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Intereses
Deuda (Kd)
AON (D)
Patrim
AFN (E) Dividendos
(Ke)
Activo Neto Pasivo + Pat
Accionistas
$$
D = VA (CFd;kd)
Div3
Div2
E = VA (CFac; ke) Div1
1 2 3
E
135 60
E= = 1,500 D= = 1,000
0.09 0.06
Valor Empresa (V) = E + D = 1,500 + 1,000
() ( ) ( )( )
Ke E = uait 1- t -Kd D 1- t
E + D es igual a V
V=
( )
uait 1- t
¿Qué es el numerador? KeE+KdD (1- t)
¿Qué es el denominador?
E+D
WACC=
( )
EKe +DKd 1-t
E+D
180
V= = 2500
7.2%
1000 1500
WACC = 6% + 9% = 7.8%
1000 +1500 1000 +1500
190
V= = 2500
7.8%
Ke =Ku + Ku -Kd ( )( )
1- t D Ku =
( )
KeE+KdD 1- t
E E+D (1- t)
180
Vu = = 2,250
8%
1000*25%*8%
VTS = = 250
8%
115 40
E= = 1,642.86 D= = 1,000
0.09- 0.02 0.06 - 0.02
(
WACC = 6% 1-25% ) 1000
1000 +1642.86
+ 9%
1642.86
1000 +1642.86
= 7.2973%
140
V= = 2642.86
7.2973% -2%
1000 1642.86
WACCBT = 6% + 9% = 7.8649%
1000 +1642.86 1000 +1642.86
155
V= = 2642.86
7.8649% -2%
140
Vu = = 2,310.35
8.0597%
1000*25%*8.0597%
VTS = = 332.51
8.0597% -2%