Abstract
En este documento se muestra una metodologa para el clculo del Costo del
Patrimonio desapalancado para Colombia, pas que tiene un mercado accionario con
poca profundidad, por lo cual no es fcil encontrar primas de riesgo y betas para
empresas o sectores econmicos.
Este artculo es resultado del proyecto de investigacin Medicin de la eficiencia del CAPM en el mercado
burstil colombiano: Una prueba emprica con activos de riesgo financiado por la Pontificia Universidad
Javeriana y hace parte de los productos del Grupo de investigacin de riesgos financieros y mtodos de
valoracin de empresas (Risval).
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Si, por el contrario a lo planteado por MM, la compaa aumenta su valor a medida
que se endeuda, habra oportunidades de arbitraje1 que un mercado perfecto no
puede dejar que aparezcan (Vlez et al 2004): imagine que hay dos compaas con
exactamente las mismas caractersticas en cuanto a sus niveles de ingresos, egresos
y utilidad, en general que tienen el mismo flujo de caja. Su nica diferencia es que
una de ellas tiene un endeudamiento mas alto que la otra. Si hacemos caso omiso
de MM, entonces podemos concluir que el valor de la firma con deuda sera ms alto
que el de la firma sin deuda, puesto que el costo de los recursos utilizados por la
primera es mas bajo que el de los usados por la segunda ver figura 1-. Esto en
otras palabras significa que cualquier inversionista estara en capacidad de comprar
negocios desapalancados2 , tomar deuda y venderlos por un valor superior al que
los compr. El cuestionamiento planteado por MM es entonces tiene sentido que
una compaa sin deuda sea menos costosa que una endeudada?. La respuesta a
esta inquietud es NO. Si se pudiese hacer este tipo de juegos el mercado dejara
de ser perfecto porque se abrira un boquete el imposible de sellar por donde
aparecera el arbitraje.
1
Compra y venta de simultnea de un artculo idntico en mercados diferenterentes para obtener utlilidades. (Rosemberg
1993. p15)
2
Nivel de deuda = 0%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Empresa endeudada
VF =
FCFj
(1 + WACC j
VF =
Valor de la
firma
Valor de la
firma
Costo deDeuda
Flujos de caja
de laWACC
compaa
Costo del
Costo
de
dinero
accionistas
FCFj
(1 + WACC j
Flujos de caja
WACC
de
de Costo
la compaa
Costo del dinero
accionistas
$10
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
E%
100%
80%
60%
WACC
40%
20%
0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Nivel de apalancamiento
Donde WACC3
(1)
y E%(n-1) es el
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
firma aumenta como consecuencia de los ahorros en impuestos generados por los
intereses de la deuda hasta que llega un punto cercano a la deuda de 100% en
donde los costos de quiebra hacen que el valor de la firma tienda a cero
(proposicin 3).
Grfico 2.
Comportamiento del valor de la empresa segn MM
Disminucin del Valor por
efecto de los costos de
quiebra. MM (3)
Valor de la
empresa
Optimo
Nivel de apalancamiento
Fuente: Elaboracin propia con base en Myers
(2)
AI
VF
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
(3)
Donde FCL es el Flujo de Caja Libre. De tal manera que si se acepta la propuesta de
Ruback, el problema se centra en encontrar el costo del patrimonio desapalancado.
Este clculo se puede ver desde diferentes perspectivas, que van desde las ms
sencillas, como simplemente preguntar a los inversionistas de la empresa cual es su
rentabilidad mnima deseada, hasta el uso de modelos formales, uno de ellos, que
es a su vez uno de los ms usados es el CAPM4 o modelos de fijacin de precios de
activos de capital.
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Rj = R + ( Rm R)
(4)
(5)
(6)
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Kd = r + d ( Rm r )
(7)
(8)
Ke = r + e ( Rm r )
K u = r + sd ( Rm r )
(9)
La tasa de los ttulos de gobierno debe cumplir las expectativas del mercado en trminos de inflacin y tasa real o de otra manera sera
imposible su venta. En cuanto al componente real, esta medicin proxy porque es tericamente imposible que exista una tasa libre de
riesgo perce.
6
Es evidente que el nivel de deuda afecta las condiciones de riesgo, por lo tanto los betas calculados para cualquier compaa
dependen de su nivel de endeudamiento. Para el clculo de , se supone que no existe apalancamiento y por supuesto se
deber eliminar el efecto de este sobre el beta.
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
(1 + I USA )
Donde:
RfUSA : Tasa libre de riesgo en Estados Unidos
Sj:Beta del sector al cual pertenece la empresa
PRCOL : Prima de riesgo pas de Colombia
PRm: Prima de riesgo de mercado en Estados Unidos
IUSA : Inflacin en Estados Unidos
ICOL : Inflacin en Colombia
Dev: Devaluacin del peso colombiano
COL
) 1
(10)
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Grfico 3.
T-BOND
TES
0.015
0.01
0.005
-0.005
-0.01
-0.015
6/28/2003
8/17/2003
10/6/2003
11/25/2003
1/14/2004
3/4/2004
4/23/2004
2. Existe una correlacin alta entre la tasa libre de riesgo en los Estados Unidos
y las tasas en Colombia. De hecho, al analizar esta relacin en el perodo
1994-2004 se encontr un coeficiente de correlacin del 64.91% y un R2 de
0.42 , como se muestra en el grfico 4.
10
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Grfico 4.
Relacin entre la tasa libre de riesgo en los Estados Unidos y las DTF
2
R = 0.4213
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
0
0.001
0.002
0.003
0.004
0.005
0.006
0.007
11
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
1. Su clculo contiene muy pocos ttulos (27 acciones para el 2004) y por lo
tanto no alcanza a mostrar la situacin de la mayora de los sectores
econmicos.
2. Es muy voltil y muestra con frecuencia valores negativos, con lo cual no se
puede tomar como base para el clculo de la prima de riesgo.
Grfico 5.
250%
200%
150%
100%
50%
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
0%
-50%
12
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Betas
Es claro que la mejor aproximacin al riesgo de un activo en cualquier pas, es el
beta calculado a partir de su propia informacin, sin embargo en muchos casos esto
es bastante complejo porque la mayora de las empresas no transan en el mercado
accionario. Se encuentra adems que al no tener informacin de la empresa, una
alternativa es usar betas proxy, los cuales, idealmente deben ser de la misma
economa de la empresa, sin embargo en Colombia, dado la baja profundidad
accionario, no es posible usar estos valores. En la tabla 1 se muestran los resultados
del trabajo de Nigrinis y Miranda (2004), en donde se muestra que los resultados
obtenidos en el clculo de los betas desapalancados en Colombia no tienen
significancia estadstica.
Tabla 1.
PRUEBA DE SIGNIFICANCIA DE LOS BETAS DESAPALANCADOS
Accin
F
Valor crtico de F
CEMENTOS DEL CARIBE S.A.
0,262
0,264
CEMENTOS DEL VALLE S.A.
0,205
0,264
CEMENTOS PAZ DEL RIO S.A. (*)
0,156
0,264
CEMENTOS RIOCLARO S.A.
0,442
0,264
COMPAIA DE CEMENTO ARGOS S.A.
0,186
0,264
BANCO DE BOGOTA
47.270,112
3,787
BANCO DE OCCIDENTE
111.911,955
3,787
BANCO GANADERO
5.275,546
3,787
BANCO SANTANDER (Banco Comercial Antioqueo)
6.914,894
3,787
BANCOLOMBIA (Banco Industrial Colombiano)
0,028
0,264
CORP. FINANCIERA NACIONAL Y SURAMERICANA S.A.
4.698,810
3,787
Fuente: Nigrinis y Miranda 2004
13
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Lo que se busca en realidad con esta metodologa es dar una luz (sobretodo a
empresas y empresarios que no tienen los recursos necesarios para calcularlo de
manera ms robusta) sobre la tasa de descuento y sobre los requerimientos
mnimos de capital para evaluar el desempeo financiero de la Compaa.
14
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Bibliografa
September 1964.
15
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Fuente
Periodo
Damodaran
Damodaran
Moody's
Federal Reserve
BanRepblica
BanRepblica
1964-2004
1964-2004
2004
1964-2004
2000-2004
2000-2004
Industria
No empresas
Funte
Damodaran
Advanced Materials/Prd
Advertising Agencies
Advertising Sales
Advertising Services
Aerospace/Defense
Aerospace/Defense-Equip
Agricultural Biotech
Agricultural Chemicals
Agricultural Operations
Air Pollution Control Eq
Airlines
Airport Develop/Maint
Apparel Manufacturers
Appliances
Applications Software
Athletic Equipment
Athletic Footwear
Audio/Video Products
Auto Repair Centers
Auto/Trk Prts&Equip-Orig
Auto/Trk Prts&Equip-Repl
Auto-Cars/Light Trucks
Auto-Med&Heavy Duty Trks
Batteries/Battery Sys
Beverages-Non-alcoholic
Beverages-Wine/Spirits
Bicycle Manufacturing
Bldg Prod-Air&Heating
Bldg Prod-Cement/Aggreg
Bldg Prod-Doors&Windows
Bldg Prod-Light Fixtures
Bldg Prod-Wood
Bldg&Construct Prod-Misc
Bldg-Residential/Commer
Brewery
Broadcast Serv/Program
Building&Construct-Misc
Building-Heavy Construct
Cable TV
Capacitors
Casino Hotels
Casino Services
Cellular Telecom
Ceramic Products
Chemicals-Diversified
Chemicals-Fibers
Chemicals-Other
Chemicals-Plastics
Chemicals-Specialty
Circuit Boards
Circuits
16
5
2
1
9
10
7
62
72
2
37
11
56
46
39
1
6
41
1
67
28
55
15
10
28
45
10
7
170
3
1
20
49
25
49
16
66
71
10
9
6
1
47
25
60
26
38
36
40
37
1
Beta
Desapalancado
Damodaran
clculos propios
0,81
0,73
0,78
1,03
0,40
0,21
0,67
0,65
0,70
0,75
0,30
0,86
0,59
0,62
1,00
0,59
0,59
0,60
1,06
0,68
0,58
0,28
0,80
0,60
0,63
0,67
0,58
0,62
0,60
0,77
0,91
0,71
0,69
0,34
0,64
0,83
0,58
0,64
0,62
0,92
0,69
#VALOR!
0,46
0,62
0,47
0,46
0,67
0,72
0,68
0,71
#VALOR!
16
Valor
7,07%
3,47%
1,95%
4,62%
8,20%
7,07%
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
11,47%
11,04%
11,33%
12,68%
9,24%
8,22%
10,73%
10,60%
10,86%
11,13%
8,69%
11,74%
10,26%
10,43%
12,47%
10,27%
10,27%
10,33%
12,83%
10,76%
10,21%
8,62%
11,39%
10,31%
10,47%
10,71%
10,23%
10,45%
10,34%
11,27%
12,02%
10,90%
10,82%
8,91%
10,55%
11,55%
10,20%
10,53%
10,42%
12,06%
10,83%
#VALOR!
9,57%
10,46%
9,63%
9,58%
10,70%
10,98%
10,75%
10,94%
#VALOR!
23,422%
22,953%
23,270%
24,769%
20,959%
19,827%
22,611%
22,468%
22,757%
23,051%
20,348%
23,722%
22,084%
22,280%
24,537%
22,101%
22,104%
22,161%
24,933%
22,637%
22,037%
20,268%
23,338%
22,141%
22,318%
22,590%
22,055%
22,302%
22,177%
23,201%
24,040%
22,801%
22,710%
20,587%
22,404%
23,515%
22,017%
22,388%
22,265%
24,079%
22,722%
#VALOR!
21,326%
22,304%
21,388%
21,336%
22,581%
22,889%
22,629%
22,840%
#VALOR!
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Closed-end Funds
Coal
Coatings/Paint
Coffee
Collectibles
Commer Banks Non-US
Commercial Serv-Finance
Commercial Services
Communications Software
Computer Aided Design
Computer Data Security
Computer Graphics
Computer Services
Computer Software
Computers
Computers-Integrated Sys
Computers-Memory Devices
Computers-Other
Computers-Peripher Equip
Consulting Services
Consumer Products-Misc
Containers-Metal/Glass
Containers-Paper/Plastic
Cooperative Banks
Cosmetics&Toiletries
Cruise Lines
Crystal&Giftware
Data Processing/Mgmt
Decision Support Softwar
Diagnostic Equipment
Diagnostic Kits
Diamonds/Precious Stones
Disposable Medical Prod
Distribution/Wholesale
Divers Oper/Commer Serv
Diversified Finan Serv
Diversified Manufact Op
Diversified Minerals
Diversified Operations
Drug Delivery Systems
E-Commerce/Products
E-Commerce/Services
Educational Software
Electric Products-Misc
Electric-Distribution
Electric-Generation
Electric-Integrated
Electric-Transmission
Electronic Compo-Misc
Electronic Compo-Semicon
Electronic Connectors
Electronic Design Automa
Electronic Measur Instr
Electronic Parts Distrib
Electronic Secur Devices
Electronics-Military
Energy-Alternate Sources
Engineering/R&D Services
Engines-Internal Combust
Enterprise Software/Serv
Entertainment Software
Environ Consulting&Eng
E-Services/Consulting
Explosives
1
26
20
4
1
397
5
18
7
1
1
2
12
8
36
31
14
3
37
3
7
16
30
1
21
4
1
2
5
3
1
1
1
65
10
64
21
28
210
3
2
1
3
25
36
62
156
4
139
40
9
1
5
28
8
1
8
30
17
12
4
2
8
6
Beta
Desapalancado
Damodaran
clculos propios
1,02
0,79
0,59
0,71
0,56
0,42
0,58
0,78
0,94
0,76
#VALOR!
0,77
0,63
0,90
0,76
0,83
0,75
0,70
0,74
0,67
0,59
0,67
0,68
#VALOR!
0,68
0,93
0,41
#VALOR!
1,10
0,63
0,75
0,67
#VALOR!
0,67
0,37
0,44
0,45
0,75
0,52
0,91
1,04
0,37
0,84
0,58
0,47
0,58
0,41
0,42
0,76
0,89
0,82
0,79
0,82
0,64
0,77
0,87
0,36
0,72
0,79
0,95
1,22
1,03
0,84
0,44
17
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
12,62%
11,38%
10,26%
10,91%
10,08%
9,34%
10,23%
11,29%
12,19%
11,20%
#VALOR!
11,27%
10,51%
11,94%
11,21%
11,56%
11,15%
10,89%
11,09%
10,69%
10,28%
10,73%
10,75%
#VALOR!
10,78%
12,10%
9,28%
#VALOR!
13,04%
10,49%
11,15%
10,71%
#VALOR!
10,73%
9,06%
9,47%
9,49%
11,12%
9,90%
12,02%
12,70%
9,09%
11,65%
10,21%
9,62%
10,24%
9,31%
9,36%
11,17%
11,87%
11,51%
11,34%
11,50%
10,54%
11,25%
11,80%
9,04%
10,99%
11,35%
12,20%
13,69%
12,66%
11,64%
9,45%
24,700%
23,324%
22,087%
22,803%
21,892%
21,073%
22,055%
23,231%
24,230%
23,133%
#VALOR!
23,208%
22,360%
23,945%
23,145%
23,522%
23,073%
22,786%
23,012%
22,560%
22,115%
22,605%
22,628%
#VALOR!
22,665%
24,124%
21,006%
#VALOR!
25,170%
22,342%
23,075%
22,589%
#VALOR!
22,607%
20,755%
21,218%
21,234%
23,043%
21,687%
24,036%
24,786%
20,798%
23,624%
22,037%
21,381%
22,069%
21,033%
21,087%
23,092%
23,875%
23,472%
23,285%
23,462%
22,398%
23,184%
23,790%
20,740%
22,895%
23,299%
24,236%
25,881%
24,742%
23,611%
21,195%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
1
1
3
5
8
4
89
13
6
32
1
13
4
10
3
13
23
15
22
81
19
12
11
10
3
52
17
3
3
1
3
15
3
93
11
1
3
42
1
3
3
9
2
4
2
2
4
2
7
3
1
1
3
2
3
4
12
84
4
1
1
22
7
1
Beta
Desapalancado
Damodaran
clculos propios
0,68
0,65
0,26
0,65
0,42
0,36
0,60
0,27
0,21
0,54
0,47
0,72
0,80
0,61
0,65
0,61
0,57
0,42
0,45
0,50
0,69
0,69
0,72
0,90
1,05
0,46
0,68
0,58
0,57
0,75
0,55
0,60
0,42
0,58
0,51
#VALOR!
0,83
0,48
0,40
0,37
0,80
0,89
0,54
0,47
0,75
0,45
1,67
0,65
0,85
0,78
0,61
0,73
0,92
0,91
1,31
0,48
0,66
0,51
0,75
#VALOR!
#VALOR!
0,73
0,78
1,06
18
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
10,75%
10,58%
8,50%
10,62%
9,37%
9,03%
10,31%
8,52%
8,24%
10,01%
9,63%
10,99%
11,42%
10,39%
10,60%
10,37%
10,17%
9,32%
9,49%
9,77%
10,80%
10,81%
10,98%
11,98%
12,75%
9,57%
10,75%
10,20%
10,15%
11,17%
10,06%
10,32%
9,35%
10,22%
9,85%
#VALOR!
11,57%
9,65%
9,25%
9,08%
11,41%
11,88%
9,99%
9,64%
11,14%
9,53%
16,11%
10,58%
11,70%
11,32%
10,41%
11,05%
12,08%
12,00%
14,17%
9,65%
10,63%
9,85%
11,12%
#VALOR!
#VALOR!
11,02%
11,31%
12,80%
22,633%
22,442%
20,135%
22,486%
21,101%
20,730%
22,144%
20,157%
19,849%
21,806%
21,388%
22,892%
23,370%
22,234%
22,460%
22,207%
21,988%
21,052%
21,232%
21,548%
22,687%
22,698%
22,890%
23,989%
24,847%
21,326%
22,635%
22,022%
21,969%
23,091%
21,869%
22,159%
21,081%
22,040%
21,631%
#VALOR!
23,536%
21,414%
20,969%
20,783%
23,363%
23,886%
21,794%
21,403%
23,057%
21,282%
28,567%
22,442%
23,679%
23,262%
22,249%
22,963%
24,107%
24,011%
26,420%
21,414%
22,497%
21,638%
23,044%
#VALOR!
#VALOR!
22,931%
23,247%
24,899%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Lottery Services
Mach Tools&Rel Products
Machinery-Constr&Mining
Machinery-Electric Util
Machinery-Electrical
Machinery-Farm
Machinery-General Indust
Machinery-Material Handl
Machinery-Print Trade
Machinery-Pumps
Machinery-Therml Process
Marine Services
Medical Imaging Systems
Medical Instruments
Medical Labs&Testing Srv
Medical Products
Medical-Biomedical/Gene
Medical-Drugs
Medical-Generic Drugs
Medical-Hospitals
Medical-Whsle Drug Dist
Metal Processors&Fabrica
Metal Products-Distrib
Metal Products-Fasteners
Metal-Aluminum
Metal-Copper
Metal-Diversified
Metal-Iron
Mining Services
Miscellaneous Manufactur
Mortgage Banks
Motion Pictures&Services
Motorcycle/Motor Scooter
Multilevel Dir Selling
Multi-line Insurance
Multimedia
Music
Networking Products
Non-Ferrous Metals
Non-hazardous Waste Disp
Office Automation&Equip
Office Furnishings-Orig
Office Supplies&Forms
Oil Comp-Explor&Prodtn
Oil Comp-Integrated
Oil Field Mach&Equip
Oil Refining&Marketing
Oil&Gas Drilling
Oil-Field Services
Optical Supplies
Paper&Related Products
Pastoral&Agricultural
Patient Monitoring Equip
Petrochemicals
Pharmacy Services
Photo Equipment&Supplies
Pipelines
Platinum
Pollution Control
Poultry
Power Conv/Supply Equip
Precious Metals
Printing-Commercial
Professional Sports
4
16
19
2
8
5
69
4
2
4
7
5
1
3
1
7
15
139
3
20
10
53
4
9
23
13
25
12
4
19
3
7
14
1
53
15
4
16
26
3
5
3
2
40
46
3
58
3
12
4
73
20
1
57
1
9
7
6
2
9
38
1
11
2
Beta
Desapalancado
Damodaran
clculos propios
0,59
0,76
0,63
0,54
0,40
0,36
0,72
0,38
1,00
0,87
0,64
0,75
#VALOR!
0,69
#VALOR!
0,67
0,78
0,64
0,55
0,50
0,68
0,73
0,52
0,65
0,77
0,68
0,74
0,65
0,63
0,65
0,12
0,86
0,64
0,56
0,77
0,78
0,59
0,86
0,60
0,95
0,81
0,81
0,68
0,68
0,41
0,77
0,66
0,53
0,80
0,56
0,54
0,51
#VALOR!
0,69
#VALOR!
0,82
0,64
0,62
0,61
0,51
0,78
#VALOR!
0,52
0,71
19
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
10,26%
11,18%
10,46%
9,99%
9,26%
9,05%
10,95%
9,11%
12,48%
11,80%
10,56%
11,12%
#VALOR!
10,82%
#VALOR!
10,72%
11,31%
10,53%
10,04%
9,79%
10,77%
11,02%
9,87%
10,58%
11,22%
10,74%
11,08%
10,61%
10,49%
10,62%
7,74%
11,73%
10,53%
10,13%
11,27%
11,28%
10,27%
11,76%
10,34%
12,24%
11,49%
11,47%
10,78%
10,76%
9,30%
11,23%
10,64%
9,95%
11,38%
10,13%
10,03%
9,86%
#VALOR!
10,80%
#VALOR!
11,53%
10,56%
10,43%
10,40%
9,84%
11,28%
#VALOR!
9,91%
10,94%
22,085%
23,103%
22,313%
21,788%
20,983%
20,745%
22,852%
20,814%
24,543%
23,789%
22,417%
23,042%
#VALOR!
22,705%
#VALOR!
22,600%
23,254%
22,384%
21,840%
21,573%
22,657%
22,934%
21,655%
22,440%
23,154%
22,623%
22,999%
22,475%
22,341%
22,481%
19,302%
23,710%
22,385%
21,940%
23,210%
23,221%
22,096%
23,749%
22,180%
24,284%
23,450%
23,422%
22,663%
22,642%
21,022%
23,159%
22,510%
21,748%
23,332%
21,948%
21,828%
21,648%
#VALOR!
22,685%
#VALOR!
23,497%
22,425%
22,276%
22,242%
21,623%
23,221%
#VALOR!
21,701%
22,840%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Property Trust
Property/Casualty Ins
Protection-Safety
Public Thoroughfares
Publishing-Books
Publishing-Newspapers
Publishing-Periodicals
Racetracks
Radio
Real Estate Mgmnt/Servic
Real Estate Oper/Develop
Recreational Centers
Recreational Vehicles
Recycling
Regional Banks-Non US
Reinsurance
REITS-Diversified
Rental Auto/Equipment
Resorts/Theme Parks
Respiratory Products
Retail-Apparel/Shoe
Retail-Appliances
Retail-Auto Parts
Retail-Automobile
Retail-Building Products
Retail-Computer Equip
Retail-Consumer Electron
Retail-Convenience Store
Retail-Discount
Retail-Drug Store
Retail-Home Furnishings
Retail-Hypermarkets
Retail-Jewelry
Retail-Major Dept Store
Retail-Misc/Diversified
Retail-Office Supplies
Retail-Perfume&Cosmetics
Retail-Petroleum Prod
Retail-Regnl Dept Store
Retail-Restaurants
Retail-Sporting Goods
Retirement/Aged Care
Rubber&Vinyl
Rubber/Plastic Products
Rubber-Tires
Satellite Telecom
Schools
Security Services
Semicon Compo-Intg Circu
Semiconductor Equipment
Shipbuilding
Silver Mining
Soap&Cleaning Prepar
Special Purpose Banks
Special Purpose Entity
Specified Purpose Acquis
Steel Pipe&Tube
Steel-Producers
Steel-Specialty
Storage/Warehousing
Sugar
Superconductor Prod&Sys
Tea
Telecom Eq Fiber Optics
9
39
1
36
6
24
6
1
2
47
302
6
1
2
13
5
2
3
6
1
10
8
2
15
4
4
1
4
10
6
5
13
25
20
26
1
2
11
51
15
2
2
10
23
28
9
11
3
52
19
14
3
12
2
1
1
34
122
25
10
18
1
2
6
Beta
Desapalancado
Damodaran
clculos propios
0,25
0,68
1,12
0,70
0,69
0,75
0,70
0,45
0,50
0,45
0,46
0,62
0,45
0,70
0,48
0,70
#VALOR!
0,93
0,90
0,92
0,83
0,48
#VALOR!
0,22
0,60
0,58
0,99
0,61
0,64
0,65
0,47
0,70
0,56
0,57
0,67
#VALOR!
1,08
0,43
0,63
0,79
#VALOR!
0,68
0,67
0,51
0,32
0,60
0,57
0,69
0,88
0,91
0,68
0,81
0,75
0,29
0,23
0,26
0,46
0,64
0,51
0,78
0,65
0,55
0,54
1,07
20
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
8,44%
10,77%
13,15%
10,86%
10,80%
11,13%
10,86%
9,51%
9,78%
9,53%
9,57%
10,42%
9,50%
10,89%
9,67%
10,89%
#VALOR!
12,10%
11,94%
12,08%
11,58%
9,66%
#VALOR!
8,29%
10,33%
10,25%
12,45%
10,39%
10,56%
10,57%
9,61%
10,86%
10,13%
10,15%
10,70%
#VALOR!
12,93%
9,43%
10,51%
11,34%
#VALOR!
10,74%
10,70%
9,85%
8,78%
10,31%
10,14%
10,81%
11,87%
12,03%
10,77%
11,48%
11,12%
8,66%
8,30%
8,49%
9,59%
10,55%
9,86%
11,30%
10,62%
10,06%
10,00%
12,86%
20,072%
22,654%
25,289%
22,751%
22,686%
23,056%
22,753%
21,255%
21,554%
21,277%
21,329%
22,267%
21,243%
22,781%
21,432%
22,782%
#VALOR!
24,123%
23,950%
24,103%
23,547%
21,428%
#VALOR!
19,908%
22,167%
22,072%
24,508%
22,226%
22,417%
22,434%
21,367%
22,752%
21,946%
21,970%
22,573%
#VALOR!
25,048%
21,167%
22,369%
23,286%
#VALOR!
22,620%
22,573%
21,638%
20,454%
22,147%
21,956%
22,698%
23,868%
24,048%
22,652%
23,435%
23,043%
20,311%
19,920%
20,128%
21,349%
22,410%
21,648%
23,237%
22,487%
21,864%
21,805%
24,962%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Telecom Services
Telecommunication Equip
Telephone-Integrated
Television
Textile-Apparel
Textile-Home Furnishings
Textile-Products
Theaters
Therapeutics
Tobacco
Tools-Hand Held
Toys
Transactional Software
Transport-Air Freight
Transport-Equip&Leasng
Transport-Marine
Transport-Rail
Transport-Services
Transport-Truck
Travel Services
Venture Capital
Veterinary Diagnostics
Veterinary Products
Vitamins&Nutrition Prod
Water
Water Treatment Systems
Web Portals/ISP
Whsing&Harbor Trans Serv
Wire&Cable Products
Wireless Equipment
Wool
X-Ray Equipment
Grand Total
67
59
43
13
48
5
81
2
39
24
6
6
2
2
1
73
6
42
9
20
7
1
1
5
18
10
7
26
28
28
3
1
6992
Beta
Desapalancado
Damodaran
clculos propios
0,44
0,77
0,37
0,79
0,44
0,45
0,56
0,77
0,64
0,67
0,56
0,66
#VALOR!
0,92
1,02
0,50
0,81
0,59
0,78
0,74
0,57
0,86
0,65
0,94
0,53
0,70
1,03
0,67
0,52
0,78
0,72
1,10
0,57
21
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
9,48%
11,22%
9,06%
11,36%
9,45%
9,49%
10,13%
11,25%
10,54%
10,70%
10,10%
10,66%
#VALOR!
12,08%
12,61%
9,80%
11,49%
10,25%
11,31%
11,10%
10,17%
11,73%
10,62%
12,20%
9,93%
10,87%
12,66%
10,68%
9,88%
11,31%
10,97%
13,02%
10,16%
21,220%
23,152%
20,761%
23,311%
21,195%
21,237%
21,945%
23,183%
22,396%
22,574%
21,905%
22,532%
#VALOR!
24,107%
24,689%
21,574%
23,449%
22,074%
23,256%
23,018%
21,991%
23,716%
22,486%
24,232%
21,727%
22,761%
24,748%
22,554%
21,666%
23,254%
22,870%
25,149%
21,980%
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
APENDICE 1
Clculo de Ku para el ao 2005
Item
Rentabilidad mnima
Prima de riesgo USA
Riesgo Pais COL
Inflacin USA
Devaluacin Col
Inflacin COL
Fuente
Periodo
Damodaran
Damodaran
Moody's
Federal Reserve
BanRepblica
BanRepblica
1964-2004
1964-2004
2004
1964-2004
2000-2004
2000-2004
Industria
No empresas
Funte
Damodaran
Advanced Materials/Prd
Advertising Agencies
Advertising Sales
Advertising Services
Aerospace/Defense
Aerospace/Defense-Equip
Agricultural Biotech
Agricultural Chemicals
Agricultural Operations
Air Pollution Control Eq
Airlines
Airport Develop/Maint
Apparel Manufacturers
Appliances
Applications Software
Athletic Equipment
Athletic Footwear
Audio/Video Products
Auto Repair Centers
Auto/Trk Prts&Equip-Orig
Auto/Trk Prts&Equip-Repl
Auto-Cars/Light Trucks
Auto-Med&Heavy Duty Trks
Batteries/Battery Sys
Beverages-Non-alcoholic
Beverages-Wine/Spirits
Bicycle Manufacturing
Bldg Prod-Air&Heating
Bldg Prod-Cement/Aggreg
Bldg Prod-Doors&Windows
Bldg Prod-Light Fixtures
Bldg Prod-Wood
Bldg&Construct Prod-Misc
Bldg-Residential/Commer
Brewery
Broadcast Serv/Program
Building&Construct-Misc
Building-Heavy Construct
Cable TV
Capacitors
Casino Hotels
Casino Services
Cellular Telecom
Ceramic Products
Chemicals-Diversified
Chemicals-Fibers
Chemicals-Other
Chemicals-Plastics
Chemicals-Specialty
16
5
2
1
9
10
7
62
72
2
37
11
56
46
39
1
6
41
1
67
28
55
15
10
28
45
10
7
170
3
1
20
49
25
49
16
66
71
10
9
6
1
47
25
60
26
38
36
40
Beta
Desapalancado
Damodaran
clculos propios
0,81
0,73
0,78
1,03
0,40
0,21
0,67
0,65
0,70
0,75
0,30
0,86
0,59
0,62
1,00
0,59
0,59
0,60
1,06
0,68
0,58
0,28
0,80
0,60
0,63
0,67
0,58
0,62
0,60
0,77
0,91
0,71
0,69
0,34
0,64
0,83
0,58
0,64
0,62
0,92
0,69
#VALOR!
0,46
0,62
0,47
0,46
0,67
0,72
0,68
22
Valor
7,07%
3,47%
1,95%
4,62%
8,20%
7,07%
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
11,47%
11,04%
11,33%
12,68%
9,24%
8,22%
10,73%
10,60%
10,86%
11,13%
8,69%
11,74%
10,26%
10,43%
12,47%
10,27%
10,27%
10,33%
12,83%
10,76%
10,21%
8,62%
11,39%
10,31%
10,47%
10,71%
10,23%
10,45%
10,34%
11,27%
12,02%
10,90%
10,82%
8,91%
10,55%
11,55%
10,20%
10,53%
10,42%
12,06%
10,83%
#VALOR!
9,57%
10,46%
9,63%
9,58%
10,70%
10,98%
10,75%
23,422%
22,953%
23,270%
24,769%
20,959%
19,827%
22,611%
22,468%
22,757%
23,051%
20,348%
23,722%
22,084%
22,280%
24,537%
22,101%
22,104%
22,161%
24,933%
22,637%
22,037%
20,268%
23,338%
22,141%
22,318%
22,590%
22,055%
22,302%
22,177%
23,201%
24,040%
22,801%
22,710%
20,587%
22,404%
23,515%
22,017%
22,388%
22,265%
24,079%
22,722%
#VALOR!
21,326%
22,304%
21,388%
21,336%
22,581%
22,889%
22,629%
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Circuit Boards
Circuits
Closed-end Funds
Coal
Coatings/Paint
Coffee
Collectibles
Commer Banks Non-US
Commercial Serv-Finance
Commercial Services
Communications Software
Computer Aided Design
Computer Data Security
Computer Graphics
Computer Services
Computer Software
Computers
Computers-Integrated Sys
Computers-Memory Devices
Computers-Other
Computers-Peripher Equip
Consulting Services
Consumer Products-Misc
Containers-Metal/Glass
Containers-Paper/Plastic
Cooperative Banks
Cosmetics&Toiletries
Cruise Lines
Crystal&Giftware
Data Processing/Mgmt
Decision Support Softwar
Diagnostic Equipment
Diagnostic Kits
Diamonds/Precious Stones
Disposable Medical Prod
Distribution/Wholesale
Divers Oper/Commer Serv
Diversified Finan Serv
Diversified Manufact Op
Diversified Minerals
Diversified Operations
Drug Delivery Systems
E-Commerce/Products
E-Commerce/Services
Educational Software
Electric Products-Misc
Electric-Distribution
Electric-Generation
Electric-Integrated
Electric-Transmission
Electronic Compo-Misc
Electronic Compo-Semicon
Electronic Connectors
Electronic Design Automa
Electronic Measur Instr
Electronic Parts Distrib
Electronic Secur Devices
Electronics-Military
Energy-Alternate Sources
Engineering/R&D Services
Engines-Internal Combust
Enterprise Software/Serv
Entertainment Software
Environ Consulting&Eng
37
1
1
26
20
4
1
397
5
18
7
1
1
2
12
8
36
31
14
3
37
3
7
16
30
1
21
4
1
2
5
3
1
1
1
65
10
64
21
28
210
3
2
1
3
25
36
62
156
4
139
40
9
1
5
28
8
1
8
30
17
12
4
2
Beta
Desapalancado
Damodaran
clculos propios
0,71
#VALOR!
1,02
0,79
0,59
0,71
0,56
0,42
0,58
0,78
0,94
0,76
#VALOR!
0,77
0,63
0,90
0,76
0,83
0,75
0,70
0,74
0,67
0,59
0,67
0,68
#VALOR!
0,68
0,93
0,41
#VALOR!
1,10
0,63
0,75
0,67
#VALOR!
0,67
0,37
0,44
0,45
0,75
0,52
0,91
1,04
0,37
0,84
0,58
0,47
0,58
0,41
0,42
0,76
0,89
0,82
0,79
0,82
0,64
0,77
0,87
0,36
0,72
0,79
0,95
1,22
1,03
23
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
10,94%
#VALOR!
12,62%
11,38%
10,26%
10,91%
10,08%
9,34%
10,23%
11,29%
12,19%
11,20%
#VALOR!
11,27%
10,51%
11,94%
11,21%
11,56%
11,15%
10,89%
11,09%
10,69%
10,28%
10,73%
10,75%
#VALOR!
10,78%
12,10%
9,28%
#VALOR!
13,04%
10,49%
11,15%
10,71%
#VALOR!
10,73%
9,06%
9,47%
9,49%
11,12%
9,90%
12,02%
12,70%
9,09%
11,65%
10,21%
9,62%
10,24%
9,31%
9,36%
11,17%
11,87%
11,51%
11,34%
11,50%
10,54%
11,25%
11,80%
9,04%
10,99%
11,35%
12,20%
13,69%
12,66%
22,840%
#VALOR!
24,700%
23,324%
22,087%
22,803%
21,892%
21,073%
22,055%
23,231%
24,230%
23,133%
#VALOR!
23,208%
22,360%
23,945%
23,145%
23,522%
23,073%
22,786%
23,012%
22,560%
22,115%
22,605%
22,628%
#VALOR!
22,665%
24,124%
21,006%
#VALOR!
25,170%
22,342%
23,075%
22,589%
#VALOR!
22,607%
20,755%
21,218%
21,234%
23,043%
21,687%
24,036%
24,786%
20,798%
23,624%
22,037%
21,381%
22,069%
21,033%
21,087%
23,092%
23,875%
23,472%
23,285%
23,462%
22,398%
23,184%
23,790%
20,740%
22,895%
23,299%
24,236%
25,881%
24,742%
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
E-Services/Consulting
Explosives
Extended Serv Contracts
Feminine Health Care Prd
Finance-Auto Loans
Finance-Commercial
Finance-Consumer Loans
Finance-Credit Card
Finance-Invest Bnkr/Brkr
Finance-Leasing Compan
Finance-Mtge Loan/Banker
Finance-Other Services
Firearms&Ammunition
Fisheries
Food-Baking
Food-Canned
Food-Catering
Food-Confectionery
Food-Dairy Products
Food-Flour&Grain
Food-Meat Products
Food-Misc/Diversified
Food-Retail
Food-Wholesale/Distrib
Footwear&Related Apparel
Forestry
Gambling (Non-Hotel)
Gas-Distribution
Gold Mining
Golf
Hazardous Waste Disposal
Healthcare Safety Device
Home Decoration Products
Home Furnishings
Hospital Beds/Equipment
Hotels&Motels
Housewares
Human Resources
Identification Sys/Dev
Import/Export
Inactive/Unknown
Independ Power Producer
Industr Audio&Video Prod
Industrial Automat/Robot
Industrial Gases
Instruments-Controls
Insurance Brokers
Interior Design/Architec
Internet Applic Sftwr
Internet Connectiv Svcs
Internet Content-Entmnt
Internet Content-Info/Ne
Internet Incubators
Internet Infrastr Equip
Internet Infrastr Sftwr
Internet Security
Internet Telephony
Intimate Apparel
Invest Mgmnt/Advis Serv
Investment Companies
Lasers-Syst/Components
Leisure&Rec Products
Leisure&Rec/Games
Life/Health Insurance
8
6
1
1
3
5
8
4
89
13
6
32
1
13
4
10
3
13
23
15
22
81
19
12
11
10
3
52
17
3
3
1
3
15
3
93
11
1
3
42
1
3
3
9
2
4
2
2
4
2
7
3
1
1
3
2
3
4
12
84
4
1
1
22
Beta
Desapalancado
Damodaran
clculos propios
0,84
0,44
0,68
0,65
0,26
0,65
0,42
0,36
0,60
0,27
0,21
0,54
0,47
0,72
0,80
0,61
0,65
0,61
0,57
0,42
0,45
0,50
0,69
0,69
0,72
0,90
1,05
0,46
0,68
0,58
0,57
0,75
0,55
0,60
0,42
0,58
0,51
#VALOR!
0,83
0,48
0,40
0,37
0,80
0,89
0,54
0,47
0,75
0,45
1,67
0,65
0,85
0,78
0,61
0,73
0,92
0,91
1,31
0,48
0,66
0,51
0,75
#VALOR!
#VALOR!
0,73
24
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
11,64%
9,45%
10,75%
10,58%
8,50%
10,62%
9,37%
9,03%
10,31%
8,52%
8,24%
10,01%
9,63%
10,99%
11,42%
10,39%
10,60%
10,37%
10,17%
9,32%
9,49%
9,77%
10,80%
10,81%
10,98%
11,98%
12,75%
9,57%
10,75%
10,20%
10,15%
11,17%
10,06%
10,32%
9,35%
10,22%
9,85%
#VALOR!
11,57%
9,65%
9,25%
9,08%
11,41%
11,88%
9,99%
9,64%
11,14%
9,53%
16,11%
10,58%
11,70%
11,32%
10,41%
11,05%
12,08%
12,00%
14,17%
9,65%
10,63%
9,85%
11,12%
#VALOR!
#VALOR!
11,02%
23,611%
21,195%
22,633%
22,442%
20,135%
22,486%
21,101%
20,730%
22,144%
20,157%
19,849%
21,806%
21,388%
22,892%
23,370%
22,234%
22,460%
22,207%
21,988%
21,052%
21,232%
21,548%
22,687%
22,698%
22,890%
23,989%
24,847%
21,326%
22,635%
22,022%
21,969%
23,091%
21,869%
22,159%
21,081%
22,040%
21,631%
#VALOR!
23,536%
21,414%
20,969%
20,783%
23,363%
23,886%
21,794%
21,403%
23,057%
21,282%
28,567%
22,442%
23,679%
23,262%
22,249%
22,963%
24,107%
24,011%
26,420%
21,414%
22,497%
21,638%
23,044%
#VALOR!
#VALOR!
22,931%
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Lighting Products&Sys
Linen Supply&Rel Items
Lottery Services
Mach Tools&Rel Products
Machinery-Constr&Mining
Machinery-Electric Util
Machinery-Electrical
Machinery-Farm
Machinery-General Indust
Machinery-Material Handl
Machinery-Print Trade
Machinery-Pumps
Machinery-Therml Process
Marine Services
Medical Imaging Systems
Medical Instruments
Medical Labs&Testing Srv
Medical Products
Medical-Biomedical/Gene
Medical-Drugs
Medical-Generic Drugs
Medical-Hospitals
Medical-Whsle Drug Dist
Metal Processors&Fabrica
Metal Products-Distrib
Metal Products-Fasteners
Metal-Aluminum
Metal-Copper
Metal-Diversified
Metal-Iron
Mining Services
Miscellaneous Manufactur
Mortgage Banks
Motion Pictures&Services
Motorcycle/Motor Scooter
Multilevel Dir Selling
Multi-line Insurance
Multimedia
Music
Networking Products
Non-Ferrous Metals
Non-hazardous Waste Disp
Office Automation&Equip
Office Furnishings-Orig
Office Supplies&Forms
Oil Comp-Explor&Prodtn
Oil Comp-Integrated
Oil Field Mach&Equip
Oil Refining&Marketing
Oil&Gas Drilling
Oil-Field Services
Optical Supplies
Paper&Related Products
Pastoral&Agricultural
Patient Monitoring Equip
Petrochemicals
Pharmacy Services
Photo Equipment&Supplies
Pipelines
Platinum
Pollution Control
Poultry
Power Conv/Supply Equip
Precious Metals
7
1
4
16
19
2
8
5
69
4
2
4
7
5
1
3
1
7
15
139
3
20
10
53
4
9
23
13
25
12
4
19
3
7
14
1
53
15
4
16
26
3
5
3
2
40
46
3
58
3
12
4
73
20
1
57
1
9
7
6
2
9
38
1
Beta
Desapalancado
Damodaran
clculos propios
0,78
1,06
0,59
0,76
0,63
0,54
0,40
0,36
0,72
0,38
1,00
0,87
0,64
0,75
#VALOR!
0,69
#VALOR!
0,67
0,78
0,64
0,55
0,50
0,68
0,73
0,52
0,65
0,77
0,68
0,74
0,65
0,63
0,65
0,12
0,86
0,64
0,56
0,77
0,78
0,59
0,86
0,60
0,95
0,81
0,81
0,68
0,68
0,41
0,77
0,66
0,53
0,80
0,56
0,54
0,51
#VALOR!
0,69
#VALOR!
0,82
0,64
0,62
0,61
0,51
0,78
#VALOR!
25
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
11,31%
12,80%
10,26%
11,18%
10,46%
9,99%
9,26%
9,05%
10,95%
9,11%
12,48%
11,80%
10,56%
11,12%
#VALOR!
10,82%
#VALOR!
10,72%
11,31%
10,53%
10,04%
9,79%
10,77%
11,02%
9,87%
10,58%
11,22%
10,74%
11,08%
10,61%
10,49%
10,62%
7,74%
11,73%
10,53%
10,13%
11,27%
11,28%
10,27%
11,76%
10,34%
12,24%
11,49%
11,47%
10,78%
10,76%
9,30%
11,23%
10,64%
9,95%
11,38%
10,13%
10,03%
9,86%
#VALOR!
10,80%
#VALOR!
11,53%
10,56%
10,43%
10,40%
9,84%
11,28%
#VALOR!
23,247%
24,899%
22,085%
23,103%
22,313%
21,788%
20,983%
20,745%
22,852%
20,814%
24,543%
23,789%
22,417%
23,042%
#VALOR!
22,705%
#VALOR!
22,600%
23,254%
22,384%
21,840%
21,573%
22,657%
22,934%
21,655%
22,440%
23,154%
22,623%
22,999%
22,475%
22,341%
22,481%
19,302%
23,710%
22,385%
21,940%
23,210%
23,221%
22,096%
23,749%
22,180%
24,284%
23,450%
23,422%
22,663%
22,642%
21,022%
23,159%
22,510%
21,748%
23,332%
21,948%
21,828%
21,648%
#VALOR!
22,685%
#VALOR!
23,497%
22,425%
22,276%
22,242%
21,623%
23,221%
#VALOR!
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Printing-Commercial
Professional Sports
Property Trust
Property/Casualty Ins
Protection-Safety
Public Thoroughfares
Publishing-Books
Publishing-Newspapers
Publishing-Periodicals
Racetracks
Radio
Real Estate Mgmnt/Servic
Real Estate Oper/Develop
Recreational Centers
Recreational Vehicles
Recycling
Regional Banks-Non US
Reinsurance
REITS-Diversified
Rental Auto/Equipment
Resorts/Theme Parks
Respiratory Products
Retail-Apparel/Shoe
Retail-Appliances
Retail-Auto Parts
Retail-Automobile
Retail-Building Products
Retail-Computer Equip
Retail-Consumer Electron
Retail-Convenience Store
Retail-Discount
Retail-Drug Store
Retail-Home Furnishings
Retail-Hypermarkets
Retail-Jewelry
Retail-Major Dept Store
Retail-Misc/Diversified
Retail-Office Supplies
Retail-Perfume&Cosmetics
Retail-Petroleum Prod
Retail-Regnl Dept Store
Retail-Restaurants
Retail-Sporting Goods
Retirement/Aged Care
Rubber&Vinyl
Rubber/Plastic Products
Rubber-Tires
Satellite Telecom
Schools
Security Services
Semicon Compo-Intg Circu
Semiconductor Equipment
Shipbuilding
Silver Mining
Soap&Cleaning Prepar
Special Purpose Banks
Special Purpose Entity
Specified Purpose Acquis
Steel Pipe&Tube
Steel-Producers
Steel-Specialty
Storage/Warehousing
Sugar
Superconductor Prod&Sys
11
2
9
39
1
36
6
24
6
1
2
47
302
6
1
2
13
5
2
3
6
1
10
8
2
15
4
4
1
4
10
6
5
13
25
20
26
1
2
11
51
15
2
2
10
23
28
9
11
3
52
19
14
3
12
2
1
1
34
122
25
10
18
1
Beta
Desapalancado
Damodaran
clculos propios
0,52
0,71
0,25
0,68
1,12
0,70
0,69
0,75
0,70
0,45
0,50
0,45
0,46
0,62
0,45
0,70
0,48
0,70
#VALOR!
0,93
0,90
0,92
0,83
0,48
#VALOR!
0,22
0,60
0,58
0,99
0,61
0,64
0,65
0,47
0,70
0,56
0,57
0,67
#VALOR!
1,08
0,43
0,63
0,79
#VALOR!
0,68
0,67
0,51
0,32
0,60
0,57
0,69
0,88
0,91
0,68
0,81
0,75
0,29
0,23
0,26
0,46
0,64
0,51
0,78
0,65
0,55
26
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
9,91%
10,94%
8,44%
10,77%
13,15%
10,86%
10,80%
11,13%
10,86%
9,51%
9,78%
9,53%
9,57%
10,42%
9,50%
10,89%
9,67%
10,89%
#VALOR!
12,10%
11,94%
12,08%
11,58%
9,66%
#VALOR!
8,29%
10,33%
10,25%
12,45%
10,39%
10,56%
10,57%
9,61%
10,86%
10,13%
10,15%
10,70%
#VALOR!
12,93%
9,43%
10,51%
11,34%
#VALOR!
10,74%
10,70%
9,85%
8,78%
10,31%
10,14%
10,81%
11,87%
12,03%
10,77%
11,48%
11,12%
8,66%
8,30%
8,49%
9,59%
10,55%
9,86%
11,30%
10,62%
10,06%
21,701%
22,840%
20,072%
22,654%
25,289%
22,751%
22,686%
23,056%
22,753%
21,255%
21,554%
21,277%
21,329%
22,267%
21,243%
22,781%
21,432%
22,782%
#VALOR!
24,123%
23,950%
24,103%
23,547%
21,428%
#VALOR!
19,908%
22,167%
22,072%
24,508%
22,226%
22,417%
22,434%
21,367%
22,752%
21,946%
21,970%
22,573%
#VALOR!
25,048%
21,167%
22,369%
23,286%
#VALOR!
22,620%
22,573%
21,638%
20,454%
22,147%
21,956%
22,698%
23,868%
24,048%
22,652%
23,435%
23,043%
20,311%
19,920%
20,128%
21,349%
22,410%
21,648%
23,237%
22,487%
21,864%
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Funte
Damodaran
Tea
Telecom Eq Fiber Optics
Telecom Services
Telecommunication Equip
Telephone-Integrated
Television
Textile-Apparel
Textile-Home Furnishings
Textile-Products
Theaters
Therapeutics
Tobacco
Tools-Hand Held
Toys
Transactional Software
Transport-Air Freight
Transport-Equip&Leasng
Transport-Marine
Transport-Rail
Transport-Services
Transport-Truck
Travel Services
Venture Capital
Veterinary Diagnostics
Veterinary Products
Vitamins&Nutrition Prod
Water
Water Treatment Systems
Web Portals/ISP
Whsing&Harbor Trans Serv
Wire&Cable Products
Wireless Equipment
Wool
X-Ray Equipment
Grand Total
2
6
67
59
43
13
48
5
81
2
39
24
6
6
2
2
1
73
6
42
9
20
7
1
1
5
18
10
7
26
28
28
3
1
6992
Beta
Desapalancado
Damodaran
clculos propios
0,54
1,07
0,44
0,77
0,37
0,79
0,44
0,45
0,56
0,77
0,64
0,67
0,56
0,66
#VALOR!
0,92
1,02
0,50
0,81
0,59
0,78
0,74
0,57
0,86
0,65
0,94
0,53
0,70
1,03
0,67
0,52
0,78
0,72
1,10
0,57
27
Costo de Capital
USD
Costo ajustado
Clculos propios
Clculos propios
10,00%
12,86%
9,48%
11,22%
9,06%
11,36%
9,45%
9,49%
10,13%
11,25%
10,54%
10,70%
10,10%
10,66%
#VALOR!
12,08%
12,61%
9,80%
11,49%
10,25%
11,31%
11,10%
10,17%
11,73%
10,62%
12,20%
9,93%
10,87%
12,66%
10,68%
9,88%
11,31%
10,97%
13,02%
10,16%
21,805%
24,962%
21,220%
23,152%
20,761%
23,311%
21,195%
21,237%
21,945%
23,183%
22,396%
22,574%
21,905%
22,532%
#VALOR!
24,107%
24,689%
21,574%
23,449%
22,074%
23,256%
23,018%
21,991%
23,716%
22,486%
24,232%
21,727%
22,761%
24,748%
22,554%
21,666%
23,254%
22,870%
25,149%
21,980%
APENCICE 1
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
APENDICE 2
Clculo de Ku para el ao 2004
Item
Fuente
Periodo
Damodaran
1963-2003
Damodaran
Moody's
Federal Reserve
BanRepblica
BanRepblica
1963-2003
2003
1963-2003
1963-2003
2000-2003
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
Advanced Materials/Prd
Advertising Agencies
Advertising Sales
Advertising Services
Aerospace/Defense
Aerospace/Defense-Equip
Agricultural Biotech
Agricultural Chemicals
Agricultural Operations
Air Pollution Control Eq
Airlines
Airport Develop/Maint
Apparel Manufacturers
Appliances
Applications Software
Athletic Equipment
Athletic Footwear
Audio/Video Products
Auto Repair Centers
Auto/Trk Prts&Equip-Orig
Auto/Trk Prts&Equip-Repl
Auto-Cars/Light Trucks
Auto-Med&Heavy Duty Trks
Auto-Truck Trailers
Batteries/Battery Sys
Beverages-Non-alcoholic
Beverages-Wine/Spirits
Bicycle Manufacturing
Bldg Prod-Air&Heating
Bldg Prod-Cement/Aggreg
Bldg Prod-Doors&Windows
Bldg Prod-Light Fixtures
Bldg Prod-Wood
Bldg&Construct Prod-Misc
Bldg-Residential/Commer
Brewery
Broadcast Serv/Program
Building&Construct-Misc
Building-Heavy Construct
Building-Maint&Service
Cable TV
Capacitors
Casino Hotels
Casino Services
13
6
3
2
9
7
5
62
72
2
27
5
46
43
27
1
6
36
1
65
15
49
11
1
7
29
44
7
6
153
4
1
14
46
23
45
9
61
60
1
10
12
6
1
0,89
0,82
0,87
0,66
0,19
0,16
0,46
0,68
0,66
0,84
0,34
0,89
0,75
0,69
1,02
NA
0,71
0,70
NA
0,70
0,49
0,32
0,85
1,10
0,55
0,69
0,68
0,60
0,73
0,53
0,71
0,77
0,51
0,67
0,64
0,63
0,99
0,59
0,70
NA
0,90
0,93
0,65
NA
11,73%
11,28%
11,55%
10,25%
7,20%
7,02%
8,93%
10,34%
10,24%
11,40%
8,19%
11,70%
10,83%
10,39%
12,55%
#VALOR!
10,53%
10,51%
#VALOR!
10,49%
9,14%
8,00%
11,47%
13,05%
9,55%
10,42%
10,38%
9,85%
10,66%
9,39%
10,53%
10,95%
9,27%
10,32%
10,10%
10,02%
12,32%
9,79%
10,51%
#VALOR!
11,78%
11,97%
10,13%
#VALOR!
26,781%
26,277%
26,579%
25,105%
21,652%
21,442%
23,608%
25,206%
25,100%
26,416%
22,775%
26,755%
25,766%
25,269%
27,716%
#VALOR!
25,430%
25,402%
#VALOR!
25,382%
23,850%
22,559%
26,493%
28,284%
24,310%
25,297%
25,260%
24,649%
25,577%
24,136%
25,430%
25,898%
23,997%
25,181%
24,931%
24,847%
27,458%
24,581%
25,398%
#VALOR!
26,843%
27,061%
24,974%
#VALOR!
28
Valor
5,97%
3,82%
2,63%
4,50%
10,35%
7,47%
APENDICE 2
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
Cellular Telecom
Ceramic Products
Chemicals-Diversified
Chemicals-Fibers
Chemicals-Other
Chemicals-Plastics
Chemicals-Specialty
Circuit Boards
Coal
Coatings/Paint
Coffee
Collectibles
Commer Banks Non-US
Commercial Serv-Finance
Commercial Services
Communications Software
Computer Aided Design
Computer Services
Computer Software
Computers
Computers-Integrated Sys
Computers-Memory Devices
Computers-Other
Computers-Peripher Equip
Consulting Services
Consumer Products-Misc
Containers-Metal/Glass
Containers-Paper/Plastic
Cosmetics&Toiletries
Cruise Lines
Crystal&Giftware
Data Processing/Mgmt
Decision Support Softwar
Diagnostic Equipment
Diamonds/Precious Stones
Distribution/Wholesale
Divers Oper/Commer Serv
Diversified Finan Serv
Diversified Manufact Op
Diversified Minerals
Diversified Operations
Drug Delivery Systems
E-Commerce/Products
E-Commerce/Services
Educational Software
Electric Products-Misc
Electric-Distribution
Electric-Generation
Electric-Integrated
Electric-Transmission
Electronic Compo-Misc
Electronic Compo-Semicon
Electronic Connectors
Electronic Design Automa
Electronic Measur Instr
Electronic Parts Distrib
Electronic Secur Devices
Electronics-Military
Energy-Alternate Sources
Engineering/R&D Services
Engines-Internal Combust
43
22
50
26
37
35
32
35
16
20
2
1
339
3
11
5
1
13
9
34
34
12
3
37
1
7
15
28
13
2
1
3
4
1
1
70
9
56
22
29
184
2
3
4
5
26
35
56
145
4
112
35
7
1
5
23
5
1
5
33
18
0,63
0,63
0,57
0,45
0,80
0,77
0,72
0,89
0,77
0,69
0,96
0,43
0,20
0,63
0,69
0,97
1,01
0,80
0,91
0,79
0,86
0,93
0,63
0,78
NA
0,71
0,72
0,71
0,71
0,56
0,41
0,76
1,01
0,87
0,59
0,70
0,34
0,44
0,26
0,77
0,54
1,02
0,98
0,51
1,00
0,64
0,47
0,65
0,39
0,38
0,92
0,98
0,90
0,71
0,73
0,82
0,76
0,85
NA
0,72
0,71
10,00%
10,05%
9,62%
8,90%
11,12%
10,94%
10,58%
11,68%
10,95%
10,40%
12,15%
8,72%
7,23%
10,03%
10,39%
12,23%
12,49%
11,15%
11,82%
11,06%
11,54%
11,98%
10,02%
11,01%
#VALOR!
10,56%
10,64%
10,55%
10,55%
9,56%
8,64%
10,90%
12,48%
11,61%
9,78%
10,45%
8,19%
8,83%
7,67%
10,94%
9,47%
12,53%
12,27%
9,26%
12,44%
10,09%
9,00%
10,19%
8,47%
8,41%
11,88%
12,26%
11,77%
10,54%
10,65%
11,24%
10,85%
11,44%
#VALOR!
10,62%
10,58%
24,825%
24,880%
24,395%
23,573%
26,099%
25,885%
25,487%
26,734%
25,906%
25,277%
27,264%
23,373%
21,685%
24,861%
25,267%
27,359%
27,644%
26,129%
26,885%
26,028%
26,572%
27,069%
24,847%
25,973%
#VALOR!
25,456%
25,547%
25,453%
25,447%
24,330%
23,280%
25,845%
27,642%
26,648%
24,575%
25,337%
22,770%
23,498%
22,185%
25,886%
24,221%
27,700%
27,397%
23,981%
27,593%
24,931%
23,691%
25,036%
23,088%
23,024%
26,955%
27,389%
26,827%
25,441%
25,560%
26,231%
25,783%
26,463%
#VALOR!
25,529%
25,477%
29
APENDICE 2
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
7
3
1
4
1
1
1
2
7
6
5
77
11
4
35
1
12
5
10
2
10
22
15
16
75
13
11
5
10
1
3
43
17
2
1
1
14
1
90
7
1
36
1
3
4
6
2
3
1
1
1
1
3
3
1
3
1
2
3
8
64
0,95
1,56
0,86
0,87
NA
NA
0,65
NA
0,60
0,45
0,03
0,58
0,31
0,21
0,55
0,80
0,63
0,62
0,69
0,72
0,68
0,70
0,43
0,46
0,52
0,72
0,63
0,65
0,75
0,56
1,02
0,48
0,79
0,54
NA
0,74
0,62
0,55
0,55
0,64
NA
0,52
0,76
0,31
1,09
0,98
0,49
0,83
0,73
NA
1,73
0,45
1,04
0,75
NA
1,04
1,09
1,18
0,62
0,74
0,68
12,07%
16,05%
11,50%
11,56%
#VALOR!
#VALOR!
10,15%
#VALOR!
9,81%
8,86%
6,18%
9,70%
7,99%
7,34%
9,53%
11,11%
10,02%
10,00%
10,44%
10,61%
10,33%
10,50%
8,75%
8,96%
9,32%
10,59%
10,06%
10,13%
10,83%
9,55%
12,54%
9,08%
11,04%
9,48%
#VALOR!
10,72%
9,94%
9,55%
9,50%
10,12%
#VALOR!
9,31%
10,90%
7,98%
13,00%
12,31%
9,14%
11,35%
10,67%
#VALOR!
17,09%
8,88%
12,71%
10,84%
#VALOR!
12,68%
12,98%
13,59%
9,94%
10,72%
10,36%
27,175%
31,688%
26,524%
26,595%
#VALOR!
#VALOR!
24,992%
#VALOR!
24,607%
23,529%
20,490%
24,486%
22,548%
21,800%
24,290%
26,084%
24,848%
24,822%
25,322%
25,511%
25,193%
25,396%
23,402%
23,642%
24,050%
25,496%
24,890%
24,975%
25,766%
24,317%
27,710%
23,782%
26,000%
24,237%
#VALOR!
25,636%
24,753%
24,310%
24,252%
24,954%
#VALOR!
24,040%
25,840%
22,535%
28,224%
27,449%
23,842%
26,352%
25,582%
#VALOR!
32,869%
23,548%
27,893%
25,774%
#VALOR!
27,861%
28,207%
28,902%
24,754%
25,642%
25,235%
Enterprise Software/Serv
Entertainment Software
Environ Consulting&Eng
E-Services/Consulting
Explosives
Extended Serv Contracts
Feminine Health Care Prd
Finance-Auto Loans
Finance-Commercial
Finance-Consumer Loans
Finance-Credit Card
Finance-Invest Bnkr/Brkr
Finance-Leasing Compan
Finance-Mtge Loan/Banker
Finance-Other Services
Firearms&Ammunition
Fisheries
Food-Baking
Food-Canned
Food-Catering
Food-Confectionery
Food-Dairy Products
Food-Flour&Grain
Food-Meat Products
Food-Misc/Diversified
Food-Retail
Food-Wholesale/Distrib
Footwear&Related Apparel
Forestry
Funeral Serv&Rel Items
Gambling (Non-Hotel)
Gas-Distribution
Gold Mining
Golf
Hazardous Waste Disposal
Healthcare Safety Device
Home Furnishings
Hospital Beds/Equipment
Hotels&Motels
Housewares
Identification Sys/Dev
Import/Export
Inactive/Unknown
Independ Power Producer
Industr Audio&Video Prod
Industrial Automat/Robot
Industrial Gases
Instruments-Controls
Insurance Brokers
Interior Design/Architec
Internet Applic Sftwr
Internet Connectiv Svcs
Internet Content-Entmnt
Internet Content-Info/Ne
Internet Incubators
Internet Infrastr Sftwr
Internet Security
Internet Telephony
Intimate Apparel
Invest Mgmnt/Advis Serv
Investment Companies
30
APENDICE 2
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
1
21
8
1
4
14
18
2
9
1
57
4
1
3
6
5
2
5
1
11
115
3
20
1
10
50
7
22
13
19
8
2
14
31
4
8
11
1
42
14
5
17
23
1
6
3
2
33
44
3
45
3
8
4
65
15
59
7
5
5
1
0,92
0,67
0,72
NA
0,85
0,80
0,79
0,67
0,24
NA
0,79
0,43
0,91
0,74
0,94
0,81
0,87
0,73
NA
0,81
0,74
0,60
0,57
0,90
0,74
0,70
0,82
0,69
0,75
0,72
0,76
0,99
0,79
0,45
0,17
0,96
0,81
0,48
0,79
0,68
0,90
0,81
0,58
0,90
0,84
0,42
0,79
0,52
0,37
1,00
0,62
1,03
0,67
0,54
0,59
0,62
0,65
0,94
0,63
1,00
0,99
11,91%
10,31%
10,60%
#VALOR!
11,46%
11,14%
11,06%
10,27%
7,51%
#VALOR!
11,05%
8,76%
11,84%
10,72%
12,05%
11,21%
11,60%
10,69%
#VALOR!
11,22%
10,77%
9,82%
9,68%
11,79%
10,76%
10,48%
11,27%
10,44%
10,80%
10,64%
10,90%
12,36%
11,09%
8,90%
7,07%
12,13%
11,20%
9,09%
11,06%
10,38%
11,75%
11,21%
9,71%
11,78%
11,38%
8,69%
11,09%
9,35%
8,38%
12,40%
9,97%
12,61%
10,32%
9,43%
9,76%
9,97%
10,16%
12,03%
10,01%
12,44%
12,35%
26,988%
25,171%
25,502%
#VALOR!
26,483%
26,116%
26,030%
25,132%
21,999%
#VALOR!
26,014%
23,411%
26,906%
25,638%
27,145%
26,196%
26,640%
25,610%
#VALOR!
26,209%
25,697%
24,621%
24,456%
26,860%
25,683%
25,365%
26,261%
25,324%
25,732%
25,552%
25,842%
27,499%
26,060%
23,575%
21,495%
27,243%
26,183%
23,786%
26,027%
25,253%
26,806%
26,200%
24,496%
26,839%
26,388%
23,337%
26,058%
24,090%
22,980%
27,550%
24,794%
27,785%
25,184%
24,172%
24,548%
24,786%
25,002%
27,129%
24,832%
27,588%
27,489%
Lasers-Syst/Components
Life/Health Insurance
Lighting Products&Sys
Linen Supply&Rel Items
Lottery Services
Mach Tools&Rel Products
Machinery-Constr&Mining
Machinery-Electric Util
Machinery-Electrical
Machinery-Farm
Machinery-General Indust
Machinery-Material Handl
Machinery-Print Trade
Machinery-Pumps
Machinery-Therml Process
Marine Services
Medical Instruments
Medical Products
Medical Steriliz Product
Medical-Biomedical/Gene
Medical-Drugs
Medical-Generic Drugs
Medical-Hospitals
Medical-Outptnt/Home Med
Medical-Whsle Drug Dist
Metal Processors&Fabrica
Metal Products-Fasteners
Metal-Aluminum
Metal-Copper
Metal-Diversified
Metal-Iron
Mining Services
Miscellaneous Manufactur
Money Center Banks
Mortgage Banks
Motion Pictures&Services
Motorcycle/Motor Scooter
Multilevel Dir Selling
Multi-line Insurance
Multimedia
Music
Networking Products
Non-Ferrous Metals
Non-hazardous Waste Disp
Office Automation&Equip
Office Furnishings-Orig
Office Supplies&Forms
Oil Comp-Explor&Prodtn
Oil Comp-Integrated
Oil Field Mach&Equip
Oil Refining&Marketing
Oil&Gas Drilling
Oil-Field Services
Optical Supplies
Paper&Related Products
Pastoral&Agricultural
Petrochemicals
Photo Equipment&Supplies
Pipelines
Platinum
Pollution Control
31
APENDICE 2
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
9
32
1
11
2
3
39
31
4
27
5
2
44
284
2
1
1
11
6
1
2
5
7
5
2
17
3
3
1
4
12
7
4
8
19
17
27
2
9
57
10
2
7
17
28
10
9
2
21
23
12
3
10
3
1
26
91
24
5
13
1
0,71
0,82
NA
0,60
0,78
0,29
0,72
0,72
0,79
0,74
0,86
0,57
0,52
0,64
NA
NA
NA
0,38
0,68
NA
0,58
0,99
0,86
0,55
NA
0,44
0,67
0,58
1,02
0,60
0,74
0,65
0,56
0,74
0,62
0,71
0,73
0,85
0,51
0,68
0,69
NA
0,69
0,34
0,58
0,65
0,66
0,85
0,99
1,16
0,54
0,69
0,83
0,05
NA
0,48
0,50
0,49
0,80
0,73
0,76
10,56%
11,26%
#VALOR!
9,85%
11,03%
7,87%
10,59%
10,61%
11,05%
10,75%
11,50%
9,67%
9,31%
10,13%
#VALOR!
#VALOR!
#VALOR!
8,40%
10,38%
#VALOR!
9,70%
12,32%
11,54%
9,49%
#VALOR!
8,84%
10,30%
9,74%
12,55%
9,85%
10,75%
10,19%
9,56%
10,76%
9,98%
10,55%
10,66%
11,47%
9,28%
10,36%
10,42%
#VALOR!
10,41%
8,18%
9,71%
10,13%
10,23%
11,45%
12,33%
13,43%
9,45%
10,41%
11,32%
6,27%
#VALOR!
9,04%
9,20%
9,15%
11,13%
10,68%
10,90%
25,464%
26,254%
#VALOR!
24,652%
25,991%
22,408%
25,497%
25,514%
26,018%
25,677%
26,526%
24,455%
24,041%
24,970%
#VALOR!
#VALOR!
#VALOR!
23,012%
25,260%
#VALOR!
24,478%
27,458%
26,572%
24,250%
#VALOR!
23,502%
25,163%
24,528%
27,721%
24,655%
25,677%
25,036%
24,328%
25,684%
24,798%
25,444%
25,569%
26,489%
24,005%
25,232%
25,299%
#VALOR!
25,288%
22,755%
24,491%
24,975%
25,086%
26,472%
27,473%
28,712%
24,196%
25,290%
26,317%
20,595%
#VALOR!
23,740%
23,916%
23,857%
26,103%
25,598%
25,841%
Poultry
Power Conv/Supply Equip
Precious Metals
Printing-Commercial
Professional Sports
Property Trust
Property/Casualty Ins
Public Thoroughfares
Publishing-Books
Publishing-Newspapers
Publishing-Periodicals
Radio
Real Estate Mgmnt/Servic
Real Estate Oper/Develop
Recreational Centers
Recycling
Regional Agencies
Regional Banks-Non US
Reinsurance
REITS-Diversified
Rental Auto/Equipment
Resorts/Theme Parks
Retail-Apparel/Shoe
Retail-Appliances
Retail-Auto Parts
Retail-Automobile
Retail-Building Products
Retail-Computer Equip
Retail-Consumer Electron
Retail-Convenience Store
Retail-Discount
Retail-Drug Store
Retail-Home Furnishings
Retail-Hypermarkets
Retail-Jewelry
Retail-Major Dept Store
Retail-Misc/Diversified
Retail-Perfume&Cosmetics
Retail-Petroleum Prod
Retail-Regnl Dept Store
Retail-Restaurants
Retail-Sporting Goods
Rubber&Vinyl
Rubber/Plastic Products
Rubber-Tires
Satellite Telecom
Schools
Security Services
Semicon Compo-Intg Circu
Semiconductor Equipment
Shipbuilding
Silver Mining
Soap&Cleaning Prepar
Special Purpose Banks
Specified Purpose Acquis
Steel Pipe&Tube
Steel-Producers
Steel-Specialty
Storage/Warehousing
Sugar
Superconductor Prod&Sys
32
APENDICE 2
Clculo de Ku Desapalancado
Sarmiento - Cayon 2005
Industria
No empresas
Beta
Desapalanca
do
Costo de
Capital
USD
Costo
ajustado
Funte
Damodaran
Damodaran
clculos
propios
Clculos
propios
Clculos
propios
2
5
65
46
43
11
45
2
74
4
29
24
4
7
1
2
1
63
3
38
6
15
4
1
5
16
8
7
19
28
22
2
1
6145
0,65
0,96
0,68
0,89
0,50
1,01
0,66
0,63
0,50
1,05
0,81
0,70
0,52
0,90
NA
0,83
1,06
0,35
0,82
0,66
0,67
0,72
0,62
0,85
0,81
0,53
0,83
0,96
0,84
0,73
0,82
0,68
0,84
0,55
10,15%
12,15%
10,33%
11,70%
9,22%
12,48%
10,26%
10,05%
9,17%
12,73%
11,19%
10,46%
9,31%
11,75%
#VALOR!
11,31%
12,78%
8,23%
11,24%
10,25%
10,28%
10,61%
9,94%
11,43%
11,20%
9,38%
11,31%
12,16%
11,40%
10,66%
11,26%
10,36%
11,41%
9,50%
24,994%
27,265%
25,197%
26,757%
23,935%
27,636%
25,115%
24,879%
23,882%
27,925%
26,174%
25,348%
24,037%
26,810%
#VALOR!
26,315%
27,974%
22,819%
26,234%
25,112%
25,143%
25,514%
24,759%
26,448%
26,190%
24,115%
26,305%
27,273%
26,415%
25,569%
26,250%
25,233%
26,423%
24,262%
Tea
Telecom Eq Fiber Optics
Telecom Services
Telecommunication Equip
Telephone-Integrated
Television
Textile-Apparel
Textile-Home Furnishings
Textile-Products
Theaters
Therapeutics
Tobacco
Tools-Hand Held
Toys
Transactional Software
Transport-Air Freight
Transport-Equip&Leasng
Transport-Marine
Transport-Rail
Transport-Services
Transport-Truck
Travel Services
Venture Capital
Veterinary Diagnostics
Vitamins&Nutrition Prod
Water
Water Treatment Systems
Web Portals/ISP
Whsing&Harbor Trans Serv
Wire&Cable Products
Wireless Equipment
Wool
X-Ray Equipment
Market
33
APENDICE 2