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Guía de ejercicios 2023-20 Formulación y evaluación de Proyectos Profesor: Luis de la Torre Urzúa Unidad 3: Evaluación económica Tema: Wacc, Capm, Tasa de descuento, evaluación 1.
Una empresa del área de las tecnologías de información Ɵene una estructura de endeudamiento de una relación 1:3. El costo de la deuda es de un 10%. La tasa libre de riesgo es del 7%, la rentabilidad promedio del mercado es del 14%, la tasa de impuestos es del 15%y el coeficiente Beta es 0,9 de la industria. a)
Determine el Costo del Capital Patrimonial (CAPM). b)
Determine el WACC c)
Si la empresa decide realizar una inversión en una industria de transportes, se ha determinado que el Beta es de 0,65. Determine el Costo del capital Patrimonial de la empresa que invierte en dicha industria. d)
Si la estructura de endeudamiento manƟene la relación 1:3 determine el nuevo WACC 2.
Un proyecto muestra el siguiente flujo caja para un horizonte de inversión a 10 años 0 1 2 3 4 5 6 7 8 9 10 Flujo Caja (1.100) 200 220 290 370 200 480 480 480 480 480 Le ofrecen un préstamo una tasa de un 11% anual, para financiar el proyecto en un período de 8 años, si se considera que la tasa de impuestos de 15%. a)
Evaluar el proyecto considerando 60% de endeudamiento b)
Evaluar el proyecto considerando 50% de endeudamiento c)
Evaluar el proyecto considerando 40% de endeudamiento d)
Determine la mejor opción anterior 3.
Una empresa que pertenece a un sector industrial donde se observa una tasa de costo de capital en empresas no apalancadas del 16%, evalúa un proyecto que modificaría en forma permanente su estructura deuda/capital a una relación 2:3. Si la tasa de interés de la deuda es del 10% y la de impuestos del 15% ¿Cuál es la tasa de descuento relevante para el proyecto?
4.
Un proyecto cuenta con la siguiente información Inversión Inicial $ 10.000 Vida úƟl 8 años Flujo anual $ 2.200 Costo Capital Propio 14% Tasa de Interés 8% Tasa de Impuestos 15% Determine a)
El Valor Actual Neto del Proyecto b)
Valor actual ajustado si la empresa financia el proyecto con un 40% de deuda a ocho años plazo. 5.
La relación deuda/capital de una empresa es 0,67 y el beta del capital es 1,4. Si la rentabilidad esperada del mercado es del 15%, la tasa libre de riesgos del 7%, la tasa de impuestos del 15% y el interés de la deuda del 9%, Determine a)
El costo del capital de la empresa b)
El costo promedio ponderado del capital 6.
Una empresa decide inverƟr en un proyecto, el cual solamente con capital propio. Si la beta de la industria es 1,18, la tasa libre de riesgo es del 6% y la rentabilidad observada en el mercado es de 9,5% a)
¿Se puede determinar la tasa de descuento mediante CAPM, es correcto esto? Calcule el valor de CAPM y compare con WACC. b)
Si se esƟma que la tasa riesgo país es Rp=1,2% determine la nueva tasa de descuento. 7.
Si la tasa libre de riesgo es de 3%, la rentabilidad observada en el mercado es de un 11% y la beta es 1,23, determine la tasa de descuento de un proyecto.
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