Nota: Valores en millones de $

Suposiciones
Pry. 1 Ventas Año 1 $100.0 Pry. 1 Capital Invertido $30.0
Pry. 1 Tasa de crecimiento de ventas 10.0% Pry. 1 Tasa Descuento 10%
Pry. 1 tasa de crecimiento COGS 4.7% Pry. 1 Tasa Impuesto 40.0%
Pry. 1 OPEX/Ventas % 20.0%

Año 1 Año 2 Año 3 Año 4

Ventas $100.0 $110.0 $121.0 $133.1

COGS $65.0 $68.1 $71.3 $74.6
Ventas Netas $35.0 $41.9 $49.7 $58.5

Total OPEX $20.0 $22.0 $24.2 $26.6

EBITDA $15.0 $19.9 $25.5 $31.9

Impuestos $6.0 $8.0 $10.2 $12.8
Capital Invertido ($30.0)
Flujo de Caja Operativo ($30.0) $9.0 $12.0 $15.3 $19.1

VPN Proyecto 1 $12.7

TIR Proyecto 1 25.89%
 Tasa Crecimiento Ventas Tasa Crecimiento COGS
OPEX %/Ventas 10.2% K2:K201 4.0% M2:M201
Min M-L Max 9.2% 3.5%
15% 20% 23% 10.8% 4.0%
11.3% 4.2%
Capital Invertido 12.0% 4.9%
$35 11.2% 4.7%
$40 10.1% 3.8%
$45 9.1% 3.2%
9.2% 3.4%
11.3% 3.8%
10.2% 4.1%
10.1% 3.3%
11.1% 4.4%
11.2% 4.9%
10.5% 4.6%
9.8% 3.2%
10.3% 3.2%
10.6% 3.7%
9.7% 3.8%
10.7% 4.6%
9.3% 3.7%
9.0% 3.3%
11.6% 4.9%
9.3% 4.0%
9.4% 3.4%
9.6% 3.8%
10.5% 3.9%
9.3% 3.3%
9.3% 3.6%
10.4% 3.4%
9.2% 3.1%
8.5% 3.6%
11.5% 4.5%
10.5% 4.3%
11.5% 4.4%
9.8% 3.6%
10.2% 4.1%
10.9% 4.5%
9.7% 3.3%
9.1% 3.4%
10.8% 4.3%
11.4% 4.9%
9.4% 3.3%
9.9% 3.8%
10.2% 3.4%
10.1% 4.9%
12.6% 4.7%
11.4% 4.5%
10.1% 3.7%
10.6% 3.8%
10.1% 4.1%
9.4% 3.3%
9.6% 3.4%
11.1% 4.0%
11.5% 4.7%
10.1% 4.4%
11.4% 5.0%
10.3% 3.8%
10.7% 5.0%
10.4% 4.2%
11.3% 4.5%
11.3% 4.4%
10.8% 3.4%
10.0% 3.7%
9.3% 3.3%
13.1% 4.7%
10.0% 3.8%
9.7% 3.1%
10.5% 4.9%
12.0% 4.9%
10.2% 3.7%
10.1% 3.7%
11.1% 4.8%
10.2% 3.3%
10.1% 3.3%
10.1% 4.7%
11.2% 4.9%
10.4% 4.2%
11.4% 4.6%
12.5% 4.7%
10.6% 3.9%
9.8% 4.2%
9.9% 4.0%
9.5% 4.5%
9.1% 3.2%
9.2% 3.1%
9.6% 3.2%
10.8% 4.4%
10.2% 4.4%
9.5% 3.6%
9.4% 3.7%
8.3% 3.3%
9.7% 3.8%
11.1% 4.9%
12.8% 5.0%
9.6% 3.5%
9.3% 3.3%
10.0% 3.5%
12.3% 5.0%
10.0% 3.1%
9.4% 3.7%
10.0% 4.2%
11.1% 4.3%
10.5% 3.4%
12.0% 4.7%
10.3% 3.2%
9.0% 3.2%
11.0% 4.3%
9.0% 3.8%
9.6% 3.1%
9.1% 3.9%
9.7% 4.0%
9.8% 3.8%
10.4% 4.1%
10.6% 4.7%
11.1% 4.5%
10.3% 4.6%
10.1% 4.6%
10.0% 4.2%
9.4% 4.1%
10.1% 4.1%
10.7% 4.6%
9.1% 3.5%
11.2% 4.7%
9.6% 3.2%
12.0% 4.9%
11.8% 4.4%
12.0% 4.5%
8.8% 3.1%
10.9% 4.4%
10.5% 3.7%
11.0% 4.5%
9.8% 4.1%
10.5% 4.5%
11.0% 4.1%
9.5% 3.3%
9.8% 3.2%
9.0% 3.1%
10.7% 4.1%
10.0% 4.3%
8.6% 3.3%
9.9% 3.3%
10.0% 3.8%
11.4% 3.8%
8.8% 3.7%
9.7% 3.2%
9.4% 3.2%
9.8% 3.2%
9.1% 4.0%
11.9% 4.9%
10.8% 4.2%
11.1% 4.8%
11.4% 4.0%
11.3% 4.4%
11.9% 4.8%
12.5% 4.8%
12.4% 4.8%
10.4% 4.2%
11.1% 4.0%
10.7% 4.4%
10.2% 4.3%
11.4% 4.5%
10.5% 4.1%
10.6% 4.7%
10.7% 3.7%
11.1% 4.0%
9.9% 3.8%
10.3% 3.9%
10.2% 4.8%
11.5% 4.2%
10.8% 4.4%
9.3% 4.6%
10.1% 3.7%
10.2% 4.0%
9.3% 3.2%
10.7% 4.1%
9.9% 4.1%
10.9% 4.1%
9.2% 3.2%
11.3% 5.0%
10.7% 3.8%
9.3% 4.7%
9.7% 3.5%
10.3% 3.2%
11.1% 3.8%
11.7% 4.5%
10.5% 4.3%
10.2% 3.9%
10.0% 4.0%
10.1% 4.6%
10.7% 3.8%
8.3% 3.8%
10.5% 4.8%
10.2% 4.4%
10.1% 4.1%
10.9% 4.7%
8.4% 3.3%
9.7% 3.7%
10.9% 4.0%
9.6% 4.3%
Nota: Valores en millones de $
Suposiciones
Pry. 2 Ventas Año 1 $100.0 Pry. 2 Capital Invertido $15.0
Pry. 2 Tasa de crecimiento de ventas 10.0% Pry. 2 Tasa Descuento 10%
Pry. 2 tasa de crecimiento COGS 5.0% Pry. 2 Tasa Impuesto 40.0%
Pry. 2 OPEX/Ventas % 20.0%

Año 1 Año 2 Año 3 Año 4

Ventas $100.0 $110.0 $121.0 $133.1

COGS $65.0 $68.3 $71.7 $75.2
Ventas Netas $35.0 $41.8 $49.3 $57.9

Total OPEX $20.0 $22.0 $24.2 $26.6

EBITDA $15.0 $19.8 $25.1 $31.2

Impuestos $6.0 $7.9 $10.1 $12.5
Capital Invertido ($15.0)
Flujo de Caja Operativo ($15.0) $9.0 $11.9 $15.1 $18.7

VPN Proyecto 2 $27.1

TIR Proyecto 2 68.46%
 Tasa Crecimiento COGS
OPEX %/Ventas 5.6% L2:L201
Min M-L Max 4.7%
18% 20% 27% 4.8%
4.3%
Capital Invertido 4.6%
$45 5.5%
$50 5.7%
$55 5.9%
4.2%
5.3%
4.8%
5.8%
5.3%
4.9%
5.1%
4.2%
4.8%
4.1%
4.6%
5.1%
4.9%
4.7%
5.5%
5.1%
4.6%
5.5%
5.2%
5.8%
5.8%
5.6%
4.1%
5.5%
4.5%
4.2%
5.5%
5.1%
4.4%
4.7%
4.8%
5.7%
4.4%
5.0%
5.4%
4.3%
5.9%
4.8%
5.2%
5.4%
5.8%
4.9%
6.0%
5.1%
5.3%
5.2%
5.0%
4.3%
5.4%
5.9%
4.5%
4.8%
5.7%
4.5%
5.7%
5.6%
4.1%
4.6%
5.8%
4.1%
5.2%
4.1%
5.4%
5.1%
4.6%
5.2%
5.7%
4.4%
5.5%
4.3%
5.8%
4.4%
4.1%
5.9%
5.2%
5.6%
5.6%
5.1%
4.6%
4.0%
4.2%
5.2%
4.3%
5.4%
4.6%
5.4%
5.8%
5.3%
4.6%
5.9%
4.4%
4.2%
5.2%
4.8%
4.4%
4.8%
4.6%
4.0%
4.5%
5.9%
5.3%
5.6%
4.8%
4.7%
4.4%
5.1%
5.4%
5.5%
4.8%
6.0%
4.7%
4.5%
4.7%
4.8%
4.5%
5.3%
4.9%
4.3%
4.4%
5.6%
4.9%
5.9%
5.7%
4.9%
5.3%
5.0%
5.0%
5.9%
5.4%
5.4%
5.3%
5.8%
4.8%
5.8%
5.8%
5.7%
5.9%
5.1%
5.8%
4.3%
4.5%
5.0%
5.5%
4.4%
6.0%
4.6%
4.2%
4.4%
5.5%
4.6%
5.6%
5.0%
5.1%
5.4%
5.0%
4.0%
5.5%
4.8%
5.0%
5.2%
4.3%
5.6%
5.9%
5.9%
5.5%
5.7%
4.8%
4.4%
5.9%
5.5%
5.4%
5.6%
5.5%
4.6%
5.6%
6.0%
4.2%
4.9%
5.8%
5.0%
4.3%
5.7%
4.9%
5.0%
5.6%
4.8%
4.1%
5.0%
4.7%
4.2%
4.7%
4.7%