Ti 15% 500

400
Val Origi Val Desc 400
300
0 -400 -400 170
200
1 50 43.48 90 100
100 50
2 90 68.05 0
1 2 3 4 5 6
3 100 65.75 -100
4 170 97.20 -200
-300
5 400 198.87
-400
VP+ 473.35 -400
-500
VN- 400
VPN 73.35 Column A Column B

WACC 21.75%
Val Origi Val Desc TOTAL INV 400 COSTO % PESO %
0 -400 -400 REC. PROPIOS 300 23% 75%
1 50 41.07 REC. DEUDA 100 18% 25%
2 90 60.72 CPPC=WACC=𝐾𝑝∗𝑃%𝑃+𝐾𝑑𝑡∗𝑃%𝐷
3 100 55.41
4 170 77.37 WACC 21.75%
5 400 149.53
VP+ 384.09 TIR 20%
VN- 400.00
VPN -15.91

WACC 10.71%
0 Val Origi Val Desc Rf 4.10%
0 -400 -400 Rm 9.5%
1 50 45.1625679 Cov (Re;Rm) 7.2
2 90 73.4276713 Var (Rm) 6.5
3 100 73.6929376 𝐵=(𝐶𝑜𝑣(𝑅𝑒;𝑅𝑚))/(𝑉𝑎𝑟 (𝑅𝑚))
4 170 113.157518 BETA 1.11
5 400 240.493369
VP+ 545.934064 Kp KP=𝑅𝑓+𝐵∗(𝑅𝑚
10.08% −𝑅𝑓)
VN- 400
VPN 145.934064 Kd 18%
t 30%
K𝑑𝑡=𝐾𝑑∗(1−t)
TIR 20% Kdt 12.60%
CPPC 15%
TIR 20%

TOTAL INV 400 PESO %

REC. PROPIO 300 75%
REC. DEUDA 100 25%

WACC 10.71%
 EMP. REF MERCADO RENTABILIDADES DIARIAS RENTABILIDAD TES
1/3/2019 23.06 13.44 EMP. REF MERCADO Jul-20 4.10%
1/4/2019 23.30 13.70 1.0354% 1.9533% 𝐵=(𝐶𝑜𝑣(𝑅𝑒;𝑅𝑚))/(𝑉𝑎𝑟 (𝑅𝑚))
1/8/2019 23.50 13.74 0.8547% 0.2952%
1/9/2019 23.52 14.00 0.0851% 1.8710%
1/10/2019 23.38 13.96 -0.5970% -0.3148%
1/11/2019 23.60 14.06 0.9366% 0.7495%
1/14/2019 23.60 14.07 0.0000% 0.0640%
1/15/2019 23.82 14.07 0.9279% 0.0320%
1/16/2019 23.80 14.13 -0.0840% 0.3582%
1/17/2019 23.66 14.12 -0.5900% -0.0177%
1/18/2019 23.84 14.08 0.7579% -0.2765%
1/21/2019 23.88 14.09 0.1676% 0.0213%
1/22/2019 23.90 14.12 0.0837% 0.2234%
1/23/2019 24.10 14.18 0.8333% 0.4311%
1/24/2019 24.36 14.36 1.0731% 1.2685%
1/25/2019 24.88 14.40 2.1122% 0.2643%
1/28/2019 25.40 14.38 2.0685% -0.1077%
1/29/2019 25.48 14.52 0.3145% 0.9549%
1/30/2019 26.36 14.68 3.3954% 1.0925%
1/31/2019 26.54 14.70 0.6805% 0.1361%
2/1/2019 26.52 14.72 -0.0754% 0.1360%
2/4/2019 26.52 14.86 0.0000% 0.9466%
2/5/2019 27.00 15.07 1.7938% 1.3701%
2/6/2019 26.96 15.03 -0.1483% -0.2259%
2/7/2019 26.98 14.86 0.0742% -1.1341%
2/8/2019 26.92 14.88 -0.2226% 0.1210%
2/11/2019 26.90 14.80 -0.0743% -0.5087%
2/12/2019 26.72 14.91 -0.6714% 0.7135%
2/13/2019 26.74 14.87 0.0748% -0.2417%
2/14/2019 26.50 14.88 -0.9016% 0.0672%
2/15/2019 26.74 14.97 0.9016% 0.5962%
2/18/2019 26.74 15.00 0.0000% 0.1802%
2/19/2019 26.74 14.92 0.0000% -0.5080%
2/20/2019 26.68 15.00 -0.2246% 0.5080%
2/21/2019 26.68 14.90 0.0000% -0.6756%
2/22/2019 26.50 15.09 -0.6769% 1.2539%
2/25/2019 26.34 15.22 -0.6056% 0.8645%
2/26/2019 26.32 15.39 -0.0760% 1.1531%
2/27/2019 26.10 15.28 -0.8394% -0.7466%
2/28/2019 26.10 15.29 0.0000% 0.0458%
3/1/2019 26.56 15.31 1.7471% 0.1634%
3/4/2019 26.28 15.36 -1.0598% 0.3130%
3/5/2019 26.02 15.34 -0.9943% -0.1401%
3/6/2019 26.54 15.40 1.9788% 0.3807%
3/7/2019 26.00 15.42 -2.0556% 0.1493%
3/8/2019 25.86 15.18 -0.5399% -1.5423%
3/11/2019 25.96 15.42 0.3860% 1.5423%
3/12/2019 26.12 15.51 0.6144% 0.5949%
3/13/2019 26.44 15.70 1.2177% 1.1951%
3/14/2019 26.80 15.89 1.3524% 1.2062%
3/15/2019 27.18 16.01 1.4080% 0.7399%
3/18/2019 26.90 16.17 -1.0355% 1.0162%
3/19/2019 26.90 16.37 0.0000% 1.2201%
3/20/2019 26.70 16.30 -0.7463% -0.4163%
3/21/2019 26.40 16.47 -1.1300% 1.0527%
3/22/2019 26.50 16.11 0.3781% -2.2468%
3/26/2019 26.48 16.26 -0.0755% 0.9300%
3/27/2019 25.70 15.92 -2.9899% -2.0758%
3/28/2019 25.60 15.77 -0.3899% -0.9813%
3/29/2019 25.78 16.04 0.7007% 1.7071%
4/1/2019 25.80 16.02 0.0775% -0.1248%
4/2/2019 25.62 16.00 -0.7001% -0.1249%
4/3/2019 26.50 16.07 3.3771% 0.4365%
4/4/2019 26.18 16.05 -1.2149% -0.1183%
4/5/2019 26.18 16.25 0.0000% 1.2353%
4/8/2019 26.16 16.34 -0.0764% 0.5676%
4/9/2019 26.22 16.360 0.2291% 0.1040%
4/10/2019 26.16 16.375 -0.2291% 0.0916%
4/11/2019 26.10 16.311 -0.2296% -0.3916%
 Rm 19.40% InvTotal 400
𝑅𝑚))/(𝑉𝑎𝑟 (𝑅𝑚)) Rf 4.10% RP 300
Covar (Re;Rm) 2.993023E-05 RD 100
Var (Rm) 6.917376E-05
Beta 0.4326818329
KP=𝑅𝑓+𝐵∗(𝑅𝑚 −𝑅𝑓)
KP 10.72%
WACC 12.12%
Kd 24% TIR 34%
t 32%
K𝑑𝑡=𝐾𝑑∗(1−t)
Kdt 16.32%
FLUJO DE CAJA FC DESCONTADO
0 -1000000 -1000000
1 200000 178381.482654662
2 400000 318199.533540756
3 500000 354755.653581387
4 700000 442972.876261801
5 900000 507973.875707445
VP+ 1802283.42174605
VN- 1000000
VPN $ 802,283
 75%
25%

CPPC=WACC=𝐾𝑝∗𝑃%𝑃+𝐾𝑑𝑡∗𝑃%𝐷
 FLUJO DE CAJA TIR 22%
AÑO FC ORIGINAL FC DESCONTADOS WACC 15%
0 -800 -800.00 FCD N- 800
1 200 173.91 FCDN+ 958.54
2 200 151.23 VPN 158.54
3 400 263.01 R B/C 1.20
4 300 171.53 R C/B 0.83
5 400 198.87 VAE 47.30 $47.30