Pre - Operativa Operativa

0 1 2 3
A. Fijos -200,000
A. Intangibles -25,000
K de Trabajo -20,000
Inv Total -245,000

20% Rec. del AF

100% Rec. del K de W

Ingresos
Precio (P) 15 15 15.75
Cantidad (Q) 28,800 30,240 31,752
Ingresos 432,000 453,600 500,094

Egresos
1 2 3
40% Insumos 172,800 181,440 200,038
Planilla 60,000 60,000 60,000
Servicio 6,000 6,000 6,000
Alquiler 24,000 24,000 24,000
Marketing 12,000 12,000 12,000
Art. Limpieza 4,800 4,800 4,800
Egresos 279,600 288,240 306,838

0 1 2 3
Flujo de Caja -245,000 152,400 165,360 193,256

1. Valor Actual Neto (VAN) (NPV) (VPN)

VAN = - Io + FC1 +
(1+i)^1

CASO 1 : 100% CAPITAL PROPIO

JC cok = 20%
aaa cok = 70%

VAN JC = -245,000 + 152,400 +

1.2

VAN jc = -245,000 + 127,000 +

VAN JC = 344,467.18 soles
En excel
VAN JC = 344,467.18 soles

VAN aaa = -9,587.15 soles

CASO 2: MIX ENTRE PRÉSTAMO Y CAPITAL PROPIO

Deuda ( D ) 100,000 D/D+E = 40.82% Kd =

Capital ( E ) 145,000 E/D+E = 59.18% Ke = cok =
D+E 245,000 100.00%

WACC = D/D+E x Kd x (1 - t) + E/D+E x Ke

t= 29.50%

wacc = 16.73%

0 1 2 3
Flujo de Caja -245,000 152,400 165,360 193,256

VAN = 395,787.48 soles

perativa
4 5
28800

40,000
20,000

16.54 17.36
33,340 35,007 Estudio de mercado
551,354 607,867

4 5
220,541 243,147
60,000 60,000
6,000 6,000
24,000 24,000
12,000 12,000
4,800 4,800
327,341 349,947

4 5
224,012 317,920

FC2 + ………… +I FCn

(1+i )^2 (1+i)^n
 165,360 + 193,256 + 224,012 +
1.44 1.728 2.0736

114,833.33 + 111,838.19 + 108,030.57 +

VAN > 0 Invertir
VAN < 0 No se debe invertir

17% Weighted Average Cost od Capital

20%

4 5
224,012 317,920
 317,920
2.48832

127,765.09