End Game

Variable
Number of firms

Beta

D/E Ratio

Effective Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for cash

HiLo Risk

Standard deviation (equity)

Standard deviation (operating income)

To estimate pure play betas by business, to use in estimating a
bottom up beta for a project or a company.

Explanation
Number of firms in the indusry grouping.
Simple average across firms of each firm's beta, taken as a weighted
average of 2-year and 5-year weekly return regression betas, with 2-year
betas weighted 2/3rds. If the company has only a 2-year beta, it is used.

Total debt, including lease debt/ Market Value of equity. I aggregate each
number across the firms and then compute the aggregate debt to equity
ratio.
Effective tax rate in the most recxent 12 months.
Beta/ (1+ (1-tax rate) (D/E)). You can use either a marginal or effective tax rate
as your option.

Cash & Marketable Securities/ (Market Value of Equity + Total Debt,

including lease debt. Aggregated across companies first ans then
computed.
Unlevered Beta/ (1- Cash/Firm Vaue). Cash has a beta of zero. With this
calculation, I remove its effect to get a pure play beta.

Simple average of (High Price for year - Low Price/ (High Price + Low Price).
It is a non-parametric and simple measure of price risk.

Simple average across firms of each firm's standard deviation in stock

prices in the prior 2 years, using weekly returns.

Simple average across firms of each firm's coefficient of variation in annual

operating income over prior 10 years. (Coefficient of variation is standard
deviation divided by average operating income over the period)
Why?
Law of large numbers?
I average the 2-year and 5-year betas, to remove
some noise at the company level, and then take the
simple average to remove even more. I don't use
weighted averages, since that will make each sector's
beta converge on its largest company or companies.

My definition of debt for all things cost of capital. I

have always treated lease commitments as debt. Now
the accountants will as well.
I need a tax rate.
Interest saves you taxes at the margin. You should
generally use a marginal tax rate, but if you have a
multinational facing different marginal tax rates in
different regions, you may use effective instead,

Cash is usualy invested in liquid, close to riskless

investments and has a beta close to zero.

The standard unlevered beta is an unlevered beta for

the company. If the company holds a large amount of
cash, you need to remove it from the calculation to
get a beta for just the business.

If you don't like making distributional assumptions

and want a simple range-based measure of risk…

This is the total risk. Beta measures only the portion

of this standard deviation that is market-related.

If you don't like price-based measures of risk,

preferring something more intrinsic, this may be your
preferred measure of risk. (Since operating income
levels vary widely across firms, I used the coefficient
of variation.)
COROLA
ESTADO DE SITUACION
DICIEMBRE 31

ACTIVOS 2021 % /ventas/2021 2022 %/Ventas/2022

Efectivo 990,000 5% 880,000 4%
Cuentas por Cobrar 2,200,000 11% 2,310,000 11%
Materia prima 1,320,000 7% 1,100,000 5%
Producto en proceso 440,000 2% 462,000 2%
Producto terminado 1,320,000 7% 1,386,000 7%
Activo corriente 6,270,000 32% 6,138,000 29.23%

Terrenos 2,200,000 11% 2,420,000 12%

Edificios 3,300,000 17% 4,336,750 21%
Maquinas 5,500,000 28% 5,775,000 28%
Vehiculos 1,100,000 6% 1,155,000 6%
Equipo de computo 1,375,000 7% 1,443,750 7%

Activo fijo Bruto 13,475,000 69% 15,130,500 72%

Depreciacion Acumulada 3,575,000 4,415,250
Activo Fijo NETO 9,900,000 10,715,250

Total Activo 16,170,000 16,853,250

PASIVOS
Proveedores 1,260,000 6% 1,155,000 6%
PASIVOS
Cuentas por pagar ESPONTANEOS 840,000 4% 882,000 4%
Impuestos por pagar 525,000 3% 551,250 3%
Pasivos Financieros 2,100,000 2,157,750
Total pasivos Corrientes 4,725,000 4,746,000 12%

Pasivo Financiero de LP 3,320,000 3,530,000

Total Pasivo 8,045,000 8,276,000

Capital 6,600,000 6,776,000

Utilidades Retenidas 1,525,000 1,801,250
PATRIMONIO 8,125,000 8,577,250

Total pasivo + Patrimonio 16,170,000 16,853,250

Diferencia - -
ESTADO DE RESULTADOS
2,021 % 2022 %
Ventas 19,400,000 100.00% 21,000,000 100.00%
Costo de ventas 12,700,000 65.46% 13,200,000 62.86%
Utilidad Bruta 6,700,000 34.54% 7,800,000 37.14%
Gastos de operación excluida depreciacion 3,200,000 16.49% 3,300,000 15.71%
Depreciacion 7% 943,250 4.86% 1,059,135 5.04%
Utilidad operacional 2,556,750 13.18% 3,440,865 16.39%
Intereses 8% 433,600 2.24% 455,020 2.17%
UAI 2,123,150 10.94% 2,985,845 14.22%
Impuestos 25% 530,788 2.74% 746,461 3.55%
Utilidad Neta 1,592,363 8.21% 2,239,384 10.66%

Datos Financieros y economicos

Venta Ultimo Año $ 22,000,000 PERIODO Relevante

2023 2024 2025 2026
Crecimiento anual de venUnidades 2.10% 2.10% 2.20%
Inflacion 7.00% 6.00% 6.00%
Costo de ventas a ventas 63.53% 63.53% 63.53% 63.53%
Gastos operacionales a ventas excl dep 16.04% 16.04% 16.04% 16.04%
Tasa Interes pasivo fcro kd 8.00% ver costo promedio ponderado de capital
Costo patrimonio Ke ver costo promedio ponderado de capital
Tasa Libre de riesgo Kf 4.80% Ke cppc capitulo 9
Km Rentabilidad Km 10.0% Ke cppc capitulo 9
B= Beta Riesgo sistematico 0.84 Ke cppc capitulo 9
Prima de Mercado 5.20% ke cppc capitulo 9
Tasa de impuestos 25%
Depreciacion Activo fijo bruto, tasa promedio 6.88%
Base 1
Inflación externa (Meta FED 2024) 3.22%
Riesgo Pais 7.86%

Se pide:

Valorar la empresa por los siguientes métodos:

1- Flujo de caja libre
2- Valor económico agregado (E V A)
3-Flujo de caja del accionista
4- Flujo de caja de capital
5- Valor presente ajustado (A P V)

Enfoques optimista, realista y pesimista Capitulo 11

TAREA:
Determine el procedimiento paso a paso, segun lo visto en clase.
 INFLACION 5%
105%

Promedio
2023 %/Ventas/2023 últimos 3 años
890,400 4.05% 4.45%
2,310,000 11% 10.95%
1,113,000 5% 5.70%
467,460 2% 2.20%
1,402,380 6% 6.59%
6,183,240 28.11% 29.88%

2,565,200 11.66% 11.51%

5,441,619 24.73% 20.80%
6,121,500 27.83% 27.89%
1,224,300 5.56% 5.58%
1,530,375 6.96% 6.97%

16,882,994 76.74% 72.75%

5,486,435
11,396,559

17,579,799

1,228,395 6% 5.86%
934,920 4% 4.26%
584,325 3% 2.66%
2,205,000
4,952,640

3,794,600

8,747,240

7,183,000
1,649,559
8,832,559

17,579,799
-

2023 % Promedio
 22,000,000 100.00% 100.00%
13,700,000 62.27% 63.53%
8,300,000 37.73% 36.47%
3,500,000 15.91% 16.04%
1,181,810 5.37% 5.09%
3,618,190 16.45% 15.34%
479,968 2.18% 2.19%
3,138,222 14.26% 13.14%
784,556 3.57% 3.29%
2,353,667 10.70% 9.86%

Sirve Para
calcular el VC
ODO Relevante
2027 2028 2029
2.30% 2.00% 1.80%
6.00% 4.00% 4.00%
63.53% 63.53% 63.53%
16.04% 16.04% 16.04%
COROLA
CRECIMIENTO unidades

Detalle 2023 2024 2025 2026

crecimiento 2.10% 2.10% 2.20%

Factor de crecimiento 1.000 1.021 1.021 1.022
Factor de crecimiento ac. 1.00 1.021000 1.042441 1.065375

COROLA
INFLACION

Detalle 2023 2024 2025 2026

inflacion 7.00% 6.00% 6.00%

indice de inflacion 1.0000 1.0700 1.0600 1.0600
indice acumulado de inflacio 1.00 1.0700 1.1342 1.2023

Acumulado Inflacion & Cr 1.0000 1.0925 1.1823 1.2808

 2027 2028 2029

2.30% 2.00% 1.80%

1.023 1.020 1.018
1.089878 1.111676 1.13169

2027 2028 2029

6.00% 4.00% 4.00%

1.0600 1.0400 1.0400
1.2744 1.3254 1.3784

1.3889 1.4734 1.5599

 COROLA
ESTADO DE RESULTADOS y FLUJO DE CAJA LIBRE
PROYECTADO
PROPÓSITO VALORACIÓN
0 1 2
Detalle 2023 2024 2025
VENTAS 22,000,000.00 24,034,340 26,011,405
Costos de ventas 15,269,320 16,525,374
UTILIDAD BRUTA 8,765,020 9,486,031
Gastos Operacionales Ex Dep $ 3,854,966 $ 4,172,075
EBITDA 4,910,055 5,313,956
Depreciación 1,268,991 1,373,378
EBIT. (UAII). UTIL OPER 3,641,064 3,940,577
Impuestos aplicados 25% 910,266 985,144
UODI 2,730,798 2,955,433
+ Depreciación ` 1,268,991 1,373,378
INVERSIÓN
INVERSIÓN NETA
+/- Cambios en CTNO BRUTA (317,690) (308,746)
Menos: Compras a fijo (1,561,170) (1,517,217)
FCL 2,120,928 2,502,849

FCL 0 1 2
Periodo Relevante
Valoración por FCL
Crecimiento del FCL Optimista (g)
Inflación ultimo año Realista (if)
Sin inflación, sin crecimiento Pesimista (0)

Vp fcl(1-5) 15.00% 8,984,892

Vp fcl(6-Infinito)Optimista 15.00% $ 26,093,818 49.72%
Vp Fcl(6-Infinito)Real 15.00% $ 17,867,763 49.72%
Vp Fcl(6-Infinito) Pesimista 15.00% $ 13,103,026 49.72%
VALOR DE LA empresa 2022
Detalle Optimista Realista
+ VP (1-5) 8,984,892 8,984,892
+ Vp continuidad(6-Infinito) 26,093,818 17,867,763
= VR de las Operaciones = VE 35,078,710 26,852,655
- Pasivos Financieros 5,999,600 5,999,600
= Valor patrimonial 29,079,110 20,853,055

Valoración por EVAS 0 1 2

2023 2024 2025
Activos para EVA (CI) 14,832,159 15,442,028 15,894,612
EVAS (1-5) = Prima 15.00% 505,974 639,129
MVA(1-5) = Prima 15.00% 2,602,489
MVA(6-infinito) Optimista 15.00% $ 17,644,062
MVA(6-Infinito) Real 15.00% $ 9,418,007
MVA(6-Infinito) Pesimista 15.00% $ 4,653,270
Valoracion momento cero 2021
Detalle Optimista Realista
+ MVA(1-5) = [Primas 2,602,489 2,602,489
+ MVA((6-Infinito) 17,644,062 9,418,007
= Total primas(1- Infinito) Total MVA 20,246,551 12,020,496
+ Activos antes de la valoración(evas) CI 14,832,159 14,832,159
= Valor de la empresa 35,078,710 26,852,655
- Pasivos financieros 5,999,600 5,999,600
= Valor patrimonial 29,079,110 20,853,055

VALORACION POR FCL = X EVAS 1 1

METODO 2 PARA CALCULAR LAS PRIMAS

Valor de las operaciones Metodo FCL
Menos: activos para EVA
Total Primas
Total primas Método De Eva
Son Iguales? 1 1
 3 4 5 6
2026 2027 2028 2029
28,178,675 30,556,392 32,414,220 34,317,583
17,902,268 19,412,861 20,593,163 21,802,394
10,276,407 11,143,530 11,821,057 12,515,189
$ 4,519,692 $ 4,901,064 $ 5,199,049 $ 5,504,337
5,756,715 6,242,466 6,622,008 7,010,852 Utilidad operativa de caja
1,487,808 1,613,350 1,711,441 1,811,937
4,268,906 4,629,117 4,910,567 5,198,915
1,067,227 1,157,279 1,227,642 1,299,729
3,201,680 3,471,837 3,682,925 3,899,187
1,487,808 1,613,350 1,711,441 1,811,937

(338,449) (371,313) (290,125) (297,236)

(1,663,182) (1,824,681) (1,425,714) (1,460,658)
2,687,857 2,889,193 3,678,527 3,953,230
Año (0) del VC
3 4 5 6
Periodo Relevante FC para calcular VC

7.47%
4.00%
0%

VF VE = CI + PRIMA
52,483,988 VC₅ = CI₅ + MVA₅
35,938,453
26,354,866 MVA₅ = VC₅ - CI₅
E LA empresa 2022
Pesimista Promedio
8,984,892
13,103,026
22,087,918 Valor Comercial de los Activos
5,999,600
16,088,318

3 4 5 6
2026 2027 2028 2029
 16,408,435 16,991,079 16,995,478 16,941,434
817,488 1,010,572 1,134,263 Son Utilidades reales, aumentan el valor de la emp

35,488,511 MVA₅ = VC fcl₅ - CI₅

18,942,976
9,359,388
momento cero 2021
Pesimista Promedio
2,602,489
4,653,270
7,255,759
14,832,159
22,087,918
5,999,600
16,088,318

TRUE
 479968
119992

erativa de caja

PRIMA = MVA
des reales, aumentan el valor de la empresa
Esta suma debe estar en un t igual para todos los componetes de la ecuacion
VC fcl₅ - CI₅

18.41%
 COROLA FCL 3,953,230
VALORACION POR FCL CPPC 15%
g 7%

Crecimiento anual de los FC (perpetuidad) g

Factor annual 1
Facto de crecimiento acumulado
Flujos de caja a perpetuidad
VE = Valor de la empresa ( Formúla) VC = VE = FCL6 / (CPPC-g)

# de periodos
VE
100
200
300

CONDICION CPPC > g

PERIODO Columna Fila
70 BZ 13
100 DD 13
200 GZ 13
300 KV 13
0 1 2 3 4 5 6

3,953,230 0% 7% 7% 7% 7% 7%
1.00 1.07 1.07 1.07 1.07 1.07
1 1.07 1.1549 1.2412 1.3339 1.43
3,953,230 4,248,447 4,565,710 4,906,665 5,273,082 5,666,862
52483988

VE Diferencia
$52,026,219 -457769
$52,424,001 -59987
$52,483,920 -69
$52,483,988 0
 7 8 9 10 11 12 13 14

7% 7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.54 1.66 1.78 1.91 2.05 2.21 2.37 2.55
6,090,049 6,544,838 7,033,590 7,558,840 8,123,315 8,729,943 9,381,872 10,082,486
 15 16 17 18 19 20 21

7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07
2.74 2.95 3.17 3.40 3.66 3.93 4.22
10,835,420 11,644,581 12,514,168 13,448,694 14,453,008 15,532,321 16,692,234
 22 23 24 25 26 27 28

7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07
4.54 4.88 5.24 5.63 6.05 6.50 6.99
17,938,767 19,278,388 20,718,048 22,265,218 23,927,927 25,714,803 27,635,118
 29 30 31 32 33 34 35

7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07
7.51 8.07 8.68 9.32 10.02 10.77 11.57
29,698,837 31,916,669 34,300,123 36,861,567 39,614,294 42,572,587 45,751,797
 36 37 38 39 40 41 42

7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07
12.44 13.37 14.36 15.44 16.59 17.83 19.16
49,168,423 52,840,194 56,786,163 61,026,806 65,584,130 70,481,783 75,745,180
 43 44 45 46 47 48 49

7% 7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07 1.07
20.59 22.13 23.78 25.56 27.47 29.52 31.72
81,401,634 87,480,497 94,013,314 101,033,985 108,578,942 116,687,336 125,401,244
 50 51 52 53 54 55

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
34.09 36.64 39.37 42.31 45.47 48.87
134,765,884 144,829,851 155,645,370 167,268,563 179,759,746 193,183,739
 56 57 58 59 60 61

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
52.52 56.44 60.65 65.18 70.05 75.28
207,610,200 223,113,992 239,775,567 257,681,386 276,924,365 297,604,359
 62 63 64 65 66 67

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
80.90 86.94 93.44 100.42 107.91 115.97
319,828,682 343,712,660 369,380,232 396,964,591 426,608,879 458,466,925
 68 69 70 71 72 73

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
124.63 133.94 143.94 154.69 166.24 178.66
492,704,048 529,497,911 569,039,444 611,533,836 657,201,599 706,279,713
 74 75 76 77 78 79

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
192.00 206.34 221.75 238.31 256.10 275.23
759,022,853 815,704,715 876,619,431 942,083,100 1,012,435,427 1,088,041,483
 80 81 82 83 84 85

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
295.78 317.87 341.61 367.12 394.53 424.00
1,169,293,604 1,256,613,423 1,350,454,060 1,451,302,472 1,559,681,983 1,676,154,996
 86 87 88 89 90 91

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
455.66 489.69 526.26 565.55 607.79 653.18
1,801,325,911 1,935,844,266 2,080,408,103 2,235,767,594 2,402,728,929 2,582,158,504
 92 93 94 95 96 97

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
701.95 754.37 810.71 871.25 936.31 1,006.24
2,774,987,416 2,982,216,291 3,204,920,482 3,444,255,645 3,701,463,739 3,977,879,467
 98 99 100 101 102 103

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
1,081.38 1,162.13 1,248.92 1,342.18 1,442.41 1,550.13
4,274,937,206 4,594,178,448 4,937,259,799 5,305,961,578 5,702,197,050 6,128,022,362
 104 105 106 107 108 109

7% 7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07 1.07
1,665.89 1,790.29 1,923.99 2,067.67 2,222.08 2,388.01
6,585,647,205 7,077,446,287 7,605,971,651 8,173,965,920 8,784,376,531 9,440,371,026
 110 111 112 113 114

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
2,566.35 2,757.99 2,963.95 3,185.29 3,423.16
10,145,353,491 10,902,982,221 11,717,188,704 12,592,198,018 13,532,550,762
 115 116 117 118 119

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
3,678.80 3,953.52 4,248.76 4,566.04 4,907.02
14,543,126,615 15,629,169,656 16,796,315,578 18,050,620,937 19,398,594,572
 120 121 122 123 124

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
5,273.47 5,667.28 6,090.49 6,545.32 7,034.10
20,847,231,388 22,404,048,650 24,077,124,995 25,875,142,349 27,807,430,984
 125 126 127 128 129

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
7,559.39 8,123.91 8,730.58 9,382.56 10,083.22
29,884,017,931 32,115,679,014 34,513,994,769 37,091,410,535 39,861,301,037
 130 131 132 133 134

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
10,836.21 11,645.43 12,515.08 13,449.68 14,454.06
42,838,039,790 46,037,073,685 49,475,003,149 53,169,668,283 57,140,241,444
 135 136 137 138 139

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
15,533.46 16,693.46 17,940.08 19,279.80 20,719.56
61,407,326,728 65,993,066,892 70,921,258,259 76,217,474,196 81,909,197,827
 140 141 142 143 144

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
22,266.85 23,929.68 25,716.68 27,637.14 29,701.01
88,025,964,642 94,599,515,765 101,663,962,666 109,255,964,170 117,414,916,689
 145 146 147 148 149

7% 7% 7% 7% 7%
1.07 1.07 1.07 1.07 1.07
31,919.00 34,302.63 36,864.26 39,617.19 42,575.70
126,183,158,657 135,606,190,232 145,732,909,408 156,615,865,751 168,311,533,096
 150 151 152 153 154

7.47% 7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07 1.07
45,755 49,172 52,844 56,790 61,031
180,880,602,596 194,388,297,663 208,904,712,422 224,505,175,451 241,270,640,666
 155 156 157 158 159

7.47% 7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07 1.07
65,589 70,487 75,751 81,408 87,487
259,288,107,413 278,651,071,927 299,460,012,496 321,822,910,869 345,855,812,590
 160 161 162 163 164

7.47% 7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07 1.07
94,020 101,041 108,587 116,696 125,410
371,683,429,185 399,439,785,315 429,268,914,255 461,325,605,310 495,776,207,052
 165 166 167 168 169

7.47% 7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07 1.07
134,776 144,840 155,657 167,281 179,773
532,799,490,532 572,587,576,963 615,346,934,669 661,299,450,495 710,683,581,224
 170 171 172 173 174

7.47% 7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07 1.07
193,198 207,625 223,130 239,793 257,700
763,755,590,971 820,790,880,991 882,085,418,795 947,957,273,978 1,018,748,268,751
 175 176 177 178

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
276,945 297,626 319,852 343,738
1,094,825,751,722 1,176,584,504,142 1,264,448,788,503 1,358,874,550,122
 179 180 181 182

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
369,407 396,994 426,640 458,500
1,460,351,783,132 1,569,407,073,158 1,686,606,329,879 1,812,557,723,639
 183 184 185 186

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
492,740 529,537 569,081 611,579
1,947,914,841,372 2,093,380,078,192 2,249,708,282,259 2,417,710,671,842
 187 188 189 190

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
657,250 706,331 759,078 815,764
2,598,259,044,887 2,792,290,302,956 3,000,811,312,993 3,224,904,132,157
 191 192 193 194

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
876,684 942,152 1,012,509 1,088,121
3,465,731,622,836 3,724,543,486,970 4,002,682,751,002 4,301,592,735,115
 195 196 197 198

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
1,169,379 1,256,705 1,350,553 1,451,409
4,622,824,542,905 4,968,045,110,368 5,339,045,855,966 5,737,751,976,651
 199 200 201 202

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
1,559,796 1,676,278 1,801,458 1,935,986
6,166,232,438,101 6,626,710,710,991 7,121,576,309,032 7,653,397,188,631
 203 204 205 206

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
2,080,560 2,235,931 2,402,905 2,582,347
8,224,933,074,529 8,839,149,780,568 9,499,234,599,886 10,208,612,844,421
 207 208 209 210

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
2,775,190 2,982,434 3,205,155 3,444,508
10,970,965,619,538 11,790,248,926,021 12,670,714,188,545 13,616,930,317,178
 211 212 213 214

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
3,701,734 3,978,170 4,275,250 4,594,515
14,633,807,416,358 15,726,622,264,410 16,901,045,695,802 18,163,172,028,237
 215 216 217 218

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
4,937,621 5,306,350 5,702,614 6,128,471
19,519,550,687,286 20,977,220,192,662 22,543,744,682,506 24,227,253,165,213
 219 220 221 222

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
6,586,129 7,077,964 7,606,528 8,174,564
26,036,481,702,474 27,980,818,742,449 30,070,353,838,299 32,315,930,004,891
 223 224 225 226

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
8,785,019 9,441,062 10,146,096 10,903,780
34,729,199,985,366 37,322,686,719,553 40,109,848,328,002 43,105,147,948,862
 227 228 229 230

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
11,718,046 12,593,119 13,533,541 14,544,190
46,324,128,789,988 49,783,494,785,755 53,501,197,277,109 57,496,528,164,655
 231 232 233 234

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
15,630,313 16,797,544 18,051,941 19,400,014
61,790,220,018,187 66,404,553,662,128 71,363,473,795,183 76,692,713,244,157
 235 236 237 238

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
20,848,756 22,405,687 24,078,886 25,877,035
82,419,926,496,732 88,574,833,206,129 95,189,372,412,321 102,297,868,280,091
 239 240 241 242

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
27,809,465 29,886,204 32,118,028 34,516,519
109,937,208,213,974 118,147,034,274,367 126,969,948,888,099 136,451,735,920,925
 243 244 245 246

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
37,094,124 39,864,217 42,841,173 46,040,441
146,641,598,259,153 157,592,413,133,245 169,361,006,508,324 182,008,447,965,454
 247 248 249 250

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
49,478,622 53,173,558 57,144,421 61,411,819
195,600,367,603,892 210,207,296,608,779 225,905,033,251,542 242,775,036,222,264
 251 252 253 254

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
65,997,894 70,926,446 76,223,049 81,915,189
260,904,847,335,087 280,388,545,800,175 301,327,236,419,512 323,829,574,239,919
 255 256 257 258

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
88,032,404 94,606,436 101,671,399 109,263,956
348,012,328,385,782 374,000,987,997,357 401,930,413,418,980 431,945,536,016,321
 259 260 261 262

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
117,423,505 126,192,389 135,616,110 145,743,570
464,202,110,254,184 498,867,521,937,524 536,121,656,809,816 576,157,834,016,098
 263 264 265 266

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
156,627,322 168,323,845 180,893,834 194,402,517
619,183,809,274,618 665,422,852,962,744 715,114,908,711,532 768,517,838,521,147
 267 268 269 270

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
208,919,993 224,521,598 241,288,289 259,307,074
825,908,760,858,269 887,585,488,679,157 953,868,074,840,545 1,025,100,472,917,830
 271 272 273 274

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
278,671,455 299,481,918 321,846,452 345,881,111
1,101,652,322,048,860 1,183,920,865,065,220 1,272,333,009,864,620 1,367,347,544,721,240
 275 276 277 278

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
371,710,617 399,469,004 429,300,315 461,359,351
1,469,457,519,029,650 1,579,192,801,836,630 1,697,122,831,437,440 1,823,859,570,304,830
 279 280 281 282

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
495,812,472 532,838,464 572,629,461 615,391,946
1,960,060,680,684,520 2,106,432,937,335,943 2,263,735,895,127,570 2,432,785,830,518,817
 283 284 285 286

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
661,347,823 710,735,567 763,811,458 820,850,921
2,614,459,977,381,600 2,809,701,079,142,037 3,019,522,280,864,386 3,245,012,386,663,055
 287 288 289 290

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
882,149,942 948,026,616 1,018,822,789 1,094,905,836
3,487,341,509,724,590 3,747,767,144,258,670 4,027,640,690,886,630 4,328,414,469,329,181
 291 292 293 294

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
1,176,670,569 1,264,541,281 1,358,973,950 1,460,458,605
4,651,649,254,783,431 4,999,022,377,097,055 5,372,336,424,767,815 5,773,528,598,935,230
 295 296 297 298

7.47% 7.47% 7.47% 7.47%

1.07 1.07 1.07 1.07
1,569,521,873 1,686,729,702 1,812,690,309 1,948,057,328
6,204,680,765,904,128 6,668,030,260,364,614 7,165,981,495,368,557 7,701,118,439,309,039
 299 300

7.47% 7.47%
1.07 1.07
2,093,533,206 2,249,872,845
8,276,218,024,648,336 8,894,264,557,974,982
 COROLA
TASA PROMEDIO DE DEPRECIACIÓN

Tasa
% depreciación
depreciación % de Promedio
2023 DIAN participación annual
Terrenos 2,565,200 0.00% 15.19% 0.00%
Edificios 5,441,619 2.22% 32.23% 0.72%
Maquinas 6,121,500 10.00% 36.26% 3.63%
Vehículos 1,224,300 10.00% 7.25% 0.73%
Equipo de compu 1,530,375 20.00% 9.06% 1.81%
-
Total Activo Fijo 16,882,994 100.00% 6.88%
 COROLA
ACTIVO FIJO Y DEPRECIACION
PROYECTADO
$ 24,034,340 $ 26,011,405

% Sobre
ventas
Detalle 2023 2023 2024 2025
Terrenos 11.66% 2,565,200 2,802,404 3,032,930
Edificios 24.73% 5,441,619 5,944,806 6,433,825
Maquinas 27.83% 6,121,500 6,687,555 7,237,673
Vehiculos 5.56% 1,224,300 1,337,511 1,447,535
Equipo de computo 6.96% 1,530,375 1,671,889 1,809,418

Activo fijo bruto 16,882,994 18,444,164 19,961,381

Compras de act. Fijo 1,561,170 1,517,217
DEPRECIACION
Depreciacion del periodo 1,268,991 1,373,378
Depreciacion Acumulada 5,486,435 6,755,426 8,128,805
Activo Fijo Neto 11,396,559 11,688,738 11,832,577
$ 28,178,675 $ 30,556,392 $ 32,414,220 $ 34,317,583

2026 2027 2028 2029

3,285,634 3,562,875 3,779,498 4,001,430 ESF
6,969,892 7,558,011 8,017,538 8,488,328 ESF
7,840,716 8,502,316 9,019,257 9,548,868 ESF
1,568,143 1,700,463 1,803,851 1,909,774 ESF
1,960,179 2,125,579 2,254,814 2,387,217 ESF

21,624,564 23,449,244 24,874,958 26,335,616 ESF

1,663,182 1,824,681 1,425,714 1,460,658 FCL

1,487,808 1,613,350 1,711,441 1,811,937 PYG Y FCL

9,616,613 11,229,962 12,941,403 14,753,340 ESF
12,007,951 12,219,282 11,933,555 11,582,276 ESF
 COROLA
CTNO
PROYECTADO
% sobre
ventas
2023 2023 2024 2025 2026 2027
Efectivo 4.05% 890,400 972,735 1,052,752 1,140,468 1,236,701
Cuentas por Cobrar 10.50% 2,310,000 2,523,606 2,731,198 2,958,761 3,208,421
Materia prima 5.06% 1,113,000 1,215,919 1,315,941 1,425,585 1,545,876
Producto en proceso 2.12% 467,460 510,686 552,695 598,746 649,268
Producto terminado 6.37% 1,402,380 1,532,058 1,658,085 1,796,237 1,947,803

Activos corrientes 6,183,240 6,755,004 7,310,671 7,919,796 8,588,068

Proveedores 5.58% 1,228,395 1,341,985 1,452,376 1,573,388 1,706,151

Cuentas por pagar 4.25% 934,920 1,021,372 1,105,390 1,197,491 1,298,536
Impuestos por pagar 2.66% 584,325 638,358 690,869 748,432 811,585
Pasivos espontaneos 2,747,640 3,001,714 3,248,635 3,519,312 3,816,271
CTNO 3,435,600 3,753,290 4,062,036 4,400,484 4,771,797
Cambios en CTNO 317,690 308,746 338,449 371,313

Activos para EVA O CI 14,832,159 15,442,028 15,894,612 16,408,435 16,991,079

Aumento (disminución) CI
 2028 2029
1,311,892 1,388,926 ESF
3,403,493 3,603,346 ESF
1,639,865 1,736,158 ESF
688,743 729,186 ESF
2,066,230 2,187,559 ESF

9,110,223 9,645,175 ESF

1,809,885 1,916,161 ESF

1,377,486 1,458,372 ESF
860,929 911,483 ESF
4,048,300 4,286,017 ESF
5,061,923 5,359,159 ESF
290,125 297,236 FCL

16,995,478 16,941,434
 COROLA
ESTADO DER SITUACIÓN FINANCIERA
PROYECTADO
0 1 2 3
% sobre
ventas
Detalle 2023 2023 2024 2025 2026
Efectivo 890,400 972,735 1,052,752 1,140,468
Cuentas por Cobrar 2,310,000 2,523,606 2,731,198 2,958,761
Materia prima 1,113,000 1,215,919 1,315,941 1,425,585
Producto en proceso 467,460 510,686 552,695 598,746
Producto terminado 1,402,380 1,532,058 1,658,085 1,796,237

ACTIVOS CORRIENTE 6,183,240 6,755,004 7,310,671 7,919,796

Terrenos 2,565,200 2,802,404 3,032,930 3,285,634

Edificios 5,441,619 5,944,806 6,433,825 6,969,892
Maquinas 6,121,500 6,687,555 7,237,673 7,840,716
Vehiculos 1,224,300 1,337,511 1,447,535 1,568,143
Equipo de computo 1,530,375 1,671,889 1,809,418 1,960,179

Depreciacion Acumulada 5,486,435 6,755,426 8,128,805 9,616,613

ACTIVO FIJO NETO 11,396,559 11,688,738 11,832,577 12,007,951

ACTIVOS NO OPERACIONALES
TOTAL ACTIVOS 17,579,799 18,443,743 19,143,248 19,927,747

PASIVO Y PATRIMONIO
Proveedores 1,228,395 1,341,985 1,452,376 1,573,388
Cuentas por pagar 934,920 1,021,372 1,105,390 1,197,491
Impuestos por pagar 584,325 638,358 690,869 748,432
Pasivos Financieros 2,205,000 2,205,000 2,205,000 2,205,000

PASIVO CORRIENTE 4,952,640 5,206,714 5,453,635 5,724,312

PASIVO DE LP 3,794,600 3,794,600 3,794,600 3,794,600

 TOTAL PASIVO 8,747,240 9,001,314 9,248,235 9,518,912

PATRIMONIO
CAPITAL 7,183,000 7,183,000 7,183,000 7,183,000
UODI 2,730,798 2,955,433 3,201,680
UTILIDADES RETENIDAS 1,649,559 1,649,559 2,259,428 2,712,012
DIVIDENDOS (FCL) 2,120,928 2,502,849 2,687,857
TOTAL PATRIMONIO 8,832,559 9,442,428 9,895,012 10,408,835

PASIVO MAS PATRIMONIO 17,579,799 18,443,743 19,143,248 19,927,747

ACTIVO = PAS + PAT

ACTIVO = PAS + PAT 1 TRUE TRUE TRUE
Activos para EVA
-
Activos totales SEGÚN BALANCE
Menos: Activos no operacionales
Pasivo Espontaneos
Activos para el calculo del EVA

Actvos para EVA metodo Alterno

Activo fijo neto

+ CTNO
Activos para el calculo del EVA
 4 5 6

2027 2028 2029

1,236,701 1,311,892 1,388,926
3,208,421 3,403,493 3,603,346
1,545,876 1,639,865 1,736,158
649,268 688,743 729,186
1,947,803 2,066,230 2,187,559

8,588,068 9,110,223 9,645,175

3,562,875 3,779,498 4,001,430

7,558,011 8,017,538 8,488,328
8,502,316 9,019,257 9,548,868
1,700,463 1,803,851 1,909,774
2,125,579 2,254,814 2,387,217

11,229,962 12,941,403 14,753,340

12,219,282 11,933,555 11,582,276

20,807,350 21,043,778 21,227,451

1,706,151 1,809,885 1,916,161

1,298,536 1,377,486 1,458,372
811,585 860,929 911,483
2,205,000 2,205,000 2,205,000

6,021,271 6,253,300 6,491,017

3,794,600 3,794,600 3,794,600

 9,815,871 10,047,900 10,285,617

7,183,000 7,183,000 7,183,000

3,471,837 3,682,925 3,899,187 Ultima cifra del estado de resultados
3,225,835 3,808,479 3,812,878
2,889,193 3,678,527 3,953,230 Ultima cifra del fcl
10,991,479 10,995,878 10,941,834

20,807,350 21,043,778 21,227,451

TRUE TRUE TRUE

 COROLA
Costo de capital
PROYECTADO
Estructura de
Fuente Monto Kai Tx Kdi cppc
capital
Pasivo Fcro 5,999,600 40.45% 8% 25% 6.00% 2.43%
Patrimonio 8,832,559 59.55% 21% 0.00% 21.01% 12.51%
Total 14,832,159 100% 15.00%
Global Companies Betas by Sector January 2016

Date updated: 5-Jan-24 Notes

Created by: Aswath Damodaran, adamodar@stern.nyu.edu if you are looking for a pure-play beta, i.e., a beta for a busines
What is this data? Beta, Unlevered beta and other risk measures US companies unlevered beta corrected for cash is your best bet. Since even s
betas can move over time, I have also reported the average of
Home Page: http://www.damodaran.com YouTube Video explaining estimation choices
sector and process.
beta across time in the last column. This number, for ob
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html reasons, is less likely to be volatile over time.
Companies in each industry: https://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 25.00%

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 57 1.37 33.76% 5.44% 1.10 7.25% 1.18 0.6204
Aerospace/Defense 70 1.08 25.46% 7.28% 0.90 2.90% 0.93 0.4584
Air Transport 25 1.27 162.15% 8.62% 0.57 10.71% 0.64 0.5221
Apparel 38 1.19 48.76% 10.19% 0.87 5.89% 0.93 0.4816
Auto & Truck 34 1.52 31.02% 3.12% 1.24 5.29% 1.30 0.7081
Auto Parts 39 1.34 38.44% 14.62% 1.04 6.92% 1.12 0.4652
Bank (Money Center) 15 1.06 216.16% 17.69% 0.40 37.13% 0.64 0.3109
Banks (Regional) 625 0.46 101.95% 17.69% 0.26 21.61% 0.33 0.2398
Beverage (Alcoholic) 19 1.13 24.46% 10.42% 0.96 1.43% 0.97 0.5270
Beverage (Soft) 29 0.76 17.12% 6.68% 0.68 3.51% 0.70 0.5619
Broadcasting 22 1.06 176.40% 7.85% 0.46 8.62% 0.50 0.5134
Brokerage & Investment Banking 27 1.12 226.06% 16.84% 0.42 24.54% 0.55 0.3272
Building Materials 44 1.32 18.15% 19.94% 1.16 4.06% 1.21 0.3866
Business & Consumer Services 162 1.02 17.94% 10.84% 0.90 3.09% 0.93 0.4878
Cable TV 10 1.28 101.72% 23.72% 0.72 1.54% 0.74 0.4199
Chemical (Basic) 32 1.10 45.68% 8.93% 0.82 6.65% 0.87 0.4855
Chemical (Diversified) 4 1.13 69.53% 14.89% 0.74 8.43% 0.81 0.3012
Chemical (Specialty) 68 1.09 26.82% 10.40% 0.91 3.50% 0.94 0.4443
Coal & Related Energy 18 1.27 22.54% 2.62% 1.09 12.53% 1.24 0.5084
Computer Services 72 1.00 29.14% 7.78% 0.82 4.69% 0.86 0.5750
Computers/Peripherals 36 1.13 6.09% 8.67% 1.08 1.54% 1.10 0.4390
Construction Supplies 11 0.94 16.26% 13.94% 0.84 1.71% 0.85 0.2832
Diversified 23 1.19 19.15% 5.25% 1.04 4.36% 1.09 0.5455
Drugs (Biotechnology) 572 1.12 16.39% 0.81% 1.00 8.15% 1.09 0.6317
Drugs (Pharmaceutical) 245 1.03 16.05% 2.89% 0.92 2.90% 0.94 0.6616
Education 31 1.23 19.59% 11.15% 1.07 6.85% 1.15 0.5404
Electrical Equipment 103 1.24 21.39% 5.66% 1.07 6.66% 1.15 0.6200
Electronics (Consumer & Office) 13 1.30 18.32% 7.31% 1.14 12.61% 1.30 0.5283
Electronics (General) 129 0.93 17.20% 8.17% 0.83 5.69% 0.88 0.4870
Engineering/Construction 77 1.06 26.75% 14.69% 0.88 4.63% 0.92 0.4277
Entertainment 98 0.99 28.75% 3.25% 0.82 5.49% 0.87 0.6154
Environmental & Waste Services 57 0.91 21.95% 5.42% 0.78 0.88% 0.79 0.5505
Farming/Agriculture 42 0.99 45.30% 6.68% 0.74 3.78% 0.77 0.5790
Financial Svcs. (Non-bank & Insurance 192 1.14 342.77% 10.40% 0.32 2.81% 0.33 0.4132
Food Processing 93 0.71 36.79% 9.04% 0.55 2.56% 0.57 0.4590
Food Wholesalers 14 0.97 44.63% 15.90% 0.72 1.57% 0.74 0.4094
Furn/Home Furnishings 31 1.11 47.55% 13.94% 0.82 5.24% 0.86 0.4512
Green & Renewable Energy 17 1.11 141.41% 4.39% 0.54 3.42% 0.56 0.6005
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Healthcare Products 230 1.06 12.66% 4.81% 0.97 3.53% 1.01 0.5730
Healthcare Support Services 119 1.03 26.86% 8.08% 0.86 8.60% 0.94 0.5223
Heathcare Information and Technolo 128 1.27 16.07% 3.11% 1.14 4.20% 1.19 0.5607
Homebuilding 32 1.37 16.42% 17.22% 1.22 9.92% 1.35 0.4785
Hospitals/Healthcare Facilities 32 0.88 79.74% 6.86% 0.55 1.71% 0.56 0.5809
Hotel/Gaming 68 1.34 48.67% 8.63% 0.98 6.11% 1.05 0.4554
Household Products 19 0.78 14.79% 12.10% 0.70 2.50% 0.72 0.3404
Information Services 18 0.93 35.67% 15.79% 0.73 4.93% 0.77 0.4433
Insurance (General) 21 1.03 25.93% 13.69% 0.86 3.32% 0.89 0.4100
Insurance (Life) 23 0.77 92.25% 10.18% 0.45 16.16% 0.54 0.3132
Insurance (Prop/Cas.) 50 0.74 19.38% 12.42% 0.64 4.47% 0.68 0.2954
Investments & Asset Management 334 0.46 40.34% 11.33% 0.35 10.33% 0.39 0.2313
Machinery 103 1.03 16.86% 11.73% 0.91 2.85% 0.94 0.4315
Metals & Mining 68 0.96 15.82% 2.00% 0.86 5.67% 0.91 0.6448
Office Equipment & Services 17 1.14 52.57% 17.12% 0.82 6.76% 0.88 0.4386
Oil/Gas (Integrated) 4 0.67 12.50% 21.18% 0.61 4.80% 0.64 0.1559
Oil/Gas (Production and Exploration) 166 0.93 23.28% 5.61% 0.79 3.62% 0.82 0.5028
Oil/Gas Distribution 24 0.79 70.22% 9.25% 0.52 2.11% 0.53 0.3581
Oilfield Svcs/Equip. 100 0.98 32.14% 10.88% 0.79 7.46% 0.85 0.4776
Packaging & Container 11 0.87 71.48% 21.57% 0.56 4.92% 0.59 0.2007
Paper/Forest Products 7 1.94 37.37% 12.91% 1.51 4.80% 1.59 0.4489
Power 50 0.65 92.92% 13.69% 0.38 1.31% 0.39 0.2732
Precious Metals 61 0.87 15.21% 1.98% 0.78 6.03% 0.83 0.6278
Publishing & Newspapers 13 0.92 28.73% 10.66% 0.76 6.40% 0.81 0.3169
R.E.I.T. 181 1.02 79.77% 1.97% 0.64 1.97% 0.65 0.2777
Real Estate (Development) 17 0.67 94.10% 1.45% 0.39 9.15% 0.43 0.5888
Real Estate (General/Diversified) 11 0.56 31.88% 13.21% 0.45 11.26% 0.51 0.3477
Real Estate (Operations & Services) 60 1.08 44.57% 4.29% 0.81 8.30% 0.88 0.4821
Recreation 55 1.17 58.57% 8.26% 0.81 4.13% 0.85 0.5084
Reinsurance 1 0.66 42.54% 22.95% 0.50 18.56% 0.61 0.1702
Restaurant/Dining 64 1.19 25.73% 11.41% 1.00 2.24% 1.02 0.4028
Retail (Automotive) 30 1.49 57.51% 13.50% 1.04 1.38% 1.06 0.4974
Retail (Building Supply) 16 1.94 19.92% 12.59% 1.69 1.05% 1.70 0.4087
Retail (Distributors) 62 1.11 32.29% 15.76% 0.89 2.08% 0.91 0.4378
Retail (General) 26 1.25 13.42% 14.58% 1.13 3.28% 1.17 0.4185
Retail (Grocery and Food) 14 0.49 55.84% 16.88% 0.35 4.62% 0.36 0.3786
Retail (REITs) 28 1.12 58.84% 2.53% 0.78 1.14% 0.79 0.2340
Retail (Special Lines) 105 1.18 36.15% 9.53% 0.93 4.49% 0.97 0.5098
Rubber& Tires 3 0.67 235.28% 0.00% 0.24 7.29% 0.26 0.3449
Semiconductor 63 1.50 6.05% 4.89% 1.43 2.04% 1.46 0.4535
Semiconductor Equip 30 1.53 7.78% 12.14% 1.44 4.24% 1.51 0.3766
Shipbuilding & Marine 8 0.81 29.77% 6.74% 0.66 3.46% 0.69 0.3448
Shoe 13 1.29 8.71% 11.31% 1.21 4.77% 1.27 0.4673
Software (Entertainment) 84 1.11 3.15% 5.11% 1.08 2.78% 1.11 0.6102
Software (Internet) 35 1.62 11.98% 2.61% 1.48 1.91% 1.51 0.5394
Software (System & Application) 351 1.29 6.20% 4.19% 1.24 2.83% 1.27 0.5848
Steel 29 1.13 20.18% 15.72% 0.98 9.21% 1.08 0.3620
Global Companies Betas by Sector January 2016

Effective Tax
Industry Name Number of firms Beta D/E Ratio rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom (Wireless) 13 1.09 64.16% 9.56% 0.73 1.77% 0.75 0.6313
Telecom. Equipment 66 1.08 11.41% 6.20% 1.00 4.81% 1.05 0.5647
Telecom. Services 42 0.78 124.91% 6.62% 0.41 2.19% 0.41 0.5662
Tobacco 16 1.22 34.90% 9.95% 0.97 1.78% 0.99 0.5792
Transportation 110 1.00 30.85% 6.99% 0.81 4.06% 0.84 0.6222
Transportation (Railroads) 4 1.02 26.81% 17.28% 0.85 1.06% 0.86 0.1868
Trucking 22 1.15 19.95% 20.21% 1.00 2.94% 1.03 0.3430
Utility (General) 14 0.58 84.84% 14.05% 0.35 0.58% 0.36 0.1505
Utility (Water) 13 0.71 50.89% 11.09% 0.52 1.07% 0.52 0.2951
Total Market 6481 1.00 46.42% 8.35% 0.74 6.13% 0.79 0.4722
Total Market (without financials) 5194 1.10 22.50% 6.81% 0.94 3.49% 0.97 0.5217
 Global Companies Betas by Sector January 2016

Notes
if you are looking for a pure-play beta, i.e., a beta for a business, the
unlevered beta corrected for cash is your best bet. Since even sector
betas can move over time, I have also reported the average of the this
sector beta across time in the last column. This number, for obvious
reasons, is less likely to be volatile over time.

Unlevered beta corrected for cash - Over time

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2020 2021 2022 2023 (2020-24)
56.41% 14.94% 0.93 0.77 1.10 1.35 1.07
36.40% 19.50% 1.08 0.91 1.11 1.23 1.05
44.65% 215.30% 0.84 0.91 0.91 0.69 0.80
37.04% 24.04% 0.83 0.94 1.10 1.02 0.96
59.70% 48.10% 0.53 1.05 1.02 1.23 1.03
37.07% 20.99% 0.95 1.09 1.21 1.20 1.11
22.51% NA 0.56 0.59 1.03 0.74 0.71
18.68% 75.66% 0.43 0.6 0.84 0.41 0.52
49.70% 26.87% 0.92 0.67 0.72 0.88 0.83
42.96% 11.39% 1.09 0.71 1.12 1.20 0.96
38.46% 29.65% 0.73 0.65 0.81 0.70 0.68
25.21% 45.89% 0.57 0.57 0.67 0.69 0.61
28.72% 52.15% 1.02 0.97 1.09 1.10 1.08
41.29% 23.55% 0.89 0.83 0.99 1.02 0.93
33.01% 27.25% 0.78 0.7 0.66 0.71 0.72
38.92% 40.82% 0.99 0.76 0.94 0.96 0.90
37.24% 34.91% 1.21 1.03 1.21 1.09 1.07
36.60% 18.60% 0.96 0.82 1.00 1.12 0.97
55.69% 415.49% 1.05 0.56 0.82 1.43 1.02
49.61% 25.48% 0.95 0.94 1.06 0.99 0.96
38.90% 29.08% 1.64 1.14 1.25 1.23 1.27
30.30% 42.30% 1.10 0.87 0.98 1.08 0.98
52.25% 66.70% 1.25 0.89 0.70 0.94 0.97
61.98% 27.24% 1.39 0.85 0.97 1.20 1.10
65.30% 29.08% 1.29 0.84 1.01 1.18 1.05
43.78% 17.18% 1.36 1.07 1.10 0.99 1.13
54.42% 16.70% 1.31 1 1.19 1.43 1.22
39.42% 267.07% 1.25 1.01 1.06 1.61 1.25
42.94% 28.54% 1.07 0.86 1.05 1.12 1.00
36.59% 18.99% 1.33 0.95 0.97 1.02 1.04
61.19% 30.69% 1.20 0.84 0.96 1.25 1.02
46.07% 23.51% 1.05 0.82 1.09 0.86 0.92
54.14% 41.41% 0.63 0.68 0.85 0.93 0.77
38.10% 40.46% 0.10 0.11 0.15 0.11 0.16
35.52% 11.57% 0.70 0.53 0.63 0.77 0.64
27.30% 29.49% 0.66 0.8 1.08 0.85 0.82
46.65% 23.42% 0.82 0.78 0.99 0.95 0.88
57.34% 49.86% 0.59 0.68 1.10 0.88 0.76
Global Companies Betas by Sector January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2020 2021 2022 2023 (2020-24)
52.21% 32.96% 0.98 0.8 0.91 1.10 0.96
49.53% 26.95% 0.95 0.74 0.95 1.07 0.93
54.15% 50.83% 1.15 0.75 0.91 1.37 1.07
32.31% 75.83% 0.66 1.33 1.59 1.33 1.25
46.33% 17.04% 0.63 0.8 0.96 0.72 0.73
40.80% 104.49% 0.91 1.19 1.44 1.06 1.13
30.17% 7.17% 0.94 0.68 0.92 1.06 0.86
33.83% 45.18% 1.03 0.97 1.20 1.33 1.06
40.38% 48.45% 0.59 0.56 0.81 1.03 0.78
30.85% 23.09% 0.73 0.64 0.88 0.67 0.69
27.40% 29.80% 0.59 0.58 0.78 0.73 0.67
15.15% 23.34% 0.86 0.78 0.97 0.54 0.71
33.44% 18.51% 1.10 0.96 1.18 1.09 1.05
60.56% 54.71% 1.09 0.82 1.13 1.22 1.03
30.28% 17.63% 1.24 0.83 1.11 0.84 0.98
26.44% 107.82% 1.12 0.98 1.25 0.95 0.99
46.31% 208.46% 1.08 0.81 1.13 1.14 0.99
32.55% 38.82% 0.62 0.6 0.86 0.66 0.65
43.73% 80.50% 1.22 0.83 1.18 1.19 1.05
22.80% 16.13% 0.68 0.68 0.78 0.67 0.68
43.04% 82.96% 1.25 0.96 1.00 1.13 1.19
20.39% 5.89% 0.38 0.43 0.56 0.46 0.44
63.61% 56.84% 1.33 0.75 0.99 1.19 1.02
31.02% 22.30% 0.76 1.1 1.46 0.91 1.01
23.59% 20.10% 0.43 0.79 0.99 0.69 0.71
34.24% 76.28% 0.89 0.56 0.74 0.88 0.70
35.91% 98.73% 1.50 0.76 0.83 0.66 0.85
44.19% 99.42% 0.68 0.75 0.87 0.81 0.80
44.30% 24.03% 0.75 0.77 1.07 1.08 0.90
17.09% 21.78% 0.77 1.13 1.30 0.83 0.93
35.37% 16.64% 0.75 1.11 1.33 1.17 1.08
46.79% 32.50% 0.87 0.99 1.12 1.08 1.02
45.21% 35.75% 1.15 1.43 1.42 1.57 1.45
37.74% 36.36% 0.89 0.75 1.06 1.01 0.92
38.28% 21.76% 0.95 0.81 1.04 1.22 1.04
25.65% 35.08% 0.35 0.15 0.21 0.47 0.31
20.72% 11.63% 1.16 1.14 1.07 1.36 1.10
44.01% 21.61% 0.69 1.03 1.23 1.19 1.02
40.77% 52.82% 0.45 0.54 0.59 0.27 0.42
41.47% 34.93% 1.24 0.96 1.14 1.53 1.27
37.04% 67.07% 1.25 1.07 1.34 1.69 1.37
45.07% 91.44% 1.57 0.74 0.80 0.78 0.92
36.28% 28.18% 0.83 0.98 1.19 1.29 1.11
52.79% 62.14% 1.29 0.96 1.21 1.36 1.18
65.22% 374.09% 1.50 0.75 0.98 1.42 1.23
52.09% 35.93% 1.15 0.89 1.12 1.41 1.17
38.10% 115.45% 1.29 0.78 0.98 1.21 1.07
Global Companies Betas by Sector January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2020 2021 2022 2023 (2020-24)
60.31% 70.80% 0.60 0.39 0.63 0.71 0.61
46.62% 11.85% 0.84 0.83 1.06 1.18 0.99
50.42% 14.96% 0.67 0.42 0.51 0.47 0.50
48.00% 8.73% 1.43 0.61 0.86 1.74 1.13
56.20% 43.54% 0.96 0.79 0.72 0.92 0.85
22.28% 13.49% 1.89 0.74 0.65 0.93 1.01
28.33% 42.22% 1.04 0.94 1.28 1.23 1.10
14.93% 9.83% 0.19 0.48 0.60 0.41 0.41
42.03% 15.08% 0.57 0.57 0.61 0.87 0.63
42.03% 23.07% 0.83 0.75 0.91 0.88 0.83
47.06% 23.14% 1.01 0.86 1.04 1.12 1.00
 COROLA
CPPC_WACC

Año Real 2024

Inflacion interna (Meta Banrepublica 2024) 7.00%

Inflación externa (Meta FED 2024) 3.22%
Tasa Impositiva de renta 25.00%

Datos del CAPM CAPM

Fuente Real
Tasa libre de Riesgo, Fuente: Promedio
Geométrico Damodaran “T.Bonds” años
1928-2023 (Kf) 4.80%

Prima del Mercado. Fuente: Promedio

Geométrico Damodaran “Stocks - T.Bonds”
años 1928-2023 (km-Kf) 5.20%
Riesgo País 7.86%

Beta desapalancado: Damodaran 0.55

Composicion del capital invertido 2023
Deuda financiera 2023 $ 5,999,600
Patrimonio 2023 $ 8,832,559
Total capital Invertido (CI) $ 14,832,159
% Deuda Financiera del CI 40.45%
% Patrimonio del CI 59.55%

Apalancamiento financiero promedio

2023(Deuda / Patrimonio) 67.93%
67.93%
Beta apalancado 0.837
Prima Riesgo Negocio 4.35%

Ke corrientes USA 9.15%

Ke corrientes colombia 21.01%

Celda E62 Datos Basicos
Celda D74 Datos Basicos
CElda D71 Datos Basicos

Celda D67 Datos Basicos

Celda D70 Datos Basicos

Celda D75 Datos Basicos

Celda F45 Betas

Celda h30+h33 Datos Basicos

Celda H39 Datos Basicos

f17*(1+f25*(1-F9)) -
f27*f14

f13+f28

=((1+f30)*(1+F7)/(1+F8)-1)+f15)
COROLA

Detalle Año 0 Año 1 Año 2 Año 3 Año 4

UODI 2,730,798 2,955,433 3,201,680 3,471,837
CARGO POR USOS DE RECURSOS 2,224,824 2,316,304 2,384,192 2,461,265
TOTAL EVA 505,974 639,129 817,488 1,010,572
Año 5 Año 6
3,682,925
2,548,662
1,134,263
Conservación de flujos
Desde 1958 Modigliani y Miller definieron una relación entre estos flujos de
caja que denominamos de conservación de flujos:
FCL + AI = FCD + FCA = FCC
Donde FCL es el flujo de caja libre, AI es el ahorro en impuestos o escudo
fiscal, FCD es el flujo de caja de la deuda, FCA es el flujo de caja del
accionista y FCC es el flujo de caja de capital. Esta es una relación
fundamental y que debe cumplirse siempre. Se puede asociar a la ecuación
fundamental de la contabilidad.
 COROLA
ESTADO DE RESULTADOS y FLUJO DE CAJA LIBRE
PROYECTADO
0 1 2
Detalle
VENTAS
Costos de ventas
UTILIDAD BRUTA
gastos operacionales Ex Dep
EBITDA
depreciación
EBIT. (UAII). UTIL OPER
impuestos aplicados
UODI
+Depreciación `
+/-cambios en CTNO
Menos:compras a fijo INVERSION NETA
FCL
periodo relevante
G= RCI * RV
RCI = Rentabilidad del Capital Invertido
Rv = Tasa de Retencion de Utilidades
RCI₅ = UODI₅ / CI₄

Rv₅ = IN₅ / UODI₅

g=

Valoración por FCL

Crecimiento del FCL

Vp fcl(1-5) 15.00%
Vp fcl(6-Infinito) 15.00%

Detalle
VP (1-5)
Vp continuidad(6-Infinito)
VR de las Operaciones
Activos no operacionales
Valor de la Empresa
- Pasivos Financieros
Valor patrimonial

Valoración por EVAS

Activos para EVA (CI)

EVAS (1-5) = Prima 15.00%
MVA(1-5) = Prima 15.00%
MVA(6-infinito) 15.00%

Valoracion momento cero

Detalle Valor de la Empresa
MVA(1-5)
MVA((6-Infinito)
Total primas Total MVA
Activos antes de la valoración(evas) CI
Activos no operativos
Valor de la empresa
- Pasivos financieros
Valor patrimonial
-
VALORACION POR FCL = X EVAS

METODO 2 PARA CALCULAR LAS PRIMAS

Valor de las operaciones Metodo FCL
Menos: activos para EVA
Total Primas
Total primas Método De Eva
Son Iguales? 1 1
 3 4 5 6

-
periodo relevante
 MVA₅ = VC₅ - CI₅

mento cero

TRUE