ESTRUCTURA FINANCIERA VALOR UM

Deuda (debit) Banco A 120,000.00 $us

Deuda (debit) Banco B 80,000.00 $us
Capital (Equity) 300,000.00 $us
Total Inversion 500,000.00 $us

Costo de deuda VALOR UM

Deuda (debit) Banco A 120,000.00 $us
Deuda (debit) Banco B 80,000.00 $us
Total Deuda 200,000.00 $us
kbanco A 9.5% %
kbanco B 9.0% %
Costo de la deuda (kd) 9.3% %

Modelo CAPM VALOR UM

Tasa libre de riesgo (Rf) 0.695% %
Beta desapalancado (Bu) 0.68 Veces
Rendimiento de Mercado (Rm) 9.43% %
Riesgo Pais (Rp) 2.57% %
Beta apalancada(BL) 1.02 Veces
Costo de capital propio (Ke) 12.18% %
Impuesto (t) 25% %

Estructura financiera VALOR UM

Deuda (D) 200,000.00 $us
Capital propio € 300,000.00 $us
Total Estructura 500,000.00 $us
% de Inversion fin. Con deuda 40% %
% de Inversion fin. Con capital propio 60% %
Costo de Capital (WACC) 10.10% %
 Rendimiento de Mercado
Precio Inicial 2063.11 $us
Precio final 3036.13 $us
Rendimiento 47.16% %
Rendimiento Anual 9.43% %

Riesgo Pais
Re(EEUU) 0.63% %
Re(BO) 3.20% %
Rp 2.57% %
 BANCO A(Cuota fija)
Detalle Valores UM
Monto 120,000.00 $us
Tasa de interes 9.00% Anual
Plazo 5 Años
Forma de pago 12 Veces/Año Cuota L2,491.00
Seguro 30 $us/Mes kbanco 9.5%
Costo deuda bancaria 9.5% Anual

Periodo Deuda Inicial Interes Capital Cuota

0 120,000.00 - - -
1 120,000.00 900.00 L1,591.00 2,491.00
2 118,409.00 888.07 1,602.94 2,491.00
3 116,806.06 876.05 1,614.96 2,491.00
4 115,191.11 863.93 1,627.07 2,491.00
5 113,564.04 851.73 1,639.27 2,491.00
6 111,924.76 839.44 1,651.57 2,491.00
7 110,273.20 827.05 1,663.95 2,491.00
8 108,609.24 814.57 1,676.43 2,491.00
9 106,932.81 802.00 1,689.01 2,491.00
10 105,243.80 789.33 1,701.67 2,491.00
11 103,542.13 776.57 1,714.44 2,491.00
12 101,827.69 763.71 1,727.29 2,491.00
13 100,100.40 750.75 1,740.25 2,491.00
14 98,360.15 737.70 1,753.30 2,491.00
15 96,606.85 724.55 1,766.45 2,491.00
16 94,840.39 711.30 1,779.70 2,491.00
17 93,060.70 697.96 1,793.05 2,491.00
18 91,267.65 684.51 1,806.50 2,491.00
19 89,461.15 670.96 1,820.04 2,491.00
20 87,641.11 657.31 1,833.69 2,491.00
21 85,807.41 643.56 1,847.45 2,491.00
22 83,959.97 629.70 1,861.30 2,491.00
23 82,098.66 615.74 1,875.26 2,491.00
24 80,223.40 601.68 1,889.33 2,491.00
25 78,334.07 587.51 1,903.50 2,491.00
26 76,430.58 573.23 1,917.77 2,491.00
27 74,512.80 558.85 1,932.16 2,491.00
28 72,580.65 544.35 1,946.65 2,491.00
29 70,634.00 529.75 1,961.25 2,491.00
30 68,672.75 515.05 1,975.96 2,491.00
31 66,696.80 500.23 1,990.78 2,491.00
32 64,706.02 485.30 2,005.71 2,491.00
33 62,700.31 470.25 2,020.75 2,491.00
34 60,679.56 455.10 2,035.91 2,491.00
35 58,643.65 439.83 2,051.18 2,491.00
36 56,592.48 424.44 2,066.56 2,491.00
37 54,525.92 408.94 2,082.06 2,491.00
38 52,443.86 393.33 2,097.67 2,491.00
39 50,346.19 377.60 2,113.41 2,491.00
40 48,232.78 361.75 2,129.26 2,491.00
41 46,103.53 345.78 2,145.23 2,491.00
42 43,958.30 329.69 2,161.32 2,491.00
43 41,796.98 313.48 2,177.53 2,491.00
44 39,619.46 297.15 2,193.86 2,491.00
45 37,425.60 280.69 2,210.31 2,491.00
46 35,215.29 264.11 2,226.89 2,491.00
47 32,988.40 247.41 2,243.59 2,491.00
48 30,744.81 230.59 2,260.42 2,491.00
49 28,484.40 213.63 2,277.37 2,491.00
50 26,207.03 196.55 2,294.45 2,491.00
51 23,912.58 179.34 2,311.66 2,491.00
52 21,600.92 162.01 2,329.00 2,491.00
53 19,271.92 144.54 2,346.46 2,491.00
54 16,925.46 126.94 2,364.06 2,491.00
55 14,561.40 109.21 2,381.79 2,491.00
56 12,179.61 91.35 2,399.66 2,491.00
57 9,779.95 73.35 2,417.65 2,491.00
58 7,362.30 55.22 2,435.79 2,491.00
59 4,926.51 36.95 2,454.05 2,491.00
60 2,472.46 18.54 2,472.46 2,491.00
 0.0%

Amortizacion Saldo seguros Flujo

- 120,000.00 120,000.00
- 118,409.00 30.00 - 2,521.00
- 116,806.06 30.00 - 2,521.00
- 115,191.11 30.00 - 2,521.00
- 113,564.04 30.00 - 2,521.00
- 111,924.76 30.00 - 2,521.00
- 110,273.20 30.00 - 2,521.00
- 108,609.24 30.00 - 2,521.00
- 106,932.81 30.00 - 2,521.00
- 105,243.80 30.00 - 2,521.00
- 103,542.13 30.00 - 2,521.00
- 101,827.69 30.00 - 2,521.00
- 100,100.40 30.00 - 2,521.00
- 98,360.15 30.00 - 2,521.00
- 96,606.85 30.00 - 2,521.00
- 94,840.39 30.00 - 2,521.00
- 93,060.70 30.00 - 2,521.00
- 91,267.65 30.00 - 2,521.00
- 89,461.15 30.00 - 2,521.00
- 87,641.11 30.00 - 2,521.00
- 85,807.41 30.00 - 2,521.00
- 83,959.97 30.00 - 2,521.00
- 82,098.66 30.00 - 2,521.00
- 80,223.40 30.00 - 2,521.00
- 78,334.07 30.00 - 2,521.00
- 76,430.58 30.00 - 2,521.00
- 74,512.80 30.00 - 2,521.00
- 72,580.65 30.00 - 2,521.00
- 70,634.00 30.00 - 2,521.00
- 68,672.75 30.00 - 2,521.00
- 66,696.80 30.00 - 2,521.00
- 64,706.02 30.00 - 2,521.00
- 62,700.31 30.00 - 2,521.00
- 60,679.56 30.00 - 2,521.00
- 58,643.65 30.00 - 2,521.00
- 56,592.48 30.00 - 2,521.00
- 54,525.92 30.00 - 2,521.00
- 52,443.86 30.00 - 2,521.00
- 50,346.19 30.00 - 2,521.00
- 48,232.78 30.00 - 2,521.00
- 46,103.53 30.00 - 2,521.00
- 43,958.30 30.00 - 2,521.00
- 41,796.98 30.00 - 2,521.00
- 39,619.46 30.00 - 2,521.00
- 37,425.60 30.00 - 2,521.00
- 35,215.29 30.00 - 2,521.00
- 32,988.40 30.00 - 2,521.00
- 30,744.81 30.00 - 2,521.00
- 28,484.40 30.00 - 2,521.00
- 26,207.03 30.00 - 2,521.00
- 23,912.58 30.00 - 2,521.00
- 21,600.92 30.00 - 2,521.00
- 19,271.92 30.00 - 2,521.00
- 16,925.46 30.00 - 2,521.00
- 14,561.40 30.00 - 2,521.00
- 12,179.61 30.00 - 2,521.00
- 9,779.95 30.00 - 2,521.00
- 7,362.30 30.00 - 2,521.00
- 4,926.51 30.00 - 2,521.00
- 2,472.46 30.00 - 2,521.00
- - 30.00 - 2,521.00
 BANCO B(Cuota Variable)
Detalle Valores UM
Monto 80,000.00 $us
Tasa de interes 8.50% Anual
Plazo 5 Años
Forma de pago 12 Veces/Año
Seguro 18 $us/Mes
Costo deuda bancaria 9.0% Anual

Periodo Deuda Inicial Interes Capital Cuota

0 80,000.00 - - -
1 80,000.00 566.67 1,333.33 1,900.00
2 78,666.67 557.22 1,333.33 1,890.56
3 77,333.33 547.78 1,333.33 1,881.11
4 76,000.00 538.33 1,333.33 1,871.67
5 74,666.67 528.89 1,333.33 1,862.22
6 73,333.33 519.44 1,333.33 1,852.78
7 72,000.00 510.00 1,333.33 1,843.33
8 70,666.67 500.56 1,333.33 1,833.89
9 69,333.33 491.11 1,333.33 1,824.44
10 68,000.00 481.67 1,333.33 1,815.00
11 66,666.67 472.22 1,333.33 1,805.56
12 65,333.33 462.78 1,333.33 1,796.11
13 64,000.00 453.33 1,333.33 1,786.67
14 62,666.67 443.89 1,333.33 1,777.22
15 61,333.33 434.44 1,333.33 1,767.78
16 60,000.00 425.00 1,333.33 1,758.33
17 58,666.67 415.56 1,333.33 1,748.89
18 57,333.33 406.11 1,333.33 1,739.44
19 56,000.00 396.67 1,333.33 1,730.00
20 54,666.67 387.22 1,333.33 1,720.56
21 53,333.33 377.78 1,333.33 1,711.11
22 52,000.00 368.33 1,333.33 1,701.67
23 50,666.67 358.89 1,333.33 1,692.22
24 49,333.33 349.44 1,333.33 1,682.78
25 48,000.00 340.00 1,333.33 1,673.33
26 46,666.67 330.56 1,333.33 1,663.89
27 45,333.33 321.11 1,333.33 1,654.44
28 44,000.00 311.67 1,333.33 1,645.00
29 42,666.67 302.22 1,333.33 1,635.56
30 41,333.33 292.78 1,333.33 1,626.11
31 40,000.00 283.33 1,333.33 1,616.67
32 38,666.67 273.89 1,333.33 1,607.22
33 37,333.33 264.44 1,333.33 1,597.78
34 36,000.00 255.00 1,333.33 1,588.33
35 34,666.67 245.56 1,333.33 1,578.89
36 33,333.33 236.11 1,333.33 1,569.44
37 32,000.00 226.67 1,333.33 1,560.00
38 30,666.67 217.22 1,333.33 1,550.56
39 29,333.33 207.78 1,333.33 1,541.11
40 28,000.00 198.33 1,333.33 1,531.67
41 26,666.67 188.89 1,333.33 1,522.22
42 25,333.33 179.44 1,333.33 1,512.78
43 24,000.00 170.00 1,333.33 1,503.33
44 22,666.67 160.56 1,333.33 1,493.89
45 21,333.33 151.11 1,333.33 1,484.44
46 20,000.00 141.67 1,333.33 1,475.00
47 18,666.67 132.22 1,333.33 1,465.56
48 17,333.33 122.78 1,333.33 1,456.11
49 16,000.00 113.33 1,333.33 1,446.67
50 14,666.67 103.89 1,333.33 1,437.22
51 13,333.33 94.44 1,333.33 1,427.78
52 12,000.00 85.00 1,333.33 1,418.33
53 10,666.67 75.56 1,333.33 1,408.89
54 9,333.33 66.11 1,333.33 1,399.44
55 8,000.00 56.67 1,333.33 1,390.00
56 6,666.67 47.22 1,333.33 1,380.56
57 5,333.33 37.78 1,333.33 1,371.11
58 4,000.00 28.33 1,333.33 1,361.67
59 2,666.67 18.89 1,333.33 1,352.22
60 1,333.33 9.44 1,333.33 1,342.78
Amortizacion Saldo seguros Flujo
- 80,000.00 80,000.00
- 78,666.67 18.00 - 1,918.00
- 77,333.33 18.00 - 1,908.56
- 76,000.00 18.00 - 1,899.11
- 74,666.67 18.00 - 1,889.67
- 73,333.33 18.00 - 1,880.22
- 72,000.00 18.00 - 1,870.78
- 70,666.67 18.00 - 1,861.33
- 69,333.33 18.00 - 1,851.89
- 68,000.00 18.00 - 1,842.44
- 66,666.67 18.00 - 1,833.00
- 65,333.33 18.00 - 1,823.56
- 64,000.00 18.00 - 1,814.11
- 62,666.67 18.00 - 1,804.67
- 61,333.33 18.00 - 1,795.22
- 60,000.00 18.00 - 1,785.78
- 58,666.67 18.00 - 1,776.33
- 57,333.33 18.00 - 1,766.89
- 56,000.00 18.00 - 1,757.44
- 54,666.67 18.00 - 1,748.00
- 53,333.33 18.00 - 1,738.56
- 52,000.00 18.00 - 1,729.11
- 50,666.67 18.00 - 1,719.67
- 49,333.33 18.00 - 1,710.22
- 48,000.00 18.00 - 1,700.78
- 46,666.67 18.00 - 1,691.33
- 45,333.33 18.00 - 1,681.89
- 44,000.00 18.00 - 1,672.44
- 42,666.67 18.00 - 1,663.00
- 41,333.33 18.00 - 1,653.56
- 40,000.00 18.00 - 1,644.11
- 38,666.67 18.00 - 1,634.67
- 37,333.33 18.00 - 1,625.22
- 36,000.00 18.00 - 1,615.78
- 34,666.67 18.00 - 1,606.33
- 33,333.33 18.00 - 1,596.89
- 32,000.00 18.00 - 1,587.44
- 30,666.67 18.00 - 1,578.00
- 29,333.33 18.00 - 1,568.56
- 28,000.00 18.00 - 1,559.11
- 26,666.67 18.00 - 1,549.67
- 25,333.33 18.00 - 1,540.22
- 24,000.00 18.00 - 1,530.78
- 22,666.67 18.00 - 1,521.33
- 21,333.33 18.00 - 1,511.89
- 20,000.00 18.00 - 1,502.44
- 18,666.67 18.00 - 1,493.00
- 17,333.33 18.00 - 1,483.56
- 16,000.00 18.00 - 1,474.11
- 14,666.67 18.00 - 1,464.67
- 13,333.33 18.00 - 1,455.22
- 12,000.00 18.00 - 1,445.78
- 10,666.67 18.00 - 1,436.33
- 9,333.33 18.00 - 1,426.89
- 8,000.00 18.00 - 1,417.44
- 6,666.67 18.00 - 1,408.00
- 5,333.33 18.00 - 1,398.56
- 4,000.00 18.00 - 1,389.11
- 2,666.67 18.00 - 1,379.67
- 1,333.33 18.00 - 1,370.22
- - 18.00 - 1,360.78