Professional Documents
Culture Documents
9/30/2016
Dolares
4,521
0
86,877
43,576
43,105
0
196
19,757
0
0
0
111,155
111,155
1
0
0
0
0
0
0
0
0
1,646
1
2,613
1,075
44
5,381
116,535
0
12,470
9,545
381
2,544
0
0
5,682
0
0
18,152
0
126
0
0
0
0
0
3,739
0
0
3,865
22,017
6,445
0
1,030
0
79,887
7,156
0
94,518
116,535
0
BAYER S.A.
ESTADO DE RESULTADOS
Por el Periodo acumulado del 1 de Enero al 30 de Septiembre de 2016
(expresado en miles de dolares americanos)
CODIGO CUENTAS n. Soles
2D01ST Ingresos de actividades ordinarias 310,051
2D0201 Costo de Ventas -195,950
2D02ST Ganancia (Pérdida) Bruta 114,101
2D0302 Gastos de Ventas y Distribución -65,702
2D0301 Gastos de Administración -14,236
Ganancia (Pérdida) de la baja en Activos
2D0407 0
Financieros medidos al Costo Amortizado
2D0403 Otros Ingresos Operativos 3,702
2D0404 Otros Gastos Operativos -1,505
2D0412 Otras ganancias (pérdidas) 0
2D03ST Ganancia (Pérdida) por actividades de operación 36,360
2D0401 Ingresos Financieros 2,700
2D0402 Gastos Financieros -3,766
2D0410 Diferencias de Cambio neto 5,249
Otros ingresos (gastos) de las subsidiarias,negocios
2D0414 0
conjuntos y asociadas
Ganancias (Pérdidas) que surgen de la Diferencia entre el
Valor Libro Anterior y el Valor Justo de Activos Financieros
2D0411 Reclasificados Medidos a Valor Razonable 0
2016
Dolares
91,514.46
-57,836.48
33,678
-19,392.56
-4,201.89
0.00
1,092.68
-444.21
0.00
10,732
796.93
-1,111.57
1,549.29
0.00
0.00
0.00
11,967
-4,810.51
7,156
0.00
7,156
DR INTI S.A.
ESTADO DE SITUACION FINANCIERA
al 30 de Septiembre de 2016
(expresado en miles de dolares americanos)
9/30/2016
CODIGO CUENTAS
Bolivianos Dolares
ACTIVOS
Activos Corrientes
11100 Disponiblidades 34,966 5,023.85
11300 Cuentas por Cobrar a Corto Plazo 139,439 20,034.34
11400 Anticipo a proveedores 38,584 5,543.68
11302 Inventarios 226,040 32,477.01
11303 Gastos Pagados por Adelantado 141 20.26
Total Activos Corrientes 439,170 63,099
Activos No Corrientes
12100 Inversiones a Largo Plazo 4,506 647.41
12200 Inversiones en Empresas Relacionadas y/o Vinculada 5,579 801.58
12400 Activo Fijo Neto 178,757 25,683.48
12600 Activos Intagibles 1,016 145.98
Total Activos No Corrientes 189,858 27,278
TOTAL DE ACTIVOS 629,028 90,378
PASIVOS Y PATRIMONIO
Pasivos Corrientes
21100 Deudas Comerciales a Corto Plazo 103,421 14,859.34
21300 Deudas por Emision de Valores a Corto Plazo 7,465 1,072.56
21500 Otras cuentas por Pagar a Corto Plazo 31,085 4,466.24
21800 Otros pasivos a Corto Plazo 558 80.17
Total Pasivos Corrientes 142,529 20,478
Pasivos No Corrientes
22300 Deudas por Emision de Valores a Largo Plazo 83,350 11,975.57
22700 Previsiones 27,133 3,898.42
Total Pasivos No Corrientes 110,483 15,874
Total Pasivos 253,012 36,352
PATRIMONIO
31000 Capital Pagado 304,958 43,815.80
35000 Reservas 14,319 2,057.33
36000 Ajuste por Inflacion de Capital 4,653 668.49
37000 Ajuste por Inflacion de Reservas Patrimo 263 37.74
38000 Resultados Acumulados 32,198 4,626.11
39000 Resultados de la Gestion 19,626 2,820.17
TOTAL PATRIMONIO 376,016 54,026
TOTAL PASIVO Y PATRIMONIO 629,028 90,378
0
t/c 6.96
INTI S.A.
ESTADO DE RESULTADOS
Por el Periodo acumulado del 1 de Enero al 31 de Septiembre de 2016
(expresado en miles de dolares americanos)
CODIGO CUENTAS Bolivianos Dolares
51000 INGRESOS OPERACIONALES 278,167 39,966.52
41000 Costo de Ventas -148,385 -21,319.68
Ganancia (Pérdida) Bruta 129,782 18,647
42200 Gastos de Comercializacion -101,617 -14,600.14
42100 Gastos Administrativos -11,234 -1,614.08
RESULTADO OPERATIVO 16,931 2,433
52200 Otros Ingresos 10,898 1,565.80
52100 Rendimientos por Inversiones 0 0.00
Ingresos No Operacionales 10,898 1,566
43300 Cargos por Difer. De Cambio y Mntto de Valor y Ajuste Pat 0 0.00
43200 Otros Egresos 0 0.00
43100 Ajuste por Inflacion y Tenencia de Bienes -3,796 -545.40
Egresos No Operacionesles -3,796 -545
RESULTADO NO OPERATIVO 7,102 1,020
53000 Ingresos de Gestiones Anteriores 33 4.74
44000 Gastos de Gestiones Anteriores -112 -16.09
RESULTADO DE GESTIONES ANTERIORES -79 -11
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta
Advertising 41 1.36 62.98% 5.10% 0.85
Aerospace/Defense 96 1.07 23.53% 10.86% 0.89
Air Transport 18 1.12 70.12% 22.99% 0.73
Apparel 58 0.88 34.21% 10.95% 0.67
Auto & Truck 15 0.85 150.42% 8.14% 0.35
Auto Parts 63 1.12 35.22% 10.40% 0.85
Bank (Money Center) 10 0.86 188.03% 27.90% 0.37
Banks (Regional) 645 0.47 60.51% 25.43% 0.33
Beverage (Alcoholic) 25 0.79 29.02% 10.86% 0.63
Beverage (Soft) 36 0.91 24.51% 5.87% 0.74
Broadcasting 30 1.22 95.92% 18.54% 0.68
Brokerage & Investment Bankin 45 1.08 232.21% 13.59% 0.36
Building Materials 41 1.01 26.98% 23.39% 0.83
Business & Consumer Services 165 1.07 35.10% 12.61% 0.82
Cable TV 14 1.12 49.24% 20.28% 0.80
Chemical (Basic) 45 1.00 58.62% 7.71% 0.65
Chemical (Diversified) 8 1.52 35.52% 6.59% 1.14
Chemical (Specialty) 100 1.20 29.98% 9.58% 0.94
Coal & Related Energy 38 1.36 138.55% 0.48% 0.57
Global Companies Betas by Sector January 2016
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta
Computer Services 117 0.99 28.33% 11.18% 0.79
Computers/Peripherals 55 1.06 19.60% 5.68% 0.89
Construction Supplies 51 1.31 42.57% 18.44% 0.98
Diversified 24 0.76 35.98% 11.55% 0.58
Drugs (Biotechnology) 426 1.40 19.45% 1.44% 1.18
Drugs (Pharmaceutical) 164 1.02 14.58% 2.54% 0.89
Education 36 1.23 33.38% 9.29% 0.94
Electrical Equipment 119 1.14 19.15% 5.87% 0.97
Electronics (Consumer & Office) 24 1.08 19.39% 3.81% 0.91
Electronics (General) 164 0.86 17.87% 8.85% 0.74
Engineering/Construction 48 1.18 32.45% 15.15% 0.93
Entertainment 79 1.20 30.83% 5.50% 0.93
Environmental & Waste Services 89 0.85 38.98% 5.07% 0.62
Farming/Agriculture 37 0.92 60.04% 7.89% 0.59
Financial Svcs. (Non-bank & Ins 258 0.65 1124.41% 20.80% 0.07
Food Processing 87 0.75 26.84% 14.66% 0.61
Food Wholesalers 16 1.20 36.34% 11.77% 0.91
Furn/Home Furnishings 30 0.84 29.01% 14.58% 0.67
Green & Renewable Energy 25 1.14 174.38% 4.25% 0.43
Healthcare Products 254 1.04 17.96% 6.12% 0.89
Healthcare Support Services 121 0.94 32.18% 14.31% 0.74
Heathcare Information and Tech 125 0.95 20.70% 6.32% 0.80
Homebuilding 33 1.08 66.29% 27.28% 0.73
Hospitals/Healthcare Facilities 38 1.10 170.77% 12.06% 0.44
Hotel/Gaming 69 0.96 55.28% 11.23% 0.64
Household Products 129 0.80 21.20% 9.05% 0.67
Global Companies Betas by Sector January 2016
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta
Information Services 64 0.98 20.46% 16.37% 0.84
Insurance (General) 19 0.90 38.95% 18.33% 0.69
Insurance (Life) 22 1.03 71.41% 22.91% 0.67
Insurance (Prop/Cas.) 50 0.83 31.11% 22.27% 0.67
Investments & Asset Manageme 156 0.90 61.59% 7.71% 0.57
Machinery 127 1.06 21.70% 11.73% 0.89
Metals & Mining 97 1.30 51.98% 1.16% 0.86
Office Equipment & Services 24 1.49 54.32% 16.68% 1.03
Oil/Gas (Integrated) 7 1.08 16.91% 1.14% 0.93
Oil/Gas (Production and Explora 330 1.38 46.98% 0.32% 0.94
Oil/Gas Distribution 78 1.20 77.05% 2.93% 0.68
Oilfield Svcs/Equip. 148 1.37 32.66% 4.11% 1.04
Packaging & Container 26 0.84 56.03% 24.47% 0.59
Paper/Forest Products 23 1.12 49.34% 14.46% 0.79
Power 68 0.54 87.30% 19.27% 0.32
Precious Metals 109 1.25 24.11% 1.84% 1.01
Publishing & Newspapers 37 1.32 56.95% 14.32% 0.89
R.E.I.T. 238 0.72 79.46% 1.72% 0.41
Real Estate (Development) 18 0.68 60.51% 1.97% 0.43
Real Estate (General/Diversified) 11 1.27 24.33% 15.32% 1.05
Real Estate (Operations & Servic 54 0.99 76.67% 8.78% 0.58
Recreation 66 0.92 31.12% 13.21% 0.73
Reinsurance 3 0.75 32.38% 19.33% 0.59
Restaurant/Dining 86 0.77 35.01% 16.47% 0.59
Retail (Automotive) 25 0.91 59.89% 22.58% 0.62
Retail (Building Supply) 6 1.30 21.86% 20.11% 1.11
Global Companies Betas by Sector January 2016
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta
Retail (Distributors) 88 1.10 56.95% 16.95% 0.75
Retail (General) 19 1.05 39.57% 22.22% 0.80
Retail (Grocery and Food) 14 0.69 66.85% 24.11% 0.46
Retail (Online) 57 1.23 9.63% 8.46% 1.13
Retail (Special Lines) 108 1.02 52.13% 21.29% 0.73
Rubber& Tires 4 1.35 72.35% 10.09% 0.82
Semiconductor 80 1.20 14.09% 7.71% 1.06
Semiconductor Equip 45 1.10 16.35% 11.13% 0.96
Shipbuilding & Marine 11 1.20 48.41% 7.30% 0.83
Shoe 10 0.85 10.26% 14.47% 0.78
Software (Entertainment) 13 0.98 14.74% 1.04% 0.86
Software (Internet) 297 1.13 4.27% 3.49% 1.09
Software (System & Application) 236 1.13 21.50% 5.67% 0.94
Steel 38 1.60 47.93% 7.94% 1.11
Telecom (Wireless) 17 1.12 114.58% 9.11% 0.55
Telecom. Equipment 107 0.99 24.55% 6.14% 0.80
Telecom. Services 67 1.04 65.89% 13.36% 0.66
Tobacco 22 1.28 17.18% 8.84% 1.11
Transportation 17 1.01 31.98% 17.46% 0.80
Transportation (Railroads) 7 0.79 27.94% 22.17% 0.65
Trucking 30 1.21 90.80% 26.74% 0.72
Utility (General) 18 0.38 68.37% 25.62% 0.25
Utility (Water) 22 0.65 43.47% 11.97% 0.47
Total Market 7330 1.00 67.90% 10.44% 0.62
Total Market (without financials 6100 1.08 35.71% 8.31% 0.81
Global Companies Betas by Sector January 2016
nies
Standard deviation in
operating income (last
Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity 10 years)
6.27% 0.91 0.6671 72.80% 17.05%
5.21% 0.94 0.5241 40.75% 14.67%
4.23% 0.76 0.4760 38.61% 99.37%
4.30% 0.71 0.4968 47.15% 24.77%
6.46% 0.38 0.6222 29.21% 366.54%
8.90% 0.94 0.5478 50.64% 54.10%
9.89% 0.41 0.2658 25.85% #DIV/0!
10.76% 0.36 0.2325 22.84% #DIV/0!
11.30% 0.71 0.5805 44.18% 27.49%
4.84% 0.78 0.5856 52.80% 16.55%
2.17% 0.70 0.4266 41.01% 18.50%
14.97% 0.42 0.4577 44.96% 40.20%
4.05% 0.87 0.3818 33.77% 48.36%
3.52% 0.85 0.5200 44.71% 20.37%
2.32% 0.82 0.3395 30.78% 40.08%
4.00% 0.68 0.5526 59.91% 54.64%
6.50% 1.22 0.5298 45.48% 26.46%
3.97% 0.98 0.4924 45.44% 27.95%
5.34% 0.61 0.6001 73.31% 84.87%
Global Companies Betas by Sector January 2016
Standard deviation in
operating income (last
Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity 10 years)
5.24% 0.83 0.5390 45.57% 16.36%
5.61% 0.94 0.4866 60.29% 57.15%
4.68% 1.02 0.4424 38.87% 28.00%
7.84% 0.63 0.3951 23.28% 21.92%
5.54% 1.25 0.5805 75.23% 68.61%
3.98% 0.93 0.6179 67.61% 12.05%
10.16% 1.05 0.5865 51.51% 43.36%
6.42% 1.04 0.6252 54.63% 17.78%
5.99% 0.97 0.6086 66.94% 57.44%
10.02% 0.83 0.4951 48.91% 30.66%
8.26% 1.01 0.5056 44.23% 20.48%
3.59% 0.97 0.6605 44.71% 18.90%
0.95% 0.63 0.5837 57.94% 14.25%
3.88% 0.62 0.5482 41.14% 26.67%
2.29% 0.07 0.2947 29.20% 45.33%
2.57% 0.63 0.4214 30.98% 22.15%
1.76% 0.93 0.3878 52.66% 15.60%
3.39% 0.69 0.4789 42.94% 28.13%
8.85% 0.47 0.6770 47.60% 97.34%
3.91% 0.92 0.5348 56.59% 11.19%
10.07% 0.82 0.5096 50.06% 22.08%
4.22% 0.83 0.5458 52.46% 37.38%
5.33% 0.77 0.3321 33.76% 137.06%
1.43% 0.45 0.4817 44.67% 32.38%
3.43% 0.67 0.4598 39.32% 26.38%
2.97% 0.69 0.5926 50.91% 6.48%
Global Companies Betas by Sector January 2016
Standard deviation in
operating income (last
Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity 10 years)
3.71% 0.87 0.3452 36.65% 34.87%
3.92% 0.71 0.2761 30.38% 76.49%
16.83% 0.80 0.2818 27.80% 34.97%
4.61% 0.70 0.2524 25.41% 59.96%
15.46% 0.68 0.3809 34.30% 32.59%
4.28% 0.93 0.4467 38.59% 22.89%
2.98% 0.89 0.7440 77.36% 32.69%
6.31% 1.09 0.4362 33.85% 14.76%
2.05% 0.95 0.5161 46.30% 44.08%
5.44% 0.99 0.6405 75.08% 70.00%
0.76% 0.69 0.4215 45.13% 45.25%
6.27% 1.11 0.5450 60.50% 33.60%
2.55% 0.60 0.3546 29.58% 20.50%
4.87% 0.83 0.5042 38.67% 38.75%
2.46% 0.33 0.2648 24.11% 7.62%
8.33% 1.10 0.7586 78.31% 72.93%
7.77% 0.96 0.4132 48.08% 13.57%
1.61% 0.41 0.2392 24.67% 27.75%
8.47% 0.47 0.6038 39.45% 336.02%
3.71% 1.09 0.4391 24.99% 170.32%
5.21% 0.62 0.5913 50.15% 41.20%
4.54% 0.76 0.5233 46.01% 28.71%
8.30% 0.65 0.2514 21.23% 79.92%
2.36% 0.61 0.4123 39.10% 21.59%
1.12% 0.63 0.4333 28.30% 36.36%
1.66% 1.12 0.2621 39.62% 23.30%
Global Companies Betas by Sector January 2016
Standard deviation in
operating income (last
Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity 10 years)
2.19% 0.77 0.5018 40.48% 38.55%
2.73% 0.82 0.2805 40.00% 6.58%
1.25% 0.46 0.3599 35.13% 17.61%
3.79% 1.17 0.5212 48.86% 51.38%
4.29% 0.76 0.4108 42.19% 21.86%
8.09% 0.89 0.4555 63.88% 46.21%
4.78% 1.11 0.4717 42.08% 33.61%
12.69% 1.10 0.4324 38.24% 50.41%
2.83% 0.85 0.5953 73.54% 24.62%
5.59% 0.83 0.3007 37.21% 26.27%
11.29% 0.96 0.6124 48.14% 119.34%
2.64% 1.12 0.6293 55.85% 46.53%
5.33% 0.99 0.5614 47.40% 17.04%
7.04% 1.19 0.5972 54.19% 65.41%
5.92% 0.58 0.6530 37.67% 42.23%
6.86% 0.86 0.4893 49.24% 17.73%
1.78% 0.68 0.4531 47.21% 37.74%
2.38% 1.13 0.6350 61.73% 16.67%
3.51% 0.83 0.3969 32.72% 24.08%
1.82% 0.66 0.2829 27.05% 28.20%
4.25% 0.76 0.4577 42.01% 33.32%
0.65% 0.25 0.1515 19.32% 6.86%
0.43% 0.47 0.4530 45.04% 25.14%
4.92% 0.65 0.4822 45.04% 17.28%
4.08% 0.85 0.5249 48.81% 16.91%
Returns by year
Value of stocks in starting year: 100
Value of T.Bills in starting year: 100
Value of T.bonds in starting year: 100
Estimate of risk premium based on your inputs: 4.54%
Annual Returns on Investments in Compounded Value of $ 100
Page 20
Returns by year
Page 21
Returns by year
Page 22
Returns by year
premiums from 1928, over the last 50 years and over the last 10 years
he bottom of this table.
Historical risk
Stocks - BillsStocks - Bonds premium
40.73% 42.98%
-11.46% -12.50%
-29.67% -29.66%
-46.15% -41.28%
-9.71% -17.43%
49.02% 48.13%
-1.51% -9.15%
46.57% 42.27%
31.77% 26.93%
-35.64% -36.72%
29.21% 25.07%
-1.14% -5.51%
-10.70% -16.08%
-12.85% -10.75%
18.84% 16.88%
24.68% 22.57%
18.65% 16.45%
35.44% 32.02%
-8.81% -11.56%
4.63% 4.28%
4.68% 3.75%
Page 23
Returns by year
17.20% 13.64%
29.63% 30.38%
22.20% 23.97%
16.48% 15.88%
-3.10% -5.35%
51.60% 49.27%
30.94% 33.93%
4.88% 9.70%
-13.69% -17.25%
41.94% 45.82%
8.80% 14.70%
-2.71% -11.30% 6.11%
24.37% 24.58% 6.62%
-11.59% -14.51% 5.97%
19.50% 20.93% 6.36%
12.91% 12.69% 6.53%
8.50% 11.68% 6.66%
-14.81% -12.88% 6.11%
19.47% 25.38% 6.57%
5.55% 7.54% 6.60%
-14.80% -3.23% 6.33%
-3.12% -13.19% 5.90%
9.68% 4.43% 5.87%
14.80% 15.94% 6.08%
-21.03% -17.97% 5.50%
-33.68% -27.89% 4.64%
31.01% 33.39% 5.17%
18.86% 7.85% 5.22%
-12.11% -8.27% 4.93%
-0.42% 7.29% 4.97%
8.58% 17.85% 5.21%
20.52% 34.72% 5.73%
-19.00% -12.90% 5.37%
9.41% -12.40% 5.10%
13.89% 19.14% 5.34%
-3.47% -7.59% 5.12%
23.75% 5.52% 5.13%
12.46% -5.79% 4.97%
0.09% 10.77% 5.07%
10.09% 8.31% 5.12%
23.37% 13.78% 5.24%
Page 24
Returns by year
ocks T.Bonds
Page 25
Estimating Country Risk Premiums
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 60.3 13.72% 7.47%
Brunei 72.8 9.75% 3.50%
Gambia 61.5 13.72% 7.47%
Guinea 48.5 20.00% 13.75%
Guinea-Bissau 64.5 12.48% 6.23%
Guyana 64.5 12.48% 6.23%
Haiti 58.0 16.61% 10.36%
Iran 72.0 11.22% 4.97%
Korea, D.P.R. 56.0 17.24% 10.99%
Liberia 52.8 17.24% 10.99%
Libya 50.0 20.00% 13.75%
Madagascar 64.5 12.48% 6.23%
Malawi 54.8 17.24% 10.99%
Mali 63.5 13.90% 7.65%
Myanmar 61.8 13.72% 7.47%
Niger 53.8 17.24% 10.99%
Sierra Leone 57.3 16.61% 10.36%
Somalia 41.0 20.00% 13.75%
Sudan 48.3 20.00% 13.75%
Syria 45.8 20.00% 13.75%
Tanzania 64.0 13.90% 7.65%
Togo 61.0 13.72% 7.47%
Yemen, Republic 50.5 17.24% 10.99%
Zimbabwe 56.0 17.24% 10.99%
Default Spread
5.34%
2.50%
5.34%
9.82%
4.45%
4.45%
7.40%
3.55%
7.85%
7.85%
9.82%
4.45%
7.85%
5.46%
5.34%
7.85%
7.40%
9.82%
9.82%
9.82%
5.46%
5.34%
7.85%
7.85%
Has to be sorted in ascending order
Rating
Default spread in basis points
A1 81
A2 98
A3 139
Aa1 46
Aa2 57
Aa3 70
Aaa 0
B1 520
B2 636
B3 751
Ba1 289
Ba2 347
Ba3 416
Baa1 184
Baa2 220
Baa3 254
Ca 1386
Caa1 866
Caa2 1040
Caa3 1155
NR NA
Resumen
Estadísticas de la regresión
Coeficiente de correlación múltiple 0.5629052841
Coeficiente de determinación R^2 0.3168623588
R^2 ajustado 0.1460779486
Error típico 0.01
Observaciones 6
ANÁLISIS DE VARIANZA
Suma de Promedio de los
Grados de libertad cuadrados cuadrados
Regresión 1 0.000217537 0.0002175366
Residuos 4 0.000468997 0.0001172492
Total 5 0.000686533
Pronóstico PIB
Observación Residuos
INDUSTRIA
1 0.034052381 -0.00815238
2 0.0375780952 -0.0007781
3 0.0411038095 0.00639619
4 0.0446295238 0.016270476
5 0.0481552381 -0.00785524
6 0.0516809524 -0.00588095
PROYECCION DE CRECIMIENTO
RE
Calculo del RE BOLIVIA
Beta apalancado 1.38 D/E
Ratio D/E 46.98% TAX
TAX 0.32% Beta comparable
Beta desapalancado 0.938 Prima x Riesgo
Cash de la firma 5.44% Riesgo País
Beta 0.992 RF
RE
1 2
PERIODO DE PROYECCION
PORCENTAJE CRECIMIENTO ANUAL 5.52%
PIB
AÑO INDUSTRIA
2010 2.59%
2011 3.68%
2012 4.75%
2013 6.09%
2014 4.03%
2015 4.58%
Valor crítico
F de F
1.855335381 0.24
PIB
Percentil INDUSTRIA
8.33 0.0259
25.00 0.0368
41.67 0.0403
58.33 0.0458
75.00 0.0475
91.67 0.0609
2019
6.58%
RE
BOLIVIA Calculo del RE
39.00% Beta apalancado 1.38
25% Ratio D/E 46.98%
1.282144362 TAX 0.32%
4.58% Beta desapalancado 0.938
5.12% Cash de la firma 5.44%
2.26% Beta 0.992
13.26%
3 4 5 Tasa G
0.01
Residuos
0
2009 2010 2011 2012 2013 2014 2015 2016
-0.01
AÑO
0.04
0.02
0
Gráfico de probabilidad normal
0.08
0.06
PIB INDUSTRIA
0.04
0.02
0
- 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00
Muestra percentil
RE
VENEZUELA Calculo del RE
D/E 39.00% Beta apalancado
TAX 25% Ratio D/E
Beta comparable 1.2821444 TAX
Prima x Riesgo 4.58% Beta desapalancado
Riesgo País 14.21% Cash de la firma
RF 2.26% Beta
RE 22.35%
RE
Calculo del RE COLOMBIA
Beta apalancado 1.38 D/E 39.00%
Ratio D/E 46.98% TAX 25%
TAX 0.32% Beta compara 1.2821444
Beta desapalancado 0.938 Prima x Riesg 4.58%
Cash de la firma 5.44% Riesgo País 2.71%
Beta 0.992 RF 2.26%
RE 10.85%
2015 2016
PIB INDUSTRIA
Pronóstico PIB INDUSTRIA
0.00 90.00 100.00
RE
Calculo del RE ARGENTINA
1.38 D/E 39.00%
46.98% TAX 25%
0.32% Beta comparable 1.2821444
0.938 Prima x Riesgo 4.58%
5.44% Riesgo País 9.25%
0.992 RF 2.26%
RE 17.39%
RE
Calculo del RE MÉXICO
Beta apalancado 1.38 D/E 39.00%
Ratio D/E 46.98% TAX 25%
TAX 0.32% Beta comparable 1.2821444
Beta desapalancado 0.938 Prima x Riesgo 4.58%
Cash de la firma 5.44% Riesgo País 1.71%
Beta 0.992 RF 2.26%
RE 9.85%
Datos para Fusion BAYER INTI
Precio Actual de la Accion 0.07 0.15
Acciones en Circulacion 1,400,000.00 505,699.00
Valor Contable Patrimonio 94,518.30 54,025.64
Deuda Financiera 126.03 11,975.57
Activos no Operativos 1,448.99
VA (FCL) 494,020.58
VA (VCO) 653,113.25
Valor de Mercado de las Operaciones de la 1,147,133.83
empresa Fusionada A)
Valor de Activos NOP 1,448.99
VALORDELAOPCION 39.99 e)
Valor Actual del Flujo de Deuda
Deuda Financiera BAYER 126.03
Deuda Financiera INTI 13,048.13
Valor Opcion de Terceros en Deuda 1,482.17
Valor de Mercado de la Deuda 14,656.33 C)
Para Pasivos
DATOS PARAMETROS
S $7,599.84 u
K 11,975.57 d
T 5 p(probabilidad)
Desv 35% (1-p)
Rf 2.26%
Y 0%
opcion de compra 1 2
7,599.84 10,784.68 15,304.19
5,355.51 7,599.84
3,773.97
opcion europea 1 2
1,443.87 2,882.08 5,621.37
349.41 802.91
-
Op Americana
1,443.87 2,882.08 5,621.37
349.41 802.91
-
opcion europea 1 2
27.89 110.38 409.47
9.89 45.38
2.09
Op Americana
75.34 350.40 1,413.55
14.84 72.69
2.09
3 4 5 6
5.87% 6.23% 6.58% 0.01%
1,217,025.26
B&S
D1 (0.045)
D2 (0.83)
1.4190675486 N (d1) 0.482
0.7046880897 N (d1) 0.204
0.4450182691 C 1,482.17 B5)
0.5549817309
3 4 5
21,717.68 30,818.86 43,734.04
10,784.68 15,304.19 21,717.68
5,355.51 7,599.84 10,784.68
2,659.47 3,773.97 5,355.51
1,874.10 2,659.47
1,320.65
3 4 5
10,616.36 19,107.95 31,758.46
1,845.00 4,239.60 9,742.11
- - -
- - -
- -
-
No_Aplica
10,616.36 19,107.95 31,758.46
1,845.00 4,239.60 9,742.11
- - -
- - -
- -
-
B&S
D1 (0.794)
D2 (1.69)
1.4918246976 N (d1) 0.214
0.670320046 N (d1) 0.046
0.1853671232 C 39.99 B5)
0.8146328768
3 4 5
1,380.98 4,002.03 8,895.43
199.76 822.87 2,999.58
11.51 63.52 350.40
- - -
- -
-
No_Aplica
2,999.58 5,365.66 8,895.43
350.40 1,413.55 2,999.58
11.51 63.52 350.40
- - -
- -
-