UNIVERSIDAD CATOLICA DE SANTA MARIA

FACULTAD DE CIENCIAS ECONOMICO ADMINISTRATIVA

PROGRAMA PROFESIONAL DE INGENIERIA COMERCIA

CURSO:
MERCADOS FINANCIEROS INTERNACIONALES
TEMA:
PROBLEMAS DE ACCIONES
INTEGRANTES:
CAYRO MANRIQUE RONALD

PROFESOR:
LUIS TORRES
IX SEMESTRE
2011

TA MARIA

DMINISTRATIVAS

RIA COMERCIAL

CIONALES

Precio de Accion
D0
Ks
g

D0
D1
D2
D3
D4
D5
D6

36
2.4
12%
5%

2.4
2.4
2.4
2.4
2.4
2.4
2.4

D1 =<D0*(1+g)
P0

D1
4.32
33.6
1.92
17.5
4.32
0.05

P0
P1
P2
P3
P4
P5

48
48
48
48
48
48

PA-4
D0
D1
D2
D3
D4

g
15%
15%
13%
6%

Ks

1.15
1.32
1.52
1.72
1.82

12%

b) calcule P1 y P2
P1
P2

26.93
28.64

PN
P0

30.36
25.23

Ks =
gs =
gn =
Do =

5.00%
5.00%
10.00%
S/. 1.50

D0
D1
D2
D3
D4
D5

suponiendo q 5%
3 aos
en lo sucesivo

=
=
=
=
=
=

S/.
S/.
S/.
S/.
S/.
S/.

1.5000
1.5750
1.6538
1.7364
1.9101
2.1011

D1
g
Ks

0.5
7%
15%

P0

6.25

P0
D0
g

20
1
10%

D1
D2

1.1
1.21

Ks

15.5%

P1

22

Div. =
P^o =

5.00
60.00

T. REQUERIDA DE REND. :

Ks =

8.33%

Ks =
N=
gs =
gn =
Do =

10.00%
2
20.00%
5.00%
S/. 1.25

Po

D0
D1
D2
D3

=
=
=
=

S/.
S/.
S/.
S/.

1.2500
1.5000
1.8000
1.8900

P^N = ###
P^o = ###

b. Cul es el valor terminal?

###

c. Cul es el valor intrnseco actual, Po?

###

WACC
ACC.
FEL :

10%
S/. 50,000,000.00
5%
CONCEPTOS

CPPC :

10.00%

T.C. FEL LP

5.00%

FEL (1-4 AOS)

FEL:

S/. 150,000,000

VP FEL :

S/. 136,363,636.36

VALOR TERMINAL :

N ACCIONES :
PRECIO X ACCION :

S/. 3,000,000,000.00

S/. 50,000,000.00
S/. 60.00

WACC
PASIV.ACC.PREFE
ACC.COMUNES
TC. FEL LP.

CONCEPTOS

12%
S/. 60,000,000.00
S/. 10,000,000.00
7%

S/. 3,000,000

S/. 6,000,000

S/. 10,000,000

Err:522

Err:522

Err:522

CPPC :

12.00%

T.C. FEL LP

7.00%

FEL (1-4 AOS)

FEL:
VP FEL :

Err:522

VALOR TERMINAL :
FEL - AO 6 ( N +1 ):
V Ter - AO 5 :
VP DEL V Ter :

S/. 204,001,303.17

VALOR INTRINS. :
VP FEL :
VP DEL V Ter :
V. TOTAL COORP. :
( - ) PASIV + ACC. PREF.
V. K. ACCIONARIO :
N ACCIONES :
PRECIO X ACCION :

Err:522
S/. 204,001,303.17
Err:522
S/. 60,000,000.00
Err:522
S/. 10,000,000.00
Err:522

S/. 15,000,000

S/. 16,050,000

Err:522

S/. 321,000,000

CPPC
CCA
ACC.
TC. FEL LP. (g)
PASIVO
DEPREC.
G DE K
UODI :

10%
14%
200000000
6%
S/. 3,000,000,000
S/. 100,000,000
S/. 200,000,000
S/. 500,000,000

FEL =

S/. 400,000,000

VP (FEL) = (FEL1/(CPPC-g))

VALOR K ACCIONARIO
PRECIO X ACC

S/. 10,000,000,000

S/. 7,000,000,000
35.00

WACC
PASIVO
ACC.COMUNES
TC. FEL LP.

CONCEPTOS

13%
S/. 100
S/. 10
7%

(S/. 20)

S/. 30

S/. 40

S/. 43

(S/. 20.00)

S/. 30.00

S/. 40.00

CPPC :

13.00%

T.C. FEL LP

7.00%

FEL (1-4 AOS)

FEL:
VP FEL :

S/. 50.00

VALOR TERMINAL :
FEL - AO 6 ( N +1 ):
V Ter - AO 5 :
VP DEL V Ter :

S/. 713.33
S/. 437.50

VALOR INTRINS. :
VP FEL :

S/. 50.00

VP DEL V Ter :

S/. 437.50

V. TOTAL COORP. :

S/. 487.50

( - ) PASIV + ACC. PREF.

S/. 100.00

V. K. ACCIONARIO :

S/. 427.89

N ACCIONES :

S/. 10.00

PRECIO X ACCION :

S/. 42.79

S/. 527.89

a. Cul es el va
b. Cul es su v
c. Cul es hoy
d. Cunto cue

a. Cul es el valor presente de FEL durante los

S/.proximo
50.00 3 aos?
b. Cul es su valor terminal?
###
c. Cul es hoy su valor total?
###
d. Cunto cuesta una accin?
S/. 42.79

D1
b
klr
(km - klr)
km

kx = klr +(km -klr) Bx

2
0.9
5.60%
6%
11%

P0
kx =
g=

k^x =D1/p0+g

25
11%
3%

D1
D2
D3
D4

2
2.06
2.12
2.19

P3

27.32

VP = DP/KP

VALOR A LA PAR
DIV
DIV
A)
B)
C)
D)

P
P
P
P

ACTUAL DE MERCADO
ACTUAL DE MERCADO
ACTUAL DE MERCADO
ACTUAL DE MERCADO

K^p = Dp /Vp

100.00
8%
8.00
60
80
100
140

TASA NOMINAL DE RENDIMIENTO

A)
B)
C)
D)

kp =
kp =
kp =
kp =

13.33%
10.00%
8.00%
5.71%

D0
KS
g

5
15%
-5%

D1

4.75

PO

23.75

ACCION "C"
Klr = 9.00%
Km = 13.00%
B = 0.4
Kx =

10.60%

ACCION "D"
Klr = 9.00%
Km = 13.00%
B = -0.5
Kx =

7.00%

Ks =
N=
gs =
gn =
Do =

15.00%
2
50.00%
8.00%

Po

D3
D3
D4
D5
D6
P^N
P^o

4y5
5 a mas

1
= S/. 1.0000
= S/. 1.5000
= S/. 2.2500
= S/. 2.4300
= ###
= ###

VALOR A LA PAR DE
DIV
P0
tasa cupon
Kp =

Vp = Dp / Kp

tasa NOMINAL
TASA EFECTIVA

100
2
80
2%
2.5%

$ 100.00

Vp = VALOR DE LA ACC.
? PREF. =
Dp = DIVIDENDO PREFERENTE
$ 10.00 =
Kp = TASA REQUERIDA
10.00% =

10%
10.38

8.04%