Ejercicio 1

Kd Monto W Costo Costo Ponderado

Bonos S/. 5,000,000.00 71.43% 6.70% 4.79%
Banco Sur S/. 1,500,000.00 21.43% 11.80% 2.53%
leasing S/. 500,000.00 7.14% 12.25% 0.88%
S/. 7,000,000.00 8.19%

Ks Monto W Costo Costo Ponderado

Utilidades Retenidas S/. 500,000.00 16.67% 12% 2.00%
Nuevas acciones S/. 2,500,000.00 83.33% 14.56% 12.13%
S/. 3,000,000.00 14.13%

WACC Monto W Costo 1-t Costo Ponderado

Kd S/. 7,000,000.00 70.00% 8.19% 0.7 4.01%
Ks S/. 3,000,000.00 30.00% 14.13% 1 4.24%
S/. 10,000,000.00 WACC 8.25%
Ejercicio 2 A

Kd Monto W Costo Costo Ponderado

Bonos S/. 13,000,000.00 56.52% 5.62% 3.18%
Leasing S/. 10,000,000.00 43.48% 11.07% 4.81%
S/. 23,000,000.00 Kd 7.99%

Bonos S/. 10,000.00

TEA 5.80%
Redención 3 años
Prima a la redención 2%
Cotización 102.38%
colocación 0.07%
flotación 0.05%
estructuración 0.08%
Total gastos 0.19%

Año 0 S/. 10,000.00 S/. 10,237.50 S/. 10,217.74 S/. 10,217.74

Año 1 -580 -580
Año 2 -580 -580
Año 3 -580 -200 S/. -10,000.00 -10780
5.62%

Leasing S/. 10,000,000.00

Cuotas Semestrales
Duración 4 Años
TEA 10.50%
TES 5.12%
Periodos de Gracia Total 1
Periodos de Gracia Parcial 1
Cargos S/. 112.00
Recompra 2%

Principal Amortización Interés Cuota Gastos Recompra Cuota

0 S/. -10,000,000.00
1 S/. 10,000,000.00 S/. -511,898.02 S/. 511,898.02 S/. - S/. 112.00 S/. 112.00
2 S/. 10,511,898.02 S/. - S/. 538,101.98 S/. 538,101.98 S/. 112.00 S/. 538,213.98
3 S/. 10,511,898.02 S/. 1,540,812.46 S/. 538,101.98 S/. 2,078,914.44 S/. 112.00 S/. 2,079,026.44
4 S/. 8,971,085.56 S/. 1,619,686.34 S/. 459,228.09 S/. 2,078,914.44 S/. 112.00 S/. 2,079,026.44
5 S/. 7,351,399.22 S/. 1,702,597.77 S/. 376,316.67 S/. 2,078,914.44 S/. 112.00 S/. 2,079,026.44
6 S/. 5,648,801.46 S/. 1,789,753.41 S/. 289,161.03 S/. 2,078,914.44 S/. 112.00 S/. 2,079,026.44
7 S/. 3,859,048.05 S/. 1,881,370.53 S/. 197,543.91 S/. 2,078,914.44 S/. 112.00 S/. 2,079,026.44
8 S/. 1,977,677.52 S/. 1,977,677.52 S/. 101,236.92 S/. 2,078,914.44 S/. 112.00 S/. 200,000.00 S/. 2,279,026.44
TEA 5.39%
TES 11.07%
Ejercicio 2 B

Ks Monto W Costo Costo Ponderado

Utilidades Retenidas S/. 3,000,000.00 42.86% 13.53% 5.80%
Nuevas acciones S/. 4,000,000.00 57.14% 13.55% 7.74%
S/. 7,000,000.00 13.54%

Emisión de acciones Utilidades Retenidas

Dividendo 0.46 Dividendo 0.46
Precio 4.5 Precio 4.5
g 3% g 3%
Gastos de emisión 0.19%
Ke 13.55% Ks 13.53%
Ejercicio 2 C

WACC Monto W Costo 1-t Costo Ponderado

Kd S/. 23,000,000.00 76.67% 7.99% 0.7 4.29%
Ks S/. 7,000,000.00 23.33% 13.54% 1 3.16%
S/. 30,000,000.00 WACC 7.45%
Ejercicio 3 A

Kd Monto W Costo Costo Ponderado

Leasing S/. 10,000,000.00 31.25% 10.99% 3.43%
Bonos S/. 30,000,000.00 93.75% 6.29% 5.90%
Prestamo S/. 2,000,000.00 6.25% 14.49% 0.91%
S/. 32,000,000.00 Kd 10.24%

Leasing S/. 10,000,000.00

Cuotas Semestrales
Duración 4 Años
TEA 10.50%
TES 5.12%
Periodos de Gracia Total 1
Periodos de Gracia Parcial 1
Cargos S/. 108.50
Recompra 1%

Principal Amortización Interés Cuota Gastos Recompra Cuota

0 S/. -10,000,000.00
1 S/. 10,000,000.00 S/. 1,465,779.50 S/. 511,898.02 S/. 1,977,677.52 S/. 108.50 S/. 1,977,786.02
2 S/. 8,534,220.50 S/. 1,540,812.46 S/. 436,865.06 S/. 1,977,677.52 S/. 108.50 S/. 1,977,786.02
3 S/. 6,993,408.05 S/. 1,619,686.34 S/. 357,991.17 S/. 1,977,677.52 S/. 108.50 S/. 1,977,786.02
4 S/. 5,373,721.70 S/. 1,702,597.77 S/. 275,079.75 S/. 1,977,677.52 S/. 108.50 S/. 1,977,786.02
5 S/. 3,671,123.94 S/. 1,789,753.41 S/. 187,924.11 S/. 1,977,677.52 S/. 108.50 S/. 1,977,786.02
6 S/. 1,881,370.53 S/. 1,881,370.53 S/. 96,306.99 S/. 1,977,677.52 S/. 108.50 S/. 100,000.00 S/. 2,077,786.02
TES 5.35%
TEA 10.99%

Bonos S/. 20,000.00

TEA 6.50%
Redención 3 años
Prima a la redención 0%
Cotización 100.75%
colocación 0.07%
flotación 0.06%
estructuración 0.06%
Total gastos 0.19%

Año 0 S/. 20,000.00 S/. 20,150.00 S/. 20,111.92 S/. 20,111.92

Año 1 -1300 -1300
Año 2 -1300 -1300
Año 3 -1300 0 S/. -20,000.00 -21300
6.29%

Prestamo S/. 2,000,000.00

Cuotas Semestrales
Duración 4 Años
TEA año 1 14.00%
TES año 1 6.77%
TEA año 2 15.00%
TES año 2 7.24%
Periodos de Gracia Total 2
Periodos de Gracia Parcial 1
Cargos S/. 44.30
Recompra 2%

Principal Amortización Interés Cuota Gastos Cuota

0 S/. -2,000,000.00
1 S/. 2,000,000.00 S/. -135,415.65 S/. 135,415.65 S/. - S/. 44.30 S/. 44.30
2 S/. 2,135,415.65 S/. -144,584.35 S/. 144,584.35 S/. - S/. 44.30 S/. 44.30
3 S/. 2,280,000.00 S/. - S/. 165,027.61 S/. 165,027.61 S/. 44.30 S/. 165,071.91
4 S/. 2,280,000.00 S/. 2,280,000.00 S/. 165,027.61 S/. 2,445,027.61 S/. 44.30 S/. 2,445,071.91
7.00%
14.49%
Ejercicio 3 B

Ks Monto W Costo Costo Ponderado

Utilidades Retenidas S/. 14,000,000.00 50.00% 9.82% 4.91%
Nuevas acciones S/. 14,000,000.00 50.00% 9.83% 4.91%
S/. 28,000,000.00 9.82%

Emisión de acciones Utilidades Retenidas

Dividendo 0.45 Dividendo 0.45
Precio 6.8 Precio 6.8
g 3% g 3%
Gastos de emisión 0.19%
Ke 9.83% Ks 9.82%
Ejercicio 3 C

WACC Monto W Costo 1-t Costo Ponderado

Kd S/. 32,000,000.00 53.33% 10.24% 0.7 3.82%
Ks S/. 28,000,000.00 46.67% 9.82% 1 4.58%
S/. 60,000,000.00 WACC 8.41%
Ejercicio 3 D

WACC Monto W Costo 1-t Costo Ponderado

Kd S/. 32,000,000.00 53.33% 10.24% 0.7 3.82%
Ks S/. 28,000,000.00 46.67% 11.29% 1 5.27%
S/. 60,000,000.00 WACC 9.09%

Ks

Promedio Beta 60 meses 0.76

Rendimiento promedio DJ 7.98%
Rendimiento promedio T-Bond 6.47%
Riesgo País 3.67%
CAPM 7.62%
Ks 11.29%