Date Bank of AmeriDow Jones GM Dow Jones Bank of AmeriGM

2/1/2021 32.95 31375.83008 56.060001 4.65% 11% 11%

1/1/2021 29.65 29982.61914 50.68 -2% -2% 22%
12/1/2020 30.12 30606.48047 41.639999 3% 8% -5%
11/1/2020 27.99 29638.64063 43.84 12% 19% 27%
10/1/2020 23.55 26501.59961 34.529999 -5% -1% 17%
9/1/2020 23.78 27781.69922 29.59 -2% -6% 0%
8/1/2020 25.40 28430.05078 29.629999 8% 3% 19%
7/1/2020 24.55 26428.32031 24.889999 2% 5% -2%
6/1/2020 23.28 25812.88086 25.299999 2% -2% -2%
5/1/2020 23.64 25383.10938 25.879999 4% 0% 16%
4/1/2020 23.57 24345.7207 22.290001 11% 14% 9%
3/1/2020 20.68 21917.16016 20.52956 -14% -26% -32%
2/1/2020 27.76 25409.35938 30.132414 -10% -13% -9%
1/1/2020 31.97 28256.0293 32.987583 -1% -6% -8%
12/1/2019 34.11 28538.43945 35.775085 2% 6% 2%
11/1/2019 32.27 28051.41016 35.18861 4% 7% -3%
10/1/2019 30.29 27046.23047 36.322464 0% 8% 0%
9/1/2019 28.07 26916.83008 36.271202 2% 6% 1%
8/1/2019 26.47 26403.2793 35.89378 -2% -10% -8%
7/1/2019 29.52 26864.26953 39.03896 1% 6% 6%
6/1/2019 27.76 26599.96094 36.891991 7% 9% 16%
5/1/2019 25.46 24815.03906 31.922632 -7% -13% -14%
4/1/2019 29.27 26592.91016 37.29414 3% 11% 6%
3/1/2019 26.41 25928.67969 35.17371 0% -5% -6%
2/1/2019 27.69 25916 37.430138 4% 2% 1%
1/1/2019 27.11 24999.66992 36.994022 7% 16% 18%
12/1/2018 23.33 23327.46094 31.383244 -9% -13% -12%
11/1/2018 26.89 25538.46094 35.605202 2% 3% 4%
10/1/2018 26.04 25115.75977 34.329227 -5% -6% 10%
9/1/2018 27.76 26458.31055 31.249489 2% -5% -7%
8/1/2018 29.15 25964.82031 33.458393 2% 0% -5%
7/1/2018 29.10 25415.18945 35.184685 5% 10% -3%
6/1/2018 26.57 24271.41016 36.251255 -1% -3% -8%
5/1/2018 27.26 24415.83984 39.287521 1% -3% 16%
4/1/2018 28.08 24163.15039 33.803837 0% 0.1% 2%
3/1/2018 28.04 24103.1094 33.09914
 Dow Jones Bank of America GM
Rentabilidad esperada 0.90133% 0.90% 2.23%
Varianza 0.002859653 0.0085377555 0.014019425
Desviación 5.35% 9.24% 11.84%
Covarianza 0.004398131544 0.004019787
Beta histórica 1.538 1.406
Beta histórica 1.538 1.406
 Empresa A Empresa B Empresa C
Beta 1.24 1.46 0.92
Tc 35% 35% 35%
Pasivos $ 85,000,000 $ 109,000,000 $ 63,000,000
Patrimonio $ 100,000,000 $ 120,000,000 $ 100,000,000
Ventas $ 650,000,000 $ 520,000,000 $ 432,000,000
Beta U 0.80 0.92 0.65
Ponderación 41% 32% 27%
Beta U canast 0.798

Mi proyecto
Tc 35%
Pasivos $ 40,000,000
Patrimonio $ 60,000,000
Beta fundamen 1.14
¿Cuál es la beta de mi proyecto nuevo?

Desapalancar = BL/(1+(1-Tc)*(D/E))
Date S&P500 DPZ MCD RRGB QSR
7/1/2020 3351.28 386.61 6.62 9.69 53.73
6/1/2020 3271.12 368.69 6.06 8.74 56.52
5/1/2020 3100.29 385.05 6.88 10.20 54.12
4/1/2020 3044.31 361.19 6.36 13.86 54.06
3/1/2020 2912.43 322.65 5.86 14.63 48.84
2/1/2020 2584.59 337.97 4.71 8.52 39.18
1/1/2020 2954.22 280.52 12.70 27.50 57.25
12/1/2019 3225.52 291.85 15.31 32.87 59.71
11/1/2019 3230.78 292.36 15.93 33.02 61.94
10/1/2019 3140.98 269.83 14.36 27.27 63.75
9/1/2019 3037.56 242.35 14.21 30.50 66.97
8/1/2019 2976.74 224.76 14.25 33.26 68.63
7/1/2019 2926.46 242.29 13.54 33.49 75.68
6/1/2019 2980.38 275.09 20.85 33.02 71.10
5/1/2019 2941.76 276.30 19.34 30.57 66.59
4/1/2019 2752.06 267.48 18.53 25.58 63.01
3/1/2019 2945.83 254.47 21.21 32.03 62.47
2/1/2019 2834.40 247.41 21.31 28.81 61.85
1/1/2019 2784.49 279.74 21.99 30.41 60.05
12/1/2018 2704.10 243.96 23.32 31.98 59.52
11/1/2018 2506.85 272.81 26.10 26.72 49.28
10/1/2018 2760.17 264.42 29.99 34.69 54.96
9/1/2018 2711.74 289.45 30.05 30.20 51.60
8/1/2018 2913.98 293.14 30.12 40.15 55.40
7/1/2018 2901.52 257.89 31.70 41.30 53.65
6/1/2018 2816.29 276.49 34.46 47.30 59.00
5/1/2018 2718.37 246.42 32.14 46.60 56.36
4/1/2018 2705.27 236.87 29.98 50.35 54.72
3/1/2018 2648.05 228.30 26.68 62.35 50.46
2/1/2018 2640.87 217.41 25.22 58.00 52.36
1/1/2018 2713.83 211.97 24.94 53.65 53.90
12/1/2017 2823.81 184.24 22.00 52.65 55.55
11/1/2017 2673.61 181.51 21.05 56.40 56.36
10/1/2017 2584.84 178.43 19.89 52.40 57.47
9/1/2017 2575.26 193.12 15.67 68.40 59.22
8/1/2017 2519.36 177.27 17.93 67.00 58.38
7/1/2017 2471.65 181.40 17.06 59.40 55.78
6/1/2017 2470.30 205.28 19.51 59.80 54.45
5/1/2017 2423.41 205.46 18.77 65.25 57.16
4/1/2017 2411.80 176.03 18.98 72.08 56.18
3/1/2017 2384.20 178.41 23.61 58.75 51.17
2/1/2017 2362.72 183.75 23.66 58.45 50.61
1/1/2017 2363.64 168.96 26.52 45.65 49.67
12/1/2016 2278.87 153.79 23.58 47.55 44.56
11/1/2016 2238.83 162.29 28.32 56.40 43.12
10/1/2016 2198.81 163.45 33.37 51.45 43.01
9/1/2016 2126.15 146.28 28.86 46.00 40.24
8/1/2016 2168.27 144.09 28.99 44.94 40.20
7/1/2016 2170.95 141.90 28.31 50.26 43.00
6/1/2016 2173.60 126.18 28.03 48.36 40.34
5/1/2016 2098.86 116.10 26.00 47.43 37.51
4/1/2016 2096.95 116.10 25.69 50.71 37.52
3/1/2016 2065.30 126.28 30.62 64.86 38.87
2/1/2016 2059.74 127.41 33.83 64.47 34.75
1/1/2016 1932.23 109.11 33.15 65.10 31.38
12/1/2015 1940.24 106.24 31.00 61.74 30.05
11/1/2015 2043.94 102.63 26.58 61.74 33.43
10/1/2015 2080.41 101.87 29.70 67.48 32.63
9/1/2015 2079.36 102.76 38.74 74.89 35.81
8/1/2015 1920.03 102.65 38.76 75.74 32.03
YUM DPZ MCD RRGB QSR
90.82 5% 9% 11% -5%
91.05 -4% -12% -14% 4%
86.91 7% 8% -26% 0%
89.26 12% 9% -5% 11%
85.98 -5% 24% 72% 25%
68.17 20% -63% -69% -32%
88.39 -4% -17% -16% -4%
104.75 0% -4% 0% -4%
99.76 8% 11% 21% -3%
99.27 11% 1% -11% -5%
100.30 8% 0% -8% -2%
111.85 -7% 5% -1% -9%
114.74 -12% -35% 1% 6%
110.56 0% 8% 8% 7%
108.74 3% 4% 20% 6%
100.14 5% -13% -20% 1%
102.14 3% 0% 11% 1%
97.66 -12% -3% -5% 3%
92.05 15% -6% -5% 1%
91.54 -11% -11% 20% 21%
89.54 3% -13% -23% -10%
89.46 -9% 0% 15% 6%
87.70 -1% 0% -25% -7%
88.19 14% -5% -3% 3%
83.93 -7% -8% -13% -9%
76.59 12% 7% 2% 5%
75.55 4% 7% -7% 3%
78.22 4% 12% -19% 8%
83.77 5% 6% 7% -4%
81.87 3% 1% 8% -3%
77.91 15% 13% 2% -3%
80.98 2% 5% -7% -1%
78.13 2% 6% 8% -2%
79.61 -8% 27% -23% -3%
71.00 9% -13% 2% 1%
70.20 -2% 5% 13% 5%
73.26 -12% -13% -1% 2%
71.69 0% 4% -8% -5%
70.06 17% -1% -9% 2%
69.00 -1% -20% 23% 10%
62.16 -3% 0% 1% 1%
60.41 9% -11% 28% 2%
61.75 10% 12% -4% 11%
61.67 -5% -17% -16% 3%
59.60 -1% -15% 10% 0%
59.65 12% 16% 12% 7%
58.04 2% 0% 2% 0%
61.08 2% 2% -11% -7%
61.02 12% 1% 4% 7%
59.83 9% 8% 2% 8%
55.48 0% 1% -6% 0%
54.92 -8% -16% -22% -3%
52.93 -1% -9% 1% 12%
54.46 17% 2% -1% 11%
48.22 3% 7% 5% 4%
47.83 4% 17% 0% -10%
48.28 1% -10% -9% 2%
47.92 -1% -23% -10% -9%
46.56 0% 0% -1% 12%
52.49 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
YUM S&P DPZ MCD
0% 2% Ventas 692607 768872
5% 6% Pasivo 10090 677872
-3% 2% Patrimonio 274712 442827
4% 5% Tc 25% 25%
26% 13% Beta Historica - 0.209069231 1.528980241
-23% -13% DATOS EMPRESA
-16% -8% PASIVO $ 5,720,000
5% 0% PATRIMONIO $ 7,800,000
0% 3% Tc 25%
-1% 3%
-10% 2% Desapalancar la Beta
-3% 2% Beta U -0.20 0.71
4% -2% Ponderacion 5.04% 5.60%
2% 1% Beta U canasta 0.3523371038156
9% 7%
-2% -7% MI PROYECTO
5% 4% Beta fundamental proyecto 0.5461225109142
6% 2%
1% 3%
2% 8%
0% -9%
2% 2%
-1% -7%
5% 0%
10% 3%
1% 4%
-3% 0%
-7% 2%
2% 0%
5% -3%
-4% -4%
4% 6%
-2% 3%
12% 0%
1% 2%
-4% 2%
2% 0%
2% 2%
2% 0%
11% 1%
3% 1%
-2% 0%
0% 4%
3% 2%
 0% 2%
3% 3%
-5% -2%
0% 0%
2% 0%
8% 4%
1% 0%
4% 2%
-3% 0%
13% 7%
1% 0%
-1% -5%
1% -2%
3% 0%
-11% 8%
#DIV/0! #DIV/0!
RRGB QSR YUM S&P 500
1211213 5562000 5494000
877060 18101000 13247000
360520 2490000 8016000
25% 25% 25%
2.551505060 1.339796298 0.889287596

0.90 0.21 0.40

8.82% 40.51% 40.02%
Empresa XYZ Empresa A
Patrimonio 240 Beta 3.6
Pasivo 90 Patrimonio 162
TC 30% Pasivo 326
Ventas 554

Empresa B
Beta 2 1.96
Patrimonio 216
Pasivo 274
Ventas 326

Empresa C
beta 1
PAT 460
pasivo 244
Ventas 476

ponderacion=A 41%
B 24%
C 35%

Beta U canas 1.11620359

Beta fundamental 1.409

mi proyecto
Beta U 1.49461814

1.03815596

0.72923272
 Mercado XYZ XYZ MERCADO
1 8.00% 12.00% Rentabilidad 13.60% 8.80%
2 7.00% 10.00% Varianza 0.000544 0.000136
3 10.00% 16.00% Desviacion 0.02332381 0.0116619
4 9.00% 14.00% Covarianza 0.000272
5 10.00% 16.00%

BETA: 2