Enrique Camacho Viatela MBTP Gerencia Financiera

n en Aos 15 Ao EBITDA
TAX 30% 0 -
TIO 15% 1 60,000
Inflacin 5% 2 66,000
Crecimiento real ventas 2% 3 75,000
Crecimiento nominal 7.10% 4 90,000
Inv. AF ao 0 80,000 5 98,000
Inv. AF ao 1 110,000 6 115,000
Inv. AF ao 2 50,000 7 140,000
Inv. AF ao 9 70,000 8 145,000
Valor depreciable 90% 9 135,000
AF recuperable 80,000 10 119,250
AF salvamento 31,000 11 114,750
Utilidad AF 49,000 12 94,500
Tax AF 14,700 13 72,000
Valor recibido AF 65,300 14 63,000
Licencia Sftw 0 15,000 15 56,250
Licencia Sftw 5 17,000
Licencia Sftw 10 21,000
Periodo Amortizacin 5
wk recuperable 85%
WACC aprox. 15%

WK 70%

Ao Inventarios Cartera Proveedores

0- 10,000 7,000
1 - 10,710 - 20,000 7,497
2 - 11,470 - 21,420 8,029
3 - 12,285 - 22,941 8,599
4 - 13,157 - 24,570 9,210
5 - 14,091 - 26,314 9,864
6 - 15,092 - 28,182 10,564
7 - 16,163 - 30,183 11,314
8 - 17,311 - 32,326 12,118
9 - 18,540 - 34,621 12,978
10 - 19,856 - 37,080 13,899
11 - 21,266 - 39,712 14,886
12 - 22,776 - 42,532 15,943
13 - 24,393 - 45,552 17,075
14 - 26,125 - 48,786 18,287
15 - 27,980 - 52,250 19,586
DEPRECIACIONES AMORTIZACIONES EBIT EBIT*Tax Shield DEPRECIACIONES
- - - - -
- 4,800 - 3,000 52,200 36,540 4,800
- 11,871 - 3,000 51,129 35,790 11,871
- 15,333 - 3,000 56,667 39,667 15,333
- 15,333 - 3,000 71,667 50,167 15,333
- 15,333 - 3,000 79,667 55,767 15,333
- 15,333 - 3,400 96,267 67,387 15,333
- 15,333 - 3,400 121,267 84,887 15,333
- 15,333 - 3,400 126,267 88,387 15,333
- 15,333 - 3,400 116,267 81,387 15,333
- 25,833 - 3,400 90,017 63,012 25,833
- 25,833 - 4,200 84,717 59,302 25,833
- 25,833 - 4,200 64,467 45,127 25,833
- 25,833 - 4,200 41,967 29,377 25,833
- 25,833 - 4,200 32,967 23,077 25,833
- 25,833 - 4,200 26,217 18,352 25,833

Total Wk Inversin WK Recuperable Perdida WK Cto Tax

- 3,000 - 3,000
- 23,213 - 20,213
- 24,861 - 1,648
- 26,626 - 1,765
- 28,517 - 1,890
- 30,541 - 2,025
- 32,710 - 2,168
- 35,032 - 2,322
- 37,520 - 2,487
- 40,183 - 2,664
- 43,036 - 2,853
- 46,092 - 3,056
- 49,365 - 3,273
- 52,869 - 3,505
- 56,623 - 3,754
- 60,643 - 4,020 51,547 - 9,097 - 2,729
AMORTIZACIONES Inversion AF Inversin WK licencias FCLP
- - 80,000 - 3,000 - 15,000 - 98,000
3,000 - 110,000 - 20,213 - - 85,873
3,000 - 50,000 - 1,648 - - 987
3,000 - - 1,765 - 56,235
3,000 - - 1,890 - 66,609
3,000 - - 2,025 - 17,000 55,075
3,400 - - 2,168 - 83,951
3,400 - - 2,322 - 101,297
3,400 - - 2,487 - 104,633
3,400 - 70,000 - 2,664 - 27,456
3,400 - - 2,853 - 21,000 68,392
4,200 - - 3,056 - 86,279
4,200 - - 3,273 - 71,887
4,200 - - 3,505 - 55,905
4,200 - - 3,754 - 49,356
4,200 65,300 50,256 - 163,941

TIR 25.24%
VPN 130,504.36

Activo Fijo

Desinversin Inversin Vr
WK Af Depreciable Depre. AF 0 Depre. AF 1
- 3,000 - 80,000 72,000
- 20,213 - 110,000 99,000 4,800.00
- 1,648 - 50,000 45,000 4,800 7,071.43
- 1,765 4,800 7,071
- 1,890 4,800 7,071
- 2,025 4,800 7,071
- 2,168 4,800 7,071
- 2,322 4,800 7,071
- 2,487 4,800 7,071
- 2,664 - 70,000 63,000 4,800 7,071
- 2,853 4,800 7,071
- 3,056 4,800 7,071
- 3,273 4,800 7,071
- 3,505 4,800 7,071
- 3,754 4,800 7,071
50,256 65,300 4,800 7,071

72,000 99,000
Ao EBIT Inters UAI UAI*Tax Shield DEPRECIACIONE
0 - - - - -
1 52,200 - 7,200 45,000 31,500 4,800
2 51,129 - 17,100 34,029 23,820 11,871
3 56,667 - 21,600 35,067 24,547 15,333
4 71,667 - 21,600 50,067 35,047 15,333
5 79,667 - 21,600 58,067 40,647 15,333
6 96,267 - 21,600 74,667 52,267 15,333
7 121,267 - 21,600 99,667 69,767 15,333
8 126,267 - 21,600 104,667 73,267 15,333
9 116,267 - 21,600 94,667 66,267 15,333
10 90,017 - 19,800 70,217 49,152 25,833
11 84,717 - 15,525 69,192 48,434 25,833
12 64,467 - 10,125 54,342 38,039 25,833
13 41,967 - 4,725 37,242 26,069 25,833
14 32,967 - 1,125 31,842 22,289 25,833
15 26,217 - 26,217 18,352 25,833

Licencia Software

Gastos Amortizac.
Depre. AF 2 Depre. AF 9 Total Dep. Licencias Software 1
- - 15,000
4,800 3,000
11,871 3,000
3,461.54 15,333 3,000
3,462 15,333 3,000
3,462 15,333 - 17,000 3,000
3,462 15,333
3,462 15,333
3,462 15,333 -
3,462 15,333 -
3,462 10,500.00 25,833 - 21,000 -
3,462 10,500 25,833 -
3,462 10,500 25,833 -
3,462 10,500 25,833 -
3,462 10,500 25,833 -
3,462 10,500 25,833 -

45,000 63,000 Control - 53,000 15,000

AMORTIZACION Inversion AF Inversin WK licencias K financiero FCLInv
- - 80,000 - 3,000 - 15,000 48,000 - 50,000
3,000 - 110,000 - 20,213 - 66,000 - 24,913
3,000 - 50,000 - 1,648 - 30,000 17,043
3,000 - - 1,765 - - 41,115
3,000 - - 1,890 - - 51,489
3,000 - - 2,025 - 17,000 - 39,955
3,400 - - 2,168 - - 68,831
3,400 - - 2,322 - - 86,177
3,400 - - 2,487 - - 89,513
3,400 - 70,000 - 2,664 - - 12,000 336
3,400 - - 2,853 - 21,000 - 28,500 26,032
4,200 - - 3,056 - - 36,000 39,412
4,200 - - 3,273 - - 36,000 28,800
4,200 - - 3,505 - - 24,000 28,598
4,200 - - 3,754 - - 7,500 41,069
4,200 65,300 50,256 - - 163,941

TIR 41.81%
VPN al WACC 159,962.09

Amortizac. Amortizac.
Software 2 Software 3 Total Amort
-
3,000
3,000
3,000
3,000
- 3,000
3,400 3,400
3,400 3,400
3,400 3,400
3,400 3,400
3,400 - 3,400
- 4,200 4,200
- 4,200 4,200
- 4,200 4,200
- 4,200 4,200
- 4,200 4,200

17,000 21,000 53,000

Ao FCLP FCF FCLInv
0- 98,000 48,000 - 50,000
1 - 85,873 60,960 - 24,913
2 - 987 18,030 17,043
3 56,235 - 15,120 41,115
4 66,609 - 15,120 51,489
5 55,075 - 15,120 39,955
6 83,951 - 15,120 68,831
7 101,297 - 15,120 86,177
8 104,633 - 15,120 89,513
9 27,456 - 27,120 336
10 68,392 - 42,360 26,032
11 86,279 - 46,868 39,412
12 71,887 - 43,088 28,800
13 55,905 - 27,308 28,598
14 49,356 - 8,288 41,069
15 163,941 - 163,941

TIR 41.81%
VPN al WACC159,962.09
FINANCIAMIENTO

Valor a Financiar AF 60%

Inters 15%
n 12
Crdito ao 0 48,000
Inters 1er Cred 15%
Crdito ao 1 66,000
Inters 2do Cred 15%
Crdito ao 2 30,000
Inters 3er Cred 15%
Pagos 4 ultimos aos

Crdito 1
Ao Desembolsos Saldo K
- 48,000 48,000
1 48,000
2 48,000
3 48,000
4 48,000
5 48,000
6 48,000
7 48,000
8 48,000
9 36,000
10 24,000
11 12,000
12 -
13
14
15
 Crdito 2
Amortiza. K Pago i Cuota Desembolsos Saldo K
-
- 7,200 - 7,200 66,000 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
- 7,200 - 7,200 66,000
12,000 7,200 - 19,200 66,000
12,000 5,400 - 17,400 49,500
12,000 3,600 - 15,600 33,000
12,000 1,800 - 13,800 16,500
-

48,000
 Crdito 3
Amortiza. K Pago i Cuota Desembolsos Saldo K
-
- - - -
- 9,900 - 9,900 30,000 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
- 9,900 - 9,900 30,000
16,500 9,900 - 26,400 30,000
16,500 7,425 - 23,925 22,500
16,500 4,950 - 21,450 15,000
16,500 2,475 - 18,975 7,500
-
 Flujo Financiero
Amortiza. K Pago i Cuota Desembolsos Saldo K
48,000 48,000
- - - 66,000 114,000
- - - 30,000 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 144,000
- 4,500 - 4,500 - 132,000
- 4,500 - 4,500 - 103,500
7,500 4,500 - 12,000 - 67,500
7,500 3,375 - 10,875 - 31,500
7,500 2,250 - 9,750 - 7,500
7,500 1,125 - 8,625 - -
- -

144,000
Amortiza. K Pago i Cuota Cto Financie FCF
- - - - 48,000
- 7,200 - 7,200 - 5,040 60,960
- 17,100 - 17,100 - 11,970 18,030
- 21,600 - 21,600 - 15,120 - 15,120
- 21,600 - 21,600 - 15,120 - 15,120
- 21,600 - 21,600 - 15,120 - 15,120
- 21,600 - 21,600 - 15,120 - 15,120
- 21,600 - 21,600 - 15,120 - 15,120
- 21,600 - 21,600 - 15,120 - 15,120
- 12,000 21,600 - 33,600 - 15,120 - 27,120
- 28,500 19,800 - 48,300 - 13,860 - 42,360
- 36,000 15,525 - 51,525 - 10,868 - 46,868
- 36,000 10,125 - 46,125 - 7,088 - 43,088
- 24,000 4,725 - 28,725 - 3,308 - 27,308
- 7,500 1,125 - 8,625 - 788 - 8,288
- - - - -

- 144,000 TIR 10.50%

Control 10.50%
 AF WK Otros Total Distribucin
Total K 310,000.0 10,000 53,000 373,000 100%
Deuda 144,000 - - 144,000 39%
Equity 166,000 10,000 53,000 229,000 61%
Tasa WACC aprox.
15%
15.00%
15.00%
 Das para vencimiento 217 1080 143
Das por periodo 182.5
No. Periodos 1.1890411
Periodos Completos 1
i Cupon 11.00% nominal perio 22%
i Mercado 10.91% nominal perio 23%
Ppal referencia 100.00

Periodo Periodos Das Fecha Cupones

0 0 0 9/15/2009 -
1 0.1890410959 34.5 10/19/2009 11.00
2 1.1890410959 217 4/20/2010 111.00

3 2.1890410959 399.5 10/19/2010 111.00

4 3.1890410959 582 4/20/2011 111.00
5 4.1890410959 764.5 10/19/2011 111.00
6 5.1890410959 947 4/19/2012 111.00
7 6.1890410959 1129.5 10/18/2012 211.00
8 0 0
9
10

Control
 1080
1223

nominal anual
EA 2 nmero de periodos

RENTABILIDAD CON UN PAGO INICIAL

VA
9/15/2009 -89
10.7868541 2/5/2010 5
98.1459861 8/4/2010 5

88.4952554 1/31/2011 5
79.7934846 7/30/2011 5
71.9473621 1/26/2012 5
64.8727517 7/24/2012 5
111.190899 1/20/2013 105
0
0
108.93284
15.36%
108.9359
 4/3/2017 -99
4/16/2017 106
 namv mv ea
i 17% 1.42% 18.39%
n 90
Principal 10,000
n Faltantes 37
Rentabilidad 23% ea
Fechas Dias Valores
4/3/2017 0 0
4/10/2017 7 141.6666666667
5/10/2017 37 10,142

Control

-XDR16,166,133.09
-XDR16,144,417.09

10,000,000.00 10,000,000.00
1.5403516847 25.6725280781
0.06
VA
- 985
141.11 -70
9,931.06 -70
-70
10,072.1667 -570
-35
10,072.1667 -35
-35
-535
7.32%
32.674%

389,521
Costo de un crdito despus de impuestos

-15 5.25 990.25

-70 24.5 -45.5
-70 24.5 -45.5
-70 24.5 -45.5
-70 24.5 -545.5
-35 12.25 -22.75
-35 12.25 -22.75
-35 12.25 -22.75
-35 12.25 -522.75
4.74%
20.365%
 Nominal EA Nominal Perido Nominal Anual
12.20% 12.57% 6.10% 12.20%
Periodos Conversin 2

EA Nominal Periodico Nominal Anual

12.57% 0.0325% 11.84%
Periodos Conversin 365

Nominal Anual periodica EA TV TV anual

17.00% 18.39% 4.31% 17.24%
Periodos al ao
12

85,141,310.91
- 85,141,311

10.38%
0.83%
9.92%

388,254

- 388,254
minal Anual
 4. La compaa en la que usted empezar a trabajar realiza un aporte (mensual)
adicional a su salario y slo podr disponer de la totalidad del ahorro hasta el d
mensuales pagados a fin de mes y se espera crezca con la infl

i 14.50% EA
Salario 5,000,000
Principal 10%
Principal 500,000
Inflacin 7% EA
Tasa mensual 1.13% NMV

DIV 1 Vf serie uniform 6,389,004 Valor futuro de la serie mensual del ao 1

14,151,645 Con la frmula del cuaderno

VF Suma VF
0 500,000
1 500,000 648,157 14,151,645 Esta es la respuesta
2 500,000 640,885
3 500,000 633,694
4 500,000 626,584
5 500,000 619,553
6 500,000 612,602
7 500,000 605,728
8 500,000 598,932
9 500,000 592,212
10 500,000 585,567
11 500,000 578,997
12 500,000 572,500
13 535,000 605,702
14 535,000 598,906
15 535,000 592,186
16 535,000 585,541
17 535,000 578,971
18 535,000 572,475
19 535,000 566,052
20 535,000 559,700
21 535,000 553,420
22 535,000 547,211
23 535,000 541,071
24 535,000 535,000
12,920,000
realiza un aporte (mensual) a su nombre en un fondo de ahorro que reconoce un inters del 14,5% efectivo anu
alidad del ahorro hasta el da que se retire de la compaa. El aporte corresponde al 10% de su salario que ser
se espera crezca con la inflacin que ser de 7% efectiva anual. Cunto tendr ahorrado al cabo de 2 aos?

serie mensual del ao 1 6389004.33

el cuaderno
 inters del 14,5% efectivo anual; este aporte es
al 10% de su salario que ser de 5000.000.oo
ahorrado al cabo de 2 aos?
 1. Cul es el precio de una accin, si hoy paga u

1 Div0 200,000
g Anual 4%
TIO 20%

Div1 208,000
VPN serie gradiente 1,300,000
Valor de la accin 1,500,000

Si se hace proyectado con toda la serie de pagos entonces se puede encontrar que ese

n VA
- 200,000 Valor de la accin
1 208,000.00 173,333 1,500,000
2 216,320.00 150,222
3 224,972.80 130,193
4 233,971.71 112,834
5 243,330.58 97,789
6 253,063.80 84,751
7 263,186.36 73,450
8 273,713.81 63,657
9 284,662.36 55,169
10 296,048.86 47,814
11 307,890.81 41,438
12 320,206.44 35,913
13 333,014.70 31,125
14 346,335.29 26,975
15 360,188.70 23,378
16 374,596.25 20,261
17 389,580.10 17,560
18 405,163.30 15,218
19 421,369.84 13,189
20 438,224.63 11,431
21 455,753.61 9,907
22 473,983.76 8,586
23 492,943.11 7,441
24 512,660.83 6,449
25 533,167.27 5,589
26 554,493.96 4,844
27 576,673.72 4,198
28 599,740.66 3,638
29 623,730.29 3,153
30 648,679.50 2,733
31 674,626.68 2,368
32 701,611.75 2,053
33 729,676.22 1,779
34 758,863.27 1,542
35 789,217.80 1,336
36 820,786.51 1,158
37 853,617.97 1,004
38 887,762.69 870
39 923,273.20 754
40 960,204.13 653
41 998,612.29 566
42 1,038,556.78 491
43 1,080,099.05 425
44 1,123,303.02 369
45 1,168,235.14 319
46 1,214,964.54 277
47 1,263,563.12 240
48 1,314,105.65 208
49 1,366,669.87 180
50 1,421,336.67 156
51 1,478,190.14 135
52 1,537,317.74 117
53 1,598,810.45 102
54 1,662,762.87 88
55 1,729,273.38 76
56 1,798,444.32 66
57 1,870,382.09 57
58 1,945,197.38 50
59 2,023,005.27 43
60 2,103,925.48 37
61 2,188,082.50 32
62 2,275,605.80 28
63 2,366,630.03 24
64 2,461,295.23 21
65 2,559,747.04 18
66 2,662,136.93 16
67 2,768,622.40 14
68 2,879,367.30 12
69 2,994,541.99 10
70 3,114,323.67 9
71 3,238,896.62 8
72 3,368,452.48 7
73 3,503,190.58 6
 74 3,643,318.20 5
75 3,789,050.93 4
76 3,940,612.97 4
77 4,098,237.49 3
78 4,262,166.99 3
79 4,432,653.67 2
80 4,609,959.81 2
81 4,794,358.21 2
82 4,986,132.53 2
83 5,185,577.84 1
84 5,393,000.95 1
85 5,608,720.99 1
86 5,833,069.83 1
87 6,066,392.62 1
88 6,309,048.33 1
89 6,561,410.26 1
90 6,823,866.67 1
91 7,096,821.34 0
92 7,380,694.19 0
93 7,675,921.96 0
94 7,982,958.83 0
95 8,302,277.19 0
96 8,634,368.28 0
97 8,979,743.01 0
98 9,338,932.73 0
99 9,712,490.04 0
100 10,100,989.64 0
101 10,505,029.22 0
102 10,925,230.39 0
103 11,362,239.61 0
104 11,816,729.19 0
105 12,289,398.36 0
106 12,780,974.29 0
107 13,292,213.26 0
108 13,823,901.80 0
109 14,376,857.87 0
110 14,951,932.18 0
111 15,550,009.47 0
112 16,172,009.85 0
113 16,818,890.24 0
114 17,491,645.85 0
115 18,191,311.69 0
116 18,918,964.15 0
117 19,675,722.72 0
118 20,462,751.63 0
119 21,281,261.69 0
120 22,132,512.16 0
121 23,017,812.65 0
122 23,938,525.15 0
123 24,896,066.16 0
124 25,891,908.81 0
125 26,927,585.16 0
126 28,004,688.56 0
127 29,124,876.11 0
128 30,289,871.15 0
129 31,501,466.00 0
130 32,761,524.64 0
131 34,071,985.62 0
132 35,434,865.05 0
133 36,852,259.65 0
134 38,326,350.04 0
135 39,859,404.04 0
136 41,453,780.20 0
137 43,111,931.41 0
138 44,836,408.66 0
139 46,629,865.01 0
140 48,495,059.61 0
141 50,434,861.99 0
142 52,452,256.47 0
143 54,550,346.73 0
144 56,732,360.60 0
145 59,001,655.03 0
146 61,361,721.23 0
147 63,816,190.08 0
148 66,368,837.68 0
149 69,023,591.19 0
150 71,784,534.83 0
151 74,655,916.23 0
152 77,642,152.88 0
153 80,747,838.99 0
154 83,977,752.55 0
155 87,336,862.65 0
156 90,830,337.16 0
157 94,463,550.64 0
158 98,242,092.67 0
159 102,171,776.38 0
160 106,258,647.43 0
161 110,508,993.33 0
162 114,929,353.06 0
163 119,526,527.19 0
164 124,307,588.27 0
165 129,279,891.80 0
166 134,451,087.48 0
167 139,829,130.97 0
168 145,422,296.21 0
169 151,239,188.06 0
170 157,288,755.58 0
171 163,580,305.81 0
172 170,123,518.04 0
173 176,928,458.76 0
174 184,005,597.11 0
175 191,365,821.00 0
176 199,020,453.84 0
177 206,981,271.99 0
178 215,260,522.87 0
179 223,870,943.78 0
180 232,825,781.54 0
181 242,138,812.80 0
182 251,824,365.31 0
183 261,897,339.92 0
184 272,373,233.52 0
185 283,268,162.86 0
186 294,598,889.37 0
187 306,382,844.95 0
188 318,638,158.75 0
una accin, si hoy paga un dividendo anual igual a $200.000.oo., si su Tasa interna de oportunidad es igual al 2
esperado ser del 4% anual?

puede encontrar que ese es el valor

oportunidad es igual al 20% anual y el crecimiento
Crdito con gradiente

Valor Crdito 300,000,000

n en aos 5
Cuotas mensuales 12
Incremento anual real 2%
Inflacin 5.00%
Incremento Nominal 7.10% EA NATV
i Periodico MV 1.72% 22.71% 21.00%
Factro de Correccin 0.49
Primer Factor 6.86 85
Segundo Factor 13.203 90.57
Valor de la cuota Primer A 6,710,635
 TIO 13%
- - 600,000 - 650,000 - 700,000
1 100,000 100,000 70,000
2 130,000 120,000 95,000
3 150,000 140,000 105,000
4 160,000 150,000 175,000
5 170,000 190,000 245,000
6 190,000 220,000 350,000
7 200,000 320,000 340,000

a) vpn 60,935.00 66,312 62,055

TIR 15.85% 15.65% 15.10%

Excedentes 235,260.55 117,630.27 -

TIRM
- - 700,000 - 700,000 - 700,000
1 100,000 100,000 70,000
2 130,000 120,000 95,000
3 150,000 140,000 105,000
4 160,000 150,000 175,000
5 170,000 190,000 245,000
6 190,000 220,000 350,000
7 435,261 437,630 340,000

b) TIRM 14.36% 14.47% 14.38%

CMPROBACIN

VF
Proyectos A B C
1 208,195.18 208,195.18 145,736.62
2 239,517 221,092.22 175,031.34
3 244,571 228,266.31 171,199.73
4 230,864 216,434.55 252,506.98
5 217,073 242,611.00 312,840.50
6 214,700 248,600.00 395,500.00
7 200,000 320,000.00 340,000.00
c) Subtotal 1,554,919 1,685,199 1,792,815
Excedente ini 235,260.55 117,630.27 -
TOTAL 1,790,180 1,802,830 1,792,815
TRV 14.36% 14.47% 14.38%
TIRM 14.36% 14.47% 14.38%
- 65 - 70
10 7
12 10
14 11
15 18
19 25
22 35
32 34