1. Finanzas Corporativas II
Docente: Msc Roberto Quintanilla
rquintanilla@ufg.edu.sv
Ing.robertoquintanilla@gmail.com
15.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

2. 2 III La estructura de capital y
el WACC
Objetivo Específico
Adquirir el criterio
necesario para identificar
la estructura de capital
optima para cada
empresa
15.2 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

3. • Rendimientos requeridos
• Creación de Valor
• Ventaja Competitiva
15.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

4. Fuentes Clave para la
creación de valor
Industry Attractiveness
Etapa Barreras Otros
de a la entrada mecanismos
crecimiento de de
del productos protección
ciclo competidores
del
producto
Marketing Superior
and Perceived
Cost quality organizational
price capability
Competitive Advantage
15.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

5. Costo Total del Capital
de la empresa
Cost of Capital Tasa de
rendimiento requerida sobre los
diferentes tipos de financiamiento
El costo total de capital es un
promedio ponderado de las tasa de
rendimeinto requeridas
individuales.
15.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

6. Que es en realidad el
costo de capital?
Type of Financing Capital Part.
Edwin $ 2,000 20%
Carlos $ 3,000 30%
Usted $ 5,000 50%
$ 10,000 100%
15.6 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

7. Costo de la Deuda
Cost of Debt is the required rate
of return on investment of the
lenders of a company.
n Ij + Pj
P0 = Σ (1 + kd)j
j=1
ki = kd ( 1 – T )
15.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

8. Cost of Preferred Stock
Cost of Preferred Stock is the
required rate of return on
investment of the preferred
shareholders of the company.
kP = D P / P 0
15.8 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

9. Determination of the
Cost of Preferred Stock
Assume that Basket Wonders (BW)
has preferred stock outstanding with
par value of $100, dividend per share
of $6.30, and a current market value of
$70 per share.
kP = $6.30 / $70
kP = 9%
15.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

10. Cost of Equity
Approaches
• Dividend Discount Model
• Capital-Asset Pricing Model
• Before-Tax Cost of Debt plus
Risk Premium
15.10 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

11. Dividend Discount Model
The cost of equity capital, ke, is
capital
the discount rate that equates the
present value of all expected
future dividends with the current
market price of the stock.
D1 D2 D∞
P0 = + +...+
(1 + ke)1 (1 + ke)2 (1 + ke)∞
15.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

12. Constant Growth Model
The constant dividend growth
assumption reduces the model to:
ke = ( D1 / P0 ) + g
Assumes that dividends will grow
at the constant rate “g” forever.
15.12 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

13. Determination of the
Cost of Equity Capital
Assume that Basket Wonders (BW) has
common stock outstanding with a current
market value of $64.80 per share, current
dividend of $3 per share, and a dividend
growth rate of 8% forever.
ke = ( D 1 / P0 ) + g
ke = ($3 / $64.80) + 0.08
15.13
ke = 0.05 + 0.08 = 0.13 or 13%
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

14. Costo de capital
accionario :
Basado en el Modelo de Fijación de
Precios de Activos de Capital
(MPAC)
ke = Rj = Rf + (Rm – Rf)β j
15.14 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

15. Determination of the
Cost of Equity (CAPM)
Assume that Basket Wonders (BW) has a
company beta of 1.25. The risk-free rate is
4% and the expected return on the market
is 11.4%
ke = Rf + (Rm – Rf)β j
= 4% + (11.4% – 4%)1.25
ke = 4% + 9.25% = 13.25%
15.15 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

16. Before-Tax Cost of Debt
Plus Risk Premium
The cost of equity capital, ke, is the
sum of the before-tax cost of debt
and a risk premium in expected
return for common stock over debt.
ke = kd + Risk Premium*
* Risk premium is not the same as CAPM risk
premium
15.16 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

17. Determination of the
Cost of Equity (kd + R.P.)
Assume that Basket Wonders (BW)
typically adds a 2.75% premium to the
before-tax cost of debt.
ke = kd + Risk Premium
= 10% + 2.75%
ke = 12.75%
15.17 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

18. Comparison of the
Cost of Equity Methods
Constant Growth Model 13.00%
Capital Asset Pricing Model 13.25%
Cost of Debt + Risk Premium 12.75%
Generally, the three methods will not agree.
We must decide how to weight –
we will use an average of these three.
15.18 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

19. Weighted Average
Cost of Capital (WACC)
n
Cost of Capital = Σ kx(Wx)
x=1
15.19 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

20. Market Value of
Long-Term Financing
Type of Financing Mkt Val Weight
Long-Term Debt $ 35M 35%
Preferred Stock $ 15M 15%
Common Stock Equity $ 50M 50%
$ 100M 100%
15.20 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

21. Weighted Average
Cost of Capital (WACC)
WACC = 0.35(5.02%) + 0.15(9%) +
0.50(13.25%)
WACC = 9.73%
15.21 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

22. Economic Value Added
• El EVA es un concepto que se ha
conocido en Latinoamérica en la
década de los años noventa, a pesar
que las teorías económicas y
financieras desarrollaron elementos
aproximados desde hace algo más
de un siglo.
15.22 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

23. ANTECEDENTES DEL
EVA
 Alfred Marshall fue el primero
que expresó una noción de
EVA, en 1980, en su obra
capital The Principles of
Economics: "".
15.23 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

24. “VALOR ECONOMICO
AGREGADO”
Si una empresa obtiene una
rentabilidad sobre sus activos
mayor que el costo de capital (CK),
sobre el valor de dichos activos se
genera un remanente que
denominaremos Valor Económico
Agregado “EVA”
15.24 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

25. VENTAJAS DEL ¨EVA¨
Facilita el alineamiento de los
objetivos.
Permite enfocar las decisiones
hacia la generación de valor.
Es un modelo sencillo y fácil de
entender.
15.25 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

26. Economic Value Added
EVA = NOPAT – [Cost of
Capital x Capital Employed]
• Since a cost is charged for equity capital also, a
positive EVA generally indicates shareholder
value is being created.
• Based on Economic NOT Accounting Profit.
• NOPAT – net operating profit after tax is a
company’s potential after-tax profit if it was all-
equity-financed or “unlevered.”
15.26 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

27. EJEMPLO Y APLICACION
Para ilustrar el concepto del Ventas Netas 2.600.00
EVA asumiremos la 0
siguiente información:
Costo de ventas 1.400.00
La empresa pertenece al 0
sector de transporte aéreo
cuyo beta es 1,45. Gastos de 400.000
Los propietarios esperan un administración
19.95% de rendimiento por el Depreciación 150.000
uso de su dinero, menos
renta no sería atractiva Otros gastos 100.000
(recuérdese la fórmula del operacionales
CAPM). Lo anterior tiene que
ver con el rendimiento que Utilidad operacional 550.000
podrían obtener invirtiendo
a largo plazo en actividades Intereses 200.000
de igual riesgo (fondos, Utilidad Antes de 350.000
acciones o en otras Impuestos
empresas).
Ejemplo de un estado de Impuestos (40%) 140.000
15.27
resultados usual:
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Utilidad Neta 210.000

28. Balance general común:
ACTIVOS PASIVOS
Activo Corriente Pasivo corriente
Efectivo 50.000 Cuentas por pagar 100.000
Cuentas por Cobrar 370.000 Gastos causados por pagar 250.000
Inventarios 235.000 Deuda a corto plazo 300.000
Otros activos corrientes 145.000 Total pasivo corriente 650.000
Total activos corrientes 800.000
Pasivo a largo plazo
Activos fijos Deuda a largo plazo 760.000
Propiedades, planta y equipo 1.550.000 Total pasivo a largo plazo 760.000
Total activos fijos 1.550.000
PATRIMONIO
Capital 300.000
Ganancias retenidas 430.000
Resultados del ejercicio 210.000
Total patrimonio 940.000
TOTAL ACTIVOS
15.28 2.350.000 PASIVOS Y PATRIMONIO 2.350.000
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

29. PASOS PARA CALCULAR
EL EVA
15.29 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

30. PASOS PARA CALCULAR
EL EVA
Paso 1: calcular la UODI
Paso 2: Identificación del capital de
la empresa
Paso 3: Determinación del Costo
Promedio de Capital
Paso 4: Calcular el EVA
15.30 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.