Costo De Capital

 
kd=(I+ (VN-ND)/n)/((ND+VN)/2) Kdt=Kd(1-t)

Kd=(90.00+ (1000-955)/20)/((955+1000)/2)=(90.00+2.25)/977.50=92.25/977.5=9.43%
Kdt=0.0943(1-0.40)=0.0943(0.60)=5.65%


Kd=(100.00+ (1000-970)/16)/((970+1000)/2)=(100.00+1.875)/985.00=101.875/985.00=10.34%
Kdt=0.1034(1-0.40)= 0.1034(0.60)=6.20%


Kd=(120.00+(1000-955)/15)/((955+1000)/2)=(120.00+3.00)/977.5=123.00/977.5=12.58%
Kdt=0.1258(1-0.40)= 0.1258(0.60)=7.54%
Kd=(90.00+ (1000-985)/25)/((985+1000)/2)=(90.00+0.60)/992.50=90.60/992.5=9.12%
Kdt=0.0912(1-0.40)= 0.0912(0.60)=5.47%Kd=(110.00+ (1000-920)/22)/((920+1000)/2)=(110.00+3.63)/960.00=113.63/960.00=11.83% Kdt=0.1183(1-0.40)=0.1183(0.60)=7.10%Kp=Dps/(Po(1-f))=12.00/(97.50-2.50)=12.00/95.00=12.63%

Kp=Dps/(Po(1-f))=10.00/90.00=11.11%



Kp=Dps/(Po-f)=11.00/(101.00-9.00)=11.00/92.00=11.95%

Kp=Dps/(Po-f)=3.20/(38.00-3.50)=3.20/34.50=9.27%Kp=Dps/(Po-f)=5.00/(37.00-4.00)=5.00/33.00=15.15%


Kp=Dps/(Po-f)=3.00/(26.00-1.50)=3.00/24.50=12.24%


Kp=Dps/(Po-f)=1.80/(20.00-2.50)=1.80/17.50=10.28%

 

AÑO DIVIDENDO DIFERENCIA % DE CRECIMIENTO
1999 3.40
1998 3.100.30 0.096774193
1997 2.92 0.18 0.061643835
1996 2.60 0.32 0.123076923
1995 2.30 0.30 0.130434782
1994 2.12 0.18 0.08490566
Suma
/ años (4)
1.28/5
0.256 0.496835393/5
0.099367078Ks=D1/Po+g=3.40/57.50+0.099=0.059+0.099=15.81%


Deuda
Kd=(100.00+ (1000-950)/10)/((950+1000)/2)=(100.00+5.00)/975.00=105.00/975.00=10.76%
Kdt=0.1076(1-0.40)= 0.1076(0.60)=6.46%

Acciones preferentesKp=Dps/(Po-f)=8.00/(65.00-2.00)=8.00/63.00=12.69%

Acciones comunes
AÑO DIVIDENDO DIFERENCIA % DE CRECIMIENTO
1999 4.00
1998 3.75 0.25 0.066666666
1997 3.50 0.25 0.071428571
1996 3.30 0.200.060606060
1995 3.15 0.15 0.047619047
1994 2.85 0.30 0.105263157
Suma
/ años (4)
1.15/5
0.23 0.351583501/5
0.0703167

Ks=D1/Po+g=4.00/42.00+0.0703=0.0952+0.0703=16.55%


WACC...