Sheet Index:

Conceptos
Pasos
Modelo
Cto Crédito
Cto Proveedores
Cto Patrimonio
Emergentes
NODERFELASE
Hoja5
Hoja6
Proyección de P & G
Flujo de Caja Método Indirecto:
Utilidades de Asap
Determinación del plan de Inversión:
Financiación del Plan de Inversión
Crédito Bancario
Z-score = 1.2x1 + 1.4x2 + 3,3x3 + 0.6 x4 +x5 Sector Manufacturero

Flujo de Caja Método Directo:

Proyección de Balance General
Sensibilidad con 1 variable independiente y n- variables dependientes
Costo de los Inversionistas mediante modelo Gordon
Crystal Ball
Determinación del Valor Residual Capitalizado para Valoración de Empresas.
Análisis de sensibilidad con 2 variables independientes y 1 var. Dependiente
ADMINISTRADOR DE ESCENARIOS
Protección en Excel

Edward Altman

Sector Comercial

Z= 6.56x1+3.26x2+6.72x3+1.05x4
Comentario
Z > 2.6 – Zona segura
1.1< Z < 2.60 - Zona Gris
Z < 1.1 - Zona de peligro

www.damodaran.com

DAMODARAN
PASOS A SEGUIR PARA LA VALORACIÓN

1. Proyectar P & G hasta llegar a la Utilidad operacional

2. Estructurar el plan de Inversión
3. Estructurar la Financiación del Plan de Inversión
4. A partir de la deuda financiera armar la ruta del servicio de la deuda ( Intereses y Amortización )
5. Completar P & G: Gastos financieros, utilidad gravable, impuestos y utilidad neta.
6. Elaborar el flujo de caja neto mediante el método Indirecto : Partir de Utilidad Operacional y ajustar
7. Ensamblar los Balances Proyectados alimentando desde P&G y Flujo de Caja de acuerdo al caso.
8. Elaborar el flujo de caja libre reproduciendo parcialmente el flujode caja neto, exceptuando los Volver
9. Elaboración del flujo de caja de los inversionistas: La inversión inicial corresponde a los aportes de
10. Determinación de los criterios de decisión de Inversión:
11. Evaluación Financiera:
12. Valoración con cálculo de valor residual capitalizado
13. EVA:
14. MVA = VALOR DE MERCADO AGREGADO
15. INDUCTORES PARA CREACION DE VALOR:
Modelación para Valorar un Proyecto 1 2 3

Parámetros
Ventas 1,000,000
Aumento de Precio 10% 6%
Aumento de Volumen 30% 15%
Costo de Ventas 58%
Rotación de Inventarios 6.00 veces
Gastos de Administración 100,000
Aumento en Gtos de Admón 4% 4%
Gastos de Ventas 6%
Inversiones en Activos Fijos 250,000
Plazo de Depreciación 10 años
Grado de Endeudamiento 70%
Tasa de Interés Nominal 12.00%
Plazo del Crédito 10 años
Saldo del Pasivo Paso 20 223,028 200,725 178,422
Amortización Paso 21 22,303 22,303
Intereses Paso 22
Días Plazo Pago Proveedores 75 días
Días Plazo Cartera 60 días
Máximo ciclo de caja financiable 15 días 45 días
Tasa de Impuestos 34% 33% 33%
Relación Pago ( % distr. Dividendos) 30%
Gastos iniciales del crédito 2.00%
Gradiente de crecimiento del VRC 3.00%
Descuento por pronto pago 5%
Vigencia del descuento 30 días

Estado de Resultados Año 1 Año 2 Año 3

Ventas Paso 1 1,000,000 1,430,000 1,743,170
Inventario Inicial 96,667 138,233
Compras Paso 4 676,667 870,967 1,041,312
Disponible Paso 5 676,667 967,633 1,179,545
Inventario Final Paso 3 96,667 138,233 168,506
Costo de Ventas Paso 2 580,000 829,400 1,011,039
Utilidad Bruta Paso 6 420,000 600,600 732,131
Gastos de Administración Paso 7 100,000 104,000 108,160
Gastos de Depreciación Paso 8 25,000 25,000 25,000
Gastos de Ventas Paso 9 60,000 85,800 104,590
Utilidad Operacional Paso 10 235,000 385,800 494,381
Gastos Financieros Paso 23 31,224 24,087 21,411
Utilidad Gravable Paso 24 203,776 361,713 472,971
Impuestos Paso 25 69,284 119,365 156,080
Utilidad Neta Paso 26 134,492 242,348 316,890

FLUJO DE CAJA MÉT. INDIRECTO

Ingresos
Utilidad Operacional Paso 27 235,000 385,800 494,381
Depreciación Paso 28 25,000 25,000 25,000
Ctas x Pagar con Proveedores Paso 18 140,972 40,479 35,489
Aporte de Capital Paso 17 156,000
Préstamos Bancarios Paso 19 223,028
TOTAL INGRESOS Paso 29 780,000 451,279 554,870

Egresos
Efectivo Paso 11 6,667
Cartera Paso 12 166,667 71,667 52,195
Inventarios Paso 13 96,667 41,567 30,273
Requermtos. Cap. de Trabajo Paso 14 270,000 113,233 82,468
Inversión en Act. Fijos Paso 15 250,000
PLAN DE INVERSIÓN Paso 16 520,000 113,233 82,468
Gastos Financieros Paso 30 31,224 24,087 21,411
Amortización de Pasivos 22,303 22,303
Dividendos 36,313 65,434
Impuestos 69,284 119,365
Total Egresos Paso 31 551,224 265,220 310,981

SALDO DE CAJA Paso 32 228,776 186,059 243,889

SALDO ACUMULADO DE CAJA Paso 33 235,443 421,502 665,391

Balance General

Activos
Caja + Bancos Paso 34 235,443 421,502 665,391
Cartera Paso 35 166,667 238,333 290,528
Inventarios Paso 36 96,667 138,233 168,506
Activos Corrientes Paso 37 498,776 798,069 1,124,426
Activo Fijo Bruto Paso 38 250,000 250,000 250,000
Depreciación Acumulada Paso 39 25,000 50,000 75,000
Activo Fijo Neto Paso 40 225,000 200,000 175,000
Total Activos Paso 41 723,776 998,069 1,299,426

Pasivos
Obligaciones Financieras Paso 42 22,303 22,303 22,303
Ctas x Pagar Proveedores Paso 43 140,972 181,451 216,940
Impuestos x Pagar Paso 44 69,284 119,365 156,080
Pasivos Corrientes Paso 45 232,559 323,119 395,323
Pas. Fin . Largo Plazo Paso 46 200,725 178,422 156,119
Total Pasivos Paso 47 433,284 501,542 551,442

Patrimonio
Capital Paso 48 156,000 156,000 156,000
Reserva Legal 13,449 37,684
Otras Reservas -
Utilidad del Ejercicio Paso 49 134,492 242,348 316,890
Utilidad Retenida 84,730 237,409
Total Patrimonio Paso 50 290,492 496,527 747,983

Pasivos + Patrimonio Paso 51 723,776 998,069 1,299,426

Control Paso 52 - - -

Reserva Legal del 50% 78,000 78,000

Reserva Legal Ilimitada 13,449 37,684
Predictor de Quiebra de Altman
Z= 6.56x1+3.26x2+6.72x3+1.05x4 5.90 7.87 9.15
Comentario Situación normal Situación normal Situación normal

Z > 2.6 – Zona segura

1.1< Z < 2.60 - Zona Gris
Z < 1.1 - Zona de peligro

x1 = Cap Trabajo Neto/Activos 6.56 0.37 0.48 0.56

x2 =( Utilidades + reservas)/Activos 3.26 0.19 0.34 0.46
x3 = Utilidad operacional / Total Activos 6.72 0.32 0.39 0.38
x4 = Patrimonio / Total Pasivos 1.05 0.67 0.99 1.36

http://www.creditguru.com/CalcAltZ.shtml

ALGUNOS INDICADORES REPRESENTATIVOS Año 1 Año 2 Año 3

Margen Bruto 42.00% 42.00% 42.00%

Margen Operacional 23.50% 26.98% 28.36%
Margen Neto 13.45% 16.95% 18.18%
ROI=ROA=Dupont= Utilidad Neta / Activos 18.58% 24.28% 24.39%
ROE=Return on Equity= Utilidad Neta / Patrimonio 46.30% 48.81% 42.37%
MULTIPLICADOR PATRIMONIAL= Activos / Patrimonio 2.49 veces 2.01 veces 1.74 veces
EVA
NOPAT $ 155,100 $ 258,486 $ 331,235
WACC 20% 20% 20%
INDICE DE COSTO DE CAPITAL 1.2000
CAPITAL INVERTIDO INICIAL 379,028 426,782
ROIC= NOPAT/CAP. INVERTIDO 40.92%
EVA(1)=NOPAT -WACCxCAP. INVERTIDO $ 79,294
EVA(2)=CAP. INVERTIDO x ( ROIC-WACC) $ 79,294
VNA EVA j desde 1 - n $ 66,079
MVA = S VNA EVA j $ 66,079
Horizonte de Análisis
VALOR CORPORATIVO
Sin Valor Residual
Menos Pasivos Financieros Hoy
VALOR PATRIMONIAL

DETERMINACIÓN DEL WACC Costo de cada fuente Año 1 Año 2 Año 3

Costo de capital del Pasivo = Ki 9.07% 9.07% 9.07%
Pasivos
Obligaciones Financieras 9.07% 10.00% 11.11% 12.50%
Pas. Fin . Largo Plazo 9.07% 90.00% 88.89% 87.50%
Total Pasivos 100.00% 100.00% 100.00%
Grado de Endeudamiento 43.43% 28.79% 19.26%
Costo de capital del Patrimonio CAPM L Benninga Sarig 63.51% 54.43% 50.20%
6
Prima Riesgo 30%
WACC 39.86% 41.37% 42.28%

FLUJO DE CAJA LIBRE

Ingresos
Utilidad Operacional desp. Imptos
Depreciación
Ctas x Pagar con Proveedores
TOTAL INGRESOS OPERACIONALES

Egresos
Efectivo
Cartera
Inventarios
Requermtos. Cap. de Trabajo
Inversión en Act. Fijos
PLAN DE INVERSIÓN

FLUJO DE CAJA LIBRE

VNA FdeCL
S VNA Fde CL

VALORACIÓN

Horizonte de Análisis
VALOR CORPORATIVO
Sin Valor Residual
Menos Pasivos Financieros Hoy
VALOR PATRIMONIAL

Sensibilidad de la Relación Pago vs Valoración

0%
20%
40%
60%
80%
100%

Análisis de Sensibilidad con 1 var. Independiente y n dependientes

Ventas la variable independiente comenzando con 0 y aumentos de 100.000
Variables dependientes: Utilidad Operacional, Utilidad Neta, Caja, Eva(1), z-score

Análisis de sensibilidad con 2 variables independientes y 1 variable dependiente

Var. Independientes: Ventas y % Costo de Ventas

-
 4 5 6 7 8 9 10

6% 6% 6% 6% 6% 6% 6%
5% 5% 5% 5% 5% 5% 5%

4% 4% 4% 4% 4% 4% 4%

156,119 133,817 111,514 89,211 66,908 44,606 22,303 -

22,303 22,303 22,303 22,303 22,303 22,303 22,303 22,303

33% 33% 33% 33% 33% 33% 33% 33%

Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10

1,940,148 2,159,385 2,403,395 2,674,979 2,977,252 3,313,681 3,688,127
168,506 187,548 208,741 232,328 258,581 287,801 320,323
1,144,327 1,273,636 1,417,557 1,577,741 1,756,026 1,954,457 2,175,310
1,312,834 1,461,184 1,626,298 1,810,069 2,014,607 2,242,258 2,495,633
187,548 208,741 232,328 258,581 287,801 320,323 356,519
1,125,286 1,252,443 1,393,969 1,551,488 1,726,806 1,921,935 2,139,114
 814,862 906,942 1,009,426 1,123,491 1,250,446 1,391,746 1,549,013
112,486 116,986 121,665 126,532 131,593 136,857 142,331
25,000 25,000 25,000 25,000 25,000 25,000 25,000
116,409 129,563 144,204 160,499 178,635 198,821 221,288
560,967 635,393 718,557 811,461 915,217 1,031,068 1,160,395
18,734 16,058 13,382 10,705 8,029 5,353 2,676
542,233 619,335 705,175 800,755 907,188 1,025,716 1,157,718
178,937 204,380 232,708 264,249 299,372 338,486 382,047
363,296 414,954 472,468 536,506 607,816 687,230 775,671

560,967 635,393 718,557 811,461 915,217 1,031,068 1,160,395

25,000 25,000 25,000 25,000 25,000 25,000 25,000
21,462 26,939 29,984 33,372 37,143 41,340 46,011

607,429 687,332 773,541 869,832 977,360 1,097,408 1,231,406

32,830 36,539 40,668 45,264 50,379 56,072 62,408

19,041 21,193 23,588 26,253 29,220 32,522 36,196
51,871 57,732 64,256 71,517 79,598 88,593 98,604

51,871 57,732 64,256 71,517 79,598 88,593 98,604

18,734 16,058 13,382 10,705 8,029 5,353 2,676
22,303 22,303 22,303 22,303 22,303 22,303 22,303 22,303
85,560 98,090 112,038 127,566 144,857 164,110 185,552
156,080 178,937 204,380 232,708 264,249 299,372 338,486
334,549 373,120 416,359 464,799 519,036 579,731 647,621

272,880 314,212 357,182 405,033 458,324 517,677 583,784

938,271 1,252,483 1,609,665 2,014,698 2,473,022 2,990,699 3,574,484

938,271 1,252,483 1,609,665 2,014,698 2,473,022 2,990,699 3,574,484

323,358 359,897 400,566 445,830 496,209 552,280 614,688
187,548 208,741 232,328 258,581 287,801 320,323 356,519
1,449,177 1,821,121 2,242,559 2,719,109 3,257,032 3,863,302 4,545,690
250,000 250,000 250,000 250,000 250,000 250,000 250,000
100,000 125,000 150,000 175,000 200,000 225,000 250,000
150,000 125,000 100,000 75,000 50,000 25,000 -
1,599,177 1,946,121 2,342,559 2,794,109 3,307,032 3,888,302 4,545,690

22,303 22,303 22,303 22,303 22,303 22,303 22,303

238,401 265,341 295,324 328,696 365,839 407,178 453,190
 178,937 204,380 232,708 264,249 299,372 338,486 382,047
439,641 492,024 550,335 615,248 687,514 767,967 857,539
133,817 111,514 89,211 66,908 44,606 22,303
573,458 603,538 639,546 682,156 732,119 790,270 857,539

156,000 156,000 156,000 156,000 156,000 156,000 156,000

69,373 78,000 78,000 78,000 78,000 78,000 78,000
- 27,703 69,198 116,445 170,095 230,877 299,600
363,296 414,954 472,468 536,506 607,816 687,230 775,671
437,050 665,926 927,348 1,225,002 1,563,001 1,945,925 2,378,880
1,025,719 1,342,583 1,703,013 2,111,953 2,574,913 3,098,032 3,688,151

1,599,177 1,946,121 2,342,559 2,794,109 3,307,032 3,888,302 4,545,690

- - - - - - -

78,000 78,000 78,000 78,000 78,000 78,000 78,000 -

69,373 105,703 147,198 194,445 248,095 308,877 377,600

10.15 11.00 11.75 12.42 13.03 13.59 14.09

Situación normal Situación normal Situación normal Situación normal Situación normal Situación normal Situación normal

0.63 0.68 0.72 0.75 0.78 0.80 0.81

0.54 0.61 0.66 0.70 0.73 0.76 0.78
0.35 0.33 0.31 0.29 0.28 0.27 0.26
1.79 2.22 2.66 3.10 3.52 3.92 4.30

Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10

42.00% 42.00% 42.00% 42.00% 42.00% 42.00% 42.00%

28.91% 29.42% 29.90% 30.34% 30.74% 31.12% 31.46%
18.73% 19.22% 19.66% 20.06% 20.42% 20.74% 21.03%
22.72% 21.32% 20.17% 19.20% 18.38% 17.67% 17.06%
35.42% 30.91% 27.74% 25.40% 23.61% 22.18% 21.03%
1.56 veces 1.45 veces 1.38 veces 1.32 veces 1.28 veces 1.26 veces 1.23 veces

$ 375,848 $ 425,713 $ 481,433 $ 543,679 $ 613,196 $ 690,816 $ 777,464

20% 20% 20% 20% 20% 20% 20%
 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10
9.07% 9.07% 9.07% 9.07% 9.07% 9.07% 9.07%

14.29% 16.67% 20.00% 25.00% 33.33% 50.00% 100.00%

85.71% 83.33% 80.00% 75.00% 66.67% 50.00% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
13.21% 9.06% 6.15% 4.05% 2.53% 1.42% 0.60%
48.00% 46.66% 45.78% 45.19% 44.78% 44.48% 44.27%

42.85% 43.25% 43.53% 43.73% 43.87% 43.98% 44.06%

Años Ventas
1 900,000
2 1,000,000
3 1,285,000
4 1,150,000
5 1,400,000
6 1,280,000
7 1,300,000
Promedio 1,187,857 #ADDIN?
Desviac.
Est. 166,944 #ADDIN?

Ventas 1,000,000

Probablida
d 13.02% #ADDIN?

Respuesta: 86.98% #ADDIN?

1.00E-10 Peligro de quiebra
1.1 Zona Gris
2.6 Situación normal
1.00E+10
Cálculo el costo de un crédito de cartera ordinaria

Items Valores Ant. Imptos Desp. Imptos.

Préstamo $ 100.00 100.00 100.00
Tasa Nom. 12% 3.00 1.98
Días 90 días
Reciprocidad 30% 30.00 30.00
% Colocado con Rend. 100%
Tasa de Colocación 4% 0.30 0.198
Gastos Operación 2% 2.00 1.32
Tasa Impuestos 34% 33% 33%
Erogaciones 4.70 3.10
Fondos Frescos 65.30 66.90
TIR
COSTO EFECTIVO ANUAL 32.05% 19.88% 14.49%

14.49% 0% 10% 20% 30% 40% 50%

8.00% 7.79% 8.38% 9.12% 10.09% 11.40% 13.28%
8.50% 8.16% 8.79% 9.59% 10.63% 12.04% 14.06%
9.00% 8.52% 9.20% 10.06% 11.17% 12.68% 14.85%
9.50% 8.89% 9.61% 10.53% 11.72% 13.33% 15.65%
10.00% 9.26% 10.03% 11.00% 12.26% 13.98% 16.45%
10.50% 9.63% 10.44% 11.47% 12.81% 14.64% 17.26%
11.00% 10.00% 10.86% 11.95% 13.37% 15.30% 18.08%
11.75% 10.57% 11.49% 12.67% 14.21% 16.30% 19.32%
12.00% 10.76% 11.71% 12.91% 14.49% 16.63% 19.74%
12.25% 10.94% 11.92% 13.15% 14.77% 16.97% 20.16%
13.00% 11.51% 12.56% 13.88% 15.62% 17.99% 21.42%
13.50% 11.89% 12.99% 14.37% 16.19% 18.68% 22.28%
14.00% 12.28% 13.42% 14.87% 16.76% 19.37% 23.14%

Flujo de Caja Saldo Abonos Intereses Reciprocida Rendmtos Gastos

n
0 $ 100.00 1.98 $ 30.00 0.198 1.32
1 $ 75.00 25.00 1.49 $ 22.50 0.149
2 $ 50.00 25.00 0.99 $ 15.00 0.099
3 $ 25.00 25.00 0.50 $ 7.50 0.050
4 $ - 25.00 - $ - 0.000

COSTO DEL CRÉDITO A LARGO PLAZO TIR

0 Año 1 Año 2 Año 3 Año 4 Año 5
Ingreso Préstamo 223,028
Abonos -22,303 -22,303 -22,303 -22,303 -22,303
Intereses desp. Imptos -20,608 -16,138 -14,345 -12,552 -10,759 -8,966
FLUJO DE CAJA OB. F. 202,420 -38,441 -36,648 -34,855 -33,062 -31,268

TIR 9.07%
F de C desp. Imptos

$ 66.90
$ -18.84
$ -18.39
$ -17.95
$ -17.50

14.49%
Año 6 Año 7 Año 8 Año 9 Año 10

-22,303 -22,303 -22,303 -22,303 -22,303

-7,173 -5,379 -3,586 -1,793 -
-29,475 -27,682 -25,889 -24,096 -22,303
CÁLCULO DEL COSTO DEL NO APROVECHAMIENTO DEL DESCTO x PRONTO PAGO

Descuento 5.00% Lo puede vincular con B27 de Modelo

Vigencia 30 días
Plazo de Pago 75 días 45 días
Rotación de inventarios 6 veces
$ 0.95 $ 1.00

Costo Efectivo 22.30% #ADDIN?

Costo del crédito 14.49% #ADDIN?
Recomendación: Pagar de contado #ADDIN?
 Chart Title
12

10

0
1 2 3 4 5 6 7 8 9
CÁLCULO DEL COSTO DE CAPITAL DEL PATRIMONIO = K 1 2 3 4
1 Subjetivo 25.0% 25.0% 25.0% 25.0%
2 Gordon K 29.5% 29.5% 29.5% 29.5%
3 CAPM 43.0% 43.0% 43.0% 43.0%
4 CAPM Benninga Sarig 44.1% 44.1% 44.1% 44.1%
5 CAPM L 60.3% 52.3% 48.5% 46.5%
6 CAPM L Benninga Sarig 63.5% 54.4% 50.2% 48.0%
7 Beta Cualitativo 1.57

Modelo de Gordon = K e = D o x ( 1 + D )/ P + g 29.5%

Gradiente Estimado

CAPM= Capital Asset Pricing Model= Modelo de asignación de precio al Activo

K e = K rf + (K m - K rf) x b 43.04%
K rf 9.0%
Km 34.0%
ß Engines-Internal Combust 1.36

CAPM L = Capital Asset Pricing Model= Modelo de asignación de precio al Activo Apalancado
K e = K rf + (K m - K rf) x bL 60.29% 52.26% 48.48% 46.51%
K rf 9%
Km 34%
ß 1.36
Engines-Internal Combust

Multiplicador del Apalancamiento Año 1 Año 2 Año 3 Año 4

Pasivo Financiero 223,028 200,725 178,422 156,119

Patrimonio 290,492 496,527 747,983 1,025,719
Beta Apalancado = b L 2.05 1.73 1.58 1.50

CAPM (Benninga- Sarig) 44.15% 44.11% 44.11% 44.11%

K e = K rf + (K m - K rf) x b
K rf 9.0%
Km 34.0%
ß 1.36

CAPM L (Benninga- Sarig) 63.51% 54.43% 50.20% 48.00%

K e = K rf + (K m - K rf) x bL
K rf 9.0%
Km 34.0%
ß 1.36
Matrícula hoy ###
Años futuros 18
Tasa interés 10.00%
Matrícula Futura ###
 5 6 7 8 9 10
25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
29.5% 29.5% 29.5% 29.5% 29.5% 29.5%
43.0% 43.0% 43.0% 43.0% 43.0% 43.0%
44.1% 44.1% 44.1% 44.1% 44.1% 44.1%
45.3% 44.5% 44.0% 43.6% 43.4% 43.2%
46.7% 45.8% 45.2% 44.8% 44.5% 44.3%

45.31% 44.53% 44.00% 43.63% 43.37% 43.18%

Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11

133,817 111,514 89,211 66,908 44,606 22,303

1,342,583 1,703,013 2,111,953 2,574,913 3,098,032 3,688,151
1.45 1.42 1.40 1.39 1.37 1.37

44.11% 44.11% 44.11% 44.11% 44.11% 44.11%

46.66% 45.78% 45.19% 44.78% 44.48% 44.27%

 Betas 2006

nO. Industry Number of firms Beta D/E Ratio Tax rate

1 Advanced Materials/Prd 27 1.51 23.10% 13.79%
2 Advertising Agencies 8 1.09 0.20% 16.50%
3 Advertising Sales 2 0.25 7.84% 12.66%
4 Advertising Services 2 1.64 15.72% 13.91%
5 Aerospace/Defense 14 0.97 81.37% 33.58%
6 Aerospace/Defense-Equip 14 1.44 6.23% 20.08%
7 Agricultural Biotech 11 1.11 22.46% 14.04%
8 Agricultural Chemicals 107 1.28 31.02% 19.92%
9 Agricultural Operations 126 1.40 0.15% 15.73%
10 Air Pollution Control Eq 1 1.04 24.55% 38.61%
11 Airlines 50 1.34 93.86% 15.19%
12 Airport Develop/Maint 15 0.99 30.38% 26.90%
13 Apparel Manufacturers 96 1.11 6.72% 16.35%
14 Appliances 65 1.29 4.33% 17.45%
15 Applications Software 101 1.07 1.66% 9.38%
16 Athletic Equipment 1 1.06 6.71% 11.44%
17 Athletic Footwear 11 1.01 78.73% 14.36%
18 Audio/Video Products 45 1.14 39.50% 14.93%
19 Auto Repair Centers 1 1.87 1.61% 0.00%
20 Auto-Cars/Light Trucks 74 1.33 174.51% 18.50%
21 Auto-Med&Heavy Duty Trks 25 1.31 21.41% 24.84%
22 Auto/Trk Prts&Equip-Orig 124 1.13 25.33% 20.62%
23 Auto/Trk Prts&Equip-Repl 61 1.01 11.44% 22.47%
24 B2B/E-Commerce 1 0.76 0.30% 0.00%
25 Batteries/Battery Sys 28 1.02 31.00% 16.22%
26 Beverages-Non-alcoholic 42 0.88 6.43% 16.01%
27 Beverages-Wine/Spirits 58 1.13 0.36% 23.72%
28 Bicycle Manufacturing 10 1.71 22.20% 14.22%
29 Bldg Prod-Air&Heating 17 1.18 2.97% 14.11%
30 Bldg Prod-Cement/Aggreg 253 1.32 0.99% 16.01%
31 Bldg Prod-Doors&Windows 7 1.86 55.92% 4.36%
32 Bldg Prod-Wood 27 1.49 4.28% 20.43%
33 Bldg-Mobil Home/Mfd Hous 3 1.40 20.51% 10.34%
34 Bldg-Residential/Commer 63 1.70 140.07% 17.65%
35 Bldg&Construct Prod-Misc 83 1.19 0.27% 18.22%
36 Blood Collection Banking 1 NA 0.00% 0.00%
37 Brewery 55 0.88 28.61% 22.68%
38 Broadcast Serv/Program 21 1.23 7.11% 16.93%
39 Building-Heavy Construct 163 1.66 2.62% 21.45%
40 Building-Maint&Service 6 1.80 9.78% 6.03%
41 Building&Construct-Misc 178 1.65 10.39% 19.73%
42 Cable TV 13 0.68 63.77% 21.82%
43 Capacitors 12 1.52 13.85% 16.64%
44 Casino Hotels 9 1.11 2.60% 25.30%
45 Casino Services 4 1.53 0.02% 1.36%
46 Cellular Telecom 49 1.16 0.43% 21.89%
47 Ceramic Products 52 1.15 43.96% 22.88%
48 Chemicals-Diversified 109 1.23 34.01% 20.05%
49 Chemicals-Fibers 32 1.56 84.31% 19.34%
50 Chemicals-Other 55 1.48 44.93% 20.76%
51 Chemicals-Plastics 52 1.31 39.92% 14.77%
52 Chemicals-Specialty 98 1.23 17.71% 23.20%
53 Circuit Boards 53 1.34 27.81% 11.27%
54 Circuits 2 1.60 0.00% 0.79%
55 Closed-end Funds 1 0.33 0.00% 0.00%
56 Coal 60 1.34 0.06% 21.34%
57 Coatings/Paint 37 0.97 15.39% 23.19%
58 Coffee 6 0.82 45.62% 20.98%
59 Collectibles 1 0.70 1.23% 3.27%
60 Commer Banks Non-US 561 1.33 11.26% 19.12%
61 Commercial Serv-Finance 10 0.97 2.99% 20.68%
62 Commercial Services 23 0.98 4.68% 14.05%
63 Communications Software 16 0.85 5.33% 5.56%
64 Computer Aided Design 5 2.05 3.42% 14.73%
65 Computer Data Security 2 1.45 4.26% 3.85%
66 Computer Graphics 1 1.38 70.27% 0.00%
67 Computer Services 51 1.02 9.12% 9.74%
68 Computer Software 28 1.36 5.51% 11.85%
69 Computers 39 1.53 10.71% 17.55%
70 Computers-Integrated Sys 51 1.20 8.32% 14.64%
71 Computers-Memory Devices 15 1.51 59.40% 18.66%
72 Computers-Other 5 1.03 13.46% 10.27%
73 Computers-Peripher Equip 57 1.36 17.45% 12.39%
74 Consulting Services 12 1.28 10.05% 11.52%
75 Consumer Products-Misc 19 1.54 2.73% 13.67%
76 Containers-Metal/Glass 27 1.09 76.18% 23.20%
77 Containers-Paper/Plastic 44 1.05 11.07% 24.19%
78 Cooperative Banks 1 1.03 334.51% 12.51%
79 Cosmetics&Toiletries 36 1.00 2.02% 23.38%
80 Cruise Lines 4 0.67 16.67% 0.42%
81 Crystal&Giftware 2 0.53 12.80% 8.77%
82 Data Processing/Mgmt 7 1.27 8.41% 8.28%
83 Decision Support Softwar 5 0.90 1.03% 12.21%
84 Dental Supplies&Equip 3 0.41 8.39% 15.98%
85 Derivatives 1 NA 0.00% 0.00%
86 Diagnostic Equipment 7 1.05 2.96% 37.08%
87 Diagnostic Kits 1 2.07 1.12% 0.00%
88 Diamonds/Precious Stones 8 1.21 76.00% 16.94%
89 Direct Marketing 2 NA 2.47% 2.60%
90 Disposable Medical Prod 5 1.00 6.09% 9.71%
91 Distribution/Wholesale 107 1.26 12.04% 18.36%
92 Divers Oper/Commer Serv 12 1.44 18.61% 10.98%
93 Diversified Finan Serv 112 1.39 19.97% 16.55%
94 Diversified Manufact Op 41 1.48 21.20% 18.24%
95 Diversified Minerals 43 1.55 0.08% 24.97%
96 Diversified Operations 299 1.49 0.96% 17.36%
97 Drug Delivery Systems 3 0.77 6.44% 21.08%
 98 E-Commerce/Products 5 1.30 8.67% 26.70%
99 E-Commerce/Services 9 1.18 3.25% 9.82%
100 E-Services/Consulting 16 1.36 44.64% 12.37%
101 Educational Software 9 1.21 5.99% 10.05%
102 Electric Products-Misc 49 1.15 82.23% 16.22%
103 Electric-Distribution 73 1.28 50.54% 33.52%
104 Electric-Generation 112 1.34 4.66% 19.90%
105 Electric-Integrated 231 1.17 0.00% 32.62%
106 Electric-Transmission 19 1.38 54.44% 26.94%
107 Electronic Compo-Misc 204 1.33 26.57% 15.60%
108 Electronic Compo-Semicon 58 1.55 20.09% 11.58%
109 Electronic Connectors 21 1.51 6.47% 17.49%
110 Electronic Design Automa 3 1.55 0.91% 14.80%
111 Electronic Measur Instr 16 1.19 5.82% 14.01%
112 Electronic Parts Distrib 42 1.47 26.89% 21.99%
113 Electronic Secur Devices 12 1.41 1.49% 13.01%
114 Electronics-Military 1 1.32 0.51% 19.45%
115 Energy-Alternate Sources 33 1.44 1.77% 23.71%
116 Engineering/R&D Services 80 1.64 3.18% 20.45%
117 Engines-Internal Combust 24 1.41 4.45% 22.31%
118 Enterprise Software/Serv 27 1.32 9.75% 9.90%
119 Entertainment Software 9 1.68 1.05% 8.94%
120 Environ Consulting&Eng 4 1.14 4.49% 9.26%
121 Explosives 11 1.37 7.32% 22.05%
122 Extended Serv Contracts 1 0.94 24.23% 0.00%
123 Feminine Health Care Prd 1 0.30 4.93% 19.77%
124 Filtration/Separat Prod 3 0.74 0.35% 28.31%
125 Finance-Auto Loans 7 0.91 203.13% 23.96%
126 Finance-Commercial 6 1.17 270.78% 22.11%
127 Finance-Consumer Loans 18 0.97 125.59% 20.62%
128 Finance-Credit Card 6 0.48 141.53% 29.79%
129 Finance-Invest Bnkr/Brkr 145 1.97 64.65% 14.86%
130 Finance-Investment Fund 4 0.48 2.38% 6.32%
131 Finance-Leasing Compan 27 1.24 91.26% 12.55%
132 Finance-Mtge Loan/Banker 22 1.18 83.99% 12.74%
133 Finance-Other Services 51 1.39 76.32% 15.70%
134 Firearms&Ammunition 2 2.11 16.99% 34.82%
135 Fisheries 27 1.29 7.29% 13.99%
136 Food-Baking 16 1.03 10.10% 7.63%
137 Food-Canned 16 0.94 72.90% 15.01%
138 Food-Catering 5 0.96 10.15% 17.04%
139 Food-Confectionery 22 1.12 11.61% 18.42%
140 Food-Dairy Products 40 1.02 0.13% 21.46%
141 Food-Flour&Grain 31 1.42 30.66% 20.25%
142 Food-Meat Products 31 1.15 0.01% 14.72%
143 Food-Misc/Diversified 124 1.21 0.76% 20.15%
144 Food-Retail 26 1.04 1.32% 22.10%
145 Food-Wholesale/Distrib 12 1.17 0.86% 18.42%
146 Footwear&Related Apparel 21 0.91 7.68% 18.51%
147 Forestry 14 1.39 14.31% 25.22%
148 Funeral Serv&Rel Items 2 1.13 16.19% 33.26%
149 Gambling (Non-Hotel) 3 1.75 0.65% 14.22%
150 Gas-Distribution 61 1.03 20.92% 21.96%
151 Gas-Transportation 1 NA 0.00% 0.00%
152 Gold Mining 31 1.52 0.00% 19.94%
153 Golf 4 0.93 19.91% 9.74%
154 Hazardous Waste Disposal 3 1.51 12.71% 26.78%
155 Health Care Cost Contain 1 3.96 50.38% 27.84%
156 Healthcare Safety Device 1 1.10 45.63% 17.94%
157 Home Decoration Products 3 1.16 9.95% 14.58%
158 Home Furnishings 26 0.87 57.73% 18.91%
159 Hospital Beds/Equipment 1 0.72 0.08% 14.83%
160 Hotels&Motels 157 1.15 0.23% 15.98%
161 Housewares 12 0.84 29.18% 14.22%
162 Human Resources 7 1.53 0.02% 14.44%
163 Identification Sys/Dev 10 1.48 27.24% 14.75%
164 Import/Export 45 1.60 53.82% 19.56%
165 Inactive/Unknown 9 1.34 0.03% 0.89%
166 Independ Power Producer 6 1.18 5.51% 13.15%
167 Industr Audio&Video Prod 10 1.09 1.76% 11.46%
168 Industrial Automat/Robot 16 1.23 12.44% 16.68%
169 Industrial Gases 6 1.36 4.97% 19.93%
170 Instruments-Controls 6 1.28 1.59% 14.34%
171 Instruments-Scientific 3 1.39 6.77% 3.65%
172 Insurance Brokers 10 0.95 0.50% 8.02%
173 Interior Design/Architec 5 1.05 42.39% 19.50%
174 Internet Applic Sftwr 12 1.42 15.40% 12.13%
175 Internet Brokers 2 1.35 0.00% 9.98%
176 Internet Connectiv Svcs 3 1.09 34.29% 11.80%
177 Internet Content-Entmnt 11 1.67 1.20% 8.43%
178 Internet Content-Info/Ne 3 0.79 9.55% 13.13%
179 Internet Gambling 1 1.05 0.00% 0.00%
180 Internet Incubators 1 3.56 0.11% 30.30%
181 Internet Infrastr Equip 3 1.28 0.28% 4.89%
182 Internet Infrastr Sftwr 6 0.70 3.97% 4.10%
183 Internet Security 5 1.27 0.96% 8.44%
184 Internet Telephony 5 1.60 10.81% 1.01%
185 Intimate Apparel 7 0.87 20.19% 18.46%
186 Invest Comp - Resources 2 1.87 140.01% 8.89%
187 Invest Mgmnt/Advis Serv 24 1.18 110.62% 19.77%
188 Investment Companies 168 1.41 0.00% 8.79%
189 Lasers-Syst/Components 4 1.52 8.01% 6.35%
190 Leisure&Rec Products 3 1.27 11.81% 10.85%
191 Leisure&Rec/Games 1 3.29 100.85% 0.00%
192 Life/Health Insurance 23 1.19 14.69% 19.95%
193 Lighting Products&Sys 16 1.69 42.24% 14.28%
194 Linen Supply&Rel Items 3 NA 30.55% 22.49%
195 Lottery Services 6 1.67 21.16% 31.11%
196 Mach Tools&Rel Products 26 1.41 27.12% 19.28%
197 Machinery-Constr&Mining 41 1.36 10.58% 19.99%
198 Machinery-Electric Util 8 1.39 32.39% 32.24%
199 Machinery-Electrical 8 1.16 21.73% 23.98%
200 Machinery-Farm 13 1.61 1.16% 16.28%
201 Machinery-General Indust 106 1.37 29.94% 17.14%
202 Machinery-Material Handl 16 1.60 20.58% 26.23%
203 Machinery-Print Trade 5 1.42 12.24% 14.89%
204 Machinery-Pumps 8 1.13 1.49% 17.97%
205 Machinery-Therml Process 14 1.55 28.93% 27.39%
206 Marine Services 19 1.65 7.98% 13.98%
207 Medical Imaging Systems 1 1.31 0.00% 0.00%
208 Medical Information Sys 1 1.00 1.26% 0.00%
209 Medical Instruments 7 1.59 23.18% 9.50%
210 Medical Labs&Testing Srv 4 1.04 8.42% 22.39%
211 Medical Laser Systems 1 NA 5.23% 8.24%
212 Medical Products 15 1.41 0.38% 14.52%
213 Medical Steriliz Product 1 1.32 11.49% 16.98%
214 Medical-Biomedical/Gene 27 1.10 6.27% 6.55%
215 Medical-Drugs 250 1.13 6.45% 19.35%
216 Medical-Generic Drugs 15 1.11 0.06% 28.02%
217 Medical-HMO 3 NA 5361.33% 41.10%
218 Medical-Hospitals 29 0.87 15.66% 18.32%
219 Medical-Outptnt/Home Med 1 0.93 0.00% 16.80%
220 Medical-Whsle Drug Dist 13 1.18 2.26% 24.01%
221 Metal Processors&Fabrica 106 1.53 18.37% 18.29%
222 Metal Products-Distrib 9 1.50 82.22% 21.86%
223 Metal Products-Fasteners 15 1.07 26.53% 16.11%
224 Metal-Aluminum 40 1.50 16.81% 22.01%
225 Metal-Copper 20 1.18 6.42% 14.53%
226 Metal-Diversified 47 1.53 3.49% 25.61%
227 Metal-Iron 31 1.25 4.06% 23.21%
228 Mining Services 9 1.21 0.27% 24.33%
229 Miscellaneous Manufactur 70 1.21 14.01% 16.75%
230 Money Center Banks 4 0.72 10.66% 14.43%
231 Mortgage Banks 3 1.57 622.96% 15.58%
232 Motion Pictures&Services 30 1.27 16.66% 9.74%
233 Motorcycle/Motor Scooter 19 1.23 9.05% 15.38%
234 Multi-line Insurance 96 1.17 1.37% 10.00%
235 Multilevel Dir Selling 4 0.68 0.17% 18.68%
236 Multimedia 24 1.16 31.86% 26.08%
237 Music 7 1.04 24.06% 21.71%
238 Networking Products 37 1.60 10.51% 16.04%
239 Non-Ferrous Metals 29 1.90 12.87% 20.03%
240 Non-hazardous Waste Disp 8 1.39 8.65% 20.13%
241 Not classified 156 0.91 0.01% 9.47%
242 Office Automation&Equip 6 1.56 8.64% 12.78%
243 Office Furnishings-Orig 4 0.92 0.17% 21.24%
244 Office Supplies&Forms 3 1.73 39.15% 11.19%
245 Oil Comp-Explor&Prodtn 58 1.59 12.27% 21.43%
246 Oil Comp-Integrated 53 1.46 1.40% 21.21%
247 Oil Field Mach&Equip 12 2.18 0.18% 17.77%
248 Oil Refining&Marketing 91 1.31 40.58% 18.73%
249 Oil-Field Services 38 1.71 10.42% 13.06%
250 Oil&Gas Drilling 7 1.68 0.07% 22.76%
251 Optical Supplies 8 0.73 2.74% 13.85%
252 Paper&Related Products 113 1.16 38.60% 18.46%
253 Pastoral&Agricultural 29 1.20 46.09% 16.61%
254 Patient Monitoring Equip 3 1.39 0.25% 1.41%
255 Petrochemicals 74 1.33 24.22% 19.06%
256 Pharmacy Services 4 NA 3.05% 14.24%
257 Photo Equipment&Supplies 14 1.56 29.65% 11.31%
258 Phys Practice Mgmnt 1 1.30 2.71% 6.63%
259 Pipelines 16 1.42 7.83% 24.15%
260 Platinum 5 1.75 0.33% 22.49%
261 Pollution Control 6 1.18 5.77% 22.18%
262 Poultry 17 1.06 18.31% 15.13%
263 Power Conv/Supply Equip 84 1.47 5.65% 17.23%
264 Precious Metals 3 1.52 29.07% 5.34%
265 Printing-Commercial 21 1.16 0.01% 21.84%
266 Professional Sports 4 0.46 5.30% 0.35%
267 Property Trust 3 0.45 9.89% 1.75%
268 Property/Casualty Ins 53 1.29 0.70% 18.83%
269 Protection-Safety 3 0.78 3.93% 7.90%
270 Public Thoroughfares 45 1.28 17.09% 22.07%
271 Publishing-Books 13 0.76 0.56% 15.59%
272 Publishing-Newspapers 36 1.05 0.12% 25.20%
273 Publishing-Periodicals 10 0.91 8.00% 16.19%
274 Quarrying 4 1.02 2.08% 7.66%
275 Racetracks 1 0.38 0.00% 26.58%
276 Radio 3 0.76 3.64% 6.81%
277 Real Estate Mgmnt/Servic 64 1.30 64.89% 17.69%
278 Real Estate Oper/Develop 556 1.56 11.91% 19.02%
279 Recreational Centers 10 1.00 8.13% 9.83%
280 Recycling 6 1.32 7.87% 12.76%
281 Regional Banks-Non US 15 1.15 13.88% 17.52%
282 Reinsurance 8 0.96 0.00% 13.63%
283 Remediation Services 2 0.78 94.71% 36.91%
284 Rental Auto/Equipment 6 1.29 42.80% 19.97%
285 Research&Development 1 2.55 0.02% 0.00%
286 Resorts/Theme Parks 9 1.09 8.25% 5.12%
287 Respiratory Products 1 0.63 0.00% 10.67%
288 Retail-Apparel/Shoe 32 1.20 0.02% 21.00%
289 Retail-Appliances 4 1.15 4.21% 28.17%
290 Retail-Auto Parts 3 0.36 14.09% 21.19%
291 Retail-Automobile 18 1.17 23.05% 27.03%
292 Retail-Bookstore 1 NA 0.27% 1.12%
293 Retail-Building Products 5 1.09 31.12% 22.95%
294 Retail-Catalog Shopping 1 2.28 83.49% 0.00%
295 Retail-Computer Equip 6 1.26 440.77% 23.76%
296 Retail-Consumer Electron 8 1.06 0.18% 24.91%
297 Retail-Convenience Store 7 0.93 ### 14.73%
298 Retail-Discount 13 0.81 190.71% 22.28%
299 Retail-Drug Store 11 1.28 23.45% 15.48%
300 Retail-Hair Salons 1 0.87 0.00% 15.70%
301 Retail-Home Furnishings 12 1.16 0.06% 17.61%
302 Retail-Hypermarkets 27 0.81 10.94% 24.15%
303 Retail-Jewelry 41 1.17 32.80% 17.85%
304 Retail-Major Dept Store 33 1.43 25.95% 19.02%
305 Retail-Misc/Diversified 37 1.29 0.03% 27.78%
306 Retail-Office Supplies 1 1.04 0.01% 0.00%
307 Retail-Perfume&Cosmetics 2 1.03 0.74% 10.71%
308 Retail-Petroleum Prod 15 1.15 44.60% 19.33%
309 Retail-Regnl Dept Store 65 1.21 31.39% 28.59%
310 Retail-Restaurants 26 1.00 7.12% 16.12%
311 Retail-Sporting Goods 4 NA 12.15% 20.13%
312 Retail-Toy Store 1 1.59 13.43% 0.00%
313 Rubber-Tires 50 1.30 29.10% 26.52%
314 Rubber/Plastic Products 44 1.21 266.44% 18.51%
315 Rubber&Vinyl 15 1.29 0.32% 19.20%
316 Satellite Telecom 10 1.07 76.60% 18.71%
317 Schools 27 1.13 0.14% 15.09%
318 Security Services 4 1.63 0.09% 19.20%
319 Seismic Data Collection 5 1.05 13.27% 22.13%
320 Semicon Compo-Intg Circu 83 1.71 14.11% 9.98%
321 Semiconductor Equipment 33 1.33 16.16% 15.35%
322 Shipbuilding 31 1.82 3.84% 20.32%
323 Silver Mining 4 1.05 1.82% 21.43%
324 Soap&Cleaning Prepar 14 1.07 0.05% 16.22%
325 Special Purpose Banks 4 0.78 30.95% 13.33%
326 Special Purpose Entity 2 0.68 0.00% 16.45%
327 Specified Purpose Acquis 2 0.34 1156.86% 0.00%
328 Steel Pipe&Tube 70 1.39 71.02% 23.43%
329 Steel-Producers 205 1.53 6.98% 20.42%
330 Steel-Specialty 51 1.48 56.31% 20.90%
331 Stevedoring 5 1.13 140.51% 23.38%
332 Storage/Warehousing 14 1.29 18.47% 10.10%
333 Sugar 43 1.25 12.61% 22.84%
334 Superconductor Prod&Sys 3 1.54 102.39% 21.91%
335 Tannery 10 0.91 19.24% 23.86%
336 Tea 12 1.29 0.01% 6.95%
337 Telecom Eq Fiber Optics 12 1.29 23.44% 17.93%
338 Telecom Services 113 1.26 19189.24% 22.87%
339 Telecommunication Equip 98 1.38 3.26% 13.32%
340 Telephone-Integrated 53 1.03 42.32% 23.47%
341 Television 30 1.24 14.41% 21.75%
342 Textile-Apparel 62 1.19 19.90% 17.64%
343 Textile-Home Furnishings 8 0.67 1.57% 6.37%
344 Textile-Products 172 1.24 44.69% 18.14%
345 Theaters 14 1.32 32.28% 17.37%
346 Therapeutics 47 1.17 7.20% 19.52%
347 Tobacco 38 0.86 1.03% 26.66%
348 Tools-Hand Held 7 1.36 10.20% 15.35%
349 Toys 11 1.10 26.54% 20.90%
350 Transactional Software 2 1.37 2.94% 17.91%
351 Transport-Air Freight 4 0.95 11.20% 15.55%
352 Transport-Equip&Leasng 3 0.79 1.15% 16.89%
353 Transport-Marine 121 1.54 44.65% 10.97%
354 Transport-Rail 10 0.97 4.75% 22.11%
355 Transport-Services 73 1.24 4.83% 16.13%
356 Transport-Truck 16 1.41 3.28% 22.13%
357 Travel Services 34 1.09 6.06% 20.19%
358 Venture Capital 13 1.36 22.58% 13.75%
359 Veterinary Diagnostics 1 1.39 3.28% 34.70%
360 Veterinary Products 3 1.42 5.85% 11.70%
361 Vitamins&Nutrition Prod 8 1.59 4.83% 18.99%
362 Water 23 1.11 36.44% 27.98%
363 Water Treatment Systems 17 1.41 6.27% 11.44%
364 Web Hosting/Design 1 1.46 4.41% 0.00%
365 Web Portals/ISP 11 1.52 6.89% 11.91%
366 Whsing&Harbor Trans Serv 33 0.95 6.56% 16.39%
367 Wire&Cable Products 68 1.44 9.72% 16.84%
368 Wireless Equipment 39 1.54 7.04% 12.24%
369 Wool 1 NA 24.12% 0.00%
370 Wound,Burn&Skin Care 3 1.64 1.29% 8.23%
371 X-Ray Equipment 1 1.49 8.17% 8.07%
372 Market 11985 1.32 0.04% 18.28%
Unlevered Beta Cash/Firm Value Unlevered Beta corrected for cash
1.26 3.84% 1.31
1.09 17.75% 1.33
0.23 41.87% 0.40
1.44 10.96% 1.62
0.63 14.71% 0.74
1.37 4.12% 1.43
0.93 15.39% 1.10
1.03 6.03% 1.09
1.40 5.45% 1.48
0.90 10.95% 1.01
0.74 8.20% 0.81
0.81 7.19% 0.88
1.05 10.41% 1.18
1.24 9.00% 1.36
1.06 4.73% 1.11
1.00 11.24% 1.13
0.60 7.15% 0.65
0.86 12.27% 0.97
1.84 6.63% 1.97
0.55 10.32% 0.61
1.13 6.80% 1.21
0.94 7.15% 1.02
0.93 3.26% 0.96
0.76 1.78% 0.77
0.81 4.53% 0.84
0.84 3.37% 0.87
1.12 2.87% 1.16
1.43 14.08% 1.67
1.15 6.22% 1.22
1.30 6.07% 1.39
1.21 5.95% 1.29
1.44 7.44% 1.55
1.18 7.44% 1.28
0.79 6.26% 0.84
1.19 8.15% 1.30
NA 0.00% NA
0.72 8.88% 0.79
1.16 8.08% 1.26
1.63 8.67% 1.78
1.65 4.80% 1.73
1.52 9.54% 1.68
0.45 6.45% 0.48
1.36 7.49% 1.47
1.09 7.84% 1.18
1.53 2.57% 1.57
1.15 3.33% 1.19
0.86 6.13% 0.92
0.97 6.32% 1.03
0.93 9.59% 1.03
1.09 5.61% 1.15
0.97 11.96% 1.11
1.09 5.95% 1.15
1.07 10.82% 1.20
1.60 20.01% 2.00
0.33 7.91% 0.36
1.33 4.16% 1.39
0.87 4.90% 0.91
0.60 7.12% 0.65
0.69 2.76% 0.71
1.22 22.90% 1.58
0.95 18.89% 1.17
0.94 9.84% 1.05
0.81 2.87% 0.83
1.99 0.54% 2.00
1.40 12.79% 1.60
0.81 0.10% 0.81
0.94 6.66% 1.01
1.29 7.22% 1.39
1.41 12.67% 1.61
1.12 10.09% 1.25
1.02 11.91% 1.16
0.92 15.37% 1.08
1.18 16.07% 1.40
1.17 4.90% 1.23
1.50 6.10% 1.60
0.69 10.65% 0.77
0.96 5.86% 1.02
0.26 73.68% 1.00
0.98 5.98% 1.04
0.58 5.63% 0.61
0.47 5.17% 0.50
1.18 1.99% 1.20
0.90 4.96% 0.94
0.38 1.00% 0.39
NA 0.00% NA
1.03 4.22% 1.07
2.04 1.90% 2.08
0.74 6.01% 0.79
NA 0.14% NA
0.95 11.69% 1.07
1.14 8.86% 1.25
1.23 2.67% 1.27
1.19 8.04% 1.30
1.26 10.24% 1.41
1.55 5.63% 1.65
1.48 8.49% 1.62
0.73 6.60% 0.79
1.22 3.98% 1.27
1.14 13.95% 1.33
0.98 9.12% 1.08
1.14 5.19% 1.21
0.68 7.53% 0.73
0.96 12.36% 1.09
1.29 3.71% 1.34
1.17 5.34% 1.24
0.99 1.42% 1.00
1.09 10.72% 1.22
1.32 7.06% 1.42
1.43 10.38% 1.60
1.54 9.91% 1.71
1.13 5.31% 1.20
1.22 12.11% 1.38
1.39 7.93% 1.51
1.32 42.80% 2.30
1.42 12.75% 1.63
1.60 6.08% 1.70
1.36 5.27% 1.44
1.21 4.73% 1.27
1.66 5.05% 1.75
1.09 12.74% 1.25
1.29 12.92% 1.48
0.76 12.41% 0.86
0.29 2.71% 0.29
0.74 0.98% 0.74
0.36 1.56% 0.36
0.38 13.70% 0.44
0.49 3.06% 0.50
0.24 1.82% 0.24
1.27 10.19% 1.41
0.47 5.68% 0.50
0.69 5.42% 0.73
0.68 7.66% 0.74
0.85 7.55% 0.92
1.90 3.66% 1.97
1.21 5.65% 1.29
0.94 4.90% 0.99
0.58 8.52% 0.63
0.88 23.70% 1.15
1.02 16.09% 1.22
1.02 6.72% 1.10
1.14 14.28% 1.33
1.15 11.95% 1.30
1.20 7.77% 1.30
1.03 10.13% 1.15
1.16 12.05% 1.32
0.86 6.61% 0.92
1.25 4.95% 1.32
1.02 7.59% 1.11
1.74 10.17% 1.94
0.89 7.58% 0.96
NA 0.00% NA
1.52 6.42% 1.63
0.78 8.99% 0.86
1.38 1.70% 1.41
2.91 14.07% 3.38
0.80 6.80% 0.86
1.07 6.77% 1.14
0.59 7.10% 0.64
0.72 5.99% 0.77
1.14 4.46% 1.20
0.67 5.86% 0.71
1.53 6.64% 1.64
1.20 6.49% 1.28
1.12 8.33% 1.22
1.34 0.50% 1.34
1.12 3.32% 1.16
1.07 12.12% 1.22
1.11 5.02% 1.17
1.31 10.92% 1.47
1.26 10.96% 1.42
1.31 7.37% 1.41
0.95 8.48% 1.04
0.78 11.32% 0.88
1.25 5.04% 1.32
1.35 34.19% 2.06
0.84 13.16% 0.97
1.65 11.24% 1.86
0.73 31.22% 1.06
1.05 9.06% 1.15
3.56 22.53% 4.59
1.27 4.25% 1.33
0.68 5.63% 0.72
1.26 2.38% 1.29
1.44 5.90% 1.53
0.75 9.34% 0.83
0.82 4.74% 0.86
0.63 5.27% 0.66
1.41 8.20% 1.54
1.41 5.02% 1.49
1.15 9.21% 1.27
1.64 3.01% 1.69
1.07 21.40% 1.36
1.24 11.14% 1.40
NA 14.66% NA
1.46 6.01% 1.55
1.16 4.28% 1.21
1.25 3.23% 1.29
1.14 17.01% 1.37
0.99 5.65% 1.05
1.59 15.68% 1.89
1.10 8.92% 1.20
1.39 1.45% 1.41
1.28 5.20% 1.36
1.12 1.73% 1.14
1.28 19.87% 1.60
1.55 9.63% 1.71
1.31 0.00% 1.31
0.99 5.27% 1.04
1.31 10.79% 1.47
0.98 3.51% 1.01
NA 0.77% NA
1.41 5.78% 1.50
1.21 5.07% 1.27
1.04 3.37% 1.08
1.08 4.65% 1.13
1.11 5.63% 1.17
NA 13.09% NA
0.77 3.04% 0.80
0.93 22.83% 1.20
1.16 6.50% 1.24
1.33 3.89% 1.38
0.91 5.61% 0.96
0.88 6.85% 0.94
1.32 5.64% 1.40
1.12 8.14% 1.22
1.49 7.91% 1.62
1.21 2.80% 1.25
1.20 2.72% 1.24
1.09 -6.95% 1.01
0.66 16.74% 0.80
0.25 17.12% 0.30
1.11 5.08% 1.17
1.14 3.70% 1.19
1.16 11.92% 1.32
0.68 18.53% 0.83
0.94 13.01% 1.08
0.87 6.97% 0.94
1.47 9.15% 1.62
1.72 5.44% 1.82
1.30 11.28% 1.46
0.91 8.84% 1.00
1.45 10.23% 1.61
0.92 23.46% 1.20
1.28 7.76% 1.39
1.45 9.16% 1.59
1.44 4.25% 1.51
2.18 9.18% 2.40
0.98 10.80% 1.10
1.57 10.34% 1.75
1.68 3.26% 1.74
0.72 6.96% 0.77
0.88 4.85% 0.93
0.87 6.67% 0.93
1.39 0.00% 1.39
1.12 4.72% 1.17
NA 0.72% NA
1.24 13.03% 1.42
1.27 3.75% 1.31
1.34 12.71% 1.53
1.74 5.87% 1.85
1.13 6.29% 1.21
0.92 11.90% 1.04
1.40 4.34% 1.47
1.19 1.11% 1.21
1.16 6.53% 1.24
0.44 1.57% 0.44
0.41 2.19% 0.42
1.28 17.68% 1.55
0.75 9.02% 0.83
1.13 6.46% 1.21
0.75 14.83% 0.88
1.05 6.95% 1.13
0.85 4.26% 0.89
1.00 8.93% 1.10
0.38 9.82% 0.43
0.73 1.41% 0.74
0.85 5.61% 0.90
1.43 6.30% 1.52
0.93 3.29% 0.96
1.24 6.27% 1.32
1.03 16.76% 1.24
0.96 11.27% 1.08
0.49 5.37% 0.52
0.96 5.26% 1.02
2.55 9.67% 2.82
1.01 1.41% 1.02
0.63 10.69% 0.71
1.20 9.94% 1.33
1.12 2.75% 1.15
0.33 5.09% 0.34
1.00 7.48% 1.09
NA 15.34% NA
0.88 4.53% 0.92
1.24 0.33% 1.25
0.29 10.88% 0.33
1.06 13.26% 1.22
0.00 35.49% 0.00
0.33 35.38% 0.51
1.07 14.71% 1.25
0.87 20.57% 1.09
1.16 5.87% 1.24
0.75 11.32% 0.84
0.92 9.88% 1.02
1.18 7.37% 1.27
1.29 12.89% 1.48
1.04 0.67% 1.04
1.02 56.10% 2.32
0.84 11.52% 0.95
0.99 10.06% 1.10
0.94 9.92% 1.04
NA 13.67% NA
1.40 12.78% 1.61
1.07 4.03% 1.12
0.38 9.08% 0.42
1.28 4.93% 1.35
0.66 10.89% 0.74
1.13 14.13% 1.31
1.63 11.01% 1.83
0.95 6.26% 1.01
1.52 10.84% 1.70
1.17 9.31% 1.29
1.76 7.75% 1.91
1.03 0.56% 1.04
1.07 3.10% 1.11
0.61 4.02% 0.64
0.68 50.00% 1.36
0.03 4.57% 0.03
0.90 4.81% 0.95
1.45 3.89% 1.51
1.03 3.79% 1.07
0.54 5.24% 0.57
1.11 8.55% 1.21
1.13 3.64% 1.18
0.86 2.73% 0.88
0.79 4.24% 0.83
1.29 1.82% 1.31
1.08 5.13% 1.14
0.01 6.89% 0.01
1.35 8.67% 1.47
0.78 4.77% 0.82
1.12 2.23% 1.14
1.02 5.70% 1.08
0.66 7.37% 0.72
0.91 5.08% 0.95
1.04 1.57% 1.06
1.10 7.42% 1.19
0.85 6.18% 0.91
1.25 6.06% 1.33
0.91 5.02% 0.95
1.34 5.07% 1.41
0.87 10.23% 0.97
0.78 5.09% 0.83
1.10 8.05% 1.20
0.93 4.87% 0.98
1.20 6.91% 1.28
1.38 2.37% 1.41
1.04 6.88% 1.12
1.14 12.05% 1.29
1.36 2.37% 1.39
1.35 2.73% 1.39
1.53 6.57% 1.64
0.88 5.73% 0.93
1.34 16.22% 1.60
1.40 1.77% 1.42
1.43 10.66% 1.60
0.90 5.18% 0.95
1.33 6.08% 1.42
1.45 13.44% 1.68
NA 1.64% NA
1.62 0.89% 1.64
1.39 6.16% 1.48
1.32 8.13% 1.44
 Coloque una letra a en la casilla que estime conveniente
Bajo Promedio Notable Rel Alto Muy alto Check
Peso FACTORES DE RIESGO A CONSIDERAR 1 2 3 4 5 Ponderado
15% N Negocio:sector a
10% O Apalancamiento Operativo a
5% D Directivos a
5% E Exposición a otros riesgos (divisas) a
5% R Riesgo País a
15% F Flujos de caja: Estabilidad a
15% E Endeudamiento asignado a
12% L Liquidez de la inversión a
10% A Acceso a fuentes de fondos a
2% S Socios a
6% E Estrategia a
100% ###
Beta del patrimonio = 3.14 x 0.5 = 1.57
0%
a
1.57
- -
0.05 0.16
0.10 0.31
0.15 0.47
0.20 0.63
0.25 0.79
0.30 0.94
0.35 1.10
0.40 1.26
0.45 1.41
0.50 1.57
0.55 1.73
0.60 1.88
0.65 2.04
0.70 2.20
0.75 2.36
0.80 2.51
0.85 2.67
0.90 2.83
0.95 2.98
1.00 3.14

file:///conversion/tmp/activity_task_scratch/692639279.xls 09/20/2023