COK 18% g 4%

ROE 25%
(1-L) 16%
P0 28.10 28.10 Reparto Div 84.00%
0
1 0
2 0
3 0
4 0
5 0 64.2860573
6 9.0000 <--- Solver
7 9.3600
8 9.7345
9 10.1238
10 10.5288
11 10.9499
12 11.3879
13 11.8434
14 12.3172
COTIZACIONES

Periodo A B C D
Rent
1 50 50 50 50 Riesgo
2 34 87 50 98
3 63 88 77 88 VAR Y COVAR
4 82 94 55 66
5 99 98 62 98 A
6 105 94 68 87 B
7 101 92 72 83 C
8 95 90 76 93 D
9 115 87 77 101
10 96 87 87 105

RENTABILIDADES a)
b)
Periodo A B C D

1 -32% 74% 0% 96% c)

2 85% 1% 54% -10% d)
3 30% 7% -29% -25%
4 21% 4% 13% 48%
5 6% -4% 10% -11%
6 -4% -2% 6% -5%
7 -6% -2% 6% 12%
8 21% -3% 1% 9%
9 -17% 0% 13% 4%
11.67% 8.28% 8.17% 13.12%

0.190702946 0.43193172 0.00668288 0.68692912

0.542057719 0.00508235 0.20999411 0.05439574
0.034184984 0.00021325 0.13502916 0.14530439
0.008212272 0.00161859 0.00207242 0.12507565
0.003146023 0.01527726 0.00022576 0.05925964
0.023960168 0.01082879 0.00052557 0.03138749
0.031011712 0.01092527 0.00068609 0.00011462
0.008804225 0.01348344 0.00470472 0.00204002
0.079474869 0.00685334 0.00231566 0.00838766

33.94% 24.91% 21.28% 37.30%

AB AC AD BC BD CD
-0.287002877 0.03569936 -0.3619384 -0.0537266 0.5447077 -0.0677544
-0.052487414 0.33738543 -0.1717138 -0.032669 0.01662704 -0.1068774
-0.002699986 -0.0679409 -0.0704786 0.00536609 0.00556651 0.14007259
-0.003645859 0.00412545 0.03204926 -0.0018315 -0.0142284 0.01609999
0.00693272 -0.0008428 0.01365402 -0.0018571 0.03008861 -0.0036577
0.01610775 0.00354863 0.02742352 0.00238564 0.01843607 0.00406157
0.018406826 0.00461268 0.00188538 0.00273783 0.00111905 0.00028043
-0.010895468 -0.0064359 -0.004238 0.00796466 0.00524467 0.00309802
0.023338122 -0.013566 0.02581876 -0.0039837 0.00758178 -0.0044071

-0.036493273 0.03707324 -0.0634422 -0.0094517 0.07689289 -0.0023855

-0.036493273 0.03707324 -0.0634422 -0.0094517 0.07689289 -0.0023855

 A B C D Rf 3.50%
11.67% 8.28% 8.17% 13.12% A 10
33.94% 24.91% 21.28% 37.30%

AR Y COVAR
A B C D
### -0.03649327 0.03707324 -0.06344223
0.06202675 -0.00945172 0.07689289
0.04527955 -0.00238551
0.13911179

A B C D RISK RENT
19.61% 46.29% 34.10% 0.00% 13.54% 8.91% 1
51.78% 0.00% 0.00% 48.22% 17.76% 12.37% 0.49927701 1
0
Y* 28.11% 4.99% 5.99%

A 14.56%
B 0.00%
C 0.00%
D 13.55%
rf 71.89%
Total 100.00%
B(L) C D b(u)
2.88 0.44 0.56 1.69411765
3.2 0.4 0.6 1.75342466
2.44 0.3 0.7 1.06861314
3.01 0.35 0.65 1.48904594
1.501

Rm 12% D 30.29%
Rf 4.33% C 69.71%

COK(U) 16.52% BL 1.86006968

COK(L) 19.43% Rd 0.09176251

WACC 15.49%
 BETA PROPIO%D %C
A 2.88 0.56 0.44
B 3.2 0.6 0.4
C 2.44 0.7 0.3
D 3.01 0.65 0.35
 PESQUERO
I -250,000.00
UAII 95,000.00
30% UDI 66,500.00
COK (U) 12% F.C. -250,000.00 554166.667
D 20.00% VAN 244,791.67
C 80.00%
COK(U) 12.00% apalancado I -250,000.00
COK(L) 15.00% UAII 95,000.00
Rd 5% UDI 66,500.00
WACC 12.700% cok L F.C. -250,000.00 443333.333
VAN 135,507.25

inversion apalancada I -140,715.58

UAII 95,000.00
UDI 66,500.00
cok L F.C. -140,715.58 443333.333
VAN 244,791.67

wacc I -250,000.00
UAII 95,000.00
UDI 66,500.00
cok L F.C. -250,000.00 523622.047
VAN 214,615.84
-
 Vodafone Mannesmann AG
Tax
UAII (a perpetuidad) millones 130 120 D
Número Acciones (Millones) 30 20
Precio Acción (US$) 9 8
Valor 270 160
FLUJO 91 84
Cok 34% 53%
VALOR (M para V) 249.23
VAN 89.23
Van x acción 2.97

Valor agregado x financiamiento 9.6

Valor agregado x financiamiento x acción 0.32

Precio Final acción

Precio Base 9
Van x acción 2.97
Valor agregado x financiamiento x acción 0.32
Precio Final acción 12.29
30%
20%
Inversión 1,800,000 %D 40%
UAIR 500,000 %E 60%
Tax 30%
R0 18% D/E 0.67
Rd 4%
APV FTE
1.47 1,944,444 Re
A) VNA V(u)
UAIR
Flujo 350,000 E 1,325,758 Intereses
r0 18% D 883,838 Impuestos
V(L) 2,209,596 F(L)
V(U) 1,944,444 Valor
Inversión
VAN 144,444
VAN 409,596 VAN
 WACC
24.53% WACC 15.8400%

500,000
-35,354 F(U) 350,000
-139,394
325,253
1,325,758 VALOR 2,209,596
916,162

409,596 VAN 409,596

 2011 2012
activos fijos 200 240 40 capex
2011 depreciacion
55.56% pasivos 150
44.44% patrimonio 120
1.25 270

COK 15%
ppc 60 1 2 3 4
ppp 30 2011 2012 2013 2014 2015
d/c 1.25 ventas 35 35 35 35
Kd 7.50% cvtas var -15.75 -15.75 -15.75 -15.75
margen bruto 19.25 19.25 19.25 19.25
cfijos -3 -3 -3 -3
depreciacion -4 -4 -4 -4
uaii 12.25 12.25 12.25 12.25
30% imptos -3.675 -3.675 -3.675 -3.675
depreciacion 4 4 4 4
nopat 12.575 12.575 12.575 12.575
wacc 9.5833% capex -40
k.w. 10% -3.5 -3.5 -3.5 -3.5
fcf -40 9.075 9.075 9.075 9.075
VAN -86.16
TIR 14.44%
 -40
-4

5
2016
35
-15.75
19.25
-3
-4
12.25
-3.675
4
12.575
18
-3.5
27.075
GEOVITALIS
BETA PROPIO%D
A 2.88 0.56
B 3.2 0.6
C 2.44 0.7
D 3.01 0.65