Estructura de capital
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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.
![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
companys potential after-tax profit if it was all-
equity-financed or unlevered.
15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.](https://image.slidesharecdn.com/estructuradecapital-130222085611-phpapp02/85/Estructura-de-capital-26-320.jpg)
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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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 2. 2 III La estructura de capital y el WACC Objetivo Espec鱈fico 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 3. Rendimientos requeridos Creaci坦n de Valor Ventaja Competitiva 15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 4. Fuentes Clave para la creaci坦n de valor Industry Attractiveness Etapa Barreras Otros de a la entrada mecanismos crecimiento de de del productos protecci坦n 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. 息 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. 息 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. 息 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 = 裡 (1 + kd)j j=1 ki = kd ( 1 T ) 15.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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. 息 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. 息 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. 息 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. 息 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. 息 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 14. Costo de capital accionario : Basado en el Modelo de Fijaci坦n de Precios de Activos de Capital (MPAC) ke = Rj = Rf + (Rm Rf)硫 j 15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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)硫 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. 息 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. 息 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. 息 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 19. Weighted Average Cost of Capital (WACC) n Cost of Capital = 裡 kx(Wx) x=1 15.19 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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. 息 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 22. Economic Value Added El EVA es un concepto que se ha conocido en Latinoam辿rica en la d辿cada de los a単os noventa, a pesar que las teor鱈as econ坦micas y financieras desarrollaron elementos aproximados desde hace algo m叩s de un siglo. 15.22 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 23. ANTECEDENTES DEL EVA Alfred Marshall fue el primero que expres坦 una noci坦n de EVA, en 1980, en su obra capital The Principles of Economics: "". 15.23 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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 Econ坦mico Agregado EVA 15.24 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 25. VENTAJAS DEL 即EVA即 Facilita el alineamiento de los objetivos. Permite enfocar las decisiones hacia la generaci坦n de valor. Es un modelo sencillo y f叩cil de entender. 15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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 companys potential after-tax profit if it was all- equity-financed or unlevered. 15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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 informaci坦n: Costo de ventas 1.400.00 La empresa pertenece al 0 sector de transporte a辿reo cuyo beta es 1,45. Gastos de 400.000 Los propietarios esperan un administraci坦n 19.95% de rendimiento por el Depreciaci坦n 150.000 uso de su dinero, menos renta no ser鱈a atractiva Otros gastos 100.000 (recu辿rdese la f坦rmula del operacionales CAPM). Lo anterior tiene que ver con el rendimiento que Utilidad operacional 550.000 podr鱈an 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Utilidad Neta 210.000
- 28. Balance general com炭n: ACTIVOS 油 PASIVOS 油 油 油 油 油 Activo Corriente 油 Pasivo corriente 油 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 油 油 油 油 Pasivo a largo plazo 油 Activos fijos 油 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 油 油 油 油 PATRIMONIO 油 油 油 油 油 油 油 Capital 300.000 油 油 Ganancias retenidas 430.000 油 油 Resultados del ejercicio 210.000 油 油 Total patrimonio 940.000 油 油 油 油 TOTAL ACTIVOS 15.28 2.350.000 PASIVOS Y PATRIMONIO 2.350.000 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 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. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
- 30. PASOS PARA CALCULAR EL EVA Paso 1: calcular la UODI Paso 2: Identificaci坦n del capital de la empresa Paso 3: Determinaci坦n del Costo Promedio de Capital Paso 4: Calcular el EVA 15.30 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. 息 Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.