ESTRUCTURA FINANCIERA VALOR UM BANCO A (Cuota Fija)

Deuda (Deb) Banco A L 120,000.00 Lps DETALLE

Deuda (Deb) Banco B L 80,000.00 Lps Monto
Capital L 300,000.00 Lps Tasa de Interes
Total Inversion L 500,000.00 Plazo
Forma de pago
Costo de la Deuda VALOR UM seguros
Deuda (Deb) Banco A L 120,000.00 Costo deuda bancaria
Deuda (Deb) Banco B L 80,000.00
Total Deuda L 200,000.00
Kbanco A 9.5%
Kbanco B 9%
Costo de la deuda 9.3%

Modelo CAPM VALOR UM

Tasa libre de riesgo (Rf) 0.625%
Beta desampalancado (Bu) 0.68 veces
Rendimiento de mercado (Rm) 9.43%
Riesgo pais (Rp) 2.58%
beta apalancada(BL) 1.02 veces
Costo de capital propio (Ke) 12.18%
Impuesto (t) 25%

Estructura Financiera VALOR UM

Deuda (D) L 200,000.00
Capital Propio L 300,000.00
Total Estructura L 500,000.00
% de inversion final con deuda 40% %
% de inversion final con capital propio 60% %
Costo de Capital (WACC) 10.10%

ANEXOS
Rendimieno de mercado
precio inicial 2,063.11
precio final 3,036.13
Rendimiento 47% 5 año
Rendimiento mercado (anual) 9.43%

Riesgo pais
rendimiento (bono EEUU) 0.625%
Rendimiento (bolivia) 3.20%
Riesgo pais 2.58%

Modelo CAPM
BANCO A (Cuota Fija)
VALORES UM
120000 Lps
9% anual
5 años 60 periodos
12 Veces/año
30 Lps/mes
9.5% anual

CUADRO DE AMORTIZACION

Perido Deuda Inicial Interes Capital Cuota Amortizacion Saldo Seguros

0 L 120,000.00 L - L - L - L - L120,000.00
1 L 120,000.00 L900.00 L1,591.00 L2,491.00 L - L118,409.00 L 30.00
2 L 118,409.00 L888.07 L1,602.94 L2,491.00 L - L116,806.06 L 30.00
3 L 116,806.06 L876.05 L1,614.96 L2,491.00 L - L115,191.11 L 30.00
4 L 115,191.11 L863.93 L1,627.07 L2,491.00 L - L113,564.04 L 30.00
5 L 113,564.04 L851.73 L1,639.27 L2,491.00 L - L111,924.76 L 30.00
6 L 111,924.76 L839.44 L1,651.57 L2,491.00 L - L110,273.20 L 30.00
7 L 110,273.20 L827.05 L1,663.95 L2,491.00 L - L108,609.24 L 30.00
8 L 108,609.24 L814.57 L1,676.43 L2,491.00 L - L106,932.81 L 30.00
9 L 106,932.81 L802.00 L1,689.01 L2,491.00 L - L105,243.80 L 30.00
10 L 105,243.80 L789.33 L1,701.67 L2,491.00 L - L103,542.13 L 30.00
11 L 103,542.13 L776.57 L1,714.44 L2,491.00 L - L101,827.69 L 30.00
12 L 101,827.69 L763.71 L1,727.29 L2,491.00 L - L100,100.40 L 30.00
13 L 100,100.40 L750.75 L1,740.25 L2,491.00 L - L 98,360.15 L 30.00
14 L 98,360.15 L737.70 L1,753.30 L2,491.00 L - L 96,606.85 L 30.00
15 L 96,606.85 L724.55 L1,766.45 L2,491.00 L - L 94,840.39 L 30.00
16 L 94,840.39 L711.30 L1,779.70 L2,491.00 L - L 93,060.70 L 30.00
17 L 93,060.70 L697.96 L1,793.05 L2,491.00 L - L 91,267.65 L 30.00
18 L 91,267.65 L684.51 L1,806.50 L2,491.00 L - L 89,461.15 L 30.00
19 L 89,461.15 L670.96 L1,820.04 L2,491.00 L - L 87,641.11 L 30.00
20 L 87,641.11 L657.31 L1,833.69 L2,491.00 L - L 85,807.41 L 30.00
21 L 85,807.41 L643.56 L1,847.45 L2,491.00 L - L 83,959.97 L 30.00
22 L 83,959.97 L629.70 L1,861.30 L2,491.00 L - L 82,098.66 L 30.00
23 L 82,098.66 L615.74 L1,875.26 L2,491.00 L - L 80,223.40 L 30.00
24 L 80,223.40 L601.68 L1,889.33 L2,491.00 L - L 78,334.07 L 30.00
25 L 78,334.07 L587.51 L1,903.50 L2,491.00 L - L 76,430.58 L 30.00
26 L 76,430.58 L573.23 L1,917.77 L2,491.00 L - L 74,512.80 L 30.00
27 L 74,512.80 L558.85 L1,932.16 L2,491.00 L - L 72,580.65 L 30.00
28 L 72,580.65 L544.35 L1,946.65 L2,491.00 L - L 70,634.00 L 30.00
29 L 70,634.00 L529.75 L1,961.25 L2,491.00 L - L 68,672.75 L 30.00
30 L 68,672.75 L515.05 L1,975.96 L2,491.00 L - L 66,696.80 L 30.00
31 L 66,696.80 L500.23 L1,990.78 L2,491.00 L - L 64,706.02 L 30.00
32 L 64,706.02 L485.30 L2,005.71 L2,491.00 L - L 62,700.31 L 30.00
33 L 62,700.31 L470.25 L2,020.75 L2,491.00 L - L 60,679.56 L 30.00
34 L 60,679.56 L455.10 L2,035.91 L2,491.00 L - L 58,643.65 L 30.00
35 L 58,643.65 L439.83 L2,051.18 L2,491.00 L - L 56,592.48 L 30.00
36 L 56,592.48 L424.44 L2,066.56 L2,491.00 L - L 54,525.92 L 30.00
37 L 54,525.92 L408.94 L2,082.06 L2,491.00 L - L 52,443.86 L 30.00
38 L 52,443.86 L393.33 L2,097.67 L2,491.00 L - L 50,346.19 L 30.00
39 L 50,346.19 L377.60 L2,113.41 L2,491.00 L - L 48,232.78 L 30.00
40 L 48,232.78 L361.75 L2,129.26 L2,491.00 L - L 46,103.53 L 30.00
41 L 46,103.53 L345.78 L2,145.23 L2,491.00 L - L 43,958.30 L 30.00
42 L 43,958.30 L329.69 L2,161.32 L2,491.00 L - L 41,796.98 L 30.00
43 L 41,796.98 L313.48 L2,177.53 L2,491.00 L - L 39,619.46 L 30.00
44 L 39,619.46 L297.15 L2,193.86 L2,491.00 L - L 37,425.60 L 30.00
45 L 37,425.60 L280.69 L2,210.31 L2,491.00 L - L 35,215.29 L 30.00
46 L 35,215.29 L264.11 L2,226.89 L2,491.00 L - L 32,988.40 L 30.00
47 L 32,988.40 L247.41 L2,243.59 L2,491.00 L - L 30,744.81 L 30.00
48 L 30,744.81 L230.59 L2,260.42 L2,491.00 L - L 28,484.40 L 30.00
49 L 28,484.40 L213.63 L2,277.37 L2,491.00 L - L 26,207.03 L 30.00
50 L 26,207.03 L196.55 L2,294.45 L2,491.00 L - L 23,912.58 L 30.00
51 L 23,912.58 L179.34 L2,311.66 L2,491.00 L - L 21,600.92 L 30.00
52 L 21,600.92 L162.01 L2,329.00 L2,491.00 L - L 19,271.92 L 30.00
53 L 19,271.92 L144.54 L2,346.46 L2,491.00 L - L 16,925.46 L 30.00
54 L 16,925.46 L126.94 L2,364.06 L2,491.00 L - L 14,561.40 L 30.00
55 L 14,561.40 L109.21 L2,381.79 L2,491.00 L - L 12,179.61 L 30.00
56 L 12,179.61 L91.35 L2,399.66 L2,491.00 L - L 9,779.95 L 30.00
57 L 9,779.95 L73.35 L2,417.65 L2,491.00 L - L 7,362.30 L 30.00
58 L 7,362.30 L55.22 L2,435.79 L2,491.00 L - L 4,926.51 L 30.00
59 L 4,926.51 L36.95 L2,454.05 L2,491.00 L - L 2,472.46 L 30.00
60 L 2,472.46 L18.54 L2,472.46 L2,491.00 L - L - L 30.00
 Flujo
L 120,000.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
-L 2,521.00
 BANCO A (Cuota Variable)
DETALLE VALORES UM
Monto L80,000.00 Lps
Tasa de Interes 8.5% anual
Plazo 5 años L 60 periodos
Forma de pago 12 Veces/año
seguros 18 Lps/mes
Costo deuda bancaria 9.0% anual

CUADRO DE AMORTIZACION

Perido Deuda Inicial Interes Capital Cuota Amortizacion

0 L 80,000.00 L - L - L - L -
1 L 80,000 L 567 L 1,333 L 1,900 L -
2 L 78,667 L 557 L 1,333 L 1,891 L -
3 L 77,333 L 548 L 1,333 L 1,881 L -
4 L 76,000 L 538 L 1,333 L 1,872 L -
5 L 74,667 L 529 L 1,333 L 1,862 L -
6 L 73,333 L 519 L 1,333 L 1,853 L -
7 L 72,000 L 510 L 1,333 L 1,843 L -
8 L 70,667 L 501 L 1,333 L 1,834 L -
9 L 69,333 L 491 L 1,333 L 1,824 L -
10 L 68,000 L 482 L 1,333 L 1,815 L -
11 L 66,667 L 472 L 1,333 L 1,806 L -
12 L 65,333 L 463 L 1,333 L 1,796 L -
13 L 64,000 L 453 L 1,333 L 1,787 L -
14 L 62,667 L 444 L 1,333 L 1,777 L -
15 L 61,333 L 434 L 1,333 L 1,768 L -
16 L 60,000 L 425 L 1,333 L 1,758 L -
17 L 58,667 L 416 L 1,333 L 1,749 L -
18 L 57,333 L 406 L 1,333 L 1,739 L -
19 L 56,000 L 397 L 1,333 L 1,730 L -
20 L 54,667 L 387 L 1,333 L 1,721 L -
21 L 53,333 L 378 L 1,333 L 1,711 L -
22 L 52,000 L 368 L 1,333 L 1,702 L -
23 L 50,667 L 359 L 1,333 L 1,692 L -
24 L 49,333 L 349 L 1,333 L 1,683 L -
25 L 48,000 L 340 L 1,333 L 1,673 L -
26 L 46,667 L 331 L 1,333 L 1,664 L -
27 L 45,333 L 321 L 1,333 L 1,654 L -
28 L 44,000 L 312 L 1,333 L 1,645 L -
29 L 42,667 L 302 L 1,333 L 1,636 L -
30 L 41,333 L 293 L 1,333 L 1,626 L -
31 L 40,000 L 283 L 1,333 L 1,617 L -
32 L 38,667 L 274 L 1,333 L 1,607 L -
33 L 37,333 L 264 L 1,333 L 1,598 L -
34 L 36,000 L 255 L 1,333 L 1,588 L -
35 L 34,667 L 246 L 1,333 L 1,579 L -
36 L 33,333 L 236 L 1,333 L 1,569 L -
37 L 32,000 L 227 L 1,333 L 1,560 L -
38 L 30,667 L 217 L 1,333 L 1,551 L -
39 L 29,333 L 208 L 1,333 L 1,541 L -
40 L 28,000 L 198 L 1,333 L 1,532 L -
41 L 26,667 L 189 L 1,333 L 1,522 L -
42 L 25,333 L 179 L 1,333 L 1,513 L -
43 L 24,000 L 170 L 1,333 L 1,503 L -
44 L 22,667 L 161 L 1,333 L 1,494 L -
45 L 21,333 L 151 L 1,333 L 1,484 L -
46 L 20,000 L 142 L 1,333 L 1,475 L -
47 L 18,667 L 132 L 1,333 L 1,466 L -
48 L 17,333 L 123 L 1,333 L 1,456 L -
49 L 16,000 L 113 L 1,333 L 1,447 L -
50 L 14,667 L 104 L 1,333 L 1,437 L -
51 L 13,333 L 94 L 1,333 L 1,428 L -
52 L 12,000 L 85 L 1,333 L 1,418 L -
53 L 10,667 L 76 L 1,333 L 1,409 L -
54 L 9,333 L 66 L 1,333 L 1,399 L -
55 L 8,000 L 57 L 1,333 L 1,390 L -
56 L 6,667 L 47 L 1,333 L 1,381 L -
57 L 5,333 L 38 L 1,333 L 1,371 L -
58 L 4,000 L 28 L 1,333 L 1,362 L -
59 L 2,667 L 19 L 1,333 L 1,352 L -
60 L 1,333 L 9 L 1,333 L 1,343 L -
 Saldo Seguros Flujo
L 80,000 L 80,000.00
L 78,667 L 18.00 -L 1,918
L 77,333 L 18.00 -L 1,909
L 76,000 L 18.00 -L 1,899
L 74,667 L 18.00 -L 1,890
L 73,333 L 18.00 -L 1,880
L 72,000 L 18.00 -L 1,871
L 70,667 L 18.00 -L 1,861
L 69,333 L 18.00 -L 1,852
L 68,000 L 18.00 -L 1,842
L 66,667 L 18.00 -L 1,833
L 65,333 L 18.00 -L 1,824
L 64,000 L 18.00 -L 1,814
L 62,667 L 18.00 -L 1,805
L 61,333 L 18.00 -L 1,795
L 60,000 L 18.00 -L 1,786
L 58,667 L 18.00 -L 1,776
L 57,333 L 18.00 -L 1,767
L 56,000 L 18.00 -L 1,757
L 54,667 L 18.00 -L 1,748
L 53,333 L 18.00 -L 1,739
L 52,000 L 18.00 -L 1,729
L 50,667 L 18.00 -L 1,720
L 49,333 L 18.00 -L 1,710
L 48,000 L 18.00 -L 1,701
L 46,667 L 18.00 -L 1,691
L 45,333 L 18.00 -L 1,682
L 44,000 L 18.00 -L 1,672
L 42,667 L 18.00 -L 1,663
L 41,333 L 18.00 -L 1,654
L 40,000 L 18.00 -L 1,644
L 38,667 L 18.00 -L 1,635
L 37,333 L 18.00 -L 1,625
L 36,000 L 18.00 -L 1,616
L 34,667 L 18.00 -L 1,606
L 33,333 L 18.00 -L 1,597
L 32,000 L 18.00 -L 1,587
L 30,667 L 18.00 -L 1,578
L 29,333 L 18.00 -L 1,569
L 28,000 L 18.00 -L 1,559
L 26,667 L 18.00 -L 1,550
L 25,333 L 18.00 -L 1,540
L 24,000 L 18.00 -L 1,531
L 22,667 L 18.00 -L 1,521
L 21,333 L 18.00 -L 1,512
L 20,000 L 18.00 -L 1,502
L 18,667 L 18.00 -L 1,493
L 17,333 L 18.00 -L 1,484
L 16,000 L 18.00 -L 1,474
L 14,667 L 18.00 -L 1,465
L 13,333 L 18.00 -L 1,455
L 12,000 L 18.00 -L 1,446
L 10,667 L 18.00 -L 1,436
L 9,333 L 18.00 -L 1,427
L 8,000 L 18.00 -L 1,417
L 6,667 L 18.00 -L 1,408
L 5,333 L 18.00 -L 1,399
L 4,000 L 18.00 -L 1,389
L 2,667 L 18.00 -L 1,380
L 1,333 L 18.00 -L 1,370
L - L 18.00 -L 1,361