spyder

Spyder Active Sports
Enterprise Valuation

Paso 1. Calcular el costo de capital (ke) y el WACC

a) Costo decapital. Mediante el uso del CAPM
ke = rf + b (rm – rf)

Tasa libre de riesgo (rf) = 5%
Prima de mercado (rm - rf) = 10.0%Beta (b)= 1.66
Ke = 21.6%

para estimar la beta.
i. Buscar beta's comparables. Betas de empresas en el mismo tipode industria Impuesto = 27%
ii. Quitar el efecto del apalancamiento financiero. Obtener betas desapalancadas
iii. Utilizar promediode betas desapalancadas, paraestimar la beta desapalancada aplicable
iv. Re-apalancar incluyendo la estructura financiera de la empresa a evaluar


CompanyName Industry Betab Market Value of Equityc LTM Debt 5yr Avg Debt-to-Total Value D/C = LTM debt / Mkt value of equity D/E from 5 yr average "Unlevered Beta
using current D/C structure" "UnleveredBeta
using last 5yrs D/C structure" "Comp?
X=Yes" "Comparable Betas
current and 5 yr"

Adidas-Salomon AGd Sports Apparel, Footwear, & Equipment 0.81 4,302 1,459 0.39 0.340.64 0.65 0.55 x 0.65 0.55
Columbia Sportswear Co. Sports Apparel 1.48 2,239 20 0.06 0.01 0.06 1.47 1.42 x 1.47 1.42
K2 Inc. Sports Equipment 1.36 559 209 0.41 0.37 0.701.07 0.90 x 1.07 0.90
Nike Inc.e Sports Apparel & Footwear 0.70 20,558 866 0.08 0.04 0.09 0.68 0.66 x 0.68 0.66
Quiksilver Inc.f Sports Apparel 1.01 1,217 138 0.17 0.110.20 0.93 0.88 x 0.93 0.88
Skis Rossignol SAg Sports Equipment & Apparel 0.55 174 118 0.44 0.68 0.79 0.37 0.35 x 0.37 0.35
VF Corp Apparel, incl. Sports Apparel 0.59 5,113...