Cálculo Ke (Datos Damodaran) 2014

Indicador
Descripcin
Mtodo
contable
Valor
tax
IUE en Bolivia (efectivo)
rf(h)
Tasa Libre de Riesgo Histrica Geom 05 aos
2.47%
rf(a)
Tasa Libre de Riesgo Actual
1.76%
rM
Rentabilidad del Mercado
ltimo Dato
8.04%
rubro Rubro de la empresa

Est. Fin. Estructura de Financiamiento
L
pas
PRP
Beta
Beta de la Empresa
25%
Furn/Home Furnishings
No Disponible
Apalancado
80
20
1.24
1.24
Pas a analizar
Premio por Riesgo Pas
Fitch Ratings
5.40%
Tasa de Inflacin
Geom 05 aos
5.63%
ke
Costo de Capital Propio
D-CAPM
Bolivia
8.00%
Fecha de Actualizacin: 20-ene-2014

Validez: 1 ao
Fuentes:
www.damodaran.com
www.ine.gob.bo
Juan F. Subirana (juanfernandosubirana@gmail.com)
Elaboracin:
palabras
tax
tasa libre de riesgo geomtrica
tasa libre de riesgo aritmtica
Tasa libre de riesgo

RUBRO DE LA EMPRESA
Advertising
Aerospace/defense
Air transport
Apparel
Auto & Truck
Auto parts
Banks
Banks (regional)
Beverage
Beverage (alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (basic)
Chemical (diversified)
Chemical (specialty)
Coal & Related energy
Computer services
Computer software
Computer peripherals
Construction
Diversified
Educational Services
Electrical equipment
Electronics
Electronics (consumer & office)
Engineering
Entertainment
Environmental & Waste services
Farming / Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food processing
Food Wholesalers
Furn / Home Furnishing
Healthcare equipment
Healthcare facilities
Healthcare products
Healthcare services
Healthcare Information & technology
Heavy construction
Homebuilding
Hotel / gaming
Household products
Information Services
Insurance (general)
Insurance (life)
Insurance (prop/Cas.)
Internet software & services
Investment Co.
Machinery
Metals & Mining
Office equipment & services
Oil / Gas (Integrated)
Oil / Gas (Production & Exploration)
Oil / Gas (Distribution)
Oilfield Svcs/Equip.
Packaging & Container
Paper / Forest products
Pharma & Drugs
Power
Precious Metals
Publishing & Newspapers
R.E.I.T.
Railroad
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Distributors)
Retail (General)
Retail (Grocery & Food)
Retail (Internet)
Retail (Special Lines)
Rubber & Tires
Semiconductor
Semiconductor Equip.
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Estructura de Financiamiento
Pas
Tasa de Inflacin
significados
tasa de inters
es una secuencia en la que el elemento se obtiene multiplicando
el elemento anterior por una constante denominada razn o factor
de la progresin.
es una secuencia en la que el elemento se obtiene sumando
el elemento anterior con una constante denominada diferencia
de la progresin.
Es la tasa con menor riesgo del mercado y se refiere a la tasa que
pagan los bonos de Estados Unidos
Publicidad
Aeroespacial / Defensa
Transporte Areo
Vestimenta
Autos y Camines
Auto partes
Bancos
Bancos (regionales)
Bebidas
Bebidas (alcohlicas)
Biotecnologa
Radiodifusin
Corretaje y Banca de Inversin
Materiales de construccin
Servicios a las Empresas y Consumidores
TV cable
Qumica (bsica)
Qumica (diversificada)
Qumica (especializada)
Carbn y energa relacionada
Servicios de Informtica
Software para computadoras
Perifricos para computadoras
Construccin
Diversificado
Servicios educativos
Equipo elctrico
Electrnica
Electrnica (Consumidor y Oficina)
Ingeniera
Entretenimiento
Servicios ambientales y de residuos
Agricultura
Servicios financieros
Servicios financieros (no bancario y de seguros)
Procesamiento de alimentos
Mayoristas de alimentos
Mobiliario
Equipamiento sanitario
Centros de salud
Productos para la salud
Servicios de salud
Informacin y tecnologa para la salud
Construccin pesada
Construccin de viviendas
Hotel / juegos
Productos domsticos
Servicios de informacin
Seguros (general)
Seguros (de vida)
Seguros ()
Software y servicios de Internet
Compaas de Inversin
Maquinaria
Metales y Minera
Equipos y Servicios de Oficinas
Petrleo / Gas (integrado)
Petrleo / Gas (Produccin y Exploracin)
Petrleo / Gas (Distribucin)
Servicios y Equipamiento de Campos Petroleros
Embalaje y Envase
Papel / Productos Forestales
Farmaceutica y medicamentos
Energa
Metales preciosos
Publicacin y peridicos
Inversiones y Fideicomiso en Bienes Raices
Ferrocarril
Bienes raices (desarrollo)
Bienes raices (general/diversificada)
Bienes raices (Operaciones y Servicios)
Recreacin
Reaseguro
Restaurante
Venta al por menor (automotores)
Venta al por menor (distribuidores)
Venta al por menor (general)
Venta al por menor (abarrotes y comidas)
Venta al por menor (por internet)
Venta al por menor (lneas especiales)
Caucho y neumticos
Semiconductor
Equipos para semiconductores
Construccin naval y Marina
Zapatos
Acero
Telecomunicaciones (inalmbrica)
Equipamiento para Telecomunicaciones
Servicios para Telecomunicaciones
Ahorro
Tabaco
Transporte
Camionaje
Utilidad (general)
Utilidad (agua)
Mercado total
Pocentajes de financiamiento Pasivo-Patrimonio
Pas a analizar
cmo usar?
es la tasa del IUE en Bolivia = 25%
Usar esta opcin si su proyecto no est especificado en esta lista

si se tiene la estructura elegir "disponible" y colocar el porcentaje
de Pasivo y porcentaje de Patrimonio
elegir "Bolivia"
elegir el mismo mtodo de "Tasa libre de riesgo"
Cuadro para Copia
Valores para Copia
25%
2.47%
1.76%
8.04%
1.24
1.24
5.40%
5.63%
8.00%
T. Bond return
UStreasury10yearbondatendofeachyear
FederalReserveofSt.Louis(FRED)
Source:
Computation Tocomputethereturnonaconstantmaturitybond,Iaddtwocomponentsthepromisedcouponatth
Thereturnonthe10yearbondfor1928=3.17%(Couponratepromisedattheendof1927)Pricech
Bond used:
Year
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
T.Bondrate Returnonbond
3.17%
3.45%
0.84%
3.36%
4.20%
3.22%
4.54%
3.93%
2.56%
3.35%
8.79%
3.53%
1.86%
3.01%
7.96%
2.84%
4.47%
2.59%
5.02%
2.73%
1.38%
2.56%
4.21%
2.35%
4.41%
2.01%
5.40%
2.47%
2.02%
2.49%
2.29%
2.49%
2.49%
2.48%
2.58%
2.33%
3.80%
2.24%
3.13%
2.39%
0.92%
2.44%
1.95%
2.19%
4.66%
2.39%
0.43%
2.70%
0.30%
2.75%
2.27%
2.59%
4.14%
2.51%
3.29%
2.96%
1.34%
3.59%
2.26%
3.21%
6.80%
3.86%
2.10%
4.69%
2.65%
Page 10
T. Bond return
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
3.84%
4.06%
3.86%
4.13%
4.18%
4.62%
4.84%
5.70%
6.03%
7.65%
6.39%
5.93%
6.36%
6.74%
7.43%
8.00%
6.87%
7.69%
9.01%
10.39%
12.84%
13.72%
10.54%
11.83%
11.50%
9.26%
7.11%
8.99%
9.11%
7.84%
8.08%
7.09%
6.77%
5.77%
7.81%
5.71%
6.30%
5.81%
4.65%
6.44%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
1.58%
3.27%
5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
0.78%
0.67%
2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
4.96%
8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
8.04%
23.48%
1.43%
9.94%
14.92%
8.25%
Page 11
T. Bond return
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Geom 05 ao
Geom 10 ao
Aritm 05 aos
Aritm 10 aos
ltimo Dato
5.11%
5.05%
3.82%
4.25%
4.22%
4.39%
4.70%
4.02%
2.21%
3.84%
3.29%
1.88%
1.76%
2.47%
3.26%
2.60%
3.46%
1.76%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
11.12%
8.46%
16.04%
2.97%
Se mantienen datos del 2012, an no est actualizada la web!
Page 12
T. Bond return
sthepromisedcouponatthestartoftheyearandthepricechangeduetointerestratechanges.
attheendof1927)Pricechangeonabondwithacouponrateof3.17%,whentheinterestrategoesto3.45%.
Page 13
T. Bond return
Page 14
T. Bond return
actualizada la web!
Page 15
T. Bond return
oesto3.45%.
Page 16
T. Bond return
Page 17
T. Bond return
Page 18
Date updated:
5-Jan-14
Aswath Damodaran
http://www.damodaran.com
To update this spreadsheet, enter the following

Long Term Treasury bond rate =
3.04%
Risk Premium to Use for Equity =
5.00% US implied premium
Global Defautl Spread to add to cost of debt =
0.00% None for the US
Do you want to use the marginal tax rate for cost of debt?
If yes, enter the marginal tax rate to use
rM
Industry Name
Number of Firms
8.04%
Beta
Cost of Equity
Advertising
65
1.03
Aerospace/Defense
95
1.01
Air Transport
25
0.94
Apparel
70
1.15
Auto & Truck
26
1.28
Auto Parts
75
1.46
0.72
721
0.58
Beverage
47
1.42
Beverage (Alcoholic)
19
1.14
349
1.12
Broadcasting
30
1.53
Brokerage & Investment Banking
49
1.11
Building Materials
37
1.27
179
0.90
Cable TV
16
0.97
Chemical (Basic)
47
1.01
Bank
Banks (Regional)
Biotechnology
Chemical (Diversified)
10
1.42
100
1.01
45
1.28
Computer Services
129
0.92
Computer Software
273
1.07
Computers/Peripherals
66
1.15
Construction
18
0.96
Diversified
20
0.77
40
1.24
Chemical (Specialty)
Coal & Related Energy
8.19%
8.08%
7.73%
8.77%
9.42%
10.35%
6.62%
5.96%
10.16%
8.74%
8.62%
10.70%
8.58%
9.40%
7.53%
7.91%
8.10%
10.12%
8.11%
9.42%
7.65%
8.38%
8.79%
7.84%
6.89%
9.22%
E/(D+E)
65.55%
84.04%
47.74%
82.42%
50.62%
75.76%
54.29%
58.14%
81.86%
78.40%
91.61%
67.35%
19.98%
76.89%
77.38%
67.01%
77.12%
74.97%
85.99%
53.58%
83.00%
92.01%
91.89%
76.65%
51.42%
71.93%
Electrical Equipment
135
1.14
Electronics
191
1.02
Electronics (Consumer & Office)
26
1.37
Engineering
56
1.20
Entertainment
85
1.19
108
1.13
Farming/Agriculture
29
0.79
Financial Svcs.
76
0.99
17
1.05
Food Processing
97
0.85
Food Wholesalers
18
1.18
36
1.24
Healthcare Equipment
193
0.85
Healthcare Facilities
47
1.13
Healthcare Products
58
1.00
Healthcare Services
126
0.83
Heathcare Information and Technology
125
0.99
Heavy Construction
46
1.67
Homebuilding
32
1.71
Hotel/Gaming
89
1.27
139
1.00
71
0.84
Insurance (General)
26
0.92
Insurance (Life)
27
1.21
Insurance (Prop/Cas.)
53
0.76
330
1.05
65
0.82
Machinery
141
1.04
Metals & Mining
134
1.26
30
1.14
1.00
411
1.24
Oil/Gas Distribution
80
0.82
163
1.30
24
0.99
Paper/Forest Products
21
1.34
Pharma & Drugs
138
1.10
Power
106
0.68
Precious Metals
166
1.33
Publshing & Newspapers
52
1.08
R.E.I.T.
46
0.78
Environmental & Waste Services
Household Products
Internet software and services

Investment Co.
Office Equipment & Services

Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
8.75%
8.16%
9.88%
9.04%
8.98%
8.71%
7.01%
7.97%
8.29%
7.30%
8.92%
9.25%
7.31%
8.68%
8.06%
7.20%
8.00%
11.39%
11.61%
9.41%
8.06%
7.26%
7.64%
9.09%
6.86%
8.27%
7.12%
8.25%
9.34%
8.76%
8.06%
9.24%
7.12%
9.56%
7.97%
9.72%
8.56%
6.43%
9.71%
8.45%
6.95%
87.92%
86.20%
71.27%
81.49%
79.38%
69.64%
70.86%
49.48%
23.18%
78.17%
85.63%
78.33%
85.28%
45.27%
83.47%
78.17%
87.32%
63.98%
63.85%
65.65%
83.80%
90.39%
68.43%
60.00%
74.09%
96.00%
48.92%
85.11%
67.47%
64.48%
92.13%
39.04%
65.82%
83.14%
67.03%
65.79%
87.82%
54.02%
72.98%
73.09%
14.93%
Railroad
10
1.08
22
0.99
11
0.72
47
1.40
Recreation
70
1.30
0.56
Restaurant
84
0.86
Retail (Automotive)
30
1.15
1.07
87
1.00
Retail (General)
21
0.98
Retail (Grocery and Food)
21
0.81
Retail (Internet)
47
1.03
137
0.99
1.27
104
1.19
Semiconductor Equip
51
1.25
14
1.50
Shoe
14
0.83
Steel
37
1.19
Telecom (Wireless)
28
0.68
131
1.14
82
0.94
223
0.53
Tobacco
12
0.94
Transportation
22
1.01
Trucking
28
1.17
Utility (General)
20
0.56
Reinsurance
Retail (Building Supply)

Rubber& Tires
Semiconductor
Telecom. Equipment
Telecom. Services
Thrift
Utility (Water)
Total Market
20
0.75
7766
1.01
8.43%
7.99%
6.63%
10.05%
9.56%
5.85%
7.32%
8.80%
8.38%
8.04%
7.94%
7.11%
8.19%
7.97%
9.38%
9.01%
9.31%
10.52%
7.19%
8.99%
6.44%
8.76%
7.74%
5.70%
7.73%
8.07%
8.87%
5.84%
6.78%
80.85%
80.06%
85.25%
62.67%
79.92%
72.20%
78.39%
63.49%
81.85%
69.53%
73.74%
63.75%
95.18%
72.57%
47.67%
88.48%
85.49%
60.48%
92.69%
68.54%
48.75%
90.28%
58.40%
1.84%
82.76%
82.81%
56.03%
59.05%
63.33%
8.07% 57.38%
amodaran.com
Cost of Debt Lookup Table (based on std dev in stock prices)
Standard Deviation
US implied premium
None for the US
0.25
Basis Spread
0.25
0.5
No
0.5
0.65
40%
0.65
0.8
0.8
0.9
0.9
Std Dev in Stock
113.36%
88.97%
92.87%
94.86%
103.75%
102.64%
41.40%
70.20%
109.89%
97.07%
133.64%
110.90%
87.95%
85.47%
89.91%
86.81%
108.14%
64.97%
85.18%
120.20%
96.81%
100.31%
111.60%
94.83%
58.91%
120.83%
Cost of Debt
7.04%
5.54%
6.04%
6.04%
7.04%
7.04%
4.04%
5.04%
7.04%
6.04%
7.04%
7.04%
5.54%
5.54%
5.54%
5.54%
7.04%
4.54%
5.54%
7.04%
6.04%
7.04%
7.04%
6.04%
4.54%
7.04%
10
Tax Rate
6.04%
15.03%
13.79%
10.29%
4.71%
9.43%
22.17%
18.00%
3.95%
10.72%
1.13%
13.21%
13.44%
16.33%
13.41%
15.00%
6.27%
25.03%
12.74%
2.44%
9.94%
6.16%
5.66%
9.82%
12.60%
11.84%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
4.00%
After-tax Cost of Debt
6.62%
4.71%
5.21%
5.42%
6.71%
6.38%
3.14%
4.13%
6.76%
5.39%
6.96%
6.11%
4.80%
4.64%
4.80%
4.71%
6.60%
3.40%
4.83%
6.87%
5.44%
6.61%
6.64%
5.45%
3.97%
6.21%
D/(D+E)
34.45%
15.96%
52.26%
17.58%
49.38%
24.24%
45.71%
41.86%
18.14%
21.60%
8.39%
32.65%
80.02%
23.11%
22.62%
32.99%
22.88%
25.03%
14.01%
46.42%
17.00%
7.99%
8.11%
23.35%
48.58%
28.07%
Cost of Capital
7.64%
7.54%
6.41%
8.18%
8.08%
9.38%
5.03%
5.19%
9.54%
8.01%
8.48%
9.20%
5.55%
8.30%
6.91%
6.86%
7.76%
8.44%
7.65%
8.24%
7.27%
8.24%
8.61%
7.28%
5.47%
8.37%
109.94%
111.11%
101.29%
89.28%
102.02%
118.46%
84.88%
79.79%
66.66%
86.41%
91.05%
100.03%
105.14%
90.96%
100.72%
91.19%
112.18%
89.60%
105.53%
99.66%
106.72%
66.77%
55.60%
57.69%
65.78%
120.28%
76.57%
78.89%
127.20%
81.92%
52.52%
112.16%
63.33%
101.55%
56.60%
75.10%
117.64%
55.54%
140.33%
88.39%
56.02%
7.04%
7.04%
7.04%
5.54%
7.04%
7.04%
5.54%
5.04%
5.04%
5.54%
6.04%
7.04%
7.04%
6.04%
7.04%
6.04%
7.04%
5.54%
7.04%
6.04%
7.04%
5.04%
4.54%
4.54%
5.04%
7.04%
5.04%
5.04%
7.04%
5.54%
4.54%
7.04%
4.54%
7.04%
4.54%
5.04%
7.04%
4.54%
7.04%
5.54%
4.54%
7.49%
7.52%
8.97%
14.86%
4.85%
5.02%
9.01%
18.37%
9.77%
14.00%
10.69%
10.03%
5.80%
13.49%
8.76%
13.77%
6.09%
19.40%
6.68%
10.48%
9.51%
17.05%
19.19%
17.82%
19.42%
4.59%
6.62%
13.02%
1.90%
12.81%
20.55%
6.29%
4.18%
10.73%
21.28%
8.20%
4.30%
16.03%
0.82%
13.92%
2.48%
6.51%
6.51%
6.41%
4.72%
6.70%
6.69%
5.04%
4.11%
4.55%
4.76%
5.39%
6.33%
6.63%
5.23%
6.42%
5.21%
6.61%
4.47%
6.57%
5.41%
6.37%
4.18%
3.67%
3.73%
4.06%
6.72%
4.71%
4.38%
6.91%
4.83%
3.61%
6.60%
4.35%
6.28%
3.57%
4.63%
6.74%
3.81%
6.98%
4.77%
4.43%
12.08%
13.80%
28.73%
18.51%
20.62%
30.36%
29.14%
50.52%
76.82%
21.83%
14.37%
21.67%
14.72%
54.73%
16.53%
21.83%
12.68%
36.02%
36.15%
34.35%
16.20%
9.61%
31.57%
40.00%
25.91%
4.00%
51.08%
14.89%
32.53%
35.52%
7.87%
60.96%
34.18%
16.86%
32.97%
34.21%
12.18%
45.98%
27.02%
26.91%
85.07%
8.48%
7.94%
8.88%
8.24%
8.51%
8.10%
6.44%
6.02%
5.41%
6.74%
8.41%
8.62%
7.21%
6.79%
7.79%
6.77%
7.83%
8.89%
9.78%
8.03%
7.79%
6.96%
6.38%
6.95%
6.13%
8.20%
5.89%
7.68%
8.55%
7.37%
7.71%
7.63%
6.18%
9.01%
6.52%
7.98%
8.33%
5.23%
8.97%
7.46%
4.80%
67.40%
94.11%
74.92%
101.66%
97.36%
37.61%
78.32%
84.47%
97.40%
85.26%
77.55%
79.40%
114.31%
91.79%
106.10%
95.41%
101.14%
117.34%
78.29%
83.60%
96.71%
106.61%
98.32%
69.10%
58.61%
75.94%
82.51%
33.80%
77.13%
5.04%
6.04%
5.04%
7.04%
6.04%
4.04%
5.04%
5.54%
6.04%
5.54%
5.04%
5.04%
7.04%
6.04%
7.04%
6.04%
7.04%
7.04%
5.04%
5.54%
6.04%
7.04%
6.04%
5.04%
4.54%
5.04%
5.54%
4.04%
5.04%
20.51%
3.00%
8.72%
8.56%
8.81%
13.34%
15.17%
19.23%
21.97%
16.18%
25.03%
22.83%
9.80%
18.90%
15.21%
7.30%
5.13%
4.99%
19.82%
14.13%
11.54%
6.90%
8.40%
18.93%
14.23%
21.21%
27.93%
29.93%
14.52%
4.01%
5.86%
4.60%
6.44%
5.51%
3.50%
4.28%
4.47%
4.71%
4.64%
3.78%
3.89%
6.35%
4.90%
5.97%
5.60%
6.68%
6.69%
4.04%
4.76%
5.34%
6.55%
5.53%
4.09%
3.89%
3.97%
3.99%
2.83%
4.31%
19.15%
19.94%
14.75%
37.33%
20.08%
27.80%
21.61%
36.51%
18.15%
30.47%
26.26%
36.25%
4.82%
27.43%
52.33%
11.52%
14.51%
39.52%
7.31%
31.46%
51.25%
9.72%
41.60%
98.16%
17.24%
17.19%
43.97%
40.95%
36.67%
7.59%
7.57%
6.33%
8.70%
8.75%
5.20%
6.66%
7.22%
7.72%
7.00%
6.84%
5.94%
8.10%
7.13%
7.59%
8.61%
8.93%
9.01%
6.96%
7.66%
5.88%
8.55%
6.82%
4.12%
7.07%
7.37%
6.73%
4.61%
5.87%
94.94%
6.04%
10.32%
5.42%
42.62%
6.94%
Date updated:
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
5-Jan-14
Aswath Damodaran
http://www.damodaran.com
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
65
95
25
70
26
75
7
721
47
19
349
30
49
37
179
16
47
10
100
45
129
273
66
18
20
40
1.03
1.01
0.94
1.15
1.28
1.46
0.72
0.58
1.42
1.14
1.12
1.53
1.11
1.27
0.90
0.97
1.01
1.42
1.01
1.28
0.92
1.07
1.15
0.96
0.77
1.24
52.57%
18.99%
109.48%
21.33%
97.56%
32.00%
84.19%
72.00%
22.16%
27.56%
9.15%
48.49%
400.56%
30.05%
29.23%
49.23%
29.67%
33.39%
16.30%
86.63%
20.48%
8.68%
8.83%
30.47%
94.47%
39.03%
6.04%
15.03%
13.79%
10.29%
4.71%
9.43%
22.17%
18.00%
3.95%
10.72%
1.13%
13.21%
13.44%
16.33%
13.41%
15.00%
6.27%
25.03%
12.74%
2.44%
9.94%
6.16%
5.66%
9.82%
12.60%
11.84%
0.69
0.87
0.48
0.96
0.66
1.13
0.43
0.37
1.17
0.91
1.02
1.08
0.25
1.02
0.72
0.69
0.79
1.13
0.89
0.69
0.78
0.99
1.06
0.75
0.42
0.92
Industry Name
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Food Processing
Food Wholesalers
Healthcare Equipment
Healthcare Facilities
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
135
191
26
56
85
108
29
76
17
97
18
36
193
47
58
126
125
46
32
89
139
71
26
27
53
330
65
141
1.14
1.02
1.37
1.20
1.19
1.13
0.79
0.99
1.05
0.85
1.18
1.24
0.85
1.13
1.00
0.83
0.99
1.67
1.71
1.27
1.00
0.84
0.92
1.21
0.76
1.05
0.82
1.04
13.74%
16.01%
40.30%
22.72%
25.98%
43.59%
41.12%
102.12%
331.47%
27.92%
16.79%
27.66%
17.26%
120.90%
19.80%
27.93%
14.52%
56.30%
56.61%
52.33%
19.33%
10.63%
46.14%
66.67%
34.98%
4.16%
104.40%
17.50%
7.49%
7.52%
8.97%
14.86%
4.85%
5.02%
9.01%
18.37%
9.77%
14.00%
10.69%
10.03%
5.80%
13.49%
8.76%
13.77%
6.09%
19.40%
6.68%
10.48%
9.51%
17.05%
19.19%
17.82%
19.42%
4.59%
6.62%
13.02%
1.01
0.89
1.00
1.01
0.95
0.80
0.58
0.54
0.26
0.69
1.02
0.99
0.73
0.55
0.85
0.67
0.87
1.15
1.12
0.87
0.86
0.77
0.67
0.78
0.60
1.01
0.41
0.91
Industry Name
Metals & Mining

Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Rubber& Tires
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
134
30
8
411
80
163
24
21
138
106
166
52
46
10
22
11
47
70
3
84
30
7
87
21
21
47
137
4
1.26
1.14
1.00
1.24
0.82
1.30
0.99
1.34
1.10
0.68
1.33
1.08
0.78
1.08
0.99
0.72
1.40
1.30
0.56
0.86
1.15
1.07
1.00
0.98
0.81
1.03
0.99
1.27
48.21%
55.08%
8.54%
156.15%
51.93%
20.29%
49.19%
51.99%
13.87%
85.11%
37.02%
36.82%
569.79%
23.69%
24.90%
17.30%
59.57%
25.13%
38.50%
27.57%
57.51%
22.18%
43.82%
35.62%
56.86%
5.06%
37.80%
109.78%
1.90%
12.81%
20.55%
6.29%
4.18%
10.73%
21.28%
8.20%
4.30%
16.03%
0.82%
13.92%
2.48%
20.51%
3.00%
8.72%
8.56%
8.81%
13.34%
15.17%
19.23%
21.97%
16.18%
25.03%
22.83%
9.80%
18.90%
15.21%
0.86
0.77
0.94
0.50
0.55
1.10
0.71
0.90
0.97
0.40
0.98
0.82
0.12
0.91
0.80
0.62
0.91
1.06
0.42
0.69
0.79
0.91
0.73
0.77
0.57
0.99
0.75
0.66
Industry Name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Number of firms
Beta
D/E Ratio
104
51
14
14
37
28
131
82
223
12
22
28
20
20
7766
1.19
1.25
1.50
0.83
1.19
0.68
1.14
0.94
0.53
0.94
1.01
1.17
0.56
0.75
1.01
13.02%
7.30%
16.97%
5.13%
65.35%
4.99%
7.89%
19.82%
45.91% 14.13%
105.14% 11.54%
10.77%
6.90%
71.23%
8.40%
NA
18.93%
20.83% 14.23%
20.75% 21.21%
78.48% 27.93%
69.35% 29.93%
57.90% 14.52%
74.28% 10.32%
Tax rate
Unlevered beta
1.06
1.08
0.92
0.78
0.85
0.35
1.04
0.57
0.01
0.80
0.86
0.75
0.38
0.50
0.60
Cash/Firm value
Unlevered beta corrected for cash
5.91%
6.24%
6.92%
2.99%
8.48%
8.04%
10.94%
13.80%
5.06%
1.38%
4.39%
2.31%
24.39%
5.04%
4.33%
2.58%
7.19%
6.82%
6.25%
5.86%
5.48%
5.50%
5.92%
1.89%
2.27%
11.98%
0.73
0.92
0.52
0.99
0.72
1.23
0.49
0.43
1.24
0.93
1.07
1.10
0.33
1.07
0.75
0.71
0.85
1.22
0.95
0.73
0.82
1.04
1.13
0.77
0.43
1.04
Cash/Firm value
5.37%
10.69%
6.97%
11.21%
4.05%
1.42%
7.63%
7.22%
7.85%
3.10%
1.71%
3.88%
5.20%
1.22%
4.28%
6.54%
4.88%
5.54%
9.15%
3.84%
3.52%
3.84%
5.04%
10.41%
5.47%
3.98%
11.38%
5.90%
1.07
1.00
1.08
1.13
0.99
0.81
0.63
0.58
0.29
0.71
1.04
1.03
0.77
0.56
0.89
0.72
0.92
1.22
1.23
0.90
0.89
0.81
0.71
0.87
0.63
1.05
0.47
0.96
Cash/Firm value
5.37%
5.45%
3.09%
1.76%
1.12%
5.69%
3.31%
3.12%
5.15%
2.05%
10.57%
6.06%
2.40%
1.61%
6.27%
0.69%
3.25%
4.22%
10.46%
2.56%
2.25%
2.89%
1.86%
3.19%
1.72%
3.03%
3.20%
17.50%
0.90
0.82
0.97
0.51
0.55
1.17
0.73
0.93
1.03
0.40
1.09
0.87
0.12
0.92
0.85
0.62
0.94
1.11
0.47
0.71
0.80
0.94
0.74
0.80
0.58
1.02
0.78
0.80
Cash/Firm value
6.34%
10.97%
2.28%
3.53%
6.31%
5.15%
6.36%
9.63%
1.88%
3.80%
5.60%
2.92%
0.97%
0.55%
5.24%
1.14
1.21
0.94
0.81
0.91
0.37
1.11
0.63
0.34
0.83
0.92
0.77
0.38
0.50
0.64
Country
AbuDhabi
Albania
Andorra
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
BurkinaFaso
Cambodia
Cameroon
Canada
CapeVerde
CaymanIslands
Chile
China
Colombia
CookIslands
CostaRica
Croatia
Cuba
Curacao
Cyprus
CzechRepublic
GDP
15.0
13.1
4.5
114.2
474.9
9.9
2.6
1520.6
399.6
67.2
8.1
22.9
115.6
3.7
63.3
483.7
1.4
7.6
5.6
27.0
17.0
14.4
2252.7
51.0
10.4
14.1
25.0
1821.4
1.9
4.0
268.3
8227.1
369.8
1.2
45.1
56.4
60.8
1.0
23.0
195.7
LongTermRating
Aa2
B1
A3
Ba3
B3
Ba2
Baa1
Aaa
Aaa
Baa3
Baa1
Baa2
Ba3
Ba1
B3
Aa3
Caa2
B2
Aa3
Ba3
B3
A2
Baa2
Baa2
B2
B2
B2
Aaa
B2
Aa3
Aa3
Aa3
Baa3
B1
Baa3
Ba1
Caa1
B1
Caa3
A1
DemocraticRepublicofCongo
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
17.9
314.2
59.0
84.5
84.5
23.8
21.9
3.9
250.0
2612.9
18.7
15.8
3399.6
40.7
249.1
50.8
18.0
263.3
125.5
13.7
1841.7
878.0
210.3
1.4
242.9
2013.3
14.8
5959.7
31.2
201.7
37.2
1129.6
176.6
28.4
42.9
10.5
42.2
57.1
43.6
9.7
303.5
B3
Aaa
B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKaminah
RepublicoftheCongo
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
8.7
10.5
1177.3
7.3
10.3
4.2
1.5
96.7
14.6
12.8
772.2
139.8
10.5
262.6
499.7
71.8
231.2
36.3
15.7
25.5
197.1
250.3
489.8
212.5
173.0
5.2
13.7
169.4
2014.8
7.1
576.8
14.2
37.5
274.7
91.6
45.5
384.3
1349.4
59.4
1.5
1.5
A3
Baa1
Baa1
B3
B1
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Baa3
A2
Ba3
Aa2
A2
Ba3
Baa3
Baa1
B2
Aa3
B1
B1
Aaa
A2
Ba1
Baa1
Baa3
B1
Baa1
B2
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia
4.7
525.7
632.2
44.0
365.6
24.0
45.7
789.3
33.7
176.3
360.2
2435.2
15684.8
49.1
49.1
141.7
20.7
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1
Adj.DefaultSpread
0.50%
4.50%
1.20%
3.60%
6.50%
3.00%
1.60%
0.00%
0.00%
2.20%
1.60%
1.90%
3.60%
2.50%
6.50%
0.60%
9.00%
5.50%
0.60%
3.60%
6.50%
0.85%
1.90%
1.90%
5.50%
5.50%
5.50%
0.00%
5.50%
0.60%
0.60%
0.60%
2.20%
4.50%
2.20%
2.50%
7.50%
4.50%
10.00%
0.70%
TotalRiskPremium CountryRiskPremium Region

5.75%
0.75%
Middle East
11.75%
6.75%
Eastern Europe & Russia
6.80%
1.80%
Western Europe
10.40%
5.40%
Africa
14.75%
9.75%
Central and South America
9.50%
4.50%
7.40%
2.40%
Caribbean
5.00%
0.00%
Australia & New Zealand
5.00%
0.00%
Western Europe
8.30%
3.30%
7.40%
2.40%
Caribbean
7.85%
2.85%
Middle East
10.40%
5.40%
Asia
8.75%
3.75%
Caribbean
14.75%
9.75%
5.90%
0.90%
Western Europe
18.50%
13.50%
13.25%
8.25%
Africa
5.90%
0.90%
Caribbean
10.40%
5.40%
14.75%
9.75%
6.28%
1.28%
Africa
7.85%
2.85%
7.85%
2.85%
13.25%
8.25%
Africa
13.25%
8.25%
Asia
13.25%
8.25%
Africa
5.00%
0.00%
North America
13.25%
8.25%
Africa
5.90%
0.90%
Caribbean
5.90%
0.90%
5.90%
0.90%
Asia
8.30%
3.30%
11.75%
6.75%
8.30%
3.30%
8.75%
3.75%
16.25%
11.25%
Caribbean
11.75%
6.75%
Caribbean
20.00%
15.00%
Western Europe
6.05%
1.05%
6.50%
0.00%
4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%
5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%
14.75%
5.00%
11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%
13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%
9.75%
0.00%
6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%
8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%
Africa
Western Europe
Caribbean
Africa
Asia
Western Europe
Western Europe
Africa
Western Europe
Africa
Western Europe
Asia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Africa
Asia
Middle East
Middle East
Western Europe
Western Europe
Asia
Asia
1.20%
1.60%
1.60%
6.50%
4.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%
2.20%
4.50%
1.60%
5.50%
6.80%
7.40%
7.40%
14.75%
11.75%
10.40%
8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%
8.30%
11.75%
7.40%
13.25%
1.80%
2.40%
2.40%
9.75%
6.75%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%
3.30%
6.75%
2.40%
8.25%
Western Europe
Asia
Asia
Caribbean
Africa
Africa
Africa
Western Europe
Africa
Western Europe
Middle East
Asia
Asia
Asia
Western Europe
Middle East
Middle East
Africa
Africa
Middle East
Africa
Asia
Africa
Western Europe
Asia
Caribbean
Caribbean
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%
10.40%
5.00%
5.00%
5.90%
7.40%
7.40%
10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%

Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Africa
Middle East
Western Europe
North America
Asia
Africa
PRP
0.8%
6.8%
1.8%
5.4%
9.8%
4.5%
2.4%
0.0%
0.0%
3.3%
2.4%
2.9%
5.4%
3.8%
9.8%
0.9%
13.5%
8.3%
0.9%
5.4%
9.8%
1.3%
2.9%
2.9%
8.3%
8.3%
8.3%
0.0%
8.3%
0.9%
0.9%
0.9%
3.3%
6.8%
3.3%
3.8%
11.3%
6.8%
15.0%
1.1%
9.8%
0.0%
6.8%
11.3%
11.3%
5.4%
1.1%
6.8%
0.0%
0.6%
5.4%
5.4%
0.0%
6.8%
15.0%
3.8%
8.3%
0.6%
3.8%
3.3%
3.3%
3.3%
3.8%
0.6%
1.1%
2.9%
15.0%
0.9%
6.8%
2.9%
6.8%
0.9%
0.8%
2.9%
6.8%
0.0%
2.4%
0.0%
0.9%
5.4%
1.8%
1.8%
2.4%
2.4%
9.8%
6.8%
5.4%
3.3%
3.8%
6.8%
3.3%
0.0%
0.0%
9.8%
5.4%
0.0%
1.1%
11.3%
2.9%
6.8%
5.4%
2.9%
3.3%
1.3%
5.4%
0.8%
1.3%
5.4%
3.3%
2.4%
8.3%
0.9%
6.8%
6.8%
0.0%
1.3%
3.8%
2.4%
3.3%
6.8%
2.4%
8.3%
5.4%
0.0%
0.0%
0.9%
2.4%
2.4%
5.4%
3.3%
6.8%
11.3%
0.8%
0.6%
0.0%
3.3%
11.3%
8.3%
6.8%
Bolivia: Indice de Precios al Consumidor por Ao segn Mes (Base 2007),

Serie: 1967 - 2013
MES
1967
1968
1969
1970
1971
1972
Enero
0.00004029
0.00004212
0.00004347
0.00004474
0.00004624
0.00004810
Febrero
0.00004113
0.00004208
0.00004321
0.00004485
0.00004606
0.00004806
Marzo
0.00003884
0.00004204
0.00004292
0.00004485
0.00004617
0.00004777
Abril
0.00003935
0.00004183
0.00004285
0.00004467
0.00004591
0.00004777
Mayo
0.00003902
0.00004241
0.00004303
0.00004493
0.00004602
0.00004777
Junio
0.00004124
0.00004292
0.00004314
0.00004525
0.00004675
0.00004817
Julio
0.00004033
0.00004361
0.00004343
0.00004562
0.00004744
0.00004850
Agosto
0.00004066
0.00004343
0.00004416
0.00004565
0.00004799
0.00004835
Septiembre
0.00004077
0.00004314
0.00004423
0.00004565
0.00004828
0.00004854
Octubre
0.00004132
0.00004303
0.00004449
0.00004595
0.00004802
0.00004886
Noviembre
0.00004168
0.00004328
0.00004493
0.00004627
0.00004802
0.00006042
Diciembre
0.00004186
0.00004332
0.00004471
0.00004653
0.00004806
0.00005940
Prom. Anual
0.00004054
0.00004277
0.00004371
0.00004541
0.00004708
0.00005014
FUENTE: INSTITUTO NACIONAL DE ESTADSTICA
1973
1974
1975
1976
1977
1978
1979
0.00005926
0.00009284
0.00011264
0.00011939
0.00012842
0.00013805
0.00015717
0.00005937
0.00010433
0.00011257
0.00012085
0.00012779
0.00013633
0.00016048
0.00006050
0.00010622
0.00011254
0.00011893
0.00012509
0.00013641
0.00015975
0.00006119
0.00010695
0.00011243
0.00011808
0.00012559
0.00013671
0.00015856
0.00006155
0.00010790
0.00011299
0.00011895
0.00012570
0.00013568
0.00016256
0.00006177
0.00011034
0.00011502
0.00012075
0.00013030
0.00014074
0.00016545
0.00006392
0.00011067
0.00011759
0.00012169
0.00013163
0.00014620
0.00017044
0.00006611
0.00011100
0.00011945
0.00012232
0.00013371
0.00014832
0.00017376
0.00006804
0.00010870
0.00011966
0.00012236
0.00013372
0.00014946
0.00017585
0.00007413
0.00010786
0.00011934
0.00012267
0.00013573
0.00015516
0.00017877
0.00007530
0.00011034
0.00011899
0.00012325
0.00013636
0.00015523
0.00018660
0.00008004
0.00011122
0.00011794
0.00012442
0.00013744
0.00015597
0.00022686
0.00006593
0.00010737
0.00011593
0.00012114
0.00013096
0.00014452
0.00017302
1980
1981
1982
1983
1984
1985
1986
0.00023088
0.00031613
0.00036072
0.0014
0.0065
0.23
14.97
0.00023175
0.00032217
0.00041866
0.0015
0.0081
0.65
16.16
0.00023560
0.00032127
0.00045279
0.0017
0.0098
0.81
16.17
0.00023764
0.00032160
0.00050991
0.0019
0.0159
0.91
16.75
0.00024481
0.00032870
0.00053040
0.0020
0.0234
1.23
16.91
0.00025835
0.00032914
0.00055537
0.0021
0.0243
2.20
17.63
0.00026215
0.00033388
0.00067522
0.0023
0.0256
3.65
17.95
0.00027089
0.00035388
0.00079597
0.0029
0.0294
6.08
18.06
0.00026457
0.00035215
0.00095093
0.0034
0.0404
9.52
18.47
0.00026809
0.00035460
0.00109008
0.0038
0.0643
9.34
18.58
0.00027116
0.00035411
0.00129456
0.0047
0.0846
9.64
18.56
0.00028116
0.00035180
0.00139503
0.0060
0.1361
11.26
18.68
0.00025476
0.00033662
0.00075247
0.0028
0.0390
4.63
17.41
1987
1988
1989
1990
1991
1992
1993
1994
19.14
20.58
25.24
29.59
36.58
40.59
44.46
48.18
19.38
20.98
25.38
29.56
36.67
41.50
44.88
48.44
19.51
21.16
25.60
29.67
36.91
41.72
44.86
48.40
19.82
22.16
25.63
29.76
37.09
41.83
44.91
48.64
19.89
22.47
25.79
29.93
37.38
42.12
45.25
48.94
19.85
22.94
25.74
30.53
37.66
42.39
45.66
49.17
19.84
23.85
25.86
31.07
37.98
42.71
46.17
49.63
20.03
24.43
26.67
31.41
38.37
43.10
46.98
50.24
20.15
24.34
27.66
31.78
38.53
43.13
47.23
50.55
20.57
24.84
28.24
32.88
38.90
43.36
47.47
50.93
20.51
24.79
28.73
33.81
39.23
43.57
47.56
51.79
20.68
25.12
29.28
34.56
39.58
43.72
47.78
51.86
19.95
23.14
26.65
31.21
37.91
42.48
46.10
49.73
1995
1996
1997
1998
1999
2000
2001
2002
52.29
59.28
63.02
68.20
70.32
72.80
75.06
75.57
52.58
60.92
63.13
68.77
70.59
73.10
75.04
75.73
53.07
60.78
62.98
68.91
70.29
73.55
74.87
75.50
53.89
60.65
63.33
69.10
70.18
74.26
75.02
75.48
54.14
60.88
63.79
69.32
70.24
73.33
74.89
75.51
54.52
61.20
64.38
69.48
70.50
73.47
75.44
75.59
54.73
61.89
65.20
69.64
70.64
74.00
76.34
75.90
55.01
62.54
65.63
69.66
71.01
74.29
75.84
76.07
55.30
62.64
64.94
69.62
71.43
75.66
75.64
76.42
56.34
62.59
65.19
70.31
71.94
76.67
75.70
76.83
57.35
62.92
65.27
70.33
71.99
74.72
75.53
77.25
58.38
63.02
67.26
70.22
72.42
74.89
75.58
77.43
54.80
61.61
64.51
69.46
70.96
74.23
75.41
76.11
2003
2004
2005
2006
2007
2008
2009
2010
77.74
80.97
85.35
88.69
94.03
104.70
116.26
116.35
77.57
81.13
85.40
88.96
94.81
107.44
116.18
116.54
77.62
80.91
85.53
88.72
95.10
108.49
115.61
116.40
77.86
80.93
85.21
88.84
94.85
109.29
115.11
116.51
77.87
81.26
85.79
89.59
95.28
111.33
114.89
116.49
78.03
81.87
87.11
90.14
96.09
112.73
115.12
116.65
78.50
82.30
86.70
90.65
98.66
113.25
114.89
117.37
79.00
82.59
87.01
90.82
100.23
113.99
115.61
118.61
79.19
82.57
87.14
90.90
100.42
114.99
115.73
119.52
80.18
83.24
87.46
91.32
101.67
115.20
116.10
120.98
79.76
83.69
87.84
92.01
102.92
115.35
115.88
122.33
80.48
84.20
88.33
92.70
103.57
115.84
116.15
124.49
78.65
82.14
86.57
90.28
98.14
111.88
115.63
118.52
2011
2012
2013
126.10
133.49
140.05
128.19
134.15
140.96
129.33
134.55
141.31
129.36
134.75
141.41
129.62
135.41
141.80
129.80
135.70
142.23
130.49
136.22
143.10
130.99
136.70
145.02
131.39
137.21
146.99
132.01
137.73
148.07
132.44
138.39
148.02
133.08
139.13
148.14
130.23
136.12
143.93
Datos INE
http://www.ine.gob.bo/indice/visualizador.aspx?ah=PC02020104.HTM
Geom 05 aos
Geom 10 aos
ltimo Dato
No Considera
5.63%
6.43%
5.74%
0.00%

Cálculo Ke (Datos Damodaran) 2014

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Cálculo Ke (Datos Damodaran) 2014

Uploaded by

Copyright:

Available Formats

Indicador

IUE en Bolivia (efectivo)

Tasa Libre de Riesgo Histrica Geom 05 aos

Tasa Libre de Riesgo Actual

Rentabilidad del Mercado

rubro Rubro de la empresa

Costo de Capital Propio

Fecha de Actualizacin: 20-ene-2014

tasa libre de riesgo aritmtica

Tasa libre de riesgo

Usar esta opcin si su proyecto no est especificado en esta lista

Cuadro para Copia

Valores para Copia

Se mantienen datos del 2012, an no est actualizada la web!

To update this spreadsheet, enter the following

Risk Premium to Use for Equity =

5.00% US implied premium

Global Defautl Spread to add to cost of debt =

0.00% None for the US

Auto & Truck

Brokerage & Investment Banking

Business & Consumer Services

Electronics (Consumer & Office)

Financial Svcs. (Non-bank & Insurance)

Heathcare Information and Technology

Metals & Mining

Packaging & Container

Pharma & Drugs

Publshing & Newspapers

Environmental & Waste Services

Internet software and services

Office Equipment & Services

Real Estate (Development)

Real Estate (General/Diversified)

Real Estate (Operations & Services)

Retail (Grocery and Food)

Shipbuilding & Marine

Retail (Building Supply)

Retail (Special Lines)

None for the US

Std Dev in Stock

After-tax Cost of Debt

Metals & Mining

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

TotalRiskPremium CountryRiskPremium Region

Central and South America

Bolivia: Indice de Precios al Consumidor por Ao segn Mes (Base 2007),

FUENTE: INSTITUTO NACIONAL DE ESTADSTICA

You might also like