Professional Documents
Culture Documents
Totales 8,500
Apalancamiento
Palanca financiera 25.5% 13.5% 7.2% 3.3% 0.7%
Razn de pasivo a capital 34.2% 15.5% 7.8% 3.5% 0.7%
Rotacin de inters 29.42 36.79 48.99 73.29 146.00
- - - - -
Rentabilidad o rendimiento
Margen de utilidad 31.1% 31.5% 31.9% 32.2% 32.6%
Sobre activo total (ROI) 41.8% 32.3% 26.4% 22.4% 19.6%
Sobre capital (ROE) 56.1% 37.4% 28.4% 23.2% 19.8%
Tabla de amortizacin del prstamo
Ao Insoluto Tasa Inters Pago Inters Pago Total Saldo Final
1 150,000 12.50% 42,128 18,750 60,878 126,622
2 126,622 12.50% 42,128 15,828 57,956 100,322
3 100,322 12.50% 42,128 12,540 54,668 70,734
4 70,734 12.50% 42,128 8,842 50,970 37,447
5 37,447 12.50% 42,128 4,681 46,809 0
30816
2568 116.7272727
1506962
1,400,000
1,200,000
1,000,000
Plan 800,000 Ao
1,312,222 Ventas
600,000
(285,096) UN
1,027,126 400,000
(231,645) 200,000
(15,315)
(59,621) 0
2015 2016 2017 2018 2019
720,545
(46,809)
673,736
0.105
(269,494)
404,241 0.1 0.0997464481
30.8% 0.0961053942
0.095
0.0924221203
0.09 Margen
0.088685193
Ao
0.085 0.084883229
0.08
310680 32500
2333.3333 72 2340000
729000 23707
8793
633096
800 0.4 320
841050 801000 1.05
40768 0.04847274
TABLA DE AMORTIZACIN Tasa efectiva
Crdito Inters Vida Aos Capitaliz 19.5618171
DATOS: 120,000 18.0% 5 12 Te= (1+i/n)^(p*n) -1*100
Num. Saldo inicial Pago Inters Capital Remanente
1 120,000 3,047 1,800 1,247 118,753
2 118,753 3,047 1,781 1,266 117,487
3 117,487 3,047 1,762 1,285 116,202
4 116,202 3,047 1,743 1,304 114,898
5 114,898 3,047 1,723 1,324 113,574
6 113,574 3,047 1,704 1,344 112,230
7 112,230 3,047 1,683 1,364 110,867
8 110,867 3,047 1,663 1,384 109,482
9 109,482 3,047 1,642 1,405 108,077
10 108,077 3,047 1,621 1,426 106,651
11 106,651 3,047 1,600 1,447 105,204
12 105,204 3,047 1,578 1,469 103,735 16,265
13 103,735 3,047 1,556 1,491 102,244
14 102,244 3,047 1,534 1,514 100,730
15 100,730 3,047 1,511 1,536 99,194
16 99,194 3,047 1,488 1,559 97,635
17 97,635 3,047 1,465 1,583 96,052
18 96,052 3,047 1,441 1,606 94,445
19 94,445 3,047 1,417 1,631 92,815
20 92,815 3,047 1,392 1,655 91,160
21 91,160 3,047 1,367 1,680 89,480
22 89,480 3,047 1,342 1,705 87,775
23 87,775 3,047 1,317 1,731 86,044
24 86,044 3,047 1,291 1,757 84,288
25 84,288 3,047 1,264 1,783 82,505
26 82,505 3,047 1,238 1,810 80,695
27 80,695 3,047 1,210 1,837 78,859
28 78,859 3,047 1,183 1,864 76,994
29 76,994 3,047 1,155 1,892 75,102
30 75,102 3,047 1,127 1,921 73,181
31 73,181 3,047 1,098 1,949 71,232
32 71,232 3,047 1,068 1,979 69,253
33 69,253 3,047 1,039 2,008 67,245
34 67,245 3,047 1,009 2,039 65,206
35 65,206 3,047 978 2,069 63,137
36 63,137 3,047 947 2,100 61,037
37 61,037 3,047 916 2,132 58,905
38 58,905 3,047 884 2,164 56,742
39 56,742 3,047 851 2,196 54,545
40 54,545 3,047 818 2,229 52,316
41 52,316 3,047 785 2,262 50,054
42 50,054 3,047 751 2,296 47,758
43 47,758 3,047 716 2,331 45,427
44 45,427 3,047 681 2,366 43,061
45 43,061 3,047 646 2,401 40,660
46 40,660 3,047 610 2,437 38,222
47 38,222 3,047 573 2,474 35,748
48 35,748 3,047 536 2,511 33,237
49 33,237 3,047 499 2,549 30,689
50 30,689 3,047 460 2,587 28,102
51 28,102 3,047 422 2,626 25,476
52 25,476 3,047 382 2,665 22,811
53 22,811 3,047 342 2,705 20,106
54 20,106 3,047 302 2,746 17,361
55 17,361 3,047 260 2,787 14,574
56 14,574 3,047 219 2,829 11,745
57 11,745 3,047 176 2,871 8,874
58 8,874 3,047 133 2,914 5,960
59 5,960 3,047 89 2,958 3,002
60 3,002 3,047 45 3,002 0
Sumas 182,833 62,833 120,000
12.0367834
St 11.84
182 rd tasa domest 4.30%
re tasa extranjera 0.96%
t das vto 180
S 16
K 18
t 0.25
40%
rf 2%
Call europeo
Pasos intermedios
S 16 e^rf*t 0.99501248
K 18 PV(K) 17.9102246
t 0.25 ln(S/PV_K) -0.112783
Sigma 40% *t 0.2
rf 2%
Salidas
d1 -0.4639152
d2 -0.6639152
N(d1) 0.32135426
N(d2) 0.2533723
Input Data
Stock Price now (P) 1327581
Exercise Price of Option (EX) 1000000
Number of periods to Exercise in years (t) 0.25
Compounded Risk-Free Interest Rate (rf) 4.50%
Standard Deviation (annualized s) 44.10%
Output Data
Present Value of Exercise Price (PV(EX)) 988,813
s*t^.5 0.2205 Entre las diferentes opcione
d1 1.4463 a) Opcin real de crecimi
d2 1.2258 b) Opcin real de contrac
Delta N(d1) Normal Cumulative Density Function 0.9260 c) Opcin real de reducir
Bank Loan N(d2)*PV(EX) 879,916 d) Opcin real de perman
e) Opcin real de abando
Value of Call 349,370 f) Opcin real de cambio
Value of Put 10,602
Frmulas columna h
=+EXP(-rf*t)
=K * J54
= LN(S/PV_X)
= E57*RAIZ(t)
= (H56/H57)+(H57/2)
= H60-H57
=DISTR.NORM.ESTAND(H60)
=DISTR.NORM.ESTAND(H61)
= H62*E54-H63*H55
e las diferentes opciones reales que pueden utilizarse para la valuacin de PI se tienen:
) Opcin real de crecimiento o expansin.
) Opcin real de contraccin o implementacin por etapas.
Opcin real de reducir o cierre temporal.
) Opcin real de permanencia.
) Opcin real de abandono.
Opcin real de cambio tecnolgico.
Mat Nombre Programa
AGA
AGA
AGA
AGA
AGA
Sinodales Sinodales
Benita
BMJG Martha Jimnez Garcia
Benita
BMJG Martha Jimnez Garcia
Benita
BMJG Martha Jimnez Garcia