Una empresa necesita financiar un proyecto de 100M€.

Para ello contara con :

Acciones ordinarias por valor de 40 M€
Reservas por valor de 10 M€
Préstamo de 20 M€
Empréstito de obligaciones por 30 M€
El préstamo es a 10 años pagadero mensualmente al 5% efectivo. Con una comisión inicial del 2% y una comisión de cancelaci
Empréstito de obligaciones: cada obligación tiene un valor nominal de 1000 euros. duracion de 10 años , cupón pagadero sem
Bonos del tesoro a 10 años: Rendimiento del 2%
Año IBEX 35 (puntos) Titulo 1 (euros)
2022 10000 45 Tipo impositivo
2021 9800 43
2020 9600 40 Calcular el WACC de la empr
2019 9200 38
2018 9500 35
2017 9600 36
2016 9700 37
2015 9000 32
2014 8800 30
2013 8500 29
2012 5000 15
a comisión de cancelación de 100.000 euros
s , cupón pagadero semestralmente del 4,5% efectivo. Prima de emisión 1%. Prima reembolso 2%.

25%

ular el WACC de la empresa

Año IBEX 35 (puntTitulo 1 (euros) red. X MERC. Red. Titulo
2022 10000 45 0.02020270732 0.04546237
2021 9800 43 0.0206192872 0.07232066
2020 9600 40 0.04255961442 0.05129329 COVim
2019 9200 38 -0.0320883146 0.0822381 VAR. M
2018 9500 35 -0.0104712999 -0.02817088 BETA cov
2017 9600 36 -0.010362787 -0.02739897
2016 9700 37 0.07490130817 0.14518201 Beta pend.
2015 9000 32 0.02247285585 0.06453852
2014 8800 30 0.03468555799 0.03390155
2013 8500 29 0.53062825106 0.65924563
Red. Titul
2012 5000 15 0.7

f(x) = 1.18374063974047 x + 0.0278

0.6

EM 0.069314718056 0.5

0.4

0.3

0.2

0.1

0
-0.1 0 0.1 0.2 0
-0.1
 0.02896977
0.02447307
1.18374064

1.18374064

Red. Titulo
0.7

f(x) = 1.18374063974047 x + 0.027810580171778

0.6

0.5

0.4

0.3

0.2

0.1

0
0 0.1 0.2 0.3 0.4 0.5 0.6
-0.1
Resumen

Estadísticas de la regresión
Coeficiente d 0.97798752030807
Coeficiente d 0.95645958987834
R^2 ajustado0.95101703861313
Error típico 0.04417420277832
Observacione 10

ANÁLISIS DE VARIANZA
Grados de libertad
Suma de cuadrados
Promedio de los cuadradosF Valor crítico de F
Regresión 1 0.34292689 0.34292689 175.73736 1.00031E-06
Residuos 8 0.01561088 0.00195136
Total 9 0.35853777

Coeficientes Error típico Estadístico t Probabilidad Inferior 95% Superior 95%

Intercepción 0.02781058017178 0.01527891 1.82019457 0.10622044 -0.00742264 0.0630438
Variable X 1 1.18374063974047 0.08929446 13.2565968 1.00031E-06 0.97782725 1.38965403
Inferior 95,0%
Superior 95,0%
-0.00742264 0.0630438
0.97782725 1.38965403
CAPM
Ei = ke=RF+(EM-RF)beta

RF 2%
EM 0.06931472
Beta 1.18374064

Ke 7.84%
El préstamo es a 10 años pagadero mensualmente al 5% efectivo. Con una comisión inicial del 2% y una comisión de cancelaci
20M

Valor actua 20000000 i 5%

Años 10 jm 0.0488894854038
per. Años 12 im 0.0040741237836
nu. Periodos 120

Cuota 211,047.07 € Comisión inicial

comisión cancelación

Período cpip intereses cap. Amortizado Cuota CPFP

1 20000000 81482.4757
2 19,870,435.41 € 80954.6135
3 19,740,342.95 € 80424.6007
4 19,609,720.49 € 79892.4286
5 19,478,565.85 € 79358.0884
6 19,346,876.87 € 78821.5712
7 19,214,651.37 € 78282.8682
8 19,081,887.17 € 77741.9704
9 18,948,582.08 € 77198.8689
10 18,814,733.88 € 76653.5548
11 18,680,340.36 € 76106.019
12 18,545,399.32 € 75556.2524
13 18,409,908.50 € 75004.2461
14 18,273,865.68 € 74449.9908
15 18,137,268.60 € 73893.4774
16 18,000,115.01 € 73334.6967
17 17,862,402.64 € 72773.6394
18 17,724,129.21 € 72210.2964
19 17,585,292.44 € 71644.6582
20 17,445,890.03 € 71076.7155
21 17,305,919.68 € 70506.459
22 17,165,379.07 € 69933.8791
23 17,024,265.88 € 69358.9665
24 16,882,577.78 € 68781.7117
25 16,740,312.43 € 68202.105
26 16,597,467.46 € 67620.1369
27 16,454,040.53 € 67035.7979
28 16,310,029.26 € 66449.0781
29 16,165,431.27 € 65859.968
30 16,020,244.17 € 65268.4578
31 15,874,465.56 € 64674.5377
32 15,728,093.03 € 64078.1979
33 15,581,124.17 € 63479.4285
129,564.59 € 211,047.07 € 19,870,435.41 €
130,092.45 € 211,047.07 € 19,740,342.95 €
130,622.47 € 211,047.07 € 19,609,720.49 €
131,154.64 € 211,047.07 € 19,478,565.85 €
131,688.98 € 211,047.07 € 19,346,876.87 €
132,225.50 € 211,047.07 € 19,214,651.37 €
132,764.20 € 211,047.07 € 19,081,887.17 €
133,305.10 € 211,047.07 € 18,948,582.08 €
133,848.20 € 211,047.07 € 18,814,733.88 €
134,393.51 € 211,047.07 € 18,680,340.36 €
134,941.05 € 211,047.07 € 18,545,399.32 €
135,490.82 € 211,047.07 € 18,409,908.50 €
136,042.82 € 211,047.07 € 18,273,865.68 €
136,597.08 € 211,047.07 € 18,137,268.60 €
137,153.59 € 211,047.07 € 18,000,115.01 €
137,712.37 € 211,047.07 € 17,862,402.64 €
138,273.43 € 211,047.07 € 17,724,129.21 €
138,836.77 € 211,047.07 € 17,585,292.44 €
139,402.41 € 211,047.07 € 17,445,890.03 €
139,970.35 € 211,047.07 € 17,305,919.68 €
140,540.61 € 211,047.07 € 17,165,379.07 €
141,113.19 € 211,047.07 € 17,024,265.88 €
141,688.10 € 211,047.07 € 16,882,577.78 €
142,265.36 € 211,047.07 € 16,740,312.43 €
142,844.96 € 211,047.07 € 16,597,467.46 €
143,426.93 € 211,047.07 € 16,454,040.53 €
144,011.27 € 211,047.07 € 16,310,029.26 €
144,597.99 € 211,047.07 € 16,165,431.27 €
145,187.10 € 211,047.07 € 16,020,244.17 €
145,778.61 € 211,047.07 € 15,874,465.56 €
146,372.53 € 211,047.07 € 15,728,093.03 €
146,968.87 € 211,047.07 € 15,581,124.17 €
147,567.64 € 211,047.07 € 15,433,556.53 €
34 15,433,556.53 € 62878.2197 148,168.85 € 211,047.07 € 15,285,387.68 €
35 15,285,387.68 € 62274.5615 148,772.51 € 211,047.07 € 15,136,615.17 €
36 15,136,615.17 € 61668.4439 149,378.62 € 211,047.07 € 14,987,236.55 €
37 14,987,236.55 € 61059.8569 149,987.21 € 211,047.07 € 14,837,249.34 €
38 14,837,249.34 € 60448.7904 150,598.28 € 211,047.07 € 14,686,651.06 €
39 14,686,651.06 € 59835.2344 151,211.83 € 211,047.07 € 14,535,439.23 €
40 14,535,439.23 € 59219.1787 151,827.89 € 211,047.07 € 14,383,611.34 €
41 14,383,611.34 € 58600.613 152,446.45 € 211,047.07 € 14,231,164.88 €
42 14,231,164.88 € 57979.5273 153,067.54 € 211,047.07 € 14,078,097.34 €
43 14,078,097.34 € 57355.9112 153,691.16 € 211,047.07 € 13,924,406.19 €
44 13,924,406.19 € 56729.7544 154,317.31 € 211,047.07 € 13,770,088.87 €
45 13,770,088.87 € 56101.0466 154,946.02 € 211,047.07 € 13,615,142.85 €
46 13,615,142.85 € 55469.7773 155,577.29 € 211,047.07 € 13,459,565.56 €
47 13,459,565.56 € 54835.9362 156,211.13 € 211,047.07 € 13,303,354.43 €
48 13,303,354.43 € 54199.5127 156,847.55 € 211,047.07 € 13,146,506.88 €
49 13,146,506.88 € 53560.4963 157,486.57 € 211,047.07 € 12,989,020.31 €
50 12,989,020.31 € 52918.8766 158,128.19 € 211,047.07 € 12,830,892.11 €
51 12,830,892.11 € 52274.6427 158,772.42 € 211,047.07 € 12,672,119.69 €
52 12,672,119.69 € 51627.7842 159,419.28 € 211,047.07 € 12,512,700.41 €
53 12,512,700.41 € 50978.2903 160,068.78 € 211,047.07 € 12,352,631.63 €
54 12,352,631.63 € 50326.1503 160,720.92 € 211,047.07 € 12,191,910.71 €
55 12,191,910.71 € 49671.3534 161,375.71 € 211,047.07 € 12,030,535.00 €
56 12,030,535.00 € 49013.8888 162,033.18 € 211,047.07 € 11,868,501.82 €
57 11,868,501.82 € 48353.7455 162,693.32 € 211,047.07 € 11,705,808.50 €
58 11,705,808.50 € 47690.9128 163,356.15 € 211,047.07 € 11,542,452.34 €
59 11,542,452.34 € 47025.3796 164,021.69 € 211,047.07 € 11,378,430.65 €
60 11,378,430.65 € 46357.1349 164,689.93 € 211,047.07 € 11,213,740.72 €
61 11,213,740.72 € 45686.1678 165,360.90 € 211,047.07 € 11,048,379.82 €
62 11,048,379.82 € 45012.467 166,034.60 € 211,047.07 € 10,882,345.22 €
63 10,882,345.22 € 44336.0215 166,711.05 € 211,047.07 € 10,715,634.17 €
64 10,715,634.17 € 43656.82 167,390.25 € 211,047.07 € 10,548,243.93 €
65 10,548,243.93 € 42974.8515 168,072.22 € 211,047.07 € 10,380,171.71 €
66 10,380,171.71 € 42290.1044 168,756.96 € 211,047.07 € 10,211,414.75 €
67 10,211,414.75 € 41602.5677 169,444.50 € 211,047.07 € 10,041,970.25 €
68 10,041,970.25 € 40912.2298 170,134.84 € 211,047.07 € 9,871,835.41 €
69 9,871,835.41 € 40219.0794 170,827.99 € 211,047.07 € 9,701,007.42 €
70 9,701,007.42 € 39523.1051 171,523.96 € 211,047.07 € 9,529,483.46 €
71 9,529,483.46 € 38824.2952 172,222.77 € 211,047.07 € 9,357,260.69 €
72 9,357,260.69 € 38122.6383 172,924.43 € 211,047.07 € 9,184,336.26 €
73 9,184,336.26 € 37418.1228 173,628.94 € 211,047.07 € 9,010,707.31 €
74 9,010,707.31 € 36710.737 174,336.33 € 211,047.07 € 8,836,370.98 €
75 8,836,370.98 € 36000.4692 175,046.60 € 211,047.07 € 8,661,324.38 €
76 8,661,324.38 € 35287.3077 175,759.76 € 211,047.07 € 8,485,564.62 €
77 8,485,564.62 € 34571.2407 176,475.83 € 211,047.07 € 8,309,088.80 €
78 8,309,088.80 € 33852.2563 177,194.81 € 211,047.07 € 8,131,893.99 €
 79 8,131,893.99 € 33130.3427 177,916.72 € 211,047.07 € 7,953,977.26 €
80 7,953,977.26 € 32405.4879 178,641.58 € 211,047.07 € 7,775,335.68 €
81 7,775,335.68 € 31677.68 179,369.39 € 211,047.07 € 7,595,966.29 €
82 7,595,966.29 € 30946.9069 180,100.16 € 211,047.07 € 7,415,866.13 €
83 7,415,866.13 € 30213.1566 180,833.91 € 211,047.07 € 7,235,032.22 €
84 7,235,032.22 € 29476.4169 181,570.65 € 211,047.07 € 7,053,461.57 €
85 7,053,461.57 € 28736.6755 182,310.39 € 211,047.07 € 6,871,151.18 €
86 6,871,151.18 € 27993.9204 183,053.15 € 211,047.07 € 6,688,098.03 €
87 6,688,098.03 € 27248.1393 183,798.93 € 211,047.07 € 6,504,299.10 €
88 6,504,299.10 € 26499.3197 184,547.75 € 211,047.07 € 6,319,751.36 €
89 6,319,751.36 € 25747.4493 185,299.62 € 211,047.07 € 6,134,451.74 €
90 6,134,451.74 € 24992.5157 186,054.55 € 211,047.07 € 5,948,397.19 €
91 5,948,397.19 € 24234.5064 186,812.56 € 211,047.07 € 5,761,584.62 €
92 5,761,584.62 € 23473.409 187,573.66 € 211,047.07 € 5,574,010.97 €
93 5,574,010.97 € 22709.2106 188,337.86 € 211,047.07 € 5,385,673.11 €
94 5,385,673.11 € 21941.8989 189,105.17 € 211,047.07 € 5,196,567.94 €
95 5,196,567.94 € 21171.461 189,875.61 € 211,047.07 € 5,006,692.33 €
96 5,006,692.33 € 20397.8843 190,649.18 € 211,047.07 € 4,816,043.15 €
97 4,816,043.15 € 19621.1559 191,425.91 € 211,047.07 € 4,624,617.24 €
98 4,624,617.24 € 18841.2631 192,205.80 € 211,047.07 € 4,432,411.43 €
99 4,432,411.43 € 18058.1928 192,988.87 € 211,047.07 € 4,239,422.56 €
100 4,239,422.56 € 17271.9323 193,775.14 € 211,047.07 € 4,045,647.42 €
101 4,045,647.42 € 16482.4684 194,564.60 € 211,047.07 € 3,851,082.83 €
102 3,851,082.83 € 15689.7881 195,357.28 € 211,047.07 € 3,655,725.55 €
103 3,655,725.55 € 14893.8784 196,153.19 € 211,047.07 € 3,459,572.36 €
104 3,459,572.36 € 14094.726 196,952.34 € 211,047.07 € 3,262,620.02 €
105 3,262,620.02 € 13292.3178 197,754.75 € 211,047.07 € 3,064,865.27 €
106 3,064,865.27 € 12486.6405 198,560.43 € 211,047.07 € 2,866,304.84 €
107 2,866,304.84 € 11677.6807 199,369.39 € 211,047.07 € 2,666,935.45 €
108 2,666,935.45 € 10865.4252 200,181.64 € 211,047.07 € 2,466,753.81 €
109 2,466,753.81 € 10049.8604 200,997.21 € 211,047.07 € 2,265,756.60 €
110 2,265,756.60 € 9230.97286 201,816.09 € 211,047.07 € 2,063,940.51 €
111 2,063,940.51 € 8408.74911 202,638.32 € 211,047.07 € 1,861,302.19 €
112 1,861,302.19 € 7583.17551 203,463.89 € 211,047.07 € 1,657,838.30 €
113 1,657,838.30 € 6754.23843 204,292.83 € 211,047.07 € 1,453,545.47 €
114 1,453,545.47 € 5921.92416 205,125.14 € 211,047.07 € 1,248,420.32 €
115 1,248,420.32 € 5086.21893 205,960.85 € 211,047.07 € 1,042,459.48 €
116 1,042,459.48 € 4247.10894 206,799.96 € 211,047.07 € 835,659.52 €
117 835,659.52 € 3404.58031 207,642.49 € 211,047.07 € 628,017.03 €
118 628,017.03 € 2558.61912 208,488.45 € 211,047.07 € 419,528.58 €
119 419,528.58 € 1709.21137 209,337.86 € 211,047.07 € 210,190.72 €
120 210,190.72 € 856.34303 210,190.72 € 211,047.07 € -0.00 €
del 2% y una comisión de cancelación de 100.000 euros

2% Importe neto 19600000

100000
tasa (im) 0.4494%
tasa jm 0.0539339
TAE 0.0552873
Empréstito de obligaciones: cada obligación tiene un valor nominal de 1000 euros. duracion de 10 años , cupón pagadero sem

VN 1000 Va. emisión 990 VA

n 10 Va. Reembolso 1020 valor futuro
per. Años(M) 2 un. Peridos 20
Cupón (i) 4.50% Cupón 22.25 pago
prima 1%
prima reembolso 2%
cupón jm 0.04450483
cupón im 0.02225242
n de 10 años , cupón pagadero semestralmente del 4,5% efectivo. Prima de emisión 1%. Prima reembolso 2%.

tasa (im) 2.3679%

tasa jm 0.04735863
TAE 0.04791934
Fuente financiación cantidad peso coste antes de impuestos COSTE DES. IMPUESTO
Acciones ordanarias 40 0.4 7.84% 7.84%
reservas 10 0.1 7.84% 7.84%
préstamo 20 0.2 0.0552873034034438 4.15%
bonos 30 0.3 0.0479193434681304 3.59%
100

Impuestos 25% wacc 0.0646211816712397