97.20% 13.08% 0.60 8.95% 0.66 0.3757
Hospitals/Healthcare Facilities 139 0.66 14.84% 17.41% 0.59 3.67% 0.61 0.2970
Hotel/Gaming 412 0.83 51.41% 8.08% 0.60 8.85% 0.65 0.3289
Household Products 300 1.03 7.14% 13.17% 0.98 6.55% 1.04 0.3530
Information Services 90 1.54 12.30% 18.36% 1.41 11.90% 1.60 0.3920
Insurance (General) 137 0.54 42.69% 14.75% 0.40 21.62% 0.52 0.2542
Insurance (Life) 85 0.86 70.01% 13.60% 0.56 13.79% 0.65 0.2804
Insurance (Prop/Cas.) 152 0.69 27.38% 16.71% 0.57 8.88% 0.62 0.2943
Investments & Asset Management 483 0.81 256.84% 7.87% 0.28 2.28% 0.28 0.2790
Machinery 865 1.05 13.11% 13.66% 0.96 9.64% 1.06 0.3428
Metals & Mining 326 1.31 33.93% 14.14% 1.04 11.74% 1.18 0.3715
Office Equipment & Services 73 0.97 12.90% 14.75% 0.88 11.41% 0.99 0.3732
Oil/Gas (Integrated) 15 0.97 14.64% 22.58% 0.87 5.81% 0.92 0.2613
Oil/Gas (Production and Exploration) 107 1.42 40.11% 14.46% 1.09 15.92% 1.29 0.3751
Oil/Gas Distribution 105 0.98 68.09% 13.12% 0.65 11.01% 0.73 0.3345
Oilfield Svcs/Equip. 229 1.02 54.09% 14.71% 0.72 7.36% 0.78 0.3405
Packaging & Container 305 0.83 31.07% 15.11% 0.67 8.74% 0.74 0.3390
Paper/Forest Products 188 1.00 83.68% 14.36% 0.61 9.79% 0.68 0.3421
Power 317 0.75 104.82% 14.44% 0.42 6.34% 0.44 0.2768
Precious Metals 71 1.41 26.59% 12.58% 1.17 9.45% 1.29 0.4182
Publishing & Newspapers 171 0.93 10.12% 11.77% 0.87 21.84% 1.11 0.3482
R.E.I.T. 261 0.60 68.41% 3.34% 0.40 2.50% 0.41 0.1837
Real Estate (Development) 757 1.03 208.57% 16.29% 0.40 19.85% 0.50 0.3603
Real Estate (General/Diversified) 220 0.95 105.07% 13.90% 0.53 11.01% 0.60 0.3050
Real Estate (Operations & Services) 352 0.92 64.53% 14.25% 0.62 8.80% 0.68 0.3435
Recreation 139 1.05 53.60% 11.79% 0.75 15.14% 0.88 0.3557
Reinsurance 29 1.18 60.63% 10.02% 0.81 22.68% 1.05 0.2875
Restaurant/Dining 141 1.03 19.78% 11.10% 0.90 6.25% 0.96 0.3634
Retail (Automotive) 103 0.86 63.70% 18.57% 0.58 9.54% 0.64 0.3204
Retail (Building Supply) 36 0.85 27.48% 15.20% 0.70 3.67% 0.73 0.3247
Retail (Distributors) 642 0.75 94.41% 14.40% 0.44 15.00% 0.51 0.3954
Retail (General) 122 0.89 68.72% 16.46% 0.59 8.45% 0.64 0.2964
Retail (Grocery and Food) 75 0.76 42.60% 16.23% 0.57 7.53% 0.62 0.3090
Retail (Online) 98 1.88 12.51% 10.37% 1.71 7.70% 1.86 0.4902
Retail (Special Lines) 197 1.03 27.52% 15.72% 0.86 8.16% 0.93 0.3345
Rubber& Tires 71 1.18 45.28% 15.27% 0.88 9.57% 0.97 0.2987
Semiconductor 485 1.70 10.72% 10.76% 1.57 11.39% 1.77 0.3728
Semiconductor Equip 253 1.95 8.18% 13.94% 1.83 9.13% 2.02 0.3635
Shipbuilding & Marine 236 1.13 51.35% 12.54% 0.81 30.82% 1.18 0.3345
Shoe 58 0.95 22.37% 15.36% 0.81 8.92% 0.89 0.3343
Software (Entertainment) 57 1.86 12.01% 10.08% 1.71 5.76% 1.81 0.4716
Software (Internet) 42 1.14 22.06% 9.83% 0.98 9.20% 1.08 0.4044
Software (System & Application) 492 1.38 3.88% 8.88% 1.34 8.90% 1.47 0.4288
Steel 519 1.30 50.37% 15.62% 0.94 11.93% 1.07 0.3626
 Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom (Wireless) 59 0.81 42.42% 19.61% 0.61 8.30% 0.67 0.2456
Telecom. Equipment 293 1.25 16.52% 9.26% 1.11 13.36% 1.28 0.3517
Telecom. Services 138 0.75 37.44% 14.50% 0.58 7.80% 0.63 0.2964
Tobacco 31 0.57 1.06% 23.35% 0.56 5.68% 0.60 0.2507
Transportation 220 1.04 63.59% 16.14% 0.70 11.02% 0.79 0.3417
Transportation (Railroads) 17 1.04 28.64% 20.30% 0.86 10.30% 0.96 0.2253
Trucking 110 1.06 71.52% 14.04% 0.69 8.36% 0.75 0.3521
Utility (General) 13 0.68 37.41% 8.34% 0.53 5.17% 0.56 0.2020
Utility (Water) 71 0.67 110.01% 13.43% 0.37 10.10% 0.41 0.2587
Total Market 24853 1.05 64.59% 13.63% 0.71 13.31% 0.81 0.3462
Total Market (without financials) 22403 1.08 38.31% 13.50% 0.83 10.87% 0.94 0.3506
 Average Beta over time

Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2019 2020 2021 2022 (2019-23)
40.02% 23.63% 1.39 1.46 1.30 1.30 1.35
31.39% 25.75% 1.14 1.10 1.24 1.23 1.17
28.65% 198.25% 0.57 0.59 0.92 0.91 0.76
36.06% 24.29% 0.72 0.64 0.85 0.85 0.77
29.07% 16.21% 1.28 1.13 1.27 1.26 1.23
32.58% 9.71% 1.16 1.11 1.51 1.50 1.33
20.86% 41.92% 0.42 0.43 0.56 0.56 0.48
27.19% NA 0.35 0.26 0.23 0.22 0.25
28.32% 25.19% 1.05 1.06 1.10 1.10 1.07
26.67% 45.82% 0.53 0.36 0.70 0.70 0.56
36.02% 22.41% 0.78 0.70 1.06 1.06 0.93
36.68% 83.47% 0.51 0.54 0.42 0.41 0.46
33.88% 36.48% 0.82 0.79 1.11 1.11 0.98
37.65% 23.92% 1.18 0.94 0.89 0.89 0.98
28.91% 36.96% 1.06 1.21 1.05 1.04 1.07
32.42% 45.67% 0.96 0.92 1.03 1.03 0.99
28.39% 22.99% 0.86 0.73 1.28 1.27 1.04
32.87% 47.30% 1.03 0.93 1.08 1.08 1.03
41.32% 47.82% 1.13 1.39 1.06 1.05 1.12
36.00% 25.92% 1.06 1.04 1.05 1.05 1.05
30.76% 31.89% 1.53 1.40 1.45 1.45 1.43
29.82% 35.87% 0.96 0.97 1.04 1.03 0.99
25.67% 24.36% 0.47 0.41 0.56 0.55 0.51
39.04% 80.46% 1.45 1.50 1.50 1.50 1.49
31.33% 19.74% 1.14 1.13 1.07 1.07 1.07
35.54% 37.11% 1.32 1.14 1.01 1.01 1.05
34.21% 34.35% 1.06 1.08 1.00 1.00 1.03
31.85% 47.25% 1.15 1.31 1.11 1.11 1.13
31.30% 43.21% 1.49 1.47 1.36 1.36 1.40
35.80% 32.65% 0.89 0.72 0.76 0.75 0.76
40.86% 33.33% 1.40 1.26 1.19 1.19 1.26
34.85% 49.25% 1.06 1.10 0.70 0.70 0.87
32.44% 21.94% 0.63 0.64 0.79 0.78 0.70
35.37% 39.16% 0.42 0.34 0.45 0.45 0.41
29.91% 29.89% 0.73 0.69 0.85 0.84 0.77
35.62% 28.61% 0.67 0.61 0.61 0.60 0.60
29.67% 38.62% 1.11 1.07 1.21 1.20 1.15
32.73% 35.22% 0.68 0.59 0.70 0.69 0.68
 Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2019 2020 2021 2022 (2019-23)
37.22% 112.11% 1.34 1.42 1.25 1.25 1.30
31.66% 44.05% 1.04 0.90 0.86 0.86 0.90
37.65% 110.09% 1.80 1.65 1.51 1.51 1.60
37.82% 89.44% 0.76 0.57 1.52 1.51 1.00
27.34% 28.97% 0.78 0.58 0.81 0.81 0.72
33.02% 96.11% 0.82 0.67 0.77 0.76 0.74
31.12% 21.03% 0.98 1.04 1.12 1.12 1.06
36.07% 18.45% 1.19 1.10 1.41 1.41 1.34
23.54% 21.89% 0.47 0.47 0.70 0.70 0.57
24.02% 40.21% 0.72 0.73 0.77 0.76 0.73
27.15% 13.92% 0.44 0.43 0.81 0.81 0.62
31.47% 59.18% 0.21 0.17 0.37 0.36 0.28
33.41% 38.47% 1.14 1.15 1.08 1.08 1.10
38.23% 58.71% 1.10 0.98 1.19 1.18 1.13
35.59% 25.20% 0.80 0.84 1.09 1.08 0.96
24.15% 64.99% 0.96 1.11 1.04 1.03 1.01
39.20% 48.04% 1.32 1.14 1.50 1.49 1.35
30.27% 20.49% 0.86 0.89 0.83 0.82 0.83
33.06% 48.71% 1.10 0.98 1.05 1.04 0.99
31.50% 22.14% 0.67 0.65 0.90 0.90 0.77
31.21% 42.28% 0.69 0.64 0.86 0.86 0.74
27.20% 15.58% 0.52 0.52 0.55 0.55 0.52
47.70% 79.95% 1.21 0.97 1.27 1.26 1.20
34.38% 10.42% 1.14 1.12 0.93 0.92 1.04
15.00% 24.92% 0.33 0.31 0.68 0.67 0.48
32.87% 38.94% 0.69 0.65 0.52 0.51 0.57
28.03% 16.71% 0.79 0.74 0.65 0.64 0.68
31.27% 13.43% 0.63 0.59 0.76 0.75 0.68
32.33% 28.44% 0.82 0.92 0.88 0.87 0.87
30.17% 38.44% 0.96 0.96 1.52 1.51 1.20
35.41% 42.81% 1.01 0.88 0.98 0.98 0.96
30.95% 31.53% 0.72 0.72 0.77 0.77 0.72
28.41% 17.55% 1.14 1.26 1.19 1.18 1.10
36.71% 40.40% 0.62 0.60 0.51 0.50 0.55
27.99% 9.73% 0.90 0.91 0.79 0.78 0.80
28.59% 12.77% 0.73 0.65 0.60 0.59 0.64
43.95% NA 1.46 1.49 1.73 1.73 1.65
31.75% 17.81% 1.00 0.83 1.04 1.04 0.97
28.42% 17.81% 0.70 0.70 1.12 1.11 0.92
35.87% 58.26% 1.73 1.58 1.66 1.66 1.68
32.07% 71.42% 1.66 1.82 2.08 2.08 1.93
34.75% 135.67% 0.69 0.67 1.07 1.06 0.93
36.07% 24.34% 0.91 0.77 1.09 1.08 0.95
42.24% 56.34% 1.78 1.38 1.42 1.42 1.56
38.78% 56.62% 0.85 1.18 1.09 1.08 1.06
39.67% 26.23% 1.46 1.59 1.48 1.47 1.50
35.86% 66.63% 0.89 0.77 1.10 1.09 0.98
 Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2019 2020 2021 2022 (2019-23)
23.93% 17.43% 0.76 0.66 0.89 0.89 0.77
33.43% 33.96% 1.45 1.47 1.24 1.24 1.34
29.59% 6.63% 0.81 0.64 0.79 0.79 0.73
24.46% 28.86% 0.83 0.77 0.84 0.84 0.78
31.92% 19.89% 0.87 0.87 0.86 0.86 0.85
23.39% 25.69% 1.30 1.14 0.88 0.88 1.03
33.47% 73.60% 0.72 0.65 0.85 0.84 0.76
19.89% 14.32% 0.41 0.44 0.52 0.51 0.49
32.92% 22.91% 0.82 0.81 0.48 0.48 0.60
32.92% 28.98% 0.84 0.82 0.90 0.89 0.85
33.22% 29.04% 0.93 0.91 1.00 1.00 0.96