1 Desapalanca el β de la Empresa Americana

a) se escoge el Sector de la pagina de prof. Damodaran

b) Una seleccionada la industria se ecoge:
- El beta apalancado βa
- el ratio Deuda/ Patrimonio (D/E)
- Seleccióna la tasa impositva de la industria
supongamos que mi negocio es comercializacion de cosmeticos Naturales

βa 0.70 Beta del sector Americana

D/E 56.26% Razon Deuda patrimonio de la Industria Americana
t 3.90% Tasa impositva de Renta Americana
βd 0.45449 Beta Desapalancado

2 Apalancamos el β desaplancado a nuestra Empresa Peruana

βd 0.45449 Beta del sector Americana

E 60.00% % de Aporte Capital Propio
D 40.00% % de Aporte Financiamiento
t 28.00% Impuesto a la Renta peruano
βa 0.67264 Beta Peruano Apalancado del plan de Negocio

Se reemplaza en la formula del CAPM:

3
http://www.investing.com/rates-bonds/peru-government-bonds?maturity_from=90&maturity_to=290

Rf 5.753% Tasa libre de Riesgo (tasa rendimiento bonos Peruanos)

βa 0.67264 Beta Peruano apalancado
 Rm 35.00% Buscar la rentabilidad del sector
RP 1.64% 164 pb del EMBI + plus ( Riesgo Pais) jun 2016
Inflación 3.00% Tasa libre de Riesgo (tasa rendimiento bonos Peruanos)
Ke=COKE 30.07%

Para descontar el FLUJO DE CAJA FINANCIERO

 http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Number of
Industry Name Beta D/E Ratio Tax rate
firms
Advertising 44 1.08 56.26% 3.90%
Aerospace/Defense 92 1.33 20.50% 13.51%
Air Transport 20 1.27 69.78% 18.34%
Apparel 63 1.06 27.86% 13.84%
Auto & Truck 19 0.96 128.04% 8.01%
Auto Parts 65 1.29 32.91% 9.64%
Bank (Money Center) 9 1.11 216.41% 25.82%
Banks (Regional) 644 0.51 78.59% 24.11%
Beverage (Alcoholic) 22 0.94 18.25% 11.28%
Beverage (Soft) 43 1.15 22.98% 5.97%
Broadcasting 29 1.29 94.73% 21.20%
Brokerage & Investment Banking 42 1.35 285.54% 18.15%
Building Materials 39 1.18 33.15% 22.43%
Business & Consumer Services 159 1.19 35.33% 13.76%
Cable TV 19 1.23 49.61% 17.19%
Chemical (Basic) 42 1.17 61.95% 8.24%
Chemical (Diversified) 9 1.55 38.27% 18.35%
Chemical (Specialty) 104 1.25 31.38% 8.45%
Coal & Related Energy 38 1.49 312.08% 0.95%
Computer Services 118 1.17 28.87% 12.84%
Computers/Peripherals 64 1.33 18.65% 5.48%
Construction Supplies 52 1.65 59.08% 17.00%
Diversified 26 1.01 55.72% 15.20%
Drugs (Biotechnology) 411 1.28 14.29% 1.80%
Drugs (Pharmaceutical) 157 1.02 13.01% 3.90%
Education 40 1.05 46.24% 12.05%
Electrical Equipment 120 1.15 21.91% 6.58%
Electronics (Consumer & Office) 25 1.23 14.81% 9.71%
Electronics (General) 167 1.03 19.79% 9.47%
Engineering/Construction 51 1.32 41.91% 11.63%
Entertainment 84 1.21 29.94% 3.25%
Environmental & Waste Services 97 1.10 38.80% 7.49%
Farming/Agriculture 37 1.25 75.73% 9.28%
Financial Svcs. (Non-bank & Insura 272 0.65 1338.71% 18.75%
Food Processing 89 0.89 26.16% 14.09%
0&maturity_to=290 Food Wholesalers 14 0.73 24.97% 15.85%
Furn/Home Furnishings 30 1.23 30.94% 15.53%

Green & Renewable Energy 28 1.62 132.92% 0.77%

Healthcare Products 254 1.03 19.50% 6.42%
 Healthcare Support Services 127 1.05 28.62% 13.84%
Pais) jun 2016 Heathcare Information and Techno 126 1.11 17.70% 6.96%
Homebuilding 34 1.12 60.86% 21.79%
Hospitals/Healthcare Facilities 58 0.82 98.46% 10.41%
Hotel/Gaming 73 0.97 55.41% 11.34%
Household Products 134 1.05 20.02% 8.86%
Information Services 70 1.00 15.52% 16.46%
Insurance (General) 20 1.04 42.76% 21.73%
Insurance (Life) 25 1.28 79.07% 20.29%
Insurance (Prop/Cas.) 53 0.90 31.39% 21.85%
Investments & Asset Management 145 1.17 76.37% 7.90%
Machinery 130 1.44 27.57% 15.24%
Metals & Mining 114 1.55 85.76% 1.42%
Office Equipment & Services 24 1.82 60.56% 19.14%
Oil/Gas (Integrated) 7 1.54 16.50% 8.14%
Oil/Gas (Production and Exploratio 351 1.63 82.48% 2.91%
Oil/Gas Distribution 79 1.22 94.36% 5.60%
Oilfield Svcs/Equip. 143 1.74 39.08% 9.56%
Packaging & Container 25 1.26 54.73% 21.41%
Paper/Forest Products 20 1.52 89.06% 15.88%
Power 73 0.80 83.44% 23.38%
Precious Metals 113 1.29 50.03% 1.60%
Publshing & Newspapers 39 1.45 49.57% 13.67%
R.E.I.T. 221 0.76 89.81% 2.17%
Real Estate (Development) 21 1.41 62.89% 1.06%
Real Estate (General/Diversified) 12 1.22 25.47% 9.64%
Real Estate (Operations & Services) 55 1.50 64.54% 11.19%
Recreation 65 0.91 31.61% 11.33%
Reinsurance 3 1.03 39.48% 20.37%
Restaurant/Dining 83 0.76 25.85% 18.54%
Retail (Automotive) 26 1.06 53.16% 21.18%
Retail (Building Supply) 5 1.47 18.73% 23.18%
Retail (Distributors) 83 1.22 60.34% 16.42%
Retail (General) 19 1.16 39.49% 24.75%
Retail (Grocery and Food) 17 1.04 46.89% 23.56%
Retail (Online) 39 1.58 8.49% 11.14%
Retail (Special Lines) 124 1.07 46.68% 19.95%
Rubber& Tires 4 1.66 65.26% 9.60%
Semiconductor 87 1.39 12.57% 9.51%
Semiconductor Equip 46 1.40 37.57% 11.25%
Shipbuilding & Marine 11 1.24 56.95% 11.82%
Shoe 11 0.82 6.79% 18.12%
Software (Entertainment) 17 1.42 10.23% 1.56%
Software (Internet) 308 1.34 4.43% 3.80%
Software (System & Application) 241 1.33 12.18% 6.34%
Steel 36 1.43 91.75% 11.49%
Telecom (Wireless) 19 1.48 150.55% 9.38%
Telecom. Equipment 121 1.29 20.72% 8.86%
Telecom. Services 65 0.95 78.10% 11.89%
Tobacco 20 1.91 19.84% 11.64%
Transportation 21 1.41 31.12% 18.82%
Transportation (Railroads) 12 1.15 30.49% 15.11%
Trucking 26 1.69 101.22% 31.25%
Unclassified 3 0.23 100.42% 0.00%
Utility (General) 20 0.55 70.51% 26.58%
Utility (Water) 18 0.47 49.00% 14.60%
Total Market 7480 1.13 71.49% 10.95%
 Unlevered beta Standard
Unlevered Cash/Firm
corrected for HiLo Risk deviation
beta value
0.70 5.18% cash
0.74 0.6415 of71.03%
equity
1.13 5.53% 1.20 0.4706 46.90%
0.81 4.42% 0.85 0.4583 51.95%
0.85 3.43% 0.88 0.5264 60.62%
0.44 6.94% 0.47 0.5315 33.71%
0.99 8.65% 1.08 0.5060 55.06%
0.43 9.98% 0.47 0.1576 32.77%
0.32 11.86% 0.36 0.1768 28.93%
0.81 1.29% 0.82 0.5431 58.51%
0.95 4.20% 0.99 0.6125 54.55%
0.74 1.90% 0.75 0.4036 47.22%
0.40 11.33% 0.46 0.3991 48.05%
0.94 4.47% 0.98 0.3619 44.27%
0.91 4.04% 0.95 0.5041 50.13%
0.87 1.41% 0.89 0.4384 41.58%
0.74 7.73% 0.81 0.5278 54.20%
1.18 6.35% 1.27 0.4231 40.56%
0.97 4.49% 1.01 0.4718 50.43%
0.36 6.03% 0.39 0.7400 86.78%
0.94 6.44% 1.00 0.5040 51.74%
1.13 7.38% 1.22 0.4964 63.91%
1.11 6.14% 1.18 0.4072 42.41%
0.68 6.92% 0.74 0.3935 27.37%
1.12 5.92% 1.19 0.5788 88.89%
0.90 3.71% 0.94 0.5688 77.30%
0.75 12.90% 0.86 0.5333 59.62%
0.95 7.40% 1.03 0.6246 71.04%
1.09 6.76% 1.16 0.5600 63.42%
0.87 11.28% 0.98 0.4592 59.34%
0.96 9.84% 1.07 0.5027 57.02%
0.94 3.85% 0.98 0.6763 63.16%
0.81 1.09% 0.82 0.6108 65.51%
0.74 4.30% 0.77 0.5456 48.69%
0.05 2.25% 0.06 0.2686 34.97%
0.72 2.46% 0.74 0.4237 38.29%
0.60 1.25% 0.61 0.4020 54.49%
0.98 2.81% 1.00 0.4213 44.49%

0.70 16.85% 0.84 0.6692 62.36%

0.87 5.32% 0.92 0.4977 62.16%
0.84 5.45% 0.89 0.5328 54.32%
0.95 3.45% 0.99 0.5641 60.52%
0.76 6.20% 0.81 0.3352 41.71%
0.44 1.35% 0.44 0.3952 36.49%
0.65 4.09% 0.68 0.4214 46.75%
0.89 3.21% 0.91 0.5864 62.02%
0.89 3.49% 0.92 0.3596 40.74%
0.78 4.76% 0.82 0.2247 33.57%
0.79 13.57% 0.91 0.2733 35.59%
0.72 4.55% 0.75 0.2212 32.93%
0.69 14.65% 0.81 0.3926 37.84%
1.16 5.33% 1.23 0.4385 46.07%
0.84 3.63% 0.87 0.7487 91.02%
1.22 5.83% 1.29 0.3991 41.58%
1.33 3.11% 1.38 0.5230 50.24%
0.91 4.47% 0.95 0.6976 80.22%
0.65 1.00% 0.65 0.4387 47.82%
1.29 8.72% 1.41 0.5552 69.62%
0.88 2.57% 0.91 0.3542 32.10%
0.87 3.02% 0.89 0.3852 38.53%
0.49 2.51% 0.50 0.2607 29.31%
0.87 16.27% 1.03 0.7030 93.13%
1.01 5.28% 1.07 0.4452 51.60%
0.41 1.44% 0.41 0.2171 25.71%
0.87 6.72% 0.93 0.5535 36.15%
0.99 3.68% 1.03 0.3518 40.76%
0.95 4.19% 0.99 0.5382 43.44%
0.71 4.48% 0.75 0.4801 45.47%
0.78 12.27% 0.89 0.1255 29.15%
0.63 2.12% 0.64 0.4150 40.67%
0.75 1.05% 0.76 0.3211 46.34%
1.29 1.52% 1.31 0.3598 50.34%
0.81 1.85% 0.83 0.5010 52.36%
0.90 3.12% 0.92 0.2935 46.87%
0.76 1.23% 0.77 0.3836 51.57%
1.46 4.03% 1.53 0.5392 50.54%
0.78 3.47% 0.81 0.4567 50.69%
1.04 11.26% 1.18 0.5027 38.00%
1.24 5.50% 1.32 0.4118 51.24%
1.05 14.27% 1.22 0.4048 54.21%
0.83 1.76% 0.84 0.4948 60.89%
0.78 3.85% 0.81 0.4392 39.02%
1.29 12.11% 1.46 0.5959 54.18%
1.28 3.29% 1.33 0.6266 64.71%
1.19 4.43% 1.25 0.5048 59.22%
0.79 8.70% 0.86 0.4502 51.52%
0.62 4.01% 0.65 0.5072 45.11%
1.09 6.98% 1.17 0.4771 57.78%
0.56 1.77% 0.57 0.4742 52.25%
1.63 2.01% 1.66 0.6963 48.90%
1.13 5.19% 1.19 0.3969 40.03%
0.92 1.31% 0.93 0.4147 31.20%
1.00 3.04% 1.03 0.4031 43.08%
0.11 0.35% 0.11 0.4300 24.61%
0.36 0.65% 0.36 0.1581 25.03%
0.33 0.70% 0.33 0.3123 36.78%
0.69 4.81% 0.73 0.4681 51.65%
1 Desapalanca el β de la Empresa Americana

a) se escoge el Sector de la pagina de prof. Damodaran

b) Una seleccionada la industria se ecoge:
- El beta apalancado βa
- el ratio Deuda/ Patrimonio (D/E)
- Seleccióna la tasa impositva de la industria
supongamos que mi negocio es comercializacion de cosmeticos Naturales

βa 1.15 Beta del sector Americana

D/E 30.78% Razon Deuda patrimonio de la Industria Americana
t 8.54% Tasa impositva de Renta Americana
βd 0.89738 Beta Desapalancado

2 Apalancamos el β desaplancado a nuestra Empresa Peruana

βd 0.89738 Beta del sector Americana

E 60.00% % de Aporte Capital Propio
D 40.00% % de Aporte Financiamiento
t 29.50% Impuesto a la Renta peruano
βa 1.31914 Beta Peruano Apalancado del plan de Negocio

Se reemplaza en la formula del CAPM:

3
http://www.investing.com/rates-bonds/peru-government-bonds?maturity_from=90&maturity_to=290

Rf 6.054% Tasa libre de Riesgo (tasa rendimiento bonos Peruanos)

 βa 1.31914 Beta Peruano apalancado
Rm 20.00% Buscar la rentabilidad del sector
RP 1.64% 164 pb del EMBI + plus ( Riesgo Pais) jun 2016
Inflación 7.25% Tasa libre de Riesgo (tasa rendimiento bonos Peruanos)
Ke=COKE 33.34%

Para descontar el FLUJO DE CAJA FINANCIERO

 http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Number
Industry Name of firms Beta D/E Ratio
Advertising 58 1.63 44.99%
Aerospace/Defense 77 1.41 26.06%
Air Transport 21 1.42 186.33%
Apparel 39 1.32 51.57%
Auto & Truck 31 1.54 50.19%
Auto Parts 37 1.47 42.66%
Bank (Money Center) 7 1.08 216.38%
Banks (Regional) 557 0.50 64.62%
Beverage (Alcoholic) 23 1.01 22.91%
Beverage (Soft) 31 1.30 15.27%
Broadcasting 26 1.32 146.83%
Brokerage & Investment Bankin 30 1.20 201.09%
Building Materials 45 1.28 28.93%
Business & Consumer Services 164 1.17 27.47%
Cable TV 10 1.26 107.27%
Chemical (Basic) 38 1.25 48.30%
Chemical (Diversified) 4 1.41 58.24%
Chemical (Specialty) 76 1.28 27.40%
Coal & Related Energy 19 1.45 21.71%
Computer Services 80 1.17 32.56%
Computers/Peripherals 42 1.29 9.52%
Construction Supplies 49 1.26 30.13%
Diversified 23 1.04 21.24%
Drugs (Biotechnology) 598 1.24 15.32%
Drugs (Pharmaceutical) 281 1.27 13.62%
Education 33 1.10 30.61%
Electrical Equipment 110 1.59 22.52%
Electronics (Consumer & Office) 16 1.54 16.45%
Electronics (General) 138 1.20 18.82%
Engineering/Construction 43 1.20 31.59%
Entertainment 110 1.45 33.28%
Environmental & Waste Service 62 1.02 25.54%
Farming/Agriculture 39 1.14 33.87%
Financial Svcs. (Non-bank & Ins 223 0.89 1004.40%
Food Processing 92 0.92 28.86%
0&maturity_to=290 Food Wholesalers 14 1.12 46.16%
Furn/Home Furnishings 32 1.27 55.94%
Green & Renewable Energy 19 1.60 121.12%
Healthcare Products 254 1.16 12.60%
 Healthcare Support Services 131 1.16 23.61%
Heathcare Information and Tech 138 1.47 14.21%
Pais) jun 2016 Homebuilding 32 1.50 32.34%
Hospitals/Healthcare Facilities 34 1.17 87.24%
Hotel/Gaming 69 1.46 66.58%
Household Products 127 1.16 15.52%
Information Services 73 1.40 13.06%
Insurance (General) 21 1.23 30.49%
Insurance (Life) 27 0.94 92.40%
Insurance (Prop/Cas.) 51 0.80 21.47%
Investments & Asset Manageme 600 0.62 38.35%
Machinery 116 1.22 20.84%
Metals & Mining 68 1.29 21.54%
Office Equipment & Services 16 1.18 66.80%
Oil/Gas (Integrated) 4 0.98 11.50%
Oil/Gas (Production and Explora 174 1.26 20.08%
Oil/Gas Distribution 23 0.99 71.41%
Oilfield Svcs/Equip. 101 1.38 32.60%
Packaging & Container 25 0.95 61.97%
Paper/Forest Products 7 1.38 43.87%
Power 48 0.73 77.16%
Precious Metals 74 1.23 16.33%
Publishing & Newspapers 20 1.11 42.18%
R.E.I.T. 223 1.06 77.33%
Real Estate (Development) 18 1.52 112.56%
Real Estate (General/Diversified 12 0.79 39.82%
Real Estate (Operations & Servic 60 1.35 109.26%
Recreation 57 1.42 52.06%
Reinsurance 1 0.83 45.10%
X Restaurant/Dining 70 1.41 30.78%
Retail (Automotive) 30 1.52 57.49%
Retail (Building Supply) 15 1.79 21.21%
Retail (Distributors) 69 1.28 39.57%
Retail (General) 15 1.36 19.97%
Retail (Grocery and Food) 13 0.67 65.82%
Retail (Online) 63 1.49 19.17%
Retail (Special Lines) 78 1.48 39.16%
Rubber& Tires 3 0.84 330.33%
Semiconductor 68 1.61 11.27%
Semiconductor Equip 30 1.76 11.79%
Shipbuilding & Marine 8 0.94 39.02%
Shoe 13 1.33 9.01%
Software (Entertainment) 91 1.36 4.80%
Software (Internet) 33 1.55 17.66%
Software (System & Application) 390 1.47 9.36%
Steel 28 1.34 28.60%
Telecom (Wireless) 16 1.03 65.15%
Telecom. Equipment 79 1.23 11.68%
Telecom. Services 49 0.88 117.72%
Tobacco 15 2.00 24.06%
Transportation 18 1.06 29.51%
Transportation (Railroads) 4 1.11 27.45%
Trucking 35 1.55 43.91%
Utility (General) 15 0.64 74.18%
Utility (Water) 16 1.15 43.40%
Total Market 7165 1.16 53.52%
Total Market (without financials 5649 1.29 26.40%
Total Market 7480 1.13 71.49%
Effective Tax Unlevered
rate beta Cash/Firm value Unlevered beta corrected for cash
6.39% 1.22 9.35% 1.35
8.60% 1.18 3.77% 1.23
10.47% 0.59 14.90% 0.69
12.04% 0.96 6.02% 1.02
3.00% 1.12 8.67% 1.23
9.30% 1.12 7.13% 1.20
16.25% 0.41 44.30% 0.74
18.84% 0.34 17.66% 0.41
9.39% 0.86 1.86% 0.88
6.42% 1.17 2.66% 1.20
15.76% 0.63 10.39% 0.70
15.32% 0.48 30.76% 0.69
16.71% 1.05 4.44% 1.10
9.43% 0.97 4.80% 1.02
21.95% 0.70 1.47% 0.71
9.83% 0.92 4.54% 0.96
12.02% 0.98 9.82% 1.09
10.75% 1.06 5.00% 1.12
2.28% 1.25 12.60% 1.43
6.47% 0.94 5.21% 0.99
9.13% 1.21 1.79% 1.23
10.52% 1.03 4.15% 1.08
2.98% 0.90 4.67% 0.94
0.94% 1.11 7.14% 1.20
2.37% 1.15 2.56% 1.18
7.10% 0.90 9.90% 0.99
4.47% 1.36 5.07% 1.43
3.98% 1.37 15.08% 1.61
6.29% 1.05 5.69% 1.12
13.30% 0.97 4.92% 1.02
3.45% 1.16 6.90% 1.25
5.42% 0.85 0.81% 0.86
6.64% 0.91 2.33% 0.93
14.61% 0.10 2.24% 0.11
7.74% 0.75 1.87% 0.77
11.94% 0.83 1.30% 0.85
12.67% 0.90 5.95% 0.95
6.73% 0.84 4.38% 0.88
3.70% 1.06 3.20% 1.10
 6.74% 0.99 8.08% 1.07
4.30% 1.33 2.99% 1.37
17.81% 1.21 9.31% 1.33
9.56% 0.71 1.85% 0.72
8.14% 0.97 8.22% 1.06
6.73% 1.03 2.21% 1.06
12.45% 1.28 4.05% 1.33
10.26% 1.00 2.69% 1.03
11.41% 0.55 16.87% 0.67
10.92% 0.69 5.16% 0.73
4.01% 0.48 9.94% 0.54
10.37% 1.06 3.16% 1.09
4.15% 1.11 8.91% 1.22
19.53% 0.78 7.18% 0.84
14.22% 0.90 4.91% 0.95
4.60% 1.09 3.81% 1.14
6.90% 0.65 1.67% 0.66
7.07% 1.10 6.91% 1.19
14.66% 0.65 3.02% 0.67
12.76% 1.04 7.57% 1.13
12.30% 0.46 1.03% 0.46
2.87% 1.10 7.43% 1.19
9.67% 0.85 7.35% 0.91
3.38% 0.67 1.83% 0.69
6.66% 0.82 6.95% 0.88
9.37% 0.61 8.54% 0.66
5.47% 0.74 8.14% 0.81
9.49% 1.02 5.18% 1.08
6.48% 0.62 25.49% 0.83
8.54% 1.15 1.72% 1.17
15.84% 1.06 1.89% 1.08
13.39% 1.54 1.50% 1.57
13.59% 0.98 2.25% 1.01
21.26% 1.19 2.82% 1.22
16.45% 0.45 5.54% 0.47
4.09% 1.30 4.12% 1.36
15.02% 1.14 4.00% 1.19
0.00% 0.24 9.97% 0.27
8.18% 1.48 3.37% 1.53
10.94% 1.61 4.43% 1.69
6.23% 0.73 6.44% 0.78
10.70% 1.24 3.50% 1.29
3.82% 1.32 3.07% 1.36
 2.37% 1.37 3.29% 1.42
3.40% 1.37 2.81% 1.41
14.95% 1.11 8.84% 1.21
3.83% 0.69 2.64% 0.71
4.06% 1.13 3.79% 1.18
6.54% 0.47 1.13% 0.47
9.83% 1.69 2.84% 1.74
16.39% 0.87 6.28% 0.92
16.57% 0.92 1.47% 0.93
14.79% 1.16 5.72% 1.23
13.20% 0.41 0.33% 0.41
8.45% 0.87 0.35% 0.87
7.52% 0.83 6.66% 0.88
6.38% 1.08 3.75% 1.12
10.95% 0.69 4.81% 0.73
HiLo Risk Standard deviation of equity
0.6867 52.72%
0.4721 37.56%
0.4403 37.73%
0.5220 38.51%
0.6906 52.61%
0.5099 39.52%
0.2235 19.59%
0.1757 16.76%
0.5871 49.87%
0.6105 41.72%
0.5584 46.90%
0.3545 28.00%
0.4208 29.19%
0.5384 45.78%
0.4068 25.41%
0.5270 46.58%
0.4489 39.49%
0.4882 42.32%
0.5502 61.96%
0.6053 47.78%
0.4600 48.73%
0.4573 35.11%
0.5643 57.84%
0.6540 58.41%
0.6919 64.88%
0.5483 41.81%
0.5944 58.55%
0.5962 39.56%
0.5031 44.94%
0.4219 35.17%
0.6883 57.81%
0.6157 48.09%
0.5890 54.43%
0.3378 27.15%
0.4866 34.23%
0.4793 32.42%
0.5484 41.91%
0.6771 67.60%
0.5939 50.94%
0.5636 47.79%
0.6173 53.87%
0.4127 33.33%
0.6028 51.19%
0.4850 38.05%
0.6577 56.83%
0.4768 45.11%
0.4521 43.76%
0.3774 28.89%
0.3527 27.67%
0.1499 9.91%
0.4224 32.36%
0.6658 70.06%
0.4442 35.22%
0.3441 30.55%
0.5790 56.98%
0.4236 33.55%
0.5323 46.90%
0.3689 24.43%
0.6012 42.84%
0.2556 17.18%
0.6947 72.54%
0.4607 30.92%
0.3083 21.54%
0.5936 51.25%
0.5265 28.66%
0.5369 44.43%
0.5939 42.13%
0.2076 19.37%
0.4749 41.15%
0.4958 35.71%
0.4708 37.55%
0.4619 37.08%
0.3460 31.53%
0.4443 28.26%
0.7025 59.41%
0.5088 38.59%
0.4503 39.79%
0.4893 38.40%
0.4351 41.57%
0.4893 41.16%
0.5085 39.37%
0.6872 58.71%
0.6605 55.24%
0.6164 52.11%
0.3941 38.30%
0.5725 51.92%
0.5273 41.35%
0.5554 55.37%
0.6063 44.06%
0.4789 28.05%
0.2272 16.34%
0.4458 41.17%
0.1561 14.97%
0.3655 41.37%
0.4832 41.37%
0.5575 47.98%
0.4681 51.65%
Standard deviation in operating income (last 10 years) 2019 2020
14.40% 0.87 0.93
19.19% 1.09 1.08
221.20% 0.63 0.84
23.02% 0.76 0.83
46.10% 0.34 0.53
25.42% 0.97 0.95
NA 0.43 0.56
95.49% 0.4 0.43
33.80% 1.05 0.92
9.36% 1.04 1.09
31.66% 0.51 0.73
37.88% 0.46 0.57
51.37% 0.91 1.02
18.89% 1 0.89
28.73% 0.76 0.78
43.45% 1.12 0.99
41.46% 1.49 1.21
11.59% 0.99 0.96
NA 0.97 1.05
26.37% 1.05 0.95
25.02% 1.5 1.64
19.31% 1.15 1.1
48.72% 1.14 1.25
29.81% 1.43 1.39
18.55% 1.38 1.29
17.47% 1.11 1.36
13.95% 1.18 1.31
328.17% 1.22 1.25
25.37% 0.96 1.07
15.20% 0.81 1.33
25.73% 1.21 1.2
13.31% 0.96 1.05
26.09% 0.5 0.63
61.67% 0.08 0.1
16.97% 0.61 0.7
25.63% 1.23 0.66
24.91% 0.67 0.82
62.82% 0.8 0.59
30.10% 1.04 0.98
27.59% 1.03 0.95
48.97% 1.18 1.15
70.58% 0.72 0.66
18.61% 0.55 0.63
100.24% 0.71 0.91
6.92% 1 0.94
28.35% 1.05 1.03
37.99% 0.67 0.59
19.53% 0.7 0.73
25.43% 0.65 0.59
26.12% 0.87 0.86
16.91% 1.01 1.1
52.71% 1.11 1.09
18.33% 1.33 1.24
97.63% 1.06 1.12
231.78% 1.07 1.08
33.56% 0.62 0.62
67.57% 1.07 1.22
8.17% 0.74 0.68
92.83% 1.17 1.25
8.06% 0.35 0.38
70.82% 1.15 1.33
12.03% 0.9 0.76
20.59% 0.41 0.43
69.87% 0.87 0.89
111.89% 1.33 1.5
121.82% 0.95 0.68
18.30% 0.81 0.75
21.77% 0.88 0.77
16.31% 0.65 0.75
31.38% 0.76 0.87
33.82% 0.97 1.15
25.35% 0.99 0.89
11.08% 0.75 0.95
28.50% 0.28 0.35
77.43% 1.34 1.16
22.32% 0.8 0.69
50.67% 0.24 0.45
38.44% 1.26 1.24
68.49% 1.39 1.25
83.00% 0.78 1.57
28.27% 0.74 0.83
69.14% 1.27 1.29
91.09% 1.31 1.5
32.24% 1.16 1.15
104.59% 1.29 1.29
69.46% 0.71 0.6
13.61% 1.02 0.84
22.22% 0.74 0.67
7.70% 1.13 1.43
26.96% 0.9 0.96
11.81% 2.08 1.89
150.04% 0.71 1.04
9.36% 0.17 0.19
13.75% 0.32 0.57
19.01% 0.8 0.83
2021 2022
Average (2019-23)
0.77 1.1 1
0.91 1.11 1.08
0.91 0.91 0.8
0.94 1.1 0.93
1.05 1.02 0.83
1.09 1.21 1.08
0.59 1.03 0.67
0.6 0.84 0.54
0.67 0.72 0.85
0.71 1.12 1.03
0.65 0.81 0.68
0.57 0.67 0.59
0.97 1.09 1.02
0.83 0.99 0.95
0.7 0.66 0.72
0.76 0.94 0.95
1.03 1.21 1.21
0.82 1 0.98
0.56 0.82 0.96
0.94 1.06 1
1.14 1.25 1.35
0.87 0.98 1.04
0.89 0.7 0.98
0.85 0.97 1.17
0.84 1.01 1.14
1.07 1.1 1.13
1 1.19 1.22
1.01 1.06 1.23
0.86 1.05 1.01
0.95 0.97 1.02
0.84 0.96 1.09
0.82 1.09 0.95
0.68 0.85 0.72
0.11 0.15 0.11
0.53 0.63 0.65
0.8 1.08 0.92
0.78 0.99 0.84
0.68 1.1 0.81
0.8 0.91 0.97
0.74 0.95 0.95
0.75 0.91 1.07
1.33 1.59 1.13
0.8 0.96 0.73
1.19 1.44 1.06
0.68 0.92 0.92
0.97 1.2 1.12
0.56 0.81 0.73
0.64 0.88 0.73
0.58 0.78 0.67
0.78 0.97 0.8
0.96 1.18 1.07
0.82 1.13 1.07
0.83 1.11 1.07
0.98 1.25 1.07
0.81 1.13 1.05
0.6 0.86 0.67
0.83 1.18 1.1
0.68 0.78 0.71
0.96 1 1.1
0.43 0.56 0.44
0.75 0.99 1.08
1.1 1.46 1.03
0.79 0.99 0.66
0.56 0.74 0.79
0.76 0.83 1.02
0.75 0.87 0.81
0.77 1.07 0.9
1.13 1.3 0.98
1.11 1.33 1
0.99 1.12 0.96
1.43 1.42 1.31
0.75 1.06 0.94
0.81 1.04 0.95
0.15 0.21 0.29
1.14 1.07 1.21
1.03 1.23 0.99
0.54 0.59 0.42
0.96 1.14 1.23
1.07 1.34 1.35
0.74 0.8 0.93
0.98 1.19 1.01
0.96 1.21 1.22
0.75 0.98 1.19
0.89 1.12 1.15
0.78 0.98 1.11
0.39 0.63 0.61
0.83 1.06 0.98
0.42 0.51 0.56
0.61 0.86 1.15
0.79 0.72 0.86
0.74 0.65 1.26
0.94 1.28 1.04
0.48 0.6 0.37
0.57 0.61 0.59
0.75 0.91 0.84
 ventras semestrales Restaurante 1: costa verde
AÑOS VENTA COSTO DE VENTA
2018 S/. 600,000.00 S/. 390,000.00
2019 S/. 600,000.00 S/. 390,000.00
2020 S/. 600,000.00 S/. 390,000.00
2021 S/. 650,000.00 S/. 422,500.00
2022 S/. 650,000.00 S/. 422,500.00
TOTAL (%) 100% 65%

FLUJO DE CAJA PROYECTADO A UN AÑO

compras S/. 390,000.00

meta de venta S/. 780,000.00

FLUJO DE CAJA
2018
ENTRADAS
Ventas al contado S/. 600,000.00
Ventas al credito
SUB TOTAL DE ENTRADAS S/. 600,000.00

SALIDAS
Compras contado S/. 390,000.00
Remuneraciones S/. 73,800.00
utiles de oficina S/. 300.00
Internet y telefonia S/. 2,400.00
Luz S/. 7,200.00
Alquiler local S/. 72,000.00
Agua S/. 7,200.00
Gas S/. 4,800.00

SUB TOTAL SALIDAS S/. 557,700.00

prestamo S/. 150,000.00
amortizacion S/. 23,545.87
interes S/. 16,052.26
inversion S/. 140,000.00
CAJA INICIAL S/. -10,000.00 S/. 2,701.86
Impuesto 29.5% S/. 797.05
Ingreso Después de Impuestos S/. 1,904.81

VAN S/.155,868.80 VAN +

TIR 52%
RATIO B/C 1.10 VA INGRESOS
VA EGRESOS
COK ANUAL 33.34%
osta verde
UTILIDAD UNIDADES
S/. 210,000.00 12000
S/. 210,000.00 12000
S/. 210,000.00 12000
S/. 227,500.00 13000
S/. 227,500.00 13000
35%

S/. 390,000.00 S/. 390,000.00 S/. 422,500.00 S/. 422,500.00

S/. 780,000.00 S/. 780,000.00 S/. 845,000.00 S/. 845,000.00

2019 2020 2021 2022

S/. 600,000.00 S/. 600,000.00 S/. 650,000.00 S/. 650,000.00

S/. 600,000.00 S/. 600,000.00 S/. 650,000.00 S/. 650,000.00

S/. 390,000.00 S/. 390,000.00 S/. 422,500.00 S/. 422,500.00

S/. 73,800.00 S/. 73,800.00 S/. 73,800.00 S/. 73,800.00
S/. 300.00 S/. 300.00 S/. 300.00 S/. 300.00
S/. 2,400.00 S/. 2,400.00 S/. 2,400.00 S/. 2,400.00
S/. 7,200.00 S/. 7,200.00 S/. 7,200.00 S/. 7,200.00
S/. 72,000.00 S/. 72,000.00 S/. 72,000.00 S/. 72,000.00
S/. 7,200.00 S/. 7,200.00 S/. 7,200.00 S/. 7,200.00
S/. 4,800.00 S/. 4,800.00 S/. 4,800.00 S/. 4,800.00

S/. 557,700.00 S/. 557,700.00 S/. 590,200.00 S/. 590,200.00

S/. 26,404.34 S/. 29,609.83 S/. 33,204.46 S/. 37,235.49

S/. 13,193.80 S/. 9,988.31 S/. 6,393.67 S/. 2,362.65

S/. 2,701.86 S/. 2,701.86 S/. 20,201.86 S/. 20,201.86

S/. 797.05 S/. 797.05 S/. 5,959.55 S/. 5,959.55
S/. 1,904.81 S/. 1,904.81 S/. 14,242.31 S/. 14,242.31
 TCEA
CUADRO DE DEUDA TEM

PERIODO AMORTIZACION INTERES CUOTA

0
1 S/.1,860.76 1439.08 S/.3,299.84
2 S/.1,878.61 1421.23 S/.3,299.84
3 S/.1,896.64 1403.21 S/.3,299.84
4 S/.1,914.83 1385.01 S/.3,299.84
5 S/.1,933.20 1366.64 S/.3,299.84
6 S/.1,951.75 1348.09 S/.3,299.84
7 S/.1,970.48 1329.37 S/.3,299.84
8 S/.1,989.38 1310.46 S/.3,299.84
9 S/.2,008.47 1291.38 S/.3,299.84
10 S/.2,027.73 1272.11 S/.3,299.84
11 S/.2,047.19 1252.66 S/.3,299.84
S/.23,545.87 16052.26 12 S/.2,066.83 1233.02 S/.3,299.84
13 S/.2,086.66 1213.19 S/.3,299.84
14 S/.2,106.68 1193.17 S/.3,299.84
15 S/.2,126.89 1172.96 S/.3,299.84
16 S/.2,147.29 1152.55 S/.3,299.84
17 S/.2,167.89 1131.95 S/.3,299.84
18 S/.2,188.69 1111.15 S/.3,299.84
19 S/.2,209.69 1090.15 S/.3,299.84
20 S/.2,230.89 1068.95 S/.3,299.84
21 S/.2,252.29 1047.55 S/.3,299.84
22 S/.2,273.90 1025.94 S/.3,299.84
23 S/.2,295.72 1004.13 S/.3,299.84
S/.26,404.34 13193.80 24 S/.2,317.74 982.10 S/.3,299.84
25 S/.2,339.98 959.87 S/.3,299.84
26 S/.2,362.43 937.42 S/.3,299.84
27 S/.2,385.09 914.75 S/.3,299.84
28 S/.2,407.98 891.87 S/.3,299.84
29 S/.2,431.08 868.77 S/.3,299.84
30 S/.2,454.40 845.44 S/.3,299.84
31 S/.2,477.95 821.90 S/.3,299.84
32 S/.2,501.72 798.12 S/.3,299.84
33 S/.2,525.72 774.12 S/.3,299.84
34 S/.2,549.95 749.89 S/.3,299.84
35 S/.2,574.42 725.43 S/.3,299.84
S/.29,609.83 9988.31 36 S/.2,599.12 700.73 S/.3,299.84
37 S/.2,624.05 675.79 S/.3,299.84
 38 S/.2,649.23 650.62 S/.3,299.84
39 S/.2,674.64 625.20 S/.3,299.84
40 S/.2,700.30 599.54 S/.3,299.84
41 S/.2,726.21 573.64 S/.3,299.84
42 S/.2,752.36 547.48 S/.3,299.84
43 S/.2,778.77 521.07 S/.3,299.84
44 S/.2,805.43 494.42 S/.3,299.84
45 S/.2,832.34 467.50 S/.3,299.84
46 S/.2,859.52 440.33 S/.3,299.84
47 S/.2,886.95 412.89 S/.3,299.84
S/.33,204.46 6393.67 48 S/.2,914.65 385.20 S/.3,299.84
49 S/.2,942.61 357.23 S/.3,299.84
50 S/.2,970.84 329.00 S/.3,299.84
51 S/.2,999.34 300.50 S/.3,299.84
52 S/.3,028.12 271.72 S/.3,299.84
53 S/.3,057.17 242.67 S/.3,299.84
54 S/.3,086.50 213.34 S/.3,299.84
55 S/.3,116.11 183.73 S/.3,299.84
56 S/.3,146.01 153.84 S/.3,299.84
57 S/.3,176.19 123.65 S/.3,299.84
58 S/.3,206.66 93.18 S/.3,299.84
59 S/.3,237.43 62.42 S/.3,299.84
S/.37,235.49 2362.65 60 S/.3,268.49 31.36 S/.3,299.84

47990.70
 12.14%
0.96%

SALDO DEUDOR
150000
S/.148,139.24
S/.146,260.62
S/.144,363.99
S/.142,449.15
S/.140,515.95
S/.138,564.20
S/.136,593.72
S/.134,604.34
S/.132,595.88
S/.130,568.14
S/.128,520.95
S/.126,454.13
S/.124,367.47
S/.122,260.79
S/.120,133.90
S/.117,986.61
S/.115,818.71
S/.113,630.02
S/.111,420.33
S/.109,189.44
S/.106,937.14
S/.104,663.24
S/.102,367.52
S/.100,049.78
S/.97,709.80
S/.95,347.38
S/.92,962.28
S/.90,554.31
S/.88,123.23
S/.85,668.83
S/.83,190.88
S/.80,689.16
S/.78,163.44
S/.75,613.48
S/.73,039.07
S/.70,439.95
S/.67,815.90
S/.65,166.67
S/.62,492.03
S/.59,791.73
S/.57,065.52
S/.54,313.15
S/.51,534.38
S/.48,728.95
S/.45,896.61
S/.43,037.09
S/.40,150.14
S/.37,235.49
S/.34,292.87
S/.31,322.03
S/.28,322.69
S/.25,294.57
S/.22,237.39
S/.19,150.89
S/.16,034.78
S/.12,888.77
S/.9,712.58
S/.6,505.92
S/.3,268.49
S/.0.00
 ventras semestrales Restaurante 2: Cieneguía
AÑOS VENTA COSTO DE VENTA
2018 S/. 400,000.00 S/. 260,000.00
2019 S/. 400,000.00 S/. 260,000.00
2020 S/. 400,000.00 S/. 260,000.00
2021 S/. 400,000.00 S/. 260,000.00
2022 S/. 400,000.00 S/. 260,000.00
TOTAL (%) 100% 65%

FLUJO DE CAJA PROYECTADO A UN AÑO

compras S/. 260,000.00

meta de venta S/. 520,000.00

FLUJO DE CAJA
2018
ENTRADAS
Ventas al contado S/. 400,000.00
Ventas al credito
SUB TOTAL DE ENTRADAS S/. 400,000.00

SALIDAS
Compras contado S/. 260,000.00
Remuneraciones S/. 49,200.00
utiles de oficina S/. 240.00
Internet y telefonia S/. 1,200.00
Luz S/. 2,400.00
Alquiler local S/. 48,000.00
Agua S/. 3,600.00
Gas S/. 3,600.00

SUB TOTAL SALIDAS S/. 368,240.00

prestamo S/. 100,000.00
amortizacion S/. 15,672.32
interes S/. 10,769.84
inversion S/. 90,000.00
CAJA INICIAL S/. -10,000.00 S/. 5,317.84
Impuesto 29.5% S/. 1,568.76
Ingreso Después de Impuestos S/. 3,749.08

VAN S/.102,166.01 VAN +

TIR 45%
RATIO B/C 1.09 VA INGRESOS
VA EGRESOS
COK ANUAL 33.34%
Cieneguía
UTILIDAD UNIDADES
S/. 140,000.00 10000
S/. 140,000.00 10000
S/. 140,000.00 10000
S/. 140,000.00 10000
S/. 140,000.00 10000
35%

S/. 260,000.00 S/. 260,000.00 S/. 260,000.00 S/. 260,000.00

S/. 520,000.00 S/. 520,000.00 S/. 520,000.00 S/. 520,000.00

2019 2020 2021 2022

S/. 400,000.00 S/. 400,000.00 S/. 400,000.00 S/. 400,000.00

S/. 400,000.00 S/. 400,000.00 S/. 400,000.00 S/. 400,000.00

S/. 260,000.00 S/. 260,000.00 S/. 260,000.00 S/. 260,000.00

S/. 49,200.00 S/. 49,200.00 S/. 49,200.00 S/. 49,200.00
S/. 240.00 S/. 240.00 S/. 240.00 S/. 240.00
S/. 1,200.00 S/. 1,200.00 S/. 1,200.00 S/. 1,200.00
S/. 2,400.00 S/. 2,400.00 S/. 2,400.00 S/. 2,400.00
S/. 48,000.00 S/. 48,000.00 S/. 48,000.00 S/. 48,000.00
S/. 3,600.00 S/. 3,600.00 S/. 3,600.00 S/. 3,600.00
S/. 3,600.00 S/. 3,600.00 S/. 3,600.00 S/. 3,600.00

S/. 368,240.00 S/. 368,240.00 S/. 368,240.00 S/. 368,240.00

S/. 17,587.48 S/. 19,736.67 S/. 22,148.49 S/. 24,855.04

S/. 8,854.68 S/. 6,705.49 S/. 4,293.67 S/. 1,587.13

S/. 5,317.84 S/. 5,317.84 S/. 5,317.84 S/. 5,317.84

S/. 1,568.76 S/. 1,568.76 S/. 1,568.76 S/. 1,568.76
S/. 3,749.08 S/. 3,749.08 S/. 3,749.08 S/. 3,749.08
S/. 190,000.00
 TCEA
CUADRO DE DEUDA TEM

PERIODO AMORTIZACION INTERES CUOTA

0
1 S/.1,238.12 965.39 S/.2,203.51
2 S/.1,250.08 953.44 S/.2,203.51
3 S/.1,262.15 941.37 S/.2,203.51
4 S/.1,274.33 929.18 S/.2,203.51
5 S/.1,286.63 916.88 S/.2,203.51
6 S/.1,299.05 904.46 S/.2,203.51
7 S/.1,311.59 891.92 S/.2,203.51
8 S/.1,324.26 879.26 S/.2,203.51
9 S/.1,337.04 866.47 S/.2,203.51
10 S/.1,349.95 853.57 S/.2,203.51
11 S/.1,362.98 840.53 S/.2,203.51
S/.15,672.32 10769.84 12 S/.1,376.14 827.38 S/.2,203.51
13 S/.1,389.42 814.09 S/.2,203.51
14 S/.1,402.84 800.68 S/.2,203.51
15 S/.1,416.38 787.13 S/.2,203.51
16 S/.1,430.05 773.46 S/.2,203.51
17 S/.1,443.86 759.65 S/.2,203.51
18 S/.1,457.80 745.72 S/.2,203.51
19 S/.1,471.87 731.64 S/.2,203.51
20 S/.1,486.08 717.43 S/.2,203.51
21 S/.1,500.43 703.09 S/.2,203.51
22 S/.1,514.91 688.60 S/.2,203.51
23 S/.1,529.54 673.98 S/.2,203.51
S/.17,587.48 8854.68 24 S/.1,544.30 659.21 S/.2,203.51
25 S/.1,559.21 644.30 S/.2,203.51
26 S/.1,574.26 629.25 S/.2,203.51
27 S/.1,589.46 614.05 S/.2,203.51
28 S/.1,604.81 598.71 S/.2,203.51
29 S/.1,620.30 583.22 S/.2,203.51
30 S/.1,635.94 567.57 S/.2,203.51
31 S/.1,651.73 551.78 S/.2,203.51
32 S/.1,667.68 535.83 S/.2,203.51
33 S/.1,683.78 519.73 S/.2,203.51
34 S/.1,700.03 503.48 S/.2,203.51
35 S/.1,716.45 487.07 S/.2,203.51
S/.19,736.67 6705.49 36 S/.1,733.02 470.50 S/.2,203.51
37 S/.1,749.75 453.77 S/.2,203.51
 38 S/.1,766.64 436.87 S/.2,203.51
39 S/.1,783.69 419.82 S/.2,203.51
40 S/.1,800.91 402.60 S/.2,203.51
41 S/.1,818.30 385.21 S/.2,203.51
42 S/.1,835.85 367.66 S/.2,203.51
43 S/.1,853.58 349.94 S/.2,203.51
44 S/.1,871.47 332.04 S/.2,203.51
45 S/.1,889.54 313.98 S/.2,203.51
46 S/.1,907.78 295.74 S/.2,203.51
47 S/.1,926.20 277.32 S/.2,203.51
S/.22,148.49 4293.67 48 S/.1,944.79 258.72 S/.2,203.51
49 S/.1,963.57 239.95 S/.2,203.51
50 S/.1,982.52 220.99 S/.2,203.51
51 S/.2,001.66 201.85 S/.2,203.51
52 S/.2,020.98 182.53 S/.2,203.51
53 S/.2,040.50 163.02 S/.2,203.51
54 S/.2,060.19 143.32 S/.2,203.51
55 S/.2,080.08 123.43 S/.2,203.51
56 S/.2,100.16 103.35 S/.2,203.51
57 S/.2,120.44 83.08 S/.2,203.51
58 S/.2,140.91 62.60 S/.2,203.51
59 S/.2,161.58 41.94 S/.2,203.51
S/.24,855.04 1587.13 60 S/.2,182.44 21.07 S/.2,203.51

32210.81
 12.22%
0.97%

SALDO DEUDOR
100000
S/.98,761.88
S/.97,511.80
S/.96,249.65
S/.94,975.32
S/.93,688.69
S/.92,389.64
S/.91,078.04
S/.89,753.79
S/.88,416.74
S/.87,066.80
S/.85,703.82
S/.84,327.68
S/.82,938.25
S/.81,535.42
S/.80,119.04
S/.78,688.98
S/.77,245.13
S/.75,787.33
S/.74,315.46
S/.72,829.38
S/.71,328.95
S/.69,814.04
S/.68,284.50
S/.66,740.20
S/.65,180.99
S/.63,606.72
S/.62,017.26
S/.60,412.46
S/.58,792.16
S/.57,156.22
S/.55,504.48
S/.53,836.80
S/.52,153.02
S/.50,452.99
S/.48,736.54
S/.47,003.53
S/.45,253.78
S/.43,487.14
S/.41,703.45
S/.39,902.54
S/.38,084.24
S/.36,248.38
S/.34,394.81
S/.32,523.34
S/.30,633.80
S/.28,726.02
S/.26,799.83
S/.24,855.04
S/.22,891.47
S/.20,908.95
S/.18,907.29
S/.16,886.30
S/.14,845.81
S/.12,785.61
S/.10,705.53
S/.8,605.37
S/.6,484.93
S/.4,344.02
S/.2,182.44
S/.0.00