Empresa Empresa más Empresa no

Datos apalancada apalancada apalancada

Precio 120,000 120,000 120,000
CVU 50,000 20,000 70,000
GVU 20,000 5,000 25,000
Costos fijos en efectivo 1,400,000,000 3,500,000,000 -
Gastos fijos en efectivo 500,000,000 1,500,000,000 -
Depreciaciones y amortizaciones 100,000,000 150,000,000 -
Total costos y gastos fijos 2,000,000,000 5,150,000,000 -

MCU 50,000 95,000 25,000

unid 60,000
Empresa Empresa más Empresa no
apalancada apalancada apalancada
Ingresos 7,200,000,000 7,200,000,000 7,200,000,000
-Costos variables 3,000,000,000 1,200,000,000 4,200,000,000
-Gastos variables 1,200,000,000 300,000,000 1,500,000,000
MC 3,000,000,000 5,700,000,000 1,500,000,000
-Cosyos fijos 1,400,000,000 3,500,000,000 -
-gastos fijos 500,000,000 1,500,000,000 -
-Depreciacione 100,000,000 150,000,000 -
=UAII 1,000,000,000 550,000,000 1,500,000,000

GAO 3 10 1

PEQ 40,000 54,211 0

Empresa apalancada
Costos y gastos
Ingresos Cy G variables fijos UAII A
0 - - 2,000,000,000 - 2,000,000,000
10,000 1,200,000,000 700,000,000 2,000,000,000 - 1,500,000,000
20,000 2,400,000,000 1,400,000,000 2,000,000,000 - 1,000,000,000
30,000 3,600,000,000 2,100,000,000 2,000,000,000 - 500,000,000
40,000 4,800,000,000 2,800,000,000 2,000,000,000 -
50,000 6,000,000,000 3,500,000,000 2,000,000,000 500,000,000
60,000 7,200,000,000 4,200,000,000 2,000,000,000 1,000,000,000
70,000 8,400,000,000 4,900,000,000 2,000,000,000 1,500,000,000
80,000 9,600,000,000 5,600,000,000 2,000,000,000 2,000,000,000
90,000 10,800,000,000 6,300,000,000 2,000,000,000 2,500,000,000
100,000 12,000,000,000 7,000,000,000 2,000,000,000 3,000,000,000
110,000 13,200,000,000 7,700,000,000 2,000,000,000 3,500,000,000

Datos Empresa apalancada Activos financiados 2,000,000,000

Precio 120,000 Nivel de endeudam 30%
CVU 50,000 Pasivo financiero 600,000,000
GVU 20,000 Patrimonio con cos 1,400,000,000
Costos fijos en efectivo 1,400,000,000 Precio acción 6,500
Gastos fijos en efectivo 500,000,000 Número de accione 215,385
Depreciaciones y amortizaciones 100,000,000 Tasa de interés 13.30%
Total costos y gastos fijos 2,000,000,000 Tax 32%

MCU 50,000

unid 60,000
Sin
Apalancamiento Apalancamiento apalancamiento
ESTADO DE RESULTADOS financiero medio financiero alto financiero
Ingresos 7,200,000,000
-Costos variables 3,000,000,000
-Gastos variables 1,200,000,000
MC 3,000,000,000
-Cosyos fijos 1,400,000,000
-gastos fijos 500,000,000
-Depreciacione 100,000,000
=UAII 1,000,000,000 1,000,000,000 1,000,000,000
-Gastos financieros 79,800,000 212,800,000 -
=UAI 920,200,000 787,200,000 1,000,000,000
-Tax 294,464,000 251,904,000 320,000,000
=UN 625,736,000 535,296,000 680,000,000

UPA 2,905 8,699 2,210

GAF 1.1 1.3 1.0

15% 16% 19% 15%

 Empresa más Empresa no
Datos Empresa apalancada apalancada apalancada
Precio 100.000 100.000 100.000
CVU 40.000 15.000 70.000
GVU 20.000 5.000 20.000
Total C y G V 60.000 20.000 90.000
Costos fijos en efectivo 1.500.000.000 3.500.000.000 -
Gastos fijos en efectivo 500.000.000 1.500.000.000 -
Deprec y amort 100.000.000 150.000.000 -

Empresa más apalancada Empresa sin apalancamiento

Costos y
Cy G variables Costos y gastos fijos UAII +A Cy G variables gastos fijos UAII
- 5,150,000,000 - 5,150,000,000 - - -
250,000,000 5,150,000,000 - 4,200,000,000 950,000,000 - 250,000,000
500,000,000 5,150,000,000 - 3,250,000,000 1,900,000,000 - 500,000,000
750,000,000 5,150,000,000 - 2,300,000,000 2,850,000,000 - 750,000,000
1,000,000,000 5,150,000,000 - 1,350,000,000 3,800,000,000 - 1,000,000,000
1,250,000,000 5,150,000,000 - 400,000,000 4,750,000,000 - 1,250,000,000
1,500,000,000 5,150,000,000 550,000,000 5,700,000,000 - 1,500,000,000
1,750,000,000 5,150,000,000 1,500,000,000 6,650,000,000 - 1,750,000,000
2,000,000,000 5,150,000,000 2,450,000,000 7,600,000,000 - 2,000,000,000
2,250,000,000 5,150,000,000 3,400,000,000 8,550,000,000 - 2,250,000,000
2,500,000,000 5,150,000,000 4,350,000,000 9,500,000,000 - 2,500,000,000
2,750,000,000 5,150,000,000 5,300,000,000 10,450,000,000 - 2,750,000,000

2,000,000,000 2,000,000,000
80% 0%
1,600,000,000 0
400,000,000 2,000,000,000
6,500 6,500
61,538 307,692
6,000,000,000

4,000,000,000

2,000,000,000

-
0 0 0 0 0 0 0 0 0 0 0 0
00 000 000 000 000 000 000 000 000 000 000
10 2 3 4 5 6 7 8 9 10 11
(2,000,000,000)

(4,000,000,000)

(6,000,000,000)

UAII A UAII +A UAII

 -

-
 0

#DIV/0!