Div = upa *

Dividendo tiempo 0 5.5 UPA 20.3703704

g1 utilidad 17%
g2 2 3 año 12% 7000000
g3 4 año 7% UPA = UTILIDAD / N ACCIONES
g perpeuto 5 2%
142592592.592593 Utilidad
tasa div / payout 27%
deuda 15.00

depre 2.00
amort int 1.00
PPA 15.78
acciones empresa 7.00 millones
r 22%

UTILIDAD/V 12%
EBITD/V 15%
OFERTA 1%

N 12,000.00
32% DIVIDENDO 600,000.00

A 3.00 DPA
B 100.00% 0 0 VP CF
c 10.00% 1 0
D 35.00% 2 50 41.322314
E 600,000.00 3 54 8% 40.5709992
F 8.00% 4 58.32 8% 39.8333447
G 12.00% 5 61.11936 4.800% PERPEUTA
H 60.00% 6 64.0530893 4.800%
J 10.00% 7 67.1276376 4.800%
K 12,000.00 8 70.3497642 4.800%

p7=d8/r-g
40.00% 12.00% 4.800% 1352.88008 precio al año 7
valor año 1 16234561
valor pagar a 1623456.1
 saldo amort cupon
0 10000
1 10000 -700
2 10000 -700
3 0 -10000 -700

saldo amort cupon

0 10000
1 10000 -700
2 10000 -700
3 10000 -700
4 0 -10000 -700
 saldo amort cupon
0
1 10000 -1666.66667 -700
2 8333.33333333333 -1666.66667 -583.333333
3 6666.66666666667 -1666.66667 -466.666667
4 5000 -1666.66667 -350
5 3333.33333333333 -1666.66667 -233.333333
6 1666.66666666667 -1666.66667 -116.666667

SALDO AMORTZ
A 10,000.00 VN 0 10,000.00
B 5.00 PLAZO 1 8,000.00 -2000
C 100.00% 10000 PRECIO 2 6,000.00 -2000
D 7.20% tc 3 4,000.00 -2000
E 3.00% 300 4 2,000.00 -2000
F 0.75% 75 5 0.00 -2000
H -1.75%
J 30.00% timp
 Nueva tasa 5.45%

VNA

ANTIGUO
NUEVO
%

Cuando el ytm cae en 1.

CONVEXIDAD

SALDO AMORTZ CUPON CF

0 10,000.00 10000
1 8,000.00 -2000 -720 -2720
2 6,000.00 -2000 -576 -2576
3 4,000.00 -2000 -432 -2432
4 2,000.00 -2000 -288 -2288
5 0.00 -2000 -144 -2144

tir 7.20%
 Utilidad g DIVIDENDO
0 142592592.59259
1 166833333.33333 17% 45045000
2 186853333.33333 12% 50450400
3 209275733.33333 12% 56504448
4 223925034.66667 7% 60459759.36
5 228403535.36 2% 61668954.5472
 S/ 192,914,311.53 15000000 S/ 207,914,311.53

EBITDA VENTAS 15% S/ 178,240,740.74 EBITDA

UTILDIAD VENTAS 12% S/ 1,188,271,604.94 VENTAS

valor/ebitd S/ 1.17
oferta 1

no me conviene

50

802.79510122 924.5217592325 precio actual

 11094261.11079 Valor
1109426.111079 este es el monto del socio

ecio al año 7
 tc > ymt
tc < ytm , el precio < vn

cf tasa 8% vp cf

-700 648.14814814815
-700 600.13717421125
-10700 8494.0049789158

9742.2903012752

cf tasa 8% vp cf

-700 648.14814814815
-700 600.13717421125
-700 555.68256871412
-10700 7864.8194249221

9668.7873159956
cf tasa 8% vp cf

-2366.666667 2191.3580246914
-2250 1929.012345679
-2133.333333 1693.508780843
-2016.666667 1482.3102031395
-1900 1293.1080743641
-1783.333333 1123.8025012749

9713.0999299919

Orden duracion

CUPON CF SALDO
10000 0 10,000.00
-720 -2720 1 8,000.00
-576 -2576 2 6,000.00
-432 -2432 3 4,000.00
-288 -2288 4 2,000.00
-144 -2144 5 0.00

tir 7.20%

TCEA
 SALDO
CF 0 10,000.00
1 8,000.00
-2720 2 6,000.00
-2576 3 4,000.00
-2432 4 2,000.00
-2288 5 0.00
-2144
-S/ 10,464.86 NEUVA PRECIO

10000
10465
4.65%

uando el ytm cae en 1.75% , el precio aumenta en aprox 4.65%

vp cf ` /

2537.3134328
2241.5905547
1974.145756
1732.5145025
1514.435754

10000
DPA Pf 15.78

6.435
7.21
8.07
8.64
8.8
0

6.435 7.21 8.07 8.64 24.5898506496

vna S/ 27.56 pactal
valor acc S/ 192,914,311.53

VALOR ACTGUAL
, el precio < vn

0.066529340443 0.06652934
0.0616012411509 0.12320248
0.8718694184061 2.61560826
1
2.80534008 mc
2.59753711 mc mod

0.0670351024348 0.0670351
0.0620695392915 0.12413908
0.0574717956403 0.17241539
0.8134235626334 3.25369425
1
3.61728382 mc
3.34933687 mc mod
 0.2256085122655 0.22560851
0.1985990424872 0.39719808
0.1743530688502 0.52305921
0.1526093846273 0.61043754
0.133130317168 0.66565159
0.1156996746018 0.69419805

1 3.11615298
2.88532683 MC

b c a

AMORTZ CUPON g1 g1 CF
-300 -75 9,625.00
-2000 -720 -2720
-2000 -576 -2576
-2000 -432 -2432
-2000 -288 -2288
-2000 -144 -2144

tir 8.71%

CEAI
AMORTZ CUPON g1 g1 CF
-210 -52.5 9,737.50
-2000 -504 -2504
-2000 -403.2 -2403.2
-2000 -302.4 -2302.4
-2000 -201.6 -2201.6
-2000 -100.8 -2100.8

tir 6.04%

CEA