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EQ4 - Caso5 FZ5003
EQ4 - Caso5 FZ5003
Deuda/Capital Total
Actual 10%
Valor de mercado
Deuda $ - $ 22,588,800.00
Capital $ 643,773,000.00 $ 628,516,000.00
Valor total de mercado $ 643,773,000.00 $ 651,104,800.00
S&P500
Fecha Precio al cierre Rendimiento
May-06 1,270.09
Jun-06 1,270.20 0.01%
Jul-06 1,276.66 0.51%
Aug-06 1,303.82 2.13%
Sep-06 1,335.85 2.46%
Oct-06 1,377.94 3.15%
Nov-06 1,400.63 1.65%
Dec-06 1,418.30 1.26%
Jan-07 1,438.24 1.41%
Feb-07 1,406.82 -2.18%
Mar-07 1,420.86 1.00%
Apr-07 1,482.37 4.33%
May-07 1,530.62 3.25%
Jun-07 1,503.35 -1.78%
Rm (Promedio 1.32%
mensual)
Rm (Promedio 17.07%
anual)
Deuda/Capital Total
20% 30%
6.16% 6.16%
32.50% 32.50%
$ 30,054,000.00 $ 30,054,000.00
$ 2,782,940.16 $ 4,174,410.24
$ 27,271,059.84 $ 25,879,589.76
$ 8,863,094.45 $ 8,410,866.67
$ 18,407,965.39 $ 17,468,723.09
$ 45,177,600.00 $ 67,766,400.00
$ 180,710,400.00 $ 158,121,600.00
$ 225,888,000.00 $ 225,888,000.00
$ 45,177,600.00 $ 67,766,400.00
$ 613,259,000.00 $ 598,002,000.00
$ 658,436,600.00 $ 665,768,400.00
Bonos a 10 años
Fecha Tasa (%)
Jun-06 5.11%
Jul-06 5.09%
Aug-06 4.88%
Sep-06 4.72%
Oct-06 4.73%
Nov-06 4.60%
Dec-06 4.56%
Jan-07 4.76%
Feb-07 4.72%
Mar-07 4.56%
Apr-07 4.69%
May-07 4.75%
Jun-07 5.10%
Rf (Promedio 4.79%
anual)
Acciones circulantes 29,130,000
Precio actual accción $ 22.10
Valor de mercado
Deuda $ - $ 22,588,800.00
Capital $ 643,773,000.00 $ 628,516,000.00
Valor total de mercado $ 643,773,000.00 $ 651,104,800.00
$ 45,177,600.00 $ 67,766,400.00
$ 613,259,000.00 $ 598,002,000.00
$ 658,436,600.00 $ 665,768,400.00
2,044,235 3,066,353
27,085,765 26,063,647
$ 22.64 $ 22.94
2.45%
Efecto del apalancamiento sopre el ROE-EPS
Deuda/Capital Total
Actual 10%
Valor de libro
Deuda $ - $ 22,588,800.00
Capital $ 225,888,000.00 $ 203,299,200.00
Valor total de capital $ 225,888,000.00 $ 225,888,000.00
6.16% 6.16%
32.50% 32.50%
$ 30,054,000.00 $ 30,054,000.00
$ 2,782,940.16 $ 4,174,410.24
$ 27,271,059.84 $ 25,879,589.76
$ 8,863,094.45 $ 8,410,866.67
$ 18,407,965.39 $ 17,468,723.09
$ 45,177,600.00 $ 67,766,400.00
$ 180,710,400.00 $ 158,121,600.00
$ 225,888,000.00 $ 225,888,000.00
10.19% 11.05%
$ 0.68 $ 0.67
$ 39,656,416.80 $ 39,656,416.80
Tasa libre de riesgo (Rf) 4.79%
Rendimiento del mercado (Rm) 17.07%
Valor de mercado
Deuda $ - $ 22,588,800.00
Capital $ 643,773,000.00 $ 628,516,000.00
−^1 〖 𝛽〗 _𝐴𝑝𝑎𝑙𝑎𝑛𝑐𝑎𝑑𝑎=𝛽[1+(1−𝑇𝑎𝑥)(𝐷𝑒𝑢𝑑𝑎/𝐶𝑎𝑝𝑖𝑡𝑎𝑙)]
−^3 𝐿𝑒𝑣𝑒𝑟𝑒𝑑 𝐶𝑜𝑠𝑡 𝐸𝑞𝑢𝑖𝑡𝑦=𝑈𝑛𝑙𝑒𝑣𝑒𝑟𝑒𝑑 𝑐𝑜𝑠𝑡 +𝐷/𝐸 (𝑈𝑛𝑙𝑒𝑣𝑒𝑟𝑒𝑑 𝑐𝑜𝑠𝑡 −𝐷𝑒𝑏𝑡 𝑐𝑜𝑠𝑡)(1−𝑇𝑎𝑥)
sto de capital
Deuda/Capital Total
20% 30%
6.16% 6.16%
32.50% 32.50%
0.89 0.92
$ 45,177,600.00 $ 67,766,400.00
$ 613,259,000.00 $ 598,002,000.00
15.74% 16.02%
15.67% 15.92%
Tasa libre de riesgo (Rf) 4.79%
Rendimiento del mercado (Rm) 17.07%
Valor de mercado
Deuda $ - $ 22,588,800.00
Capital $ 643,773,000.00 $ 628,516,000.00
Valor total de mercado $ 643,773,000.00 $ 651,104,800.00
(% Deuda) 0% 3.47%
(% Capital) 100% 96.53%
6.16% 6.16%
32.50% 32.50%
$ 45,177,600.00 $ 67,766,400.00
$ 613,259,000.00 $ 598,002,000.00
$ 658,436,600.00 $ 665,768,400.00
6.86% 10.18%
93.14% 89.82%
15.74% 16.02%
15.67% 15.92%
14.95% 14.81%
14.88% 14.72%
Tasa libre de riesgo (Rf) 4.79%
Rendimiento del mercado (Rm) 17.07%
Valor de libro
Deuda $ - $ 22,588,800.00
Capital $ 225,888,000.00 $ 203,299,200.00
Valor total de capital $ 225,888,000.00 $ 225,888,000.00
(% Deuda) 0% 10.00%
(% Capital) 100% 90.00%
6.16% 6.16%
32.50% 32.50%
$ 45,177,600.00 $ 67,766,400.00
$ 180,710,400.00 $ 158,121,600.00
$ 225,888,000.00 $ 225,888,000.00
20.00% 30.00%
80.00% 70.00%
15.74% 16.02%
15.67% 15.92%
13.43% 12.46%
13.37% 12.39%