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15.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Finanzas Corporativas IIFinanzas Corporativas II
Docente: Msc Roberto QuintanillaDocente: Msc Roberto Quintanilla
15.2 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
III La estructura de capital y III La estructura de capital y el WACCel WACC
Objetivo Específico
Adquirir el criterio necesario para identificar la estructura de capital optima para cada empresa
2
15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
• Rendimientos requeridos
• Creación de Valor
• Ventaja Competitiva
• Rendimientos requeridos
• Creación de Valor
• Ventaja Competitiva
15.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Etapa de
crecimiento del
ciclo del
producto
Barreras a la entrada
de productos
competidores
Otros mecanismos
de protección
Cost
Marketingand
price
Perceivedquality
Superiororganizational
capability
Industry AttractivenessIndustry Attractiveness
Competitive AdvantageCompetitive Advantage
Fuentes Clave para la Fuentes Clave para la creación de valorcreación de valorFuentes Clave para la Fuentes Clave para la creación de valorcreación de valor
15.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Capital Tasa de rendimiento requerida sobre los diferentes tipos de financiamiento
El costo total de capital es un promedio ponderado de las tasa de rendimeinto requeridas individuales.
Costo Total del Capital Costo Total del Capital de la empresade la empresa
15.6 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Type of Financing Capital Part.
Edwin $ 2,000 20%
Carlos $ 3,000 30%
Usted $ 5,000 50%
$ 10,000 100%
Que es en realidad el Que es en realidad el costo de capital?costo de capital?
15.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Debt Cost of Debt is the required rate of return on investment of the lenders of a company.
ki = kd ( 1 – T )
P0 =Ij + Pj
(1 + kd)jn
j=1
Costo de la DeudaCosto de la Deuda
15.8 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Preferred Stock Cost of Preferred Stock is the required rate of return on investment of the preferred shareholders of the company.
kP = DP / P0
Cost of Preferred StockCost of Preferred Stock
15.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Assume that Basket Wonders (BW) has preferred stock outstanding with par value of $100, dividend per share
of $6.30, and a current market value of $70 per share.
kP = $6.30 / $70
kkPP = 9%9%
Determination of the Determination of the Cost of Preferred StockCost of Preferred Stock
15.10 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
• Dividend Discount ModelDividend Discount Model
• Capital-Asset Pricing ModelCapital-Asset Pricing Model
• Before-Tax Cost of Debt plus Before-Tax Cost of Debt plus Risk PremiumRisk Premium
Cost of Equity Cost of Equity ApproachesApproaches
15.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The cost of equity capitalcost of equity capital, ke, is the discount rate that equates the
present value of all expected future dividends with the current
market price of the stock. D1 D2 D
(1 + ke)1 (1 + ke)2 (1 + ke)+ . . . ++P0 =
Dividend Discount ModelDividend Discount ModelDividend Discount ModelDividend Discount Model
15.12 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The constant dividend growth constant dividend growth assumptionassumption reduces the model to:
ke = ( D1 / P0 ) + g
Assumes that dividends will grow at the constant rate “g” forever.
Constant Growth ModelConstant Growth ModelConstant Growth ModelConstant Growth Model
15.13 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Assume that Basket Wonders (BW) has common stock outstanding with a current market value of $64.80 per share, current dividend of $3 per share, and a dividend
growth rate of 8% forever.
ke = ( D1 / P0 ) + g
ke = ($3 / $64.80) + 0.08
kkee = 0.05 + 0.08 = 0.130.13 or 13%13%
Determination of the Determination of the Cost of Equity CapitalCost of Equity Capital
15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Basado en el Modelo de Fijación de Basado en el Modelo de Fijación de Precios de Activos de Capital Precios de Activos de Capital
(MPAC)(MPAC)
ke = Rj = Rf + (Rm – Rf)j
Costo de capital Costo de capital accionario : accionario : Costo de capital Costo de capital accionario : accionario :
15.15 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Assume that Basket Wonders (BW) has a company beta of 1.25. The risk-free rate is 4% and the expected return on the market
is 11.4%
ke = Rf + (Rm – Rf)j
= 4% + (11.4% – 4%)1.25
kkee = 4% + 9.25% = 13.25%13.25%
Determination of the Determination of the Cost of Equity (CAPM)Cost of Equity (CAPM)
15.16 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The cost of equity capital, ke, is the sum of the before-tax cost of debt
and a risk premium in expected return for common stock over debt.
ke = kd + Risk Premium*
* Risk premium is not the same as CAPM risk premium
Before-Tax Cost of Debt Before-Tax Cost of Debt Plus Risk PremiumPlus Risk PremiumBefore-Tax Cost of Debt Before-Tax Cost of Debt Plus Risk PremiumPlus Risk Premium
15.17 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Assume that Basket Wonders (BW) typically adds a 2.75% premium to the
before-tax cost of debt.
ke = kd + Risk Premium
= 10% + 2.75%
kkee = 12.75%12.75%
Determination of the Determination of the Cost of Equity (kCost of Equity (kdd + R.P.) + R.P.)
15.18 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Constant Growth Model 13.00%13.00%
Capital Asset Pricing Model 13.25%13.25%
Cost of Debt + Risk Premium 12.75%12.75%
Comparison of the Comparison of the Cost of Equity MethodsCost of Equity Methods
Generally, the three methods will not agree.We must decide how to weight –
we will use an average of these three.
15.19 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Capital = kx(Wx)n
x=1
Weighted Average Weighted Average Cost of Capital (WACC)Cost of Capital (WACC)
15.20 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Type of Financing Mkt Val Weight
Long-Term Debt $ 35M 35%
Preferred Stock $ 15M 15%
Common Stock Equity $ 50M 50%
$ 100M 100%
Market Value of Market Value of Long-Term FinancingLong-Term Financing
15.21 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
WACC = 0.35(5.02%) + 0.15(9%) + 0.50(13.25%)
WACC = 9.73%
Weighted Average Weighted Average Cost of Capital (WACC)Cost of Capital (WACC)
15.22 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
• El EVA es un concepto que se ha conocido en Latinoamérica en la década de los años noventa, a pesar que las teorías económicas y financieras desarrollaron elementos aproximados desde hace algo más de un siglo.
Economic Value AddedEconomic Value Added
15.23 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
ANTECEDENTES DEL ANTECEDENTES DEL EVAEVA
Alfred Marshall fue el primero que expresó una noción de EVA, en 1980, en su obra capital The Principles of Economics: "".
15.24 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
““VALOR ECONOMICO VALOR ECONOMICO AGREGADO”AGREGADO”
Si una empresa obtiene una rentabilidad sobre sus activos mayor que el costo de capital (CK), sobre el valor de dichos activos se genera un remanente que denominaremos Valor Económico Agregado “EVA”
15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
VENTAJAS DEL ¨EVA¨VENTAJAS DEL ¨EVA¨ Facilita el alineamiento de los
objetivos.
Permite enfocar las decisiones hacia la generación de valor.
Es un modelo sencillo y fácil de entender.
15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
EVA = NOPAT – [Cost of Capital x Capital Employed]
• Since a cost is charged for equity capital also, a positive EVA generally indicates shareholder value is being created.
• Based on Economic NOT Accounting Profit.
• NOPAT – net operating profit after tax is a company’s potential after-tax profit if it was all-equity-financed or “unlevered.”
Economic Value AddedEconomic Value Added
15.27 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
EJEMPLO Y APLICACIONEJEMPLO Y APLICACION
Para ilustrar el concepto del EVA asumiremos la siguiente información:
La empresa pertenece al sector de transporte aéreo cuyo beta es 1,45.
Los propietarios esperan un 19.95% de rendimiento por el uso de su dinero, menos renta no sería atractiva (recuérdese la fórmula del CAPM). Lo anterior tiene que ver con el rendimiento que podrían obtener invirtiendo a largo plazo en actividades de igual riesgo (fondos, acciones o en otras empresas).
Ejemplo de un estado de resultados usual:
Ventas Netas 2.600.000
Costo de ventas 1.400.000
Gastos de administración
400.000
Depreciación 150.000
Otros gastos operacionales
100.000
Utilidad operacional 550.000
Intereses 200.000
Utilidad Antes de Impuestos
350.000
Impuestos (40%) 140.000
Utilidad Neta 210.000
15.28 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Balance general común:Balance general común:ACTIVOS PASIVOS
Activo Corriente Pasivo corriente
Efectivo 50.000 Cuentas por pagar 100.000
Cuentas por Cobrar 370.000 Gastos causados por pagar 250.000
Inventarios 235.000 Deuda a corto plazo 300.000
Otros activos corrientes 145.000 Total pasivo corriente 650.000
Total activos corrientes 800.000
Pasivo a largo plazo
Activos fijos Deuda a largo plazo 760.000
Propiedades, planta y equipo 1.550.000 Total pasivo a largo plazo 760.000
Total activos fijos 1.550.000
PATRIMONIO
Capital 300.000
Ganancias retenidas 430.000
Resultados del ejercicio 210.000
Total patrimonio 940.000
TOTAL ACTIVOS 2.350.000 PASIVOS Y PATRIMONIO 2.350.000
15.29 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PASOS PARA CALCULAR PASOS PARA CALCULAR EL EVAEL EVA
15.30 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PASOS PARA CALCULAR PASOS PARA CALCULAR EL EVAEL EVA
Paso 1: calcular la UODI
Paso 2: Identificación del capital de la empresa
Paso 3: Determinación del Costo Promedio de Capital
Paso 4: Calcular el EVA
