Tasa de mercado 1.

1589249972728 1
VA= 800 x + 10,000 x
8% r 0.1727139997818 2.1589249972728
Años
10 n VA= 800 x 6.7100813989414 + 10,000 x 0.4631934880847
10,000.00 VN
800.00 cupon VA= 10,000.00

BONOS

Tasa de mercado 0.7908476965429 1

VA= 800 x + 10,000 x
6% r 0.1074508617926 1.7908476965429
Años
10 n VA= 800 x 7.3600870514147 + 10,000 x 0.5583947769151
10,000.00 VN
800.00 cupon VA= 11,472.02

Tasa de mercado 1.5937424601 1

VA= 800 x + 10,000 x
10% r 0.25937424601 2.5937424601
Años
10 n VA= 800 x 6.1445671057047 + 10,000 x 0.3855432894295
10,000.00 VN
800.00 cupon VA= 8,771.09
irr

Valor de un cupon 1 / (1 + r)^n

Tasa de mercado Año
8% 0.9259 1
Años 800
1 740.74
800.00
TASA DE RETORNO

0- 10,000.00 -Q11,360.34 - 10,000.00 - 10,000.00

1 800.00 800.00 800.00 800.00
2 800.00 800.00 800.00 800.00 - 10,000.00
3 800.00 800.00 800.00 600.00 600.00
4 800.00 800.00 800.00 600.00 600.00
5 800.00 800.00 800.00 600.00 600.00
6 800.00 800.00 800.00 600.00 600.00
7 800.00 800.00 800.00 600.00 600.00
8 800.00 800.00 800.00 600.00 600.00
9 10,800.00 10,800.00 10,800.00 10,600.00 10,600.00
VPN Q11,360.34 Q11,360.34 VPN Q10,000.00 Q10,366.68 -Q0.00
TIR 8.00% 6.00% TIR 8.00% 6.55% 6.00%
TD 6.00% 6.00% TD 8.00% 6.00% 6.00%
BONOS PERPETUO

Cupon= 800
r= 8%
P= 10,000.00

BONO CUPÓN CERO

- 9,500.00
-
-
VN= 10,000.00 -
VA= 9,500.00 -
r= ? 10,000.00
1.05 TIR= 1.03%
r= 1.03% VA= 9,500.00

ESTRUCTURA TEMPORAL DE LAS TASAS DE INTERES

Cupon= 800 1 800 0.92593 740.74 Q740.74 6.04% 0.94306 754.45

r= 8% 2 800 0.85734 685.87 Q685.87 6.50% 0.88166 705.33
P= 10,000.00 3 800 0.79383 635.07 Q635.07 6.90% 0.81859 654.87
4 800 0.73503 588.02 7.20% 0.75722 605.77
5 800 0.68058 544.47 7.50% 0.69656 557.25
6 800 0.63017 504.14 7.70% 0.64078 512.62
7 800 0.58349 466.79 7.90% 0.58729 469.83
8 800 0.54027 432.22 8.00% 0.54027 432.22
9 800 0.50025 400.20 8.10% 0.49610 396.88
10 10800 0.46319 5,002.49 8.20% 0.45470 4,910.79
10,000.00 10,000.00

PRECIO DEL BONO CON CUPON UNIFORME

1 1,490.3 0.92593 1,379.90 6.04% 0.94306 1,405.43

2 1,490.3 0.85734 1,277.69 6.50% 0.88166 1,313.93
3 1,490.3 0.79383 1,183.04 6.90% 0.81859 1,219.94
4 1,490.3 0.73503 1,095.41 7.20% 0.75722 1,128.48
5 1,490.3 0.68058 1,014.27 7.50% 0.69656 1,038.08
6 1,490.3 0.63017 939.14 7.70% 0.64078 954.94
7 1,490.3 0.58349 869.57 7.90% 0.58729 875.23
8 1,490.3 0.54027 805.16 8.00% 0.54027 805.16
9 1,490.3 0.50025 745.52 8.10% 0.49610 739.33
10 1,490.3 0.46319 690.29 8.20% 0.45470 677.64
10,000.00 10,158.17

VALORACIÓN DE LAS ACCIONES

Div1 = 0.10
P1 = 2.75 P0 = 2.59
r= 10%

1 2 3 4 5
Año 1 Año 2 Año 3 Año 4 Año 5
Div1 = 0.10 0.10 0.125 0.125 0.125
P1 = - - - - 4.10
r= 10% 10% 10% 10% 10%
0.091 0.083 0.094 0.085 2.62 2.98

MODELOS DE CRECIMIENTO DE LOS DIVIDENDOS

Div 0.15 1.5

r 0.1

Div 0.15 7.14%

P 2.1

ACCIONES DE CRECIMIENTO CONSTANTE O MODELO DE GORDON

Div = Div (1+g) = Div 0.3 0.318

g 0.06
 Div 0.318 7.95
r 0.1
g 0.06

TASA DE CRECIMIENTO DE LOS DIVIDENCOS

TR 0.55
UPA= 0.45
DIV= 0.20
VCA= 3.75 TR= 0.55 0.5556
Precio x acción 4.20

ROE= 12.00%

g= 6.60%

r= 11.4%

Tasa g 30% g3 = 10%

r 20%
D= Div*g/(1+r) ^

0 D0 0.5
1 D1 0.5 0.65
2 D02 0.65 0.845
3 D03 0.845 1.0985
4 D04

VAD = + 0.65 + 0.845 + 1.0985

1.20 1.44 1.73

0.54 0.59 0.64 1.76

1.20835 12.0835
0.10

P0 = 12.0835 6.9927662037037
1.73

Precio Actual = VAD + P0 = 1.76 + 6.9927662037037

 ACCIONES DE CRECIMIENTO CONSTANTE O MODELO DE GORDON

Div = Div (1+g) = Div 10 10.4

g 0.04

Div 10.4 173.3333333333 Precio del dividendo

r 0.1
g 0.04

Ventas 255,000,000.00 Operaciones 78,030,000.00

Costo de ventas 81,600,000.00 Costo 11,704,500.00
Utilidad bruta 173,400,000.00 Activos promedio 300,000,000.00
Gastos Admon 65,000,000.00
Utilidad antes 108,400,000.00
ISR 32,520,000.00
Utilidad despues 75,880,000.00

Representación 26.01%
 BONOS CON PRIMA

Tasa de mercado 0 1
VA= 0 x + - x
8% r 0.08 1
Años
0 n VA= 0 x 0 + - x 1
- VN
0.07 cupon VA= -

BONOS CON DESCUENTO

Tasa de mercado 0 1
VA= 0 x + - x
12% r 0.12 1
Años
0 n VA= 0 x 0 + - x 1
- VN
0.07 cupon VA= -
irr
 BONOS PERPETUO

Cupon= 280,000.00
r= 8%
P= 3,500,000.00 valor del bono hoy es de Q3,500,000.00

BONO CUPÓN CERO

- 1,000,000.00
-
-
VN= 1,800,000.00 -
VA= 1,000,000.00 -
r= ? 1,800,000.00
1.80 TIR= 12.47%
r= 12.47% VA= 1,000,000.00

BONO CON PRIMA

Tasa de mercado 0.4693280768 1

VA= 150,000 x + 1,000,000 x
8% r 0.117546246144 1.4693280768
Años
5 n VA= 150,000 x 3.9927100370781 + 1,000,000 x 0.6805831970338
1,000,000.00 VN
150,000.00 cupon VA= 1,279,489.70

BONO CON DESCUENTO

Tasa de mercado 0.4693280768 1

VA= 110,000 x + 1,000,000 x
8% r 0.117546246144 1.4693280768
Años
5 n VA= 110,000 x 3.9927100370781 + 1,000,000 x 0.6805831970338
1,000,000.00 VN
110,000.00 cupon VA= 1,119,781.30
irr