D/E 0.50 0.

50
Impuesto a la renta 29.5% 29.5% Sunat
Participación de trabajado 5.0% 5.0% MTPE
Tasa impositiva efectiva 33.0% 33.0%

Inflación Perú 2.0% 2.0% Meta BCRP

Inflación Estados Unidos 2.0% 2.0% Meta Fed
Inflación relativa 0.0% 0.0%

Rf 4.8% 4.8% Promedio geométrico 1929-2018 del re

Rm 9.5% 9.5% Promedio geométrico 1929-2018 del re

B desapalancado 0.77 0.77 Damodaran (Green & Renewable Energ

B apalancado 1.03 1.03

Lambda 1.87 1.87 Damodaran

Riesgo país 1.3% 1.3% Promedio ene-jul 2019 del Embig Perú

Ke (US$) 12.1% 12.1%

Ke (S/) 12.1% 12.1%

Kd (S/) 6.1% 6.1% Promedio ene-jul 2019 de la tasa de int

%E 66.7% 66.7%
%D 33.3% 33.3%

WACC (S/) 9.4% 9.4%

ométrico 1929-2018 del rendimiento de los bonos de Estados Unidos
ométrico 1929-2018 del rendimiento del SP&500

Green & Renewable Energy)

e-jul 2019 del Embig Perú

e-jul 2019 de la tasa de interés de préstamos bancarios corporativos en MN

Enlace http://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls

Date updated: 31-Dec-14

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this dataHistorical returns: Stocks, T.Bonds & T.Bills with pr US companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eachttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definiti http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Customized Geometric risk premium estimator
What is your riskfree rate? LT Estimates of risk premiums from 1928, over
Enter your starting year 1981 are provided at the bottom of this table.

Value of stocks in starting year: S/ 7,934.26

Value of T.Bills in starting year: S/ 448.58
Value of T.bonds in starting year: S/ 448.17
Estimate of risk premium based on your inputs: 3.12%

Annual Returns on Investments in Compounded Value of $ 100

S&P 500
(includes
dividend 3-month Return on 10-
Year s) T.Bill year T. Bond Stocks T.Bills T.Bonds
1928 43.81% 3.08% 0.84% S/ 143.81 S/ 103.08 S/ 100.84
1929 -8.30% 3.16% 4.20% S/ 131.88 S/ 106.34 S/ 105.07
1930 -25.12% 4.55% 4.54% S/ 98.75 S/ 111.18 S/ 109.85
1931 -43.84% 2.31% -2.56% S/ 55.46 S/ 113.74 S/ 107.03
1932 -8.64% 1.07% 8.79% S/ 50.66 S/ 114.96 S/ 116.44
1933 49.98% 0.96% 1.86% S/ 75.99 S/ 116.06 S/ 118.60
1934 -1.19% 0.32% 7.96% S/ 75.09 S/ 116.44 S/ 128.05
1935 46.74% 0.18% 4.47% S/ 110.18 S/ 116.64 S/ 133.78
1936 31.94% 0.17% 5.02% S/ 145.38 S/ 116.84 S/ 140.49
1937 -35.34% 0.30% 1.38% S/ 94.00 S/ 117.19 S/ 142.43
1938 29.28% 0.08% 4.21% S/ 121.53 S/ 117.29 S/ 148.43
1939 -1.10% 0.04% 4.41% S/ 120.20 S/ 117.33 S/ 154.98
1940 -10.67% 0.03% 5.40% S/ 107.37 S/ 117.36 S/ 163.35
1941 -12.77% 0.08% -2.02% S/ 93.66 S/ 117.46 S/ 160.04
1942 19.17% 0.34% 2.29% S/ 111.61 S/ 117.85 S/ 163.72
1943 25.06% 0.38% 2.49% S/ 139.59 S/ 118.30 S/ 167.79
1944 19.03% 0.38% 2.58% S/ 166.15 S/ 118.75 S/ 172.12
1945 35.82% 0.38% 3.80% S/ 225.67 S/ 119.20 S/ 178.67
1946 -8.43% 0.38% 3.13% S/ 206.65 S/ 119.65 S/ 184.26
1947 5.20% 0.57% 0.92% S/ 217.39 S/ 120.33 S/ 185.95
1948 5.70% 1.02% 1.95% S/ 229.79 S/ 121.56 S/ 189.58
1949 18.30% 1.10% 4.66% S/ 271.85 S/ 122.90 S/ 198.42
1950 30.81% 1.17% 0.43% S/ 355.60 S/ 124.34 S/ 199.27
1951 23.68% 1.48% -0.30% S/ 439.80 S/ 126.18 S/ 198.68
1952 18.15% 1.67% 2.27% S/ 519.62 S/ 128.29 S/ 203.19
1953 -1.21% 1.89% 4.14% S/ 513.35 S/ 130.72 S/ 211.61
1954 52.56% 0.96% 3.29% S/ 783.18 S/ 131.98 S/ 218.57
1955 32.60% 1.66% -1.34% S/ 1,038.47 S/ 134.17 S/ 215.65
1956 7.44% 2.56% -2.26% S/ 1,115.73 S/ 137.60 S/ 210.79
1957 -10.46% 3.23% 6.80% S/ 999.05 S/ 142.04 S/ 225.11
1958 43.72% 1.78% -2.10% S/ 1,435.84 S/ 144.57 S/ 220.39
1959 12.06% 3.26% -2.65% S/ 1,608.95 S/ 149.27 S/ 214.56
1960 0.34% 3.05% 11.64% S/ 1,614.37 S/ 153.82 S/ 239.53
1961 26.64% 2.27% 2.06% S/ 2,044.40 S/ 157.30 S/ 244.46
1962 -8.81% 2.78% 5.69% S/ 1,864.26 S/ 161.67 S/ 258.38
1963 22.61% 3.11% 1.68% S/ 2,285.80 S/ 166.70 S/ 262.74
1964 16.42% 3.51% 3.73% S/ 2,661.02 S/ 172.54 S/ 272.53
1965 12.40% 3.90% 0.72% S/ 2,990.97 S/ 179.28 S/ 274.49
1966 -9.97% 4.84% 2.91% S/ 2,692.74 S/ 187.95 S/ 282.47
1967 23.80% 4.33% -1.58% S/ 3,333.69 S/ 196.10 S/ 278.01
1968 10.81% 5.26% 3.27% S/ 3,694.23 S/ 206.41 S/ 287.11
1969 -8.24% 6.56% -5.01% S/ 3,389.77 S/ 219.96 S/ 272.71
1970 3.56% 6.69% 16.75% S/ 3,510.49 S/ 234.66 S/ 318.41
1971 14.22% 4.54% 9.79% S/ 4,009.72 S/ 245.32 S/ 349.57
1972 18.76% 3.95% 2.82% S/ 4,761.76 S/ 255.01 S/ 359.42
1973 -14.31% 6.73% 3.66% S/ 4,080.44 S/ 272.16 S/ 372.57
1974 -25.90% 7.78% 1.99% S/ 3,023.54 S/ 293.33 S/ 379.98
1975 37.00% 5.99% 3.61% S/ 4,142.10 S/ 310.90 S/ 393.68
1976 23.83% 4.97% 15.98% S/ 5,129.20 S/ 326.35 S/ 456.61
1977 -6.98% 5.13% 1.29% S/ 4,771.20 S/ 343.09 S/ 462.50
1978 6.51% 6.93% -0.78% S/ 5,081.77 S/ 366.87 S/ 458.90
1979 18.52% 9.94% 0.67% S/ 6,022.89 S/ 403.33 S/ 461.98
1980 31.74% 11.22% -2.99% S/ 7,934.26 S/ 448.58 S/ 448.17
1981 -4.70% 14.30% 8.20% S/ 7,561.16 S/ 512.73 S/ 484.91
1982 20.42% 11.01% 32.81% S/ 9,105.08 S/ 569.18 S/ 644.04
1983 22.34% 8.45% 3.20% S/ 11,138.90 S/ 617.26 S/ 664.65
1984 6.15% 9.61% 13.73% S/ 11,823.51 S/ 676.60 S/ 755.92
1985 31.24% 7.49% 25.71% S/ 15,516.60 S/ 727.26 S/ 950.29
1986 18.49% 6.04% 24.28% S/ 18,386.33 S/ 771.15 S/ 1,181.06
1987 5.81% 5.72% -4.96% S/ 19,455.08 S/ 815.27 S/ 1,122.47
1988 16.54% 6.45% 8.22% S/ 22,672.40 S/ 867.86 S/ 1,214.78
 1989 31.48% 8.11% 17.69% S/ 29,808.58 S/ 938.24 S/ 1,429.72
1990 -3.06% 7.55% 6.24% S/ 28,895.11 S/ 1,009.08 S/ 1,518.87
1991 30.23% 5.61% 15.00% S/ 37,631.51 S/ 1,065.69 S/ 1,746.77
1992 7.49% 3.41% 9.36% S/ 40,451.51 S/ 1,101.98 S/ 1,910.30
1993 9.97% 2.98% 14.21% S/ 44,483.33 S/ 1,134.84 S/ 2,181.77
1994 1.33% 3.99% -8.04% S/ 45,073.14 S/ 1,180.07 S/ 2,006.43
1995 37.20% 5.52% 23.48% S/ 61,838.19 S/ 1,245.15 S/ 2,477.55
1996 22.68% 5.02% 1.43% S/ 75,863.69 S/ 1,307.68 S/ 2,512.94
1997 33.10% 5.05% 9.94% ### S/ 1,373.76 S/ 2,762.71
1998 28.34% 4.73% 14.92% ### S/ 1,438.70 S/ 3,174.95
1999 20.89% 4.51% -8.25% ### S/ 1,503.58 S/ 2,912.88
2000 -9.03% 5.76% 16.66% ### S/ 1,590.23 S/ 3,398.03
2001 -11.85% 3.67% 5.57% ### S/ 1,648.63 S/ 3,587.37
2002 -21.97% 1.66% 15.12% S/ 98,027.82 S/ 1,675.96 S/ 4,129.65
2003 28.36% 1.03% 0.38% ### S/ 1,693.22 S/ 4,145.15
2004 10.74% 1.23% 4.49% ### S/ 1,714.00 S/ 4,331.30
2005 4.83% 3.01% 2.87% ### S/ 1,765.59 S/ 4,455.50
2006 15.61% 4.68% 1.96% ### S/ 1,848.18 S/ 4,542.87
2007 5.48% 4.64% 10.21% ### S/ 1,933.98 S/ 5,006.69
2008 -36.55% 1.59% 20.10% ### S/ 1,964.64 S/ 6,013.10
2009 25.94% 0.14% -11.12% ### S/ 1,967.29 S/ 5,344.65
2010 14.82% 0.13% 8.46% ### S/ 1,969.84 S/ 5,796.96
2011 2.10% 0.03% 16.04% ### S/ 1,970.44 S/ 6,726.52
2012 15.89% 0.05% 2.97% ### S/ 1,971.42 S/ 6,926.40
2013 32.15% 0.07% -9.10% ### S/ 1,972.72 S/ 6,295.79
2014 13.52% 0.05% 10.75% ### S/ 1,973.77 S/ 6,972.34
2015 1.38% 0.21% 1.28% ### S/ 1,977.91 S/ 7,061.89
2016 11.77% 0.51% 0.69% ### S/ 1,988.00 S/ 7,110.65
2017 21.61% 1.39% 2.80% ### S/ 2,015.63 S/ 7,309.87
2018 -4.23% 2.37% -0.02% ### S/ 2,063.40 S/ 7,308.65
Risk Premium
Arithmetic Average Stocks - T.BillStocks - T.Bon
1928-2018 11.36% 3.43% 5.10% 7.93% 6.26%
1969-2018 11.10% 4.76% 7.10% 6.34% 4.00%
2009-2018 13.49% 0.49% 2.28% 13.00% 11.22%
Risk Premium
Geometric Average Stocks - T.BillStocks - T.Bonds
1928-2018 9.49% 3.38% 4.83% 6.11% 4.66%
1969-2018 9.73% 4.71% 6.69% 5.01% 3.04%
2009-2018 12.98% 0.49% 1.97% 12.48% 11.00%
 remiums from 1928, over the last 50 years and over the last 10 years
e bottom of this table.

Real Returns on Investments in

S&P 500
Stocks - Stocks - Historical risk Inflation (includes 3-month T. !0-year
Bills Bonds premium Rate dividends)2 Bill (Real) T.Bonds
40.73% 42.98% 43.81% 3.08% 0.84%
-11.46% -12.50% -8.30% 3.16% 4.20%
-29.67% -29.66% -25.12% 4.55% 4.54%
-46.15% -41.28% -43.84% 2.31% -2.56%
-9.71% -17.43% -8.64% 1.07% 8.79%
49.02% 48.13% 49.98% 0.96% 1.86%
-1.51% -9.15% -1.19% 0.32% 7.96%
46.57% 42.27% 46.74% 0.17% 4.47%
31.77% 26.93% 31.94% 0.17% 5.02%
-35.64% -36.72% -35.34% 0.30% 1.38%
29.21% 25.07% 29.28% 0.08% 4.21%
-1.14% -5.51% -1.10% 0.04% 4.41%
-10.70% -16.08% -10.67% 0.03% 5.40%
-12.85% -10.75% -12.77% 0.08% -2.02%
18.84% 16.88% 19.17% 0.34% 2.29%
24.68% 22.57% 25.06% 0.38% 2.49%
18.65% 16.45% 19.03% 0.38% 2.58%
35.44% 32.02% 35.82% 0.38% 3.80%
 -8.81% -11.56% -8.43% 0.38% 3.13%
4.63% 4.28% 5.20% 0.57% 0.92%
4.68% 3.75% 5.70% 1.02% 1.95%
17.20% 13.64% 18.30% 1.10% 4.66%
29.63% 30.38% 30.81% 1.17% 0.43%
22.20% 23.97% 23.68% 1.48% -0.30%
16.48% 15.88% 18.15% 1.67% 2.27%
-3.10% -5.35% -1.21% 1.89% 4.14%
51.60% 49.27% 52.56% 0.96% 3.29%
30.94% 33.93% 32.60% 1.66% -1.34%
4.88% 9.70% 7.44% 2.56% -2.26%
-13.69% -17.25% -10.46% 3.23% 6.80%
41.94% 45.82% 43.72% 1.78% -2.10%
8.80% 14.70% 12.06% 3.26% -2.65%
-2.71% -11.30% 6.11% 0.34% 3.05% 11.64%
24.37% 24.58% 6.62% 26.64% 2.27% 2.06%
-11.59% -14.51% 5.97% -8.81% 2.78% 5.69%
19.50% 20.93% 6.36% 22.61% 3.11% 1.68%
12.91% 12.69% 6.53% 16.42% 3.51% 3.73%
8.50% 11.68% 6.66% 12.40% 3.90% 0.72%
-14.81% -12.88% 6.11% -9.97% 4.84% 2.91%
19.47% 25.38% 6.57% 23.80% 4.33% -1.58%
5.55% 7.54% 6.60% 10.81% 5.26% 3.27%
-14.80% -3.23% 6.33% -8.24% 6.56% -5.01%
-3.12% -13.19% 5.90% 3.56% 6.69% 16.75%
9.68% 4.43% 5.87% 14.22% 4.54% 9.79%
14.80% 15.94% 6.08% 18.76% 3.95% 2.82%
-21.03% -17.97% 5.50% -14.31% 6.73% 3.66%
-33.68% -27.89% 4.64% -25.90% 7.78% 1.99%
31.01% 33.39% 5.17% 37.00% 5.99% 3.61%
18.86% 7.85% 5.22% 23.83% 4.97% 15.98%
-12.11% -8.27% 4.93% -6.98% 5.13% 1.29%
-0.42% 7.29% 4.97% 6.51% 6.93% -0.78%
8.58% 17.85% 5.21% 18.52% 9.94% 0.67%
20.52% 34.72% 5.73% 31.74% 11.22% -2.99%
-19.00% -12.90% 5.37% -4.70% 14.30% 8.20%
9.41% -12.40% 5.10% 20.42% 11.01% 32.81%
13.89% 19.14% 5.34% 22.34% 8.45% 3.20%
-3.47% -7.59% 5.12% 6.15% 9.61% 13.73%
23.75% 5.52% 5.13% 31.24% 7.49% 25.71%
12.46% -5.79% 4.97% 18.49% 6.03% 24.28%
0.09% 10.77% 5.07% 5.81% 5.72% -4.96%
10.09% 8.31% 5.12% 16.54% 6.45% 8.22%
 23.37% 13.78% 5.24% 31.48% 8.11% 17.69%
-10.61% -9.30% 5.00% -3.06% 7.55% 6.24%
24.62% 15.23% 5.14% 30.23% 5.61% 15.00%
4.09% -1.87% 5.03% 7.49% 3.41% 9.36%
6.98% -4.24% 4.90% 9.97% 2.98% 14.21%
-2.66% 9.36% 4.97% 1.33% 3.99% -8.04%
31.68% 13.71% 5.08% 37.20% 5.52% 23.48%
17.66% 21.25% 5.30% 22.68% 5.02% 1.43%
28.05% 23.16% 5.53% 33.10% 5.05% 9.94%
23.61% 13.42% 5.63% 28.34% 4.73% 14.92%
16.38% 29.14% 5.96% 20.89% 4.51% -8.25%
-14.79% -25.69% 5.51% -9.03% 5.76% 16.66%
-15.52% -17.42% 5.17% -11.85% 3.67% 5.57%
-23.62% -37.08% 4.53% -21.97% 1.66% 15.12%
27.33% 27.98% 4.82% 28.36% 1.03% 0.38%
9.52% 6.25% 4.84% 10.74% 1.23% 4.49%
1.82% 1.97% 4.80% 4.83% 3.01% 2.87%
10.94% 13.65% 4.91% 15.61% 4.68% 1.96%
0.84% -4.73% 4.79% 5.48% 4.64% 10.21%
-38.14% -56.65% 3.88% -36.55% 1.59% 20.10%
25.80% 37.05% 4.29% 25.94% 0.13% -11.12%
14.69% 6.36% 4.31% 14.82% 0.13% 8.46%
2.07% -13.94% 4.10% 2.10% 0.03% 16.04%
15.84% 12.92% 4.20% 15.89% 0.05% 2.97%
32.08% 41.25% 4.62% 32.15% 0.07% -9.10%
13.47% 2.78% 4.60% 13.52% 0.05% 10.75%
1.17% 0.09% 4.54% 1.38% 0.21% 1.28%
11.26% 11.08% 4.62% 11.77% 0.51% 0.69%
20.22% 18.80% 4.77% 21.61% 1.39% 2.80%
-6.60% -4.22% 4.66% -4.23% 2.37% -0.02%
Standard Error
Stocks - T.BiStocks - T.Bonds
2.09% 2.22%
2.38% 2.71%
3.71% 5.50%

cks - T.Bonds
Enlace http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

Date updated: 5-Jan-19

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 industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
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

Advertising 48 1.22 71.06%
Aerospace/Defense 85 1.24 25.39%
Air Transport 18 1.02 89.82%
Apparel 50 0.93 35.00%
Auto & Truck 14 0.79 195.44%
Auto Parts 52 1.17 39.95%
Bank (Money Center) 10 0.71 203.85%
Banks (Regional) 633 0.57 76.51%
Beverage (Alcoholic) 31 1.30 34.18%
Beverage (Soft) 37 1.18 23.53%
Broadcasting 24 1.02 144.55%
Brokerage & Investment Banking 38 1.21 296.73%
Building Materials 42 1.10 32.99%
Business & Consumer Services 168 1.22 35.68%
Cable TV 14 1.13 70.70%
Chemical (Basic) 39 1.55 66.48%
Chemical (Diversified) 6 1.82 36.80%
Chemical (Specialty) 89 1.17 32.62%
Coal & Related Energy 23 1.17 67.40%
Computer Services 119 1.27 39.18%
Computers/Peripherals 57 1.68 25.13%
Construction Supplies 48 1.45 45.88%
Diversified 23 1.36 35.47%
Drugs (Biotechnology) 481 1.51 18.92%
Drugs (Pharmaceutical) 237 1.47 14.36%
Education 35 1.28 30.73%
Electrical Equipment 116 1.32 22.14%
Electronics (Consumer & Office) 19 1.19 9.77%
Electronics (General) 160 1.02 19.38%
Engineering/Construction 52 1.01 48.88%
Entertainment 120 1.33 19.85%
Environmental & Waste Services 91 1.19 33.64%
Farming/Agriculture 33 0.72 66.26%
Financial Svcs. (Non-bank & Insurance) 259 0.70 1138.31%
Food Processing 83 0.81 46.80%
Food Wholesalers 18 1.62 44.86%
Furn/Home Furnishings 30 0.88 50.67%
Green & Renewable Energy 21 1.62 146.40%
Healthcare Products 248 1.12 14.86%
Healthcare Support Services 111 1.15 36.22%
Heathcare Information and Technology 119 1.29 17.24%
Homebuilding 31 0.98 62.24%
Hospitals/Healthcare Facilities 34 1.12 139.76%
Hotel/Gaming 70 1.01 63.90%
Household Products 141 1.13 21.12%
Information Services 71 1.12 15.06%
Insurance (General) 20 0.87 47.86%
Insurance (Life) 23 1.11 104.73%
Insurance (Prop/Cas.) 50 0.74 25.46%
Investments & Asset Management 172 1.10 67.35%
Machinery 127 1.17 26.93%
Metals & Mining 94 1.32 41.78%
Office Equipment & Services 24 1.81 61.37%
Oil/Gas (Integrated) 5 1.16 17.25%
Oil/Gas (Production and Exploration) 301 1.45 55.19%
Oil/Gas Distribution 20 1.07 101.28%
Oilfield Svcs/Equip. 134 1.33 46.78%
Packaging & Container 27 1.07 66.41%
Paper/Forest Products 20 1.40 48.37%
Power 51 0.54 79.41%
Precious Metals 91 1.19 21.25%
Publishing & Newspapers 33 1.26 70.12%
R.E.I.T. 238 0.68 90.71%
Real Estate (Development) 18 1.19 69.45%
Real Estate (General/Diversified) 11 1.36 49.84%
Real Estate (Operations & Services) 59 1.35 65.34%
Recreation 72 0.98 36.32%
Reinsurance 2 0.97 29.87%
Restaurant/Dining 78 0.80 35.53%
Retail (Automotive) 24 1.15 71.91%
Retail (Building Supply) 17 1.12 22.84%
Retail (Distributors) 88 1.44 65.63%
Retail (General) 19 0.91 34.09%
Retail (Grocery and Food) 12 0.45 83.43%
Retail (Online) 79 1.42 12.00%
Retail (Special Lines) 91 1.07 51.62%
Rubber& Tires 4 0.42 119.65%
Semiconductor 72 1.34 14.14%
Semiconductor Equip 41 1.39 16.57%
Shipbuilding & Marine 9 1.08 56.70%
Shoe 10 0.75 7.43%
Software (Entertainment) 92 1.26 2.19%
Software (Internet) 44 1.46 21.65%
Software (System & Application) 355 1.23 12.87%
Steel 37 1.62 50.25%
Telecom (Wireless) 21 1.26 115.78%
Telecom. Equipment 98 1.09 18.05%
Telecom. Services 67 1.22 89.20%
Tobacco 17 1.29 25.23%
Transportation 19 1.14 42.47%
Transportation (Railroads) 10 2.47 26.93%
Trucking 28 1.22 103.10%
Utility (General) 18 0.27 71.36%
Utility (Water) 19 0.42 43.00%
Total Market 7209 1.12 66.64%
Total Market (without financials) 6004 1.21 34.51%
ets/betas.xls

YouTube Video explaining estimation choices

and process.

s US companies

me_Page/data.html
ets/indname.xls
me_Page/datafile/variable.htm
Marginal
25.00%

Effective Tax
rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash
5.69% 0.79 8.64% 0.87
11.40% 1.04 4.65% 1.09
6.48% 0.61 3.77% 0.63
14.19% 0.74 3.43% 0.76
10.15% 0.32 5.94% 0.34
11.57% 0.90 7.24% 0.97
26.01% 0.28 34.12% 0.43
26.99% 0.36 10.54% 0.40
2.55% 1.03 1.35% 1.05
3.87% 1.00 4.21% 1.04
2.54% 0.49 3.76% 0.51
22.47% 0.37 18.29% 0.46
16.11% 0.88 3.99% 0.91
7.60% 0.96 3.95% 1.00
3.61% 0.74 2.85% 0.76
7.33% 1.03 7.90% 1.12
3.18% 1.42 4.49% 1.49
10.71% 0.94 4.93% 0.99
1.75% 0.78 19.77% 0.97
8.75% 0.98 6.22% 1.05
6.60% 1.41 5.66% 1.50
13.21% 1.08 6.01% 1.15
7.41% 1.07 6.09% 1.14
0.93% 1.32 7.47% 1.43
2.26% 1.32 4.08% 1.38
6.14% 1.04 6.39% 1.11
4.36% 1.13 4.08% 1.18
7.67% 1.11 9.34% 1.22
11.67% 0.89 7.63% 0.96
7.62% 0.74 9.02% 0.81
1.93% 1.16 4.63% 1.21
3.23% 0.95 0.87% 0.96
9.64% 0.48 3.43% 0.50
20.38% 0.07 2.58% 0.08
5.17% 0.60 1.83% 0.61
4.71% 1.22 1.56% 1.23
16.96% 0.64 4.01% 0.67
0.00% 0.77 3.24% 0.80
5.46% 1.01 3.06% 1.04
8.33% 0.91 11.64% 1.03
5.65% 1.14 3.02% 1.18
24.35% 0.67 7.71% 0.72
6.88% 0.55 1.27% 0.55
9.55% 0.68 4.35% 0.71
7.14% 0.98 2.17% 1.00
10.37% 1.01 3.83% 1.05
13.97% 0.64 4.45% 0.67
3.47% 0.62 11.66% 0.70
15.95% 0.62 4.52% 0.65
7.09% 0.73 15.38% 0.87
13.62% 0.97 3.80% 1.01
3.06% 1.01 9.28% 1.11
13.71% 1.24 6.91% 1.33
8.91% 1.03 2.88% 1.06
1.93% 1.03 4.32% 1.07
8.05% 0.61 2.31% 0.62
4.22% 0.98 7.86% 1.07
13.01% 0.72 2.65% 0.74
8.42% 1.02 12.66% 1.17
13.59% 0.34 1.47% 0.35
2.08% 1.03 10.56% 1.15
12.00% 0.82 8.39% 0.90
2.42% 0.40 1.47% 0.41
0.00% 0.79 9.82% 0.87
7.10% 0.99 25.15% 1.33
8.46% 0.90 5.19% 0.95
7.43% 0.77 4.96% 0.81
9.80% 0.79 10.14% 0.88
8.96% 0.63 3.21% 0.65
8.89% 0.75 1.46% 0.76
20.08% 0.95 1.35% 0.97
8.15% 0.96 2.28% 0.99
10.85% 0.73 3.33% 0.75
3.01% 0.28 1.19% 0.28
3.85% 1.30 3.37% 1.34
13.81% 0.77 3.54% 0.80
25.00% 0.22 7.70% 0.24
10.19% 1.21 4.44% 1.26
13.77% 1.23 11.21% 1.39
0.00% 0.76 2.91% 0.78
18.57% 0.72 3.53% 0.74
3.47% 1.24 2.56% 1.27
0.85% 1.25 3.94% 1.31
4.62% 1.12 3.60% 1.16
4.18% 1.18 9.22% 1.29
2.38% 0.68 4.29% 0.71
6.20% 0.96 6.15% 1.02
3.72% 0.73 1.50% 0.74
7.27% 1.09 3.52% 1.13
5.29% 0.87 3.70% 0.90
0.00% 2.05 1.27% 2.08
1.23% 0.69 3.31% 0.71
14.66% 0.17 0.55% 0.17
9.49% 0.32 0.50% 0.32
8.76% 0.75 6.49% 0.80
6.21% 0.96 4.02% 1.00
 Notes
if 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 betas can move over
time, I have also reported the average of the this sector beta across time in the
last column. This number, for obvious reasons, is less likely to be volatile over
time.

Unlevered beta corrected for c

Standard deviation in
operating income (last
HiLo Risk Standard deviation of equity 10 years) 2015 2016
0.6668 66.44% 14.22% 0.83 0.74
0.5108 40.77% 14.93% 1.06 1.20
0.4134 34.19% 82.22% 0.61 0.85
0.5380 48.89% 20.31% 0.86 0.88
0.4878 38.24% 167.33% 0.59 0.47
0.5604 44.28% 53.51% 1.14 1.08
0.1730 18.29% NA 0.34 0.47
0.2015 20.60% NA 0.37 0.36
0.5694 33.49% 45.51% 0.89 0.82
0.6396 50.32% 11.51% 0.98 0.99
0.4222 37.29% 20.09% 0.83 0.75
0.3704 32.08% 36.54% 0.41 0.46
0.3707 33.40% 63.16% 0.93 0.98
0.5495 44.86% 23.12% 1.00 0.95
0.2818 26.32% 34.31% 0.70 0.89
0.5418 54.33% 44.65% 0.75 0.81
0.3575 32.60% 38.52% 0.99 1.27
0.4753 42.33% 17.28% 0.91 1.01
0.5707 53.58% 227.62% 0.83 0.39
0.6067 41.69% 11.07% 0.99 1.00
0.5360 49.87% 32.48% 1.17 1.22
0.4206 32.24% 29.67% 1.22 1.18
0.5055 39.46% 22.76% 0.70 0.74
0.6041 68.96% 49.59% 1.06 1.19
0.6491 72.45% 6.68% 0.95 0.94
0.5390 37.66% 33.28% 0.95 0.86
0.6493 57.29% 15.34% 1.14 1.03
0.5770 62.71% 441.09% 1.38 1.16
0.5159 46.69% 28.04% 1.01 0.98
0.4309 40.14% 8.76% 1.19 1.07
0.6944 54.34% 24.59% 0.99 0.98
0.6329 46.15% 13.94% 0.94 0.82
0.5497 29.07% 25.27% 0.58 0.77
0.3064 27.33% 52.61% 0.06 0.06
0.4401 27.46% 23.21% 0.82 0.74
0.5032 40.99% 17.34% 1.26 0.61
0.4822 43.51% 36.62% 0.92 1.00
0.7244 69.48% 76.39% 0.68 0.84
0.5501 56.32% 11.52% 0.90 0.92
0.5389 48.13% 23.27% 0.91 0.89
0.5598 53.01% 29.60% 0.84 0.99
0.4157 34.08% 106.97% 0.92 0.81
0.4838 49.69% 25.10% 0.59 0.44
0.4490 35.01% 31.98% 0.83 0.68
0.6117 54.64% 5.51% 0.91 0.91
0.4209 37.11% 34.13% 1.04 0.92
0.3298 24.63% 78.92% 0.80 0.82
0.2660 27.64% 34.68% 0.75 0.91
0.2261 23.90% 58.81% 0.69 0.75
0.3686 35.43% 31.54% 0.73 0.81
0.4303 34.36% 21.36% 1.11 1.23
0.6830 75.46% 40.16% 0.91 0.87
0.4706 39.46% 14.22% 1.00 1.29
0.3793 17.62% 70.40% 0.76 1.38
0.6041 57.36% 144.17% 0.91 0.95
0.4091 36.03% 31.61% 0.67 0.65
0.5599 49.29% 45.09% 1.32 1.41
0.3961 27.47% 17.02% 0.70 0.91
0.5161 42.72% 26.22% 0.59 0.89
0.2332 20.53% 9.03% 0.53 0.50
0.6987 74.54% 68.39% 1.05 1.03
0.4364 39.32% 11.72% 0.88 1.07
0.1997 21.22% 33.06% 0.43 0.41
0.5287 40.78% 128.52% 0.82 0.93
0.4907 21.50% 181.97% 1.47 1.03
0.5451 42.49% 44.41% 0.89 0.99
0.5168 42.73% 47.44% 0.99 0.75
0.1049 16.27% 35.84% 1.12 0.89
0.4410 38.18% 16.17% 0.74 0.64
0.4577 33.22% 33.22% 0.85 0.76
0.4176 46.94% 31.11% 1.29 1.31
0.5220 44.59% 33.33% 0.81 0.83
0.4058 39.63% 6.39% 0.85 0.92
0.3711 33.06% 25.50% 0.75 0.77
0.5960 54.22% 28.81% 1.39 1.53
0.5123 49.17% 19.55% 0.85 0.81
0.3703 29.03% 40.68% 0.65 1.18
0.4461 42.66% 33.27% 1.17 1.32
0.4373 48.66% 67.59% 1.17 1.22
0.5006 55.89% 33.84% 0.94 0.84
0.3572 38.65% 24.38% 0.82 0.81
0.6844 65.58% 61.18% 1.13 1.46
0.6444 51.90% 54.06% 1.29 1.33
0.5631 50.68% 11.03% 1.06 1.25
0.4899 44.32% 72.83% 0.90 0.86
0.6199 44.49% 44.28% 0.51 0.65
0.4932 45.72% 20.40% 1.20 1.17
0.6288 54.23% 33.75% 0.69 0.57
0.6225 48.08% 10.95% 0.94 1.66
0.4130 33.82% 27.46% 0.77 1.19
0.3941 20.12% 21.84% 0.92 0.93
0.4151 41.51% 34.19% 0.92 1.03
0.1259 15.34% 7.22% 0.42 0.36
0.3758 42.67% 21.58% 0.77 0.33
0.4864 42.67% 16.11% 0.70 0.73
0.5323 46.24% 14.99% 0.87 0.9
vered beta corrected for cash - Over time

Average
2017 2018 (2015-19)
0.91 0.78 0.83
0.94 0.99 1.05
0.76 0.67 0.70
0.71 0.85 0.81
0.38 0.59 0.47
0.94 0.92 1.01
0.41 0.32 0.39
0.36 0.39 0.38
0.71 1.12 0.92
0.78 0.63 0.88
0.70 0.65 0.69
0.42 0.54 0.46
0.87 0.99 0.94
0.85 1.01 0.96
0.82 0.67 0.77
0.68 0.96 0.87
1.22 1.79 1.35
0.98 0.95 0.97
0.61 1.04 0.77
0.83 0.94 0.96
0.94 0.93 1.15
1.02 0.95 1.11
0.63 1.01 0.84
1.25 1.36 1.26
0.93 1.13 1.06
1.05 0.96 0.98
1.04 1.02 1.08
0.97 1.08 1.16
0.83 0.91 0.94
1.01 1.13 1.04
0.97 0.96 1.02
0.63 0.70 0.81
0.62 0.56 0.60
0.07 0.07 0.07
0.63 0.56 0.67
0.93 1.41 1.09
0.69 0.67 0.79
0.47 0.72 0.70
0.92 0.89 0.93
0.82 0.82 0.89
0.83 0.88 0.94
0.77 0.89 0.82
0.45 0.51 0.51
0.67 0.74 0.73
0.69 0.88 0.88
0.87 0.82 0.94
0.71 0.63 0.73
0.80 0.81 0.80
0.70 0.73 0.71
0.68 0.87 0.79
0.93 1.04 1.06
0.89 0.96 0.95
1.09 1.10 1.16
0.95 1.25 1.08
0.99 1.00 0.99
0.69 0.72 0.67
1.11 1.06 1.19
0.60 0.55 0.70
0.83 0.98 0.89
0.33 0.32 0.41
1.10 0.95 1.06
0.96 0.83 0.93
0.41 0.42 0.42
0.47 0.61 0.74
1.09 0.73 1.13
0.62 0.80 0.85
0.76 0.73 0.81
0.65 0.47 0.80
0.61 0.70 0.67
0.63 0.65 0.73
1.12 0.76 1.09
0.77 0.87 0.85
0.82 0.87 0.84
0.46 0.44 0.54
1.17 1.12 1.31
0.76 0.82 0.81
0.89 0.64 0.72
1.11 1.16 1.20
1.10 0.99 1.17
0.85 1.01 0.89
0.83 0.86 0.81
0.96 0.91 1.15
1.12 1.20 1.25
0.99 1.02 1.10
1.19 1.53 1.16
0.58 0.71 0.63
0.86 0.96 1.04
0.68 0.72 0.68
1.13 1.15 1.20
0.83 0.80 0.90
0.66 0.87 1.09
0.76 0.81 0.84
0.25 0.20 0.28
0.47 0.27 0.43
0.65 0.72 0.72
0.85 0.90 0.90
Enlace http://www.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls

Country Std deviation in Equities (weekly) sBond sEquity/ sBond

Argentina 38.11% NA NA
Bangladesh 13.48% NA NA
Bosnia 8.96% NA NA
Botswana 4.89% NA NA
Ghana 8.33% NA NA
Greece 43.21% 45.54% 0.95
Jamaica 16.93% NA NA
Jordan 7.14% NA NA
Kenya 10.90% NA NA
Kuwait 10.77% NA NA
Laos 16.00% NA NA
Macedonia 11.59% NA NA
Malta 7.75% NA NA
Mauritius 5.40% NA NA
Mongolia 17.21% NA NA
Montenegro 20.08% NA NA
Namibia 21.83% NA NA
Nigeria 27.08% NA NA
Oman 17.56% NA NA
Palestine 9.33% NA NA
Serbia 10.18% NA NA
Singapore 11.27% NA NA
Sri Lanka 8.88% NA NA
Taiwan 14.02% NA NA
Tanzania 19.44% NA NA
UAE 31.74% NA NA
Ukraine 29.74% NA NA
US 12.69% NA NA
Venezuela 51.23% 44.85% 1.14
Pakistan 14.21% NA NA
Tunisia 8.44% NA NA
Egypt 27.71% NA NA
Brazil 23.52% 12.21% 1.93
Lebanon 6.33% 3.15% 2.01
Costa Rica 8.31% NA NA
Bahrain 7.93% NA NA
South Africa 14.79% 20.21% 0.73
Russia 22.90% 40.10% 0.57
Kazakhastan 32.79% NA NA
Vietnam 17.55% NA NA
Turkey 20.97% 9.46% 2.22
Croatia 7.77% NA NA
Colombia 17.48% 7.09% 2.47
Portugal 22.96% 7.14% 3.22
Indonesia 15.19% 10.00% 1.52
Morocco 8.16% NA NA
Cyprus 32.96% NA NA
Mexico 13.68% 4.74% 2.89
Peru 15.94% 8.51% 1.87
Panama 4.69% NA NA
India 14.93% 2.93% 5.10
Malaysia 10.65% NA NA
Bulgaria 14.54% 13.05% 1.11
Thailand 12.08% 6.87% 1.76
Hungary 17.05% NA NA
Saudi Arabia 24.27% 17.55% 1.38
Italy 20.08% 7.23% 2.78
China 29.13% NA NA
Philippines 11.29% 30.36% 0.37
Romania 12.79% NA NA
Qatar 21.16% NA NA
Slovenia 14.17% 5.78% 2.45
Spain 22.89% 6.37% 3.59
Chile 12.29% 8.04% 1.53
Poland 13.93% 12.13% 1.15
Latvia 17.53% NA NA
Lithuania 7.63% NA NA
Iceland 10.01% 4.02% 2.49
Israel 10.30% 4.86% 2.12
Ireland 17.41% 3.08% 5.65
Korea 12.40% NA NA
Slovakia 17.69% 7.91% 2.24
Czech Republic 13.82% 4.93% 2.80
Estonia 10.89% NA NA

Average 2.15
Median 2.01

Average 1.98
Median 1.87
 s ()CDS) CDS CVCD sEquity/ sCDS
NA NA NA
S NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
NA NA NA NA
0.1100% NA NA NA
1.3700% NA NA NA
0.3219% 6.56% 4.90% 2.90
0.4039% 6.33% 6.38% 1.32
0.2988% 5.48% 5.45% 5.08
0.4111% 5.09% 8.07% 2.91
0.3565% 5.00% 7.13% 0.89
0.3136% 4.86% 6.45% 1.29
0.3200% 4.00% 8.00% 0.99
0.3821% 3.99% 9.58% 1.54
0.5519% 3.67% 15.05% 1.52
0.3585% 3.55% 10.10% 3.25
0.2610% 3.52% 7.41% 2.37
0.3261% 3.39% 9.61% 2.18
0.2240% 3.23% 6.93% 1.12
0.4247% 3.22% 13.19% 1.33
0.5728% 3.18% 18.03% 1.27
0.3922% 2.96% 13.27% 1.14
0.3185% 2.69% 11.84% 0.69
0.5916% 2.66% 22.24% 1.48
0.4093% 2.48% 16.50% 0.83
0.3400% 2.35% 14.50% 1.10
0.3181% 2.32% 13.70% 0.34
0.3731% 2.25% 16.59% 0.90
0.5214% 2.21% 23.59% 0.45
0.2917% 2.13% 13.69% 1.06
0.3830% 2.05% 18.73% 0.65
0.3111% 2.03% 15.33% 1.11
0.6852% 1.93% 35.50% 0.68
0.5215% 1.93% 27.09% 0.74
0.3936% 1.76% 22.36% 1.30
0.3890% 1.68% 23.22% 0.49
0.2938% 1.66% 17.72% 0.72
0.4138% 1.63% 25.42% 0.83
0.2665% 1.62% 16.47% 0.86
0.5239% 1.55% 33.85% 0.68
0.3765% 1.54% 24.50% 0.50
0.2970% 1.38% 21.57% 0.65
0.2699% 1.30% 20.76% 0.84
0.2612% 1.26% 20.73% 0.37
0.3686% 1.26% 29.31% 0.34
0.2495% 1.19% 20.97% 0.49
0.4114% 1.06% 38.81% 0.45
0.4744% 0.89% 53.60% 0.23
0.1457% 0.88% 16.63% 1.06
0.3475% 0.81% 42.90% 0.32
0.3969% 0.80% 49.71% 0.22

1.14
0.89

1.33
1.10
 PN01129XM
Indicadores de riesgo para países emergentes:
Ene17 157.3
Feb17 152.105263157895
Mar17 141.086956521739
Abr17 149.157894736842
May17 141.181818181818
Jun17 143.5
Jul17 141.9
Ago17 156.035714285714
Sep17 144
Oct17 139.619047619048
Nov17 138.809523809524
Dic17 136.15
Ene18 121.576923076923
Feb18 132.105263157895
Mar18 145.461538461538
Abr18 145.238095238095
May18 157.590909090909
Jun18 163.333333333333
Jul18 150.238095238095
Ago18 149.260869565217
Sep18 139.5263158
Oct18 143.318181818182
Nov18 156.9
Dic18 162.947368421053
Ene19 151.904761904762
Feb19 139.315789473684
Mar19 135.666666666667
Abr19 122.428571428571
May19 135.454545454545
Jun19 129.15
Jul19 115.818181818182
PN07825NM
Tasas de interés activas y pasivas promedio de las empresas bancarias en MN (términos efectivos anuales) - Activas - Préstamo
6.9624
7.0012
7.0023
6.9971
7.0223
7.0039
6.976
6.9601
6.9857
6.9888
6.9926
6.9565
6.847
6.831
6.705
6.4945
6.4671
6.4151
6.3745
6.3589
6.288
6.1877
6.1481
6.1101
6.0633
6.0729
6.0453
6.063
6.0399
6.0869
5.9819
ctivos anuales) - Activas - Préstamos Mayor a 360 días - Corporativos
D/E 0.50 0.50
Impuesto a la renta 29.5% 29.5% Sunat
Participación de trabajado 5.0% 5.0% MTPE
Tasa impositiva efectiva 33.0% 33.0%

Inflación Perú 2.0% 2.0% Meta BCRP

Inflación Estados Unidos 2.0% 2.0% Meta Fed
Inflación relativa 0.0% 0.0%

Rf 4.8% 4.8% Promedio geométrico 1929-2018 del rend

Rm 9.5% 9.5% Promedio geométrico 1929-2018 del rend

B desapalancado 0.27 0.27 Cálculo propio

B apalancado 0.36 0.36

Lambda 1.87 1.87 Damodaran

Riesgo país 1.3% 1.3% Promedio ene-jul 2019 del Embig Perú

Ke (US$) 9.0% 9.0%

Ke (S/) 9.0% 9.0%

Kd (S/) 6.1% 6.1% Promedio ene-jul 2019 de la tasa de interé

%E 66.7% 66.7%
%D 33.3% 33.3%

WACC (S/) 7.4% 7.4%

 BEP AZRE

B apalancado
D/E 0.8 0.8
Tasa efectiva 30% 30%
B desapalancado

ométrico 1929-2018 del rendimiento de los bonos de Estados Unidos

ométrico 1929-2018 del rendimiento del SP&500

e-jul 2019 del Embig Perú

e-jul 2019 de la tasa de interés de préstamos bancarios corporativos en MN

Date BEP AZRE SP500 BEP AZRE
1/1/2018 31 16 2743
1/8/2018 30 16 2786 -3.4% 0.9%
1/15/2018 30 17 2810 -0.2% 3.1%
1/22/2018 30 17 2873 1.4% 0.3%
1/29/2018 29 17 2762 -4.6% 2.7%
2/5/2018 29 17 2620 -0.1% -2.8%
2/12/2018 29 16 2732 1.2% -2.3%
2/19/2018 29 16 2747 -1.4% 0.2%
2/26/2018 27 16 2691 -5.8% -0.4%
3/5/2018 28 16 2787 2.3% 0.0%
3/12/2018 27 15 2752 -1.5% -9.7%
3/19/2018 28 14 2588 1.3% -6.5%
3/26/2018 28 13 2641 2.5% -2.6%
4/2/2018 28 15 2604 -2.8% 11.8%
4/9/2018 28 14 2656 2.0% -3.8%
4/16/2018 28 14 2670 -0.8% 0.0%
4/23/2018 27 14 2670 -1.5% 0.0%
4/30/2018 28 15 2663 1.9% 4.6%
5/7/2018 28 15 2728 1.7% -0.3%
5/14/2018 29 15 2713 0.6% 3.3%
5/21/2018 29 15 2721 0.5% -1.0%
5/28/2018 28 15 2735 -2.2% -0.2%
6/4/2018 29 15 2779 1.5% -2.0%
6/11/2018 28 15 2780 -2.2% 0.2%
6/18/2018 28 15 2755 -1.1% -2.5%
6/25/2018 28 14 2718 0.6% -0.5%
7/2/2018 28 14 2760 2.0% 0.1%
7/9/2018 28 14 2801 -0.3% -0.1%
7/16/2018 28 15 2802 0.2% 0.3%
7/23/2018 28 16 2819 -1.2% 7.1%
7/30/2018 28 15 2840 0.3% -1.5%
8/6/2018 29 16 2833 2.5% 5.3%
8/13/2018 29 16 2850 1.1% -3.5%
8/20/2018 29 16 2875 1.6% 1.3%
8/27/2018 28 16 2902 -3.5% -0.8%
9/3/2018 29 15 2872 1.6% -5.8%
9/10/2018 29 15 2905 0.7% 1.3%
9/17/2018 29 16 2930 0.2% 6.0%
9/24/2018 28 16 2914 -2.6% 2.4%
10/1/2018 28 12 2886 -1.1% -24.1%
10/8/2018 27 12 2767 -2.1% -2.3%
10/15/2018 27 12 2768 -0.8% 1.7%
10/22/2018 27 12 2659 -1.7% -1.6%
10/29/2018 26 13 2723 -3.5% 6.2%
11/5/2018 27 12 2781 3.3% -9.5%
11/12/2018 26 11 2736 -2.7% -6.3%
11/19/2018 27 11 2633 2.6% 2.3%
11/26/2018 27 10 2760 0.7% -8.3%
12/3/2018 26 10 2633 -1.8% -0.3%
12/10/2018 26 10 2600 -1.4% 3.0%
12/17/2018 24 9 2417 -7.6% -13.3%
12/24/2018 24 9 2486 1.5% -1.3%
12/31/2018 26 9 2532 8.5% -3.6%
1/7/2019 27 9 2596 2.2% 3.0%
1/14/2019 27 9 2671 0.6% 0.8%
1/21/2019 28 9 2665 2.1% 5.7%
1/28/2019 28 11 2707 -0.4% 15.6%
2/4/2019 28 11 2708 1.0% -2.7%
2/11/2019 28 11 2776 0.6% 3.3%
2/18/2019 29 11 2793 1.8% 0.0%
2/25/2019 29 11 2804 -0.1% 0.5%
3/4/2019 30 10 2743 4.4% -5.0%
3/11/2019 30 11 2822 1.9% 6.2%
3/18/2019 30 11 2801 -0.1% -1.4%
3/25/2019 31 11 2834 2.0% 2.9%
4/1/2019 31 12 2893 -1.7% 3.7%
4/8/2019 30 12 2907 -0.3% 2.0%
4/15/2019 31 11 2905 0.6% -3.9%
4/22/2019 30 12 2940 -0.4% 2.2%
4/29/2019 30 11 2946 -0.6% -3.9%
5/6/2019 31 11 2881 0.9% -1.1%
5/13/2019 31 11 2860 1.7% 2.1%
5/20/2019 32 12 2826 1.9% 2.9%
5/27/2019 31 12 2752 -1.3% 1.8%
6/3/2019 33 12 2873 6.5% 0.2%
6/10/2019 33 11 2887 -0.5% -4.8%
6/17/2019 34 11 2950 2.6% -6.2%
6/24/2019 34 11 2942 0.4% -0.9%
7/1/2019 35 11 2990 4.0% 0.4%
7/8/2019 35 10 3014 -0.1% -1.3%
7/15/2019 36 11 2977 0.4% 2.4%
7/22/2019 35 11 3026 -0.6% 0.9%
7/29/2019 35 11 2980 -0.1% 1.9%
SP500

1.6% 1ra forma

0.9%
2.2% BEP AZRE
-3.9% B apalancado 0.45 0.40
-5.2%
4.3%
0.6% 2da forma
-2.0%
3.5% BEP AZRE
-1.2% COV 0.00 0.00
-6.0% VAR 0.00 0.00
2.0% B apalancado 0.45 0.40
-1.4%
2.0%
0.5% 3ra forma
0.0%
-0.2% BEP
2.4%
-0.5% Estadísticas de la regresión
0.3% Coeficiente de correlación m0.428683979
0.5% Coeficiente de determinaci 0.183769954
1.6% R^2 ajustado 0.173567078
0.0% Error típico 0.02169945
-0.9% Observaciones 82
-1.3%
1.5% ANÁLISIS DE VARIANZA
1.5% Grados de libertad
Suma de cuadrados
Promedio de los cuadrados
0.0% Regresión 1 0.008481045 0.008481045
0.6% Residuos 80 0.037669291 0.000470866
0.8% Total 81 0.046150337
-0.2%
0.6% Coeficientes Error típico Estadístico t
0.9% Intercepción 0.001365444 0.002400105 0.568910009
0.9% Variable X 1 0.452007186 0.106504849 4.244005695
-1.0%
1.2%
0.8% AZRE
-0.5%
-1.0% Estadísticas de la regresión
-4.1% Coeficiente de correlación m0.178427602
0.0% Coeficiente de determinaci 0.031836409
-3.9% R^2 ajustado 0.019734364
2.4% Error típico 0.050367581
2.1% Observaciones 82
-1.6%
-3.8% ANÁLISIS DE VARIANZA
4.8% Grados de libertad
Suma de cuadrados
Promedio de los cuadrados
-4.6% Regresión 1 0.006673713 0.006673713
-1.3% Residuos 80 0.202951456 0.002536893
-7.1% Total 81 0.209625168
 2.9%
1.9% Coeficientes Error típico Estadístico t
2.5% Intercepción -0.00360998 0.005570994 -0.64799608
2.9% Variable X 1 0.400963094 0.247213248 1.621932062
-0.2%
1.6%
0.0%
2.5% 4ta forma
0.6%
0.4%
-2.2% BEP
2.9% 10.0%
-0.8%
1.2% 8.0%
2.1% 6.0%
0.5% 4.0%
-0.1%
2.0%
1.2% f(x) = 0.452007185680947 x + 0.001365443985423
0.2% 0.0%
-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%
-2.2% -2.0%
-0.8%
-4.0%
-1.2%
-2.6% -6.0%
4.4% -8.0%
0.5%
-10.0%
2.2%
-0.3%
1.7%
0.8% AZRE
-1.2%
20.0%
1.7%
-1.5% 15.0%
10.0%
5.0%

f(x)-6.0%
= 0.400963093729959 x −-2.0% 0.0%
0.003609982150985
-8.0% -4.0% 0.0% 2.0% 4.0% 6.0%
-5.0%
-10.0%
-15.0%
-20.0%
-25.0%
-30.0%
 BEP AZRE

B apalancado 0.45 0.40

D/E 0.8 0.8
Tasa efectiva 30% 30%
B desapalanca 0.29 0.26

F Valor crítico de F
18.01158434 5.86661E-05

Probabilidad Inferior 95% Superior 95% Inferior 95.0%Superior 95.0%

0.571010969 -0.00341092 0.006141806 -0.00341092 0.006141806
5.86661E-05 0.240055782 0.66395859 0.240055782 0.66395859

F Valor crítico de F
2.630663614 0.108752679
 Probabilidad Inferior 95% Superior 95% Inferior 95.0%Superior 95.0%
0.518842972 -0.01469661 0.007476649 -0.01469661 0.007476649
0.108752679 -0.09100695 0.892933137 -0.09100695 0.892933137

0% 4.0% 6.0%

% 4.0% 6.0%
Resumen

Estadísticas de la regresión
Coeficiente de 0.428683979
Coeficiente d 0.183769954
R^2 ajustado 0.173567078
Error típico 0.02169945
Observaciones 82

ANÁLISIS DE VARIANZA
Grados de libertad
Suma de cuadrados
Promedio de los cuadradosF Valor crítico de F
Regresión 1 0.008481045 0.008481045 18.01158434 5.86661E-05
Residuos 80 0.037669291 0.000470866
Total 81 0.046150337

Coeficientes Error típico Estadístico t Probabilidad Inferior 95% Superior 95%

Intercepción 0.001365444 0.002400105 0.568910009 0.571010969 -0.00341092 0.006141806
Variable X 1 0.452007186 0.106504849 4.244005695 5.86661E-05 0.240055782 0.66395859
Inferior 95.0%Superior 95.0%
-0.00341092 0.006141806
0.240055782 0.66395859