Customized Geometric risk premium estimator

What is your riskfree rate? LT

Enter your starting year 1928

Value of stocks in starting year:

Value of T.Bills in starting year:
Value of T.bonds in starting year:
Estimate of risk premium based on your inputs:

Annual Returns on Investments in

Year S&P 500 (includes dividends) 3-month T.Bill
1928 0.438111551528879 0.0308
1929 -0.082979466119097 0.0316
1930 -0.251236363636364 0.0455
1931 -0.438375488917862 0.0231
1932 -0.086423645320197 0.0107
1933 0.49982225433526 0.0096
1934 -0.011885656970913 0.0027833333333
1935 0.467404210526316 0.001675
1936 0.319434102755026 0.001725
1937 -0.353367287543655 0.0027583333333
1938 0.29282654028436 0.00065
1939 -0.010975646879757 0.0004583333333
1940 -0.106728731942215 0.0003583333333
1941 -0.127714555765596 0.0012916666667
1942 0.191737629459148 0.003425
1943 0.250613101330604 0.0038
1944 0.19030676949443 0.0038
1945 0.358210843373494 0.0038
1946 -0.084291474654378 0.0038
1947 0.052 0.0060083333333
1948 0.057045751633987 0.01045
1949 0.183032236842105 0.01115
1950 0.308055390113163 0.0120333333333
1951 0.236784630445423 0.015175
1952 0.181509886411443 0.017225
1953 -0.012082047421905 0.0189083333333
1954 0.525633212414349 0.0093833333333
1955 0.325973318510283 0.01725
1956 0.074395118733509 0.026275
1957 -0.10457360188558 0.03225
1958 0.437199549887472 0.0177083333333
1959 0.120564571635573 0.0338583333333
1960 0.003365353147437 0.0288333333333
1961 0.266377129581827 0.0235416666667
1962 -0.088114605171209 0.0277333333333
1963 0.226119270998415 0.0315916666667
1964 0.164154558784324 0.0354666666667
1965 0.123992424778761 0.0394916666667
1966 -0.099709542356378 0.048625
1967 0.238029665131333 0.0430666666667
1968 0.108148626516015 0.0533833333333
1969 -0.082413710764491 0.0666666666667
1970 0.035611449054964 0.0639166666667
1971 0.142211502984265 0.043325
1972 0.187553629150749 0.040725
1973 -0.143080474375265 0.0703166666667
1974 -0.25901785750897 0.0783
1975 0.369951371061844 0.05775
1976 0.238309990021067 0.0497416666667
1977 -0.069797040759352 0.0526916666667
1978 0.065092839116719 0.0718833333333
1979 0.185194901675164 0.1006916666667
1980 0.31735245506763 0.1143416666667
1981 -0.047023902474956 0.14025
1982 0.204190550795594 0.1061416666667
1983 0.223371558589306 0.0861083333333
1984 0.061461419996362 0.095225
1985 0.312351494857689 0.0747916666667
1986 0.184945787580462 0.0597833333333
1987 0.058127216418219 0.05775
1988 0.165371928120447 0.066675
1989 0.314751836381967 0.0811166666667
1990 -0.030644516129032 0.0749333333333
1991 0.302348431348798 0.05375
1992 0.074937279723801 0.0343166666667
1993 0.099670514791949 0.029975
1994 0.013259206774574 0.0424666666667
1995 0.371951989026063 0.0549
1996 0.226809660188658 0.0500583333333
1997 0.331036531036531 0.0506083333333
1998 0.283379532784436 0.0477666666667
1999 0.208853509920845 0.0463833333333
 2000 -0.090318189552493 0.0581666666667
2001 -0.118497591420002 0.0338833333333
2002 -0.219660479579127 0.016025
2003 0.283558000500102 0.0101083333333
2004 0.107427759440962 0.0137166666667
2005 0.048344775232689 0.0314666666667
2006 0.156125579793157 0.0472666666667
2007 0.054847352464218 0.0435333333333
2008 -0.365523441117982 0.01365
2009 0.25935233877664 0.0015
2010 0.148210922787194 0.0013666666667
2011 0.020983747336281 0.000525
2012 0.158905852417303 0.0008583333333
2013 0.321450858581255 0.0005833333333
2014 0.135244216494622 0.000325
2015 0.013788916411676 0.000525
2016 0.117730808747982 0.003175
2017 0.216054814344993 0.0093083333333
2018 -0.042268692890886 0.0193916666667
2019 0.312116799968088 0.0155
2020 0.18013916144089 0.0009

Arithmetic Average Historical Return

1928-2020 0.116414216975284 0.0336146057348
1971-2020 0.121818697126862 0.0450908333333
2011-2020 0.14341464828522 0.0051091666667

Geometric Average Historical Return

1928-2020 0.097916829249799 0.0331819198844
1971-2020 0.108030741933776 0.0445520932336
2011-2020 0.137521100817504 0.0050866723776

Date updated: 44197

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Historical returns: Stocks, Bonds & T.Bills with premiums
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each ihttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions:http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
 Estimates of risk premiums from 1928, over the last 50 years and over the last 10 yea
are provided at the bottom of this table.

100
100
100
4.84%

Value of $100 invested at start of 1928 in

US T. Bond Baa Corporate Bond S&P 500 (includes dividends)3 3-month T.Bill4
0.0083547086 0.032195514702324 143.811155152888 103.08
0.0420380416 0.030178562399041 131.877782276331 106.337328
0.0454093143 0.005397809464824 98.7452878127973 111.175676424
-0.0255885596 -0.156807750826676 55.4577739895273 113.743834549394
0.0879030699 0.235896016757402 50.6649110000087 114.960893579073
0.0185527209 0.129668936975483 75.9883610317284 116.064518157432
0.0796344262 0.188164292684827 75.0851894387234 116.387564399637
0.0447204773 0.133077318656792 110.180323130549 116.582513570006
0.050178754 0.113838158719227 145.375675791015 116.783618405915
0.0137914606 -0.044161916839983 94.0046675619179 117.105746553351
0.0421324853 0.092358817136874 121.531729134656 117.181865288611
0.0441226139 0.079831377653461 120.197839790987 117.235573643534
0.054024816 0.08648137177583 107.369276767902 117.277583057423
-0.0202219758 0.050071728572759 93.656657282616 117.429066602206
0.0229486824 0.051799010426587 111.614162733053 117.831261155318
0.0249 0.080446700601059 139.586134208002 118.279019947709
0.0257761116 0.065658635882562 166.150320475342 118.72848022351
0.0380441734 0.067998654778179 225.667166899591 119.179648448359
0.0312837454 0.025080329773196 206.645348620549 119.632531112463
0.0091969681 0.002621202266569 217.390906748818 120.351323236897
0.0195103694 0.034369595605103 229.792134422698 121.608994564723
0.0466348518 0.053773011179659 271.851502794806 122.964934854119
0.0042959574 0.042388173056721 355.596823541109 124.444612903531
-0.0029531392 -0.001909809130137 439.796685990858 126.333059904342
0.0226799619 0.044412415047401 519.624132509187 128.509146861194
0.0414384026 0.016201123818443 513.346009098645 130.939040646428
0.0328980346 0.061579051817708 783.177720941252 132.16768531116
-0.0133643913 0.02044690004345 1038.47276161979 134.447577882778
-0.0225577382 -0.023526541979621 1115.73006602201 137.980187991647
0.0679701285 -0.007189284402542 999.054154286055 142.430049054378
-0.0209901818 0.06430092897336 1435.84018085313 144.952247839716
-0.0264663126 0.015743430895023 1608.95163719483 149.860089364489
0.1163950369 0.066631871633034 1614.36632765113 154.181055274499
0.0206092081 0.051 2044.3965961044 157.810734284086
0.0569354405 0.064953279936066 1864.2553972253 162.187351981564
0.0168416207 0.054644805711862 2285.79946860074 167.311120742915
0.0372806489 0.05161739272285 2661.02387183834 173.245088491931
0.0071885509 0.031900094622539 2990.97067410174 180.086825778291
0.0290794093 -0.034453615975776 2692.74235698571 188.843547681761
-0.0158062099 0.008952266148447 3333.69491850398 196.976409801922
0.032746197 0.048451462243098 3694.2294451636 207.491667145181
-0.0501404932 -0.020251642507922 3389.77428817223 221.32444495486
0.1675473718 0.056495676569889 3510.4890625433 235.470765728224
0.0978689662 0.140014661742199 4009.7209883374 245.6725366534
0.0281844905 0.114090935793897 4761.75871158201 255.677550708609
0.036586646 0.043180404854324 4080.44401626831 273.655943815936
0.0198860869 -0.043807197977192 3023.5361494892 295.083204216724
0.036052536 0.11049964074145 4142.09749344777 312.12425926024
0.1598456074 0.19752813987098 5129.20070577759 327.649840122943
0.0128996061 0.099546628520906 4771.19767505354 344.914256282088
-0.0077758069 0.031375849771691 5081.76847770986 369.707842737832
0.0067072031 -0.020091101436615 6022.88609127529 406.934341602842
-0.0298974425 -0.033156783371911 7934.26377893418 453.463892445614
0.0819921534 0.084623994808912 7561.16373278301 517.062203361111
0.3281454949 0.290524556559087 9105.08192003563 571.944047396198
0.0320020945 0.161942896227984 11138.8982595973 621.193196077406
0.1373336434 0.156192073324542 11823.5107638272 680.346318173877
0.2571248821 0.238626418499165 15516.6020253746 731.230553220631
0.2428421514 0.214855153097595 18386.33220753 774.945953127338
-0.0496050894 0.022898460842767 19455.0785188944 819.699081920442
0.0822359584 0.1511507006712 22672.4023652987 874.352518207487
0.1769364716 0.157896665314373 29808.5826449673 945.277079976085
0.0623537533 0.061400628860817 28895.11305332 1016.10984250229
0.1500451002 0.178534871467632 37631.5051586375 1070.72574653679
0.0936163732 0.121722558698967 40451.5077871379 1107.46948507211
0.1421095759 0.164315172195611 44483.3303923925 1140.66588288715
-0.0803665555 -0.013192033475711 45073.1440680869 1189.10616071376
0.2348078011 0.201562181706402 61838.1896558701 1254.38808893694
0.0142860779 0.047925994194412 75863.6884383998 1317.18066602231
0.0993913027 0.118348872444264 100977.340690684 1383.84098422859
0.1492143192 0.079454561327071 129592.252317425 1449.94245524191
-0.082542148 0.008431634754822 156658.049072467 1517.19561945755
 0.1665526713 0.093296855210372 142508.977701416 1605.44583132266
0.0557218119 0.078191507542878 125622.007088071 1659.84368757397
0.1511640038 0.121778676939755 98027.816765413 1686.44268266735
0.0037531859 0.135320120968576 125824.388480804 1703.48980745131
0.044906837 0.098886284087218 139341.420618326 1726.85600931018
0.0286753296 0.049175379871695 146077.850278722 1781.19441173648
0.0196100124 0.070483976628892 168884.339348426 1865.38553426455
0.1020992193 0.031503861528056 178147.198234355 1946.59198452287
0.2010127993 -0.050657146287489 113030.221310207 1973.16296511161
-0.1111669531 0.233295024916619 142344.87355945 1976.12270955928
0.0846293388 0.083478423659066 163441.938623722 1978.82341059567
0.16035335 0.125845144013723 166871.562967955 1979.86229288624
0.0297157198 0.101246778758435 193388.430925585 1981.56167468763
-0.0910456879 -0.010559012069495 255553.308086296 1982.71758566453
0.1074618045 0.103849078220305 290115.415011036 1983.36196887987
0.0128429967 -0.006975183679032 294115.792218362 1984.40323391354
0.0069055047 0.103651058217932 328742.282301783 1990.70371418121
0.0280171627 0.097239019462488 399768.635071844 2009.23384792071
-0.0001669239 -0.027626282217172 382870.937408583 2048.19624095498
0.0963563074 0.153294575623685 502371.389193333 2079.94328268978
0.1133189765 0.104115371571113 592868.149974515 2081.8152316442

0.0521287471 0.072532853877272
0.0728599744 0.095504601059945
0.046375921 0.074408054790198

0.0494750947 0.069935742598413
0.0689281976 0.092755658261067
0.0440489129 0.072641005353616

US companies
he last 50 years and over the last 10 years

Annual Risk Premium

US T. Bond5 Baa Corporate Bond6 Stocks - Bills Stocks - Bonds Stocks - Baa Corp Bond
100.835470859 103.219551470232 0.407311551529 0.4297568429391 0.405916036826554
105.074396574 106.334569145078 -0.11457946612 -0.1250175076823 -0.113158028518137
109.845752878 106.908542888847 -0.29673636364 -0.2966456779853 -0.256634173101187
107.034958282 90.1444547342897 -0.46147548892 -0.4127869292984 -0.281567738091186
116.443659702 111.409172538877 -0.09712364532 -0.174326715225 -0.322319662077599
118.60400642 125.855481511311 0.490222254335 0.4812695334434 0.370153317359778
128.048968414 149.536989170395 -0.0146689903 -0.0915200831506 -0.200049949655739
133.775379398 169.436970729201 0.465729210526 0.4226837332298 0.334326891869524
140.488061259 188.725363495977 0.317709102755 0.2692553487096 0.205595944035799
142.42559682 180.390889687672 -0.35612562088 -0.3671587481401 -0.309205370703673
148.426341187 197.051578881494 0.292176540284 0.2506940549623 0.200467723147486
154.975299338 212.782477892393 -0.01143398021 -0.0550982608218 -0.090807024533218
163.347811364 231.184198470387 -0.10708706528 -0.1607535479051 -0.193210103718045
160.044595867 242.759990906507 -0.12900622243 -0.107492579917 -0.177786284338355
163.717408464 255.334718206632 0.188312629459 0.1687889470847 0.139938619032561
167.793971934 275.875553835256 0.246813101331 0.2257131013306 0.170166400729545
172.119048077 293.989166373425 0.186506769494 0.1645306579154 0.124648133611868
178.667174991 313.980034206177 0.354410843373 0.3201666699543 0.290212188595315
184.256553401 321.854757006267 -0.08809147465 -0.1155752200301 -0.109371804427574
185.951155038 322.698403424838 0.045991666667 0.0428030319372 0.049378797733431
189.579130765 333.789417052962 0.046595751634 0.0375353822208 0.022676156028884
198.420125438 351.738279107803 0.171882236842 0.1363973850141 0.129259225662446
199.272529848 366.647822153297 0.29602205678 0.3037594326961 0.265667217056442
198.684050324 365.947594795004 0.221609630445 0.2397377696663 0.23869443957556
203.190197019 382.200211260638 0.164284886411 0.1588299244931 0.137097471364042
211.610074205 388.392284206707 -0.03099038076 -0.053520450011 -0.028283171240348
218.57162974 412.309112801469 0.516249879081 0.4927351778563 0.464054160596641
215.650552955 420.739556017924 0.30872331851 0.3393377097989 0.305526418466834
210.785964245 410.841009190782 0.048120118734 0.0969528569067 0.09792166071313
225.113113313 407.887356331482 -0.13682360189 -0.1725437303518 -0.097384317483037
220.387948149 434.114892260084 0.419491216554 0.4581897316427 0.372898620914112
214.555091822 440.949350066881 0.086706238302 0.147030884227 0.104821140740551
239.528239654 470.330630557207 -0.02546798019 -0.1130296837622 -0.063266518485597
244.464726985 494.317492715625 0.242835462915 0.2457679215055 0.215377129581828
258.383433913 526.425035197277 -0.1158479385 -0.1450500457113 -0.153067885107275
262.735029712 555.191428967492 0.194527604332 0.2092776502589 0.171474465286553
272.529962111 583.848962992868 0.128687892118 0.1268739098728 0.112537166061474
274.489057626 602.473800157611 0.084500758112 0.1168038738428 0.092092330156222
282.471037287 581.716399211514 -0.14833454236 -0.1287889516807 -0.065255926380602
278.006240772 586.924079240172 0.194962998465 0.2538358750642 0.229077398982886
287.109887886 615.361409105042 0.054765293183 0.0754024295652 0.059697164272918
272.714056502 602.899329834676 -0.14908037743 -0.0322732175546 -0.062162068256569
318.406579931 636.960535377218 -0.02830521761 -0.1319359227792 -0.020884227514925
349.568702739 726.14434928119 0.098886502984 0.0443425367871 0.002196841242065
359.421118522 808.990837612131 0.146828629151 0.1593691386463 0.073462693356852
372.571131759 843.923389503661 -0.21339714104 -0.1796671203994 -0.186260879229588
379.980113674 806.953470502092 -0.33731785751 -0.2789039444413 -0.215210659531778
393.679360411 896.121539087639 0.312201371062 0.3338988350358 0.259451730320394
456.607276908 1073.13075980194 0.188568323354 0.078464382592 0.040781850150087
462.49733091 1179.9573089023 -0.12248870743 -0.0826966468304 -0.169343669280259
458.901040969 1216.97947216343 -0.00679049422 0.0728686460242 0.033716989345029
461.978983465 1192.52901414191 0.084503235008 0.1784876985504 0.205286003111779
448.166993362 1152.98858795529 0.203010788401 0.3472498975876 0.350509238439541
484.913170212 1250.55908823716 -0.18727390247 -0.1290160558339 -0.131647897283868
644.035242416 1613.87721279819 0.098048884129 -0.1239549440674 -0.086334005763493
664.645719074 1875.23316279508 0.137263225256 0.1913694641379 0.061428662361323
755.923937272 2168.12971845898 -0.03376358 -0.0758722234447 -0.09473065332818
950.29079054 2685.50274801645 0.237559828191 0.0552266127316 0.073725076358525
1181.06145059 3262.49685208553 0.125162454247 -0.0578963638372 -0.029909365517133
1122.47479177 3337.20300850267 0.000377216418 0.1077323057975 0.035228755575452
1214.78258209 3841.62358151988 0.09869692812 0.0831359696856 0.014221227449247
1429.72192592 4448.20313443493 0.233635169715 0.1378153647875 0.156855171067594
1518.87045422 4721.32560418989 -0.10557784946 -0.0929982694646 -0.092045144989849
1746.76952371 5564.24686409077 0.248598431349 0.1523033311536 0.123813559881166
1910.29575127 6241.5412296206 0.040620613057 -0.0186790934383 -0.046785278975166
2181.76707031 7267.12115153172 0.069695514792 -0.0424390611007 -0.064644657403662
2006.42596595 7171.25304602867 -0.02920745989 0.0936257622846 0.026451240250285
2477.55043513 8616.70645555489 0.317051989026 0.1371441879007 0.170389807319661
2512.94491373 9029.67067911876 0.176751326855 0.2125235822546 0.178883665994246
2762.7097824 10098.3220225355 0.280428197703 0.2316452283068 0.212687658592267
3174.9456418 10900.6797689755 0.235612866118 0.1341652135584 0.203924971457365
2912.87880886 10992.5903193668 0.162470176588 0.2913956578835 0.200421875166023
3398.02655551 12018.1644267797 -0.14848485622 -0.2568708608065 -0.183615044762865
3587.37075205 12957.8828212078 -0.15238092475 -0.1742194033125 -0.19668909896288
4129.65207797 14535.8766471149 -0.23568547958 -0.3708244833602 -0.341439156518882
4145.15142985 16502.8732333868 0.273449667167 0.2798048146183 0.148237879531527
4331.29706954 18134.7810441988 0.093711092774 0.0625209224182 0.008541475353744
4455.4984406 19026.5657909373 0.016878108566 0.0196694456349 -0.000830604639007
4542.87082035 20367.6338094738 0.108858913126 0.1365155673756 0.085641603164266
5006.69438448 21009.2929246616 0.011314019131 -0.0472518668359 0.023343490936162
6013.1040378 19945.0220995803 -0.37917344112 -0.5665362403878 -0.314866294830493
5344.64558305 24598.0965272644 0.257852338777 0.3705192919092 0.026057313860021
5796.95940488 26651.506850374 0.146844256121 0.0635815839836 0.064732499128128
6726.52126523 30005.4695681421 0.020458747336 -0.1393696026583 -0.104861396677442
6926.40468625 33043.4267070507 0.158047519084 0.1291901326371 0.057659073658868
6295.78540661 32694.5207656335 0.320867525248 0.4124965465247 0.332009870650749
6972.34186728 36089.8166099991 0.134919216495 0.0277824119746 0.031395138274318
7061.88763094 35838.0835102018 0.013263916412 0.0009459197019 0.020764100090709
7110.65352916 39552.7387905368 0.114555808748 0.1108253040492 0.01407975053005
7309.87386604 43398.8083275846 0.206746481012 0.1880376516372 0.118815794882504
7308.6536737 42199.8606008377 -0.06166035956 -0.0421017690338 -0.014642410673713
8012.88855388 48668.8703230218 0.296616799968 0.2157604925526 0.158822224344403
8920.90088334 53736.0478406496 0.179239161441 0.0668201849747 0.076023789869777

Risk Premium Standard Error

Stocks - T.Bills Stocks - T.Bonds Stocks - T.Bills Stocks - T.Bonds
0.08279961124 0.064285469898668 0.020559303604 0.0217995123227
0.07672786379 0.0489587227289 0.023849394335 0.027018435406
0.13830548162 0.097038727236001 0.038762231772 0.0486832713029
Risk Premium
Stocks - T.Bills Stocks - T.Bonds
0.06473490937 0.048441734554472
0.0634786487 0.039102544362364
0.13243442844 0.093472187934953
 Annual Real Returns on
Historical risk premium Inflation Rate S&P 500 (includes dividends)2 3-month T. Bill (Real)
-0.0115218 0.454874322497834 0.042815107100996
0 -0.082979466119097 0.0316
-0.026712 -0.230686460365651 0.074193866563648
-0.0893214 -0.383290096986864 0.123447943105284
-0.1030137 0.018495326717702 0.126773062197271
-0.0519243 0.581964662036228 0.064893868706898
0.0347938 -0.045109911724358 -0.030934150037106
0.0255293 0.430874974051269 -0.023260476321837
0.0103218 0.305954303623881 -0.008508972091862
0.0372596 -0.376595104584865 -0.033261940083916
-0.0202781 0.319585221361654 0.021361265885758
-0.0130101 0.00206127045499 0.013645968751386
0.0071899 -0.11310541531663 -0.006782799019993
0.05116 -0.170168723853263 -0.047441239519515
0.1092247 0.074387930109335 -0.095381666131308
0.0596939 0.180164480828477 -0.05274532579644
0.0163698 0.171135515335491 -0.012367348970818
0.022738 0.328014450791399 -0.018516961333206
0.0847615 -0.155843450061952 -0.074635300017561
0.1438941 -0.080334447043656 -0.120540674758849
0.0768944 -0.018431378569722 -0.061700014411812
-0.0097054 0.194626565511016 0.021059793721989
0.0108505 0.294014683786735 0.001170136764372
0.0786011 0.146656192400901 -0.05880403793395
0.0227929 0.155179984541781 -0.005443819565036
0.0081607 -0.020078889627323 0.010660635088566
0.0031133 0.520898200048139 0.006250573423095
 -0.0027933 0.329687534700964
0.0152505 0.058256182817452
0.0334151 -0.133526887584263
0.0272916 0.39901810731001
0.0101068 0.109352567110303
0.061119788031217 0.0145798 -0.011053292064915
0.066173591829973 0.0107072 0.252961421054315
0.05968346537899 0.0119877 -0.098916523561708
0.063618993911515 0.0123967 0.211105558718648
0.065267777442658 0.0127891 0.149454075665234
0.066617941689875 0.0158517 0.10645325964288
0.061123719679815 0.0301508 -0.12605954619108
0.06573283877674 0.0277279 0.204627864176241
0.065966278287488 0.042718 0.062750069065668
0.063333872734199 0.0546239 -0.129939792531243
0.058972566666315 0.0583826 -0.021515046586212
0.058660636809879 0.0429277 0.095197205889023
0.06080430372819 0.0327228 0.149924867690293
0.054960045718843 0.0617776 -0.192938779623214
0.04641701858116 0.110548 -0.332777923609758
0.051706756781676 0.0914315 0.255187678807001
0.05219658803895 0.0574481 0.171036186098464
0.049266761357047 0.0650168 -0.126583769156836
0.049741898913203 0.0763096 -0.010421500359451
0.052132252828987 0.1125447 0.065300928290939
0.05731870525759 0.135492 0.160160049623978
0.053730990468645 0.1033472 -0.136286295442591
0.05103868869214 0.0613143 0.134621997268475
0.053402830654564 0.0321244 0.185294678228037
0.051212126318051 0.0430054 0.017695037817026
0.051284365102582 0.0354564 0.267413572273724
0.049663565599739 0.0189805 0.162873860275503
0.050693590437507 0.0366456 0.020722237588448
0.051199933578994 0.0407774 0.119712945458315
0.052409821693369 0.04827 0.254211068123639
0.049979953137364 0.0539796 -0.080290089228513
0.051385063984405 0.0423496 0.249435344292162
0.05031985701087 0.0302882 0.043336495287242
0.048975937931759 0.0295166 0.068142577586363
0.04971863617172 0.0260744 -0.012489536066221
0.050791451119414 0.0280542 0.334513286387102
0.053045039677375 0.029312 0.191873465177378
0.055315584903304 0.0233769 0.300631791705022
0.056306048135549 0.0155228 0.263762401774176
0.05963469481832 0.0218803 0.182969776323944
0.0200994437763
0.010858896400445
-0.001127426916832
-0.009328672274422
0.023513883218421
0.014048706009457
0.012698501273828
0.015559115326534
0.018959926150161
0.022391203328182
0.023271080480218
0.017933490902497
0.01492492970821
0.010228396683795
0.011419015505591
0.005228795963451
0.000380946828817
0.007748642714192
0.008042236591417
-0.02903791641604
-0.030859930284219
-0.007287765076445
-0.011572712593204
-0.004112447446968
-0.010653983910339
-0.018626580665767
0.033446226174318
0.042237597916721
0.052303708093068
0.050066471372056
0.037988336994843
0.040042800949904
0.020358355835398
0.024882938465036
0.031334166452027
0.019880587189101
0.010937213387907
0.003910038634497
0.000445257512118
0.015975709623656
0.026113214653469
0.020155534311592
0.026609388323435
0.031751002209568
0.023978379202861
0.055111895842923 0.0337686 -0.120033428711699 0.02360109086953
0.051665345512908 0.0282617 -0.142725622689245 0.005467123139307
0.045325449773478 0.0158603 -0.231843669428884 0.000162128591894
0.048237796117157 0.0227009 0.25506685336847 -0.012313049364351
0.048422998468855 0.0267724 0.078552325170565 -0.012715313864429
0.048042189402255 0.0339275 0.013944183932325 -0.002380083065141
0.049149036004806 0.0322594 0.119995206430823 0.014538270774446
0.047948712238125 0.0285267 0.025590636066344 0.014590416887898
0.03879586886869 0.038391 -0.388981068901774 -0.023826285089143
0.042868506133349 -0.0035555 0.263845943027073 0.0050735389678
0.043108516433476 0.0164004 0.129683658907645 -0.014791152515616
0.040970429004249 0.0315684 -0.010260737595025 -0.030093399526391
0.041988275684727 0.0206934 0.135410351842485 -0.019432933206648
0.046176809418723 0.0146483 0.302373303716426 -0.013861913203488
0.045975029375834 0.0162222 0.117122039347913 -0.015643429163425
0.045434457313766 0.0011863 0.012587683642571 -0.00066051642936
0.046176501247688 0.0126158 0.10380542032623 -0.00932318061796
0.047686840373502 0.0213011 0.190691769885485 -0.011742635611248
0.046608669094633 0.0244258 -0.06510426903626 -0.004914102449717
0.048253684406805 0.0229 0.282742007985226 -0.007234333756965
0.048441734554472 0.012 0.166145416443568 -0.010968379446641

Arithmetic Average Annual Real Return

1928-2020 0.085008148965545 0.004174151180809
1971-2020 0.080816751244199 0.005799385579267
2011-2020 0.123551298655862 -0.012387482341184
!0-year T.Bonds Baa Corp Bonds
0.020108191146552 0.044226888061188
0.042038041563204 0.030178562399041
0.074100692034599 0.032991066842316
0.069983900336054 -0.0741055635069
0.21284245913764 0.377831541861232
0.074336913067024 0.191538752628596
0.043332909589965 0.148213579057805
0.018713436365559 0.104870742022477
0.039449761497229 0.102458799482726
-0.02262513589032 -0.07849675899841
0.063702347903059 0.114968254906697
0.057885814173033 0.094065276304713
0.046500581432405 0.078725443708113
-0.06790781217758 -0.00103530521257
-0.07778046921018 -0.05177101589373
-0.03283391552976 0.019583769049779
0.009254812155054 0.048494982714521
0.014965879256699 0.044254398270309
-0.04929908982233 -0.05501778061519
-0.11775314859756 -0.12350172776783
-0.05328659020497 -0.03948836988557
0.056892415477145 0.064100532487665
-0.00648418592353 0.031199146715287
-0.07561112186964 -0.07464382256808
-0.00011042126094 0.021137724995354
0.033008331498231 0.007975339465666
0.029692293540616 0.058284295321085
-0.01060070223016 0.023305298734404
-0.03724030490323 -0.0381945559048
0.033437704235452 -0.03929145645592
-0.04699910108802 0.036026118556173
-0.03620717392595 0.005580232600179
0.100352123026334 0.051304068574039
0.009797108476444 0.039865947328762
0.044415303209797 0.05233816570702
0.004390493113565 0.04173078172999
0.02418227932305 0.038337984406477
-0.00852796630067 0.015797969942403
-0.00104003285315 -0.06271355220593
-0.04235956806546 -0.01826907088107
-0.00956327890113 0.005498574152453
-0.0993381557254 -0.07099738827076
0.103143014477112 -0.00178283678333
0.052679841754249 0.093090788308911
-0.00439450886099 0.078789909348275
-0.02372526410036 -0.01751515114434
-0.08163709544083 -0.13899011837146
-0.05073975231058 0.017470762701507
0.096834546706446 0.132469896036486
-0.0489355603864 0.032421862754565
-0.07812381020062 -0.04174797867482
-0.09513100630948 -0.11921840213397
-0.14565443219327 -0.1485248538712
-0.01935478391668 -0.01696945910688
0.251415810437074 0.215968310762501
-0.0001184988443 0.125777954893793
0.090438883097847 0.108519738559879
0.214078045319981 0.196213011478962
0.219691791371548 0.192226105502112
-0.08320171269647 -0.01326117542701
0.039834222413786 0.106048902167937
0.122741728366224 0.104578653700262
0.00794527079607 0.007040960622783
0.103319941980285 0.130652202934247
0.061466464589306 0.088746390280862
0.109364896003261 0.130933850115298
-0.10373609897098 -0.03826860262347
0.201111576729504 0.168773185019236
-0.0145980247641 0.01808391837889
0.074278013046587 0.092802536821247
0.13164797405441 0.062954530737341
-0.10218657504474 -0.01316070507003
 0.12844660909025 0.057583733158825
0.026705372661933 0.048557490318737
0.13319125058937 0.104264707400964
-0.01852713155745 0.110119411226269
0.017661593769705 0.07023356304398
-0.00507982465136 0.014747532947615
-0.01225407836677 0.037030010701662
0.071531948854734 0.002894588471117
0.156609407506199 -0.08575589184372
-0.10799543088711 0.237695651806618
0.067128012546589 0.065995668300668
0.124843830030673 0.091391655670843
0.008839402488729 0.078920250447818
-0.10416810233011 -0.02484339851503
0.089783124714307 0.086228069235552
0.011642884755607 -0.00815181318305
-0.00563915287639 0.08990108412088
0.006575986952124 0.074354095440109
-0.02400634956395 -0.05081098330125
0.071811816810523 0.127475389210759
0.100117565678005 0.091023094437859

0.022510637101057 0.04269178459006
0.033250612376848 0.055495218675983
0.027980100665951 0.055548744356449
Do you want to use marginal or effective tax rates in unlevering betas?
If marginal tax rate, enter the marginal tax rate to use
Industry Name Number of firms Beta D/E Ratio Effective Tax rate
Advertising 61 1.07631677 0.77501195 0.033514084013353
Aerospace/Defense 72 1.06541168 0.33049235 0.073671102897956
Air Transport 17 1.6081637 1.61359244 0.060034407296639
Apparel 51 1.09821861 0.39389071 0.047534812037971
Auto & Truck 19 1.28282553 0.38665618 0.078599095977715
Auto Parts 52 1.20349791 0.24371078 0.07353818211464
Bank (Money Center 7 0.82770794 2.16192435 0.161599113915374
Banks (Regional) 598 0.6448747 0.61247768 0.164195658365311
Beverage (Alcoholic) 23 0.77826388 0.23406 0.05328919908274
Beverage (Soft) 41 0.79126084 0.21600637 0.033221394265207
Broadcasting 29 1.12903999 1.21718451 0.092576173648414
Brokerage & Invest 39 1.13183817 2.18876507 0.097519158488309
Building Materials 42 1.08849007 0.26288748 0.151533155669996
Business & Consumer 169 0.92679324 0.24717606 0.074334789575033
Cable TV 13 0.94296591 0.51963454 0.189746253527014
Chemical (Basic) 48 0.99347761 0.55117531 0.029781327831133
Chemical (Diversifie 5 1.36272287 0.5809987 0.012451361867704
Chemical (Specialty) 97 0.92659201 0.25352809 0.064341603548404
Coal & Related Ener 29 0.82767055 0.94629487 0
Computer Services 116 1.11725331 0.39746095 0.055455756707952
Computers/Peripher 52 1.18407443 0.09355152 0.037119458253927
Construction Suppli 46 1.02109544 0.34779588 0.107865526312663
Diversified 29 1.02480229 0.29737661 0.065221546736456
Drugs (Biotechnolog 547 0.88621167 0.15499749 0.00521375046832
Drugs (Pharmaceutic 287 0.9082184 0.18180738 0.01877896151198
Education 38 1.14768098 0.24332358 0.040167250643128
Electrical Equipment 122 1.0590362 0.15350128 0.04442734708682
Electronics (Consume 22 0.95535266 0.09503057 0.010476143971701
Electronics (General 157 0.88526715 0.13483312 0.061142789378183
Engineering/Constru 61 1.05641998 0.28235857 0.093069040025694
Entertainment 118 0.88281719 0.15195751 0.0052894614748
Environmental & Was 86 0.95440765 0.2519826 0.026914512809337
Farming/Agriculture 32 0.87469923 0.45053898 0.064524623961495
Financial Svcs. (Non 235 0.79710072 8.95888075 0.129054588587655
Food Processing 101 0.63632651 0.33012425 0.085589095744808
Food Wholesalers 18 1.03462386 0.5601774 0.005191972076789
Furn/Home Furnishi 40 0.88324545 0.34058711 0.047882099315604
Green & Renewable 25 0.98185024 0.64061732 0.017352941176471
Healthcare Products 265 0.83358408 0.10687683 0.025677633913962
Healthcare Support 129 0.85077449 0.31704318 0.05646619371052
Heathcare Informat 139 0.79090289 0.12099796 0.041609712214751
Homebuilding 30 1.45895384 0.32727589 0.159060850907483
Hospitals/Healthcare 32 1.28310223 0.99402601 0.081599510263566
Hotel/Gaming 66 1.56468392 0.57235855 0.020164865100241
Household Products 140 0.73000423 0.14848154 0.050569450012242
Information Service 77 1.00991963 0.09367015 0.097472941862889
Insurance (General) 21 0.68233758 0.40812816 0.126066936144529
Insurance (Life) 26 0.97641663 1.1994523 0.151213837821903
Insurance (Prop/Cas. 55 0.64321742 0.25056322 0.108618387983066
Investments & Asse 348 0.92923681 0.45220132 0.046402282082692
Machinery 125 1.04793588 0.19651945 0.088098030652065
Metals & Mining 86 0.90372283 0.23857234 0.016982632968721
Office Equipment & 22 1.00029648 0.47821227 0.132049673412251
Oil/Gas (Integrated) 3 1.26061401 0.44094447 0.085424710424711
Oil/Gas (Production 278 1.1833906 0.72076824 0.006784663087303
Oil/Gas Distribution 57 1.15693546 1.29693198 0.04546994044777
Oilfield Svcs/Equip. 135 1.20773616 0.77437437 0.011881212554526
Packaging & Contain 26 0.9216211 0.55111842 0.156697903295941
Paper/Forest Produc 15 1.13871835 0.37524314 0.059381688898027
Power 55 0.66653692 0.78082008 0.099079260723708
Precious Metals 93 0.75722241 0.12691736 0.010838465468315
Publishing & Newsp 29 1.40817075 0.54001828 0.057619058060996
R.E.I.T. 238 1.20587914 0.76725993 0.012648041889241
Real Estate (Develo 25 0.84854684 0.94698622 0.028399487836108
Real Estate (General 11 0.78076847 0.29218772 0.073401745012992
Real Estate (Operati 61 0.92089273 0.40790298 0.043815192428375
Recreation 69 0.86660498 0.24499024 0.057808613957124
Reinsurance 2 1.16255228 0.38519207 0.125722543352601
Restaurant/Dining 79 1.3448 0.33700319 0.03191809751903
Retail (Automotive) 30 1.29830034 0.49713712 0.116501542356475
Retail (Building Supp 15 1.54483193 0.18084054 0.134757889433446
Retail (Distributors) 85 0.97096425 0.45736737 0.12214640181611
Retail (General) 17 0.8989782 0.21343625 0.124788283030032
Retail (Grocery and 14 0.24210865 0.94340161 0.135227243324804
Retail (Online) 75 1.16412042 0.07145421 0.029317958873377
Retail (Special Lines) 85 1.28200255 0.48258948 0.080605112231446
Rubber& Tires 3 1.09395555 1.7490206 0.053030303030303
Semiconductor 70 1.00199321 0.0971075 0.064050709628892
Semiconductor Equi 40 1.07038065 0.08033089 0.073841600782872
Shipbuilding & Mari 11 1.03514886 0.62154866 0.022961859027433
Shoe 11 0.98320922 0.06871069 0.066265563878414
Software (Entertain 101 0.95869522 0.02615896 0.005797347069464
Software (Internet) 36 0.77312978 0.08831183 0.033013779912649
Software (System & 388 0.91168721 0.06552892 0.027718642662077
Steel 32 0.95267433 0.50240845 0.060099236525448
Telecom (Wireless) 16 0.53101428 0.54570688 0.035699485037223
Telecom. Equipment 96 0.86937365 0.1479768 0.038505069132799
Telecom. Services 58 0.65904634 0.83139432 0.03928672416853
Tobacco 15 0.72184115 0.30313521 0.086922985502012
Transportation 21 0.90738539 0.31694142 0.10557532374731
Transportation (Rail 6 0.8448085 0.22540718 0.155797000476689
Trucking 35 1.11178878 0.33757375 0.097020827432542
Utility (General) 16 0.73977846 0.74693079 0.097396660754506
Utility (Water) 17 0.73396775 0.40459531 0.107923337675812
Total Market 7582 0.94153312 0.48325596 0.05755623432979
Total Market (withou 6253 0.97830601 0.25103746 0.043857208498834

Date updated: 44201

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each ihttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions:http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm

Marginal
0.27
Unlevered beta Cash/Firm value
0.68740908594141 0.11234408434335
0.858331198357722 0.059271571639641
0.738393453464296 0.197068665786789
0.852958685986758 0.093911251230756
1.00044181273354 0.04719752218239
1.02172412426995 0.065904443523
0.321040417016211 0.463573055692194
0.44562975429107 0.257418142820075
0.664692064444878 0.016772211949717
0.683485650234102 0.033880448738304
0.59783599412335 0.084983566128934
0.43569128732999 0.24482656002829
0.913233403885869 0.058866870151833
0.785126220475933 0.054088634636852
0.683638950752469 0.024082516538514
0.708433670845801 0.070022180139296
0.956881591585046 0.076429736745833
0.781884365359191 0.044399267368353
0.489515535310995 0.129249407932523
0.865989492159067 0.078925133451062
1.10838025245488 0.027241204335116
0.814341471461154 0.066352500008668
0.842013789187165 0.057014819625148
0.796130914687644 0.065021158281193
0.801803531864445 0.042369379768348
0.974571529366336 0.089716661391519
0.952322786290259 0.0489666813222
0.893377029438523 0.11618993296374
0.805939952220678 0.060907098784603
0.875881704825274 0.083453746934287
0.79466572773476 0.052566753776366
0.806123429571864 0.019237436883595
0.658216220913455 0.040657127528173
0.105716514911223 0.031059328223133
0.512756868713455 0.036383998041473
YouTube Video explaining estimation choiNotes
if you are looking for a pure-play beta, i.e.
Unlevered beta corrected for cash HiLo Risk
0.771088872224694 0.76541794
0.910302599915566 0.59399835
0.913732513180905 0.65427779
0.938864458302752 0.65493559
1.04725178672644 0.71603305
1.09184577196229 0.69812202
0.594144833832767 0.3410541
0.597906975993642 0.33050522
0.674856907256662 0.61563433
0.706307985917404 0.76048911
0.649717818966996 0.62746098
0.572743718461213 0.62024609
0.968496752733778 0.5248142
0.828511600256346 0.64740009
0.698220523553533 0.42189082
0.759178865867582 0.68920147
1.03240366551676 0.53117594
0.816692346568421 0.6129674
0.559452449619449 0.72760657
0.937681249222535 0.67994662
1.13855198278966 0.6473677
0.870115408586317 0.52140771
0.891029595683956 0.60701011
0.850465920337636 0.62688434
0.836110961187769 0.68956659
1.06870325985642 0.69723767
1.00015477985102 0.71985073
1.01004378425788 0.69150808
0.857295565910707 0.64409543
0.953690456193163 0.64384644
0.837759477957597 0.76481029
0.820416240569564 0.70960994
0.684093750317564 0.61849256
0.107988948054538 0.46387567
0.530888768251531 0.5417513
0.734333309199029 0.089680205202395 0.803895489414804 0.69161482
0.707372436164939 0.092516946275854 0.777642898201944 0.66644381
0.668994522898218 0.014392626038416 0.676195876416068 0.79455308
0.773254684928244 0.034508677744415 0.800202222260802 0.62211016
0.690876893241247 0.064876579712806 0.737157105127967 0.6309652
0.726713380078264 0.035555242043119 0.752776291373514 0.6295525
1.17760950202449 0.113933845675897 1.32598371740347 0.59032556
0.743551948603295 0.079448943127153 0.803697111127453 0.65248556
1.10358296891603 0.072483185051794 1.18566114587299 0.65315329
0.658615850751488 0.036808391436334 0.682988873670793 0.73341424
0.945281992312983 0.030101127598329 0.973876280965397 0.58678547
0.525710716917715 0.059190103663444 0.557260794904117 0.47068085
0.520588898785465 0.192233870334755 0.640913893643126 0.46029134
0.543758014687107 0.059561517070256 0.577132705713841 0.38428328
0.698618106511736 0.109964766942084 0.782618285443801 0.35886477
0.916461106719171 0.04300893494862 0.956218796678041 0.58582765
0.769677481056259 0.060390040320744 0.817700261259993 0.78679382
0.74145742977755 0.111291745005844 0.831744152031331 0.57066825
0.95364555549339 0.034589309988952 0.984954928216561 0.50360819
0.77540360478935 0.043649088146748 0.807476269260952 0.76587996
0.594287561232182 0.013711717842593 0.599077333739382 0.65442639
0.771571795409207 0.076124563265621 0.83156790899482 0.73903403
0.657213357882018 0.036828293086544 0.680017798659987 0.45674515
0.893864334733379 0.068102957909166 0.956736097045125 0.61755964
0.424546168940391 0.014743077609566 0.42904254661802 0.3666616
0.69301481306768 0.079271414223854 0.751921035307767 0.77661029
1.01001095436707 0.086700857050023 1.10217873509917 0.54864403
0.772950024479772 0.026930143859988 0.790957511473161 0.4901382
0.501712805481524 0.11062097034022 0.561381208055538 0.68518121
0.643509750473427 0.15201179422729 0.757279781429424 0.55151894
0.709596706359027 0.061232869014467 0.753820174363356 0.64084905
0.735131879932889 0.050486467732306 0.77282218054267 0.7368304
0.90740022501093 0.19613617693014 1.12585357288975 0.41346008
1.07928306150276 0.028491639105163 1.10832748434602 0.69573198
0.952594258931777 0.037739768111867 0.986823318591102 0.61735836
1.36467613198352 0.049967975889192 1.43445910715037 0.71066739
0.727925733272307 0.035212201563111 0.752249059765137 0.6391407
0.777791672552794 0.046609136786774 0.814507590291943 0.54333879
0.143371269101972 0.05816129517521 0.151488576622753 0.48897649
1.10640842431974 0.02749614929884 1.13701874508173 0.74811453
0.948023168091267 0.085672304551982 1.03364352241012 0.66825508
0.480482579961178 0.123201208585196 0.544358278893319 0.63403679
0.935665321214705 0.027074826611676 0.960945170721284 0.5537144
1.0110888352713 0.054040574802001 1.06814495700502 0.56984174
0.71206378472241 0.043073899710649 0.741358105980303 0.5539639
0.936248130695191 0.042960184779762 0.977718457980095 0.57565257
0.940730985459347 0.019607250388381 0.959330788772407 0.74892818
0.726306517311891 0.030276295580336 0.748442734346963 0.63983888
0.870066608652777 0.026781380295869 0.893523270947977 0.67017338
0.697032106449827 0.111880957900704 0.782338898206716 0.56623298
0.379739119199014 0.033383704872196 0.391524760832861 0.62341006
0.7846169274995 0.05716600929341 0.831224114323608 0.63885564
0.410130699738107 0.027687180242318 0.419919253633559 0.61874667
0.591048735460344 0.035350776598024 0.611388210693523 0.65406312
0.736892585037251 0.063606833915773 0.785189577531677 0.58636509
0.725439437176659 0.021176360940131 0.739888020923925 0.50223163
0.891979348876358 0.057095445843454 0.943767387347125 0.61198525
0.478740606824124 0.014094857269479 0.483551371788032 0.28155977
0.566615318701338 0.010973641737235 0.571349563878657 0.45013192
0.696000322201029 0.069706176556996 0.745833080889851 0.60174256
0.826790563375019 0.040597595658955 0.860188907710718 0.64949781

US companies
you are looking for a pure-play beta, i.e., a beta for a business, the unlevered beta corrected for cash is your best bet. Since even sector b

Unlevered beta corrected fo

Standard deviation of equity Standard deviation in operating income (last 10 years) 2016
0.577363502634707 0.143140404953011 0.73846637
0.348929331678792 0.164153032119514 1.19539207
0.4615078958344 0.480512449408657 0.84529931
0.478435948765742 0.103702356569154 0.88175283
0.452369641868026 0.28301653936996 0.47138067
0.431649271276847 0.292921746233727 1.08474543
0.21588164482906 NA 0.47353513
0.194833371040951 NA 0.36327661
0.370079915895117 0.429958199384904 0.81809338
0.496950457239507 0.071566566690731 0.98936156
0.455576166577322 0.310198128561587 0.75366375
0.359027931986595 0.509353712076515 0.45570813
0.339932071045947 0.654351318255528 0.98035236
0.456453531446695 0.183190803603051 0.94982698
0.32015889451442 0.310561828925157 0.88527679
0.48059008560792 0.336910822131978 0.80725697
0.361612474143605 0.298774365338839 1.26504707
0.385412687795699 0.12478010384276 1.01439435
0.422740278380762 1.66165747482493 0.3868782
0.458908608902944 0.114026050830736 0.99994713
0.428664455735024 0.167353501447745 1.21967825
0.333908235105502 0.256242052891212 1.17896143
0.299373824259345 0.439415936694874 0.73570563
0.501020020931708 0.376854252928118 1.19485073
0.554523755557415 0.076995163472224 0.93900977
0.557267449576751 0.372104541102184 0.85929643
0.551194244554125 0.147320649954307 1.03058698
0.549089075674876 3.2499034225 1.16424086
0.438650675763167 0.195704432481592 0.97977327
0.420426117882627 0.124469022165599 1.06541274
0.68062179370134 0.272113664681076 0.97829235
0.504307583595725 0.120297606717598 0.82195581
0.452992558069549 0.177137007718025 0.77419511
0.277386312586639 0.394298061203042 0.05584947
0.325571645667033 0.197883049161425 0.74164818
0.580329195270917 0.218278371111871 0.61083826
0.405229348875381 0.243161543459122 1.00346578
0.560416957048952 0.965196409797805 0.84213429
0.461894598880883 0.178309349683625 0.91697354
0.44491607317893 0.236458784871431 0.89051482
0.424486026249754 0.338667800536971 0.98673088
0.365572540843541 0.71780248295374 0.81073153
0.492114487056928 0.191545090327024 0.44125508
0.436942052637361 0.287180053575943 0.67915579
0.546566826533168 0.040637142509065 0.91497966
0.423733432394101 0.332983625683754 0.91756696
0.301220405173558 0.336355505016697 0.81929059
0.306764746756935 0.131883683124989 0.91067854
0.229340833773021 0.288692174509958 0.7538568
0.288549528481318 0.139347084433448 0.80698183
0.342805534403098 0.199608056596656 1.22861405
0.678402645114177 0.436329950127929 0.87412276
0.311115726136824 0.102689924698354 1.29406485
0.263884397589671 0.738101017293855 1.37689455
0.562762742469517 1.54378032288694 0.94743762
0.407778047801528 0.427548069451763 0.65372936
0.502674744687283 0.402251981834328 1.41047611
0.292154950358749 0.140526733519725 0.90706844
0.35669571939418 0.231257690258917 0.89356619
0.198598809843517 0.083678921536176 0.49888085
0.677634120209905 0.755111055725661 1.03483111
0.374694578596111 0.094156056847919 1.06898237
0.324046638555667 0.288446929259896 0.4128922
0.606958734546114 1.03874628794913 0.92994012
0.209931793543915 1.44663346920811 1.02634027
0.347216610762751 0.319368186540541 0.99190805
0.563998576391856 0.136896253283328 0.74786145
0.252283349677488 0.300712076259699 0.89151933
0.536255186867511 0.099689435706315 0.64108704
0.428187693340609 0.209487771807746 0.75515363
0.406039068096387 0.255368645284741 1.30617516
0.419742605217203 0.277547298853663 0.82697173
0.389108664221675 0.051115592432096 0.92395978
0.377189287326462 0.244522999489298 0.77420203
0.528659210559218 0.53232736286725 1.52620472
0.490094573047301 0.107300022353761 0.80953554
0.438272390104074 0.288556500451771 1.17644768
0.372552738637985 0.314989029812516 1.31736932
0.359055216814275 0.500439408845489 1.22305461
0.298301962850175 0.340317314890407 0.84196525
0.315049470715997 0.214475687497551 0.80872809
0.626140764274445 0.589766940635065 1.46481949
0.327251307121881 0.404099820910312 1.32817932
0.479705900192846 0.173434174686195 1.24680876
0.393191552298084 0.466092664759326 0.86265231
0.397789138440879 0.57801478737016 0.65070092
0.431084801420254 0.170015403048125 1.16786718
0.435297453236446 0.27983883885262 0.57007029
0.244882335520754 0.061949066326568 1.66117069
0.286761946774641 0.224260770208608 1.18825477
0.168339977655422 0.151425969546136 0.92727996
0.387837607293968 1.26487005335395 1.02639273
0.184446528742119 0.087662000736417 0.364636
0.3596 0.147775230785297 0.33166857
0.4121 0.131105455874838 0.73
0.447729605814745 0.131930574633137 0.9
est bet. Since even sector betas can move over time, I have also reported the average of the this sector beta across time in the last column

nlevered beta corrected for cash - Over time

2017 2018 2019 2020 Average (2016-21)
0.91018199 0.78427897 0.86798132 0.93495314 0.834491777236031
0.93703235 0.99233232 1.09222603 1.07852216 1.03430125513079
0.76081223 0.67328042 0.63449013 0.843673 0.778547933540202
0.70523095 0.85095727 0.76317292 0.829641 0.828269906427297
0.37928329 0.592262 0.3418711 0.52573504 0.559630646641282
0.93671223 0.92004456 0.96788506 0.94699358 0.991371106330799
0.40526826 0.32250416 0.42823345 0.55954147 0.46387121688746
0.36438912 0.38572641 0.40435166 0.43131558 0.424494393671289
0.71013724 1.11981473 1.0479649 0.91888256 0.881624951893066
0.77810556 0.62680558 1.04456327 1.09071319 0.872642859394364
0.70004004 0.65097821 0.50865466 0.72993739 0.665498646211902
0.42127089 0.54417467 0.45767102 0.56767432 0.503207125417575
0.8695294 0.98593417 0.9149343 1.01853128 0.956296378523367
0.84914431 1.00673036 1.00019113 0.89488662 0.92154849857477
0.82024967 0.66746834 0.76151577 0.77660828 0.768223230012741
0.67773523 0.96489989 1.12269454 0.99295661 0.887453683616255
1.21979523 1.79468603 1.49135542 1.21471654 1.33633399071002
0.98150333 0.94849956 0.98902379 0.96485709 0.952495079642961
0.60540338 1.04239112 0.96728429 1.04866436 0.768345634092702
0.83071219 0.94403177 1.04625925 0.95286626 0.951916307798692
0.9437685 0.92832563 1.49827893 1.64008334 1.2281144374468
1.02385988 0.95257769 1.14959705 1.10359655 1.04645133491539
0.62930627 1.01354401 1.14380908 1.24848283 0.943646236451952
1.24593311 1.35653092 1.43078356 1.38917313 1.24462289484178
0.92593131 1.12956864 1.37908717 1.28565754 1.08256089834595
1.0467335 0.95816165 1.10837551 1.35601466 1.06621416943029
1.03509241 1.02446957 1.18239793 1.30711886 1.09663675533927
0.97133805 1.07915439 1.22402771 1.25079436 1.11659985780737
0.82585921 0.91332212 0.9606603 1.07092153 0.934638666863913
1.00942883 1.12805265 0.81015878 1.32503788 1.0486302238745
0.96578988 0.95716683 1.21401243 1.20170304 1.0257873353613
0.62801576 0.69977482 0.9601752 1.04851013 0.829807993006973
0.61582043 0.55737082 0.49587807 0.62745115 0.62580155308397
0.06763115 0.07028908 0.07561534 0.09826314 0.079272853265416
0.62945788 0.55631902 0.61142199 0.69680825 0.627757346518391
0.92782334 1.41475852 1.23442964 0.65776617 0.941585235947565
0.69319246 0.67368657 0.66780865 0.81832731 0.772353943677925
0.46860806 0.72015965 0.79876309 0.59377295 0.683272320555632
0.92286085 0.88508347 1.04124206 0.98181868 0.924696804349635
0.81830648 0.82382035 1.02665074 0.94623821 0.873781285829502
0.83121839 0.88370801 1.17707344 1.15269735 0.964034061392243
0.76800043 0.89482816 0.72461492 0.66405584 0.864702431574315
0.44519567 0.51228544 0.55219511 0.62556239 0.563365134014033
0.66749176 0.74415946 0.71171195 0.91444462 0.817104121684933
0.6881762 0.87926933 0.99725067 0.93705724 0.849953664429329
0.87020397 0.82102604 1.04761476 1.0315159 0.943633984156118
0.71443842 0.63161786 0.67179162 0.59269928 0.664516428414181
0.80215 0.80519498 0.70335628 0.73248057 0.765795711795869
0.70082667 0.72774299 0.65115066 0.58907152 0.666630224489064
0.67569471 0.86690938 0.86668447 0.86018284 0.809845253196085
0.93146084 1.03768084 1.01216531 1.09852106 1.04411014896589
0.88779982 0.96016218 1.10944227 1.0865722 0.955966583869141
1.09491327 1.09841434 1.33366795 1.24423263 1.14950619887934
0.94523625 1.25076404 1.05560716 1.11746617 1.12182051631206
0.9919879 1.00369011 1.07431745 1.07671064 0.983603333707607
0.68903844 0.71646756 0.62316086 0.61751923 0.64983213031399
1.10963955 1.05589831 1.06688648 1.21865472 1.11552051283541
0.60469788 0.55106848 0.73705502 0.67817352 0.69301352414212
0.826762 0.9775302 1.17287457 1.25437475 1.01364063412786
0.32719365 0.32493566 0.34601651 0.3784354 0.384084102016537
1.10367216 0.94639981 1.14907475 1.33204797 1.05299113916987
0.96202487 0.82623364 0.89788591 0.75678423 0.935681626779641
0.41365814 0.42133592 0.40946858 0.42562034 0.478988782351058
0.46927329 0.61355811 0.87103759 0.89107405 0.722710729609184
1.09429549 0.73331097 1.32735715 1.50172044 1.07338401778647
0.61562864 0.80185642 0.95287706 0.67504761 0.798522993136535
0.75955394 0.72607339 0.80923297 0.75402862 0.761595423667369
0.6462242 0.46721028 0.88201736 0.76985429 0.797113171629187
0.60883594 0.6957909 0.65106884 0.75189638 0.742834430725377
0.63087014 0.64728168 0.760998 0.86851869 0.774940911014378
1.12378901 0.76337725 0.96727918 1.15097114 1.12434180706814
0.76667123 0.87123519 0.98702118 0.89371497 0.849643892579785
0.82407299 0.87430045 0.75148619 0.94572679 0.855675631924099
0.46358911 0.43896032 0.28123262 0.34510306 0.409095952413215
1.17228715 1.12365981 1.34449826 1.15941825 1.2438478209172
0.75751932 0.8200959 0.80006504 0.69034638 0.818534283812997
0.88700109 0.6372636 0.23902988 0.45318133 0.656213643325592
1.11084521 1.15676117 1.26379673 1.23689028 1.17443464493197
1.09727957 0.98519547 1.39088949 1.25348431 1.16967473566166
0.85414603 1.01347982 0.77850734 1.5713945 0.96680850869744
0.82962095 0.86065186 0.741282 0.83360997 0.84193522197365
0.96477966 0.91101628 1.26979473 1.28587446 1.14260256821306
1.1180452 1.19913079 1.30514346 1.50320341 1.20035748392931
0.98859807 1.02025613 1.16195965 1.14916083 1.07671778378942
1.19398622 1.53269273 1.2948714 1.28556891 1.1586850797183
0.58098605 0.708369 0.70626583 0.59690807 0.605792439503087
0.8626346 0.95898598 1.0228587 0.83597866 0.946591540093234
0.67562071 0.71930948 0.74082603 0.66658422 0.632054999336841
1.13288794 1.15184377 1.12526435 1.42632264 1.18481293370373
0.8310838 0.79664864 0.89929754 0.95727017 0.909624082725855
0.65757162 0.86883728 2.08015182 1.89198318 1.19428531316028
0.75582368 0.80694623 0.71085656 1.0410668 0.880808898310121
0.25122534 0.19528826 0.17456984 0.18968842 0.276493204642565
0.47133257 0.26742846 0.32295708 0.56532126 0.421676250636195
0.65 0.72457116 0.8020174 0.82945377 0.746979235635749
0.85 0.90189375 0.99855895 1.01248168 0.920520546807193
beta across time in the last column. This number, for obvious reasons, is less likely to be volatile over time.
 2020 2019 Variacion
Ingresos operacionales $ 359,199.00 $ 403,350.00 -10.95%
Costo de ventas -$ 284,690.00 -$ 334,555.00 -14.90%
Ganancia bruta $ 74,509.00 $ 68,795.00 8.31%

Gastos de distribución -$ 16,760.00 -$ 14,617.00 14.66%

Gastos de administración y ve -$ 30,610.00 -$ 33,300.00 -8.08%
Otros ingresos $ 8,363.00 $ 9,200.00 -9.10%
Otros gastos -$ 13,459.00 -$ 9,069.00 48.41%
Ganancia por actividades de o $ 22,043.00 $ 21,009.00 4.92%

Pérdida derivada de la posició -$ 3,882.00 -$ 1,781.00 117.97%

Ingresos financieros $ 878.00 $ 923.00 -4.88%
Gastos financieros -$ 4,943.00 -$ 4,337.00 13.97%
Ganancia antes de impuestos $ 14,096.00 $ 15,814.00 -10.86%

Ingreso (gasto) por impuestos, $ 926.00 -$ 819.00 -213.06%

Ganancia neta del período $ 15,022.00 $ 14,995.00 0.18%

Ganancia básica por acción

Ganancia por acción básica en $ 1.28 $ 1.27 0.79%

Ganancia neta del período $ 15,022.00 $ 14,995.00 0.18%

Componentes que no se reclasificarán al resultado del período

Revaluación propiedades plant $ 400.00 $ 3,503.00 -88.58%

Componentes que se reclasificarán al resultado del período

Coberturas de flujos de efectiv $ 182.00 $ 1,625.00 -88.80%
Total otro resultado integral $ 582.00 $ 5,128.00 -88.65%

Total resultados integrales $ 15,604.00 $ 20,123.00 -22.46%

los ingresos operacionales de ENKA DE COLOMBIA, son aquellos que provienen de la actividad ordinaria
de la empresa antes de aplicar impuestos e intereses, para estos ingresos, se tienen en cuenta aquellos
ingresos que son de la actividade principal de ENKA, el resto de ingresos de la empresa que no son
recurrentes o no pertenecen a la actividad principal, por ende no entrean en este campode ingresos
operacionales.

Para calcular los ingresos operacionales de ENKA DE COLOMBIA, fue necesario identificar los ingresos
totales, junto con los no operacionales.

Debido a esto fue posible identificar que la empresa tuvo menos ingresos y menos ganancias en el año
2020 con respecto al año ligeramente anterior, pasando de unos resultados integrales de $20.123,00 en
2019 a $15.604,00 en 2020 teniendo una disminucion del 22,46% algo completamente considerable,
además sus mayores costos pese a esto se siguen concentrando en gastos de distribución 16.700, gastos
de administración 30.610 y otras gastos 13.459, la idea es minimizar estos gastos de la mejor manera
posible para que ni términos proporcionales haya una mejor utilidad.
 e la actividad ordinaria
en en cuenta aquellos
mpresa que no son
e campode ingresos

dentificar los ingresos

os ganancias en el año
rales de $20.123,00 en
mente considerable,
ribución 16.700, gastos
de la mejor manera
 ESTADO DE LA SITUACION FIANANCIERA

2020 2019 Variacion

T activos $ 617,882.00 $ 583,824.00 5.83%

T activos corriente $ 252,851.00 $ 213,191.00 18.60%

Disponible $ 73,386.00 $ 12,104.00 506.30%
Cuentas comerciales por cob$ 66,344.00 $ 71,053.00 -6.63%
Instrumentos financieros de $ 2,235.00 $ 1,607.00 39.08%
Inventarios $ 64,046.00 $ 80,067.00 -20.01%
Activos por impuestos $ 5,166.00 $ 9,011.00 -42.67%
Activos para la venta $ 41,674.00 $ 39,343.00 5.92%
Intangibles, neto - $ 6.00

T activos no corrientes $ 365,031.00 $ 370,633.00 -1.51%

Cuentas por cobrar $ 839.00 $ 873.00 -3.89%
Intangibles $ 130.00 $ 294.00 -55.78%
Propiedad, planta y equipo, $ 332,361.00 $ 338,042.00 -1.68%
Propiedades de inversión $ 31,701.00 $ 31,424.00 0.88%

T pasivos $ 205,684.00 $ 187,230.00 9.86%

T pasivos corrientes $ 113,138.00 $ 80,235.00 41.01%

Obligaciones financieras $ 26,915.00 $ 12,470.00 115.84%

Cuentas por pagar $ 74,037.00 $ 54,898.00 34.86%
Instrumentos financieros de $ 361.00 -
Títulos valores emitidos $ 672.00 $ 670.00 0.30%
Beneficios a empleados $ 6,725.00 $ 6,965.00 -3.45%
Impuestos por pagar $ 470.00 $ 1,213.00 -61.25%
Provisiones $ 3,373.00 $ 3,354.00 0.57%
Otras obligaciones $ 585.00 $ 665.00 -12.03%

Pasivos no corrientes $ 92,546.00 $ 106,995.00 -13.50%

Obligaciones financieras $ 27,697.00 $ 43,798.00 -36.76%

Cuentas comerciales por pag$ 2,584.00 $ 3,291.00 -21.48%
Títulos emitidos - $ 597.00
Beneficios a empleados $ 1,065.00 $ 1,640.00 -35.06%
Provisiones $ 3,002.00 $ 2,388.00 25.71%
Otras obligaciones $ 9,041.00 $ 5,324.00 69.82%
Pasivo por impuestos diferi $ 49,157.00 $ 49,957.00 -1.60%
T. patrimonio $ 412,198.00 $ 396,594.00 3.93%

Capital emitido $ 117,737.00 $ 117,737.00 0.00%

Prima en emisión de accion $ 152,578.00 $ 152,578.00 0.00%
Ganancias acumuladas $ 103,532.00 $ 88,537.00 16.94%
Resultado del ejercicio $ 15,022.00 $ 14,995.00 0.18%
Otro resultado integral $ 24,495.00 $ 23,913.00 2.43%
Cambios participación en la -$ 1,166.00 -$ 1,166.00 0.00%

Patrimonio + Pasivo $ 617,882.00 $ 583,824.00 5.83%

La información contable de ENKA DE COLOMBIA se organiza en forma de cuentas, en donde cada
cuenta representa un elemento que es identificable y cuantificable, tanto si es físico como intangible,
gracias a estas cuentas es posible identificar el Activo de ENKA, el cual recoge las cuentas que reflejan
bienes y derechos, en esta oportinidad ENKA demuestar que en cada uno de los períodos tiene unos
activos altos en relación con los pasivos, tieniendo activos de $583.824,00 en 2019 con unos pasivos
de $370.633,00 dejando un margen positivo de $213.191,000 solo para ese años, mientras que en el
2020 cuenta con activos de $617.882,00, pasivos de $205.684,00 con beneficio de $412.198,00, lo
que traduce que sus actividades probablemte están operando de manera correcta, sin embargo no
hubo mucho cremmiento del año 2019 al 2020, pues solo tuvo un 5,83% de incremento dentro de sus
activos, esto puede estar explicado por la situación del covid-19, pero especificamnete el dispoble
tuvo un incremento del 506,30%, suguramnete este aumento estuvo explicado por la pandemia, es
decir tuvieron que aumentarlo poruna fuente de financiacion, pues ya que tambien las obligaciones
finaniceras aumentaron en un 115,84% .
en donde cada
o como intangible,
uentas que reflejan
ríodos tiene unos
con unos pasivos
mientras que en el
$412.198,00, lo
sin embargo no
ento dentro de sus
ete el dispoble
la pandemia, es
n las obligaciones
Rf 2.26%

Fuente: https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
 Pasivo con costo Patrimonio DEUDA + PATRIMGastos financieros Costo de la deud
2020 $ 54,612.00 $ 412,198.00 $ 466,810.00 $ 4,943.00 9.05%
2019 $ 56,268.00 $ 396,594.00 $ 452,862.00 $ 4,337.00 7.71%

Fuente

EMBI 2.09%

Fuente: https://www.ambito.com/contenidos/riego-pais-colombia-historico.htm
 Tasa de impuestos KdT = Kd * (1Rf Rm β Βi Ke
33% 6.06% 2.26% 13.75% 0.83 0.90 12.65%
33% 5.16% 2.26% 0.137521101 0.83 0.91 12.71%

ke= RF +
https://datosmacro.expansion.com/prima-riesgo/colombia?dr=2021-01

Como bien se sabe el WACC (Promedio Ponderado del Costo del Capital ) es la tasa de
descuento que mide el costo de capital gracias a la utilizacion de la media ponderada entre
la proporción de recursos propios y la proporción de recursos ajenos, en esta oportunidad,
el WACC se usa como tasa de descuento en el modelo de valoración de ENKA, los flujos se
descuentan a un tipo o coste de oportunidad que es el WACC, Usando las herramientas y
elementos correspondientes para hallar Weighted Average Cost of Capital, de la empresa
ENKA S.A se obtiene que es de 12% tanto para para el 2019 como para 2020, este valor no
es lo optimo para una empresa de este talante por ser una empresa globalizada, una de las
metas podrías ser crear estrategias para disminuir gradualmente este valor, al tener un
WACC tan alto generalmente es una señal del mayor riesgo asociado con las operaciones de
la empresa, para esto los inversores deben exigir un rendimiento adicional para neutralizar
el riesgo adicional.

-colombia-historico.html
Embi - RIESGT. Ke WWAC
3.91% 16.555% 12%
3.91% 16.615% 12%

rm-rf * BI
AÑOS Activo Corriente Activo no CorrientActivo Total
2020 $ 252,851 $ 365,031 $ 617,882
2019 $ 213,191 $ 370,633 $ 583,824

AÑOS Ingresos Operacionales Costo de ventas Beneficio bruto

2020 $ 359,199 -$ 284,690 $ 74,509
2019 $ 403,350 -$ 334,555 $ 68,795

AÑO Capital de Trabajo Neto Razón Corriente Margen Bruto de Ut

2020 $ 139,713 2.2348901341724 20.74%
2019 $ 132,956 2.657082320683 17.06%
Pasivo Corriente Pasivo no Corriente Pasivo Total Patrimonio Total
$ 113,138 $ 92,546 $ 205,684 $ 412,198
$ 80,235 $ 106,995 $ 187,230 $ 396,594

Beneficio operativo antes de inImpuestos sobre la renUtilidad neta después Beneficio operativoOtros ingresos / (gastos) no opera
$ 14,096 $ 0.33 $ 9,444 $ 61,050 -$ 13,921
$ 15,814 $ 0.33 $ 10,595 $ 59,726 -$ 5,987

Margen Netode Utilidad ROA ROE PKT EBITDA

2.63% 1.53% 2.29% 38.90% $ 47,129
2.63% 1.81% 2.67% 32.96% $ 53,739

os ingresos / (gastos) no operativos - Total
MARGEN EBPDC
13.12% 2.964480469
13.32% 2.474106329
Analisis de Indicadores
El ROA Y ROE son positivos pero se mantienen en niveles
relativamente bajos, dadas las fuertes inversiones realizadas por
la empresa en los ultimos años.
El margen disminuyó pasando del 13,12% en 2019 al 21% en
2020. El EBITDA creció entre 2019 a 2020, pasando de $24.482 a
$25.925 resultado de la optimización de la estructura
operacional adelantada por la empresa, la cual, le permitio
reducir costos y gastos significativamente. Igualmente, el margen
EBITDA evolucionó positivamente pasando del 6,07% al 7,22%.
Por otra parte, el PDC es menor a 1 en ambos años e indica que
en la presente coyuntura, el crecimiento no seria rentable para
la compañia.
 2019 2020
NOPAT $ 14,076.03 $ 14,768.81
Capital invertido $ 452,862.00 466,810
WACC 11.77% 11.88%
ROIC 3.11% 3.16%
EVA -$ 39,217.66 - 40,666.10
El Eva en la compañia ENKA DE COLOMBIA se compone de
factores que determinan el valor económico como:
crecimiento, rentabilidad, capital de trabajo, costo de capital,
impuestos y activos de largo plazo, entre otros que permiten
determinar la rentabilidad de la empresa.

En esta oportunidad fue necesario la utilizacion del calculo

NOPAT, junto con el capital invertido, el ROIC y el calculo WACC
determinado, identificando asi un EVA DE -$39.217,66 para el
año 2019 y -$40.666,10 en el 2020 teniendo un aumento
bastante leve entre estos dos años.
Apuntandole al liderazgo en el reciclaje de POLIOLEFINAS en Colombia, se propone el montaje d
pesos y tendria capacidad de procesar 3.477 toneladas por año inicialmente, con un crecimiento del
el 36,85% de los ingresos totales, costos fijos por $3.692 millones al año. L

Inversión Inicial $ 19,329.00

Demanda Ton $ 3,477.00
V. Venta $ 5.68
% Crecimiento Anu $ 0.04
% Costos Variables $ 0.37
Costos Fijos $ 3,692.00
Depreciacion $ 1,932.90
WACC $ 0.12
T.Impuestos $ 0.33
V. terminal $ 6,610.52

Indicadores
Valor Presente Neto $ 15,393.57
Tasa Interna de Retorno 44.14%
RBC 2.07
PRI-PAYBACK 3.43

PERIODOS
FLUJO DE CAJA FUTURO (FTF) -14400
VALOR PRESENTE FLUJO DE CAJA FUTURO
VALOR PRESENTE FLUJO DE CAJA FUTURO ACUMULAD -14400

MacroInductores de Valor
Productividad del Activo Fijo
SENSIBILIDAD VPN
TASA DE DESCU VPN
10% $ 17,033.58
20% $ 9,620.00
30% $ 4,637.23
40% $ 1,144.93
50% -$ 1,391.49
60% -$ 3,290.72

RECONSTRUIR EN VEZ DE REEMPLAZAR ACTIVOS

UODI O NOPAT $ 14,768.81
RECONSTRUCCI $ 4,000.00
UODI $ 18,768.81
ACTIVOS $ 617,882.00
WACC 11.88%
EVA -$ 58,606.30
ombia, se propone el montaje de una nueva planta de transformación y reciclaje de tapas y etiquetas en la región. Esta nueva p
mente, con un crecimiento del 4,37% anual. Esta planta tendria una proyección a 5 años, generando ingresos por $19.749 mil
s por $3.692 millones al año. Los equipos y la maquinaria se deprecian por linea recta y su valor de salvamento se fijo en el 3

CIFRAS EXPRESADAS EN MILLONES DE

Año 1

Ingresos 19,749.36
Costos Variables 7,277.64
Margen de Contribucion 12,471.72
Costos Fijos 3,692.00
G Depreciacion 1,932.90
Utilidad Operativa 6,846.82
Impuesto a las Ganancias 2,259.45
Utilidad Neta 4,587.37
Depreciaciones 1,932.90
Valor de Salvamento
Inversión Inicial -14400
Flujo de Caja -14400 6,520.27

El proyecto de la nueva planta es factible financieramente, puesto que

genera un VPN de $14.903 millones de pesos, una tasa de rentabilidad del
43,80% mayor que el CPPC y recupera la inversión en 3,54 años.

1 2 3 4 5
6,520.27 6,885.43 7,266.55 7,664.32 14,689.99
$ 5,828.16 $ 5,501.27 $ 5,189.50 $ 4,892.57 $ 8,382.07
-$ 8,571.84 -$ 3,070.57 $ 2,118.93 $ 7,011.51 $ 15,393.57
1 1 1 0.433091967266718

1 2 3 4 5
1.02 1.07 1.11 1.16 1.21
 VPN
$ 20,000.00

$ 15,000.00

$ 10,000.00

$ 5,000.00

$ 0.00
0% 1 0% 2 0% 3 0% 40% 50% 60% 70%

-$ 5,000.00

NUEVAS INVERSIONES QUE MEJORAR

UODI O NOPAT $ 14,768.81
INCREMENTAR PRECIOS Y EXPORTACIONES PARA MEJ
INVERSIONES $ 20,000.00
MEJORA UODI $ 15,000.00
UODI O NOPAT $ 29,768.81 UODI O NOPAT $ 14,768.81
ACTIVOS $ 637,882.00 INCREMENTO $ 10,000.00
WACC 11.88% MEJORA UODI $ 24,768.81
EVA -$ 45,981.35 ACTIVOS $ 627,882.00
WACC 11.88%
EVA -$ 49,793.83
etas en la región. Esta nueva planta, tendria un costo de $5177 millones de dolares o $19.329.millones de
ndo ingresos por $19.749 millones de pesos el primer año de operaciones. El costo variable se estima en
r de salvamento se fijo en el 34,2% del valor de adquisición y puesta en marcha.

MILLONES DE PESOS COL

2 3 4 5

20,612.41 21,513.17 22,453.29 23,434.50

7,595.67 7,927.60 8,274.04 8,635.61
13,016.74 13,585.57 14,179.26 14,798.89
3,692.00 3,692.00 3,692.00 3,692.00
1,932.90 1,932.90 1,932.90 1,932.90
7,391.84 7,960.67 8,554.36 9,173.99
2,439.31 2,627.02 2,822.94 3,027.42
4,952.53 5,333.65 5,731.42 6,146.57
1,932.90 1,932.90 1,932.90 1,932.90
6,610.52

6,885.43 7,266.55 7,664.32 14,689.99

 50% 60% 70%

ORTACIONES PARA MEJORAR EL CAPITAL

 Los Microinductores de valor son indicadores que a la medida de las características
de la empresa están relacionados con el mejoramiento de los inductores operativos y
financieros.

Definicion: Un inductor de valor es un indicador que muestra los componentes de la

operación del negocio que por tener relación causa-efecto unos con otros, muestran en
su resultado el por qué de su aumento o disminución en las cifras que son producto de
las decisiones tomadas (García, 2003, p. 177).

Microinductores. Estos se relacionan con aspectos particulares de la empresa cuyo comportamiento,

afecta los inductores operativos y financieros, de acuerdo a las características de la empresa, se
denominan: Indicadores de Desempeño e Indicadores de Gestión.

Identificar y Gestionar Microinductores de Valor: Los microinductores se utilizan en el proceso de

evaluación del desempeño por lo que deben tener en cuenta todas las actividades de la cadena de valor
de la empresa.

La cuarta categoría de inductores de valor, los Microinductores se relacionan con aquellos aspectos muy
particulares de la empresa cuyo comportamiento afecta los inductores operativos y financieros. Los
Microinductores de valor son indicadores que a la medida de las características de la empresa están
relacionados con el mejoramiento de los inductores operativos y financieros. La selección de los
Microinductores que luego se utilizaran en el proceso de la evaluación del desempeño deben tener en
cuenta las actividades de la cadena de valor de la empresa que mas dramáticamente impactan su valor,
los Microinductores de valor son el reflejo de la forma como la empresa explota esas competencias para
enfrentar las condiciones del mercado.
 Conclusio

1) Enka durante los ultimos años ha logrado adoptar el enfoque de sostenibilidad como elemento fun
cumpliendo con el compromiso que tiene con los grupos de interés, buscando día a día soluciones que c
de reciclaje. Aunque la estrategia financiera desarrollada actualmente requiere algunos ajustes a nivel d
plazo.

2) El estudio del costo promedio ponderado de capital permitio analizar la estructura financiera de EN
trata de analizar un proyec

3) ENKA de Colombia S.A. financieramente ha destruido valor durante los dos ultimos años, en razón a
y su CPPC es relativamente alto dado que se financia mayoritariamente con recursos d

4) El proyecto de generación de valor reviste de una gran proyeccion en el mercado, puesto que, los pro
generaciones exigen articulos más amigables con el planeta y prefieren compañias sostenibles. De esa f
de generación de ingresos, mejorando su creación de valo
 Conclusiones

dad como elemento fundamental para el progreso empresarial y como garantía para la permanencia en el tiempo,
a día soluciones que contribuyan al mejoramiento del entorno. En ese sentido, ha implementado nuevas tecnologías
gunos ajustes a nivel de los inductores de valor, se espera que cada vez vaya teniendo un poco mas exito en el largo
plazo.

ctura financiera de ENKA, su costo financiero y además, sirvio para descontar los flujos de caja futuros cuando se
a de analizar un proyecto de inversión.

ltimos años, en razón a que posee un alto volumen de activos con baja productividad, su UODI es relativamente baja
iamente con recursos del patrimonio desaprovechando las ventajas del apalancamiento financiero.

do, puesto que, los productos reciclados son cada vez más valorados por los consumidores. En ese orden, las nuevas
s sostenibles. De esa forma, implementando la nueva planta de reciclaje, ENKA, ampliaria su capacidad operativa y
ndo su creación de valor economico agregado en los proximos 5 años.