HALLANDO EL COK DE LA EMPRESA MINERA VOLCAN

FORMULA DEL COK

COK = Wd * (Kd)+Ws*(Ks)

datos por pates:

wd = peso de la deuda
Kd = costo de deuda
Ws = peso del patrimonio
Ks = rentabilidad exigido por el accionista

Costo de financiamiento estimado

5.25% 5.25%
5.15% 5.15%
4.28% 4.28%
3.34% 3.34%
5.23% 5.23%
23.25% suma 4.65% promedio KD
par hallar Kd

fórmulas de las partes del Cok

Wd = (Total pasivo/Total pasivo y patrimonio)
Kd = Kd(1- t) esto se saca del costo de financiamiento estimado del balance G.
Ws = (Patrimonio neto/Total pasivo y patrimonio neto)
Ks = Kif + beta (Km - Krf) + riesgo país
beta apalancado = beta desapalancado * (1+(1-30%))* (pasivo total/total patrimonio)
Km = entra a Hahoo finance S & P 500 sacar los datos para tres años y sacar el
promedio
Km = (1+rentabilidad esperada)elevado a la 12 menos 1 actualizando
Kif = sale de grafica bonos de los E.E.U.U 10 años == 2.98
Riesgo país = 1.42

DATOS DE TODAS LAS PARTES PARA LOS TRES AÑOS

AÑO 2015 2016 2017
Wd 57.5% 55.9% 53.1%

Ws 42.5% 44.1% 46.9%

Kd = 4.65%*(1-(30%)) = 3.26%
HALLANDO PARATES DEL KS
Kif = de la gráfica sale de la gráfica bonos de los E.E.U.U a 10
años 2.98
B = Bapalancado = 0.86 * (1+(1-30%))*(Total pasivo/Total patrimonio
neto)
B2015 = 0.86*(1+(1-30%))*(1512221/1115929) = 1.981
B2016 = 0.84*(1+(1-30%))*(1581831/1249395) = 1.808
B2017 = 0.86*(1+(1-30%))*(1348694/1189122) = 1.658
Km =((1 + 1.03%)^12)-1 = 13.08

HALLANDO (Ks) PARA LOS TRES AÑOS

FORMULA
Ks = Kif + beta (Km - Krf) + risego país

AÑO 2015 2016 2017

Ks 24.42 22.67 21.16

HALLANDO EL COK
EN LA SIGUIENTE FORMULA
COK = Wd * (Kd)+Ws*(Ks)
Remplazando datos

〖COK_2015〗 1039%
〖COK_2016〗 1002%
〖COK_2017〗 993%
Bibliografías
 https://finance.yahoo.com/quote/%5EGSPC/history?period1=1438146000&per
iod2=1501304400&interval=1mo&filter=history&frequency=1mo
 http://www.bvl.com.pe/inf_financiera64801_Vk9MQ0FBQzE.html#
 http://www.bvl.com.pe/jsp/ShowEEFF_new.jsp?Ano=2017&Trimestre=A&Rpj=
CM0001&RazoSoci=VOLCAN%20COMPA%C3%91%C3%8DA%20MINERA%20S.A
.A.%20%20&TipoEEFF=BAL&Tipo1=A&Tipo2=I&Dsc_Correlativo=0000&Secuenc
ia=0
 http://www.bvl.com.pe/jsp/ShowEEFF_new.jsp?Ano=2016&Trimestre=A&Rpj=
CM0001&RazoSoci=VOLCAN%20COMPA%C3%91%C3%8DA%20MINERA%20S.A
.A.&TipoEEFF=BAL&Tipo1=A&Tipo2=I&Dsc_Correlativo=0000&Secuencia=0
 https://www.datosmacro.com/bolsa/peru
 http://www.betasdamodaran.com/betas-damodaran-2016/

 ANEXOS
Date Open High Low Close* Adj Close** Volume rentabilidad

Jul 01, 2017 2,431.39 2,484.04 2,407.70 2,470.30 2,470.30 63,169,400,000 1.93%
Jun 01, 2017 2,415.65 2,453.82 2,405.70 2,423.41 2,423.41 81,002,490,000 0.48%
May 01, 2017 2,388.50 2,418.71 2,352.72 2,411.80 2,411.80 79,607,170,000 1.16%
Apr 01, 2017 2,362.34 2,398.16 2,328.95 2,384.20 2,384.20 65,265,670,000 0.91%
Mar 01, 2017 2,380.13 2,400.98 2,322.25 2,362.72 2,362.72 81,547,770,000 -0.04%
Feb 01, 2017 2,285.59 2,371.54 2,271.65 2,363.64 2,363.64 69,162,420,000 3.72%
Jan 01, 2017 2,251.57 2,300.99 2,245.13 2,278.87 2,278.87 70,483,180,000 1.79%
Dec 01, 2016 2,200.17 2,277.53 2,187.44 2,238.83 2,238.83 75,251,240,000 1.82%
Nov 01, 2016 2,128.68 2,214.10 2,083.79 2,198.81 2,198.81 88,299,760,000 3.42%
Oct 01, 2016 2,164.33 2,169.60 2,114.72 2,126.15 2,126.15 73,196,630,000 -1.94%
Sep 01, 2016 2,171.33 2,187.87 2,119.12 2,168.27 2,168.27 77,270,240,000 -0.12%
Aug 01, 2016 2,173.15 2,193.81 2,147.58 2,170.95 2,170.95 75,610,310,000 -0.12%
Jul 01, 2016 2,099.34 2,177.09 2,074.02 2,173.60 2,173.60 69,530,250,000 3.56%
Jun 01, 2016 2,093.94 2,120.55 1,991.68 2,098.86 2,098.86 86,852,700,000 0.09%
May 01, 2016 2,067.17 2,103.48 2,025.91 2,096.95 2,096.95 78,883,600,000 1.53%
Apr 01, 2016 2,056.62 2,111.05 2,033.80 2,065.30 2,065.30 81,124,990,000 0.27%
Mar 01, 2016 1,937.09 2,072.21 1,937.09 2,059.74 2,059.74 92,639,420,000 6.60%
Feb 01, 2016 1,936.94 1,962.96 1,810.10 1,932.23 1,932.23 93,049,560,000 -0.41%
Jan 01, 2016 2,038.20 2,038.20 1,812.29 1,940.24 1,940.24 92,409,770,000 -5.07%
Dec 01, 2015 2,082.93 2,104.27 1,993.26 2,043.94 2,043.94 83,649,260,000 -1.75%
Nov 01, 2015 2,080.76 2,116.48 2,019.39 2,080.41 2,080.41 75,943,590,000 0.05%
Oct 01, 2015 1,919.65 2,094.32 1,893.70 2,079.36 2,079.36 85,844,900,000 8.30%
Sep 01, 2015 1,970.09 2,020.86 1,871.91 1,920.03 1,920.03 79,989,370,000 -2.64%
Aug 01, 2015 2,104.49 2,112.66 1,867.01 1,972.18 1,972.18 84,626,790,000 PROMEDIO
PARA
rentabilidad esperada HALLAR kd
1.023%