Академический Документы
Профессиональный Документы
Культура Документы
43,000,000
20%
5% perpetuo despus de 2019
20%
0.15
E/R
Ventas Totales
2,014
EBIT
utildad antes de impuesto
FCL
NOPAT(util despues de impiuesto)
Depreciacin
Inversiones en Maq /Eq
VR
Var CTN
FCL
VAN =
10,320,000
-4,500,000
2,015
8,772,000
632,880
-774,000
-21,500,000
-26,000,000
-1,720,000
6,910,880
36,890,111
VL (5) =
dif =
2014
2015
2016
2017
2018
2019
Nmero de Acciones
Deuda Total / Patrimonio
D/Capital a Largo plazo
Deuda Total =
Capital (Patrimonio)
Valor de la accin
Wd = (D)/(D+E)
2,014
0
2,015
51,600,000
4,500,000
0.09
12%
Inversin Anter
Inversin Adic
4,500,000
774,000
5,274,000
1,238,400
6,512,400
1,486,080
7,998,480
1,783,296
9,781,776
2,139,955
Suma
7,421,731
6,943,125
Necesidad de
Capital Trabajo
21,500,000
23,220,000
24,768,000
29,721,600
35,665,920
42,799,104
VM (0) =
=> VR (4) =
Var CNT
-21,500,000
-1,720,000
-1,548,000
-4,953,600
-5,944,320
-7,133,184
10,000,000
0.35
0.6
53,550,000
89,250,000
8.925
0.375 ponderacion al endeudamiento
We = (E)/(D+E)
Bono a 5 aos
Bono a 30 aos
Bono a 20 aos
Promedios
histricos
2000-2013
1980-2013
1930-2013
Beta de la deuda d =
0.3
re=
rent acc promed industria
-0.05
rd=
WACC = wd*Kd*(1-t)+we*Ke
WACC =
FCL
NOPAT
Nmero de Acciones
Dividendo por Accin
Precio por Accin (ao 5)
Tasa de descuento
precio de la Accin
1.8
5.00%
7% prima de riesgo
12.00% rm= prima de riesgo + tasa libre de rie
16.60% re=-0.05+1.8*(0.12)
rd=rf +d (rm-rf)
7.10%
e =
u =
1.2566 u =e / ( 1+wd*(1-t) )
I =
0.9529 I =u / ( 1+wd*(1-t) )
Ke=
11.67% Ke= rf + I* ( rm - rf )
9.557%
2,014
0
2,015
8,772,000
10,000,000
0.88
11.67%
13.48
o despus de 2019
2,016
61,920,000
12,384,000
2,017
74,304,000
14,860,800
2,018
89,164,800
17,832,960
2,016
10,526,400
781,488
-1,238,400
2,017
12,631,680
959,818
-1,486,080
2,018
15,158,016
1,173,813
-1,783,296
-1,548,000
8,521,488
-4,953,600
7,151,818
-5,944,320
8,604,213
Depreciacin
632,880
781,488
959,818
1,173,813
1,430,608
4,978,606
cion al endeudamiento
6,943,125
6,943,125
2,019
106,997,760
21,399,552
2,019
18,189,619
1,430,608
-2,139,955
6,943,125
35,665,920
60,089,316
IMPUESTO
1,548,000.00
8,772,000.00
Rendim de
Bono Tesoro
3%
4%
5%
rm
retorno de mercado
( 1+wd*(1-t) )
I* ( rm - rf )
2,016
10,526,400
10,000,000
1.05
2,017
12,631,680
10,000,000
1.26
2,018
15,158,016
10,000,000
1.52
2,019
18,189,619
10,000,000
1.82
15.50
Inversiones en fundos
Inversiones en Maq /Eq
6,000,000
250,000
t=
0.30
1
Fundo Cacique
Extensin (Has)
Cultivo (Has)
Rendimiento (Kg/Ha)
Fundo Ingenio
Extensin (Has)
Cultivo (Has)
Rendimiento (Kg/Ha)
Fundo Santa Mara
Extensin (Has)
Cultivo (Has)
Rendimiento (Kg/Ha)
Total de Produccin (Kg)
Precio mercado internac
Precio a matriz
E/R
Ventas Totales
Ventas a Matriz
Ventas a Europa
Costo jornaleros por cultivo
Costo jornaleros por cosecha
Gastos Administrativos
Depreciacin
EBIT
FCL
NOPAT
Depreciacin
Inversiones en fundos
Inversiones en Maq /Eq
Venta de Fundos
VR
Var CTN
FCL
2
500
200
2,550
500
350
4,462
450
180
2,240
450
315
3,920
300
120
1,600
300
210
2,800
2,762,800
0.36
0.34
4,834,900
0.36
0.34
1
959,797
661,414
298,382
5,000
6,750
28,000
100,000
2
1,679,644
1,157,475
522,169
8,750
11,813
28,000
75,000
820,047
1,556,082
0
0
1
574,033
100,000
2
1,089,257
75,000
0
674,033
0
1,164,257
-6,000,000
-250,000
-750,000
-7,000,000
VAN =
2,550,030
Usando como tasa de descuento el clculo del WACC el proyecto resulta rentable
Suma de dgitos
1
n (n+1) / 2
Depreciacin
0.4
100,000
10
2
3
4
Suma
VL (4) =
dif =
CTN:
CTN (0) =
Empresas
Beta apalancada
Deuda a valor de mercado $M
Capital a valor de mercado $M
Tasa de impuesto
0.3
0.2
0.1
1
-50,000
-15,000
75,000
50,000
25,000
250,000
VM (0) =
50,000
=> VR (4) =
35,000
750,000
X
Y
1.75
400
1,000
35%
Z
1.8
350
1,200
35%
250
1.95
500
1,500
35%
2.50%
5.21%
12.38%
81.8182%
10%
Importes
6,250,000
750,000
7,000,000
1,272,726
5,727,274 Equivale al prstamo
1
5,727,274
572,727
572,727
0
5,727,274
2
5,727,274
572,727
2,303,022
1,730,294
3,996,980
3
3,996,980
399,698
2,303,022
1,903,324
2,093,656
0.7936507937
Empresa Y
0.8406304729
0.8219178082
Empresa Z
2.- Ahora pasamos de empresa a industria
Empresa X
Empresa Y
Empresa Z
Promedio
0.7936507937
0.8406304729
0.8219178082
0.8187330249
1.4886056487
4.-Calculamos COKproyect
COKproyect
0.158833025
9.07%
WACC = wd*Kd*(1-t)+we*Ke
aos
500
450
5,737
500
500
6,374
450
405
5,040
450
450
5,600
300
270
3,600
300
300
4,000
6,216,300
0.36
0.34
6,907,000
0.36
0.34
3
2,159,543
1,488,182
671,360
11,250
15,188
28,000
50,000
4
2,399,492
1,653,536
745,956
12,500
16,875
28,000
25,000
2,055,105
2,317,117
3
1,438,574
50,000
4
1,621,982
25,000
0
1,488,574
7,200,000
35,000
750,000
9,631,982
aos
aos
4
2,093,656
209,366
2,303,022
2,093,656
-
= wd*Kd*(1-t)+we*Ke