TABLA No 1

Betas
Deuda
Unidades Valor (en Deuda (en
de Negocio Capital Propio millones) millones) W
A1 0.88 1.25 200 85 25.97%
A2 0.89 1.32 250 120 32.47%
A3 0.75 1.18 320 150 41.56%

770 355

Beta 1 = 1.09 wacc 1 = 17.16% rf = 3.50%

Beta 2 = 1.11 wacc 2 17.42% rm = 16%
Beta 3 = 0.98 wacc 3 15.73% Rm -rf = 12.500%

Beta corp = 1.05

t1 g1 g2
A1 22.3 5 15% 4.50%
A2 21.2 5 16.50% 5%
A3 23.5 5 18% 5.60%

0 1 2 3 4 5 6
-200 22.3 25.645 29.49175 33.9155125 39.0028394 40.7579671
321.958763
-200 22.3 25.645 29.49175 33.9155125 360.961602

van 1 = 37.58

0 1 2 3 4 5 6
-250 21.2 24.698 28.77317 33.5207431 39.0516657 41.0042489
330.146932
-250 21.2 24.698 28.77317 33.5207431 369.198598

van 2 = -13.22

0 1 2 3 4 5 6
-320 23.5 27.73 32.7214 38.611252 45.5612774 48.1127089
474.930727
-320 23.5 27.73 32.7214 38.611252 520.492004

van 3 = 14.36
%d %E
42.50% 57.50%
48.00% 52.00%
46.88% 53.13%