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Teoria Financiera y Costo de Capital

A B C D E F G H I
1
2 CASO BUENAVENTURA
3 DETERMINACIN DEL COSTO DE CAPITAL
4
5
6 1. EMPRESA OBJETIVO
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8 Empresa Compaa de Minas Buenaventura S.A.
9
10 Ticker BVN
11
12 Descripcin Compania de Minas Buenaventura S.A.A., a precious metals company, engages in the
13 exploration, mining, processing, and development of gold, silver, and other metals in Peru. It
14 also explores for zinc, lead, and copper. The company operates the Orcopampa mine located
15 in the province of Castilla in the department of Arequipa; the Uchucchacua mine located in the
16 province of Oyon in the department of Lima; the La Zanja mine located in the district of Pulan
in the province of Santa Cruz; the Antapite mine located in the province of Huaytara in the
17 department of Huancavelica; the Julcani mine located in the province of Angaraes in the
18 department of Huancavelica; and the Recuperada mine located in the province of
19 Huancavelica in the department of Huancavelica. It also holds controlling interests in the
20 Colquijirca and Marcapunta Norte mines located east of the city of Lima; and the Shila-Paula
21 mines located in the province of Castilla in the department of Arequipa. In addition, the
22 company owns interests in various other mining companies. Further, it offers electric power
23 transmission services; and geological, engineering, design, and construction consulting
services to the mining sector. Compania de Minas Buenaventura S.A.A. was founded in 1953
24
and is headquartered in Lima, Peru
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26
27
28 2. DETERMINACIN DE BETA
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30 2.1. Beta Pblico
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32 Fecha
33
34 Servicio Financiero Beta Tipo
35 Yahoo! Finance 0.67 3 aos, mensual
36 Reuters 5 aos, mensual
37 Google Finance 5 aos, mensual

Prof. Fnix Suto


374768952.xls / COK 1
Universidad ESAN
Teoria Financiera y Costo de Capital

A B C D E F G H I
39 2.2. Beta Datos Primarios
40
41 Mtodo Beta Tipo
42 Covarianza 0.6471 Patrimonial 3 aos, mensual
43 Correlacin 0.6471 Patrimonial 3 aos, mensual
44 Regresin 0.6471 Patrimonial 3 aos, mensual
45
46 2.3. Beta Patrimonial
47
48 Beta Patrimonial
49 E 0.67 Beta Patrimonial (Financiero)
50
51 2.4. Beta Econmico
52
53 Financiamiento
54 Relacin D/C 0.004 Promedio D/C
55 Tasa Imp (t) 16.23% Promedio t
56
57 Beta Econmico
58 OA = E/[1+(1-t)*D/C]
59 OA 0.668 Beta Econmico (Negocio)
60

Prof. Fnix Suto


374768952.xls / COK 2
Universidad ESAN
Teoria Financiera y Costo de Capital

A B C D E F G H I
62 3. DETERMINACIN DE COSTO DE CAPITAL
63
64 Indicadores Mercado
65 rf 3.61% Tasa Libre de Riesgo K=r f + ( R M r f )
66 RM 11.26% Retorno de Mercado
67 Fuente: www.damodaran.com K = Costo de Capital
68 rf = Tasa Libre de Riesgo
= Beta
69 3.1. Costo de Capital Econmico RM = Retorno de Mercado
70
71 KOA Econmico
72 OA 0.67
73 KOA = rf + OA*(RM - rf)
74 KOA 8.72% Costo de Capital Econmico
75
76 3.2. Costo de Capital Patrimonial
77
78 KE Patrimonial
79 E 0.67
80 KE = rf + E*(RM - rf)
81 KE 8.74% Costo de Capital Patrimonial (AWR)
82

Prof. Fnix Suto


374768952.xls / COK 3
Universidad ESAN
Teoria Financiera y Costo de Capital

A B C D E F G H I J
1
2 CASO BUENAVENTURA
3 DETERMINACIN DEL BETA
4
5
6 1. CLCULO DE RENTABILIDAD DE EMPRESA 2. CLCULO DE RENTABILIDAD DE NDICE S&P500
7
8 Empresa Compaa de Minas Buenaventura S.A. Mercado ndice S&P500
9
10 N Fecha Precio Retorno Mes N Fecha Precio Retorno Mes
11 Mes US$ BVN Mes ndice S&P500
12 1 11/1/2013 13.26 -8.49% 1 11/1/2013 1,798.18 2.37%
13 2 10/1/2013 14.49 23.85% 2 10/1/2013 1,756.54 4.46%
14 3 9/3/2013 11.70 -7.29% 3 9/3/2013 1,681.55 2.97%
15 4 8/1/2013 12.62 -11.69% 4 8/1/2013 1,632.97 -3.13%
16 5 7/1/2013 14.29 -3.12% 5 7/1/2013 1,685.73 4.95%
17 6 6/3/2013 14.75 -17.78% 6 6/3/2013 1,606.28 -1.50%
18 7 5/1/2013 17.94 -10.34% 7 5/1/2013 1,630.74 2.08%
19 8 4/1/2013 20.01 -21.90% 8 4/1/2013 1,597.57 1.81%
20 9 3/1/2013 25.62 1.30% 9 3/1/2013 1,569.19 3.60%
21 10 2/1/2013 25.29 -13.39% 10 2/1/2013 1,514.68 1.11%
22 11 1/2/2013 29.20 -17.70% 11 1/2/2013 1,498.11 5.04%
23 12 12/3/2012 35.48 9.71% 12 12/3/2012 1,426.19 0.71%
24 13 11/1/2012 32.34 -7.84% 13 11/1/2012 1,416.18 0.28%
25 14 10/1/2012 35.09 -8.21% 14 10/1/2012 1,412.16 -1.98%
26 15 9/4/2012 38.23 12.41% 15 9/4/2012 1,440.67 2.42%
27 16 8/1/2012 34.01 -4.84% 16 8/1/2012 1,406.58 1.98%
28 17 7/2/2012 35.74 -4.11% 17 7/2/2012 1,379.32 1.26%
29 18 6/1/2012 37.27 -2.97% 18 6/1/2012 1,362.16 3.96%
30 19 5/1/2012 38.41 -5.16% 19 5/1/2012 1,310.33 -6.27%
31 20 4/2/2012 40.50 3.37% 20 4/2/2012 1,397.91 -0.75%
32 21 3/1/2012 39.18 0.46% 21 3/1/2012 1,408.47 3.13%
33 22 2/1/2012 39.00 -6.47% 22 2/1/2012 1,365.68 4.06%
34 23 1/3/2012 41.70 11.89% 23 1/3/2012 1,312.41 4.36%
35 24 12/1/2011 37.27 -2.05% 24 12/1/2011 1,257.60 0.85%
36 25 11/1/2011 38.05 -3.87% 25 11/1/2011 1,246.96 -0.51%
37 26 10/3/2011 39.58 8.44% 26 10/3/2011 1,253.30 10.77%
38 27 9/1/2011 36.50 -19.41% 27 9/1/2011 1,131.42 -7.18%
39 28 8/1/2011 45.29 14.40% 28 8/1/2011 1,218.89 -5.68%
40 29 7/1/2011 39.59 7.79% 29 7/1/2011 1,292.28 -2.15%
41 30 6/1/2011 36.73 -13.92% 30 6/1/2011 1,320.64 -1.83%

Prof. Fnix Suto


374768952.xls / Beta 4
Universidad ESAN
Teoria Financiera y Costo de Capital

L M N O P Q R S T U
5
6 3. CLCULO DE BETA
7
8 COV ( Ri , R M )
9 Beta= =i , M i
10
VAR ( R M ) M
11
12 3.1. Mtodo de Varianza
13
14 Concepto Valor
15 Cov (Ri,RM) 0.0008
16 Var (RM) 0.0013
17 Beta 0.6471
18
19 3.2. Mtodo de Correlacin
20
21 Concepto Valor
22 Correl (Ri,RM) 0.2168
23 Desv Est (Ri) 0.1078 S&P500 Curva d
24 Desv Est (RM) 0.0361 0.3

BVN
25 Beta 0.6471 0.2
26 0.1
27 3.3. Mtodo de Regresin 0
28 -10.00% -5.00% -0.1
0.00%
29 Ri =+ R M -0.2 S&P500
30 -0.3
31 Resumen
32
33 Estadsticas de la regresin
34 Coeficiente de c0.2167738727
35 Coeficiente de 0.0469909119
36 R^2 ajustado 0.0189612328
37 Error tpico 0.1067356722
38 Observaciones 36
39
40 ANLISIS DE VARIANZA
41 Grados de libertad
Suma de cuadrados
Promedio de los cuadrados F Valor crtico de F
42 Regresin 1 0.019099189 0.019099189 1.6764698508 0.2041184189
43 Residuos 34 0.3873451262 0.0113925037
44 Total 35 0.4064443152
45
46 Coeficientes Error tpico Estadstico t Probabilidad Inferior 95% Superior 95% Inferior 95.0% Superior 95.0%
47 Intercepcin -0.037739579 0.0188357776 -2.003611428 0.0531327836 -0.076018485 0.0005393264 -0.076018485 0.0005393264
48 S&P500 0.6471216297 0.4997905524 1.2947856389 0.2041184189 -0.368574976 1.6628182355 -0.368574976 1.6628182355

Prof. Fnix Suto


374768952.xls / Beta 5
Universidad ESAN
Teoria Financiera y Costo de Capital

A B C D E F G H I
1
2 CASO BUENAVENTURA
3 D/C, TASA IMPUESTO, TASA INTERS
4
5
6 1. DETERMINACIN DE LA RELACIN DEUDA/CAPITAL
7
8 Concepto Ao 1 Ao 2 Ao 3
9 2010 2011 2012
10 Deuda (Miles US$) 17,661 8,310 5,670
11 Capital (Miles US$) 2,606,545 3,178,281 3,702,054
12 Relacin D/C 0.007 0.003 0.002
13 Promedio 0.004
14
15 2. DETERMINACIN DE LA TASA DE IMPUESTO
16
17 Concepto Ao 1 Ao 2 Ao 3
18 2010 2011 2012
19 Util. antes Imp. (Miles US$) 848,215 1,172,067 885,384
20 Impuestos (Miles US$) 123,326 211,589 142,594
21 Tasa de Impuesto 14.54% 18.05% 16.11%
22 Promedio 16.23%
23
24
25
26
27
28
29
30
31
32

Prof. Fnix Suto


374768952.xls / D-C&t&Ki 6
Universidad ESAN
Teoria Financiera y Costo de Capital

A B C D E F G H I J K L M
1
2 CASO BUENAVENTURA
3 ESTADOS FINANCIEROS
4
5
6 Compania de Minas Buenaventura SA (BVN) Compania de Minas Buenaventura SA (BVN)
7 Balance Sheet Income Statement
8
9 Period Ending Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Period Ending Dec 31, 2012 Dec 31, 2011 Dec 31, 2010

10 Total Revenue 1,563,527 1,556,624 1,103,768


11 Assets Cost of Revenue 943,220 712,161 565,704
12 Current Assets

13 Cash And Cash Equivalents 186,712 480,968 600,796 Gross Profit 620,307 844,463 538,064

14 Short Term Investments - - -


15 Net Receivables 387,533 268,515 222,049 Operating Expenses
16 Inventory 163,067 149,108 82,332 Research Development - - -
Selling General and
17 Other Current Assets 66,346 69,695 66,789
Administrative
106,582 90,495 77,811

18 Non Recurring 95,491 49,593 36,105


19 Total Current Assets 803,658 968,286 971,966 Others - - -
20 Long Term Investments 2,476,316 1,972,836 1,464,839
21 Property Plant and Equipment 1,190,213 879,842 662,396 Total Operating Expenses - - -
22 Goodwill - - -
23 Intangible Assets - - -
24 Accumulated Amortization - - - Operating Income or Loss 418,234 704,375 424,148
25 Other Assets 5,123 7,047 6,095

26 Deferred Long Term Asset Charges 113,343 125,538 174,050 Income from Continuing Operations

Total Other Income/Expenses


27 Net
11,201 11,152 7,453

Earnings Before Interest And


28 Total Assets 4,588,653 3,953,549 3,279,346
Taxes
893,674 1,183,890 860,486

29 Interest Expense 8,290 11,823 12,271


30 Liabilities Income Before Tax 885,384 1,172,067 848,215
31 Current Liabilities Income Tax Expense 142,594 211,589 123,326
32 Accounts Payable 267,472 220,831 170,230 Minority Interest - - -

33 Short/Current Long Term Debt 4939 7306 16291

Net Income From Continuing


34 Other Current Liabilities 77,595 92,329 67,873
Ops
1,207,029 1,428,841 1,153,774

35
36 Total Current Liabilities 350,006 320,466 254,394 Non-recurring Events
37 Long Term Debt 731 1004 1370 Discontinued Operations - - -
38 Other Liabilities 273,530 191,600 171,348 Extraordinary Items - - -

39 Deferred Long Term Liability Charges - - 6,897 Effect Of Accounting Changes - - -

40 Minority Interest 262,332 262,198 238,792 Other Items - - -


41 Negative Goodwill - - -
42
43 Total Liabilities 886,599 775,268 672,801 Net Income 742,790 960,478 724,889

44 Preferred Stock And Other Adjustments - - -

45 Stockholders' Equity
Net Income Applicable To Common
46 Misc Stocks Options Warrants - - -
Shares
742,790 960,478 724,889

47 Redeemable Preferred Stock - - -


48 Preferred Stock - - -
49 Common Stock 750,540 750,540 750,540
50 Retained Earnings 2,566,787 2,034,768 1,471,012
51 Treasury Stock - - -
52 Capital Surplus 219,471 225,978 225,978
53 Other Stockholder Equity 165,256 166,995 159,015
54
55 Total Stockholder Equity 3,702,054 3,178,281 2,606,545
56
57 Net Tangible Assets 3,702,054 3,178,281 2,606,545

Prof. Fnix Suto


374768952.xls / EEFF 7
Universidad ESAN