Valor de la empresa 8,000,000

Costo del accionista sin apalancamiento 12.50%

Costo de la empresa 10.00%

Modelo: Sin Impuestos

No Apalancada Apalancada
ESC 1 ESC 2 ESC 3 ESC 4
Valor Empresa 8,000,000 8,000,000 8,000,000 8,000,000
Valor Deuda 0 2,000,000 4,000,000 6,000,000
Valor Capital 8,000,000 6,000,000 4,000,000 2,000,000
Tasa de impuestos 0% 0% 0% 0%
Kd 10.00% 10.00% 10.00% 10.00%
ke 12.50% 13.33% 15.00% 20.00%
WACC 12.50% 12.50% 12.50% 12.50%

Modelo: Con Impuestos

No Apalancada Apalancada
ESC 1 ESC 2 ESC 3 ESC 4
Valor Empresa 8,000,000 8,000,000 8,000,000 8,000,000
Valor Deuda 0 2,000,000 4,000,000 6,000,000
Valor Capital 8,000,000 6,000,000 4,000,000 2,000,000
Tasa de impuestos 30% 30% 30% 30%
Kd 10.00% 10.00% 10.00% 10.00%
ke 12.50% 13.08% 14.25% 17.75%
WACC 12.50% 11.56% 10.63% 9.69%

Principio de valor => Valor Actual de los Flujos de Caja Futuros

=> VALOR DE LA EMPRESA (ACTIVOS)

ESTRUCTURA DE LA EMPRESA
ESTADO SITUACIÓN / BALANCE GENERAL

Pasivo
Activo Corriente
Corriente

Pasivo No
Corriente
EMPRESA
ACTIVO TOTAL
Activo No
Corriente
 Patrimonio

INVERSIONES FINANCIAMIENTO
rentabilidad costo

Flujo de Caja para la Empresa (Free Cash Flow / Flujo de Caja Libre para la
= UODI + Depreciación - Inversión en Capital de Trabajo (OPEX) - Inversión

Flujo de Caja para el Accionista

= UN + Depteciación - Inversión en Capital de Trabajo (OPEX) - Inversión en

Evaluación financiera:
1. Técnicas básicas de evaluación:
- Valor Presente Neto
- Tasa Interna de Retorno
- Periodo de recupero
- Indice de Rentabilidad
2. Técnicas para corregir las características de los proyectos
- Valor Anual Uniforme Equivalente => cuando los proyectos tienen plaz
- Tasa Interna de Retorno Modificada => cuando el flujo presente más d
 MODELO: MODIGLIANI & MILLER (1958)
SIN IMPUESTOS
Proposición 1 MM:
𝑉_𝑈=𝑉_𝐿
Proposición 2 MM:
𝐾_𝐿=𝐾_𝑈+𝐷/𝐸(𝐾_𝑈−𝐾_𝑑)
CON IMPUESTOS
Proposición 1 MM:
<= aplicando Proposición 2 MM
𝑉_𝐿=𝑉_𝑈+𝑡𝐷
Proposición 2 MM:
𝐾_𝐿=𝐾_𝑈+𝐷/𝐸(1−𝑡)(𝐾_𝑈−𝐾_𝑑)
COSTO DE CAPITAL DE LA EMPRESA:

75.00%

𝐾_𝑤𝑎𝑐𝑐=𝐶/(𝐶+𝐷) 𝐾_𝐸+𝐷/(𝐶+𝐷) 𝐾_𝐷

<= aplicando Proposición 2 MM

1. Flujo de caja proyectado

- Ingresos operativos proyectados
FC(1) FC(2) FC(3) FC(
- Egresos operativos proyectados VE = --------------- + -------------- + ---------------- + -------
(1+wacc )^1 (1+wacc)^2 (1+wacc)^3 (1+wa
2. Tasa de descuento
kd , ke , WACC (CPPC) => RIESGO DEL NEGOCIO (EMPRESA / ACTIVOS)

RA DE LA EMPRESA EFECTO DEL AUMENTO DEL VALOR DE

ÓN / BALANCE GENERAL LA EMPRESA Y ACCIONISTAS

Pasivo
Corriente

ACREEDORES ACREEDORES
Pasivo No PASIVO TOTAL PASIVO TOTAL
Corriente
Flujo de Caja EMPRESA
para la ACTIVO TOTAL
Empresa
Tasa de Dcto:
WACC ACCIONISTAS
ACCIONISTAS PATRIMONIO
PATRIMONIO
 ACCIONISTAS
ACCIONISTAS PATRIMONIO
PATRIMONIO
Patrimonio

Aumento
del Valor
del Activo
FINANCIAMIENTO
costo

ow / Flujo de Caja Libre para la Empresa)

l de Trabajo (OPEX) - Inversión en Activos Fijos (CAPEX)

e Trabajo (OPEX) - Inversión en Activos Fijos (CAPEX) +/- Deuda

de los proyectos
uando los proyectos tienen plazo de vida diferentes
> cuando el flujo presente más de un valor negativo
1958) V(U) => Valor de la empresa No Apalancada
V(L) => Valor de la empresa Apalancada
K(L) => Costo de capital del accionista cuando la empresa es apalancada
K(U) => Costo de capital del accionista cuando la empresa es no apalancada
K(d) => Costo de la deuda
t => tasa de impuestos

Valor de la Empresa = Valor de los Activos = Valor de la Deuda + Valor del Capital (patrimo
VE = VD + VC = D + C (E)

+𝐷/(𝐶+𝐷) 𝐾_𝐷 (1−𝑡)

FC(2) FC(3) FC(4) FC(n)

+ -------------- + ---------------- + ---------------- + …............ + ----------------
1 (1+wacc)^2 (1+wacc)^3 (1+wacc)^4 (1+wacc)^n

DEL VALOR DE
ONISTAS

CREEDORES
ASIVO TOTAL

ACCIONISTAS
PATRIMONIO Flujo de Caja
para el Accionista
Tasa de Dcto:
ke
ACCIONISTAS
PATRIMONIO Flujo de Caja
para el Accionista
Tasa de Dcto:
ke
presa es apalancada
presa es no apalancada

e la Deuda + Valor del Capital (patrimonio

El Costo de capital del accionista se modifica según cambia la estructura de capital de la empresa
=> El riesgo del costo del accionista:
1. Riesgo del negocio => asociado directamente con las actividades de la empresa
2. Riesgo financiero => asociado a la forma de financiamiento de la empresa
Riesgo Total = Riesgo del negocio (operativo) + Riesgo financiero

Se captura el riesgo financiero aplicando los siguientes modelos:

1. Modelo de la Proposición II M&M

k(L) =k(U) + D/E x (1-t) x (k(U) - kd)

2. Modelo (formula) de Hamada => basado en el Método del CAPM

B(L) = B(U) x (1 + D/C x (1-t))

Paso para modificar el costo de capital:
=> Cuando la empresa es apalancada:
1. Desampalancar el ke, es decir, llevar el k(L) a k(U)
2. Apalancar el k(U) con la nueva estructura de capital D/C
I. DETERMINACIÓN DEL COSTO DE CAPITAL DEL ACCIONISTA

Componente Fuente Justificación Valor

Se asume como benchmark, el promedio "diario" del Yield US

1. Tasa Libre de Riesgo treasury Bond 10 Years para el periodo 01.01.2021 al 31.12.2021 Instrumento más representativo de inversión libre de riesgo para 1.44%
el Perú
(Fuente: Bloomberg)

Beta no Apalancada de empresas del sector Servicios Financieros

Siendo una empresa cíclica, y por su alta correlación con el
2. Beta (No Bancos) de mercados emergentes y luego Apalancada según mercado, se asume que la Beta es representativa para el futuro. 0.41 0.41
la estructura D/C de la empresa (Fuente: Aswath Damodaran)

Promedio aritmético del diferencial del mercado accionario USA

y los rendimientos del US treasury Bond 10 Years para el periodo Rendimiento exigido en un horizonte razonable por los
3. Prima de Mercado inversionistas en el mercado USA 6.24%
de 2002-2021 (Fuente: Bloomberg)

Debido a que la compañía tiene el 100% de sus operaciones en

Prima de Riesgo País del Perú calculada para el periodo
4. Prima de Riesgo País Perú, se asume que la compañía se encuentra 100% expuesta al 3.74%
01.01.2021 al 31.12.2021
riesgo país.

Diferencial por riesgo Perú - Spread EMBIG Perú (Fuente: Banco Central
4.1. Default spread 1.66%
de Reserva del Perú)

Desviación estándar del índice de acciones de mercados emergentes /

4.2. Volatilidad Relativa del Mercado de Capitales 2.255
Desviación estándar del índice de bonos de mercado emergentes

Representa la exposición del activo valuada al riesgo país medido

5. 𝝀 Factor de ajuste del enfoque Lambda por los ingresos generados dentro del país respecto al promedio 1.32
de empresas
5.1. Ingresos generados en Perú Ingresos de Tarjertas Peruanas dentro del Perú 100.00%

Relación Ingresos Internos / PBI en el periodo 2021 (Fuente: Banco

5.2. Participación Ingresos Internos sobre PBI 75.87%
Central de Treserva el Perú)

Costo del Capital (En Dólares) 8.92%

 JPMorgan USD Emerging Markets Sovereign Bond ETF

Indice de Indice de
acciones de bonos de
Fecha mercado Fecha mercados
emergentes emergentes

12/30/2020 1,289.03 12/30/2020 51.570

12/31/2020 1,291.26 0.17% 12/31/2020 51.660
1/1/2021 1,291.75 0.04% 1/1/2021 51.660
1/4/2021 1,304.43 0.98% 1/4/2021 51.660
1/5/2021 1,319.97 1.19% 1/5/2021 51.520
1/6/2021 1,315.33 -0.35% 1/6/2021 51.190
1/7/2021 1,322.30 0.53% 1/7/2021 51.220
1/8/2021 1,353.53 2.36% 1/8/2021 51.260
1/11/2021 1,349.60 -0.29% 1/11/2021 50.880
1/12/2021 1,353.57 0.29% 1/12/2021 50.560
1/13/2021 1,364.07 0.78% 1/13/2021 50.830
1/14/2021 1,370.76 0.49% 1/14/2021 50.670
1/15/2021 1,358.03 -0.93% 1/15/2021 50.640
1/18/2021 1,358.98 0.07% 1/18/2021 50.640
1/19/2021 1,381.31 1.64% 1/19/2021 50.660
1/20/2021 1,400.97 1.42% 1/20/2021 50.770
1/21/2021 1,406.07 0.36% 1/21/2021 50.810
1/22/2021 1,392.85 -0.94% 1/22/2021 50.790
1/25/2021 1,410.20 1.25% 1/25/2021 50.990
1/26/2021 1,388.76 -1.52% 1/26/2021 50.980
1/27/2021 1,371.42 -1.25% 1/27/2021 50.680
1/28/2021 1,350.59 -1.52% 1/28/2021 50.920
1/29/2021 1,329.57 -1.56% 1/29/2021 50.860
2/1/2021 1,361.09 2.37% 2/1/2021 50.990
2/2/2021 1,381.19 1.48% 2/2/2021 51.030
2/3/2021 1,392.64 0.83% 2/3/2021 50.910
2/4/2021 1,387.61 -0.36% 2/4/2021 51.090
2/5/2021 1,395.35 0.56% 2/5/2021 51.140
2/8/2021 1,399.81 0.32% 2/8/2021 51.140
2/9/2021 1,409.14 0.67% 2/9/2021 51.040
2/10/2021 1,422.94 0.98% 2/10/2021 51.050
2/11/2021 1,427.89 0.35% 2/11/2021 51.110
2/12/2021 1,428.87 0.07% 2/12/2021 50.830
2/15/2021 1,437.72 0.62% 2/15/2021 50.830
2/16/2021 1,442.17 0.31% 2/16/2021 50.260
2/17/2021 1,444.93 0.19% 2/17/2021 50.520
2/18/2021 1,425.13 -1.37% 2/18/2021 50.450
2/19/2021 1,430.03 0.34% 2/19/2021 50.190
2/22/2021 1,397.67 -2.26% 2/22/2021 49.830
2/23/2021 1,398.20 0.04% 2/23/2021 49.900
2/24/2021 1,376.76 -1.53% 2/24/2021 50.010
2/25/2021 1,383.81 0.51% 2/25/2021 49.140
2/26/2021 1,339.26 -3.22% 2/26/2021 49.300
3/1/2021 1,362.47 1.73% 3/1/2021 49.410
3/2/2021 1,359.65 -0.21% 3/2/2021 49.380
3/3/2021 1,378.02 1.35% 3/3/2021 49.100
3/4/2021 1,346.34 -2.30% 3/4/2021 48.650
 3/5/2021 1,339.31 -0.52% 3/5/2021 48.710
3/8/2021 1,308.14 -2.33% 3/8/2021 47.920
3/9/2021 1,317.85 0.74% 3/9/2021 48.460
3/10/2021 1,324.90 0.53% 3/10/2021 48.890
3/11/2021 1,357.60 2.47% 3/11/2021 49.280
3/12/2021 1,348.20 -0.69% 3/12/2021 48.630
3/15/2021 1,340.25 -0.59% 3/15/2021 48.950
3/16/2021 1,349.07 0.66% 3/16/2021 49.170
3/17/2021 1,342.80 -0.46% 3/17/2021 49.530
3/18/2021 1,347.33 0.34% 3/18/2021 48.790
3/19/2021 1,336.84 -0.78% 3/19/2021 49.000
3/22/2021 1,336.27 -0.04% 3/22/2021 48.980
3/23/2021 1,323.77 -0.94% 3/23/2021 48.780
3/24/2021 1,298.44 -1.91% 3/24/2021 48.920
3/25/2021 1,288.42 -0.77% 3/25/2021 48.810
3/26/2021 1,307.48 1.48% 3/26/2021 48.830
3/29/2021 1,310.11 0.20% 3/29/2021 48.590
3/30/2021 1,319.50 0.72% 3/30/2021 48.530
3/31/2021 1,316.43 -0.23% 3/31/2021 48.630
4/1/2021 1,335.24 1.43% 4/1/2021 48.720
4/2/2021 1,338.23 0.22% 4/2/2021 48.720
4/5/2021 1,338.79 0.04% 4/5/2021 48.670
4/6/2021 1,346.91 0.61% 4/6/2021 48.860
4/7/2021 1,338.76 -0.61% 4/7/2021 48.780
4/8/2021 1,343.36 0.34% 4/8/2021 48.970
4/9/2021 1,330.36 -0.97% 4/9/2021 48.880
4/12/2021 1,322.31 -0.61% 4/12/2021 48.740
4/13/2021 1,323.95 0.12% 4/13/2021 48.960
4/14/2021 1,336.59 0.95% 4/14/2021 48.980
4/15/2021 1,341.09 0.34% 4/15/2021 49.550
4/16/2021 1,348.69 0.57% 4/16/2021 49.410
4/19/2021 1,348.55 -0.01% 4/19/2021 49.380
4/20/2021 1,347.61 -0.07% 4/20/2021 49.250
4/21/2021 1,336.86 -0.80% 4/21/2021 49.380
4/22/2021 1,341.43 0.34% 4/22/2021 49.480
4/23/2021 1,353.02 0.86% 4/23/2021 49.530
4/26/2021 1,360.64 0.56% 4/26/2021 49.290
4/27/2021 1,361.96 0.10% 4/27/2021 49.020
4/28/2021 1,364.96 0.22% 4/28/2021 49.190
4/29/2021 1,364.54 -0.03% 4/29/2021 49.240
4/30/2021 1,347.61 -1.24% 4/30/2021 49.370
5/3/2021 1,338.89 -0.65% 5/3/2021 49.150
5/4/2021 1,334.99 -0.29% 5/4/2021 49.210
5/5/2021 1,333.05 -0.15% 5/5/2021 49.260
5/6/2021 1,340.80 0.58% 5/6/2021 49.460
5/7/2021 1,348.57 0.58% 5/7/2021 49.650
5/10/2021 1,346.35 -0.16% 5/10/2021 49.490
5/11/2021 1,329.08 -1.28% 5/11/2021 49.420
5/12/2021 1,315.25 -1.04% 5/12/2021 48.960
5/13/2021 1,292.78 -1.71% 5/13/2021 49.210
5/14/2021 1,307.53 1.14% 5/14/2021 49.410
5/17/2021 1,311.45 0.30% 5/17/2021 49.420
5/18/2021 1,333.18 1.66% 5/18/2021 49.450
5/19/2021 1,327.54 -0.42% 5/19/2021 49.250
5/20/2021 1,329.31 0.13% 5/20/2021 49.560
5/21/2021 1,330.04 0.05% 5/21/2021 49.440
5/24/2021 1,326.68 -0.25% 5/24/2021 49.480
5/25/2021 1,345.49 1.42% 5/25/2021 49.710
5/26/2021 1,351.95 0.48% 5/26/2021 49.710
5/27/2021 1,354.31 0.17% 5/27/2021 49.620
5/28/2021 1,360.78 0.48% 5/28/2021 49.760
5/31/2021 1,376.21 1.13% 5/31/2021 49.760
6/1/2021 1,390.85 1.06% 6/1/2021 49.610
6/2/2021 1,388.47 -0.17% 6/2/2021 49.690
6/3/2021 1,383.57 -0.35% 6/3/2021 49.470
6/4/2021 1,381.56 -0.15% 6/4/2021 49.800
6/7/2021 1,380.59 -0.07% 6/7/2021 49.730
6/8/2021 1,377.43 -0.23% 6/8/2021 49.910
6/9/2021 1,372.80 -0.34% 6/9/2021 50.020
6/10/2021 1,378.85 0.44% 6/10/2021 50.120
6/11/2021 1,381.99 0.23% 6/11/2021 50.180
6/14/2021 1,383.19 0.09% 6/14/2021 49.890
6/15/2021 1,378.27 -0.36% 6/15/2021 50.000
6/16/2021 1,370.00 -0.60% 6/16/2021 49.570
6/17/2021 1,362.88 -0.52% 6/17/2021 49.740
6/18/2021 1,361.25 -0.12% 6/18/2021 49.890
6/21/2021 1,350.52 -0.79% 6/21/2021 49.870
6/22/2021 1,346.84 -0.27% 6/22/2021 49.840
6/23/2021 1,360.50 1.01% 6/23/2021 49.940
6/24/2021 1,367.39 0.51% 6/24/2021 49.970
6/25/2021 1,379.59 0.89% 6/25/2021 49.900
6/28/2021 1,380.90 0.09% 6/28/2021 50.000
6/29/2021 1,377.15 -0.27% 6/29/2021 49.990
6/30/2021 1,374.64 -0.18% 6/30/2021 50.050
7/1/2021 1,368.22 -0.47% 7/1/2021 49.780
7/2/2021 1,355.38 -0.94% 7/2/2021 49.890
7/5/2021 1,354.47 -0.07% 7/5/2021 49.890
7/6/2021 1,346.58 -0.58% 7/6/2021 49.880
7/7/2021 1,340.68 -0.44% 7/7/2021 49.970
7/8/2021 1,316.25 -1.82% 7/8/2021 49.880
7/9/2021 1,318.17 0.15% 7/9/2021 49.870
7/12/2021 1,326.83 0.66% 7/12/2021 49.850
7/13/2021 1,339.51 0.96% 7/13/2021 49.740
7/14/2021 1,338.13 -0.10% 7/14/2021 49.910
7/15/2021 1,348.48 0.77% 7/15/2021 50.100
7/16/2021 1,340.08 -0.62% 7/16/2021 50.040
7/19/2021 1,317.22 -1.71% 7/19/2021 49.940
7/20/2021 1,311.07 -0.47% 7/20/2021 50.140
7/21/2021 1,312.15 0.08% 7/21/2021 49.940
7/22/2021 1,326.38 1.08% 7/22/2021 50.080
7/23/2021 1,311.30 -1.14% 7/23/2021 50.090
7/26/2021 1,279.99 -2.39% 7/26/2021 49.920
7/27/2021 1,252.43 -2.15% 7/27/2021 49.750
7/28/2021 1,268.21 1.26% 7/28/2021 49.920
7/29/2021 1,295.41 2.14% 7/29/2021 49.940
7/30/2021 1,277.80 -1.36% 7/30/2021 50.070
 8/2/2021 1,293.11 1.20% 8/2/2021 49.950
8/3/2021 1,294.18 0.08% 8/3/2021 49.980
8/4/2021 1,303.99 0.76% 8/4/2021 49.980
8/5/2021 1,300.09 -0.30% 8/5/2021 49.950
8/6/2021 1,292.53 -0.58% 8/6/2021 49.730
8/9/2021 1,294.20 0.13% 8/9/2021 49.550
8/10/2021 1,300.33 0.47% 8/10/2021 49.600
8/11/2021 1,297.58 -0.21% 8/11/2021 49.610
8/12/2021 1,290.91 -0.51% 8/12/2021 49.670
8/13/2021 1,280.86 -0.78% 8/13/2021 49.920
8/16/2021 1,272.19 -0.68% 8/16/2021 49.920
8/17/2021 1,255.78 -1.29% 8/17/2021 49.890
8/18/2021 1,261.60 0.46% 8/18/2021 49.800
8/19/2021 1,232.41 -2.31% 8/19/2021 49.810
8/20/2021 1,220.78 -0.94% 8/20/2021 49.750
8/23/2021 1,237.53 1.37% 8/23/2021 49.850
8/24/2021 1,270.01 2.62% 8/24/2021 49.900
8/25/2021 1,275.31 0.42% 8/25/2021 49.870
8/26/2021 1,266.13 -0.72% 8/26/2021 49.810
8/27/2021 1,272.67 0.52% 8/27/2021 50.090
8/30/2021 1,285.39 1.00% 8/30/2021 50.210
8/31/2021 1,308.67 1.81% 8/31/2021 50.270
9/1/2021 1,312.44 0.29% 9/1/2021 50.170
9/2/2021 1,311.91 -0.04% 9/2/2021 50.250
9/3/2021 1,315.91 0.30% 9/3/2021 50.170
9/6/2021 1,324.37 0.64% 9/6/2021 50.170
9/7/2021 1,325.65 0.10% 9/7/2021 50.030
9/8/2021 1,313.60 -0.91% 9/8/2021 50.110
9/9/2021 1,299.97 -1.04% 9/9/2021 50.220
9/10/2021 1,308.94 0.69% 9/10/2021 50.080
9/13/2021 1,301.54 -0.57% 9/13/2021 50.130
9/14/2021 1,296.15 -0.41% 9/14/2021 50.220
9/15/2021 1,288.68 -0.58% 9/15/2021 50.240
9/16/2021 1,276.78 -0.92% 9/16/2021 50.060
9/17/2021 1,279.35 0.20% 9/17/2021 49.880
9/20/2021 1,258.23 -1.65% 9/20/2021 49.680
9/21/2021 1,261.40 0.25% 9/21/2021 49.770
9/22/2021 1,262.79 0.11% 9/22/2021 49.850
9/23/2021 1,272.52 0.77% 9/23/2021 49.440
9/24/2021 1,265.10 -0.58% 9/24/2021 49.210
9/27/2021 1,267.36 0.18% 9/27/2021 49.050
9/28/2021 1,260.89 -0.51% 9/28/2021 48.870
9/29/2021 1,251.28 -0.76% 9/29/2021 48.910
9/30/2021 1,253.10 0.15% 9/30/2021 48.920
10/1/2021 1,246.60 -0.52% 10/1/2021 48.660
10/4/2021 1,236.41 -0.82% 10/4/2021 48.470
10/5/2021 1,236.51 0.01% 10/5/2021 48.570
10/6/2021 1,227.13 -0.76% 10/6/2021 48.450
10/7/2021 1,253.28 2.13% 10/7/2021 48.580
10/8/2021 1,257.04 0.30% 10/8/2021 48.440
10/11/2021 1,265.65 0.68% 10/11/2021 48.310
10/12/2021 1,253.63 -0.95% 10/12/2021 48.450
10/13/2021 1,260.23 0.53% 10/13/2021 48.750
10/14/2021 1,266.67 0.51% 10/14/2021 48.970
10/15/2021 1,283.67 1.34% 10/15/2021 48.870
10/18/2021 1,283.02 -0.05% 10/18/2021 48.740
10/19/2021 1,294.57 0.90% 10/19/2021 48.740
10/20/2021 1,301.13 0.51% 10/20/2021 48.760
10/21/2021 1,293.00 -0.62% 10/21/2021 48.550
10/22/2021 1,293.14 0.01% 10/22/2021 48.700
10/25/2021 1,297.26 0.32% 10/25/2021 48.640
10/26/2021 1,296.06 -0.09% 10/26/2021 48.860
10/27/2021 1,282.89 -1.02% 10/27/2021 49.120
10/28/2021 1,276.07 -0.53% 10/28/2021 49.050
10/29/2021 1,264.75 -0.89% 10/29/2021 48.910
11/1/2021 1,264.54 -0.02% 11/1/2021 48.670
11/2/2021 1,263.96 -0.05% 11/2/2021 48.720
11/3/2021 1,262.46 -0.12% 11/3/2021 48.610
11/4/2021 1,268.45 0.47% 11/4/2021 48.930
11/5/2021 1,264.07 -0.35% 11/5/2021 49.310
11/8/2021 1,268.82 0.38% 11/8/2021 49.300
11/9/2021 1,272.95 0.33% 11/9/2021 49.340
11/10/2021 1,274.39 0.11% 11/10/2021 48.730
11/11/2021 1,281.40 0.55% 11/11/2021 48.690
11/12/2021 1,285.48 0.32% 11/12/2021 48.750
11/15/2021 1,286.82 0.10% 11/15/2021 48.590
11/16/2021 1,290.55 0.29% 11/16/2021 48.500
11/17/2021 1,286.87 -0.29% 11/17/2021 48.560
11/18/2021 1,273.87 -1.01% 11/18/2021 48.650
11/19/2021 1,269.22 -0.37% 11/19/2021 48.610
11/22/2021 1,261.56 -0.60% 11/22/2021 48.160
11/23/2021 1,255.39 -0.49% 11/23/2021 47.830
11/24/2021 1,253.15 -0.18% 11/24/2021 47.960
11/25/2021 1,254.69 0.12% 11/25/2021 47.960
11/26/2021 1,223.13 -2.52% 11/26/2021 47.360
11/29/2021 1,218.99 -0.34% 11/29/2021 47.760
11/30/2021 1,212.42 -0.54% 11/30/2021 47.790
12/1/2021 1,226.81 1.19% 12/1/2021 47.950
12/2/2021 1,236.19 0.76% 12/2/2021 48.200
12/3/2021 1,224.64 -0.93% 12/3/2021 48.280
12/6/2021 1,213.96 -0.87% 12/6/2021 48.290
12/7/2021 1,235.56 1.78% 12/7/2021 48.570
12/8/2021 1,241.01 0.44% 12/8/2021 48.560
12/9/2021 1,247.71 0.54% 12/9/2021 48.520
12/10/2021 1,238.54 -0.73% 12/10/2021 48.470
12/13/2021 1,230.61 -0.64% 12/13/2021 48.670
12/14/2021 1,222.10 -0.69% 12/14/2021 48.540
12/15/2021 1,214.50 -0.62% 12/15/2021 48.370
12/16/2021 1,223.89 0.77% 12/16/2021 48.440
12/17/2021 1,216.30 -0.62% 12/17/2021 48.280
12/20/2021 1,190.08 -2.16% 12/20/2021 48.120
12/21/2021 1,203.66 1.14% 12/21/2021 48.140
12/22/2021 1,209.88 0.52% 12/22/2021 48.240
12/23/2021 1,219.59 0.80% 12/23/2021 48.340
12/24/2021 1,220.55 0.08% 12/24/2021 48.340
12/27/2021 1,221.76 0.10% 12/27/2021 48.390
12/28/2021 1,227.12 0.44% 12/28/2021 48.440
12/29/2021 1,217.93 -0.75% 12/29/2021 48.390
12/30/2021 1,222.75 0.40% 12/30/2021 48.450
12/31/2021 1,232.01 0.76% 12/31/2021 48.410
DE (diaria) => 0.937% DE (diaria) =>
DE (anual) => 17.774% DE (anual) =>
erging Markets Sovereign Bond ETF

Bono del
tesoro
Fecha americano a 10 Fecha EMBIG Perú
años

12/30/2020 0.926% 12/30/2020 1.360%

0.17% 12/31/2020 0.916% 12/31/2020 1.320%
0.00% 1/1/2021 0.916% 1/1/2021 1.320%
0.00% 1/4/2021 0.918% 1/4/2021 1.310%
-0.27% 1/5/2021 0.955% 1/5/2021 1.300%
-0.64% 1/6/2021 1.039% 1/6/2021 1.280%
0.06% 1/7/2021 1.081% 1/7/2021 1.280%
0.08% 1/8/2021 1.119% 1/8/2021 1.250%
-0.74% 1/11/2021 1.144% 1/11/2021 1.290%
-0.63% 1/12/2021 1.129% 1/12/2021 1.380%
0.53% 1/13/2021 1.092% 1/13/2021 1.350%
-0.31% 1/14/2021 1.129% 1/14/2021 1.310%
-0.06% 1/15/2021 1.087% 1/15/2021 1.340%
0.00% 1/18/2021 1.100% 1/18/2021 1.340%
0.04% 1/19/2021 1.092% 1/19/2021 1.340%
0.22% 1/20/2021 1.077% 1/20/2021 1.340%
0.08% 1/21/2021 1.109% 1/21/2021 1.330%
-0.04% 1/22/2021 1.086% 1/22/2021 1.310%
0.39% 1/25/2021 1.033% 1/25/2021 1.330%
-0.02% 1/26/2021 1.033% 1/26/2021 1.320%
-0.59% 1/27/2021 1.013% 1/27/2021 1.330%
0.47% 1/28/2021 1.052% 1/28/2021 1.310%
-0.12% 1/29/2021 1.071% 1/29/2021 1.280%
0.26% 2/1/2021 1.079% 2/1/2021 1.310%
0.08% 2/2/2021 1.095% 2/2/2021 1.300%
-0.24% 2/3/2021 1.139% 2/3/2021 1.320%
0.35% 2/4/2021 1.136% 2/4/2021 1.370%
0.10% 2/5/2021 1.169% 2/5/2021 1.350%
0.00% 2/8/2021 1.176% 2/8/2021 1.360%
-0.20% 2/9/2021 1.160% 2/9/2021 1.350%
0.02% 2/10/2021 1.124% 2/10/2021 1.370%
0.12% 2/11/2021 1.165% 2/11/2021 1.340%
-0.55% 2/12/2021 1.210% 2/12/2021 1.330%
0.00% 2/15/2021 1.250% 2/15/2021 1.330%
-1.12% 2/16/2021 1.311% 2/16/2021 1.360%
0.52% 2/17/2021 1.282% 2/17/2021 1.360%
-0.14% 2/18/2021 1.297% 2/18/2021 1.380%
-0.52% 2/19/2021 1.340% 2/19/2021 1.370%
-0.72% 2/22/2021 1.369% 2/22/2021 1.410%
0.14% 2/23/2021 1.343% 2/23/2021 1.450%
0.22% 2/24/2021 1.372% 2/24/2021 1.450%
-1.74% 2/25/2021 1.530% 2/25/2021 1.470%
0.33% 2/26/2021 1.407% 2/26/2021 1.640%
0.22% 3/1/2021 1.426% 3/1/2021 1.590%
-0.06% 3/2/2021 1.398% 3/2/2021 1.650%
-0.57% 3/3/2021 1.484% 3/3/2021 1.660%
-0.92% 3/4/2021 1.557% 3/4/2021 1.700%
 0.12% 3/5/2021 1.577% 3/5/2021 1.780%
-1.62% 3/8/2021 1.603% 3/8/2021 1.850%
1.13% 3/9/2021 1.528% 3/9/2021 1.840%
0.89% 3/10/2021 1.521% 3/10/2021 1.800%
0.80% 3/11/2021 1.535% 3/11/2021 1.730%
-1.32% 3/12/2021 1.625% 3/12/2021 1.660%
0.66% 3/15/2021 1.607% 3/15/2021 1.660%
0.45% 3/16/2021 1.621% 3/16/2021 1.600%
0.73% 3/17/2021 1.646% 3/17/2021 1.590%
-1.49% 3/18/2021 1.706% 3/18/2021 1.570%
0.43% 3/19/2021 1.730% 3/19/2021 1.560%
-0.04% 3/22/2021 1.695% 3/22/2021 1.600%
-0.41% 3/23/2021 1.622% 3/23/2021 1.610%
0.29% 3/24/2021 1.614% 3/24/2021 1.610%
-0.22% 3/25/2021 1.633% 3/25/2021 1.620%
0.04% 3/26/2021 1.674% 3/26/2021 1.600%
-0.49% 3/29/2021 1.717% 3/29/2021 1.560%
-0.12% 3/30/2021 1.710% 3/30/2021 1.610%
0.21% 3/31/2021 1.744% 3/31/2021 1.520%
0.19% 4/1/2021 1.673% 4/1/2021 1.520%
0.00% 4/2/2021 1.714% 4/2/2021 1.520%
-0.10% 4/5/2021 1.707% 4/5/2021 1.480%
0.39% 4/6/2021 1.658% 4/6/2021 1.480%
-0.16% 4/7/2021 1.679% 4/7/2021 1.490%
0.39% 4/8/2021 1.626% 4/8/2021 1.510%
-0.18% 4/9/2021 1.662% 4/9/2021 1.520%
-0.29% 4/12/2021 1.669% 4/12/2021 1.590%
0.45% 4/13/2021 1.620% 4/13/2021 1.640%
0.04% 4/14/2021 1.634% 4/14/2021 1.600%
1.16% 4/15/2021 1.574% 4/15/2021 1.610%
-0.28% 4/16/2021 1.590% 4/16/2021 1.570%
-0.06% 4/19/2021 1.610% 4/19/2021 1.640%
-0.26% 4/20/2021 1.566% 4/20/2021 1.750%
0.26% 4/21/2021 1.559% 4/21/2021 1.810%
0.20% 4/22/2021 1.542% 4/22/2021 1.880%
0.10% 4/23/2021 1.560% 4/23/2021 1.800%
-0.48% 4/26/2021 1.572% 4/26/2021 1.850%
-0.55% 4/27/2021 1.622% 4/27/2021 1.810%
0.35% 4/28/2021 1.613% 4/28/2021 1.770%
0.10% 4/29/2021 1.643% 4/29/2021 1.700%
0.26% 4/30/2021 1.626% 4/30/2021 1.650%
-0.45% 5/3/2021 1.599% 5/3/2021 1.640%
0.12% 5/4/2021 1.594% 5/4/2021 1.670%
0.10% 5/5/2021 1.578% 5/5/2021 1.750%
0.41% 5/6/2021 1.570% 5/6/2021 1.740%
0.38% 5/7/2021 1.579% 5/7/2021 1.640%
-0.32% 5/10/2021 1.604% 5/10/2021 1.590%
-0.14% 5/11/2021 1.622% 5/11/2021 1.580%
-0.93% 5/12/2021 1.693% 5/12/2021 1.570%
0.51% 5/13/2021 1.659% 5/13/2021 1.550%
0.41% 5/14/2021 1.635% 5/14/2021 1.540%
0.02% 5/17/2021 1.652% 5/17/2021 1.530%
0.06% 5/18/2021 1.640% 5/18/2021 1.520%
-0.40% 5/19/2021 1.676% 5/19/2021 1.550%
0.63% 5/20/2021 1.628% 5/20/2021 1.590%
-0.24% 5/21/2021 1.623% 5/21/2021 1.640%
0.08% 5/24/2021 1.603% 5/24/2021 1.720%
0.46% 5/25/2021 1.560% 5/25/2021 1.740%
0.00% 5/26/2021 1.581% 5/26/2021 1.710%
-0.18% 5/27/2021 1.606% 5/27/2021 1.700%
0.28% 5/28/2021 1.581% 5/28/2021 1.690%
0.00% 5/31/2021 1.610% 5/31/2021 1.690%
-0.30% 6/1/2021 1.606% 6/1/2021 1.670%
0.16% 6/2/2021 1.589% 6/2/2021 1.670%
-0.44% 6/3/2021 1.625% 6/3/2021 1.650%
0.67% 6/4/2021 1.557% 6/4/2021 1.670%
-0.14% 6/7/2021 1.569% 6/7/2021 1.800%
0.36% 6/8/2021 1.538% 6/8/2021 1.760%
0.22% 6/9/2021 1.492% 6/9/2021 1.720%
0.20% 6/10/2021 1.437% 6/10/2021 1.740%
0.12% 6/11/2021 1.454% 6/11/2021 1.700%
-0.58% 6/14/2021 1.497% 6/14/2021 1.690%
0.22% 6/15/2021 1.489% 6/15/2021 1.690%
-0.86% 6/16/2021 1.581% 6/16/2021 1.690%
0.34% 6/17/2021 1.511% 6/17/2021 1.700%
0.30% 6/18/2021 1.443% 6/18/2021 1.740%
-0.04% 6/21/2021 1.495% 6/21/2021 1.740%
-0.06% 6/22/2021 1.467% 6/22/2021 1.700%
0.20% 6/23/2021 1.485% 6/23/2021 1.680%
0.06% 6/24/2021 1.499% 6/24/2021 1.670%
-0.14% 6/25/2021 1.524% 6/25/2021 1.630%
0.20% 6/28/2021 1.482% 6/28/2021 1.650%
-0.02% 6/29/2021 1.475% 6/29/2021 1.640%
0.12% 6/30/2021 1.468% 6/30/2021 1.630%
-0.54% 7/1/2021 1.459% 7/1/2021 1.630%
0.22% 7/2/2021 1.431% 7/2/2021 1.660%
0.00% 7/5/2021 1.436% 7/5/2021 1.660%
-0.02% 7/6/2021 1.352% 7/6/2021 1.660%
0.18% 7/7/2021 1.323% 7/7/2021 1.670%
-0.18% 7/8/2021 1.294% 7/8/2021 1.670%
-0.02% 7/9/2021 1.361% 7/9/2021 1.630%
-0.04% 7/12/2021 1.368% 7/12/2021 1.630%
-0.22% 7/13/2021 1.418% 7/13/2021 1.600%
0.34% 7/14/2021 1.349% 7/14/2021 1.610%
0.38% 7/15/2021 1.301% 7/15/2021 1.650%
-0.12% 7/16/2021 1.300% 7/16/2021 1.630%
-0.20% 7/19/2021 1.199% 7/19/2021 1.710%
0.40% 7/20/2021 1.222% 7/20/2021 1.690%
-0.40% 7/21/2021 1.292% 7/21/2021 1.690%
0.28% 7/22/2021 1.277% 7/22/2021 1.730%
0.02% 7/23/2021 1.281% 7/23/2021 1.720%
-0.34% 7/26/2021 1.295% 7/26/2021 1.730%
-0.34% 7/27/2021 1.239% 7/27/2021 1.790%
0.34% 7/28/2021 1.238% 7/28/2021 1.820%
0.04% 7/29/2021 1.266% 7/29/2021 1.870%
0.26% 7/30/2021 1.226% 7/30/2021 1.970%
-0.24% 8/2/2021 1.179% 8/2/2021 1.930%
0.06% 8/3/2021 1.174% 8/3/2021 1.870%
0.00% 8/4/2021 1.180% 8/4/2021 1.860%
-0.06% 8/5/2021 1.225% 8/5/2021 1.820%
-0.44% 8/6/2021 1.305% 8/6/2021 1.790%
-0.36% 8/9/2021 1.325% 8/9/2021 1.790%
0.10% 8/10/2021 1.354% 8/10/2021 1.830%
0.02% 8/11/2021 1.335% 8/11/2021 1.840%
0.12% 8/12/2021 1.361% 8/12/2021 1.830%
0.50% 8/13/2021 1.283% 8/13/2021 1.880%
0.00% 8/16/2021 1.268% 8/16/2021 1.890%
-0.06% 8/17/2021 1.267% 8/17/2021 1.880%
-0.18% 8/18/2021 1.260% 8/18/2021 1.870%
0.02% 8/19/2021 1.243% 8/19/2021 1.870%
-0.12% 8/20/2021 1.255% 8/20/2021 1.850%
0.20% 8/23/2021 1.253% 8/23/2021 1.850%
0.10% 8/24/2021 1.297% 8/24/2021 1.790%
-0.06% 8/25/2021 1.349% 8/25/2021 1.740%
-0.12% 8/26/2021 1.354% 8/26/2021 1.780%
0.56% 8/27/2021 1.310% 8/27/2021 1.780%
0.24% 8/30/2021 1.280% 8/30/2021 1.770%
0.12% 8/31/2021 1.307% 8/31/2021 1.750%
-0.20% 9/1/2021 1.299% 9/1/2021 1.750%
0.16% 9/2/2021 1.285% 9/2/2021 1.780%
-0.16% 9/3/2021 1.326% 9/3/2021 1.750%
0.00% 9/6/2021 1.336% 9/6/2021 1.750%
-0.28% 9/7/2021 1.377% 9/7/2021 1.710%
0.16% 9/8/2021 1.336% 9/8/2021 1.740%
0.22% 9/9/2021 1.297% 9/9/2021 1.750%
-0.28% 9/10/2021 1.343% 9/10/2021 1.720%
0.10% 9/13/2021 1.326% 9/13/2021 1.740%
0.18% 9/14/2021 1.284% 9/14/2021 1.780%
0.04% 9/15/2021 1.304% 9/15/2021 1.740%
-0.36% 9/16/2021 1.336% 9/16/2021 1.720%
-0.36% 9/17/2021 1.363% 9/17/2021 1.690%
-0.40% 9/20/2021 1.312% 9/20/2021 1.770%
0.18% 9/21/2021 1.328% 9/21/2021 1.750%
0.16% 9/22/2021 1.304% 9/22/2021 1.750%
-0.82% 9/23/2021 1.435% 9/23/2021 1.690%
-0.47% 9/24/2021 1.453% 9/24/2021 1.700%
-0.33% 9/27/2021 1.491% 9/27/2021 1.720%
-0.37% 9/28/2021 1.546% 9/28/2021 1.730%
0.08% 9/29/2021 1.524% 9/29/2021 1.750%
0.02% 9/30/2021 1.492% 9/30/2021 1.800%
-0.53% 10/1/2021 1.465% 10/1/2021 1.860%
-0.39% 10/4/2021 1.481% 10/4/2021 1.860%
0.21% 10/5/2021 1.528% 10/5/2021 1.830%
-0.25% 10/6/2021 1.528% 10/6/2021 1.850%
0.27% 10/7/2021 1.576% 10/7/2021 1.730%
-0.29% 10/8/2021 1.612% 10/8/2021 1.710%
-0.27% 10/11/2021 1.628% 10/11/2021 1.710%
0.29% 10/12/2021 1.572% 10/12/2021 1.740%
0.62% 10/13/2021 1.542% 10/13/2021 1.730%
 0.45% 10/14/2021 1.516% 10/14/2021 1.700%
-0.20% 10/15/2021 1.574% 10/15/2021 1.700%
-0.27% 10/18/2021 1.591% 10/18/2021 1.720%
0.00% 10/19/2021 1.641% 10/19/2021 1.650%
0.04% 10/20/2021 1.660% 10/20/2021 1.620%
-0.43% 10/21/2021 1.696% 10/21/2021 1.610%
0.31% 10/22/2021 1.638% 10/22/2021 1.610%
-0.12% 10/25/2021 1.633% 10/25/2021 1.590%
0.45% 10/26/2021 1.610% 10/26/2021 1.640%
0.53% 10/27/2021 1.550% 10/27/2021 1.660%
-0.14% 10/28/2021 1.578% 10/28/2021 1.710%
-0.29% 10/29/2021 1.561% 10/29/2021 1.810%
-0.49% 11/1/2021 1.561% 11/1/2021 1.810%
0.10% 11/2/2021 1.547% 11/2/2021 1.830%
-0.23% 11/3/2021 1.603% 11/3/2021 1.750%
0.66% 11/4/2021 1.530% 11/4/2021 1.790%
0.78% 11/5/2021 1.455% 11/5/2021 1.820%
-0.02% 11/8/2021 1.493% 11/8/2021 1.730%
0.08% 11/9/2021 1.439% 11/9/2021 1.760%
-1.24% 11/10/2021 1.570% 11/10/2021 1.720%
-0.08% 11/11/2021 1.578% 11/11/2021 1.720%
0.12% 11/12/2021 1.570% 11/12/2021 1.730%
-0.33% 11/15/2021 1.618% 11/15/2021 1.710%
-0.19% 11/16/2021 1.640% 11/16/2021 1.710%
0.12% 11/17/2021 1.585% 11/17/2021 1.740%
0.19% 11/18/2021 1.587% 11/18/2021 1.740%
-0.08% 11/19/2021 1.548% 11/19/2021 1.770%
-0.93% 11/21/2021 1.558% 11/22/2021 1.740%
-0.69% 11/22/2021 1.632% 11/23/2021 1.780%
0.27% 11/24/2021 1.643% 11/24/2021 1.840%
0.00% 11/25/2021 1.596% 11/25/2021 1.840%
-1.25% 11/26/2021 1.482% 11/26/2021 2.030%
0.84% 11/29/2021 1.502% 11/29/2021 1.960%
0.06% 11/30/2021 1.456% 11/30/2021 1.940%
0.33% 12/1/2021 1.404% 12/1/2021 1.880%
0.52% 12/2/2021 1.444% 12/2/2021 1.850%
0.17% 12/3/2021 1.356% 12/3/2021 1.910%
0.02% 12/6/2021 1.433% 12/6/2021 1.840%
0.58% 12/7/2021 1.482% 12/7/2021 1.750%
-0.02% 12/8/2021 1.528% 12/8/2021 1.700%
-0.08% 12/9/2021 1.497% 12/9/2021 1.690%
-0.10% 12/10/2021 1.482% 12/10/2021 1.690%
0.41% 12/13/2021 1.414% 12/13/2021 1.730%
-0.27% 12/14/2021 1.441% 12/14/2021 1.710%
-0.35% 12/15/2021 1.458% 12/15/2021 1.700%
0.14% 12/16/2021 1.424% 12/16/2021 1.730%
-0.33% 12/17/2021 1.407% 12/17/2021 1.740%
-0.33% 12/20/2021 1.428% 12/20/2021 1.750%
0.04% 12/21/2021 1.467% 12/21/2021 1.730%
0.21% 12/22/2021 1.453% 12/22/2021 1.760%
0.21% 12/23/2021 1.493% 12/23/2021 1.720%
0.00% 12/24/2021 1.486% 12/24/2021 1.720%
0.10% 12/27/2021 1.477% 12/27/2021 1.730%
 0.10% 12/28/2021 1.484% 12/28/2021 1.710%
-0.10% 12/29/2021 1.556% 12/29/2021 1.660%
0.12% 12/30/2021 1.507% 12/30/2021 1.690%
-0.08% 12/31/2021 1.512% 12/31/2021 1.700%
0.415%
7.882%
Date updated: 5-Jan-21 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://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://www.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 26.30%
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 126 1.10 8.60% 11.42% 1.04 7.93% 1.13 0.4863
Aerospace/Defense 107 1.21 17.55% 10.95% 1.07 7.26% 1.15 0.4617
Air Transport 84 1.64 129.68% 5.55% 0.84 6.47% 0.89 0.4191
Apparel 937 0.88 31.76% 11.56% 0.71 9.30% 0.79 0.4080
Auto & Truck 85 1.38 32.38% 13.47% 1.11 11.81% 1.26 0.4339
Auto Parts 478 1.43 23.56% 11.89% 1.22 10.71% 1.36 0.4180
Bank (Money Center) 471 0.94 178.73% 19.86% 0.41 24.10% 0.53 0.2879
Banks (Regional) 96 0.81 371.11% 17.87% 0.22 13.53% 0.25 0.2859
Beverage (Alcoholic) 126 0.90 2.27% 18.53% 0.89 3.22% 0.92 0.3779
Beverage (Soft) 38 0.61 16.43% 14.40% 0.55 7.28% 0.59 0.2855
Broadcasting 67 1.00 27.23% 7.46% 0.83 7.80% 0.90 0.4322
Brokerage & Investment Banking 410 0.83 138.71% 13.22% 0.41 8.03% 0.44 0.4094
Building Materials 232 1.02 21.44% 14.93% 0.88 7.00% 0.95 0.4033
Business & Consumer Services 285 0.81 13.42% 12.88% 0.73 10.15% 0.82 0.4274
Cable TV 35 1.22 38.94% 11.91% 0.95 12.73% 1.09 0.4376
Chemical (Basic) 656 1.07 29.63% 15.37% 0.88 8.00% 0.96 0.3971
Chemical (Diversified) 39 1.33 37.02% 17.49% 1.04 6.12% 1.11 0.4715
Chemical (Specialty) 553 1.14 22.18% 16.25% 0.98 6.83% 1.05 0.4112
Coal & Related Energy 96 1.10 57.71% 13.86% 0.77 21.31% 0.98 0.3754
Computer Services 466 1.03 8.95% 13.05% 0.97 5.26% 1.02 0.4304
Computers/Peripherals 214 1.34 12.08% 13.63% 1.23 9.47% 1.36 0.4282
Construction Supplies 519 1.09 41.62% 12.91% 0.84 13.35% 0.97 0.3954
Diversified 210 0.96 168.55% 14.26% 0.43 13.06% 0.49 0.3453
Drugs (Biotechnology) 253 1.24 2.24% 5.66% 1.22 3.96% 1.27 0.5038
Drugs (Pharmaceutical) 657 1.05 12.39% 14.89% 0.96 6.29% 1.02 0.4285
Education 154 1.00 10.53% 9.84% 0.93 5.71% 0.99 0.4092
Electrical Equipment 610 1.04 15.42% 12.71% 0.93 9.16% 1.03 0.3976
Electronics (Consumer & Office) 86 1.26 44.48% 11.22% 0.95 13.27% 1.09 0.4318
Electronics (General) 891 1.33 15.70% 12.32% 1.19 11.13% 1.34 0.4074
Engineering/Construction 869 1.07 151.59% 13.87% 0.51 24.60% 0.67 0.4215
Entertainment 330 1.16 7.96% 6.25% 1.09 5.27% 1.15 0.4661
Environmental & Waste Services 143 1.09 48.39% 14.32% 0.80 9.55% 0.89 0.3892
Farming/Agriculture 283 0.95 40.91% 12.64% 0.73 6.07% 0.78 0.4063
Financial Svcs. (Non-bank & Insurance) 611 0.75 137.56% 14.47% 0.37 9.66% 0.41 0.3979
Food Processing 884 0.86 21.19% 13.83% 0.74 7.08% 0.80 0.3907
Food Wholesalers 84 0.70 68.02% 11.83% 0.46 16.21% 0.55 0.4290
Furn/Home Furnishings 244 1.03 13.61% 14.55% 0.94 12.33% 1.07 0.4072
Green & Renewable Energy 121 0.95 63.52% 10.53% 0.64 3.24% 0.67 0.3704
 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 258 1.16 2.87% 10.43% 1.13 5.46% 1.20 0.4941
Healthcare Support Services 157 0.91 26.70% 15.35% 0.76 10.26% 0.85 0.4205
Heathcare Information and Technology 98 1.52 1.34% 6.34% 1.51 3.19% 1.56 0.5391
Homebuilding 37 1.65 47.19% 14.41% 1.23 9.55% 1.36 0.4109
Hospitals/Healthcare Facilities 122 0.77 18.01% 15.07% 0.68 2.92% 0.70 0.3546
Hotel/Gaming 409 0.99 55.58% 7.21% 0.70 9.97% 0.78 0.3929
Household Products 277 1.05 6.92% 12.30% 1.00 4.72% 1.05 0.4139
Information Services 83 1.45 7.93% 15.78% 1.37 7.59% 1.48 0.4784
Insurance (General) 148 0.68 33.39% 15.39% 0.55 12.73% 0.63 0.2876
Insurance (Life) 75 0.94 59.27% 12.81% 0.65 13.97% 0.76 0.3182
Insurance (Prop/Cas.) 145 0.75 37.84% 15.68% 0.58 11.87% 0.66 0.3578
Investments & Asset Management 392 0.74 400.91% 8.02% 0.19 2.78% 0.19 0.3493
Machinery 774 1.11 15.25% 13.70% 1.00 8.24% 1.09 0.3935
Metals & Mining 315 1.14 45.93% 12.30% 0.85 9.46% 0.94 0.4300
Office Equipment & Services 66 1.03 7.72% 13.44% 0.98 7.47% 1.06 0.4381
Oil/Gas (Integrated) 26 1.18 23.92% 16.91% 1.00 4.40% 1.05 0.3485
Oil/Gas (Production and Exploration) 118 1.68 47.37% 10.08% 1.24 6.76% 1.33 0.5309
Oil/Gas Distribution 105 1.18 82.01% 13.45% 0.74 8.92% 0.81 0.3785
Oilfield Svcs/Equip. 244 1.25 48.81% 10.45% 0.92 6.12% 0.98 0.4208
Packaging & Container 297 0.89 29.08% 14.37% 0.73 8.13% 0.80 0.4011
Paper/Forest Products 199 1.02 68.79% 11.26% 0.68 7.83% 0.74 0.4151
Power 378 0.88 108.26% 17.49% 0.49 6.02% 0.52 0.3082
Precious Metals 91 1.15 21.02% 10.95% 0.99 6.08% 1.06 0.5449
Publishing & Newspapers 174 0.78 16.49% 10.07% 0.70 20.20% 0.88 0.3594
R.E.I.T. 229 0.84 38.65% 4.32% 0.65 2.47% 0.67 0.2832
Real Estate (Development) 768 0.96 179.52% 17.07% 0.41 21.77% 0.53 0.3589
Real Estate (General/Diversified) 232 0.98 92.19% 13.78% 0.58 11.66% 0.66 0.3391
Real Estate (Operations & Services) 352 0.86 60.90% 15.26% 0.59 5.83% 0.63 0.3521
Recreation 139 1.08 49.61% 11.10% 0.79 12.40% 0.90 0.4050
Reinsurance 30 1.31 32.23% 10.35% 1.06 17.32% 1.28 0.3733
Restaurant/Dining 133 1.02 17.06% 9.44% 0.90 5.01% 0.95 0.4296
Retail (Automotive) 97 1.01 56.51% 17.79% 0.71 8.51% 0.78 0.3802
Retail (Building Supply) 30 1.25 19.75% 15.43% 1.09 3.67% 1.13 0.4216
Retail (Distributors) 629 0.78 129.08% 12.35% 0.40 14.27% 0.46 0.4112
Retail (General) 140 1.06 51.67% 18.42% 0.77 9.25% 0.85 0.3409
Retail (Grocery and Food) 71 0.65 42.48% 17.44% 0.50 5.94% 0.53 0.3481
Retail (Online) 106 1.55 3.57% 10.28% 1.51 4.74% 1.58 0.5485
Retail (Special Lines) 180 1.06 28.63% 11.77% 0.87 7.94% 0.95 0.3967
Rubber& Tires 74 1.01 37.48% 15.04% 0.79 10.86% 0.89 0.3852
Semiconductor 432 1.55 7.08% 9.64% 1.47 6.23% 1.57 0.4656
Semiconductor Equip 213 1.92 9.20% 12.97% 1.79 5.12% 1.89 0.4965
Shipbuilding & Marine 232 1.04 62.73% 12.82% 0.71 11.80% 0.80 0.3833
Shoe 58 0.98 16.26% 11.94% 0.88 6.31% 0.94 0.3857
Software (Entertainment) 74 1.33 6.73% 10.60% 1.27 3.83% 1.32 0.5244
Software (Internet) 49 0.93 12.99% 7.39% 0.85 5.72% 0.90 0.4601
Software (System & Application) 408 1.40 2.95% 9.72% 1.37 5.69% 1.46 0.4797
Steel 529 1.22 55.99% 12.95% 0.86 9.86% 0.96 0.4239
 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) 65 0.95 47.85% 17.71% 0.70 4.40% 0.73 0.3311
Telecom. Equipment 291 1.23 12.11% 9.07% 1.13 9.36% 1.25 0.4333
Telecom. Services 140 0.85 45.61% 15.02% 0.64 5.62% 0.68 0.3827
Tobacco 33 0.61 1.05% 20.00% 0.61 3.45% 0.63 0.3131
Transportation 196 1.01 47.93% 15.72% 0.75 8.76% 0.82 0.3783
Transportation (Railroads) 16 0.99 29.26% 21.62% 0.81 6.06% 0.87 0.3091
Trucking 107 1.11 52.54% 15.49% 0.80 7.54% 0.87 0.4021
Utility (General) 11 1.01 88.74% 23.48% 0.61 5.29% 0.65 0.2631
Utility (Water) 69 0.91 78.76% 17.48% 0.58 9.34% 0.64 0.3183
Total Market 23680 1.05 55.48% 13.00% 0.75 11.51% 0.84 0.4035
Total Market (without financials) 21332 1.08 34.46% 12.83% 0.86 8.62% 0.94 0.4091
 Average Beta over time
Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2018 2019 2020 (2018-21)
34.79% 34.51% 1.52 1.39 1.46 1.37
32.13% 19.01% 1.04 1.14 1.10 1.11
30.42% 29.21% 0.59 0.57 0.59 0.66
30.74% 11.23% 0.82 0.72 0.64 0.74
29.35% 18.80% 1.42 1.28 1.13 1.27
30.55% 10.67% 1.30 1.16 1.11 1.23
20.77% 108.74% 0.52 0.42 0.43 0.48
22.13% -321.15% 0.27 0.35 0.26 0.29
26.56% 31.46% 0.74 1.05 1.06 0.94
20.75% 16.42% 0.41 0.53 0.36 0.47
30.65% 22.68% 1.08 0.78 0.70 0.87
28.44% 76.92% 0.59 0.51 0.54 0.52
28.78% 19.19% 0.87 0.82 0.79 0.86
31.23% 38.83% 1.02 1.18 0.94 0.99
34.54% 18.95% 1.17 1.06 1.21 1.13
27.48% 21.35% 1.07 0.96 0.92 0.98
26.83% 18.77% 1.42 0.86 0.73 1.03
29.48% 23.59% 1.08 1.03 0.93 1.02
28.84% 34.28% 1.22 1.13 1.39 1.18
31.84% 23.92% 1.18 1.06 1.04 1.08
30.06% 37.18% 1.39 1.53 1.40 1.42
28.56% 28.60% 1.08 0.96 0.97 0.99
23.50% 30.34% 0.57 0.47 0.41 0.49
36.81% 95.56% 1.10 1.45 1.50 1.33
31.42% 21.62% 1.06 1.14 1.13 1.09
30.14% 51.53% 0.95 1.32 1.14 1.10
28.76% 26.25% 1.14 1.06 1.08 1.08
31.98% 45.76% 1.11 1.15 1.31 1.16
29.56% 40.93% 1.43 1.49 1.47 1.43
30.63% 35.44% 0.97 0.89 0.72 0.81
33.93% 45.67% 1.18 1.40 1.26 1.25
29.40% 62.15% 1.60 1.06 1.10 1.16
28.89% 15.14% 0.77 0.63 0.64 0.70
29.82% 55.56% 0.52 0.42 0.34 0.42
27.68% 22.22% 0.78 0.73 0.69 0.75
30.51% 26.02% 0.65 0.67 0.61 0.62
26.87% 36.15% 1.03 1.11 1.07 1.07
26.20% 27.74% 0.78 0.68 0.59 0.68
 Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2018 2019 2020 (2018-21)
34.45% 49.27% 1.14 1.34 1.42 1.28
29.18% 48.93% 1.03 1.04 0.90 0.95
35.74% 100.54% 1.27 1.80 1.65 1.57
31.76% 86.03% 1.18 0.76 0.57 0.97
23.19% 23.42% 0.82 0.78 0.58 0.72
29.01% 18.86% 0.93 0.82 0.67 0.80
29.99% 21.52% 0.96 0.98 1.04 1.01
33.21% 13.35% 1.57 1.19 1.10 1.33
22.85% 25.70% 0.58 0.47 0.47 0.53
22.74% 46.13% 0.73 0.72 0.73 0.73
26.43% 20.35% 0.58 0.44 0.43 0.53
29.03% 53.14% 0.29 0.21 0.17 0.22
28.22% 23.84% 1.23 1.14 1.15 1.15
31.23% 25.28% 1.24 1.10 0.98 1.07
32.65% 28.53% 0.88 0.80 0.84 0.89
22.19% 45.65% 0.94 0.96 1.11 1.01
36.25% 33.60% 1.69 1.32 1.14 1.37
26.04% 10.50% 1.23 0.86 0.89 0.95
33.14% 37.13% 1.19 1.10 0.98 1.06
30.15% 20.60% 0.67 0.67 0.65 0.70
30.64% 36.25% 0.72 0.69 0.64 0.69
23.26% 14.87% 0.63 0.52 0.52 0.55
38.47% 35.82% 1.57 1.21 0.97 1.20
27.44% 8.33% 0.99 1.14 1.12 1.03
17.57% 32.61% 0.52 0.33 0.31 0.46
25.76% 52.53% 0.80 0.69 0.65 0.67
24.17% 22.90% 0.91 0.79 0.74 0.78
26.73% 18.92% 0.82 0.63 0.59 0.67
29.84% 32.48% 0.87 0.82 0.92 0.88
30.31% 46.97% 1.32 0.96 0.96 1.13
30.33% 34.27% 1.10 1.01 0.88 0.99
30.61% 23.83% 0.81 0.72 0.72 0.76
28.26% 23.59% 0.88 1.14 1.26 1.10
30.72% 20.28% 0.66 0.62 0.60 0.59
25.26% 9.96% 1.12 0.90 0.91 0.94
22.63% 16.46% 1.11 0.73 0.65 0.75
35.96% 79.59% 1.46 1.46 1.49 1.50
28.54% 17.27% 1.05 1.00 0.83 0.96
26.00% 28.30% 0.75 0.70 0.70 0.76
31.16% 49.61% 1.48 1.73 1.58 1.59
33.18% 53.27% 1.25 1.66 1.82 1.65
26.30% 28.66% 0.96 0.69 0.67 0.78
29.08% 13.70% 1.09 0.91 0.77 0.93
37.11% 57.65% 1.58 1.78 1.38 1.52
28.15% 84.79% 1.59 0.85 1.18 1.13
36.01% 32.57% 1.50 1.46 1.59 1.50
29.16% 43.38% 0.97 0.89 0.77 0.90
 Average
Standard deviation of equity Standard deviation in operating income (last 10 years) 2018 2019 2020 (2018-21)
24.58% 20.62% 1.01 0.76 0.66 0.79
31.43% 39.78% 1.39 1.45 1.47 1.39
27.59% 5.68% 0.78 0.81 0.64 0.73
25.33% 26.74% 0.32 0.83 0.77 0.64
27.04% 19.02% 1.10 0.87 0.87 0.92
19.45% 27.47% 1.40 1.30 1.14 1.18
30.15% 21.21% 0.79 0.72 0.65 0.76
17.44% 17.32% 0.48 0.41 0.44 0.49
29.09% 21.00% 1.12 0.82 0.81 0.85
29.09% 22.91% 0.90 0.84 0.82 0.85
29.38% 22.52% 1.00 0.93 0.91 0.95
1) Libor a 360 días => 1.35%

Tipo de deuda Tasa de Interes Tasa

Préstamo Citibank Libor + 3.375 por ciento 4.725%
Préstamo Citibank Libor + 2.25 por ciento 3.600%
Banco Standar Chartered Libor + 3.375 por ciento 4.725%
Banco Standar Chartered Libor + 2.25 por ciento 3.600%
Cayman Discount Investments Corporation Libor + 4 por ciento 5.350%
Leasing Scotiabank 7.7 por ciento efectivo anual 7.700%
Leasing Banco de Crédito 7 por ciento efectivo anual 7.000%
Leasing Banco de Crédito 8 por ciento efectivo anual 8.000%
Bonos corporativos 1era emisión 6.75 por ciento nominal anual 6.750%
Bonos corporativos 2 da emisión 8.53 por ciento nominal anual 8.530%
BNP Paribas 0.000%
Swaps 5.23 por ciento nominal anual 5.230%
Swaps 5.24 por ciento nominal anual 5.240%
Prestamos 8.25 por ciento efectivo anual 8.250%
Prestamos Entre 8 y 8.5 por ciento anual 8.250%
Sunat 4.3 por ciento nominal anual 4.300%
Sunat 4.3 por ciento nominal anual 4.300%
Total

Deuda con intereses Tasa

Obligaciones financieras 354,616 5.71%
Cuentas por pagar comerciales 163,364 1.00%
Vinculadas 28,899 2.00%
546,879

Estructura de Capital Total Peso

Deuda 546,879 55%
Capital 444,115 45%
Deuda+Capital 990,994 100%

Calculo del ROE:

Año Utilidad Patrimonio
2018 30,678 444,115
2019 36,114 418,342
Promedio =>

Calculo del WACC: Tasa Impuesto

kd 4.109% 30%
 ke 7.770% 0%

2) Financiamiento con deuda => 62.192816%

Total
Préstamo de Cofide 224,000
Prestamo de capital de trabajo 50,000
Bonos 1,700,000
Deuda 1,974,000
Capital

Estructura de Capital Total Peso

Deuda 1,974,000 62.19%
Capital 1,200,000 37.81%
Deuda+Capital 3,174,000 100.00%

Calculo del WACC: Tasa Impuesto

kd 8.031% 30%
ke 7.770% 0%

Esta forma de financiar el negocio, está muy por encima del costo de capital del año anterior. No estariamos de acuer
se podrían financiar con la estructura del año anterior.
Deuda % ponderado
59,106 16.67% 0.788%
28,906 8.15% 0.293%
47,285 13.33% 0.630%
28,906 8.15% 0.293%
9,426 2.66% 0.142%
4,416 1.25% 0.096%
1,445 0.41% 0.029%
369 0.10% 0.008%
77,606 21.88% 1.477%
56,720 15.99% 1.364%
10,184 2.87% 0.000%
6,037 1.70% 0.089%
4,839 1.36% 0.072%
12,976 3.66% 0.302%
4,651 1.31% 0.108%
126 0.04% 0.002%
1,618 0.46% 0.020%
354,616 100.00% 5.713%

peso Tasa ponderada

64.84% 3.704%
29.87% 0.299%
5.28% 0.106%
100.00% 4.109%

ROE
6.91%
8.63%
7.77%

Peso Tasa ponderada

55% 1.587%
 45% 3.482%
Tasa Final: 5.069%

Peso Tasa Tasa ponderada

11.35% 11.475% 1.302%
2.53% 12.297% 0.311%
86.12% 7.452% 6.418%
100.00% 8.031%

Peso Tasa ponderada

62.19% 3.496%
37.81% 2.938%
Tasa Final: 6.434%

terior. No estariamos de acuerdo con esta estructura de deuda,