Trabajo de Finanzas

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Foreign Telecom.
Number of Firms
Average Beta
Market D/E Ratio
34
70
45
60
29
58
487
7
4
39
22
19
87
45
22
11
12
18
33
92
12
395
138
118
306
59
38
25
29
15
91
175
86
32
91
244
110
21
11
20
1.56
0.84
1.40
0.90
1.23
1.22
0.55
0.76
1.51
0.75
0.56
0.61
1.63
0.96
1.82
0.72
0.71
1.03
0.84
0.90
0.92
2.06
2.23
0.82
1.59
3.04
1.09
0.81
0.80
0.90
1.59
1.65
1.47
2.47
0.76
0.75
0.61
0.60
1.03
1.88
27.04%
25.73%
44.37%
19.37%
175.72%
48.26%
56.57%
11.40%
NA
63.73%
25.08%
15.67%
3.65%
27.73%
58.32%
14.81%
15.50%
30.19%
17.37%
22.94%
12.32%
3.37%
7.96%
24.91%
8.56%
8.89%
2.56%
78.84%
68.32%
72.52%
77.44%
13.88%
30.96%
3.14%
55.28%
150.58%
27.28%
28.66%
28.30%
34.74%
Furn/Home Furnishings
Grocery
Healthcare Information
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
36
23
35
15
34
76
26
30
207
36
43
84
306
21
15
134
16
39
184
261
41
77
29
36
19
27
98
37
40
30
148
15
25
62
104
47
122
18
74
82
177
0.92
0.86
1.38
0.86
0.92
0.82
0.79
1.26
0.97
0.86
0.73
0.70
2.78
0.73
1.26
0.83
1.08
0.72
0.96
1.04
0.88
1.03
0.70
0.96
0.86
1.10
1.02
0.82
0.82
0.90
0.67
0.81
2.23
0.67
1.81
0.74
0.67
0.73
1.08
0.68
1.08
17.28%
62.36%
13.32%
21.25%
49.44%
35.64%
18.36%
7.53%
21.18%
8.52%
13.01%
9.51%
1.80%
57.71%
0.00%
36.26%
19.12%
66.55%
15.89%
6.45%
11.03%
15.43%
73.20%
41.65%
21.56%
32.08%
10.91%
66.01%
66.48%
11.25%
14.03%
7.58%
26.51%
8.42%
8.16%
37.08%
8.02%
34.14%
21.41%
14.33%
8.00%
Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
14
10
46
31
121
14
22
26
14
122
146
221
13
11
20
37
5
16
66
Grand Total
7094
0.98
0.89
0.99
1.36
2.97
2.91
1.02
0.94
1.14
2.61
1.69
0.49
1.19
0.66
0.82
0.88
0.95
0.64
2.60
1.15
41.20%
4.42%
16.18%
196.81%
4.93%
8.29%
5.06%
14.75%
21.84%
3.58%
41.02%
25.28%
89.03%
19.86%
19.14%
36.57%
93.35%
48.80%
19.28%
35.44%
Tax Rate
Unlevered Beta
Cash/Firm Value
Unlevered Beta corrected for cash
10.29%
20.00%
19.71%
19.21%
17.04%
17.29%
27.66%
28.20%
0.00%
29.89%
13.24%
17.31%
3.29%
22.76%
10.98%
35.14%
23.50%
16.27%
24.90%
18.54%
4.20%
10.48%
8.74%
18.46%
6.33%
8.87%
19.14%
26.60%
31.02%
28.00%
14.46%
14.96%
19.62%
13.56%
10.38%
19.26%
20.67%
20.68%
29.89%
20.36%
1.26
0.70
1.03
0.77
0.50
0.87
0.39
0.71
NA
0.52
0.46
0.54
1.58
0.79
1.20
0.66
0.63
0.82
0.74
0.76
0.82
2.00
2.07
0.68
1.47
2.81
1.07
0.51
0.54
0.59
0.95
1.48
1.17
2.40
0.51
0.34
0.50
0.49
0.86
1.47
11.55%
5.36%
9.89%
7.15%
13.09%
8.35%
9.79%
5.09%
NA
7.94%
1.07%
4.18%
5.50%
11.05%
3.61%
0.87%
7.53%
6.24%
6.44%
3.49%
2.72%
11.60%
12.15%
6.75%
9.45%
25.85%
7.59%
1.78%
1.33%
4.51%
2.68%
14.72%
5.10%
15.49%
2.18%
7.90%
3.13%
4.68%
16.46%
9.10%
1.42
0.74
1.15
0.83
0.58
0.95
0.44
0.74
NA
0.56
0.46
0.56
1.67
0.89
1.25
0.67
0.68
0.87
0.79
0.78
0.85
2.26
2.36
0.73
1.62
3.79
1.16
0.52
0.55
0.62
0.98
1.73
1.24
2.84
0.52
0.37
0.52
0.51
1.03
1.62
26.21%
24.86%
11.34%
20.01%
26.12%
14.54%
29.33%
20.49%
16.22%
21.62%
21.19%
18.13%
4.23%
0.00%
2.49%
20.13%
21.88%
5.37%
15.15%
12.86%
20.52%
9.46%
26.20%
22.59%
28.87%
23.66%
21.01%
19.94%
16.62%
29.82%
13.09%
32.51%
4.58%
6.44%
16.89%
18.22%
1.50%
30.51%
16.55%
16.86%
23.39%
0.82
0.58
1.24
0.74
0.68
0.63
0.70
1.19
0.82
0.81
0.66
0.65
2.73
0.46
1.26
0.65
0.94
0.44
0.85
0.99
0.81
0.90
0.46
0.72
0.74
0.88
0.94
0.53
0.53
0.83
0.60
0.77
1.78
0.62
1.70
0.57
0.63
0.59
0.92
0.60
1.01
4.84%
5.96%
11.00%
8.90%
5.52%
4.00%
4.06%
9.49%
7.29%
3.59%
12.93%
10.64%
6.35%
4.60%
2.91%
6.45%
9.40%
5.82%
10.11%
5.54%
3.06%
2.76%
3.25%
3.03%
5.36%
11.00%
4.24%
4.15%
5.54%
4.94%
2.34%
2.94%
1.90%
6.31%
12.86%
4.60%
1.33%
2.39%
5.86%
2.83%
9.97%
0.86
0.62
1.39
0.81
0.72
0.66
0.73
1.32
0.89
0.84
0.76
0.72
2.92
0.49
1.29
0.69
1.03
0.47
0.95
1.04
0.84
0.93
0.47
0.75
0.78
0.99
0.98
0.56
0.56
0.87
0.61
0.79
1.82
0.66
1.95
0.60
0.63
0.60
0.98
0.62
1.13
39.75%
28.26%
21.77%
21.56%
9.91%
20.39%
26.82%
26.67%
18.40%
8.69%
12.22%
27.20%
16.27%
23.64%
20.09%
30.55%
13.94%
31.17%
7.09%
16.31%
0.78
0.87
0.88
0.53
2.84
2.73
0.98
0.85
0.96
2.52
1.24
0.42
0.68
0.58
0.71
0.70
0.53
0.48
2.20
3.66%
2.11%
4.56%
31.71%
13.05%
18.79%
9.09%
6.14%
9.28%
11.18%
3.92%
8.25%
23.48%
4.75%
4.67%
5.98%
1.30%
0.83%
9.34%
0.81
0.88
0.92
0.78
3.27
3.36
1.08
0.91
1.06
2.84
1.29
0.45
0.89
0.60
0.74
0.74
0.53
0.49
2.43
0.89
7.93%
0.97
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Coal
Diversified Co.
Drug
E-Commerce
Electronics
Entertainment
Entertainment Tech
Environmental
Food Processing
Food Wholesalers
Foreign Electronics
Number of Firms
Average Beta
Market D/E Ratio
36
73
56
64
31
64
550
7
4
37
27
21
105
47
23
14
13
24
36
94
16
425
148
134
334
60
37
24
29
16
94
186
101
31
96
269
123
21
10
38
0.99
0.92
1.38
0.93
1.29
0.99
0.59
0.72
1.78
0.79
0.66
0.71
1.56
0.98
1.76
0.73
1.02
0.98
0.97
0.98
1.75
1.84
1.99
0.87
1.59
2.23
1.09
0.94
0.87
0.97
1.52
1.49
1.30
2.18
0.87
0.89
0.72
0.72
1.03
0.87
22.25%
20.81%
42.16%
13.39%
125.80%
52.49%
54.59%
10.07%
Err:512
61.47%
23.56%
13.63%
4.39%
33.54%
38.89%
14.27%
26.35%
27.64%
16.32%
21.54%
15.96%
3.56%
6.68%
22.60%
9.36%
3.86%
2.65%
69.87%
56.29%
58.80%
72.60%
14.54%
26.12%
3.38%
48.22%
132.40%
22.39%
29.15%
23.76%
30.22%
Grocery
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
Investment Co.
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Pharmacy Services
Power
Precious Metals
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail Automotive
19
34
14
41
84
31
35
230
41
40
97
329
20
15
139
19
46
186
279
37
82
30
34
18
26
110
36
42
30
178
20
41
67
104
50
143
20
84
81
164
15
1.04
1.22
0.84
0.98
0.77
0.79
1.22
1.01
1.02
0.93
0.83
2.30
0.75
1.21
1.01
0.99
0.86
0.94
1.11
1.01
1.04
0.73
1.01
0.76
1.02
1.05
0.87
0.84
0.96
0.88
0.93
2.39
0.90
1.71
0.89
0.77
0.96
1.12
0.80
0.98
1.04
39.11%
10.30%
18.39%
61.74%
33.19%
18.46%
7.87%
19.71%
8.15%
13.15%
12.40%
2.28%
103.83%
4.09%
31.26%
19.00%
60.09%
17.47%
6.47%
15.88%
8.74%
60.93%
40.33%
30.08%
24.34%
11.72%
55.22%
56.50%
9.00%
13.69%
9.04%
17.83%
7.10%
8.97%
32.54%
63.99%
29.86%
20.04%
15.21%
8.43%
34.98%

Retail Store
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tire & Rubber
Tobacco
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Other
9
51
32
124
14
24
30
16
136
173
248
10
11
21
38
6
16
73
1
Grand Total
7661
0.95
0.94
1.29
2.92
2.95
1.08
1.16
1.50
2.35
1.43
0.56
0.96
0.79
0.83
0.98
1.00
0.73
2.41
1.06
1.14
5.82%
16.61%
155.35%
4.97%
7.53%
3.64%
14.62%
23.62%
5.28%
32.64%
22.62%
14.18%
17.06%
18.06%
40.58%
62.76%
48.86%
17.70%
2.45%
32.11%
Tax Rate
Unlevered Beta
Cash/Firm Value
11.96%
21.77%
19.40%
21.60%
18.90%
18.93%
27.81%
24.41%
0.00%
29.14%
15.30%
17.74%
4.41%
23.55%
13.90%
30.19%
26.29%
13.31%
25.87%
19.08%
11.64%
10.36%
7.84%
18.87%
6.09%
9.38%
20.95%
26.93%
28.01%
28.87%
15.47%
13.04%
16.69%
10.21%
9.45%
19.72%
19.60%
23.66%
41.66%
26.93%
0.83
0.79
1.03
0.84
0.64
0.69
0.43
0.67
Err:512
0.55
0.55
0.63
1.50
0.78
1.31
0.66
0.85
0.79
0.86
0.84
1.53
1.79
1.88
0.74
1.46
2.15
1.06
0.62
0.62
0.68
0.94
1.33
1.07
2.12
0.60
0.43
0.61
0.59
0.90
0.71
6.85%
6.35%
11.95%
5.46%
11.63%
9.69%
10.20%
4.78%
Err:512
8.86%
1.67%
3.75%
6.65%
14.48%
2.42%
1.28%
2.61%
5.08%
3.74%
3.25%
4.11%
10.49%
12.11%
5.95%
8.53%
14.00%
8.99%
1.66%
1.26%
3.26%
7.73%
14.11%
4.53%
16.90%
2.14%
6.92%
2.53%
5.02%
15.59%
4.45%
0.89
0.84
1.17
0.89
0.72
0.77
0.47
0.70
Err:512
0.61
0.56
0.66
1.61
0.91
1.35
0.67
0.87
0.83
0.90
0.87
1.60
2.00
2.14
0.79
1.60
2.50
1.17
0.63
0.63
0.71
1.02
1.54
1.12
2.55
0.62
0.47
0.63
0.62
1.07
0.75
23.54%
10.07%
14.69%
23.77%
14.22%
24.86%
25.27%
16.91%
18.42%
23.66%
18.73%
4.76%
0.00%
2.49%
20.52%
19.77%
5.91%
17.17%
13.16%
24.89%
7.81%
30.18%
22.04%
24.85%
29.99%
21.42%
25.40%
15.72%
29.47%
14.79%
27.16%
6.84%
6.54%
17.07%
18.02%
1.41%
23.61%
18.03%
19.13%
23.42%
34.85%
0.80
1.12
0.73
0.67
0.60
0.69
1.15
0.86
0.95
0.85
0.75
2.25
0.37
1.16
0.81
0.86
0.55
0.82
1.05
0.91
0.96
0.51
0.77
0.62
0.87
0.96
0.61
0.57
0.90
0.79
0.88
2.05
0.84
1.59
0.70
0.47
0.78
0.96
0.71
0.92
0.84
5.43%
8.50%
11.22%
5.51%
2.99%
2.74%
8.29%
6.02%
3.80%
13.06%
14.33%
8.55%
5.64%
2.53%
4.62%
11.03%
4.39%
11.80%
6.74%
3.46%
3.22%
2.60%
3.91%
1.53%
6.01%
4.33%
3.60%
5.38%
5.16%
1.71%
3.59%
1.76%
4.65%
13.52%
3.76%
4.65%
1.98%
4.94%
4.14%
9.15%
4.60%
0.84
1.22
0.82
0.71
0.62
0.71
1.26
0.92
0.99
0.98
0.88
2.46
0.39
1.19
0.84
0.96
0.58
0.93
1.12
0.94
0.99
0.52
0.80
0.63
0.93
1.01
0.64
0.60
0.95
0.80
0.91
2.08
0.88
1.84
0.73
0.50
0.79
1.01
0.74
1.02
0.89
27.35%
21.10%
21.27%
10.47%
21.31%
28.93%
29.85%
18.09%
10.38%
12.90%
25.14%
5.94%
26.74%
20.95%
30.50%
11.52%
29.78%
9.93%
0.00%
16.40%
0.91
0.83
0.58
2.79
2.78
1.05
1.05
1.26
2.24
1.11
0.48
0.85
0.70
0.72
0.77
0.64
0.54
2.08
1.03
1.26%
4.47%
25.89%
12.37%
18.08%
8.36%
7.35%
9.77%
14.60%
3.55%
11.25%
6.11%
4.02%
4.94%
5.40%
3.70%
0.70%
6.50%
1.44%
0.92
0.87
0.78
3.19
3.40
1.15
1.13
1.39
2.63
1.15
0.54
0.90
0.73
0.76
0.81
0.67
0.54
2.22
1.05
0.90
7.53%
0.98
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Coal
Diversified Co.
Drug
E-Commerce
Electronics
Entertainment
Entertainment Tech
Environmental
Food Processing
Food Wholesalers
Foreign Electronics
Grocery
Number of Firms
Average Beta
Market D/E Ratio
39
68
48
56
27
55
503
7
4
37
43
102
48
22
12
18
36
89
17
375
143
106
367
55
38
24
26
16
85
178
92
37
88
294
122
18
9
38
14
37
1.62
1.20
1.41
0.87
1.57
1.45
0.63
0.67
1.42
0.85
0.90
1.51
1.07
1.61
0.80
1.56
1.17
1.07
1.71
1.56
1.87
1.03
1.79
2.08
1.30
0.93
0.84
0.88
1.36
1.31
1.54
2.08
1.00
1.14
0.77
0.79
1.08
1.10
1.00
0.91
40.80%
16.18%
48.21%
20.12%
104.26%
44.19%
84.48%
11.82%
NA
79.62%
11.50%
9.11%
37.02%
60.53%
16.68%
15.52%
14.28%
17.77%
13.99%
3.69%
5.78%
17.65%
7.82%
4.05%
1.19%
72.72%
46.30%
60.31%
80.88%
14.58%
37.50%
2.79%
46.01%
193.48%
19.46%
49.96%
20.91%
31.61%
29.88%
12.71%
Heavy Construction
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
Investment Co.
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Oil/Gas Distribution
Pharmacy Services
Power
Precious Metals
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
11
10
35
74
27
34
195
37
39
86
265
17
14
125
17
51
177
273
36
77
30
25
17
24
14
112
34
38
25
185
18
57
83
102
11
39
146
15
72
10
74
1.25
0.91
1.64
1.25
0.89
1.38
1.22
1.06
0.94
0.89
1.97
0.71
1.37
1.19
1.89
0.87
1.10
1.44
1.19
1.05
0.93
0.78
1.24
1.13
0.72
1.10
1.13
0.93
1.02
1.01
1.12
1.92
1.11
1.66
0.91
1.36
0.90
1.23
1.54
1.01
0.93
3.54%
21.71%
124.23%
35.67%
16.78%
7.76%
24.19%
10.41%
16.76%
2.42%
1.89%
17.58%
0.00%
23.84%
14.38%
51.14%
19.28%
8.30%
10.90%
7.25%
30.04%
69.09%
50.03%
32.20%
39.45%
11.40%
52.53%
42.15%
7.97%
19.30%
9.08%
13.28%
7.35%
10.41%
87.17%
34.68%
82.95%
26.10%
28.50%
11.70%
14.45%

Retail Automotive
Retail Store
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
163
15
8
41
30
137
15
19
25
13
123
151
233
10
20
31
5
15
73
Market
7252
1.26
1.58
1.21
1.12
1.66
2.60
2.53
1.51
1.70
1.97
1.98
1.34
0.59
0.70
0.88
1.04
1.04
0.80
2.20
1.25
12.43%
42.24%
19.39%
17.47%
247.38%
4.85%
7.65%
2.43%
11.40%
18.90%
5.56%
34.21%
52.83%
15.07%
16.92%
50.85%
6.18%
50.95%
14.15%
33.05%
Tax Rate
Unlevered Beta
Cash/Firm Value
14.43%
20.98%
17.17%
25.10%
22.52%
18.07%
27.93%
21.80%
0.00%
28.55%
16.51%
3.79%
23.57%
18.86%
26.18%
16.84%
25.67%
18.91%
10.29%
10.69%
8.28%
19.45%
5.89%
15.60%
20.24%
26.54%
29.39%
31.64%
14.86%
13.15%
15.31%
9.27%
11.12%
17.36%
19.26%
30.95%
33.30%
23.74%
27.47%
14.07%
1.20
1.06
1.01
0.76
0.87
1.07
0.39
0.61
NA
0.54
0.82
1.39
0.83
1.08
0.71
1.38
1.05
0.93
1.52
1.51
1.77
0.90
1.67
2.01
1.28
0.61
0.63
0.62
0.80
1.17
1.17
2.02
0.71
0.44
0.66
0.59
0.95
0.88
0.82
0.82
9.82%
5.21%
13.37%
6.54%
12.08%
10.45%
10.44%
5.44%
NA
11.50%
1.92%
9.78%
5.04%
3.82%
1.14%
2.98%
4.46%
4.68%
1.65%
8.17%
10.38%
5.27%
8.67%
13.25%
6.19%
1.80%
1.37%
2.91%
8.52%
11.37%
5.45%
14.77%
1.97%
9.30%
2.43%
4.84%
16.87%
5.63%
2.07%
8.99%
1.33
1.12
1.16
0.81
0.99
1.19
0.44
0.65
NA
0.62
0.83
1.54
0.88
1.12
0.72
1.42
1.10
0.98
1.55
1.65
1.98
0.95
1.82
2.32
1.37
0.62
0.64
0.64
0.88
1.31
1.24
2.37
0.72
0.48
0.68
0.62
1.14
0.94
0.84
0.90
29.02%
14.68%
23.19%
12.71%
29.48%
22.93%
16.00%
19.60%
28.68%
20.03%
6.67%
0.00%
2.35%
22.63%
14.72%
5.52%
16.05%
11.42%
18.62%
7.49%
22.06%
25.62%
21.52%
27.55%
4.63%
20.03%
20.74%
13.98%
31.81%
14.87%
20.44%
7.68%
4.62%
16.37%
15.71%
15.14%
1.17%
31.98%
18.20%
10.20%
20.59%
1.22
0.77
0.84
0.96
0.80
1.30
1.01
0.98
0.84
0.88
1.94
0.60
1.37
1.00
1.68
0.59
0.95
1.34
1.10
0.99
0.75
0.51
0.89
0.92
0.52
1.01
0.80
0.68
0.97
0.86
1.04
1.71
1.04
1.53
0.52
1.05
0.50
1.05
1.25
0.92
0.83
8.81%
6.29%
9.16%
2.80%
2.05%
13.76%
6.30%
3.84%
18.05%
2.95%
7.48%
28.97%
8.15%
3.55%
13.24%
4.00%
8.80%
4.27%
3.91%
2.61%
1.72%
1.51%
2.06%
7.23%
2.50%
3.48%
3.13%
6.02%
3.83%
1.29%
1.89%
1.70%
5.96%
10.36%
7.04%
2.02%
11.73%
2.19%
5.34%
26.56%
3.17%
1.33
0.82
0.92
0.98
0.82
1.51
1.08
1.02
1.03
0.90
2.10
0.85
1.49
1.04
1.94
0.61
1.04
1.40
1.14
1.01
0.76
0.52
0.91
0.99
0.53
1.05
0.82
0.73
1.01
0.88
1.06
1.74
1.10
1.70
0.56
1.07
0.56
1.07
1.32
1.25
0.86
22.59%
35.89%
37.15%
24.18%
23.71%
11.57%
25.62%
32.01%
29.99%
24.18%
12.65%
12.38%
20.78%
30.33%
17.36%
31.36%
0.00%
32.88%
10.90%
16.14%
1.15
1.24
1.08
0.99
0.58
2.49
2.39
1.48
1.57
1.72
1.88
1.03
0.41
0.64
0.77
0.77
0.98
0.59
1.96
10.96%
4.03%
1.54%
4.58%
17.09%
10.98%
13.88%
9.14%
8.01%
5.83%
14.69%
3.36%
13.38%
3.88%
4.83%
5.34%
8.79%
1.05%
5.25%
1.29
1.29
1.09
1.04
0.69
2.80
2.78
1.63
1.71
1.83
2.21
1.07
0.48
0.66
0.81
0.82
1.08
0.60
2.07
0.98
6.90%
1.05
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Coal
Diversified Co.
Drug
E-Commerce
Electronics
Entertainment
Entertainment Tech
Environmental
Food Processing
Food Wholesalers
Foreign Electronics
Grocery
Heavy Construction
Number of Firms
Average Beta
Market D/E Ratio
29
65
43
52
19
53
476
7
38
40
107
51
24
11
18
32
87
17
321
124
112
341
53
33
23
25
15
82
172
83
32
78
295
108
17
9
33
13
28
13
1.44
1.28
1.15
1.14
1.51
1.56
0.71
0.86
0.91
0.96
1.26
1.39
1.60
1.21
1.26
1.23
1.19
1.98
1.22
1.29
1.25
1.17
1.50
0.84
0.82
0.74
0.79
1.38
1.31
1.67
1.44
1.12
1.27
0.80
0.73
1.19
1.30
0.86
1.05
1.48
126.31%
27.36%
77.93%
44.34%
220.63%
94.19%
183.05%
20.72%
137.95%
19.03%
9.98%
103.28%
88.79%
35.70%
28.67%
27.63%
35.48%
48.02%
8.17%
19.91%
161.10%
14.52%
11.29%
2.27%
107.83%
73.36%
90.70%
23.79%
45.68%
79.88%
11.53%
49.93%
522.77%
35.37%
59.86%
42.29%
66.40%
13.94%
19.92%
10.04%
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
Investment Co.
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Pharmacy Services
Power
Precious Metals
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail Automotive
31
67
25
30
166
33
34
77
207
17
15
123
17
55
159
251
34
77
33
24
15
25
18
111
32
37
24
187
18
65
74
89
16
26
143
14
63
10
67
154
15
1.36
1.70
1.10
1.45
1.20
1.24
1.17
0.91
1.41
0.83
1.33
1.39
1.31
1.30
1.10
1.17
1.56
1.69
1.22
0.69
1.17
1.12
0.89
1.56
1.27
1.20
1.35
1.24
0.94
1.65
1.41
1.47
1.38
1.24
1.35
1.26
1.41
0.91
1.27
1.26
1.31
159.82%
142.64%
23.74%
20.42%
44.17%
22.29%
43.42%
3.78%
4.10%
14.84%
10.31%
55.93%
51.79%
186.85%
54.69%
13.46%
25.49%
23.14%
58.59%
90.76%
84.33%
60.36%
81.95%
42.39%
86.25%
116.72%
14.67%
37.56%
23.50%
120.90%
11.73%
23.48%
282.91%
141.67%
106.38%
41.58%
62.80%
21.12%
25.59%
26.42%
67.50%

Retail Store
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Public/Private Equity
Funeral Services
7
37
31
121
15
18
19
13
109
139
233
11
22
32
4
15
56
9
5
1.01
1.01
1.36
1.81
1.81
1.25
1.72
1.91
1.49
1.43
0.66
0.71
0.95
1.17
1.25
0.86
1.52
2.08
1.41
26.35%
30.46%
924.55%
13.58%
13.74%
3.76%
33.56%
64.95%
12.70%
51.38%
19.42%
17.69%
38.64%
126.82%
131.77%
82.80%
36.58%
389.77%
67.74%
Total Market
6753
1.19
65.71%
Tax Rate
Unlevered Beta
Cash/Firm Value
18.43%
23.97%
23.11%
17.26%
22.48%
19.44%
25.97%
17.23%
27.52%
16.21%
3.25%
18.30%
21.91%
27.63%
19.25%
25.35%
18.85%
10.67%
12.59%
9.78%
20.23%
5.90%
12.60%
20.44%
33.02%
32.03%
30.34%
14.06%
11.78%
16.90%
12.22%
15.13%
17.99%
21.62%
27.00%
35.59%
23.72%
32.83%
16.00%
34.16%
0.71
1.06
0.72
0.83
0.56
0.89
0.30
0.73
0.45
0.83
1.15
0.75
0.94
0.96
1.02
1.02
0.92
1.39
1.14
1.10
0.55
1.03
1.36
0.82
0.48
0.50
0.48
1.14
0.93
1.01
1.31
0.78
0.24
0.63
0.51
0.94
0.86
0.79
0.90
1.39
18.50%
11.63%
16.68%
10.40%
17.87%
19.53%
12.61%
8.41%
12.93%
3.25%
10.63%
5.91%
2.79%
1.82%
8.21%
7.92%
5.79%
3.13%
14.15%
20.35%
9.63%
10.70%
23.33%
7.99%
2.36%
1.36%
2.81%
9.38%
24.77%
7.21%
43.53%
2.27%
11.57%
3.14%
5.93%
33.20%
8.33%
1.18%
13.72%
19.32%
0.87
1.20
0.87
0.93
0.68
1.10
0.35
0.80
0.52
0.86
1.29
0.80
0.97
0.98
1.12
1.10
0.98
1.43
1.33
1.38
0.60
1.15
1.78
0.89
0.49
0.50
0.50
1.26
1.24
1.08
2.32
0.80
0.27
0.65
0.54
1.40
0.94
0.80
1.04
1.72
6.33%
17.68%
29.89%
29.26%
19.19%
20.10%
26.62%
20.53%
7.40%
0.00%
2.25%
22.64%
13.67%
7.14%
18.25%
12.45%
20.13%
9.04%
23.99%
24.32%
23.95%
22.44%
8.95%
22.03%
24.71%
13.72%
33.43%
13.88%
20.26%
5.89%
5.59%
14.28%
18.62%
19.22%
1.22%
30.27%
19.07%
8.19%
20.11%
22.99%
34.11%
0.54
0.78
0.95
1.27
0.88
1.05
0.89
0.89
1.36
0.72
1.21
0.97
0.90
0.48
0.76
1.05
1.30
1.39
0.84
0.41
0.72
0.76
0.51
1.17
0.77
0.60
1.23
0.94
0.79
0.77
1.27
1.22
0.42
0.58
0.66
0.98
0.94
0.76
1.05
1.05
0.91
18.41%
6.71%
2.06%
19.96%
10.08%
16.48%
34.66%
4.36%
17.98%
20.10%
16.63%
10.17%
27.78%
7.95%
15.06%
7.66%
17.43%
5.88%
2.26%
2.82%
2.97%
9.73%
2.27%
7.56%
5.17%
6.25%
6.00%
2.87%
2.38%
14.41%
7.04%
22.35%
9.70%
3.95%
6.13%
2.38%
7.40%
32.39%
3.25%
13.83%
2.12%
0.67
0.84
0.97
1.59
0.98
1.26
1.36
0.93
1.66
0.90
1.45
1.08
1.25
0.52
0.90
1.13
1.57
1.48
0.86
0.42
0.74
0.84
0.52
1.27
0.81
0.64
1.31
0.97
0.81
0.90
1.37
1.57
0.46
0.60
0.70
1.00
1.01
1.12
1.09
1.22
0.93
26.86%
25.42%
22.87%
10.37%
21.69%
30.17%
28.90%
30.41%
11.96%
15.80%
17.12%
22.09%
22.76%
33.04%
18.76%
33.82%
13.55%
6.90%
32.54%
0.85
0.82
0.17
1.62
1.64
1.22
1.39
1.32
1.34
1.00
0.57
0.63
0.73
0.63
0.60
0.56
1.16
0.45
0.97
1.09%
4.79%
21.13%
23.19%
27.74%
13.86%
8.32%
12.42%
28.42%
5.70%
21.11%
5.73%
7.45%
4.99%
8.12%
0.87%
8.20%
7.51%
4.83%
0.86
0.87
0.21
2.11
2.27
1.42
1.51
1.50
1.87
1.06
0.72
0.66
0.79
0.66
0.66
0.56
1.26
0.49
1.01
16.57%
0.77
10.43%
0.86
Betas: Industry Average

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Coal
Diversified Co.
Drug
E-Commerce
Electronics
Entertainment
January 2010
Number of Firms
Average Beta
Market D/E Ratio
Tax Rate
Unlevered Beta
Cash/Firm Value
36
67
44
56
22
54
481
7
39
41
121
53
24
10
17
31
97
21
333
129
121
337
56
38
23
24
14
87
183
95
1.60
1.19
1.06
1.30
1.72
1.75
0.75
0.86
0.96
1.04
1.10
1.45
1.69
1.18
1.27
1.37
1.29
1.67
1.02
1.29
1.20
1.11
1.18
0.75
0.79
0.73
0.75
1.41
1.16
1.81
72.76%
22.94%
70.74%
23.61%
154.47%
51.24%
198.22%
16.44%
110.54%
16.92%
14.78%
83.80%
85.22%
30.86%
20.37%
19.85%
29.01%
23.68%
5.61%
10.93%
138.78%
12.58%
8.74%
7.21%
102.89%
75.74%
89.99%
16.91%
26.37%
56.83%
13.01%
20.05%
17.63%
16.54%
13.25%
12.09%
17.50%
14.94%
20.65%
12.12%
4.46%
14.56%
21.86%
26.99%
21.59%
20.84%
12.86%
13.15%
10.12%
8.65%
18.93%
5.62%
13.50%
24.06%
32.27%
33.77%
32.45%
14.07%
10.63%
11.78%
0.98
1.00
0.67
1.09
0.74
1.21
0.28
0.76
0.51
0.90
0.96
0.84
1.02
0.96
1.10
1.19
1.03
1.39
0.97
1.17
0.57
0.99
1.09
0.71
0.47
0.49
0.47
1.23
0.94
1.21
11.92%
7.90%
11.84%
6.95%
11.75%
12.38%
10.36%
7.37%
9.63%
3.20%
14.59%
5.48%
4.02%
2.32%
6.74%
4.73%
4.17%
4.31%
10.34%
12.20%
11.12%
7.79%
11.63%
8.58%
2.31%
1.70%
4.25%
7.16%
14.90%
6.56%

Industry Name
Entertainment Tech
Environmental
Food Processing
Foreign Electronics
Funeral Services
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
Investment Co.
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Natural Gas (Div.)
Natural Gas Utility
Newspaper
January 2010
Number of Firms
Average Beta
Market D/E Ratio
Tax Rate
Unlevered Beta
Cash/Firm Value
35
91
296
121
9
5
35
33
14
28
74
23
30
168
29
31
85
239
19
16
130
15
53
162
264
36
79
32
24
15
1.32
0.97
1.39
0.86
1.13
1.19
1.52
0.97
1.42
1.45
1.74
1.15
1.38
1.07
1.28
1.38
0.92
1.04
0.76
1.39
1.32
1.21
1.38
0.97
1.04
1.54
1.23
1.29
0.68
1.94
11.72%
49.42%
305.02%
29.31%
29.12%
56.52%
38.54%
13.57%
7.58%
102.34%
85.90%
22.36%
13.17%
33.96%
23.68%
36.81%
24.03%
2.28%
59.26%
9.38%
46.80%
3.98%
159.57%
43.09%
11.36%
18.80%
14.78%
47.84%
80.53%
55.65%
6.28%
14.27%
16.53%
17.29%
10.71%
24.34%
17.48%
17.80%
33.76%
1.42%
12.93%
24.87%
23.63%
17.89%
19.37%
22.47%
15.68%
5.94%
0.00%
2.10%
20.41%
14.80%
9.70%
18.84%
11.24%
18.10%
7.41%
25.01%
24.87%
27.26%
1.19
0.68
0.39
0.69
0.90
0.83
1.16
0.87
1.35
0.72
1.00
0.98
1.25
0.84
1.08
1.07
0.76
1.02
0.48
1.27
0.96
1.17
0.57
0.72
0.95
1.33
1.08
0.95
0.42
1.38
22.36%
2.49%
15.76%
3.79%
22.65%
3.51%
6.12%
6.85%
16.86%
26.11%
6.19%
2.23%
14.81%
8.10%
3.91%
38.96%
23.51%
9.53%
72.09%
6.84%
6.70%
13.51%
6.93%
10.96%
6.57%
11.77%
2.81%
2.44%
2.69%
3.68%

Industry Name
Pharmacy Services
Power
Precious Metals
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail Automotive
Retail Store
Retail/Wholesale Food
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
January 2010
Number of Firms
Average Beta
Market D/E Ratio
Tax Rate
Unlevered Beta
Cash/Firm Value
25
19
113
31
39
24
198
21
77
78
98
20
9
30
143
15
65
8
68
157
15
7
43
32
30
125
14
19
20
15
1.19
0.89
1.45
1.20
1.63
1.24
1.16
0.88
1.23
1.18
1.24
1.63
2.40
1.43
1.60
1.29
1.43
1.07
1.34
1.43
1.46
0.95
1.35
0.73
1.18
1.56
1.93
1.34
1.61
1.85
56.84%
61.46%
25.97%
61.31%
86.48%
14.44%
27.01%
20.07%
103.58%
8.49%
15.02%
191.86%
169.66%
70.33%
67.45%
32.95%
49.77%
17.69%
22.48%
16.08%
44.57%
19.12%
26.98%
26.17%
281.05%
8.06%
7.28%
3.55%
30.81%
39.30%
22.62%
7.15%
22.05%
18.18%
7.70%
33.00%
11.27%
24.36%
7.00%
8.41%
10.50%
9.03%
0.80%
15.54%
0.72%
27.39%
16.86%
4.17%
19.86%
18.49%
32.68%
27.05%
18.42%
30.39%
20.49%
10.85%
16.66%
22.11%
22.29%
22.94%
0.83
0.56
1.21
0.80
0.91
1.13
0.94
0.76
0.63
1.10
1.09
0.59
0.89
0.90
0.96
1.04
1.01
0.91
1.14
1.27
1.13
0.83
1.10
0.62
0.36
1.45
1.82
1.30
1.30
1.42
6.73%
1.83%
4.77%
4.26%
5.49%
6.13%
3.10%
3.23%
9.56%
2.94%
12.53%
5.94%
12.16%
4.27%
5.72%
2.31%
5.05%
28.41%
2.52%
8.52%
2.65%
1.34%
4.55%
3.01%
34.11%
12.95%
14.50%
11.41%
7.65%
7.93%

Industry Name
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Total Market
January 2010
Number of Firms
Average Beta
Market D/E Ratio
Tax Rate
Unlevered Beta
Cash/Firm Value
115
140
227
12
19
33
5
15
60
7036
1.15
1.10
0.73
0.78
1.23
1.30
1.07
0.82
1.50
1.17
10.90%
47.03%
21.74%
22.93%
26.33%
85.30%
101.26%
87.95%
19.83%
13.79%
12.80%
11.90%
26.03%
26.27%
30.87%
12.11%
31.16%
9.92%
14.07%
1.05
0.78
0.61
0.67
1.03
0.82
0.57
0.51
1.28
0.82
21.02%
5.75%
14.51%
5.57%
6.89%
4.84%
4.80%
0.77%
5.01%
49.99%
9.49%

1.12
1.09
0.76
1.17
0.83
1.38
0.32
0.82
0.57
0.93
1.12
0.89
1.06
0.98
1.18
1.25
1.08
1.45
1.08
1.33
0.64
1.07
1.24
0.78
0.48
0.50
0.49
1.33
1.10
1.29
January 2010

1.53
0.70
0.47
0.72
1.16
0.86
1.23
0.94
1.63
0.98
1.06
1.00
1.47
0.91
1.12
1.75
1.00
1.13
1.71
1.36
1.03
1.35
0.61
0.81
1.02
1.51
1.11
0.97
0.43
1.44
January 2010

0.89
0.58
1.27
0.83
0.96
1.21
0.97
0.79
0.69
1.13
1.24
0.63
1.02
0.94
1.01
1.07
1.06
1.28
1.17
1.38
1.16
0.85
1.16
0.63
0.55
1.67
2.13
1.47
1.40
1.55
January 2010

1.33
0.83
0.72
0.71
1.10
0.86
0.59
0.51
1.34
0.90
January 2010
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Coal
Computer Software
Diversified Co.
Drug
E-Commerce
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Food Processing
Foreign Electronics
Funeral Services
Heavy Truck & Equip
Homebuilding
Hotel/Gaming
Number of Firms
31
64
36
57
51
12
426
45
34
158
45
21
16
31
70
20
184
87
107
279
57
34
21
21
14
68
139
25
77
40
82
225
112
9
6
35
25
21
23
51
1.75
1.03
1.10
1.22
1.59
0.96
0.38
0.73
0.77
1.16
0.89
0.98
1.24
1.39
1.15
1.32
1.18
1.33
0.71
1.08
1.08
0.92
0.48
0.49
0.49
1.35
1.08
1.39
1.31
1.48
0.60
0.50
0.77
1.24
0.85
1.65
1.20
1.48
1.02
1.28
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
26
23
137
27
30
49
186
60
100
52
83
146
122
24
73
29
22
13
24
13
93
26
32
20
176
19
27
93
84
77
31
11
24
5
12
56
13
63
75
47
20
0.95
1.40
0.81
0.89
1.54
1.01
1.24
1.14
1.14
0.58
0.80
1.07
0.78
1.63
1.28
1.06
0.46
1.42
1.04
0.65
1.39
0.88
0.96
1.12
1.13
1.00
0.72
0.65
1.14
1.33
0.59
1.62
0.89
1.15
1.24
1.11
1.05
1.19
1.65
1.57
1.12

Retail Store
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
8
37
30
28
141
12
19
32
99
74
25
148
11
15
36
4
11
57
0.97
1.14
0.64
0.43
1.69
2.42
1.38
1.40
1.28
0.82
0.54
0.75
0.78
1.20
1.08
0.48
0.43
1.12
Total Market
5891
0.92
Correlation with market
Total Beta (Unlevered)
42.80%
55.19%
52.17%
43.14%
48.69%
59.90%
43.63%
55.91%
51.16%
32.39%
44.78%
58.24%
68.89%
58.68%
49.89%
76.64%
46.17%
40.19%
52.21%
35.54%
51.77%
38.19%
76.35%
77.41%
77.66%
53.95%
39.61%
62.05%
37.82%
43.13%
38.04%
48.96%
51.14%
66.95%
57.53%
45.67%
46.73%
63.18%
57.26%
51.15%
4.09
1.87
2.11
2.83
3.26
1.60
0.86
1.30
1.50
3.58
1.98
1.68
1.80
2.37
2.30
1.72
2.56
3.32
1.37
3.03
2.10
2.40
0.63
0.64
0.63
2.51
2.73
2.24
3.48
3.43
1.57
1.03
1.51
1.85
1.49
3.62
2.57
2.34
1.78
2.51
58.48%
46.91%
46.37%
59.42%
59.24%
63.37%
32.02%
53.21%
57.96%
63.51%
44.16%
44.89%
43.67%
53.87%
47.60%
72.65%
71.35%
44.12%
50.87%
66.43%
62.19%
65.81%
49.04%
73.15%
52.11%
52.23%
72.28%
44.25%
45.94%
47.29%
48.78%
60.41%
52.29%
61.78%
72.62%
48.38%
74.36%
53.54%
44.42%
52.59%
64.01%
1.63
2.98
1.75
1.50
2.59
1.59
3.86
2.14
1.97
0.91
1.81
2.38
1.79
3.02
2.68
1.46
0.64
3.22
2.05
0.98
2.23
1.34
1.96
1.53
2.17
1.91
0.99
1.46
2.48
2.81
1.20
2.69
1.70
1.86
1.71
2.29
1.42
2.23
3.72
2.99
1.75
69.74%
54.13%
57.25%
66.29%
50.75%
59.12%
53.61%
64.74%
41.07%
50.31%
57.37%
45.04%
62.49%
51.00%
56.07%
72.78%
78.38%
49.17%
1.39
2.11
1.11
0.64
3.33
4.09
2.57
2.16
3.12
1.64
0.94
1.66
1.25
2.35
1.93
0.66
0.55
2.28
48.91%
1.89
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Coal
Computer Software
Diversified Co.
Drug
E-Commerce
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Food Processing
Foreign Electronics
Funeral Services
Heavy Truck & Equip
Homebuilding
Hotel/Gaming
Number of Firms
32
66
36
54
54
12
416
68
35
214
43
20
18
33
70
20
191
81
113
223
64
33
20
17
15
64
123
30
76
42
84
256
119
10
6
32
20
23
22
57
Household Products
Human Resources
Industrial Services
Insurance (Life)
Internet
Investment Companies
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
27
25
136
28
32
62
194
31
63
94
51
87
143
118
25
77
31
27
14
22
12
81
27
32
26
176
18
53
101
83
82
31
12
29
127
12
51
11
65
79
42
Retail Automotive
Retail Store
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Trucking
Water Utility
Wireless Networking
Total Market
19
10
38
30
27
142
10
17
33
105
76
23
170
11
14
34
11
58
6177

1.44
0.92
0.82
1.29
1.66
1.11
0.45
0.76
0.84
1.30
1.05
0.96
1.24
1.47
1.05
0.99
1.11
1.39
0.86
1.03
1.09
1.09
0.36
0.30
0.38
1.45
1.17
1.40
1.31
1.33
0.49
0.56
0.77
1.12
0.85
1.47
0.98
1.45
1.25
1.29
Correlation with market

55.56%
56.22%
53.08%
52.52%
62.38%
59.83%
47.24%
62.64%
48.81%
46.73%
60.71%
61.77%
74.13%
67.47%
48.11%
73.96%
49.73%
50.37%
54.53%
41.79%
46.96%
53.41%
61.34%
54.80%
67.53%
56.45%
45.84%
65.58%
54.53%
64.78%
32.14%
56.41%
48.16%
72.06%
73.76%
64.77%
53.55%
74.24%
71.58%
59.69%
0.88
1.46
0.83
1.05
1.41
0.90
1.31
1.21
1.11
1.18
0.60
0.82
1.10
0.66
1.56
1.54
1.01
0.32
1.50
1.05
0.72
1.45
0.88
1.07
1.10
1.21
1.07
0.52
0.58
1.00
1.21
0.73
1.94
0.96
1.12
1.15
1.18
0.91
1.08
1.65
1.51
51.69%
69.74%
50.33%
59.24%
63.29%
66.43%
43.16%
76.16%
63.89%
60.61%
70.08%
52.18%
48.62%
51.13%
55.26%
52.69%
67.38%
60.99%
59.23%
54.87%
62.27%
69.78%
70.69%
69.45%
76.35%
59.47%
56.60%
68.53%
46.74%
40.86%
56.52%
55.21%
76.33%
53.23%
68.26%
73.86%
62.17%
74.50%
57.17%
61.19%
70.74%
1.10
1.04
1.14
0.58
0.66
1.60
2.01
1.37
1.27
1.37
1.00
0.53
0.78
0.79
1.09
0.87
0.33
1.17
1.17
60.70%
77.71%
58.17%
59.88%
62.56%
64.50%
75.69%
55.90%
68.63%
53.86%
50.65%
60.32%
40.35%
63.99%
59.40%
70.31%
63.77%
57.91%
54.97%
Total Beta (Unlevered)

2.59
1.63
1.54
2.46
2.66
1.86
0.94
1.21
1.72
2.78
1.73
1.55
1.68
2.18
2.18
1.34
2.22
2.76
1.57
2.46
2.33
2.04
0.59
0.55
0.56
2.57
2.54
2.13
2.41
2.05
1.52
1.00
1.59
1.55
1.16
2.27
1.84
1.96
1.74
2.16
1.71
2.09
1.64
1.77
2.22
1.36
3.02
1.59
1.74
1.95
0.86
1.57
2.27
1.30
2.83
2.92
1.50
0.52
2.53
1.92
1.15
2.07
1.25
1.55
1.44
2.03
1.90
0.76
1.24
2.45
2.14
1.32
2.54
1.81
1.64
1.55
1.90
1.23
1.90
2.70
2.13
1.81
1.34
1.96
0.96
1.06
2.48
2.65
2.44
1.85
2.55
1.97
0.88
1.92
1.23
1.83
1.24
0.52
2.02
2.12
Date updated:
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Coal & Related Energy
Computer Services
Computer Software
Construction
Diversified
5-Jan-14
Aswath Damodaran
http://www.damodaran.com
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
65
95
25
70
26
75
7
721
47
19
349
30
49
37
179
16
47
10
100
45
129
273
66
18
20
40
1.03
1.01
0.94
1.15
1.28
1.46
0.72
0.58
1.42
1.14
1.12
1.53
1.11
1.27
0.90
0.97
1.01
1.42
1.01
1.28
0.92
1.07
1.15
0.96
0.77
1.24
52.57%
18.99%
109.48%
21.33%
97.56%
32.00%
84.19%
72.00%
22.16%
27.56%
9.15%
48.49%
400.56%
30.05%
29.23%
49.23%
29.67%
33.39%
16.30%
86.63%
20.48%
8.68%
8.83%
30.47%
94.47%
39.03%
6.04%
15.03%
13.79%
10.29%
4.71%
9.43%
22.17%
18.00%
3.95%
10.72%
1.13%
13.21%
13.44%
16.33%
13.41%
15.00%
6.27%
25.03%
12.74%
2.44%
9.94%
6.16%
5.66%
9.82%
12.60%
11.84%
0.69
0.87
0.48
0.96
0.66
1.13
0.43
0.37
1.17
0.91
1.02
1.08
0.25
1.02
0.72
0.69
0.79
1.13
0.89
0.69
0.78
0.99
1.06
0.75
0.42
0.92
Industry Name
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Healthcare Equipment
Healthcare Facilities
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Insurance (General)
Insurance (Life)
Internet software and services
Investment Co.
Machinery
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
135
191
26
56
85
108
29
76
17
97
18
36
193
47
58
126
125
46
32
89
139
71
26
27
53
330
65
141
1.14
1.02
1.37
1.20
1.19
1.13
0.79
0.99
1.05
0.85
1.18
1.24
0.85
1.13
1.00
0.83
0.99
1.67
1.71
1.27
1.00
0.84
0.92
1.21
0.76
1.05
0.82
1.04
13.74%
16.01%
40.30%
22.72%
25.98%
43.59%
41.12%
102.12%
331.47%
27.92%
16.79%
27.66%
17.26%
120.90%
19.80%
27.93%
14.52%
56.30%
56.61%
52.33%
19.33%
10.63%
46.14%
66.67%
34.98%
4.16%
104.40%
17.50%
7.49%
7.52%
8.97%
14.86%
4.85%
5.02%
9.01%
18.37%
9.77%
14.00%
10.69%
10.03%
5.80%
13.49%
8.76%
13.77%
6.09%
19.40%
6.68%
10.48%
9.51%
17.05%
19.19%
17.82%
19.42%
4.59%
6.62%
13.02%
1.01
0.89
1.00
1.01
0.95
0.80
0.58
0.54
0.26
0.69
1.02
0.99
0.73
0.55
0.85
0.67
0.87
1.15
1.12
0.87
0.86
0.77
0.67
0.78
0.60
1.01
0.41
0.91
Industry Name
Metals & Mining

Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Rubber& Tires
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
134
30
8
411
80
163
24
21
138
106
166
52
46
10
22
11
47
70
3
84
30
7
87
21
21
47
137
4
1.26
1.14
1.00
1.24
0.82
1.30
0.99
1.34
1.10
0.68
1.33
1.08
0.78
1.08
0.99
0.72
1.40
1.30
0.56
0.86
1.15
1.07
1.00
0.98
0.81
1.03
0.99
1.27
48.21%
55.08%
8.54%
156.15%
51.93%
20.29%
49.19%
51.99%
13.87%
85.11%
37.02%
36.82%
569.79%
23.69%
24.90%
17.30%
59.57%
25.13%
38.50%
27.57%
57.51%
22.18%
43.82%
35.62%
56.86%
5.06%
37.80%
109.78%
1.90%
12.81%
20.55%
6.29%
4.18%
10.73%
21.28%
8.20%
4.30%
16.03%
0.82%
13.92%
2.48%
20.51%
3.00%
8.72%
8.56%
8.81%
13.34%
15.17%
19.23%
21.97%
16.18%
25.03%
22.83%
9.80%
18.90%
15.21%
0.86
0.77
0.94
0.50
0.55
1.10
0.71
0.90
0.97
0.40
0.98
0.82
0.12
0.91
0.80
0.62
0.91
1.06
0.42
0.69
0.79
0.91
0.73
0.77
0.57
0.99
0.75
0.66
Industry Name
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
104
51
14
14
37
28
131
82
223
12
22
28
20
20
7766
1.19
1.25
1.50
0.83
1.19
0.68
1.14
0.94
0.53
0.94
1.01
1.17
0.56
0.75
1.01
13.02%
16.97%
65.35%
7.89%
45.91%
105.14%
10.77%
71.23%
NA
20.83%
20.75%
78.48%
69.35%
57.90%
74.28%
7.30%
5.13%
4.99%
19.82%
14.13%
11.54%
6.90%
8.40%
18.93%
14.23%
21.21%
27.93%
29.93%
14.52%
10.32%
1.06
1.08
0.92
0.78
0.85
0.35
1.04
0.57
0.01
0.80
0.86
0.75
0.38
0.50
0.60
Cash/Firm value
Unlevered beta corrected for cash
5.91%
6.24%
6.92%
2.99%
8.48%
8.04%
10.94%
13.80%
5.06%
1.38%
4.39%
2.31%
24.39%
5.04%
4.33%
2.58%
7.19%
6.82%
6.25%
5.86%
5.48%
5.50%
5.92%
1.89%
2.27%
11.98%
0.73
0.92
0.52
0.99
0.72
1.23
0.49
0.43
1.24
0.93
1.07
1.10
0.33
1.07
0.75
0.71
0.85
1.22
0.95
0.73
0.82
1.04
1.13
0.77
0.43
1.04
Cash/Firm value
5.37%
10.69%
6.97%
11.21%
4.05%
1.42%
7.63%
7.22%
7.85%
3.10%
1.71%
3.88%
5.20%
1.22%
4.28%
6.54%
4.88%
5.54%
9.15%
3.84%
3.52%
3.84%
5.04%
10.41%
5.47%
3.98%
11.38%
5.90%
1.07
1.00
1.08
1.13
0.99
0.81
0.63
0.58
0.29
0.71
1.04
1.03
0.77
0.56
0.89
0.72
0.92
1.22
1.23
0.90
0.89
0.81
0.71
0.87
0.63
1.05
0.47
0.96
Cash/Firm value
5.37%
5.45%
3.09%
1.76%
1.12%
5.69%
3.31%
3.12%
5.15%
2.05%
10.57%
6.06%
2.40%
1.61%
6.27%
0.69%
3.25%
4.22%
10.46%
2.56%
2.25%
2.89%
1.86%
3.19%
1.72%
3.03%
3.20%
17.50%
0.90
0.82
0.97
0.51
0.55
1.17
0.73
0.93
1.03
0.40
1.09
0.87
0.12
0.92
0.85
0.62
0.94
1.11
0.47
0.71
0.80
0.94
0.74
0.80
0.58
1.02
0.78
0.80
Cash/Firm value
6.34%
10.97%
2.28%
3.53%
6.31%
5.15%
6.36%
9.63%
1.88%
3.80%
5.60%
2.92%
0.97%
0.55%
5.24%
1.14
1.21
0.94
0.81
0.91
0.37
1.11
0.63
NA
0.83
0.92
0.77
0.38
0.50
0.64
Date updated:
Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:
5-Jan-15
Aswath Damodaran, adamodar@stern.nyu.edu
Beta, Unlevered beta and other risk measures
US companies
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Industry
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Soft)
Broadcasting
Building Materials
Cable TV
Chemical (Basic)
Computer Services
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
52
93
22
64
22
75
13
676
22
46
28
46
39
177
18
46
10
103
42
119
1.18
1.16
0.98
0.99
1.09
1.35
0.81
0.53
1.06
1.14
1.30
1.16
1.12
1.19
0.91
0.94
1.17
1.03
1.64
1.16
50.62%
18.96%
81.51%
20.73%
105.95%
28.64%
218.66%
77.69%
21.88%
23.04%
71.06%
303.54%
32.23%
30.41%
44.80%
40.31%
33.20%
21.36%
110.41%
27.56%
4.13%
14.87%
18.71%
11.16%
4.45%
11.05%
26.43%
20.66%
8.54%
5.55%
18.34%
13.99%
17.45%
13.30%
21.18%
10.88%
22.47%
11.16%
0.99%
10.48%
0.80
1.00
0.59
0.84
0.54
1.07
0.31
0.33
0.88
0.93
0.82
0.32
0.88
0.94
0.67
0.69
0.93
0.86
0.78
0.93
Industry
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electronics (General)
Engineering/Construction
Entertainment
Farming/Agriculture
Financial Svcs. (Non-bank & Insu
Food Processing
Food Wholesalers
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techn
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Insurance (General)
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
64
55
23
400
151
42
126
28
189
56
84
103
37
288
96
14
27
26
261
138
127
35
56
80
135
67
24
1.21
1.60
1.00
1.10
1.03
1.13
1.24
1.37
1.03
1.31
1.21
1.28
0.84
0.67
0.99
1.41
1.09
1.32
0.99
1.05
0.95
1.29
0.97
1.18
1.03
1.11
1.03
9.47%
45.39%
60.89%
8.48%
13.42%
39.42%
16.86%
4.43%
14.69%
27.31%
27.52%
40.58%
60.46%
1206.66%
27.21%
17.10%
26.61%
109.96%
15.67%
26.66%
19.75%
60.76%
75.58%
54.64%
18.89%
13.31%
43.04%
7.35%
16.28%
13.96%
1.48%
4.58%
12.18%
5.99%
4.50%
8.64%
14.18%
4.11%
6.31%
9.36%
18.49%
13.70%
13.47%
14.48%
1.94%
6.73%
13.27%
6.35%
18.11%
10.93%
11.41%
10.46%
17.93%
19.21%
1.11
1.16
0.66
1.02
0.91
0.84
1.07
1.32
0.91
1.06
0.95
0.93
0.54
0.06
0.80
1.23
0.89
0.63
0.86
0.86
0.80
0.86
0.58
0.80
0.88
1.01
0.76
Industry
Insurance (Life)
Investments & Asset Managemen
Machinery
Metals & Mining
Oil/Gas (Production and Explorati
Power
Precious Metals
R.E.I.T.
Real Estate (Operations & Servic
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (General)
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
25
52
148
137
124
25
8
392
85
161
26
22
82
147
43
213
18
11
52
68
4
79
30
5
90
23
21
1.04
0.83
1.10
1.23
1.28
1.34
0.81
1.27
0.96
1.54
0.95
0.84
0.83
1.29
1.15
0.79
1.02
1.82
1.30
1.21
1.35
0.89
1.18
1.44
1.12
1.03
1.05
71.23%
32.90%
74.07%
20.43%
50.69%
51.88%
11.06%
48.18%
47.75%
27.63%
48.60%
51.02%
75.74%
40.80%
47.39%
88.52%
45.42%
27.56%
57.34%
31.64%
37.59%
27.87%
50.19%
19.46%
48.00%
31.37%
56.14%
24.30%
22.18%
6.84%
15.64%
1.80%
18.65%
14.56%
7.04%
4.68%
10.99%
18.18%
11.54%
20.77%
1.33%
14.93%
1.24%
7.21%
9.39%
8.63%
11.25%
15.53%
15.14%
18.76%
30.64%
16.84%
21.36%
22.94%
0.68
0.66
0.65
1.05
0.86
0.94
0.74
0.87
0.66
1.24
0.68
0.58
0.52
0.92
0.82
0.42
0.72
1.46
0.85
0.95
1.02
0.72
0.83
1.27
0.80
0.83
0.73
Industry
Retail (Online)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
46
128
4
100
47
14
13
20
327
259
40
21
126
77
20
21
10
30
8
21
19
7887
1.40
1.07
1.02
1.21
1.23
1.36
0.84
1.12
1.29
1.10
1.31
1.15
1.24
1.07
1.09
0.86
1.05
1.32
0.10
0.59
1.09
1.06
7.52%
41.45%
87.74%
10.75%
17.63%
53.62%
7.34%
17.30%
5.59%
9.70%
64.03%
154.38%
11.72%
65.43%
19.75%
21.03%
20.21%
66.66%
26.26%
61.30%
50.17%
66.14%
9.38%
20.44%
13.58%
10.11%
6.88%
6.75%
20.15%
1.46%
5.07%
6.86%
13.99%
5.76%
8.70%
11.83%
12.39%
20.08%
21.30%
27.38%
3.93%
30.59%
15.10%
10.76%
1.31
0.81
0.58
1.11
1.06
0.91
0.80
0.95
1.22
1.01
0.85
0.47
1.12
0.68
0.93
0.73
0.90
0.89
0.08
0.42
0.76
0.67
mpanies
BETA SIN APALANCAMIENTO
QUIERO EVALUAR EL NEGOCIO, LO QUE ESTA RINDIENDO

SIGNIFICA QUE LO QE CONTRIBUYE QE LA EMPRESA SEA RENTABLE AV
able.htm
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
3.77%
5.61%
3.63%
2.52%
7.78%
6.06%
8.41%
12.56%
1.66%
4.23%
1.58%
21.95%
5.00%
5.17%
2.98%
8.61%
5.52%
5.54%
5.70%
5.64%
0.83
1.06
0.61
0.86
0.59
1.14
0.34
0.37
0.89
0.98
0.83
0.41
0.93
1.00
0.70
0.75
0.99
0.91
0.83
0.99
0.6900
0.4353
0.4971
0.5106
0.6152
0.4917
0.1480
0.1969
0.5838
0.6977
0.4053
0.4180
0.3410
0.5382
0.3746
0.5541
0.3198
0.4312
0.6123
0.5193
51.52%
50.15%
53.32%
56.24%
43.52%
53.89%
39.98%
37.41%
55.14%
61.94%
62.12%
44.77%
43.52%
52.77%
52.83%
50.32%
41.14%
51.80%
74.62%
59.41%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
5.03%
4.99%
6.32%
4.02%
4.08%
11.55%
6.52%
4.51%
10.67%
11.07%
3.26%
1.17%
5.94%
2.51%
2.28%
2.10%
3.65%
6.10%
4.54%
5.72%
4.16%
6.66%
1.28%
3.95%
3.40%
3.77%
4.99%
1.17
1.22
0.70
1.06
0.95
0.95
1.14
1.38
1.01
1.19
0.99
0.94
0.58
0.06
0.82
1.26
0.92
0.68
0.90
0.91
0.84
0.92
0.59
0.83
0.91
1.04
0.80
0.4644
0.3884
0.3898
0.5719
0.5615
0.5092
0.5870
0.6108
0.4862
0.5367
0.6339
0.6112
0.5378
0.2987
0.4540
0.5645
0.4335
0.7017
0.5028
0.5200
0.5306
0.3704
0.3416
0.4525
0.5794
0.3610
0.2812
66.35%
47.26%
32.85%
93.06%
75.04%
70.19%
65.34%
56.16%
69.01%
47.91%
58.48%
65.61%
41.59%
38.80%
42.05%
35.73%
54.24%
53.18%
64.48%
46.72%
70.49%
53.78%
43.11%
49.55%
61.63%
42.71%
35.35%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
10.21%
4.74%
10.82%
5.94%
5.52%
5.51%
3.43%
4.30%
0.96%
6.07%
2.50%
3.25%
1.93%
11.87%
7.41%
1.69%
12.23%
1.32%
4.50%
4.09%
9.16%
2.35%
1.34%
1.52%
1.78%
2.68%
2.08%
0.75
0.69
0.73
1.11
0.91
1.00
0.76
0.91
0.67
1.32
0.70
0.59
0.53
1.05
0.88
0.43
0.82
1.47
0.89
0.99
1.12
0.74
0.85
1.29
0.81
0.85
0.75
0.1725
0.2422
0.4238
0.4598
0.7351
0.3942
0.4107
0.6440
0.3010
0.5574
0.3367
0.4571
0.3032
0.7545
0.3531
0.1767
0.6338
0.4916
0.5133
0.5114
0.4123
0.3574
0.4353
0.3399
0.4701
0.3159
0.4125
34.48%
36.73%
41.63%
46.22%
74.49%
49.87%
33.56%
71.93%
43.15%
65.23%
31.06%
44.94%
29.70%
93.69%
50.42%
31.55%
43.65%
45.97%
50.05%
50.41%
21.20%
44.43%
48.06%
50.71%
52.06%
46.36%
51.83%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
6.18%
4.50%
11.24%
5.22%
9.76%
3.49%
3.53%
15.83%
5.58%
4.58%
6.31%
7.90%
6.22%
1.96%
2.06%
4.11%
1.76%
2.72%
38.92%
0.84%
0.66%
4.95%
1.39
0.85
0.65
1.17
1.17
0.94
0.82
1.13
1.29
1.06
0.90
0.51
1.20
0.69
0.94
0.77
0.92
0.92
0.14
0.42
0.77
0.70
0.5190
0.4280
0.3456
0.4111
0.3887
0.4613
0.4250
0.6514
0.6319
0.5374
0.3778
0.5844
0.4811
0.5288
0.6449
0.3829
0.3456
0.3604
0.6038
0.1577
0.3330
0.4697
70.16%
51.42%
49.54%
57.12%
60.18%
71.45%
40.80%
69.84%
72.48%
61.85%
52.45%
53.05%
62.74%
55.60%
41.74%
42.36%
30.73%
48.49%
NA
23.02%
38.21%
53.60%
A RINDIENDO
MPRESA SEA RENTABLE AVECES ES EL APALNCAMIENTO
Date updated:
Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:
5-Jan-16
Beta, Unlevered beta and other risk measures
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Soft)
Broadcasting
Building Materials
Cable TV
Chemical (Basic)
Computer Services
Number of firms
Beta
D/E Ratio
Tax rate
44
92
20
63
19
65
9
644
22
43
29
42
39
159
19
42
9
104
38
118
64
1.08
1.33
1.27
1.06
0.96
1.29
1.11
0.51
0.94
1.15
1.29
1.35
1.18
1.19
1.23
1.17
1.55
1.25
1.49
1.17
1.33
56.26%
20.50%
69.78%
27.86%
128.04%
32.91%
216.41%
78.59%
18.25%
22.98%
94.73%
285.54%
33.15%
35.33%
49.61%
61.95%
38.27%
31.38%
312.08%
28.87%
18.65%
3.90%
13.51%
18.34%
13.84%
8.01%
9.64%
25.82%
24.11%
11.28%
5.97%
21.20%
18.15%
22.43%
13.76%
17.19%
8.24%
18.35%
8.45%
0.95%
12.84%
5.48%
Industry Name
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electronics (General)
Engineering/Construction
Entertainment
Farming/Agriculture
Financial Svcs. (Non-bank & Insu
Food Processing
Food Wholesalers
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techn
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Insurance (General)
Insurance (Life)
Number of firms
Beta
D/E Ratio
Tax rate
52
26
411
157
40
120
25
167
51
84
97
37
272
89
14
30
28
254
127
126
34
58
73
134
70
20
25
53
1.65
1.01
1.28
1.02
1.05
1.15
1.23
1.03
1.32
1.21
1.10
1.25
0.65
0.89
0.73
1.23
1.62
1.03
1.05
1.11
1.12
0.82
0.97
1.05
1.00
1.04
1.28
0.90
59.08%
55.72%
14.29%
13.01%
46.24%
21.91%
14.81%
19.79%
41.91%
29.94%
38.80%
75.73%
1338.71%
26.16%
24.97%
30.94%
132.92%
19.50%
28.62%
17.70%
60.86%
98.46%
55.41%
20.02%
15.52%
42.76%
79.07%
31.39%
17.00%
15.20%
1.80%
3.90%
12.05%
6.58%
9.71%
9.47%
11.63%
3.25%
7.49%
9.28%
18.75%
14.09%
15.85%
15.53%
0.77%
6.42%
13.84%
6.96%
21.79%
10.41%
11.34%
8.86%
16.46%
21.73%
20.29%
21.85%
Industry Name
Investments & Asset Managemen

Machinery
Metals & Mining
Oil/Gas (Production and Explorati
Power
Precious Metals
R.E.I.T.
Real Estate (Operations & Servic
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (General)
Retail (Online)
Rubber& Tires
Number of firms
Beta
D/E Ratio
Tax rate
145
130
114
24
7
351
79
143
25
20
73
113
39
221
21
12
55
65
3
83
26
5
83
19
17
39
124
4
1.17
1.44
1.55
1.82
1.54
1.63
1.22
1.74
1.26
1.52
0.80
1.29
1.45
0.76
1.41
1.22
1.50
0.91
1.03
0.76
1.06
1.47
1.22
1.16
1.04
1.58
1.07
1.66
76.37%
27.57%
85.76%
60.56%
16.50%
82.48%
94.36%
39.08%
54.73%
89.06%
83.44%
50.03%
49.57%
89.81%
62.89%
25.47%
64.54%
31.61%
39.48%
25.85%
53.16%
18.73%
60.34%
39.49%
46.89%
8.49%
46.68%
65.26%
7.90%
15.24%
1.42%
19.14%
8.14%
2.91%
5.60%
9.56%
21.41%
15.88%
23.38%
1.60%
13.67%
2.17%
1.06%
9.64%
11.19%
11.33%
20.37%
18.54%
21.18%
23.18%
16.42%
24.75%
23.56%
11.14%
19.95%
9.60%
Industry Name
Semiconductor
Semiconductor Equip
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market
Number of firms
Beta
D/E Ratio
Tax rate
87
46
11
11
17
308
241
36
19
121
65
20
21
12
26
3
20
18
7480
1.39
1.40
1.24
0.82
1.42
1.34
1.33
1.43
1.48
1.29
0.95
1.91
1.41
1.15
1.69
0.23
0.55
0.47
1.13
12.57%
37.57%
56.95%
6.79%
10.23%
4.43%
12.18%
91.75%
150.55%
20.72%
78.10%
19.84%
31.12%
30.49%
101.22%
100.42%
70.51%
49.00%
71.49%
9.51%
11.25%
11.82%
18.12%
1.56%
3.80%
6.34%
11.49%
9.38%
8.86%
11.89%
11.64%
18.82%
15.11%
31.25%
0.00%
26.58%
14.60%
10.95%
US companies
tm
Unlevered beta
Cash/Firm value
HiLo Risk
0.70
1.13
0.81
0.85
0.44
0.99
0.43
0.32
0.81
0.95
0.74
0.40
0.94
0.91
0.87
0.74
1.18
0.97
0.36
0.94
1.13
5.18%
5.53%
4.42%
3.43%
6.94%
8.65%
9.98%
11.86%
1.29%
4.20%
1.90%
11.33%
4.47%
4.04%
1.41%
7.73%
6.35%
4.49%
6.03%
6.44%
7.38%
0.74
1.20
0.85
0.88
0.47
1.08
0.47
0.36
0.82
0.99
0.75
0.46
0.98
0.95
0.89
0.81
1.27
1.01
0.39
1.00
1.22
0.6415
0.4706
0.4583
0.5264
0.5315
0.5060
0.1576
0.1768
0.5431
0.6125
0.4036
0.3991
0.3619
0.5041
0.4384
0.5278
0.4231
0.4718
0.7400
0.5040
0.4964
Unlevered beta
Cash/Firm value
HiLo Risk
1.11
0.68
1.12
0.90
0.75
0.95
1.09
0.87
0.96
0.94
0.81
0.74
0.05
0.72
0.60
0.98
0.70
0.87
0.84
0.95
0.76
0.44
0.65
0.89
0.89
0.78
0.79
0.72
6.14%
6.92%
5.92%
3.71%
12.90%
7.40%
6.76%
11.28%
9.84%
3.85%
1.09%
4.30%
2.25%
2.46%
1.25%
2.81%
16.85%
5.32%
5.45%
3.45%
6.20%
1.35%
4.09%
3.21%
3.49%
4.76%
13.57%
4.55%
1.18
0.74
1.19
0.94
0.86
1.03
1.16
0.98
1.07
0.98
0.82
0.77
0.06
0.74
0.61
1.00
0.84
0.92
0.89
0.99
0.81
0.44
0.68
0.91
0.92
0.82
0.91
0.75
0.4072
0.3935
0.5788
0.5688
0.5333
0.6246
0.5600
0.4592
0.5027
0.6763
0.6108
0.5456
0.2686
0.4237
0.4020
0.4213
0.6692
0.4977
0.5328
0.5641
0.3352
0.3952
0.4214
0.5864
0.3596
0.2247
0.2733
0.2212
Unlevered beta
Cash/Firm value
HiLo Risk
0.69
1.16
0.84
1.22
1.33
0.91
0.65
1.29
0.88
0.87
0.49
0.87
1.01
0.41
0.87
0.99
0.95
0.71
0.78
0.63
0.75
1.29
0.81
0.90
0.76
1.46
0.78
1.04
14.65%
5.33%
3.63%
5.83%
3.11%
4.47%
1.00%
8.72%
2.57%
3.02%
2.51%
16.27%
5.28%
1.44%
6.72%
3.68%
4.19%
4.48%
12.27%
2.12%
1.05%
1.52%
1.85%
3.12%
1.23%
4.03%
3.47%
11.26%
0.81
1.23
0.87
1.29
1.38
0.95
0.65
1.41
0.91
0.89
0.50
1.03
1.07
0.41
0.93
1.03
0.99
0.75
0.89
0.64
0.76
1.31
0.83
0.92
0.77
1.53
0.81
1.18
0.3926
0.4385
0.7487
0.3991
0.5230
0.6976
0.4387
0.5552
0.3542
0.3852
0.2607
0.7030
0.4452
0.2171
0.5535
0.3518
0.5382
0.4801
0.1255
0.4150
0.3211
0.3598
0.5010
0.2935
0.3836
0.5392
0.4567
0.5027
Unlevered beta
Cash/Firm value
HiLo Risk
1.24
1.05
0.83
0.78
1.29
1.28
1.19
0.79
0.62
1.09
0.56
1.63
1.13
0.92
1.00
0.11
0.36
0.33
0.69
5.50%
14.27%
1.76%
3.85%
12.11%
3.29%
4.43%
8.70%
4.01%
6.98%
1.77%
2.01%
5.19%
1.31%
3.04%
0.35%
0.65%
0.70%
4.81%
1.32
1.22
0.84
0.81
1.46
1.33
1.25
0.86
0.65
1.17
0.57
1.66
1.19
0.93
1.03
0.11
0.36
0.33
0.73
0.4118
0.4048
0.4948
0.4392
0.5959
0.6266
0.5048
0.4502
0.5072
0.4771
0.4742
0.6963
0.3969
0.4147
0.4031
0.4300
0.1581
0.3123
0.4681
Standard deviation of equity
71.03%
46.90%
51.95%
60.62%
33.71%
55.06%
32.77%
28.93%
58.51%
54.55%
47.22%
48.05%
44.27%
50.13%
41.58%
54.20%
40.56%
50.43%
86.78%
51.74%
63.91%
42.41%
27.37%
88.89%
77.30%
59.62%
71.04%
63.42%
59.34%
57.02%
63.16%
65.51%
48.69%
34.97%
38.29%
54.49%
44.49%
62.36%
62.16%
54.32%
60.52%
41.71%
36.49%
46.75%
62.02%
40.74%
33.57%
35.59%
32.93%
37.84%
46.07%
91.02%
41.58%
50.24%
80.22%
47.82%
69.62%
32.10%
38.53%
29.31%
93.13%
51.60%
25.71%
36.15%
40.76%
43.44%
45.47%
29.15%
40.67%
46.34%
50.34%
52.36%
46.87%
51.57%
50.54%
50.69%
38.00%
51.24%
54.21%
60.89%
39.02%
54.18%
64.71%
59.22%
51.52%
45.11%
57.78%
52.25%
48.90%
40.03%
31.20%
43.08%
24.61%
25.03%
36.78%
51.65%
CUADRO 37
INDICADORES DE RIESGO PARA PASES EMERGENTES: ndice de Bonos de Mercados Emergentes (EMBIG)
DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMRICA (EUA)
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond Index (EMBIG) 1/ Stripped Spread
1/
2/ (En puntos bsicos) 3/
2/ (In basis points)
3/
Diferencial de rendimientos del ndice de bonos de mercados emergentes (EMBIG) / Emerging Market Bond Index (EMBIG) Stripped Spread
Fecha
Dic.
2005
Ene.
Feb.
Mar.
Abr.
May.
Jun
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2006
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2007
Ene.
Feb.
Mar.
Per
257
Argentina
4826
Brasil
394
Chile
68
Colombia
347
Ecuador
711
Mxico
177
Venezuela
411
266
262
264
285
267
243
233
206
198
218
203
246
2.41%
4 824
4 901
4 869
5 342
5 799
2 796
425
419
396
392
381
459
416
400
419
451
432
418
404
396
370
368
346
281
63
61
66
71
70
66
59
55
56
61
74
78
359
358
371
410
376
339
322
304
261
278
253
226
682
638
633
738
835
819
759
714
682
683
651
616
179
166
173
195
191
183
171
163
151
157
137
142
438
451
431
470
494
476
438
417
355
325
304
291
236
184
220
219
197
207
194
173
172
148
147
131
1.86%
458
382
349
332
343
383
362
325
332
302
292
250
278
237
227
232
243
259
237
217
228
217
219
205
76
71
71
77
77
82
84
87
85
82
79
87
213
174
168
173
188
231
228
196
206
181
189
182
610
549
538
492
469
503
487
477
565
560
528
724
137
128
138
143
143
163
136
129
134
130
132
124
275
238
215
187
189
223
210
202
229
224
228
206
123
127
132
203
207
220
190
183
186
81
80
86
165
163
171
904
746
695
119
122
127
207
210
221
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2008
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2009
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2010
Ene.
Feb.
Mar.
Abr.
118
110
104
129
169
310
139
175
175
1.51%
235
278
290
355
461
852
371
397
394
155
148
147
169
201
380
169
211
215
82
80
80
90
108
242
117
134
153
142
131
108
136
186
359
161
196
188
611
625
630
714
702
1318
599
617
606
109
98
99
118
141
266
126
158
166
218
242
285
335
443
914
403
497
529
196
209
221
182
154
160
198
195
258
500
485
524
2.73%
443
477
529
556
553
562
627
668
799
1488
1790
1829
242
256
276
243
204
194
231
235
292
493
470
479
165
169
169
172
159
166
181
173
189
307
353
351
241
249
263
216
179
181
217
222
273
533
551
538
635
639
669
602
562
567
665
700
888
1987
3753
4241
188
190
193
170
154
162
198
199
243
436
459
463
528
556
624
631
640
581
623
681
827
1439
1528
1789
460
419
409
360
292
258
274
240
225
197
191
179
2.92%
1574
1645
1863
1786
Err:512
1139
1039
900
821
709
726
720
429
427
433
382
Err:512
279
268
253
240
227
220
202
383
371
319
303
249
172
163
135
143
138
130
111
502
478
483
417
323
298
297
261
249
220
215
208
3901
3633
3534
3417
Err:512
2727
1264
1131
1020
853
822
Err:512
422
433
449
370
Err:512
272
262
237
238
224
211
202
1706
1745
1595
1378
Err:512
1173
1209
1037
939
950
1062
1125
180
200
158
144
712
790
705
630
206
221
187
177
108
132
128
111
211
235
189
173
758
811
822
816
195
204
169
161
933
985
913
851
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2011
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2012
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2013
Ene.
Feb.
Mar.
Abr.
May.
201
207
186
116
165
167
134
160
1.68%
233
182
184
207
216
198
157
153
194
191
238
358
519
2.33%
328
529
484
433
405
387
307
255
281
235
223
202
195
3.28%
162
110
127
140
133
133
766
805
765
319
454
449
382
374
224
235
222
156
201
199
168
192
140
154
138
83
106
117
121
122
231
223
198
120
179
193
158
179
899
965
1015
692
710
684
606
608
211
208
200
179
199
136
126
143
1096
1225
1188
318
413
478
405
448
700
405
420
472
506
547
562
546
622
655
760
1084
1816
270
221
226
259
266
258
213
189
229
228
274
367
506
189
153
156
171
168
174
162
162
178
173
179
230
364
263
198
216
256
257
231
190
170
216
214
255
371
577
921
615
620
649
653
625
573
553
638
692
827
1190
3413
220
170
176
196
190
178
156
156
193
195
231
322
473
744
543
514
552
596
632
647
588
610
700
801
1168
1578
1318
1841
1666
1565
1811
1834
1577
1175
1088
920
864
741
733
335
497
432
427
436
397
336
277
279
245
239
229
221
242
353
359
387
339
298
275
181
165
139
141
139
133
364
563
503
487
483
446
345
295
307
254
246
223
219
2564
4037
4227
3736
3478
3496
3398
2875
1622
1136
1039
904
815
329
479
424
432
449
393
323
266
276
226
237
225
219
1332
1713
1747
1762
1619
1459
1293
1192
1226
1069
972
926
1005
1069
1058
1114
1207
1223
1174
215
143
162
180
177
178
157
115
133
145
144
137
164
113
131
142
132
135
685
728
704
700
678
638
194
154
170
177
169
168
1095
754
728
771
815
828
Jun.
Jul.
Aug.
180
175
191
1204
1138
1068
234
232
243
177
169
171
180
169
183
643
644
631
213
201
206
994
967
956
Set.
182
1064
234
173
181
646
202
956
Oct.
173
928
227
162
172
568
200
1036
Nov.
182
823
246
164
182
530
209
1157
Dic.
222
1.62%
162
177
183
167
154
149
145
147
157
150
170
165
182
1.62%
201
202
183
184
177
166
177
187
217
234
226
219
236
2.01%
238
266
282
227
210
823
327
197
253
1111
261
3181
787
932
971
880
788
798
763
651
761
719
760
674
747
235
256
258
239
225
214
209
212
221
216
244
252
272
143
155
159
149
138
136
122
124
130
126
150
151
172
167
183
189
177
162
154
144
146
154
152
174
173
200
510
571
610
549
455
354
370
425
477
427
520
549
817
183
197
196
188
178
172
160
163
169
168
190
192
217
1336
1236
1387
1200
1043
1040
954
921
1069
1297
1604
1820
2465
590
732
684
593
604
596
593
603
590
561
555
486
478
361
300
315
339
299
285
296
322
353
439
448
421
512
186
186
168
156
153
143
151
168
194
216
221
221
250
250
231
208
222
216
209
225
243
276
291
283
280
314
995
943
779
801
780
667
775
909
1167
1345
1330
1213
1233
251
242
227
234
225
217
230
238
261
276
278
274
311
2775
3088
2776
2865
2475
2256
2612
2889
3191
2970
2851
2599
2731
479
486
471
450
434
475
542
558
455
418
234
273
279
217
200
329
368
392
310
287
1259
1536
1564
1193
1077
325
353
372
313
295
3231
3400
3581
3144
3122
2014
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct
Nov
Dic
2015
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2016
Ene.
Feb.
Mar.
Abr.
May. 1-24
207
552
401
201
290
925
295
2906
Nota: Var.
Anual
Acumulada
Mensual
41
-30
-3
-44
74
118
116
-110
-17
58
-49
1
81
-23
3
258
-308
-152
78
-15
1
650
175
-216
1/ La informacin de este cuadro se ha actualizado en la Nota Semanal N 20 (27 de mayo de 2016). Corresponde a datos promedio del mes.
2/ ndice elaborado por el J.P. Morgan que refleja los retornos del portafolio de deuda segn sea el caso, es decir, de cada pas, de los pases latinoamericanos y de los pases em
gentes en conjunto. Considera como deuda, eurobonos, bonos Brady y en menor medida deudas locales y prstamos. Estos indicadores son promedio para cada perodo y su
disminucin se asocia con una reduccin del riesgo pas percibido por los inversionistas. Se mide en puntos bsicos y corresponde al diferencial de rendimientos con respecto
bono del Tesoro de EUA de similar duracin de la deuda en cuestin.
3/ Cien puntos bsicos equivalen a uno por ciento.
Fuente: Bloomberg y Reuters.
Elaboracin: Gerencia de Informacin y Anlisis Econmico - Subgerencia de Economa Internacional.
s bsicos)
3/
LATIN EMBIG Pases

EMBIG Pases
Latinoamericanos /
Emergentes /
Latin Countries
Emerging Countries
Tasa de Inters / Interest Rate

Tesoro de EUA
5 Tesoro de EUA
10 Tesoro de EUA 30 aos
aos / USA Treasury 5 aos / USA Treasury 10
/ USA Treasury 30
years
years
years
3.6
4.2
4.9
Date
423
353
Dec.
439
425
432
465
462
392
323
312
289
289
269
254
361
346
350
378
374
330
285
274
254
252
237
223
3.7
3.9
4.3
3.9
3.8
3.7
4.1
4.1
4.1
4.5
4.3
4.3
4.2
4.3
4.6
4.2
4.1
5.0
4.2
4.2
4.3
4.6
4.4
4.3
4.7
4.7
4.8
4.6
4.4
5.5
4.4
4.4
4.5
4.8
4.7
4.5
2005
Jan.
Feb.
Mar.
Apr.
May.
Jun. 7/
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
248
217
212
207
211
234
215
200
212
202
202
192
220
197
192
189
193
218
206
192
201
192
193
183
4.3
4.1
4.4
4.4
4.4
4.4
4.6
4.7
5.0
5.0
5.1
5.0
4.4
4.3
3.9
3.9
4.0
4.0
4.0
3.9
3.8
3.9
3.5
3.3
4.6
5.1
4.8
4.9
5.0
4.9
4.9
4.8
4.8
4.9
4.5
4.4
2006
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
183
180
187
173
173
182
4.7
4.7
4.5
4.8
4.7
4.6
4.8
4.8
4.7
2007
Jan.
Feb.
Mar.
167
165
168
203
249
243
220
264
270
164
161
160
189
232
228
208
247
251
4.6
4.7
5.0
4.9
4.4
4.2
4.2
3.6
3.5
4.7
4.7
5.1
5.0
4.7
4.5
4.5
4.1
4.1
4.9
4.9
5.2
5.1
4.9
4.8
4.8
4.5
4.5
Apr.
May.
Jun.
July.
Aug.
Sep.
Oct .
Nov.
Dec.
298
311
335
314
290
283
323
345
413
696
739
777
280
290
314
295
274
274
310
321
384
661
713
759
3.0
2.8
2.5
2.8
3.1
3.5
3.3
3.1
2.9
2.7
2.3
1.5
3.7
3.7
3.5
3.7
3.9
4.1
4.0
3.9
3.7
3.8
3.5
4.5
4.3
4.5
4.4
4.4
4.6
4.7
4.6
4.5
4.3
4.2
4.0
4.7
2008
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
718
711
704
624
Err:512
484
452
408
386
365
369
Err:512
691
678
676
584
Err:512
437
420
376
352
322
326
310
1.6
1.9
1.8
1.8
2.1
2.7
2.4
2.6
2.4
2.3
2.2
2.3
4.5
4.4
4.5
4.7
4.9
5.1
5.1
5.1
4.9
4.8
4.7
4.7
4.7
4.5
4.6
4.6
5.0
5.2
5.1
5.2
5.0
4.9
4.8
4.8
2009
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
4.6
4.8
4.6
4.7
2010
Jan.
Feb.
Mar.
Apr.
355
376
331
310
301
320
276
255
2.5
2.4
2.4
2.6
4.5
4.7
3.7
3.8
383
401
388
187
243
253
220
242
324
342
330
175
226
237
207
229
2.2
2.0
1.8
1.5
1.4
1.2
1.3
1.9
3.4
3.2
3.0
5.1
4.8
4.5
4.6
4.3
4.3
4.1
4.0
5.2
5.0
4.8
4.8
4.6
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
371
278
281
313
324
324
297
278
316
340
395
539
763
350
259
265
291
305
304
279
267
307
315
366
500
737
1.5
2.0
2.2
2.1
2.2
1.8
1.6
1.5
1.0
0.9
1.1
0.9
0.9
3.8
4.0
3.9
3.7
3.6
3.5
3.8
4.0
4.0
4.0
3.7
3.8
3.7
4.4
4.5
4.4
4.4
4.5
4.4
4.6
4.7
4.6
4.6
4.3
4.2
4.2
2011
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
554
784
728
716
707
651
563
486
472
407
395
367
369
519
769
707
679
686
611
518
436
437
375
360
328
322
0.8
0.8
0.8
1.0
0.9
0.8
0.7
0.6
0.7
0.7
0.7
0.7
0.7
3.1
2.7
2.3
2.8
2.9
2.8
3.1
3.7
3.5
3.6
3.4
3.3
3.4
3.9
3.1
2.8
3.5
3.6
3.7
4.1
4.5
4.4
4.5
4.2
4.1
4.3
2012
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
395
320
330
346
347
347
330
260
278
291
294
285
1.2
0.8
0.8
0.8
0.7
0.8
2.3
1.9
2.0
1.9
1.7
1.9
3.3
3.1
3.2
3.2
2.9
3.1
2013
Jan.
Feb.
Mar.
Apr.
May.
414
404
408
345
338
351
1.2
1.4
1.5
2.3
2.6
2.7
3.4
3.6
3.8
Jun.
Jul.
Aug.
404
350
1.6
2.8
3.8
Sep.
401
338
1.4
2.6
3.7
Oct.
418
348
1.4
2.7
3.8
Nov.
602
478
1.6
2.1
2.7
Dec.
407
425
456
408
372
365
343
336
373
391
443
454
516
330
347
368
341
316
304
282
282
310
312
348
349
402
1.6
1.6
1.5
1.6
1.7
1.6
1.7
1.7
1.6
1.8
1.5
1.6
1.6
2.5
2.8
2.7
2.7
2.7
2.6
2.6
2.5
2.4
2.5
2.3
2.3
2.2
3.3
3.8
3.7
3.6
3.5
3.4
3.4
3.3
3.2
3.3
3.0
3.0
2.8
2014
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct
Nov
Dec
541
561
539
521
488
470
504
527
567
586
582
553
594
415
444
426
411
388
369
385
397
431
442
437
412
442
1.5
1.4
1.5
1.5
1.3
1.5
1.7
1.6
1.5
1.5
1.4
1.7
1.7
2.1
1.9
2.0
2.0
1.9
2.2
2.4
2.3
2.2
2.2
2.1
2.3
2.2
2.8
2.5
2.6
2.6
2.6
3.0
3.1
3.1
2.9
2.9
2.9
3.0
3.0
2015
Jan.
Feb.
Mar.
Apr.
May.
Jun
Jul.
Aug
Sep.
Oct.
Nov.
Dec.
609
663
685
588
559
455
486
506
444
421
1.3
1.5
1.2
1.4
1.3
1.9
2.1
1.8
1.9
1.8
2.7
2.8
2.6
2.7
2.6
2016
Jan.
Feb.
Mar.
Apr.
551
418
1.3
1.8
2.6
May. 1-24
81
-43
-8
49
-24
-3
0
0
0
0
0
0
0
0
0
Note: % chg.
Year-to-Year
Cumulative
Monthly
y de los pases emera cada perodo y su

ntos con respecto al
Estado Financiero Anual Individual del Ao 2015 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.
ESTADO DE SITUACION FINANCIERA /STATEMENT OF FINANCIAL POSITION

1DT001
Activos/
1DT004
Activos Corrientes/
12/31/2011
1D0109
Efectivo y Equivalentes al Efectivo/
1D0114
Otros Activos Financieros/
1D0121
Cuentas por cobrar comerciales y otras cuentas por cobrar/
1D0103
Cuentas por Cobrar Comerciales (neto)/
1D0105
Otras Cuentas por Cobrar (neto)/
33118
1D0104
Cuentas por Cobrar a Entidades Relacionadas/
44286
1D0107
Anticipos/
1D0106
Inventarios/
1D0112
Activos Biolgicos/
1D0117
Activos por Impuestos a las Ganancias/
1D0113
Otros Activos no financieros/
1D0118
Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su

Disposicin Clasificados como Mantenidos para la Venta o para Distribuir a los
Propietarios/
1D0119
Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como

Mantenidos para la Venta/
1D0120

Mantenidos para Distribuir a los Propietarios/
1D0115

Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios/
1D01ST
Total Activos Corrientes/
1DT005
Activos No Corrientes/
330316
85649
8245
0
167571
9697
593.233
593.233
1D0217
22074
1D0221
Inversiones en subsidiarias, negocios conjuntos y asociadas/
1D0219
Cuentas por cobrar comerciales y otras cuentas por cobrar/
1D0201
Cuentas por Cobrar Comerciales/
1D0203
Otras Cuentas por Cobrar/
1167
1D0202
1008
196328
11247
1D0220
Anticipos/
1D0216
Activos Biolgicos/
1D0211
Propiedades de Inversin/
1D0205
Propiedades, Planta y Equipo (neto)/
1D0206
Activos intangibles distintos de la plusvalia/
1D0207
Activos por impuestos diferidos/
1D0212
Plusvala/
1D0208
Otros Activos no financieros/
867966
5447
393
1D02ST
Total Activos No Corrientes/
1,103,455
1D020T
TOTAL DE ACTIVOS/
1,696,688
1DT002
Pasivos y Patrimonio/
1DT006
Pasivos Corrientes/
1D0309
Otros Pasivos Financieros/
1D0316
Cuentas por pagar comerciales y otras cuentas por pagar/
1D0302
Cuentas por Pagar Comerciales/
42023
1D0304
Otras Cuentas por Pagar/
32036
1D0303
Cuentas por Pagar a Entidades Relacionadas/
18482
1D0317
Ingresos diferidos/
1D0313
Provisin por Beneficios a los Empleados/
1D0310
Otras provisiones/
23626
1D0311
Pasivos por Impuestos a las Ganancias/
11077
1D0314
Otros Pasivos no financieros/
1D0315
Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para

su Disposicin Clasificados como Mantenidos para la Venta/
1D0312
Pasivos incluidos en Grupos de Activos para su Disposicin Clasificados como

1D03ST
Total Pasivos Corrientes/
1DT007
Pasivos No Corrientes/
1D0401
Otros Pasivos Financieros/
1D0411
Cuentas por pagar comerciales y otras cuentas por pagar/
125381
92.541
252.625
252.625
424213
0
1D0407
Cuentas por Pagar Comerciales/
1D0408
1D0402
1D0403
Ingresos Diferidos/
1D0409
1D0406
Otras provisiones/
1D0404
Pasivos por impuestos diferidos/
1D0410
Otros pasivos no financieros/
1D04ST
Total Pasivos No Corrientes/
1D040T
Total Pasivos/
1DT003
Patrimonio/
81415
0
516.537
769162
1D0701
Capital Emitido/
1D0702
Primas de Emisin/
1D0703
Acciones de Inversin/
1D0711
Acciones Propias en Cartera/
1D0712
Otras Reservas de Capital/
1D0707
Resultados Acumulados/
1D0708
10.909
419.977
0
49.575
0
90.451
358.266
Otras Reservas de Patrimonio/
1D07ST
Total Patrimonio/
1D070T
TOTAL PASIVO Y PATRIMONIO/
9.257
927526
1,696,688
ESTADO DE SITUACION FINANCIERA /STATEMENT OF FINANCIAL POSITION

1DT001
Activos/
1DT004
Activos Corrientes/
12/31/2010
1D0109
Efectivo y Equivalentes al Efectivo/
120.029
1D0114
1D0103
1D0105
1D0104
1D0106
Inventarios/
1D0112
Activos Biolgicos/
1D0117
Activos por Impuestos a las Ganancias /
1D0107
Gastos Pagados por Anticipado/
1D0113
Otros Activos/
1D0118
Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su

Disposicin Clasificados como Mantenidos para la Venta o para Distribuir a los
Propietarios/
1D0119

1D0120

Mantenidos para Distribuir a los Propietarios/
0
4.836
2.513
22.055
115.752
0
0
7.469
0
272.654

Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios/
1D0115
1D01ST
1DT005
1D0217
1D0214
Inversiones Contabilizadas Aplicando el Mtodo de la Participacin /
1D0201
1D0203
1D0202
1D0216
Activos Biolgicos/
1D0211
1D0205
Propiedades, Planta y Equipo (neto)/
1D0206
Activos Intangibles (neto)/
1D0207
Activos por Impuestos a las Ganancias Diferidos/
1D0212
Plusvala/
1D0208
Otros Activos/
0
272.654
30.813
358.864
0
235
15.327
0
0
686.893
6.833
0
0
151
1D02ST
1,099,116
1D020T
TOTAL DE ACTIVOS/
1,371,770
1DT002
1DT006
Pasivos Corrientes/
1D0309
Otros Pasivos Financieros /
1D0302
Cuentas por Pagar Comerciales /
23.957
1D0304
33.523
1D0303
1D0310
Provisiones /
20.008
1D0311
Pasivos por Impuestos a las Ganancias /
12.577
1D0313
1D0314
Otros Pasivos/
1D0315
Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para

su Disposicin Clasificados como Mantenidos para la Venta/
1D0312
Pasivos incluidos en Grupos de Activos para su Disposicin Clasificados como

1D03ST
1DT007
121.585
5.567
217.217
0
217.217
1D0401
1D0407
1D0408
1D0402
1D0404
Pasivos por Impuestos a las Ganancias Diferidos/
1D0406
Provisiones /
1D0409
1D0410
Otros Pasivos/
1D0403
Ingresos Diferidos (netos)/
1D04ST
1D040T
Total Pasivos /
1DT003
Patrimonio /
1D0701
185.67
107.303
292.973
510.19
Capital Emitido/
419.977
1D0702
Primas de Emisin/
1D0703
1D0711
1D0712
1D0707
1D0708
1D07ST
Total Patrimonio /
1D070T
0
49.575
0
74.145
302.509
15.374
861.58
1,371,770
Estado Financiero Anual Individual
CEMENT
12/31/2012
12/31/2013
12/31/2014
12/31/2015
BALANCE GENERAL /BALANCE SHE

1DT001
1DT004
11377
904730
525643
101084
1D0109
403950
1D0114
153189
148080
175767
147632
1D0110
6269
4792
13209
9085
1D0111
18457
11795
45558
31827
1D0116
128463
131493
117000
106720
1D0108
1D0103
238243
290202
278875
252650
1D0104
1D0105
13807
15402
2989
1D0106
5493
7957
1578
3001
1D0112
826.059
1,366,371
981.863
534.257
1D0115
1D0107
1D0113
1D01ST
826.059
1,366,371
981.863
534.257
1DT005
1D0217
34887
36058
12995
125206
1D0213
275269
356833
548652
648765
1D0215
29795
34723
35286
4278
1D0210
1D0214
970
1D0218
28825
34723
35286
4278
1D0201
1D0202
1D0203
1D0209
958158
1,032,830
1,510,526
1,915,531
1D0216
6966
7199
6994
7872
1D0211
1D0205
1D0206
1D0207
1,305,075
1,467,643
2,114,453
2,701,652
1D0212
2,131,134
2,834,014
3,096,316
3,235,909
1D0208
1D02ST
1D020T
22884
1DT002
92.529
87.349
93.884
121.819
1DT006
43724
32916
38774
53486
1D0306
37179
45993
49216
64362
1D0309
11626
8440
5894
3971
1D0302
1D0303
1D0311
19770
23030
48553
21728
1D0304
6838
1D0310
1D0312
135.183
110.379
149.275
143.547
1D03ST
1DT007
135.183
110.379
149.275
143.547
1D0401
1D0407
192571
824022
883564
1,012,406
1D0402
1D0404
1D0408
1D0406
1D0403
1D04ST
1D040T
16.578
20.497
657
32.638
1DT003
81001
84549
70280
104264
1D0701
1D0703
290.15
929.068
954.501
1,149,308
1D0702
425333
1,039,447
1,103,776
1,292,855
1D0708
1D0705
531.461
531.461
531.461
531.461
1D0706
561.191
561.191
553.791
553.466
1D0707
50.503
50.503
50.503
50.503
1D0709
-108.248
1D07ST
105.221
119.833
154.905
176.458
1D070T
439.199
512.534
696.736
727.765
18.226
19.045
5.144
11.649
1,705,801
1,794,567
1,992,540
1,943,054
2,131,134
2,834,014
3,096,316
3,235,909
12/31/2009
90.798
0
6.426
2.944
44.97
100.728
0
0
6.663
0
252.529
0
0
0
252.529
18.296
306.724
0
430
12.213
0
0
647.424
3.904
0
0
472
989.463
1,241,992
65.047
25.623
26.631
5.844
15.559
4.954
0
0
143.658
0
143.658
220.652
0
0
0
99.8
0
0
0
0
320.452
464.11
419.977
0
49.575
0
53.384
248.335
6.611
777.882
1,241,992
ado Financiero Anual Individual del Ao 2006 (En miles de nuevos soles)
BALANCE GENERAL /BALANCE SHEET
12/31/2005
12/31/2006
12/31/2007
12/31/2008
Activo/
Activo Corriente/
174161
131963
5220
10542
Inversiones Financieras/
Activos Financieros al Valor Razonable con

cambios en Ganancias y Prdidas/
Activos Financieros Disponibles para la

Venta/
Activos Financieros mantenidos hasta el

Vencimiento/
Activos por Instrumentos Financieros

Derivados/
3980
3138
10589
7727
13711
31078
40592
29509
2301
2975
2853
4552
Existencias (neto)/
65885
79100
90772
95415
Activos Biolgicos/
Activos no Corrientes mantenidos para la

Venta/
3534
5315
3011
4400
263.572
253.569
153037
152.145
444912
461829
423564
288976
Activos Financieros Disponibles para la

Venta/
25495
13.9
Activos Financieros mantenidos hasta el

Vencimiento/
Activos por Instrumentos Financieros

Derivados/
444.912
461.829
398.069
275.076
Otras Inversiones Financieras/
Efectivo y Equivalentes de efectivo/

Cuentas por Cobrar a Partes Relacionadas/
Gastos Diferidos/
Otros Activos/
Total Activo Corriente/

Activo No Corriente/
Inversiones Financieras/
Inversiones al Mtodo de Participacin /
22.783
18.309
14.556
13.083
1794
1193
1304
357
Existencias (neto)/
Activos Biolgicos/
Inversiones Inmobiliarias/
323376
362291
491927
393808
8460
Cuentas por Cobrar a Partes Relacionadas/
Inmuebles, Maquinaria y Equipo (neto)/

Activo por Impuesto a la Renta y
Participaciones Diferidos/
9524
6647
6647
11069
13215
6357
810.581
863.484
937.708
714.208
1,074,153
1,117,053
1,090,745
866353
Sobregiros Bancarios /
41172
6456
Obligaciones Financieras/
37594
45575
65647
50763
13804
23064
31324
27341
1366
6090
1117
12585
24756
26966
17688
62490
13457
17910
33244
Provisiones /
4007
4068
6089
Pasivos mantenidos para la Venta/
156.426
123405
147032
147.71
212421
241614
180906
121429
2283
2282
4208
13941
63163
57363
50264
48292
Crdito Mercantil/
Otros Activos/
Total Activo No Corriente/
TOTAL ACTIVO/
Pasivo y Patrimonio/
Pasivo Corriente/
Cuentas por Pagar a Partes Relacionadas/
Impuesto a la Renta y Participaciones

Corrientes/
Total Pasivo Corriente/
Pasivo No Corriente/
Obligaciones Financieras/
Cuentas por Pagar a Partes Relacionadas/
Pasivo por Impuesto a la Renta y
Participaciones Diferidos/
1.757
Provisiones /
277.867
301.259
235.378
185.419
434293
424664
382410
333129
419925
419.977
419.977
418.777
49.559
49.575
49.575
49.575
Capital Adicional/
35.596
17.103
5.057
66.164
31.473
33.789
41.089
Otras Reservas/
-70.621
-6.743
139.237
198.107
187.891
18.726
Total Pasivo No Corriente/

Total Pasivo/
Patrimonio Neto/
Capital/
Resultados no Realizados/
Reservas Legales/
Diferencias de Conversin/
Total Patrimonio Neto/
TOTAL PASIVO Y PATRIMONIO NETO/
639860
692389
708335
533224
1,074,153
1,117,053
1,090,745
866.353
12/31/2010
12/31/2009
12/31/2009
Activos/
Activos Corrientes/
Efectivo y Equivalentes al
Efectivo/
120,029
90,798
Cuentas por Cobrar Comerciales

(neto)/
4,836
6,426
2,513
2,944
Cuentas por Cobrar a Entidades

Relacionadas/
22,055
44,970
Inventarios/
115,752
100,728
Activos Biolgicos/
Activos por Impuestos a las

Ganancias /
7,469
6,663
272,654
252,529
272,654
252,529
90798
7457
44970
1913
104638
0
6663
256.439
Gastos Pagados por Anticipado/

Otros
Activos/Corrientes Distintos
Total Activos
de los Activos o Grupos de Activos
para su Disposicin Clasificados
como
parao la
Venta de
o
ActivosMantenidos
no Corrientes
Grupos
para Distribuir
los Propietarios/
Activos
para sua Disposicin
Clasificados como Mantenidos
para la Venta/
Activos no Corrientes o Grupos de
Activos para su Disposicin
para Distribuir a los Propietarios/
Activos no Corrientes o Grupos de
para la Venta o como Mantenidos
para Distribuir a los Propietarios/
332626
30,813
18,296
18.296
Inversiones Contabilizadas
Aplicando el Mtodo de la
Participacin /
358,864
306,724
235
430
15,327
12,213
314.33
Cuentas por Cobrar a Entidades

Relacionadas/
Activos Biolgicos/
12.213
430
Propiedades, Planta y Equipo

(neto)/
686,893
647,424
6,833
3,904
Activos por Impuestos a las

Ganancias Diferidos/
Plusvala/
Otros Activos/
151
472
1,099,116
989,463
8826
TOTAL DE ACTIVOS/
1,371,770
1,241,992
5140
121,585
65,047
23,957
25,623
33,523
26,631
5,567
5,844
Provisiones /
20,008
15,559
Pasivos por Impuestos a las

Ganancias /
12,577
4,954
432495
0
0
791.73
1,048,169
Pasivos Corrientes/
Cuentas por Pagar a Entidades

Relacionadas/
65047
Provisin por Beneficios a los

Empleados/
25623
Otros Pasivos/
217,217
143,658
217,217
143,658
185,670
220,652
107,303
99,800
5844
15559
27699
3886
0
143.658
220652
0
0
51794
Total de Pasivos Corrientes

distintos de Pasivos incluidos en
Grupos de Activos para su
Disposicin Clasificados como
Pasivos incluidos en Grupos de

para la Venta/
Cuentas por Pagar a Entidades

Relacionadas/
Pasivos por Impuestos a las
Ganancias Diferidos/
Provisiones /
Provisin por Beneficios a los
Empleados/
Otros Pasivos/
292,973
320,452
Total Pasivos /
510,190
464,110
419,977
419,977
49,575
49,575
74,145
53,384
302,509
248,335
15,374
6,611
861,580
777,882
1,371,770
1,241,992
0
272.446
416104
Patrimonio /
Capital Emitido/
Primas de Emisin/
418.777
49.575
5.95
53.384
0
104.379
0
632065
1,048,169
Total Patrimonio /
ESTADO DE RESULTADOS /INCOME STATEMENT

2D01ST
2D0201
2D02ST
Ingresos de actividades ordinarias/

Costo de Ventas/
Ganancia (Prdida) Bruta/
2D0302
Gastos de Ventas y Distribucin/
2D0301
Gastos de Administracin/
2D0407
Ganancia (Prdida) de la baja en Activos Financieros medidos al Costo Amortizado/
2D0403
Otros Ingresos Operativos/
2D0404
Otros Gastos Operativos/
2D0412
Otras ganancias (prdidas)/
2D03ST
Ganancia (Prdida) por actividades de operacin/
2D0401
Ingresos Financieros/
2D0402
Gastos Financieros/
2D0410
Diferencias de Cambio neto/
2D0414
Otros ingresos (gastos) de las subsidiarias,negocios conjuntos y asociadas/
2D0411
Ganancias (Prdidas) que surgen de la Diferencia entre el Valor Libro Anterior y el Valor Justo de Activos Financieros Reclasificados
Medidos a Valor Razonable/
2D0413
Diferencia entre el importe en libros de los activos distribuidos y el importe en libros del dividendo a pagar/
2D04ST
Resultado antes de Impuesto a las Ganancias/
2D0502
Gasto por Impuesto a las Ganancias/
2D0503
Ganancia (Prdida) Neta de Operaciones Continuadas/
2D0504
Ganancia (prdida) procedente de operaciones discontinuadas, neta del impuesto a las ganancias/
2D07ST
Ganancia (Prdida) Neta del Ejercicio/
2DT007
Ganancias (Prdida) por Accin:/
2DT008
Ganancias (prdida) bsica por accin:/
2D0905
Bsica por accin ordinaria en operaciones continuadas/
2D0909
Bsica por accin ordinaria en operaciones discontinuadas/
2D0911
Ganancias (prdida) bsica por accin ordinaria/
2D0906
Bsica por Accin de Inversin en Operaciones Continuadas/
2D0910
Bsica por Accin de Inversin en Operaciones Discontinuadas/
2D0912
Ganancias (Prdida) Bsica por Accin Inversin/
2DT009
Ganancias (prdida) diluida por accin:/
2D0907
Diluida por accin ordinaria en operaciones continuadas/
2D0913
Diluida por accin ordinaria en operaciones discontinuadas/
2D0915
Ganancias (prdida) diluida por accin ordinaria/
2D0908
Diluida por Accin de Inversin en Operaciones Continuadas/
2D0914
Diluida por Accin de Inversin en Operaciones Discontinuadas/
2D0916
Ganancias (Prdida) Diluida por Accin Inversin/
ESTADO DE GANANCIAS Y PERDIDAS /INCOME STATEMENT

2DT002
Ingresos Operacionales/
2D0101
Ventas Netas (ingresos operacionales)/
2D0102
Otros Ingresos Operacionales/
2D01ST
Total de Ingresos Brutos/
2D0201
Costo de Ventas (Operacionales)/
2D0202
Otros Costos Operacionales/
2D0203
Total Costos Operacionales/
2D02ST
Utilidad Bruta/
2D0302
Gastos de Ventas/
2D0301
Gastos de Administracin/
2D0407
Ganancia (Prdida) por Venta de Activos/
2D0403
Otros Ingresos/
2D0404
Otros Gastos/
2D03ST
Utilidad Operativa/
2D0401
2D0402
Gastos Financieros/
2D0406
Participacin en los Resultados de Partes Relacionadas por el Mtodo de Participacin/
2D0409
Ganancia (Prdida) por Instrumentos Financieros Derivados/
2D04ST
Resultado antes de Participaciones y del Impuesto a la Renta/
2D0501
Participacin de los trabajadores /
2D0502
Impuesto a la Renta/
2D0503
Utilidad (Prdida) Neta de Actividades Contnuas/
2D0504
Ingreso (Gasto) Neto de Operaciones en Discontinuacin /
2D07ST
Utilidad (Perdida) Neta del Ejercicio/
2DT004
Utilidad (Prdida) Neta del Ejercicio/
2D0901
Utilidad (prdida) bsica por accin comn/
2D0902
Utilidad (prdida) bsica por accin de inversin/
2D0903
Utilidad (prdida) diluida por accin comn/
2D0904
Utilidad (prdida) diluida por accin de inversin/
2DT005
Utilidad (Prdida) Neta de Actividades Contnuas/
2D0905
Utilidad (Prdida) Bsica por Accin Comn/
2D0906
Utilidad (Prdida) Bsica por Accin de Inversin/
2D0907
Utilidad (Prdida) Diluida por Accin Comn/
2D0908
Utilidad (Prdida) Diluida por Accin de Inversin/
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
656.659
784.576
829.307
822.496
818.875
-326.669
-416.507
-416.054
-422.292
-412.651
329.99
368.069
413.253
400.204
406.224
-11.115
-12.202
-6.575
-7.403
-7.228
-149.709
-149.417
-154.015
-147.39
-142.873
87.12
19.526
12.099
15.997
11.113
15.139
-95.994
10.537
179.818
218.549
268.66
267.061
271.262
3.474
24.85
30.574
15.473
6.787
-18467
-27047
-36124
-30539
-36346
2.699
-345
-48.342
-14.612
12.37
33.815
20.785
32.521
201.339
216.007
214.768
258.168
286.594
-38.276
-68.304
-68.625
-65.341
-71.062
163.063
147.703
146.143
192.827
215.532
163063
147703
146143
192827
215532
0.390000
0.260000
0.250000
0.330000
0.380000
0.000000
0.000000
0.000000
0.000000
0.000000
0.390000
0.260000
0.250000
0.330000
0.380000
0.390000
0.260000
0.250000
0.330000
0.380000
0.000000
0.000000
0.000000
0.000000
0.000000
0.390000
0.260000
0.250000
0.330000
0.380000
0.390000
0.260000
0.250000
0.330000
0.380000
0.000000
0.000000
0.000000
0.000000
0.000000
0.390000
0.260000
0.250000
0.330000
0.380000
0.390000
0.260000
0.250000
0.330000
0.380000
0.000000
0.000000
0.000000
0.000000
0.000000
0.390000
0.260000
0.250000
0.330000
0.380000
12/31/2005
12/31/2006
12/31/2007
12/31/2008
12/31/2009
313,804
374.285
421.547
509.242
550.849
6,497
320,301
374.285
421.547
509.242
550.849
-141,284
-152.074
-169.735
-279.27
-273.25
-141,284
-152.074
-169.735
-279.27
-273.25
179,017
222.211
251.812
229.972
277.599
-12.855
-13.325
-7.205
-7.774
-75.151
-83.591
-88.692
-95.212
32.446
38.422
47.429
17.977
109,575
-14.259
-15.229
-8.876
-2.036
152.392
178.089
172.628
190.554
19.155
15.282
7.898
13.642
-23.052
-16.937
-24.433
-16.813
65,207
1.076
6.697
-19.415
5.887
149.571
183.131
136.678
193.27
-15.869
-18.125
-17.21
-19.006
-44.01
-48.936
-46.466
-51.316
89.692
116.07
73.002
122.948
7.979
-92.916
97671
23154
73002
122948
0.208000
0.049000
0.155600
0.262500
0.208000
0.049000
0.155600
0.262500
0.208000
0.049000
0.155600
0.262500
0.208000
0.049000
0.155600
0.262500
0.191041
0.247193
0.155600
0.262500
0.191041
0.247193
0.155600
0.262500
0.191041
0.247193
0.155600
0.262500
0.191041
0.247193
0.155600
0.262500
ESTADO DE RESULTADOS /INCOME STATEMENT

2DT002
2D0101
2D0103
2D01ST
2D0201
2D02ST
2D0302
2D0301
2D0407
2D0403
2D0404
2D03ST
Ventas Netas de
Bienes/
Prestacin de Servicios/
Total de Ingresos de Actividades
Ordinarias/
Costo de Ventas /
Ganancia (Prdida) Bruta/
Gastos de Ventas y
Distribucin/
Gastos de
Administracin/
Ganancia (Prdida) de
la baja en Activos
Financieros medidos al
Costo Amortizado/
Otros Ingresos
Operativos/
Otros Gastos
Operativos/
Ganancia (Prdida) Operativa/
2D0401
2D0402
Gastos Financieros/
2D0410
2D0406
2D0411
2D04ST
2D0502
2D0503
2D0504
2D07ST
2DT007
2D0905
2D0906
2D0909
12/31/2010
12/31/2009
Ingresos de Actividades Ordinarias/
Diferencias de Cambio
neto/
Participacin en los
Resultados Netos de
Asociadas y Negocios
Conjuntos
Ganancias
(Prdidas)
Contabilizados
por el
que
surgen
de la
Mtodo
de la
Diferencia
entre
Participacin / el
Valor Libro Anterior y el
Valor Justo de Activos
Financieros
Resultado antes de Impuesto
a las
Reclasificados Medidos
Ganancias/
a
Valor
Razonable/
Gasto por Impuesto a
las Ganancias/
Ganancia (Prdida)
Neta de Operaciones
Continuadas/
Ganancia (Prdida)
Neta del Impuesto a las
Ganancias Procedente
de Operaciones
Discontinuadas
/
Ganancia (Prdida) Neta
del Ejercicio/
Ganancias (Prdida) por Accin: /
Bsica por Accin
Comn en Operaciones
Bsica por Accin de
Continuadas/
Inversin en
Operaciones
Continuadas/
Bsica por Accin
Comn en Operaciones
Discontinuadas/
623.677
550.849
623.677
550.849
-297.147
-269.156
326.53
281.693
-8.083
-8.229
-111.898
-104.101
16.469
15.802
223.018
185.165
4.522
4.114
-13354
-15.516
1.858
9.528
216.044
183.291
-68.109
-55.79
147.935
127.501
147935
127501
0.350000
0.300000
0.350000
0.300000
0.000000
0.000000
2D0910
Bsica por Accin de

Inversin en
Operaciones
Discontinuadas/
0.000000
0.000000
2D0911
Ganancias (Prdida)
Bsica por Accin
Comun/
0.350000
0.300000
2D0912
Ganancias (Prdida)
Bsica por Accin
Inversin/
0.350000
0.300000
Diluida por Accin

Comn en Operaciones
Continuadas/
Diluida por Accin de
Inversin en
Operaciones
Continuadas/
2D0907
2D0908
0.350000
0.300000
0.350000
0.300000
2D0913
Diluida por Accin

Comn en Operaciones
Discontinuadas/
0.000000
0.000000
2D0914
Diluida por Accin de

Inversin en
Operaciones
Discontinuadas/
0.000000
0.000000
2D0915
Ganancias (Prdida)
Diluida por Accin
Comn/
0.350000
0.300000
2D0916
Ganancias (Prdida)
Diluida por Accin
Inversin/
0.350000
0.300000
ESTADO DE GANANCIAS Y PERDIDAS / INCOME

STATEMENT
2DT002
12/31/2005
12/31/2004
Ingresos Operacionales/
2D0101
Ventas Netas
(ingresos
operacionales)/
313,804
303,410
2D0102
Otros Ingresos
Operacionales/
6,497
320,301
303,410
-141,284
-128,194
-141,284
-128,194
179,017
175,216
2D01ST
Total de Ingresos Brutos/
2D0201
Costo de Ventas
(Operacionales)/
2D0202
Otros costos
operacionales/
2D0203
Total Costos Operacionales/
2D02ST
Utilidad Bruta/
2DT003
Gastos Operacionales/
2D0302
Gastos de Ventas/
-13,903
-19,773
2D0301
Gastos de
Administracin/
-55,539
-44,767
2D0303
Provisin por
prdidas por
desvalorizacin de
activos/
109,575
110,676
2,614
1,647
-27,117
-32,254
2D03ST
Utilidad Operativa/
2DT001
Otros Ingresos (gastos)/
2D0401
Ingresos
Financieros/
2D0402
Gastos Financieros/
2D0406
Participacin en los
resultados de
subsidiarias y
afiliadas bajo el
mtodo de
participacin
patrimonial/
27,624
22,001
2D0407
Ganancia o prdida
por instrumentos
financieros
derivados/
2D0403
Otros Ingresos/
2D0404
Otros Gastos/
-7,506
-9,272
2D0408
Efecto acumulado
por cambios en las
polticas contables/
2D0405
Resultado por
Exposicin a la
Inflacin/
8,940
105,190
101,738
-10,806
-10,195
-29,177
-27,529
65,207
64,014
65,207
64,014
65,207
64,014
65,207
64,014
0.1765
0.1744
2D04ST
2D0501
2D0502
2D05ST
2D0602
2D06ST
2D0701
2D07ST
2D0801
2D08ST
2D0901
Resultado antes de Gastos

Extraordinarios, Participaciones y del
Impuesto a la Renta/
Participacin de los
trabajadores
corrientes y
diferidos/
Impuesto a la Renta
corriente y diferido/
Resultado antes de Gastos
Extraordinarios/
Gastos
Extraordinarios
(neto de
participaciones e
impuesto a la
renta)/
Resultado antes de Interes
Minoritario/
Inters Minoritario/
Utilidad (Perdida) Neta del Ejercicio/
Dividendos de
acciones
Preferentes/
Utilidad (Prdida) Neta atribuible a los
accionistas no preferentes/
Utilidad (prdida)
bsica por accin
comn/
2D0902
Utilidad (prdida)
bsica por accin
de inversin/
0.1765
0.1744
2D0903
Utilidad (prdida)
diluida por accin
comn/
0.1765
0.1744
2D0904
Utilidad (prdida)
diluida por accin
de inversin/
0.1765
0.1744
TASA Y RENTABILIDAD
Date updated: 31-Dec-11

Created by:
What is this dat Historical returns: Stocks, T.Bonds & T.Bills with premiums
Home Page:
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eac
Variable definiti http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
CustomizedGeometricriskpremiumestimator
Whatisyourriskfreerate?
Enteryourstartingyear
LT
1928
Valueofstocksinstartingyear:
ValueofT.Billsinstartingyear:
ValueofT.bondsinstartingyear:
Estimateofriskpremiumbasedonyourinputs:
100
100
100
4.54%
AnnualReturnsonInvestmentsin
Year
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
S&P 500 3-month T.Bill 10-year T. Bond

43.81%
3.08%
0.84%
-8.30%
3.16%
4.20%
-25.12%
4.55%
4.54%
-43.84%
2.31%
-2.56%
-8.64%
1.07%
8.79%
49.98%
0.96%
1.86%
-1.19%
0.32%
7.96%
46.74%
0.18%
4.47%
31.94%
0.17%
5.02%
-35.34%
0.30%
1.38%
29.28%
0.08%
4.21%
-1.10%
0.04%
4.41%
-10.67%
0.03%
5.40%
-12.77%
0.08%
-2.02%
19.17%
0.34%
2.29%
25.06%
0.38%
2.49%
19.03%
0.38%
2.58%
35.82%
0.38%
3.80%
-8.43%
0.38%
3.13%
5.20%
0.57%
0.92%
5.70%
1.02%
1.95%
Page 122
CompoundedValueof$10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Stocks
143.81
131.88
98.75
55.46
50.66
75.99
75.09
110.18
145.38
94.00
121.53
120.20
107.37
93.66
111.61
139.59
166.15
225.67
206.65
217.39
229.79
TASA Y RENTABILIDAD
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
18.30%
30.81%
23.68%
18.15%
-1.21%
52.56%
32.60%
7.44%
-10.46%
43.72%
12.06%
0.34%
26.64%
-8.81%
22.61%
16.42%
12.40%
-9.97%
23.80%
10.81%
-8.24%
3.56%
14.22%
18.76%
-14.31%
-25.90%
37.00%
23.83%
-6.98%
6.51%
18.52%
31.74%
-4.70%
20.42%
22.34%
6.15%
31.24%
18.49%
5.81%
16.54%
1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%
3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%
6.45%
Page 123
4.66%
0.43%
-0.30%
2.27%
4.14%
3.29%
-1.34%
-2.26%
6.80%
-2.10%
-2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
-1.58%
3.27%
-5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
-0.78%
0.67%
-2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
-4.96%
8.22%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
271.85
355.60
439.80
519.62
513.35
783.18
1,038.47
1,115.73
999.05
1,435.84
1,608.95
1,614.37
2,044.40
1,864.26
2,285.80
2,661.02
2,990.97
2,692.74
3,333.69
3,694.23
3,389.77
3,510.49
4,009.72
4,761.76
4,080.44
3,023.54
4,142.10
5,129.20
4,771.20
5,081.77
6,022.89
7,934.26
7,561.16
9,105.08
11,138.90
11,823.51
15,516.60
18,386.33
19,455.08
22,672.40
TASA Y RENTABILIDAD
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
ArithmeticAverage
19282015
19662015
20062015
GeometricAverage
19282015
19662015
20062015
2006
31.48%
-3.06%
30.23%
7.49%
9.97%
1.33%
37.20%
22.68%
33.10%
28.34%
20.89%
-9.03%
-11.85%
-21.97%
28.36%
10.74%
4.83%
15.61%
5.48%
-36.55%
25.94%
14.82%
2.10%
15.89%
32.15%
13.52%
1.36%
8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%
0.13%
0.03%
0.05%
0.07%
0.05%
0.21%
17.69%
6.24%
15.00%
9.36%
14.21%
-8.04%
23.48%
1.43%
9.94%
14.92%
-8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
-11.12%
8.46%
16.04%
2.97%
-9.10%
10.75%
1.28%
11.41%
3.49%
5.23%
11.01%
4.97%
7.12%
9.03%
1.16%
5.16%
RENTABILIDADDEMERCADO
9.50%
9.61%
7.25%
2007
3.45%
4.92%
1.14%
2008
29,808.58
28,895.11
37,631.51
40,451.51
44,483.33
45,073.14
61,838.19
75,863.69
100,977.34
129,592.25
156,658.05
142,508.98
125,622.01
98,027.82
125,824.39
139,341.42
146,077.85
168,884.34
178,147.20
113,030.22
142,344.87
163,441.94
166,871.56
193,388.43
255,553.31
290,115.42
294,060.84
TASALIBREDE
RIESGO
4.96%
6.71%
4.71%
2009
Page 124
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
TASALIBREDERIESGO
2010
TASA Y RENTABILIDAD
1.96%
2006
15.61%
6.09%
2007
10.55%
10.76%
2008
5.15%
Page 125
5.29%
2009
2.62%
5.92%
RENTABILIDADDEMERCADO
2010
5.06%
TASA Y RENTABILIDAD
US companies
a.html
xls
afile/variable.htm
Estimatesofriskpremiumsfrom1928,overthelast50yearsandoverthelast10years
areprovidedatthebottomofthistable.
CompoundedValueof$100
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
T.Bills
103.08
106.34
111.18
113.74
114.96
116.06
116.44
116.64
116.84
117.19
117.29
117.33
117.36
117.46
117.85
118.30
118.75
119.20
119.65
120.33
121.56
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
T.Bonds
Stocks - BillsStocks - Bonds
100.84
40.73%
42.98%
105.07
-11.46%
-12.50%
109.85
-29.67%
-29.66%
107.03
-46.15%
-41.28%
116.44
-9.71%
-17.43%
118.60
49.02%
48.13%
128.05
-1.51%
-9.15%
133.78
46.57%
42.27%
140.49
31.77%
26.93%
142.43
-35.64%
-36.72%
148.43
29.21%
25.07%
154.98
-1.14%
-5.51%
163.35
-10.70%
-16.08%
160.04
-12.85%
-10.75%
163.72
18.84%
16.88%
167.79
24.68%
22.57%
172.12
18.65%
16.45%
178.67
35.44%
32.02%
184.26
-8.81%
-11.56%
185.95
4.63%
4.28%
189.58
4.68%
3.75%
Page 126
Historical risk
premium
TASA Y RENTABILIDAD
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
122.90
124.34
126.18
128.29
130.72
131.98
134.17
137.60
142.04
144.57
149.27
153.82
157.30
161.67
166.70
172.54
179.28
187.95
196.10
206.41
219.96
234.66
245.32
255.01
272.16
293.33
310.90
326.35
343.09
366.87
403.33
448.58
512.73
569.18
617.26
676.60
727.26
771.15
815.27
867.86
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
198.42
199.27
198.68
203.19
211.61
218.57
215.65
210.79
225.11
220.39
214.56
239.53
244.46
258.38
262.74
272.53
274.49
282.47
278.01
287.11
272.71
318.41
349.57
359.42
372.57
379.98
393.68
456.61
462.50
458.90
461.98
448.17
484.91
644.04
664.65
755.92
950.29
1,181.06
1,122.47
1,214.78
17.20%
29.63%
22.20%
16.48%
-3.10%
51.60%
30.94%
4.88%
-13.69%
41.94%
8.80%
-2.71%
24.37%
-11.59%
19.50%
12.91%
8.50%
-14.81%
19.47%
5.55%
-14.80%
-3.12%
9.68%
14.80%
-21.03%
-33.68%
31.01%
18.86%
-12.11%
-0.42%
8.58%
20.52%
-19.00%
9.41%
13.89%
-3.47%
23.75%
12.46%
0.09%
10.09%
13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30%
24.58%
-14.51%
20.93%
12.69%
11.68%
-12.88%
25.38%
7.54%
-3.23%
-13.19%
4.43%
15.94%
-17.97%
-27.89%
33.39%
7.85%
-8.27%
7.29%
17.85%
34.72%
-12.90%
-12.40%
19.14%
-7.59%
5.52%
-5.79%
10.77%
8.31%
Page 127
6.11%
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%
5.12%
TASA Y RENTABILIDAD
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
938.24 $
1,429.72
23.37%
13.78%
1,009.08 $
1,518.87
-10.61%
-9.30%
1,065.69 $
1,746.77
24.62%
15.23%
1,101.98 $
1,910.30
4.09%
-1.87%
1,134.84 $
2,181.77
6.98%
-4.24%
1,180.07 $
2,006.43
-2.66%
9.36%
1,245.15 $
2,477.55
31.68%
13.71%
1,307.68 $
2,512.94
17.66%
21.25%
1,373.76 $
2,762.71
28.05%
23.16%
1,438.70 $
3,174.95
23.61%
13.42%
1,503.58 $
2,912.88
16.38%
29.14%
1,590.23 $
3,398.03
-14.79%
-25.69%
1,648.63 $
3,587.37
-15.52%
-17.42%
1,675.96 $
4,129.65
-23.62%
-37.08%
1,693.22 $
4,145.15
27.33%
27.98%
1,714.00 $
4,331.30
9.52%
6.25%
1,765.59 $
4,455.50
1.82%
1.97%
1,848.18 $
4,542.87
10.94%
13.65%
1,933.98 $
5,006.69
0.84%
-4.73%
1,964.64 $
6,013.10
-38.14%
-56.65%
1,967.29 $
5,344.65
25.80%
37.05%
1,969.84 $
5,796.96
14.69%
6.36%
1,970.44 $
6,726.52
2.07%
-13.94%
1,971.42 $
6,926.40
15.84%
12.92%
1,972.72 $
6,295.79
32.08%
41.25%
1,973.77 $
6,972.34
13.47%
2.78%
1,977.91 $
7,061.89
1.15%
0.08%
RiskPremium
StandardError
StocksT.Bills StocksT.Bonds StocksT.Bills StocksT.Bonds
7.92%
6.18%
2.15%
2.29%
6.05%
3.89%
2.42%
2.74%
7.87%
3.88%
6.06%
8.66%
RiskPremium
StocksT.Bills StocksT.Bonds
6.05%
4.54%
4.69%
2.90%
6.11%
2.53%
ASALIBREDERIESGO
2011
2012
2013
2014
Page 128
5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.30%
5.53%
5.63%
5.96%
5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%
4.60%
4.54%
2015
TASA Y RENTABILIDAD
7.61%
TABILIDADDEMERCADO
2011
4.57%
6.95%
4.94%
5.59%
5.16%
2012
6.18%
2013
9.43%
2014
9.88%
2015
9.03%
Page 129
TASA Y RENTABILIDAD
Page 130
TASA Y RENTABILIDAD
Page 131
TASA Y RENTABILIDAD
Page 132
TASA Y RENTABILIDAD
Page 133
AOS
ACTIVO
Activo (%)
PASIVO
Pasivo (%)
PATRIMONIO
Patrimonio (%)
2006
2007
1,117,053
1,090,745
100%
424664
38.02%
692,389
100%
382410
35.06%
708,335
62%
2006
1.96%
15.61%
0.79
1.86%
14.61%
TLR Tasa Libre de Riesgo

Rm Rentabilidad del Mercado
B Coeficinete Beta
PRP Prima Riesgo Pais
COK = TLR+B(Rm-TLR)+PRP
Costo de
65%
2007
6.09%
10.55%
0.78
1.51%
11.07%
oportunidad de
Capital o del
Accionista
TEA = GF/(DCP+DLP)
IR = IR / UAI
TEADI = TEA*(1-IR)
0.0000630
0.00005672
0.400338301 0.3661914149
0.0000378
0.00003595
CPPK = %PAS(TEADI)+%PNT(COK
9.05%
7.19%
Costo Promedio
del Capital
CEMENTOS PACASMAYO S.A.A., segn el presente grfico del modelo CAPM

evolucin del Costo de Oportunidad del Capital (COK). A lo largo de los aos de e
una variacin que no es constante desde el ao 2006, pero que desde el ao 201
mantenido en una tendencia entre el 10 y 12 %. En el 2008 hay una cada debid
rentabilidad del mercado suponemos que se vi afectada por la crisis de esos a
present un COK del 0.24% mientras que el 2009 subi a un 6.20 %.

Modelo CAMP 2006 - 2015
ESTRUCTURA FINANCIERA
2008
2009
2010
2011
866353
1,048,169
1,371,770
1,696,688
100%
333129
38.45%
533,224
100%
416104
10.76%
-5.15%
0.83
2.73%
0.24%
510,190
39.70%
632,065
62%
2008
100%
2009
769,162.00
37.19%
100%
425,333
45.33%
927,526
63%
5.92%
5.06%
0.84
1.68%
6.88%
19.96%
1,705,801
55%
80%
2011
2012
7.61%
4.57%
1.98
2.33%
3.91%
6.95%
6.18%
1.73
3.28%
8.90%
2010
5.29%
2.62%
0.75
2.92%
6.20%
2,131,134
100%
861,580
60%
2012
0.00010273
0.000050 0.043462271 0.0336011674 0.1255343343
0.46588332 0.363853676 0.315255226 0.1901072321 0.3162119746
0.000055
0.000032 0.029760563 0.0272133425 0.0858388746
0.15%
3.74%
ico del modelo CAPM se observa la

o largo de los aos de estudio muestra
o que desde el ao 2012 se ha
8 hay una cada debido a que la
por la crisis de esos aos, aqu se
un 6.20 %.
5.43%
3.37%
8.84%
Modelo CAPM
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2006
2007
2008
2009
2010
COK
2011
2012
CPPK
0.00%
2006
2007
2008
2009
2010
COK
2011
2012
CPPK
S.A.A.
15
2013
2014
2,834,014
3,096,316
100%
2015
3,235,909
100%
1,039,447
1,103,776
36.68%
100%
1,292,855
35.65%
1,794,567
1,992,540
39.95%
1,943,054
63%
64%
60%
2013
2014
2015
4.94%
9.43%
1.02
1.62%
11.12%
5.59%
9.88%
0.88
1.62%
11.00%
5.16%
9.03%
0.94
2.01%
10.79%
0.0438386354 0.0345634272
0.3195308426 0.253094884
0.0298308393 0.0258156006
0.0359006169
0.247953551
0.0269989315
8.14%
8.00%
7.56%
Modelo CAPM
2009
2010
COK
2011
2012
CPPK
2013
2014
2015
8.47%
6.15%
2009
2010
COK
2011
2012
CPPK
2013
2014
2015
CORTO PLAZO
SOBREGIROS BANCARIOS
OTROS PAS
COK
GFK
Costodeoportunidaddelaccionista
Costodeoportunidaddelaempresa
TAMBNSETOMAELDINERODELOSBANC
AELDINERODELOSBANCOS,AHSEEVALUALAEMPRESA
ESTADO DE FLUJO DE FO
CEMENTOS PACASMAYO
Resultado
depreciacion
Correccion monetaria
GENERACION BRUTA DE CAJA
USOS OPERATIVOS DE CAJA
Cuentas por cobrar por ventas
Inventarios
Otras cuentas del activo circulante
FUENTES OPERACIONALES DE CAJA
Proveedores
Otras cuentas por pagar
Provisiones
otros pasivos de corto plazo
GENERACION OPERATIVA DE CAJA(FCO)
USOS NO OPERACIONALES DE CAJA(FCI)
Inversiones en activo fijos
inversiones en otros activos
inversiones en otras empresas
FUENTES NO OPERACIONALES DE CAJA(FCF)

Sobregiros bancarios
prestamos bancarios de corto plazo
prestamos bancarios a mas de un ao
leasing o arrendamiento
proveedores a mas de un ao
otras cuentas por pagar a mas de un ao
provisiones a mas de un ao
cuentas emp. Realcionadas o socios
variacion neta del patrimonio
VARIACION NETA DE CAJA
AUTO VERIFICACION CON BALANCE
O DE FLUJO DE FONDOS
NTOS PACASMAYO S.A.A.
2006
97671
0
0
97,671
32,195
842
13,215
-19,822
-6286
2007
23154
0
0
23,154
2,867
2008
73002
0
0
73,002
6,214
7,451
11,672
-7,088
3555
2,862
4,643
7,995
678
9,260
-49,033
4007
29,480
59,190
-57372.526
8,260
4,453
61
-9,219
23,842
-77973.247
-38,915
-1,541
-16,917
-48485
-34,716
7,981
29,193
0
0
-5,801
0
0
-45,142
42,198
2009
122948
0
0
122,948
24,038
270
9,223
-15,085
-18336
-3,983
15,334
2021
-12,694
79,894
213567
-1,718
-5,545
-2203
-8,870
80,574
-78392
-129,636
13,398
38,265
89,659
-10,680
134,588
-38,687
3,945
-43,650
-59473
-6,456
20,072
-60,708
0
0
-5,173
0
0
-7,208
-314713
0
-14,884
-59,477
0
0
7,761
0
0
-248,113
78961
0
14,284
99,223
0
0
-10,439
0
0
-24,107
126,743
5,322
80,256
-42,198
-126,743
5,322
80,256
Flujo de Fondos
800,000
600,000
400,000
200,000
-
2006
2007
2008
2009
2010
-200,000
-400,000
-600,000
FCO
FCF
2010
147935
0
0
147,935
9,106
1,590
15,024
22,540
17021
-1,666
6,892
4,449
7,346
174,062
-94022
2011
163063
0
0
163,063
6,654
3,409
51,819
-55,064
31612
18,066
-1,487
3,618
11,415
188,021
-18325
2012
147703
0
0
147,703
551,765
2013
146143
0
0
146,143
353,041
1,976
70,672
-483,069
-14945
1,477
51,959
403,523
-1920
1,701
5,143
-3856
-17,933
419,007
-200494
-10,808
8,814
3260
-3,186
497,264
-162335
-39,469
-2,413
-52,140
-181,073
212
162,536
-90,192
-110,302
-74,672
-87,663
-35178
0
56,538
-34,982
0
0
7,503
0
0
-64,237
119334
0
3,796
238,543
0
0
-25,888
0
0
-97,117
296019
0
-102,497
-231,642
0
0
-414
0
0
630,572
554738
0
-22,884
631,451
0
0
3,548
0
0
-57,377
29,231
210,287
318,939
893,353
29,231
210,287
-318,939
Flujo de Fondos
008
2009
FCO
2010
FCF
2011
2012
2013
893,353
2014
192827
0
0
192,827
5,421
2015
215532
0
0
215,532
49,948
8,417
11,327
2,511
38896
4,124
26,225
19,599
-5728
5,858
3,223
25523
4,292
237,144
-646810
14,712
15,146
-26825
-8,761
259,752
-586321
-477,491
-169,319
-405,005
-181,316
50419
0
0
59,542
0
0
-14,269
0
0
-102192
0
0
128,842
0
0
33,984
0
0
-265,018
5,146
-
379,087
424,559
-379,087
-424,559
EVALUACIN ECONMICA
VALOR INICIAL
TASA
VAN
TIR
EVALUANDO ECON
EVALUACIN FINANCIERA
VALOR INICIAL
TASA
VAN
TIR
EVALUANDO FINA
CEMENTOS PA
2006
2007
2008
GOC1
GOC2
GOC3
59,190
23,842
79,894
1,117,053
6.15%
S/. 1,366,565.85
Err:523
EVALUANDO ECONMICAMENTE A LA EMPRESA PACASMAYO, EL PROYE
419925
8.47%
2006
-42,198
2007
-126,743
2008
5,322
S/. 367,841.47
-10%
EVALUANDO FINANCIERAMENTE A LA EMPRESA PACASMAYO, EL PROY
2009
2010
2011
2012
2013
GOC4
GOC5
GOC6
GOC7
GOC8
80,574
174,062
188,021
-419,007
497,264
PACASMAYO, EL PROYECTO SI ES FACTIBLE YA QUE EL VAN ES S/. 1 357 377.7
2009
80,256
2010
29,231
2011
210,287
2012
-318,939
2013
893,353
A PACASMAYO, EL PROYECTO ES FACTIBLE YA QUE EL VAN ES S/. 367 535.10
2014
GOC9
2015
GOC10
237,144
1,320,952
S/. 1 357 377.72
2014
-379,087
S/. 367 535.10
2015
-424,559

Trabajo de Finanzas

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Trabajo de Finanzas

Uploaded by

Copyright:

Available Formats

Industry Name

Market D/E Ratio

Unlevered Beta corrected for cash

Market D/E Ratio

Retail Building Supply

Unlevered Beta corrected for cash

Market D/E Ratio

Retail (Special Lines)

Unlevered Beta corrected for cash

Market D/E Ratio

Retail Building Supply

Unlevered Beta corrected for cash

Betas: Industry Average

Market D/E Ratio

Betas: Industry Average

Market D/E Ratio

Betas: Industry Average

Market D/E Ratio

Betas: Industry Average

Market D/E Ratio

Betas: Industry Average

Betas: Industry Average

Betas: Industry Average

Betas: Industry Average

Unlevered Beta corrected for cash

Retail Building Supply

Correlation with market

Total Beta (Unlevered)

Unlevered Beta corrected for cash

Correlation with market

Total Beta (Unlevered)

Metals & Mining

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

QUIERO EVALUAR EL NEGOCIO, LO QUE ESTA RINDIENDO

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Investments & Asset Managemen

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Standard deviation of equity

Standard deviation of equity

Standard deviation of equity

Standard deviation of equity

LATIN EMBIG Pases

Tasa de Inters / Interest Rate

y de los pases emera cada perodo y su

ESTADO DE SITUACION FINANCIERA /STATEMENT OF FINANCIAL POSITION

Efectivo y Equivalentes al Efectivo/

Otros Activos Financieros/

Cuentas por cobrar comerciales y otras cuentas por cobrar/

Cuentas por Cobrar Comerciales (neto)/

Otras Cuentas por Cobrar (neto)/

Cuentas por Cobrar a Entidades Relacionadas/

Activos por Impuestos a las Ganancias/

Otros Activos no financieros/

Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como