Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
1,000
1,300
Deuda
ku (costo capital propio unleverage)
300
15%
kd (costo deuda)
Tax
10%
30%
Periodos
Inversion Inicial
Flujos Libres
FCF
-1,000
Flujo Deuda
-1,000
1,300
1,300
300
-300
Interes
Escudo Fiscal = Interes x Tax
30
9
-1,000
1.00
1,300
0.87
-1,000
130
1,130
0
0
138
9
8
1,138
Equity
Equity (%)
838
74%
Deuda
Deuda (%)
Ke = Ku + (Ku-Kd) x D/E
300
26%
Wacc = Ke x E% + Kd x (1-T) x D%
Flujo Libre
Factor descuento Wacc
VALOR ACTUAL
Inversin
VALOR ACTUAL menos Inversin Inicial
2004
2005
kd (costo de la deuda)
Rf (Tasa libre de riesgo)
Rm-Rf (Prima de mercado PRM)
Beta Unleverage (Bu)
Prima Riesgo Pais (PRP)
Tax (t)
Deuda (D)
1,800
FCF
Tasa de crecimieto (g)
2006
2007
2008
14.0%
14.0%
14.0%
14.0%
4.7%
4.7%
4.7%
4.7%
4.82%
4.82%
4.82%
4.82%
0.70
0.70
0.70
0.70
5.0%
5.0%
5.0%
5.0%
35.00%
35.00%
35.00%
35.00%
1,800
1,000
1,000
283
498
523
252
252
140
140
88.2
88.2
49
49
13.07%
13.07%
13.07%
13.07%
2.0%
ESCUDO FISCAL
Intereses
Escudo Fiscal = Int x t
ku = Rf+BuxPRM+PRP
371
586
572
582
88.4%
78.2%
69.2%
624.6%
4,819
328
458
396
3,637
Factor de Capializacion Ku
1.000
1.131
1.279
1.446
1.635
Valor de la Firma
4,819
5,079
5,156
5,259
13.07%
13.07%
13.07%
WACC bt = Ku
13.07%
ESTRUCTURA DE CAPITAL
Empresa=Equity + Deuda
4,819
5,079
5,156
5,259
Deuda
1,800
1,800
1,000
1,000
Equity
3,019
3,279
4,156
4,259
37.4%
35.4%
19.4%
19.0%
E% = 1-D%
62.65%
64.56%
80.61%
80.98%
Ke=Ku+D/E*(Ku-Kd)
12.52%
12.57%
12.85%
12.86%
11.24%
11.34%
12.12%
12.14%
283
498
523
533
5,079
5,156
5,259
11.24%
11.34%
12.12%
Deuda
D% = Dt-1/Vt-1
Patrimonio (equity)
WACC Financiero
FCF
FCF
Valor de la Firma
WACC Explotacin
4,819
12.14%