Returns by year

Date updated: 31-Dec-16

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data Historical returns: Stocks, Bonds & T.Bills with premiu US companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitio 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 1928 are provided at the bottom of this table.

Value of stocks in starting year: $ 100.00

Value of T.Bills in starting year: $ 100.00
Value of T.bonds in starting year: $ 100.00
Estimate of risk premium based on your inputs: 4.84%

Annual Returns on Investments in Value of $100 invested at start

S&P 500
(includes Baa S&P 500
dividend 3-month Corporate (includes
Year s) T.Bill US T. Bond Bond dividends)3
1928 43.81% 3.08% 0.84% 3.22% $ 143.81
1929 -8.30% 3.16% 4.20% 3.02% $ 131.88
1930 -25.12% 4.55% 4.54% 0.54% $ 98.75
1931 -43.84% 2.31% -2.56% -15.68% $ 55.46
1932 -8.64% 1.07% 8.79% 23.59% $ 50.66
1933 49.98% 0.96% 1.86% 12.97% $ 75.99
1934 -1.19% 0.28% 7.96% 18.82% $ 75.09
1935 46.74% 0.17% 4.47% 13.31% $ 110.18
1936 31.94% 0.17% 5.02% 11.38% $ 145.38
1937 -35.34% 0.28% 1.38% -4.42% $ 94.00
1938 29.28% 0.07% 4.21% 9.24% $ 121.53
1939 -1.10% 0.05% 4.41% 7.98% $ 120.20
1940 -10.67% 0.04% 5.40% 8.65% $ 107.37
1941 -12.77% 0.13% -2.02% 5.01% $ 93.66
1942 19.17% 0.34% 2.29% 5.18% $ 111.61
1943 25.06% 0.38% 2.49% 8.04% $ 139.59
1944 19.03% 0.38% 2.58% 6.57% $ 166.15

Page 1
 Returns by year

1945 35.82% 0.38% 3.80% 6.80% $ 225.67

1946 -8.43% 0.38% 3.13% 2.51% $ 206.65
1947 5.20% 0.60% 0.92% 0.26% $ 217.39
1948 5.70% 1.05% 1.95% 3.44% $ 229.79
1949 18.30% 1.12% 4.66% 5.38% $ 271.85
1950 30.81% 1.20% 0.43% 4.24% $ 355.60
1951 23.68% 1.52% -0.30% -0.19% $ 439.80
1952 18.15% 1.72% 2.27% 4.44% $ 519.62
1953 -1.21% 1.89% 4.14% 1.62% $ 513.35
1954 52.56% 0.94% 3.29% 6.16% $ 783.18
1955 32.60% 1.73% -1.34% 2.04% $ 1,038.47
1956 7.44% 2.63% -2.26% -2.35% $ 1,115.73
1957 -10.46% 3.23% 6.80% -0.72% $ 999.05
1958 43.72% 1.77% -2.10% 6.43% $ 1,435.84
1959 12.06% 3.39% -2.65% 1.57% $ 1,608.95
1960 0.34% 2.88% 11.64% 6.66% $ 1,614.37
1961 26.64% 2.35% 2.06% 5.10% $ 2,044.40
1962 -8.81% 2.77% 5.69% 6.50% $ 1,864.26
1963 22.61% 3.16% 1.68% 5.46% $ 2,285.80
1964 16.42% 3.55% 3.73% 5.16% $ 2,661.02
1965 12.40% 3.95% 0.72% 3.19% $ 2,990.97
1966 -9.97% 4.86% 2.91% -3.45% $ 2,692.74
1967 23.80% 4.31% -1.58% 0.90% $ 3,333.69
1968 10.81% 5.34% 3.27% 4.85% $ 3,694.23
1969 -8.24% 6.67% -5.01% -2.03% $ 3,389.77
1970 3.56% 6.39% 16.75% 5.65% $ 3,510.49
1971 14.22% 4.33% 9.79% 14.00% $ 4,009.72
1972 18.76% 4.07% 2.82% 11.41% $ 4,761.76
1973 -14.31% 7.03% 3.66% 4.32% $ 4,080.44
1974 -25.90% 7.83% 1.99% -4.38% $ 3,023.54
1975 37.00% 5.78% 3.61% 11.05% $ 4,142.10
1976 23.83% 4.97% 15.98% 19.75% $ 5,129.20
1977 -6.98% 5.27% 1.29% 9.95% $ 4,771.20
1978 6.51% 7.19% -0.78% 3.14% $ 5,081.77
1979 18.52% 10.07% 0.67% -2.01% $ 6,022.89
1980 31.74% 11.43% -2.99% -3.32% $ 7,934.26
1981 -4.70% 14.03% 8.20% 8.46% $ 7,561.16
1982 20.42% 10.61% 32.81% 29.05% $ 9,105.08
1983 22.34% 8.61% 3.20% 16.19% $ 11,138.90
1984 6.15% 9.52% 13.73% 15.62% $ 11,823.51
1985 31.24% 7.48% 25.71% 23.86% $ 15,516.60

Page 2
 Returns by year

1986 18.49% 5.98% 24.28% 21.49% $ 18,386.33

1987 5.81% 5.78% -4.96% 2.29% $ 19,455.08
1988 16.54% 6.67% 8.22% 15.12% $ 22,672.40
1989 31.48% 8.11% 17.69% 15.79% $ 29,808.58
1990 -3.06% 7.49% 6.24% 6.14% $ 28,895.11
1991 30.23% 5.38% 15.00% 17.85% $ 37,631.51
1992 7.49% 3.43% 9.36% 12.17% $ 40,451.51
1993 9.97% 3.00% 14.21% 16.43% $ 44,483.33
1994 1.33% 4.25% -8.04% -1.32% $ 45,073.14
1995 37.20% 5.49% 23.48% 20.16% $ 61,838.19
1996 22.68% 5.01% 1.43% 4.79% $ 75,863.69
1997 33.10% 5.06% 9.94% 11.83% $ 100,977.34
1998 28.34% 4.78% 14.92% 7.95% $ 129,592.25
1999 20.89% 4.64% -8.25% 0.84% $ 156,658.05
2000 -9.03% 5.82% 16.66% 9.33% $ 142,508.98
2001 -11.85% 3.39% 5.57% 7.82% $ 125,622.01
2002 -21.97% 1.60% 15.12% 12.18% $ 98,027.82
2003 28.36% 1.01% 0.38% 13.53% $ 125,824.39
2004 10.74% 1.37% 4.49% 9.89% $ 139,341.42
2005 4.83% 3.15% 2.87% 4.92% $ 146,077.85
2006 15.61% 4.73% 1.96% 7.05% $ 168,884.34
2007 5.48% 4.35% 10.21% 3.15% $ 178,147.20
2008 -36.55% 1.37% 20.10% -5.07% $ 113,030.22
2009 25.94% 0.15% -11.12% 23.33% $ 142,344.87
2010 14.82% 0.14% 8.46% 8.35% $ 163,441.94
2011 2.10% 0.05% 16.04% 12.58% $ 166,871.56
2012 15.89% 0.09% 2.97% 10.12% $ 193,388.43
2013 32.15% 0.06% -9.10% -1.06% $ 255,553.31
2014 13.52% 0.03% 10.75% 10.38% $ 290,115.42
2015 1.38% 0.05% 1.28% -0.70% $ 294,115.79
2016 11.77% 0.32% 0.69% 10.37% $ 328,742.28
2017 21.61% 0.93% 2.80% 9.72% $ 399,768.64
2018 -4.23% 1.94% -0.02% -2.76% $ 382,870.94
2019 31.21% 1.55% 9.64% 15.33% $ 502,371.39
2020 18.01% 0.09% 11.33% 10.41% $ 592,868.15

Arithmetic Average Historical Return

1928-2020 11.64% 3.36% 5.21% 7.25%
1971-2020 12.18% 4.51% 7.29% 9.55%
2011-2020 14.34% 0.51% 4.64% 7.44%

Page 3
 Returns by year

Geometric Average Historical Return

1928-2020 9.79% 3.32% 4.95% 6.99%
1971-2020 10.80% 4.46% 6.89% 9.28%
2011-2020 13.75% 0.51% 4.40% 7.26%

Page 4
 Returns by year

mpanies

.htm

ates of risk premiums from 1928, over the last 50 years and over the last 10 years
rovided at the bottom of this table.

Value of $100 invested at start of 1928 in Annual Risk Premium

Baa Stocks - Historical

3-month Corporate Baa Corp risk
T.Bill4 US T. Bond5 Bond6 Stocks - Bills Stocks - Bonds Bond premium
$ 103.08 $ 100.84 $ 103.22 40.73% 42.98% 40.59%
$ 106.34 $ 105.07 $ 106.33 -11.46% -12.50% -11.32%
$ 111.18 $ 109.85 $ 106.91 -29.67% -29.66% -25.66%
$ 113.74 $ 107.03 $ 90.14 -46.15% -41.28% -28.16%
$ 114.96 $ 116.44 $ 111.41 -9.71% -17.43% -32.23%
$ 116.06 $ 118.60 $ 125.86 49.02% 48.13% 37.02%
$ 116.39 $ 128.05 $ 149.54 -1.47% -9.15% -20.00%
$ 116.58 $ 133.78 $ 169.44 46.57% 42.27% 33.43%
$ 116.78 $ 140.49 $ 188.73 31.77% 26.93% 20.56%
$ 117.11 $ 142.43 $ 180.39 -35.61% -36.72% -30.92%
$ 117.18 $ 148.43 $ 197.05 29.22% 25.07% 20.05%
$ 117.24 $ 154.98 $ 212.78 -1.14% -5.51% -9.08%
$ 117.28 $ 163.35 $ 231.18 -10.71% -16.08% -19.32%
$ 117.43 $ 160.04 $ 242.76 -12.90% -10.75% -17.78%
$ 117.83 $ 163.72 $ 255.33 18.83% 16.88% 13.99%
$ 118.28 $ 167.79 $ 275.88 24.68% 22.57% 17.02%
$ 118.73 $ 172.12 $ 293.99 18.65% 16.45% 12.46%

Page 5
 Returns by year

$ 119.18 $ 178.67 $ 313.98 35.44% 32.02% 29.02%

$ 119.63 $ 184.26 $ 321.85 -8.81% -11.56% -10.94%
$ 120.35 $ 185.95 $ 322.70 4.60% 4.28% 4.94%
$ 121.61 $ 189.58 $ 333.79 4.66% 3.75% 2.27%
$ 122.96 $ 198.42 $ 351.74 17.19% 13.64% 12.93%
$ 124.44 $ 199.27 $ 366.65 29.60% 30.38% 26.57%
$ 126.33 $ 198.68 $ 365.95 22.16% 23.97% 23.87%
$ 128.51 $ 203.19 $ 382.20 16.43% 15.88% 13.71%
$ 130.94 $ 211.61 $ 388.39 -3.10% -5.35% -2.83%
$ 132.17 $ 218.57 $ 412.31 51.62% 49.27% 46.41%
$ 134.45 $ 215.65 $ 420.74 30.87% 33.93% 30.55%
$ 137.98 $ 210.79 $ 410.84 4.81% 9.70% 9.79%
$ 142.43 $ 225.11 $ 407.89 -13.68% -17.25% -9.74%
$ 144.95 $ 220.39 $ 434.11 41.95% 45.82% 37.29%
$ 149.86 $ 214.56 $ 440.95 8.67% 14.70% 10.48%
$ 154.18 $ 239.53 $ 470.33 -2.55% -11.30% -6.33% 6.11%
$ 157.81 $ 244.46 $ 494.32 24.28% 24.58% 21.54% 6.62%
$ 162.19 $ 258.38 $ 526.43 -11.58% -14.51% -15.31% 5.97%
$ 167.31 $ 262.74 $ 555.19 19.45% 20.93% 17.15% 6.36%
$ 173.25 $ 272.53 $ 583.85 12.87% 12.69% 11.25% 6.53%
$ 180.09 $ 274.49 $ 602.47 8.45% 11.68% 9.21% 6.66%
$ 188.84 $ 282.47 $ 581.72 -14.83% -12.88% -6.53% 6.11%
$ 196.98 $ 278.01 $ 586.92 19.50% 25.38% 22.91% 6.57%
$ 207.49 $ 287.11 $ 615.36 5.48% 7.54% 5.97% 6.60%
$ 221.32 $ 272.71 $ 602.90 -14.91% -3.23% -6.22% 6.33%
$ 235.47 $ 318.41 $ 636.96 -2.83% -13.19% -2.09% 5.90%
$ 245.67 $ 349.57 $ 726.14 9.89% 4.43% 0.22% 5.87%
$ 255.68 $ 359.42 $ 808.99 14.68% 15.94% 7.35% 6.08%
$ 273.66 $ 372.57 $ 843.92 -21.34% -17.97% -18.63% 5.50%
$ 295.08 $ 379.98 $ 806.95 -33.73% -27.89% -21.52% 4.64%
$ 312.12 $ 393.68 $ 896.12 31.22% 33.39% 25.95% 5.17%
$ 327.65 $ 456.61 $ 1,073.13 18.86% 7.85% 4.08% 5.22%
$ 344.91 $ 462.50 $ 1,179.96 -12.25% -8.27% -16.93% 4.93%
$ 369.71 $ 458.90 $ 1,216.98 -0.68% 7.29% 3.37% 4.97%
$ 406.93 $ 461.98 $ 1,192.53 8.45% 17.85% 20.53% 5.21%
$ 453.46 $ 448.17 $ 1,152.99 20.30% 34.72% 35.05% 5.73%
$ 517.06 $ 484.91 $ 1,250.56 -18.73% -12.90% -13.16% 5.37%
$ 571.94 $ 644.04 $ 1,613.88 9.80% -12.40% -8.63% 5.10%
$ 621.19 $ 664.65 $ 1,875.23 13.73% 19.14% 6.14% 5.34%
$ 680.35 $ 755.92 $ 2,168.13 -3.38% -7.59% -9.47% 5.12%
$ 731.23 $ 950.29 $ 2,685.50 23.76% 5.52% 7.37% 5.13%

Page 6
 Returns by year

$ 774.95 $ 1,181.06 $ 3,262.50 12.52% -5.79% -2.99% 4.97%

$ 819.70 $ 1,122.47 $ 3,337.20 0.04% 10.77% 3.52% 5.07%
$ 874.35 $ 1,214.78 $ 3,841.62 9.87% 8.31% 1.42% 5.12%
$ 945.28 $ 1,429.72 $ 4,448.20 23.36% 13.78% 15.69% 5.24%
$ 1,016.11 $ 1,518.87 $ 4,721.33 -10.56% -9.30% -9.20% 5.00%
$ 1,070.73 $ 1,746.77 $ 5,564.25 24.86% 15.23% 12.38% 5.14%
$ 1,107.47 $ 1,910.30 $ 6,241.54 4.06% -1.87% -4.68% 5.03%
$ 1,140.67 $ 2,181.77 $ 7,267.12 6.97% -4.24% -6.46% 4.90%
$ 1,189.11 $ 2,006.43 $ 7,171.25 -2.92% 9.36% 2.65% 4.97%
$ 1,254.39 $ 2,477.55 $ 8,616.71 31.71% 13.71% 17.04% 5.08%
$ 1,317.18 $ 2,512.94 $ 9,029.67 17.68% 21.25% 17.89% 5.30%
$ 1,383.84 $ 2,762.71 $ 10,098.32 28.04% 23.16% 21.27% 5.53%
$ 1,449.94 $ 3,174.95 $ 10,900.68 23.56% 13.42% 20.39% 5.63%
$ 1,517.20 $ 2,912.88 $ 10,992.59 16.25% 29.14% 20.04% 5.96%
$ 1,605.45 $ 3,398.03 $ 12,018.16 -14.85% -25.69% -18.36% 5.51%
$ 1,659.84 $ 3,587.37 $ 12,957.88 -15.24% -17.42% -19.67% 5.17%
$ 1,686.44 $ 4,129.65 $ 14,535.88 -23.57% -37.08% -34.14% 4.53%
$ 1,703.49 $ 4,145.15 $ 16,502.87 27.34% 27.98% 14.82% 4.82%
$ 1,726.86 $ 4,331.30 $ 18,134.78 9.37% 6.25% 0.85% 4.84%
$ 1,781.19 $ 4,455.50 $ 19,026.57 1.69% 1.97% -0.08% 4.80%
$ 1,865.39 $ 4,542.87 $ 20,367.63 10.89% 13.65% 8.56% 4.91%
$ 1,946.59 $ 5,006.69 $ 21,009.29 1.13% -4.73% 2.33% 4.79%
$ 1,973.16 $ 6,013.10 $ 19,945.02 -37.92% -56.65% -31.49% 3.88%
$ 1,976.12 $ 5,344.65 $ 24,598.10 25.79% 37.05% 2.61% 4.29%
$ 1,978.82 $ 5,796.96 $ 26,651.51 14.68% 6.36% 6.47% 4.31%
$ 1,979.86 $ 6,726.52 $ 30,005.47 2.05% -13.94% -10.49% 4.10%
$ 1,981.56 $ 6,926.40 $ 33,043.43 15.80% 12.92% 5.77% 4.20%
$ 1,982.72 $ 6,295.79 $ 32,694.52 32.09% 41.25% 33.20% 4.62%
$ 1,983.36 $ 6,972.34 $ 36,089.82 13.49% 2.78% 3.14% 4.60%
$ 1,984.40 $ 7,061.89 $ 35,838.08 1.33% 0.09% 2.08% 4.54%
$ 1,990.70 $ 7,110.65 $ 39,552.74 11.46% 11.08% 1.41% 4.62%
$ 2,009.23 $ 7,309.87 $ 43,398.81 20.67% 18.80% 11.88% 4.77%
$ 2,048.20 $ 7,308.65 $ 42,199.86 -6.17% -4.21% -1.46% 4.66%
$ 2,079.94 $ 8,012.89 $ 48,668.87 29.66% 21.58% 15.88% 4.83%
$ 2,081.82 $ 8,920.90 $ 53,736.05 17.92% 6.68% 7.60% 4.84%
Risk Premium Standard Error
Stocks - T.Bills Stocks - T.Bo Stocks - T.Bill Stocks - T.Bonds
8.28% 6.43% 2.06% 2.18%
7.67% 4.90% 2.38% 2.70%
13.83% 9.70% 3.88% 4.87%

Page 7
 Returns by year

Risk Premium
Stocks - T.Bills Stocks - T.Bonds
6.47% 4.84%
6.35% 3.91%
13.24% 9.35%

Page 8
 Returns by year

Annual Real Returns on

S&P 500
Inflation (includes 3-month T. !0-year Baa Corp
Rate dividends)2 Bill (Real) T.Bonds Bonds
-1.15% 45.49% 4.28% 2.01% 4.42%
0.00% -8.30% 3.16% 4.20% 3.02%
-2.67% -23.07% 7.42% 7.41% 3.30%
-8.93% -38.33% 12.34% 7.00% -7.41%
-10.30% 1.85% 12.68% 21.28% 37.78%
-5.19% 58.20% 6.49% 7.43% 19.15%
3.48% -4.51% -3.09% 4.33% 14.82%
2.55% 43.09% -2.33% 1.87% 10.49%
1.03% 30.60% -0.85% 3.94% 10.25%
3.73% -37.66% -3.33% -2.26% -7.85%
-2.03% 31.96% 2.14% 6.37% 11.50%
-1.30% 0.21% 1.36% 5.79% 9.41%
0.72% -11.31% -0.68% 4.65% 7.87%
5.12% -17.02% -4.74% -6.79% -0.10%
10.92% 7.44% -9.54% -7.78% -5.18%
5.97% 18.02% -5.27% -3.28% 1.96%
1.64% 17.11% -1.24% 0.93% 4.85%

Page 9
 Returns by year

2.27% 32.80% -1.85% 1.50% 4.43%

8.48% -15.58% -7.46% -4.93% -5.50%
14.39% -8.03% -12.05% -11.78% -12.35%
7.69% -1.84% -6.17% -5.33% -3.95%
-0.97% 19.46% 2.11% 5.69% 6.41%
1.09% 29.40% 0.12% -0.65% 3.12%
7.86% 14.67% -5.88% -7.56% -7.46%
2.28% 15.52% -0.54% -0.01% 2.11%
0.82% -2.01% 1.07% 3.30% 0.80%
0.31% 52.09% 0.63% 2.97% 5.83%
-0.28% 32.97% 2.01% -1.06% 2.33%
1.53% 5.83% 1.09% -3.72% -3.82%
3.34% -13.35% -0.11% 3.34% -3.93%
2.73% 39.90% -0.93% -4.70% 3.60%
1.01% 10.94% 2.35% -3.62% 0.56%
1.46% -1.11% 1.40% 10.04% 5.13%
1.07% 25.30% 1.27% 0.98% 3.99%
1.20% -9.89% 1.56% 4.44% 5.23%
1.24% 21.11% 1.90% 0.44% 4.17%
1.28% 14.95% 2.24% 2.42% 3.83%
1.59% 10.65% 2.33% -0.85% 1.58%
3.02% -12.61% 1.79% -0.10% -6.27%
2.77% 20.46% 1.49% -4.24% -1.83%
4.27% 6.28% 1.02% -0.96% 0.55%
5.46% -12.99% 1.14% -9.93% -7.10%
5.84% -2.15% 0.52% 10.31% -0.18%
4.29% 9.52% 0.04% 5.27% 9.31%
3.27% 14.99% 0.77% -0.44% 7.88%
6.18% -19.29% 0.80% -2.37% -1.75%
11.05% -33.28% -2.90% -8.16% -13.90%
9.14% 25.52% -3.09% -5.07% 1.75%
5.74% 17.10% -0.73% 9.68% 13.25%
6.50% -12.66% -1.16% -4.89% 3.24%
7.63% -1.04% -0.41% -7.81% -4.17%
11.25% 6.53% -1.07% -9.51% -11.92%
13.55% 16.02% -1.86% -14.57% -14.85%
10.33% -13.63% 3.34% -1.94% -1.70%
6.13% 13.46% 4.22% 25.14% 21.60%
3.21% 18.53% 5.23% -0.01% 12.58%
4.30% 1.77% 5.01% 9.04% 10.85%
3.55% 26.74% 3.80% 21.41% 19.62%

Page 10
 Returns by year

1.90% 16.29% 4.00% 21.97% 19.22%

3.66% 2.07% 2.04% -8.32% -1.33%
4.08% 11.97% 2.49% 3.98% 10.60%
4.83% 25.42% 3.13% 12.27% 10.46%
5.40% -8.03% 1.99% 0.79% 0.70%
4.23% 24.94% 1.09% 10.33% 13.07%
3.03% 4.33% 0.39% 6.15% 8.87%
2.95% 6.81% 0.04% 10.94% 13.09%
2.61% -1.25% 1.60% -10.37% -3.83%
2.81% 33.45% 2.61% 20.11% 16.88%
2.93% 19.19% 2.02% -1.46% 1.81%
2.34% 30.06% 2.66% 7.43% 9.28%
1.55% 26.38% 3.18% 13.16% 6.30%
2.19% 18.30% 2.40% -10.22% -1.32%
3.38% -12.00% 2.36% 12.84% 5.76%
2.83% -14.27% 0.55% 2.67% 4.86%
1.59% -23.18% 0.02% 13.32% 10.43%
2.27% 25.51% -1.23% -1.85% 11.01%
2.68% 7.86% -1.27% 1.77% 7.02%
3.39% 1.39% -0.24% -0.51% 1.47%
3.23% 12.00% 1.45% -1.23% 3.70%
2.85% 2.56% 1.46% 7.15% 0.29%
3.84% -38.90% -2.38% 15.66% -8.58%
-0.36% 26.38% 0.51% -10.80% 23.77%
1.64% 12.97% -1.48% 6.71% 6.60%
3.16% -1.03% -3.01% 12.48% 9.14%
2.07% 13.54% -1.94% 0.88% 7.89%
1.46% 30.24% -1.39% -10.42% -2.48%
1.62% 11.71% -1.56% 8.98% 8.62%
0.12% 1.26% -0.07% 1.16% -0.82%
1.26% 10.38% -0.93% -0.56% 8.99%
2.13% 19.07% -1.17% 0.66% 7.44%
2.44% -6.51% -0.49% -2.40% -5.08%
2.29% 28.27% -0.72% 7.18% 12.75%
1.20% 16.61% -1.10% 10.01% 9.10%

Arithmetic Average Annual Real Return

1928-2020 8.50% 0.42% 2.25% 4.27%
1971-2020 8.08% 0.58% 3.33% 5.55%
2011-2020 12.36% -1.24% 2.80% 5.55%

Page 11
 COMPAÑÍA DE EMPAQUES S.A Y SUBSIDIARIAS
ESTADO CONSOLIDADO DE SITUACION FINANCIERA
AL 31 DE DICIEMBRE DEL 2019 Y 2020
CIFRAS EXPRESADAS EN MILES DE PESOS

Año 2019 2020

Activos
Activos corrientes
Efectivo y equivalentes de efe $ 10,183,703.00 $ 27,409,956
Cuentas por cobrar y otras cuenta $ 79,604,928.00 $ 79,623,784
Inventarios $ 95,034,718.00 $ 67,560,418
Activos por impuesto $ 10,127,151.00 $ 11,445,260
Gastos pagados por anticipado y ot$ 944,710.00 $ 805,634
Total activos corrientes $ 195,895,210 $ 186,845,052

Activos no corrientes
Propiedad planta y equipo $ 266,023,579.00 $ 262,684,386
Instrumento de patrimonio $ 355,631.00 $ 355,631
Cuentas comerciales por cobrar y $ 654,236.00 $ 1,337,505
Otros activos $ 9,352,673.00 $ 13,083,298
Total actios no corrientes $ 276,386,119 $ 277,460,820

Total activos $ 472,281,329 $ 464,305,872

Pasivos y patrimonio
Pasivos corrientes
Pasivos financieros $ 93,006,486 $ 75,076,808
Cuentas comerciales por pagar y $ 54,272,162 $ 44,094,422
Pasivo por impuesto $ 10,038,101 $ 17,269,417
Beneficio a los empleados $ 6,426,176 $ 7,147,308
Otros pasivos $ 6,253 $ 889,054
Total pasivos corriententes $ 163,749,178 $ 144,477,009

Pasivos no corrientes
Pasivos financieros $ 27,795,196 $ 25,267,920
Beneficios a empleados $ 7,074,926 $ 7,366,625
Pasivo neto por impuesto diferido $ 29,777,867 $ 28,973,366
Total pasivos no corrientes $ 64,647,989 $ 61,607,911

Total pasivos $ 228,397,167 $ 206,084,920

Patrimonio
Capital emitido $ 17,556 $ 17,556
Prima en colocaccion de acciones $ 500,990 $ 500,990
Reservas $ 51,165,604 $ 57,768,861
Utilidades retenidas de periodos a $ 160,529,761 $ 160,529,761
Ganancia neta del periodo $ 12,709,487 $ 19,999,866
Otro resultado integral $ 18,960,764 $ 19,403,918

Total patrimonio $ 243,884,162 $ 258,220,952

Total pasivos y patrimonio $ 472,281,329 $ 464,305,872

Pasivos

100% $ 64,647,989 $ 61,607,911

90%
80%
70%
60%
50% $ 163,749,178 $ 144,477,009
40%
30%
20%
10%
0%
1 2 3

Total pasivos corriententes Total pasivos no corrientes

 ANALISIS HORIZONTAL

VAR ABS VAR REL

$ 17,226,253 169.16%
$ 18,856 0.02%
-$ 27,474,300 -28.91%
$ 1,318,109 13.02%
-$ 139,076 -14.72%
-$ 9,050,158 -4.62%

-$ 3,339,193 -1.26%
$ - 0.00%
$ 683,269 104.44%
$ 3,730,625 39.89%
$ 1,074,701 0.39%

-$ 7,975,457 -1.69%

-$ 17,929,678 -19.28%
-$ 10,177,740 -18.75%
$ 7,231,316 72.04%
$ 721,132 11.22%
$ 882,801 14118.04%
-$ 19,272,169 -11.77%

-$ 2,527,276 -9.09%
$ 291,699 4.12%
-$ 804,501 -2.70%
-$ 3,040,078 -4.70%

-$ 22,312,247 -9.77%

$ - 0.00%
$ - 0.00%
$ 6,603,257 12.91%
$ - 0.00%
$ 7,290,379 57.36%
 $ 443,154 2.34%

$ 14,336,790 5.88%

Activos 2020
Total activos corrientes Total actios no corrientes

09 40%

60%
ANALISIS VERTICAL Chart Title
8.00%

2019 2020 6.00%

4.00%
2.19% 5.90%
17.14% 17.15% 2.00%
20.47% 14.55%
0.00%
2.18% 2.47% T ot a l a cti vos T ot a l pa s i vo
0.20% 0.17% -2.00% Total activos; -1.69%

41.48% 40.24%
-4.00%

-6.00%
57.29% 56.58%
-8.00%
0.08% 0.08%
0.14% 0.29% -10.00% Total pasivos; -9.7
2.01% 2.82%
-12.00%
58.52% 59.76%

100.00% 100.00%

19.69% 16.17%
11.49% 9.50%
2.13% 3.72%
Estado d
1.36% 1.54%
0.00% 0.19%
34.67% 31.12%
0.00% 0.00%
0.00% 0.00%
5.89% 5.44% 100%

1.50% 1.59% 90%

6.31% 6.24% 80%
13.69% 13.27%
70%
0.00% 0.00%
48.36% 44.39% 60%

50%

40%
0.00% 0.00%
0.11% 0.11% 30%
10.83% 12.44% 20%
33.99% 34.57%
10%
2.69% 4.31%
0%
1

Tot
 30%

20%

10%

4.01% 4.18% 0%
1

51.64% 55.61% Tot

Pasivo 48.36%
Patrimonio 51.64%
total 100.00%

Estrutura financiera 2019

Pasivo
Patrimonio

52% 48%

TParimonio
100%
90% 2; $ 12,709,487
80%
70%
60%
2; $ 160,529,761
50%
40%
30%
20%
10% $ 51,165,604
0% 2; $ 500,990
1 2

Capital emitido Prima en colocaccion de acciones

Reservas Utilidades retenidas de periodos
Ganancia neta del periodo Otro resultado integral
Chart Title

Total patrimonio; 5.88%

T ot a l pa s i vos T ot a l pa t ri m oni o

Total pasivos; -9.77%

Estado de la situación fiananciera 2020

$ 243,884,162

$ 228,397,167

$ 472,281,329

1 2

Total activos Total pasivos Total patrimonio

 1 2

Total activos Total pasivos Total patrimonio

Parimonio

2; $ 12,709,487 3; $ 19,999,866

2; $ 160,529,761 3; $ 160,529,761

$ 51,165,604 $ 57,768,861
2; $ 500,990 3; $ 500,990
2 3

Prima en colocaccion de acciones

Utilidades retenidas de periodos anteriorres
Otro resultado integral
 Estructura Financiera 2020

Pasivos
44% Pasivos
Patrimonio Patrimonio
56%
Pasivos
Patrimonio
Fuente Participación
Pasivos 44.39%
Patrimonio 55.61%
 COMPAÑÍA DE EMPAQUES S.A Y SUBSIDIARIAS
ESTADO CONSOLIDADO DE RESULTADO
AL 31 DE DICIEMBRE DEL 2019 Y 2020
CIFRAS EXPRESADAS EN MILES DE PESOS

2019 2020

Ingresos de actividades ordinarias $ 456,974,821 $ 477,964,841

Costos de venta - $ 371,994,075 $ 380,753,649
GANANCIA BRUTA $ 84,980,746 $ 97,211,192

Gastos de distribución y- $ 41,621,665 $ 41,380,094

Gastos de administracio- $ 17,081,082 $ 16,825,164
GANANCIA DE OPERACIÓN $ 26,277,999 $ 39,005,934

Costos financieros - $ 8,831,299 $ 7,673,747

Ingresos financieros $ 249,849 $ 1,023,122
Diferencia en cambios n- $ 13,104 $ 1,839,734
Otros ingresos y otros g+ -$ 971,899 $ 18,150
GANANCIA ANTES DE IMPUESTO $ 16,711,546 $ 30,533,725

Impuesto a las ganancia- -$ 4,002,059 -$ 10,533,859

GANANCIA NETA DEL PERIODO $ 12,709,487 $ 19,999,866
VAR ABSOLUTA VARIACION RELATIVA
VAR RELATIVA
$ 20,990,020 4.59% 90.00%
$ 8,759,574 2.35% 82.71%
80.00%
$ 12,230,446 14.39%
70.00%
-$ 241,571 -0.58% 60.00%
-$ 255,918 -1.50%
$ 12,727,935 48.44% 50.00% 48.44%
40.00%
-$ 1,157,552 -13.11% 30.00%
$ 773,273 309.50%
$ 1,826,630 13939.48% 20.00%
14.39%
$ 990,049 -101.87% 10.00%
$ 13,822,179 82.71%
0.00%
GANANCIA BRUTA GANANCIA DE GANANCIA ANTES DE GAN
OPERACIÓN IMPUESTO
-$ 6,531,800 163.21%
$ 7,290,379 57.36%
RELATIVA ESTADO DE RESULTADO
$ 477,964,841
$ 500,000,000
82.71% $ 380,753,649
$ 400,000,000
$ 300,000,000
$ 200,000,000
$ 97,211,192
57.36% $ 41,380,094
$ 100,000,000 $ 39,005,934
$ 16,825,164 $ 30,533,725 $ 19,999,8
$ 7,673,747
$ 1,839,734
$ 1,023,122 $ 18,150
$-
TA ta a s
as a n
en acio CIÓ
N s s
ro ero net sto EST
s O -$ 10,533,859
cia ODO
-$ 100,000,000 ari ent RU v i e i n
in v B y tr A nc nc ios ga PU na RI
ord de CIA i ón inis PER na fina m b tros IM ga L PE
s c fi s
es to AN bu dm E O os os ca o DE la DE
ad Cos AN tri e a A D st res en os y ES a A
iv d G i s
d s d CI
o
C ng cia es NT to
s NET
cti e I n r e
a to AN re ing IA
A pu IA
de sd s Im NC
s s to Ga GAN Dife ros NC A
es
o Ga Ot NA AN
g r G A G
In
DE GANANCIA ANTES DE GANANCIA NETA DEL
IMPUESTO PERIODO
Column D Column C
ADO

$ 30,533,725 C
29,734
$ 18,150 $ 19,999,866
ol
u
s m
os TO -$ 10,533,859 ia O n
s t ES nc IOD
ga PU a
a
n E R D
P
IM sg L
DE a
la DE
o A
e s t NET
pu IA
Im NC
NA
GA
 COMPAÑÍA DE EMPAQUES S.A Y SUBSIDIARIAS
ESTADO CONSOLIDADO DE RESULTADO
AL 31 DE DICIEMBRE DEL 2019 Y 2020
CIFRAS EXPRESADAS EN MILES DE PESOS

2,020 2,019

Flujos de efectivo por actividades de la operacion: $ 14,376,096 $ 8,252,781

Ajustes para conciliar la ganancia neta del periodo con los $ 7,912,008 $ 7,135,989
Depreciación y amortización de propiedades, planta y equi$ 3,216,219 $ 2,770,823
Depreciacón activos por derecho de uso -$ 224,915 -$ 199,146
Deterioro de cuentas comerciales por cobrar y otras cuen -$ 155,306 $ 500,302
Deterioro de valor del inventarios -$ 5,814,369 -$ 773,902
Pérdida por diferencia en cambio $ 3,999,541 $ 826,270
(Ganancia) por valoración de instrumentos financieros y c -$ 845,378 -$ 1,609,754
Impuesto sobre la renta diferido $ 8,751,081 $ 3,634,955
Impuesto sobre la renta corriente $ 3,880,641 $ 4,849,033
Costos financieros $ 5,763,208 $ 4,281,469
Ganancia por método de participación en asociadas y ne $ 40,858,826 $ 29,668,820

Cambios en el capital de trabajo:

Disminución en inventarios $ 9,764,569 -$ 685,935
Disminución /(aumento) en cuentas comerciales por cobra$ 1,393,331 -$ 6,217,155
Aumento (disminución) en otros activos -$ 10,098,750 $ 1,021,084
Disminución (aumento) en cuentas comerciales por pagar -$ 4,037,640 $ 4,588,953
Aumento en beneficios a empleados $ 978,623 $ 1,598,072
Aumento en impuestos -$ 3,529,646 -$ 4,479,231
Aumento en otros pasivos $ 482,126
Impuesto sobre la renta recuperado $ 2,305,933 $ 3,465,028
Flujos netos de efectivo originados por actividades de la $ 38,117,372 $ 28,959,636

Flujos de efectivo por actividades de inversión:

Adquisición de propiedades, planta y equipo -$ 8,637,117 -$ 8,044,680
Disposición de propiedades, planta y equipo $ 301,005 $ 791,165
Flujos netos de efectivo usados por actividades de invers-$ 8,336,112 -$ 7,253,515

Flujos de efectivo por actividades de financiación:

Obtención de préstamos $ 105,459,779 $ 98,992,047
Pagos de préstamos -$ 115,170,771 -$ 104,949,264
Pago de pasivos por arrendamiento -$ 4,092,206 -$ 4,553,433
Intereses pagados -$ 4,586,656 -$ 4,762,486
Dividendos pagados -$ 5,737,994 -$ 5,119,250
Flujos netos de efectivo usados por actividades de financ -$ 24,127,848 -$ 20,392,386

Aumento neto de efectivo y efectivo equivalente $ 5,653,412 $ 1,313,735

Efectos de las variaciones en las tasas de cambio en el efe $ 2,130,609 -$ 270,630
Efectivo y efectivo equivalente al principio del periodo $ 5,921,909 $ 4,878,804
Efectivo y efectivo equivalente al final del periodo $ 13,705,930 $ 5,921,909
Fuente https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
RF 1.99%
Global Companies Betas by Sector January 2016

Date updated: 5-Jan-21 YouTube Video explaining estimation choices and process. Notes
Created by: Aswath Damodaran, adamodar@stern.nyu.edu if you are looking for a pure-play beta, i.e., a beta for a bu
What is this data? Beta, Unlevered beta and other risk measures US companies unlevered beta corrected for cash is your best bet. Since e
can move over time, I have also reported the average of t
Home Page: http://www.damodaran.com beta across time in the last column. This number, for obvi
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html less likely to be volatile over time.
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? Marginal
If marginal tax rate, enter the marginal tax rate to use 27.00%

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 61 1.08 77.50% 3.35% 0.69 11.23% 0.77 0.7654
Aerospace/Defense 72 1.07 33.05% 7.37% 0.86 5.93% 0.91 0.5940
Air Transport 17 1.61 161.36% 6.00% 0.74 19.71% 0.91 0.6543
Apparel 51 1.10 39.39% 4.75% 0.85 9.39% 0.94 0.6549
Auto & Truck 19 1.28 38.67% 7.86% 1.00 4.72% 1.05 0.7160
Auto Parts 52 1.20 24.37% 7.35% 1.02 6.59% 1.09 0.6981
Bank (Money Center) 7 0.83 216.19% 16.16% 0.32 46.36% 0.59 0.3411
Banks (Regional) 598 0.64 61.25% 16.42% 0.45 25.74% 0.60 0.3305
Beverage (Alcoholic) 23 0.78 23.41% 5.33% 0.66 1.68% 0.67 0.6156
Beverage (Soft) 41 0.79 21.60% 3.32% 0.68 3.39% 0.71 0.7605
Broadcasting 29 1.13 121.72% 9.26% 0.60 8.50% 0.65 0.6275
Brokerage & Investment Banking 39 1.13 218.88% 9.75% 0.44 24.48% 0.57 0.6202
Building Materials 42 1.09 26.29% 15.15% 0.91 5.89% 0.97 0.5248
Business & Consumer Services 169 0.93 24.72% 7.43% 0.79 5.41% 0.83 0.6474
Cable TV 13 0.94 51.96% 18.97% 0.68 2.41% 0.70 0.4219
Chemical (Basic) 48 0.99 55.12% 2.98% 0.71 7.00% 0.76 0.6892
Chemical (Diversified) 5 1.36 58.10% 1.25% 0.96 7.64% 1.03 0.5312
Chemical (Specialty) 97 0.93 25.35% 6.43% 0.78 4.44% 0.82 0.6130
Coal & Related Energy 29 0.83 94.63% 0.00% 0.49 12.92% 0.56 0.7276
Computer Services 116 1.12 39.75% 5.55% 0.87 7.89% 0.94 0.6799
Computers/Peripherals 52 1.18 9.36% 3.71% 1.11 2.72% 1.14 0.6474
Construction Supplies 46 1.02 34.78% 10.79% 0.81 6.64% 0.87 0.5214
Diversified 29 1.02 29.74% 6.52% 0.84 5.70% 0.89 0.6070
Drugs (Biotechnology) 547 0.89 15.50% 0.52% 0.80 6.50% 0.85 0.6269
Drugs (Pharmaceutical) 287 0.91 18.18% 1.88% 0.80 4.24% 0.84 0.6896
Education 38 1.15 24.33% 4.02% 0.97 8.97% 1.07 0.6972
Electrical Equipment 122 1.06 15.35% 4.44% 0.95 4.90% 1.00 0.7199
Electronics (Consumer & Office) 22 0.96 9.50% 1.05% 0.89 11.62% 1.01 0.6915
Electronics (General) 157 0.89 13.48% 6.11% 0.81 6.09% 0.86 0.6441
Engineering/Construction 61 1.06 28.24% 9.31% 0.88 8.35% 0.95 0.6438
Entertainment 118 0.88 15.20% 0.53% 0.79 5.26% 0.84 0.7648
Environmental & Waste Services 86 0.95 25.20% 2.69% 0.81 1.92% 0.82 0.7096
Farming/Agriculture 32 0.87 45.05% 6.45% 0.66 4.07% 0.68 0.6185
Financial Svcs. (Non-bank & Insurance) 235 0.80 895.89% 12.91% 0.11 3.11% 0.11 0.4639
Food Processing 101 0.64 33.01% 8.56% 0.51 3.64% 0.53 0.5418
Food Wholesalers 18 1.03 56.02% 0.52% 0.73 8.97% 0.80 0.6916
Furn/Home Furnishings 40 0.88 34.06% 4.79% 0.71 9.25% 0.78 0.6664
Green & Renewable Energy 25 0.98 64.06% 1.74% 0.67 1.44% 0.68 0.7946
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Healthcare Products 265 0.83 10.69% 2.57% 0.77 3.45% 0.80 0.6221
Healthcare Support Services 129 0.85 31.70% 5.65% 0.69 6.49% 0.74 0.6310
Heathcare Information and Technolog 139 0.79 12.10% 4.16% 0.73 3.56% 0.75 0.6296
Homebuilding 30 1.46 32.73% 15.91% 1.18 11.39% 1.33 0.5903
Hospitals/Healthcare Facilities 32 1.28 99.40% 8.16% 0.74 7.94% 0.80 0.6525
Hotel/Gaming 66 1.56 57.24% 2.02% 1.10 7.25% 1.19 0.6532
Household Products 140 0.73 14.85% 5.06% 0.66 3.68% 0.68 0.7334
Information Services 77 1.01 9.37% 9.75% 0.95 3.01% 0.97 0.5868
Insurance (General) 21 0.68 40.81% 12.61% 0.53 5.92% 0.56 0.4707
Insurance (Life) 26 0.98 119.95% 15.12% 0.52 19.22% 0.64 0.4603
Insurance (Prop/Cas.) 55 0.64 25.06% 10.86% 0.54 5.96% 0.58 0.3843
Investments & Asset Management 348 0.93 45.22% 4.64% 0.70 11.00% 0.78 0.3589
Machinery 125 1.05 19.65% 8.81% 0.92 4.30% 0.96 0.5858
Metals & Mining 86 0.90 23.86% 1.70% 0.77 6.04% 0.82 0.7868
Office Equipment & Services 22 1.00 47.82% 13.20% 0.74 11.13% 0.83 0.5707
Oil/Gas (Integrated) 3 1.26 44.09% 8.54% 0.95 3.46% 0.98 0.5036
Oil/Gas (Production and Exploration) 278 1.18 72.08% 0.68% 0.78 4.36% 0.81 0.7659
Oil/Gas Distribution 57 1.16 129.69% 4.55% 0.59 1.37% 0.60 0.6544
Oilfield Svcs/Equip. 135 1.21 77.44% 1.19% 0.77 7.61% 0.83 0.7390
Packaging & Container 26 0.92 55.11% 15.67% 0.66 3.68% 0.68 0.4567
Paper/Forest Products 15 1.14 37.52% 5.94% 0.89 6.81% 0.96 0.6176
Power 55 0.67 78.08% 9.91% 0.42 1.47% 0.43 0.3667
Precious Metals 93 0.76 12.69% 1.08% 0.69 7.93% 0.75 0.7766
Publishing & Newspapers 29 1.41 54.00% 5.76% 1.01 8.67% 1.10 0.5486
R.E.I.T. 238 1.21 76.73% 1.26% 0.77 2.69% 0.79 0.4901
Real Estate (Development) 25 0.85 94.70% 2.84% 0.50 11.06% 0.56 0.6852
Real Estate (General/Diversified) 11 0.78 29.22% 7.34% 0.64 15.20% 0.76 0.5515
Real Estate (Operations & Services) 61 0.92 40.79% 4.38% 0.71 6.12% 0.75 0.6408
Recreation 69 0.87 24.50% 5.78% 0.74 5.05% 0.77 0.7368
Reinsurance 2 1.16 38.52% 12.57% 0.91 19.61% 1.13 0.4135
Restaurant/Dining 79 1.34 33.70% 3.19% 1.08 2.85% 1.11 0.6957
Retail (Automotive) 30 1.30 49.71% 11.65% 0.95 3.77% 0.99 0.6174
Retail (Building Supply) 15 1.54 18.08% 13.48% 1.36 5.00% 1.43 0.7107
Retail (Distributors) 85 0.97 45.74% 12.21% 0.73 3.52% 0.75 0.6391
Retail (General) 17 0.90 21.34% 12.48% 0.78 4.66% 0.81 0.5433
Retail (Grocery and Food) 14 0.24 94.34% 13.52% 0.14 5.82% 0.15 0.4890
Retail (Online) 75 1.16 7.15% 2.93% 1.11 2.75% 1.14 0.7481
Retail (Special Lines) 85 1.28 48.26% 8.06% 0.95 8.57% 1.03 0.6683
Rubber& Tires 3 1.09 174.90% 5.30% 0.48 12.32% 0.54 0.6340
Semiconductor 70 1.00 9.71% 6.41% 0.94 2.71% 0.96 0.5537
Semiconductor Equip 40 1.07 8.03% 7.38% 1.01 5.40% 1.07 0.5698
Shipbuilding & Marine 11 1.04 62.15% 2.30% 0.71 4.31% 0.74 0.5540
Shoe 11 0.98 6.87% 6.63% 0.94 4.30% 0.98 0.5757
Software (Entertainment) 101 0.96 2.62% 0.58% 0.94 1.96% 0.96 0.7489
Software (Internet) 36 0.77 8.83% 3.30% 0.73 3.03% 0.75 0.6398
Software (System & Application) 388 0.91 6.55% 2.77% 0.87 2.68% 0.89 0.6702
Steel 32 0.95 50.24% 6.01% 0.70 11.19% 0.78 0.5662
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom (Wireless) 16 0.53 54.57% 3.57% 0.38 3.34% 0.39 0.6234
Telecom. Equipment 96 0.87 14.80% 3.85% 0.78 5.72% 0.83 0.6389
Telecom. Services 58 0.66 83.14% 3.93% 0.41 2.77% 0.42 0.6187
Tobacco 15 0.72 30.31% 8.69% 0.59 3.54% 0.61 0.6541
Transportation 21 0.91 31.69% 10.56% 0.74 6.36% 0.79 0.5864
Transportation (Railroads) 6 0.84 22.54% 15.58% 0.73 2.12% 0.74 0.5022
Trucking 35 1.11 33.76% 9.70% 0.89 5.71% 0.94 0.6120
Utility (General) 16 0.74 74.69% 9.74% 0.48 1.41% 0.48 0.2816
Utility (Water) 17 0.73 40.46% 10.79% 0.57 1.10% 0.57 0.4501
Total Market 7582 0.94 48.33% 5.76% 0.70 6.97% 0.75 0.6017
Total Market (without financials) 6253 0.98 25.10% 4.39% 0.83 4.06% 0.86 0.6495

Beta 0.92
 Global Companies Betas by Sector January 2016

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 cash - Over time

Standard deviation in
operating income (last
Standard deviation of equity 10 years) 2016 2017 2018 2019 2020 Average (2016-21)
57.74% 14.31% 0.74 0.91 0.78 0.87 0.93 0.83
34.89% 16.42% 1.20 0.94 0.99 1.09 1.08 1.03
46.15% 48.05% 0.85 0.76 0.67 0.63 0.84 0.78
47.84% 10.37% 0.88 0.71 0.85 0.76 0.83 0.83
45.24% 28.30% 0.47 0.38 0.59 0.34 0.53 0.56
43.16% 29.29% 1.08 0.94 0.92 0.97 0.95 0.99
21.59% NA 0.47 0.41 0.32 0.43 0.56 0.46
19.48% NA 0.36 0.36 0.39 0.40 0.43 0.42
37.01% 43.00% 0.82 0.71 1.12 1.05 0.92 0.88
49.70% 7.16% 0.99 0.78 0.63 1.04 1.09 0.87
45.56% 31.02% 0.75 0.70 0.65 0.51 0.73 0.67
35.90% 50.94% 0.46 0.42 0.54 0.46 0.57 0.50
33.99% 65.44% 0.98 0.87 0.99 0.91 1.02 0.96
45.65% 18.32% 0.95 0.85 1.01 1.00 0.89 0.92
32.02% 31.06% 0.89 0.82 0.67 0.76 0.78 0.77
48.06% 33.69% 0.81 0.68 0.96 1.12 0.99 0.89
36.16% 29.88% 1.27 1.22 1.79 1.49 1.21 1.34
38.54% 12.48% 1.01 0.98 0.95 0.99 0.96 0.95
42.27% 166.17% 0.39 0.61 1.04 0.97 1.05 0.77
45.89% 11.40% 1.00 0.83 0.94 1.05 0.95 0.95
42.87% 16.74% 1.22 0.94 0.93 1.50 1.64 1.23
33.39% 25.62% 1.18 1.02 0.95 1.15 1.10 1.05
29.94% 43.94% 0.74 0.63 1.01 1.14 1.25 0.94
50.10% 37.69% 1.19 1.25 1.36 1.43 1.39 1.24
55.45% 7.70% 0.94 0.93 1.13 1.38 1.29 1.08
55.73% 37.21% 0.86 1.05 0.96 1.11 1.36 1.07
55.12% 14.73% 1.03 1.04 1.02 1.18 1.31 1.10
54.91% 324.99% 1.16 0.97 1.08 1.22 1.25 1.12
43.87% 19.57% 0.98 0.83 0.91 0.96 1.07 0.93
42.04% 12.45% 1.07 1.01 1.13 0.81 1.33 1.05
68.06% 27.21% 0.98 0.97 0.96 1.21 1.20 1.03
50.43% 12.03% 0.82 0.63 0.70 0.96 1.05 0.83
45.30% 17.71% 0.77 0.62 0.56 0.50 0.63 0.63
27.74% 39.43% 0.06 0.07 0.07 0.08 0.10 0.08
32.56% 19.79% 0.74 0.63 0.56 0.61 0.70 0.63
58.03% 21.83% 0.61 0.93 1.41 1.23 0.66 0.94
40.52% 24.32% 1.00 0.69 0.67 0.67 0.82 0.77
56.04% 96.52% 0.84 0.47 0.72 0.80 0.59 0.68
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last
Standard deviation of equity 10 years) 2016 2017 2018 2019 2020 Average (2016-21)
46.19% 17.83% 0.92 0.92 0.89 1.04 0.98 0.92
44.49% 23.65% 0.89 0.82 0.82 1.03 0.95 0.87
42.45% 33.87% 0.99 0.83 0.88 1.18 1.15 0.96
36.56% 71.78% 0.81 0.77 0.89 0.72 0.66 0.86
49.21% 19.15% 0.44 0.45 0.51 0.55 0.63 0.56
43.69% 28.72% 0.68 0.67 0.74 0.71 0.91 0.82
54.66% 4.06% 0.91 0.69 0.88 1.00 0.94 0.85
42.37% 33.30% 0.92 0.87 0.82 1.05 1.03 0.94
30.12% 33.64% 0.82 0.71 0.63 0.67 0.59 0.66
30.68% 13.19% 0.91 0.80 0.81 0.70 0.73 0.77
22.93% 28.87% 0.75 0.70 0.73 0.65 0.59 0.67
28.85% 13.93% 0.81 0.68 0.87 0.87 0.86 0.81
34.28% 19.96% 1.23 0.93 1.04 1.01 1.10 1.04
67.84% 43.63% 0.87 0.89 0.96 1.11 1.09 0.96
31.11% 10.27% 1.29 1.09 1.10 1.33 1.24 1.15
26.39% 73.81% 1.38 0.95 1.25 1.06 1.12 1.12
56.28% 154.38% 0.95 0.99 1.00 1.07 1.08 0.98
40.78% 42.75% 0.65 0.69 0.72 0.62 0.62 0.65
50.27% 40.23% 1.41 1.11 1.06 1.07 1.22 1.12
29.22% 14.05% 0.91 0.60 0.55 0.74 0.68 0.69
35.67% 23.13% 0.89 0.83 0.98 1.17 1.25 1.01
19.86% 8.37% 0.50 0.33 0.32 0.35 0.38 0.38
67.76% 75.51% 1.03 1.10 0.95 1.15 1.33 1.05
37.47% 9.42% 1.07 0.96 0.83 0.90 0.76 0.94
32.40% 28.84% 0.41 0.41 0.42 0.41 0.43 0.48
60.70% 103.87% 0.93 0.47 0.61 0.87 0.89 0.72
20.99% 144.66% 1.03 1.09 0.73 1.33 1.50 1.07
34.72% 31.94% 0.99 0.62 0.80 0.95 0.68 0.80
56.40% 13.69% 0.75 0.76 0.73 0.81 0.75 0.76
25.23% 30.07% 0.89 0.65 0.47 0.88 0.77 0.80
53.63% 9.97% 0.64 0.61 0.70 0.65 0.75 0.74
42.82% 20.95% 0.76 0.63 0.65 0.76 0.87 0.77
40.60% 25.54% 1.31 1.12 0.76 0.97 1.15 1.12
41.97% 27.75% 0.83 0.77 0.87 0.99 0.89 0.85
38.91% 5.11% 0.92 0.82 0.87 0.75 0.95 0.86
37.72% 24.45% 0.77 0.46 0.44 0.28 0.35 0.41
52.87% 53.23% 1.53 1.17 1.12 1.34 1.16 1.24
49.01% 10.73% 0.81 0.76 0.82 0.80 0.69 0.82
43.83% 28.86% 1.18 0.89 0.64 0.24 0.45 0.66
37.26% 31.50% 1.32 1.11 1.16 1.26 1.24 1.17
35.91% 50.04% 1.22 1.10 0.99 1.39 1.25 1.17
29.83% 34.03% 0.84 0.85 1.01 0.78 1.57 0.97
31.50% 21.45% 0.81 0.83 0.86 0.74 0.83 0.84
62.61% 58.98% 1.46 0.96 0.91 1.27 1.29 1.14
32.73% 40.41% 1.33 1.12 1.20 1.31 1.50 1.20
47.97% 17.34% 1.25 0.99 1.02 1.16 1.15 1.08
39.32% 46.61% 0.86 1.19 1.53 1.29 1.29 1.16
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last
Standard deviation of equity 10 years) 2016 2017 2018 2019 2020 Average (2016-21)
39.78% 57.80% 0.65 0.58 0.71 0.71 0.60 0.61
43.11% 17.00% 1.17 0.86 0.96 1.02 0.84 0.95
43.53% 27.98% 0.57 0.68 0.72 0.74 0.67 0.63
24.49% 6.19% 1.66 1.13 1.15 1.13 1.43 1.18
28.68% 22.43% 1.19 0.83 0.80 0.90 0.96 0.91
16.83% 15.14% 0.93 0.66 0.87 2.08 1.89 1.19
38.78% 126.49% 1.03 0.76 0.81 0.71 1.04 0.88
18.44% 8.77% 0.36 0.25 0.20 0.17 0.19 0.28
35.96% 14.78% 0.33 0.47 0.27 0.32 0.57 0.42
41.21% 13.11% 0.73 0.65 0.72 0.80 0.83 0.75
44.77% 13.19% 0.9 0.85 0.90 1.00 1.01 0.92
 Indicadores financieros
Razón Corriente 1.20 El Indcador de la razón corriente nos m
empaques S.A la solvencia es debido a s
Margen Bruto de Utilidad 20.34% indicador es de
Margen Neto de Utilidad 4.18%
Nivel de Endeudamiento 79.81%
Razón deuda capital 44.39%
ROA 0.077452529878
ROE 0.043074764301
PKT 21.57% El Indicador del margen de utilidad ne
compañia tiene unas utilidades del 4,18
EBITDA $ 11,737,588 la compañía, debido a que está obtenien
MARGEN EBITDA 2.57% pesos por cada $100 pes
PDC 8.397172440098

El indicador del nivel del enduamient

79,81%, lo que nos indica que la compa
tiene, por lo que está en una zona de a
que no siga adquiriendo deudas, porq
terminar en qui

El indicador del margen EBITDA tiene u

quiere decir que la compañía por cada
de sacar los respectivos costos y gastos,
de utilidad
de la razón corriente nos muestra que la compañía de
la solvencia es debido a sus obligaciones, ya que dicho
indicador es de 1,20,

del margen de utilidad neto nos da a conocer que la

e unas utilidades del 4,18%, dicho valor es positivo para
ebido a que está obteniendo una rentabilidad de $4,18
pesos por cada $100 pesos que vende.

r del nivel del enduamientos nos muestra el valor de

e nos indica que la compañía debe gran parte de lo que
que está en una zona de alto riesgo y es recomendable
adquiriendo deudas, porque de lo contrario, podrían
terminar en quiebra.

el margen EBITDA tiene un valor de 2,57%, lo que nos

ue la compañía por cada $100 que venda al momento
spectivos costos y gastos, le quedan a la compañía 2,57
de utilidad.
 Bl =
Rf = 1.99%
Rm = 14.34%
β= 0.92 0.68

Fuentes Monto Ke
Pasivos Financ $ 100,344,728 Waac= 19.40%
Patrimonio $ 258,220,952 2019 wacc 13.37%

Deuda $ 206,084,920
Patrimonio $ 258,220,952
Tasa Impuesto 33%
Antes de empezar a desribir el valor arrojado del WACC cabe res
Beta Aplancad 1.414433866104
experiencia dentro del territorio colombiano y ha marcado un
expandirse hacia otro horizotes. el valor calcylado del WACC f
Ke 13.37% promedio del capital ponderado de ese valor, este valor se enc
que quiere hacer la comp
RIESGO PAÍS 6.03%
Ke 19.40%
 Bo * 1+ {(1-tx)* (D/P)}

Patri/ patri+deuda kd kdt dueda/patri+ WACCC

72.01% 3.72% 2.49% 27.99% 14.67%
66.88% 3.87% 2.59% 22.50% 9.53%

bir el valor arrojado del WACC cabe resaltar que la compañía de emques lleva muchos años de
erritorio colombiano y ha marcado una gran diferencia, por lo que en este momento quiere
orizotes. el valor calcylado del WACC fue del 11,90% lo que quiere decir que tiene un costo
derado de ese valor, este valor se encuentra en en valores aceptables, teniendo en cuenta lo
que quiere hacer la compañía actualmente
Riesgo del paí 6.03%
 2019 2020 Según el calculo del Valor economico agreg
compañía no tuvo un desempeño como el
Utilidad N $ 12,709,487 $ 19,999,866 en años interiores fue negativo, por lo que
Capital invert $ 472,281,329 $ 464,305,872 tendía a destruir valor, teniendo en cuenta
WACC 14.67% 14.67% se debe desarrollar un plan para que esta e
generar valor.
ROIC 5.01% 7.55%
EVA -$ 56,581,277 -$ 48,120,779
 del Valor economico agregado , la
o un desempeño como el que obtuvo
es fue negativo, por lo que la compañía
valor, teniendo en cuenta lo anterior
lar un plan para que esta empiece a
La compañía de empaque S.A siempre va en busca de
mejores resultados en primer lugar para cumplir de la
mejor manera la necesidad los clientes y en segundo
lugar para expardirse a mas lugares y dar conocer estos
productos, por esta cuestión por medió de una junta
directiva que se planteó el siguiente proyecto y está en
una fase preeliminar, dicha propuesta consiste
principalmente en cambiar de manera gradual las
maquinas que realizan el procesamiento de la tela de los
sacos construidos a base de polimeros que conta de los
datos que se proyectaran en frente.
Inversión Inicial $ 9,205,502,000 periodos
Producción 25,083,000 Ventas
P. Venta 205.24 Costos Variables
% Crecimiento Anual 15.30% Utilidad
% Costos Variables s/ I 37.00% Costos Fijos
Costos Fijos $ 277,500,809 G Depreciacion
Depreciacion $ 920,550,200 Utilidad Operativa
WACC 14.67% Impuesto a las Ganancias
T.Impuestos 33% Utilidad Neta
V. terminal $ 3,221,925,700 Depreciacion
Valor de Salvamento
Inversión Inic-$ 9,205,502,000
Flujo de Caja -$ 9,205,502,000
 1 2 3 4
5,148,034,920 5,935,684,262.76 6,843,843,954.96 7,890,952,080.07
1,904,772,920 2,196,203,177 2,532,222,263 2,919,652,270
3,243,262,000 3,739,481,086 4,311,621,692 4,971,299,810
$ 277,500,809 $ 277,500,809 $ 277,500,809 $ 277,500,809
$ 920,550,200 $ 920,550,200 $ 920,550,200 $ 920,550,200
2,045,210,991 2,541,430,077 3,113,570,683 3,773,248,801
674,919,627 838,671,925 1,027,478,325 1,245,172,104
1,370,291,364 1,702,758,151 2,086,092,357 2,528,076,697
$ 920,550,200 $ 920,550,200 $ 920,550,200 $ 920,550,200

2,290,841,564 2,623,308,351 3,006,642,557 3,448,626,897

 5
9,098,267,748.32
3,366,359,067
5,731,908,681
$ 277,500,809
$ 920,550,200
4,533,857,672
1,496,173,032
3,037,684,641
$ 920,550,200
$ 3,221,925,700

7,180,160,541
PERIODOS 1 2
Flujo de caja futuro -$ 9,205,502,000 $ 2,290,841,564 $ 2,623,308,351
Valor presente de caja fututo $ 1,997,742,705 $ 1,994,979,056
Valor presente de caja fl -$ 9,205,502,000 -$ 7,207,759,295 -$ 5,212,780,239

Productividad del activo fijo 1.79 1.55

PERIODOS 1 2 3
Utilidad operacional $ 2,045,210,991 $ 2,541,430,077 $ 3,113,570,683
Depreciaciones $ 920,550,200 $ 920,550,200 $ 920,550,200
EBITDA $ 2,965,761,191 $ 3,461,980,277 $ 4,034,120,883
MARGEN EBITDA 57.6% 58.3% 58.9%

La compañía al implementar este proyecto tendría mayor rentabilidad operativa, pues esta implementación
permitiria sacar mejor provecho de cada uno de sus procesos, pues esta teniendo mas del 50% por cada año po
operaciones.
 3 4 5
$ 3,006,642,557 $ 3,448,626,897 $ 7,180,160,541
$ 1,993,954,750 $ 1,994,454,847 $ 3,621,234,519
-$ 3,218,825,489 -$ 1,224,370,642 $ 2,396,863,877

1.35 1.17 1.01

4 5
$ 3,773,248,801 $ 4,533,857,672
$ 920,550,200 $ 920,550,200
$ 4,693,799,001 $ 5,454,407,872
59.5% 59.9%

pues esta implementación le

as del 50% por cada año por sus
 INDICADORES
VPN TIR RCB PRI
$ 974,195,656 23.27% 126% 4.84064447
 La compañía de empaque S.A si se empeña a desarrollar el proyecto tendriía un valor presente neto
favorable pues esta contaria con rentabilidad superior a culaquier otra rentabilidad del mercado, por otro
se tendría una tasa interna de retorno, es decir el retornaria en promedio un 23,27% del capital por año, un
buen margen para cualquier compñía, ademas tiene una relacion costo beneficio, es decir está por encima
del punto de eauilibrió por 26 punto y por ultimo la compañía tardará aprocimadamente 4 y 10 meses en
recuperar el dinero invertido en este proyecto, es decir las utilidades despues de ese tiempo sería como un
tipo de utilidad libre. ENn colclusiión el proyecto muestra una muy buena viabibilad por lo que se
recomienda aceptar el proyecto.
to tendriía un valor presente neto
a rentabilidad del mercado, por otro
dio un 23,27% del capital por año, un
o beneficio, es decir está por encima
á aprocimadamente 4 y 10 meses en
despues de ese tiempo sería como un
uy buena viabibilad por lo que se