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  • WACC - Ejercicio Clase Grupo 3 23072023

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    HADA KARINA MUÑOZ VALENZUELA
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    The document discusses exercises to calculate a company's weighted average cost of capital (WACC). It provides formulas and examples for determining the costs of debt, preferred stock, and new common stock based on dividend yields, stock prices, tax rates, and growth rates. It then shows how to calculate WACC based on the costs of different sources of capital weighted by their proportions in a company's target capital structure. The optimal capital structure with the lowest WACC is identified.

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    The document discusses exercises to calculate a company's weighted average cost of capital (WACC). It provides formulas and examples for determining the costs of debt, preferred stock, and new common stock based on dividend yields, stock prices, tax rates, and growth rates. It then shows how to calculate WACC based on the costs of different sources of capital weighted by their proportions in a company's target capital structure. The optimal capital structure with the lowest WACC is identified.

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    3 views19 pages

    WACC - Ejercicio Clase Grupo 3 23072023

    Uploaded by

    HADA KARINA MUÑOZ VALENZUELA
    The document discusses exercises to calculate a company's weighted average cost of capital (WACC). It provides formulas and examples for determining the costs of debt, preferred stock, and new common stock based on dividend yields, stock prices, tax rates, and growth rates. It then shows how to calculate WACC based on the costs of different sources of capital weighted by their proportions in a company's target capital structure. The optimal capital structure with the lowest WACC is identified.

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    of 19

    Universidad Mariano Gálvez de Guatemala

    Facultad de Ciencias de la Administración


    Maestría en Administración de Negocios

    Grupo # 3 : Ejercicios WACC

    Equipo:
    Hada Muñoz 1420 93 23582
    Jennifer Aroch 1420 09 218
    Daniel Echeverría 1420 11 16729
    Merli Cruz 1420 12 14957
    Byron Mesas 1420 19 5158
    iano Gálvez de Guatemala
    ncias de la Administración
    ministración de Negocios

    3 : Ejercicios WACC

    420 93 23582

    420 11 16729
    420 12 14957
    To determine the cost of a new debt in the marketplace

    Debt Kd =
    Assuming Yield =
    Taxes T=

    Formula: Kd (Cost of debt) = Y(1 – T) =


    Kd= Y(1 – T)=

    To determine the cost of a new debt in the marketplace

    Debt Kd =
    Assuming Yield =
    Taxes T=

    Formula: Kd (Cost of debt) = Y(1 – T) =


    Kd= Y(1 – T)=
    To determine the cost of a new debt in the marketplace

    Debt Kd =
    Assuming Yield =
    Taxes T=

    Formula: Kd (Cost of debt) = Y(1 – T) =


    Kd= Y(1 – T)=
    arketplace

    6.00%
    16%
    1

    6.00% (1 - 16% ´)
    5.04%

    Costo de la deuda despues de impuestos

    arketplace

    12.60%
    35%
    1

    12.60% (1 - 35% ´)
    8.19%

    Costo de la deuda despues de impuestos


    arketplace

    9.40%
    24%
    1

    9.40% (1 - 24% ´)
    7.14%

    Costo de la deuda despues de impuestos


    2

    Formula: Kn (Cost of new common stock) =


    A)
    B)
    To determine the cost of Preferred Stock

    Cost of preferred stockp=


    Annual dividend on preferred stock Dp=
    Price of preferred stock Pp=
    Floatation, or selling cost F=

    Formula: Kp (Cost of preferred) =

    R/ Derivado que el costo de las acciones preferentes e

    To determine Cost of New Common Stock

    Dividend at the end of the year stock D1=


    Price of the stock today Po=
    Floatation, or selling cost F=
    Constant growth rate in dividends g =

    Formula: Kn (Cost of new common stock) =


    El costo de las acciones comunes es del 13%
    El costo de las acciones comunes nuevas será del 13,0
    ???
    $6.00
    $80.00
    $3.00

    ´= $6.00 7.79%

    $77.00
    preferentes es del 7,79%, no se estima hacer un ajuste fisca

    $1.2
    $30.00
    $0.00 2.00%
    9%

    ´= $1.20 + 9% ´=
    $30.00

    ´= $1.20 + 9% ´=

    $29.98

    será del 13,003%


    ajuste fiscal de la emisora

    4.0% + 9% ´= 13.000%
    4.0% + 9% ´= 13.003%
    Best understood by capital structure of a firm

    Cost
    Debt Kd 35.00%
    Preferred Stock Kp 15.00%
    Common Equity (Retained Earnings) Ke 50.00%
    Weighted average cost of capital (Wacc) Ka

    Best understood by capital structure of a firm

    Cost
    Debt Kd 65.00%
    Preferred Stock Kp 5.00%
    Common Equity (Retained Earnings) Ke 30.00%
    Weighted average cost of capital (Wacc) Ka

    R/ El plán óptimo que minimiza el promedio ponderado es del 10,45%


    ture of a firm
    Weighted
    Weights
    Cost
    7.00% 2.450%
    10.00% 1.500%
    13.00% 6.500%
    10.45%

    ture of a firm
    Weighted
    Weights
    Cost
    9.80% 6.370%
    12.00% 0.600%
    15.50% 4.650%
    11.62%

    l 10,45%
    Estructura óptima de capital
    PLAN A FINANCIERO A COSTO (A/T) PESOS COSTO PONDERADO
    DEUDA 5.0% 20% 1.0%
    CAPITAL CONTABLE 24.0% 80% 19.2%
    20.2%

    PLAN A FINANCIERO B COSTO (A/T) PESOS COSTO PONDERADO


    DEUDA 5.5% 30% 1.7%
    CAPITAL CONTABLE 25.5% 70% 17.9%
    19.5%

    PLAN A FINANCIERO C COSTO (A/T) PESOS COSTO PONDERADO


    DEUDA 6.0% 40% 2.4%
    CAPITAL CONTABLE 26.3% 60% 15.8%
    18.2%

    PLAN A FINANCIERO D COSTO (A/T) PESOS COSTO PONDERADO


    DEUDA 8.0% 50% 4.0%
    CAPITAL CONTABLE 28.7% 50% 14.4%
    18.4%
    El plan C tiene el menor promedio ponderado

    El plan D tiene el segundo menor promedio ponderado, pero plan C es el mejor porque el
    peso de la deuda es menor en relacion con el capital.
    PESO/DEUDA

    40%

    20%

    60%

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