Costo Promedio Ponderado de Capital

Empresa:
Mensual
Tecnofil

Tecnofil S.A.
WACC
WACC mensual

1
Nov-07

10.02%
0.80%

Tasa de interes de la deuda (M.E.)*

9.48%

Estructura de Capital de la empresa

Fuente:
Tecnofil S.A.
Tecnofil S.A.
Tecnofil S.A.

Mes
Nov-07
Nov-07

Deuda
Patrimonio
Tasa impositiva

70.35%
29.65%
29.00%

Costo Oportunidad del Capital

Fecha
Pas
Damodaran

Nov-07
Peru
January 2007
January 2007

T-Bill (10 aos)

Riesgo Pais (Peru)
Riesgo de mercado (USA)
Beta apalancado

17.83%
4.17%
2.03%
4.80%
2.42

Beta Apalancado
Sector =>

Tire & Rubber

Beta desapalancada de la industria

2.42
0.90

http://pages.stern.nyu.edu/~adamodar/

Market
United States

Date of last
update
January 2007

Number of firms
7661

Data source
Value Line

Mes
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07

Pas
Tipo Industria
Argentina
Advertising
Australia
Aerospace/Defense
Austria
Air Transport
Bahamas
Apparel
Bahrain
Auto & Truck
Barbados
Auto Parts
Belgium
Bank
Belize
Bank (Canadian)
Bermuda
Bank (Foreign)
Bolivia
Bank (Midwest)
Bosnia and HerzegoBeverage (Alcoholic)
Botswana
Beverage (Soft Drink)
Brazil
Biotechnology
Bulgaria
Building Materials
Canada
Cable TV
Cayman islands
Canadian Energy
Chile
Cement & Aggregates
China
Chemical (Basic)
Colombia
Chemical (Diversified)
Costa
Chemical (Specialty)
Croatia
Coal
Cuba
Computer Software/Svcs
Cyprus
Computers/Peripherals
Czech Republic
Diversified Co.
Denmark
Drug
Dominican Republic E-Commerce
Ecuador
Educational Services
Egypt
Electric Util. (Central)
El Salvador
Electric Utility (East)
Estonia
Electric Utility (West)
Fiji Islands
Electrical Equipment
Finland
Electronics
France
Entertainment
Germany
Entertainment Tech
Greece
Environmental
Guatemala
Financial Svcs. (Div.)
Honduras
Food Processing
Hong Kong
Food Wholesalers
Hungary
Foreign Electronics
Iceland
Furn/Home Furnishings
India
Grocery

Indonesia
Healthcare Information
Ireland
Home Appliance
Isle of Man
Homebuilding
Israel
Hotel/Gaming
Italy
Household Products
Jamaica
Human Resources
Japan
Industrial Services
Jordan
Information Services
Kazakhstan
Insurance (Life)
Korea
Insurance (Prop/Cas.)
Kuwait
Internet
Latvia
Investment Co.
Lebanon
Investment Co.(Foreign)
Liechtenstein
Machinery
Lithuania
Manuf. Housing/RV
Luxembourg
Maritime
Macao
Medical Services
Malaysia
Medical Supplies
Malta
Metal Fabricating
Mauritius
Metals & Mining (Div.)
Mexico
Natural Gas (Distrib.)
Moldova
Natural Gas (Div.)
Monaco
Newspaper
Mongolia
Office Equip/Supplies
Morocco
Oilfield Svcs/Equip.
Netherlands
Packaging & Container
New Zealand
Paper/Forest Products
Nicaragua
Petroleum (Integrated)
Norway
Petroleum (Producing)
Oman
Pharmacy Services
Pakistan
Power
Panama
Precious Metals
Papua & New GuinePrecision Instrument
Paraguay
Publishing
Peru
R.E.I.T.
Philippines
Railroad
Poland
Recreation
Portugal
Restaurant
Qatar
Retail (Special Lines)
Romania
Retail Automotive
Russia
Retail Building Supply
Saudi Arabia
Retail Store
Singapore
Securities Brokerage
Slovakia
Semiconductor
Slovenia
Semiconductor Equip
South Africa
Shoe
Spain
Steel (General)
Suriname
Steel (Integrated)
Sweden
Telecom. Equipment
Switzerland
Telecom. Services

Taiwan
Thrift
Thailand
Tire & Rubber
Trinidad & Tobago Tobacco
Tunisia
Toiletries/Cosmetics
Turkey
Trucking
Turkmenistan
Utility (Foreign)
Ukraine
Water Utility
United Arab EmirateWireless Networking
UK
Other
US
Uruguay
Venezuela
Vietnam

CUADRO 49

INDICADORES DE RIESGO PARA PASES EMERGENTES: ndice de Bono

DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ES

RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond

Fecha

Diferencial de rendimientos del ndice de bonos de mercados emerge

Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06

Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.

Per 6/
193
141
182
190
170
172
160
140
138
149
147
131

Argentina
460
382
349
332
343
383
362
325
332
302
292
250

Brasil
283
239
229
234
245
262
239
218
229
217
220
207

Colombia
209
169
170
173
188
231
228
196
206
179
176
168

Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07

2007
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.

123
127
132
118
110
104
129
169
156
139
172

203
207
220
235
278
290
355
461
427
371
395

192
183
187
155
148
147
169
201
191
170
209

165
163
171
142
131
108
136
186
181
161
194

Nota: Var %
Anual
Acumulada
Mensual

17.1
30.9
24.0

35.4
57.6
6.4

-5.1
1.1
22.7

10.3
15.6
20.8

FUENTE: http://www.bcrp.gob.pe/bcr/dmdocuments/Estadistica/Cuadro

ES EMERGENTES: ndice de Bonos de Mercados Emergentes (EMBI + )

NTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMRICA (EUA) 2/ (En puntos bsicos) 3/

OUNTRIES: Emerging Market Bond Index (EMBI +) 1/ Stripped Spread (In basis points)

Tasa de Inters / I

ice de bonos de mercados emergentes (EMBI+)

LATIN EMBI+
Pases

EMBI+ Pases
Emergentes

Tesoro de EUA 5
aos

Ecuador
623
569
560
513
488
517
503
494
580
560
528
724

Mxico
121
111
123
130
132
150
120
111
115
112
114
106

Venezuela
282
241
219
187
189
223
211
202
230
224
228
206

259
224
218
214
218
241
219
203
218
208
207
198

228
202
196
190
195
223
207
190
200
192
192
181

4.3
4.6
4.7
4.9
5.0
5.1
5.0
4.8
4.7
4.7
4.6
4.5

904
746
695
611
625
630
714
702
660
599
616

102
104
108
91
80
83
101
123
112
108
135

207
209
220
218
243
286
318
418
434
378
460

189
185
191
170
171
176
203
248
239
215
253

171
170
180
160
158
159
183
224
216
195
231

4.7
4.7
4.5
4.6
4.7
5.0
4.9
4.4
4.2
4.2
3.7

16.5
-15.0
2.8

17.9
27.6
25.0

101.8
123.5
21.5

22.2
27.8
18.0

20.2
27.6
18.4

-19.6
-18.8
-12.4

11

12

###

ocuments/Estadistica/Cuadros/Semanales/NC_049.xls

13

14

Tasa de Inters / Interest Rate

Tesoro de EUA
10 aos

Tesoro de EUA
30 aos

Date

4.4
4.6
4.7
5.0
5.1
5.1
5.1
4.9
4.7
4.7
4.6
4.6

4.6
4.6
4.7
5.1
5.2
5.2
5.1
5.0
4.9
4.9
4.7
4.7

Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

4.8
4.7
4.6
4.7
4.7
5.1
5.0
4.7
4.5
4.5
4.2

4.8
4.8
4.7
4.9
4.9
5.2
5.1
4.9
4.8
4.8
4.5

2007
Jan.
Feb.
Mar.
Apr.
May.
Jun.
July.
Aug.
Sep.
Oct .
Nov. 1 to 27

-9.2
-8.6
-7.8

-3.0
-3.0
-4.9

Note: % chg
Year-to-Year
Cumulative
Month-to-Month

15

16

17

EstimatingCountryRiskPrem
Enter the current risk premium for a mature equity market
Do you want to use current US corporate spreads(C) or country bond
spreads (H)

4.80%
C

The US corporate spreads come from a deeper market, but the

country bond spreads may be a more direct measure of country risk.
To update the spreads go to the bottom of the spreadsheet.
Do you want to adjust the country risk premium for the additional
volatility of the equity market?
If no, use the country risk premium from the columns below
If yes, you can adjust the country risk premium for the relative volatility
of the equity market below:
Enter the country risk premium from default spread =
Enter the standard deviation in the equity market in the country =
Enter the standard deviation in the long term bond issued by the
country =
The adjusted country risk premium for your country is =

Country

LongTermRating

Argentina
Australia
Austria
Bahamas
Bahrain
Peru
Philippines
Poland
UnitedArabEmirates
UK
US
Uruguay
Venezuela
Vietnam
Fuente:

B3
Aaa
Aaa
A1
Baa1
Baa3
B1
A2
A1
Aaa
Aaa
B3
B1
Ba3

Yes

5.50%
61%
35%
9.59%

Adj.DefaultSpread
600

60
110
135
400
80
60

600
400
360

http://pages.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls

tingCountryRiskPremiums
I use the risk premium for the United States for this estimate
The historical spreads represent an average over 5 years

Yes or No

Use annualized historical volatility

Use annualized historical volatility

TotalRiskPremium

tasets/ctryprem.xls

13.80%
4.80%
4.80%
5.70%
6.45%
6.83%
10.80%
6.00%
5.70%
4.80%
4.80%
13.80%
10.80%
10.20%

CountryRiskPremium
9.00%
0.00%
0.00%
0.90%
1.65%
2.03%
6.00%
1.20%
0.90%
0.00%
0.00%
9.00%
6.00%
5.40%

Has to be sorted in ascending order

Rating

Default spread
in basis points

A1

60

A2

80

A3

90

Aa1

50

Industry Name

Number of FirmsAverage Beta Market D/E Ratio Tax Rate Unlevered Beta

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Market

36
73
56
64
31
64
329
20
15
139
19
46
186
279
37
82
30
34
18
26
110
7661

0.99
0.92
1.38
0.93
1.29
0.99
2.30
0.75
1.21
1.01
0.99
0.86
0.94
1.11
1.01
1.04
0.73
1.01
0.76
1.02
1.05
1.14

22.25%
20.81%
42.16%
13.39%
125.80%
52.49%
2.28%
103.83%
4.09%
31.26%
19.00%
60.09%
17.47%
6.47%
15.88%
8.74%
60.93%
40.33%
30.08%
24.34%
11.72%
32.11%

11.96%
21.77%
19.40%
21.60%
18.90%
18.93%
4.76%
0.00%
2.49%
20.52%
19.77%
5.91%
17.17%
13.16%
24.89%
7.81%
30.18%
22.04%
24.85%
29.99%
21.42%
16.40%

Fuente: http://pages.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

0.83
0.79
1.03
0.84
0.64
0.69
2.25
0.37
1.16
0.81
0.86
0.55
0.82
1.05
0.91
0.96
0.51
0.77
0.62
0.87
0.96
0.90

Cash/Firm Value
Unlevered Beta corrected for cash

6.85%
6.35%
11.95%
5.46%
11.63%
9.69%
8.55%
5.64%
2.53%
4.62%
11.03%
4.39%
11.80%
6.74%
3.46%
3.22%
2.60%
3.91%
1.53%
6.01%
4.33%

0.89
0.84
1.17
0.89
0.72
0.77
2.46
0.39
1.19
0.84
0.96
0.58
0.93
1.12
0.94
0.99
0.52
0.80
0.63
0.93
1.01

7.53%

0.98