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Estructura de capital

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Roberto Quintanilla
Roberto Quintanilla

This document discusses the weighted average cost of capital (WACC). It covers how to calculate the cost of debt, preferred stock, and equity. The cost of equity can be determined using the dividend discount model, capital asset pricing model, or by adding the before-tax cost of debt to a risk premium. The WACC is calculated as a weighted average of the cost of each component of the firm's capital structure.

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Finanzas Corporativas II Docente: Msc Roberto Quintanilla rquintanilla@ufg.edu.sv Ing.robertoquintanilla@gmail.com 15.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
2 III La estructura de capital y el WACC Objetivo Específico Adquirir el criterio necesario para identificar la estructura de capital optima para cada empresa 15.2 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 15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Fuentes Clave para la creación de valor Industry Attractiveness Etapa Barreras Otros de a la entrada mecanismos crecimiento de de del productos protección ciclo competidores del producto Marketing Superior and Perceived Cost quality organizational price capability Competitive Advantage 15.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Costo Total del Capital de la empresa 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. 15.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Que es en realidad el costo de capital? Type of Financing Capital Part. Edwin $ 2,000 20% Carlos $ 3,000 30% Usted $ 5,000 50% $ 10,000 100% 15.6 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Costo de la Deuda Cost of Debt is the required rate of return on investment of the lenders of a company. n Ij + Pj P0 = Σ (1 + kd)j j=1 ki = kd ( 1 – T ) 15.7 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 = D P / P 0 15.8 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the Cost of Preferred Stock 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 kP = 9% 15.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Cost of Equity Approaches • Dividend Discount Model • Capital-Asset Pricing Model • Before-Tax Cost of Debt plus Risk Premium 15.10 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Dividend Discount Model The cost of equity capital, ke, is capital the discount rate that equates the present value of all expected future dividends with the current market price of the stock. D1 D2 D∞ P0 = + +...+ (1 + ke)1 (1 + ke)2 (1 + ke)∞ 15.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Constant Growth Model The constant dividend growth assumption reduces the model to: ke = ( D1 / P0 ) + g Assumes that dividends will grow at the constant rate “g” forever. 15.12 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the Cost of Equity Capital 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 = ( D 1 / P0 ) + g ke = ($3 / $64.80) + 0.08 15.13 ke = 0.05 + 0.08 = 0.13 or 13% Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Costo de capital accionario : Basado en el Modelo de Fijación de Precios de Activos de Capital (MPAC) ke = Rj = Rf + (Rm – Rf)β j 15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the Cost of Equity (CAPM) 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)β j = 4% + (11.4% – 4%)1.25 ke = 4% + 9.25% = 13.25% 15.15 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Before-Tax Cost of Debt Plus Risk Premium 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 15.16 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Determination of the Cost of Equity (kd + R.P.) 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% ke = 12.75% 15.17 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Comparison of the Cost of Equity Methods Constant Growth Model 13.00% Capital Asset Pricing Model 13.25% Cost of Debt + Risk Premium 12.75% Generally, the three methods will not agree. We must decide how to weight – we will use an average of these three. 15.18 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Weighted Average Cost of Capital (WACC) n Cost of Capital = Σ kx(Wx) x=1 15.19 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Market Value of Long-Term Financing Type of Financing Mkt Val Weight Long-Term Debt $ 35M 35% Preferred Stock $ 15M 15% Common Stock Equity $ 50M 50% $ 100M 100% 15.20 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Weighted Average Cost of Capital (WACC) WACC = 0.35(5.02%) + 0.15(9%) + 0.50(13.25%) WACC = 9.73% 15.21 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Economic Value Added • 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. 15.22 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
ANTECEDENTES DEL EVA  Alfred Marshall fue el primero que expresó una noción de EVA, en 1980, en su obra capital The Principles of Economics: "". 15.23 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
“VALOR ECONOMICO 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” 15.24 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
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. 15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Economic Value Added 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.” 15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
EJEMPLO Y APLICACION Para ilustrar el concepto del Ventas Netas 2.600.00 EVA asumiremos la 0 siguiente información: Costo de ventas 1.400.00 La empresa pertenece al 0 sector de transporte aéreo cuyo beta es 1,45. Gastos de 400.000 Los propietarios esperan un administración 19.95% de rendimiento por el Depreciación 150.000 uso de su dinero, menos renta no sería atractiva Otros gastos 100.000 (recuérdese la fórmula del operacionales CAPM). Lo anterior tiene que ver con el rendimiento que Utilidad operacional 550.000 podrían obtener invirtiendo a largo plazo en actividades Intereses 200.000 de igual riesgo (fondos, Utilidad Antes de 350.000 acciones o en otras Impuestos empresas). Ejemplo de un estado de Impuestos (40%) 140.000 15.27 resultados usual: Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Utilidad Neta 210.000
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 15.28 2.350.000 PASIVOS Y PATRIMONIO 2.350.000 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PASOS PARA CALCULAR EL EVA 15.29 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PASOS PARA CALCULAR EL 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 15.30 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

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Estructura de capital

  • 1. Finanzas Corporativas II Docente: Msc Roberto Quintanilla rquintanilla@ufg.edu.sv Ing.robertoquintanilla@gmail.com 15.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 2. 2 III La estructura de capital y el WACC Objetivo Específico Adquirir el criterio necesario para identificar la estructura de capital optima para cada empresa 15.2 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 3. • Rendimientos requeridos • Creación de Valor • Ventaja Competitiva 15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 4. Fuentes Clave para la creación de valor Industry Attractiveness Etapa Barreras Otros de a la entrada mecanismos crecimiento de de del productos protección ciclo competidores del producto Marketing Superior and Perceived Cost quality organizational price capability Competitive Advantage 15.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 5. Costo Total del Capital de la empresa 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. 15.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 6. Que es en realidad el costo de capital? Type of Financing Capital Part. Edwin $ 2,000 20% Carlos $ 3,000 30% Usted $ 5,000 50% $ 10,000 100% 15.6 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 7. Costo de la Deuda Cost of Debt is the required rate of return on investment of the lenders of a company. n Ij + Pj P0 = Σ (1 + kd)j j=1 ki = kd ( 1 – T ) 15.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 8. Cost of Preferred Stock Cost of Preferred Stock is the required rate of return on investment of the preferred shareholders of the company. kP = D P / P 0 15.8 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 9. Determination of the Cost of Preferred Stock 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 kP = 9% 15.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 10. Cost of Equity Approaches • Dividend Discount Model • Capital-Asset Pricing Model • Before-Tax Cost of Debt plus Risk Premium 15.10 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 11. Dividend Discount Model The cost of equity capital, ke, is capital the discount rate that equates the present value of all expected future dividends with the current market price of the stock. D1 D2 D∞ P0 = + +...+ (1 + ke)1 (1 + ke)2 (1 + ke)∞ 15.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 12. Constant Growth Model The constant dividend growth assumption reduces the model to: ke = ( D1 / P0 ) + g Assumes that dividends will grow at the constant rate “g” forever. 15.12 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 13. Determination of the Cost of Equity Capital 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 = ( D 1 / P0 ) + g ke = ($3 / $64.80) + 0.08 15.13 ke = 0.05 + 0.08 = 0.13 or 13% Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 14. Costo de capital accionario : Basado en el Modelo de Fijación de Precios de Activos de Capital (MPAC) ke = Rj = Rf + (Rm – Rf)β j 15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 15. Determination of the Cost of Equity (CAPM) 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)β j = 4% + (11.4% – 4%)1.25 ke = 4% + 9.25% = 13.25% 15.15 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 16. Before-Tax Cost of Debt Plus Risk Premium 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 15.16 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 17. Determination of the Cost of Equity (kd + R.P.) 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% ke = 12.75% 15.17 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 18. Comparison of the Cost of Equity Methods Constant Growth Model 13.00% Capital Asset Pricing Model 13.25% Cost of Debt + Risk Premium 12.75% Generally, the three methods will not agree. We must decide how to weight – we will use an average of these three. 15.18 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 19. Weighted Average Cost of Capital (WACC) n Cost of Capital = Σ kx(Wx) x=1 15.19 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 20. Market Value of Long-Term Financing Type of Financing Mkt Val Weight Long-Term Debt $ 35M 35% Preferred Stock $ 15M 15% Common Stock Equity $ 50M 50% $ 100M 100% 15.20 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 21. Weighted Average Cost of Capital (WACC) WACC = 0.35(5.02%) + 0.15(9%) + 0.50(13.25%) WACC = 9.73% 15.21 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 22. Economic Value Added • 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. 15.22 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 23. ANTECEDENTES DEL EVA  Alfred Marshall fue el primero que expresó una noción de EVA, en 1980, en su obra capital The Principles of Economics: "". 15.23 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 24. “VALOR ECONOMICO 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” 15.24 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 25. 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. 15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 26. Economic Value Added 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.” 15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 27. EJEMPLO Y APLICACION Para ilustrar el concepto del Ventas Netas 2.600.00 EVA asumiremos la 0 siguiente información: Costo de ventas 1.400.00 La empresa pertenece al 0 sector de transporte aéreo cuyo beta es 1,45. Gastos de 400.000 Los propietarios esperan un administración 19.95% de rendimiento por el Depreciación 150.000 uso de su dinero, menos renta no sería atractiva Otros gastos 100.000 (recuérdese la fórmula del operacionales CAPM). Lo anterior tiene que ver con el rendimiento que Utilidad operacional 550.000 podrían obtener invirtiendo a largo plazo en actividades Intereses 200.000 de igual riesgo (fondos, Utilidad Antes de 350.000 acciones o en otras Impuestos empresas). Ejemplo de un estado de Impuestos (40%) 140.000 15.27 resultados usual: Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Utilidad Neta 210.000
  • 28. 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 15.28 2.350.000 PASIVOS Y PATRIMONIO 2.350.000 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 29. PASOS PARA CALCULAR EL EVA 15.29 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
  • 30. PASOS PARA CALCULAR EL 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 15.30 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.