Diego Rodriguez 201425220

Ejercicio Inflacin
a)

Corriente (Nominal)
Periodo 0 1 2 3 4 5
Precio $500.00 $530.00 $561.80 $595.51 $631.24 $669.11
Cantidad 0 12960 12960 12960 12960 12960
Ingresos $- $7,393,800.00 $7,832,178.00 $8,296,596.18 $8,788,603.83 $9,309,842.52
Costos & Gastos $- $2,630,140.00 $2,774,013.40 $2,926,069.65 $3,086,784.67 $3,256,662.39
EBITDA $- $4,763,660.00 $5,058,164.60 $5,370,526.53 $5,701,819.15 $6,053,180.14
Depreciacin $- $2,200,000.00 $2,200,000.00 $2,200,000.00 $2,200,000.00 $2,200,000.00
EBIT $- $2,563,660.00 $2,858,164.60 $3,170,526.53 $3,501,819.15 $3,853,180.14
Depreciacin $- $2,200,000.00 $2,200,000.00 $2,200,000.00 $2,200,000.00 $2,200,000.00
CAPEX $22,000,000.00 $- $- $- $- $(11,000,000.00)
Impuesto Op $- $846,007.80 $943,194.32 $1,046,273.75 $1,155,600.32 $1,271,549.45
FCL $(22,000,000.00) $3,917,652.20 $4,114,970.28 $4,324,252.77 $4,546,218.83 $15,781,630.69

Haciendo uso de un WACC=10% EA, se obtiene un = $ 1,115,458.640 miles de pesos. Esto significa que el proyecto es conveniente. Adems, se obtiene una = 11.56%.

b) Deflactando el precio, los ingresos extra, los costos administrativos, la depreciacin, el CAPEX, y pasando el crecimiento de los pasajes y los ingresos extra a tasas reales se obtuvo:

Constante (Real)
Periodo 0 1 2 3 4 5
Precio $500.00 $514.56 $529.55 $544.97 $560.85 $577.18
Cantidad 0 12960 12960 12960 12960 12960
Ingresos $- $7,178,446.60 $7,382,578.94 $7,592,560.80 $7,808,560.67 $8,030,751.94
Costos & Gastos $- $2,553,533.98 $2,614,773.68 $2,677,768.24 $2,742,568.20 $2,809,225.58
EBITDA $- $4,624,912.62 $4,767,805.26 $4,914,792.56 $5,065,992.47 $5,221,526.36
Depreciacin $- $2,135,922.33 $2,073,711.00 $2,013,311.65 $1,954,671.51 $1,897,739.33
EBIT $- $2,488,990.29 $2,694,094.26 $2,901,480.91 $3,111,320.96 $3,323,787.03
Depreciacin $- $2,135,922.33 $2,073,711.00 $2,013,311.65 $1,954,671.51 $1,897,739.33
CAPEX $22,000,000.00 $- $- $- $- $(9,488,696.63)
Impuesto Op $- $821,366.80 $889,051.11 $957,488.70 $1,026,735.92 $1,096,849.72
FCL $(22,000,000.00) $3,803,545.83 $3,878,754.15 $3,957,303.86 $4,039,256.55 $13,613,373.27

1+
Haciendo uso de la frmula = 1 = 6.8%. Con este WACC real se encontr un = $ 1,115,458.640 miles de pesos. Esto significa que el proyecto es conveniente.
1+
Adems, se obtiene una = %8.31.