EstimatingCountryRiskPremiums

Enter the current risk premium for a mature equity market

Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody'srating

AbuDhabi Middle East Aa2
Albania Eastern Europe & Russia B1
Andorra(Principalityof) Western Europe Baa3
Angola Africa B1
Argentina Central and South America B3
Armenia Eastern Europe & Russia B1
Aruba Caribbean Baa1
Australia Australia & New Zealand Aaa
Austria Western Europe Aa1
Azerbaijan Eastern Europe & Russia Ba1
Bahamas Caribbean Baa3
Bahrain Middle East Ba2
Bangladesh Asia Ba3
Barbados Caribbean Caa1
Belarus Eastern Europe & Russia Caa1
Belgium Western Europe Aa3
Belize Central and South America Caa2
Bermuda Caribbean A2
Bolivia Central and South America Ba3
BosniaandHerzegovina Eastern Europe & Russia B3
Botswana Africa A2
Brazil Central and South America Ba2
Bulgaria Eastern Europe & Russia Baa2
BurkinaFaso Africa B3
Cambodia Asia B2
Cameroon Africa B2
Canada North America Aaa
CaymanIslands Caribbean Aa3
CapeVerde Africa B2
Chile Central and South America Aa3
China Asia Aa3
Colombia Central and South America Baa2
Congo(DemocraticRepublicof) Africa B3
Congo(Republicof) Africa B3
CookIslands Australia & New Zealand Caa1
CostaRica Central and South America Ba1
Cted'Ivoire Africa Ba3
Croatia Eastern Europe & Russia Ba2
Cuba Caribbean Caa2
Curacao Caribbean Caa1
Cyprus Western Europe B1
CzechRepublic Eastern Europe & Russia A1
Denmark Western Europe Aaa
DominicanRepublic Caribbean B1
Ecuador Central and South America B3
Egypt Africa B3
ElSalvador Central and South America B3
Estonia Eastern Europe & Russia A1
Ethiopia Africa B1
Fiji Asia B1
Finland Western Europe Aa1
France Western Europe Aa2
Gabon Africa B1
Georgia Eastern Europe & Russia Ba3
Germany Western Europe Aaa
Ghana Africa B3
Greece Western Europe Caa3
Guatemala Central and South America Ba1
Guernsey(Statesof) Western Europe Aa1
Honduras Central and South America B2
HongKong Asia Aa1
Hungary Eastern Europe & Russia Baa3
Iceland Western Europe A3
India Asia Baa3
Indonesia Asia Baa3
Iraq Middle East B3
Ireland Western Europe A3
IsleofMan Western Europe Aa1
Israel Middle East A1
Italy Western Europe Baa2
Jamaica Caribbean B3
Japan Asia A1
Jersey(Statesof) Western Europe Caa1
Jordan Middle East B1
Kazakhstan Eastern Europe & Russia Baa3
Kenya Africa B1
Korea Asia Aa2
Kuwait Middle East Aa2
Kyrgyzstan Eastern Europe & Russia B2
Latvia Eastern Europe & Russia A3
Lebanon Middle East B2
Liechtenstein Western Europe Aaa
Lithuania Eastern Europe & Russia A3
Luxembourg Western Europe Aaa
Macao Asia Aa3
Macedonia Eastern Europe & Russia Ba3
Malaysia Asia A3
Malta Western Europe A3
Mauritius Asia Baa1
Mexico Central and South America A3
Moldova Eastern Europe & Russia B3
Mongolia Asia Caa1
Montenegro Eastern Europe & Russia B1
Montserrat Caribbean Baa3
Morocco Africa Ba1
Mozambique Africa Caa3
Namibia Africa Baa3
Netherlands Western Europe Aaa
NewZealand Australia & New Zealand Aaa
Nicaragua Central and South America B2
Nigeria Africa B1
Norway Western Europe Aaa
Oman Middle East Baa1
Pakistan Asia B3
Panama Central and South America Baa2
PapuaNewGuinea Asia B2
Paraguay Central and South America Ba1
Peru Central and South America A3
Philippines Asia Baa2
Poland Eastern Europe & Russia A2
Portugal Western Europe Ba1
Qatar Middle East Aa2
RasAlKhaimah(Emirateof) Middle East A2
Romania Eastern Europe & Russia Baa3
Russia Eastern Europe & Russia Ba1
Rwanda Africa B2
SaudiArabia Middle East A1
Senegal Africa B1
Serbia Eastern Europe & Russia B1
Sharjah Middle East A3
Singapore Asia Aaa
Slovakia Eastern Europe & Russia A2
Slovenia Eastern Europe & Russia Baa3
SouthAfrica Africa Baa2
Spain Western Europe Baa2
SriLanka Asia B1
St.Maarten Caribbean Baa2
St.Vincent&theGrenadines Caribbean B3
Suriname Central and South America B1
Sweden Western Europe Aaa
Switzerland Western Europe Aaa
Taiwan Asia Aa3
Thailand Asia Baa1
TrinidadandTobago Caribbean Baa3
Tunisia Africa Ba3
Turkey Western Europe Ba1
TurksandCaicosIslands Caribbean Caa1
Uganda Africa B2
Ukraine Eastern Europe & Russia Caa3
UnitedArabEmirates Middle East Aa2
UnitedKingdom Western Europe Aa1
UnitedStates North America Aaa
Uruguay Central and South America Baa2
Venezuela Central and South America Caa3
Vietnam Asia B1
Zambia Africa B3

FrontierMarkets(nosovereignratings)
Country PRS Composite Risk Score ERP
Algeria 60.3 13.72%
Brunei 72.8 9.75%
Gambia 61.5 13.72%
Guinea 48.5 20.00%
Guinea-Bissau 64.5 12.48%
Guyana 64.5 12.48%
Haiti 58.0 16.61%
Iran 72.0 11.22%
Korea, D.P.R. 56.0 17.24%
Liberia 52.8 17.24%
Libya 50.0 20.00%
Madagascar 64.5 12.48%
Malawi 54.8 17.24%
Mali 63.5 13.90%
Myanmar 61.8 13.72%
Niger 53.8 17.24%
Sierra Leone 57.3 16.61%
Somalia 41.0 20.00%
Sudan 48.3 20.00%
Syria 45.8 20.00%
Tanzania 64.0 13.90%
Togo 61.0 13.72%
Yemen, Republic 50.5 17.24%
Zimbabwe 56.0 17.24%

Rating Default spread in basis points

A1 81
A2 98
A3 139
Aa1 46
Aa2 57
Aa3 70
Aaa 0
B1 520
B2 636
B3 751
Ba1 289
Ba2 347
Ba3 416
Baa1 184
Baa2 220
Baa3 254
Ca 1386
Caa1 866
Caa2 1040
Caa3 1155
NR NA
 5.69% Updated January 5, 2017
Yes
1.23 Updated January 5, 2017

RatingbasedDefaultSpread TotalEquityRiskPremium CountryRiskPremium

0.57% 6.40% 0.71%
5.20% 12.09% 6.40%
2.54% 8.82% 3.13%
5.20% 12.09% 6.40%
7.51% 14.94% 9.25%
5.20% 12.09% 6.40%
1.84% 7.96% 2.27%
0.00% 5.69% 0.00%
0.46% 6.25% 0.56%
2.89% 9.24% 3.55%
2.54% 8.82% 3.13%
3.47% 9.96% 4.27%
4.16% 10.81% 5.12%
8.66% 16.35% 10.66%
8.66% 16.35% 10.66%
0.70% 6.55% 0.86%
10.40% 18.49% 12.80%
0.98% 6.90% 1.21%
4.16% 10.81% 5.12%
7.51% 14.94% 9.25%
0.98% 6.90% 1.21%
3.47% 9.96% 4.27%
2.20% 8.40% 2.71%
 7.51% 14.94% 9.25%
6.36% 13.51% 7.82%
6.36% 13.51% 7.82%
0.00% 5.69% 0.00%
0.70% 6.55% 0.86%
6.36% 13.51% 7.82%
0.70% 6.55% 0.86%
0.70% 6.55% 0.86%
2.20% 8.40% 2.71%
7.51% 14.94% 9.25%
7.51% 14.94% 9.25%
8.66% 16.35% 10.66%
2.89% 9.24% 3.55%
4.16% 10.81% 5.12%
3.47% 9.96% 4.27%
10.40% 18.49% 12.80%
8.66% 16.35% 10.66%
5.20% 12.09% 6.40%
0.81% 6.69% 1.00%
0.00% 5.69% 0.00%
5.20% 12.09% 6.40%
7.51% 14.94% 9.25%
7.51% 14.94% 9.25%
7.51% 14.94% 9.25%
0.81% 6.69% 1.00%
5.20% 12.09% 6.40%
5.20% 12.09% 6.40%
0.46% 6.25% 0.56%
0.57% 6.40% 0.71%
 5.20% 12.09% 6.40%
4.16% 10.81% 5.12%
0.00% 5.69% 0.00%
7.51% 14.94% 9.25%
11.55% 19.90% 14.21%
2.89% 9.24% 3.55%
0.46% 6.25% 0.56%
6.36% 13.51% 7.82%
0.46% 6.25% 0.56%
2.54% 8.82% 3.13%
1.39% 7.40% 1.71%
2.54% 8.82% 3.13%
2.54% 8.82% 3.13%
7.51% 14.94% 9.25%
1.39% 7.40% 1.71%
0.46% 6.25% 0.56%
0.81% 6.69% 1.00%
2.20% 8.40% 2.71%
7.51% 14.94% 9.25%
0.81% 6.69% 1.00%
8.66% 16.35% 10.66%
5.20% 12.09% 6.40%
2.54% 8.82% 3.13%
5.20% 12.09% 6.40%
0.57% 6.40% 0.71%
0.57% 6.40% 0.71%
6.36% 13.51% 7.82%
1.39% 7.40% 1.71%
6.36% 13.51% 7.82%
 0.00% 5.69% 0.00%
1.39% 7.40% 1.71%
0.00% 5.69% 0.00%
0.70% 6.55% 0.86%
4.16% 10.81% 5.12%
1.39% 7.40% 1.71%
1.39% 7.40% 1.71%
1.84% 7.96% 2.27%
1.39% 7.40% 1.71%
7.51% 14.94% 9.25%
8.66% 16.35% 10.66%
5.20% 12.09% 6.40%
2.54% 8.82% 3.13%
2.89% 9.24% 3.55%
11.55% 19.90% 14.21%
2.54% 8.82% 3.13%
0.00% 5.69% 0.00%
0.00% 5.69% 0.00%
6.36% 13.51% 7.82%
5.20% 12.09% 6.40%
0.00% 5.69% 0.00%
1.84% 7.96% 2.27%
7.51% 14.94% 9.25%
2.20% 8.40% 2.71%
6.36% 13.51% 7.82%
2.89% 9.24% 3.55%
1.39% 7.40% 1.71%
2.20% 8.40% 2.71%
0.98% 6.90% 1.21%
 2.89% 9.24% 3.55%
0.57% 6.40% 0.71%
0.98% 6.90% 1.21%
2.54% 8.82% 3.13%
2.89% 9.24% 3.55%
6.36% 13.51% 7.82%
0.81% 6.69% 1.00%
5.20% 12.09% 6.40%
5.20% 12.09% 6.40%
1.39% 7.40% 1.71%
0.00% 5.69% 0.00%
0.98% 6.90% 1.21%
2.54% 8.82% 3.13%
2.20% 8.40% 2.71%
2.20% 8.40% 2.71%
5.20% 12.09% 6.40%
2.20% 8.40% 2.71%
7.51% 14.94% 9.25%
5.20% 12.09% 6.40%
0.00% 5.69% 0.00%
0.00% 5.69% 0.00%
0.70% 6.55% 0.86%
1.84% 7.96% 2.27%
2.54% 8.82% 3.13%
4.16% 10.81% 5.12%
2.89% 9.24% 3.55%
8.66% 16.35% 10.66%
6.36% 13.51% 7.82%
11.55% 19.90% 14.21%
 0.57% 6.40% 0.71%
0.46% 6.25% 0.56%
0.00% 5.69% 0.00%
2.20% 8.40% 2.71%
11.55% 19.90% 14.21%
5.20% 12.09% 6.40%
7.51% 14.94% 9.25%

vereignratings)
CRP Default Spread
7.47% 5.34%
3.50% 2.50%
7.47% 5.34%
13.75% 9.82%
6.23% 4.45%
6.23% 4.45%
10.36% 7.40%
4.97% 3.55%
10.99% 7.85%
10.99% 7.85%
13.75% 9.82%
6.23% 4.45%
10.99% 7.85%
7.65% 5.46%
7.47% 5.34%
10.99% 7.85%
10.36% 7.40%
13.75% 9.82%
13.75% 9.82%
13.75% 9.82%
7.65% 5.46%
7.47% 5.34%
10.99% 7.85%
10.99% 7.85%
SovereignCDS,netofUS TotalEquityRiskPremium2 CountryRiskPremium3
0.59% 6.42% 0.73%
NA NA NA
NA NA NA
NA NA NA
4.76% 11.55% 5.86%
NA NA NA
NA NA NA
0.11% 5.83% 0.14%
0.14% 5.86% 0.17%
NA NA NA
NA NA NA
2.79% 9.12% 3.43%
NA NA NA
NA NA NA
NA NA NA
0.22% 5.96% 0.27%
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
3.21% 9.64% 3.95%
1.49% 7.52% 1.83%
 NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.91% 6.81% 1.12%
1.27% 7.25% 1.56%
2.04% 8.20% 2.51%
NA NA NA
NA NA NA
NA NA NA
3.02% 9.41% 3.72%
NA NA NA
2.22% 8.42% 2.73%
NA NA NA
NA NA NA
2.29% 8.51% 2.82%
0.36% 6.13% 0.44%
0.03% 5.73% 0.04%
NA NA NA
NA NA NA
4.38% 11.08% 5.39%
NA NA NA
0.43% 6.22% 0.53%
NA NA NA
NA NA NA
0.07% 5.78% 0.09%
0.32% 6.08% 0.39%
 NA NA NA
NA NA NA
0.06% 5.76% 0.07%
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.20% 5.94% 0.25%
1.29% 7.28% 1.59%
0.72% 6.58% 0.89%
1.38% 7.39% 1.70%
1.87% 7.99% 2.30%
NA NA NA
0.64% 6.48% 0.79%
NA NA NA
0.74% 6.60% 0.91%
1.84% 7.95% 2.26%
NA NA NA
0.24% 5.99% 0.30%
NA NA NA
NA NA NA
1.75% 7.84% 2.15%
NA NA NA
0.29% 6.05% 0.36%
NA NA NA
NA NA NA
0.64% 6.48% 0.79%
5.19% 12.08% 6.39%
 NA NA NA
0.56% 6.38% 0.69%
NA NA NA
NA NA NA
NA NA NA
1.56% 7.61% 1.92%
NA NA NA
NA NA NA
1.82% 7.93% 2.24%
NA NA NA
NA NA NA
NA NA NA
NA NA NA
1.73% 7.82% 2.13%
NA NA NA
NA NA NA
0.13% 5.85% 0.16%
0.12% 5.84% 0.15%
NA NA NA
5.38% 12.31% 6.62%
0.00% 5.69% 0.00%
NA NA NA
3.80% 10.37% 4.68%
1.56% 7.61% 1.92%
NA NA NA
NA NA NA
1.35% 7.35% 1.66%
1.23% 7.20% 1.51%
0.79% 6.66% 0.97%
3.04% 9.43% 3.74%
0.79% 6.66% 0.97%
NA NA NA
1.13% 7.08% 1.39%
2.08% 8.25% 2.56%
NA NA NA
1.07% 7.01% 1.32%
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.47% 6.27% 0.58%
1.14% 7.09% 1.40%
2.49% 8.75% 3.06%
0.87% 6.76% 1.07%
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.02% 5.71% 0.02%
0.12% 5.84% 0.15%
NA NA NA
0.90% 6.80% 1.11%
NA NA NA
4.62% 11.37% 5.68%
3.06% 9.46% 3.77%
NA NA NA
NA NA NA
7.26% 14.62% 8.93%
 NA NA NA
0.23% 5.97% 0.28%
0.00% 5.69% 0.00%
NA NA NA
30.44% 43.15% 37.46%
2.23% 8.43% 2.74%
NA NA NA
Has to be sorted in ascending order
Rating Default spread in basis points
A1 81
A2 98
A3 139
Aa1 46
Aa2 57
Aa3 70
Aaa 0
B1 520
B2 636
B3 751
Ba1 289
Ba2 347
Ba3 416
Baa1 184
Baa2 220
Baa3 254
Ca 1386
Caa1 866
Caa2 1040
Caa3 1155
NR NA
 Returns by year

Date updated: 31-Dec-12

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this dat Historical returns: Stocks, T.Bonds & T.Bills with premiums
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eac http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definiti http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
CustomizedGeometricriskpremiumestimator
Whatisyourriskfreerate? LT
Enteryourstartingyear 1928

Valueofstocksinstartingyear:
ValueofT.Billsinstartingyear:
ValueofT.bondsinstartingyear:
Estimateofriskpremiumbasedonyourinputs:

AnnualReturnsonInvestmentsin

Year S&P 500 3-month T.Bill 10-year T. Bond

1928 43.81% 3.08% 0.84%
1929 -8.30% 3.16% 4.20%
1930 -25.12% 4.55% 4.54%
1931 -43.84% 2.31% -2.56%
1932 -8.64% 1.07% 8.79%
1933 49.98% 0.96% 1.86%
1934 -1.19% 0.32% 7.96%
1935 46.74% 0.18% 4.47%
1936 31.94% 0.17% 5.02%
1937 -35.34% 0.30% 1.38%
1938 29.28% 0.08% 4.21%
1939 -1.10% 0.04% 4.41%
1940 -10.67% 0.03% 5.40%
1941 -12.77% 0.08% -2.02%
1942 19.17% 0.34% 2.29%
1943 25.06% 0.38% 2.49%
1944 19.03% 0.38% 2.58%
1945 35.82% 0.38% 3.80%
1946 -8.43% 0.38% 3.13%
1947 5.20% 0.57% 0.92%
1948 5.70% 1.02% 1.95%

Page 29
 Returns by year

1949 18.30% 1.10% 4.66%

1950 30.81% 1.17% 0.43%
1951 23.68% 1.48% -0.30%
1952 18.15% 1.67% 2.27%
1953 -1.21% 1.89% 4.14%
1954 52.56% 0.96% 3.29%
1955 32.60% 1.66% -1.34%
1956 7.44% 2.56% -2.26%
1957 -10.46% 3.23% 6.80%
1958 43.72% 1.78% -2.10%
1959 12.06% 3.26% -2.65%
1960 0.34% 3.05% 11.64%
1961 26.64% 2.27% 2.06%
1962 -8.81% 2.78% 5.69%
1963 22.61% 3.11% 1.68%
1964 16.42% 3.51% 3.73%
1965 12.40% 3.90% 0.72%
1966 -9.97% 4.84% 2.91%
1967 23.80% 4.33% -1.58%
1968 10.81% 5.26% 3.27%
1969 -8.24% 6.56% -5.01%
1970 3.56% 6.69% 16.75%
1971 14.22% 4.54% 9.79%
1972 18.76% 3.95% 2.82%
1973 -14.31% 6.73% 3.66%
1974 -25.90% 7.78% 1.99%
1975 37.00% 5.99% 3.61%
1976 23.83% 4.97% 15.98%
1977 -6.98% 5.13% 1.29%
1978 6.51% 6.93% -0.78%
1979 18.52% 9.94% 0.67%
1980 31.74% 11.22% -2.99%
1981 -4.70% 14.30% 8.20%
1982 20.42% 11.01% 32.81%
1983 22.34% 8.45% 3.20%
1984 6.15% 9.61% 13.73%
1985 31.24% 7.49% 25.71%
1986 18.49% 6.04% 24.28%
1987 5.81% 5.72% -4.96%
1988 16.54% 6.45% 8.22%

Page 30
 Returns by year

1989 31.48% 8.11% 17.69%

1990 -3.06% 7.55% 6.24%
1991 30.23% 5.61% 15.00%
1992 7.49% 3.41% 9.36%
1993 9.97% 2.98% 14.21%
1994 1.33% 3.99% -8.04%
1995 37.20% 5.52% 23.48%
1996 22.68% 5.02% 1.43%
1997 33.10% 5.05% 9.94%
1998 28.34% 4.73% 14.92%
1999 20.89% 4.51% -8.25%
2000 -9.03% 5.76% 16.66%
2001 -11.85% 3.67% 5.57%
2002 -21.97% 1.66% 15.12%
2003 28.36% 1.03% 0.38%
2004 10.74% 1.23% 4.49%
2005 4.83% 3.01% 2.87%
2006 15.61% 4.68% 1.96%
2007 5.48% 4.64% 10.21%
2008 -36.55% 1.59% 20.10%
2009 25.94% 0.14% -11.12%
2010 14.82% 0.13% 8.46%
2011 2.10% 0.03% 16.04%
2012 15.89% 0.05% 2.97%
2013 32.15% 0.07% -9.10%
2014 13.52% 0.05% 10.75%
2015 1.36% 0.21% 1.28%
2016 11.74% 0.51% 0.69%

14.93% 0.18% 1.32%

ArithmeticAverage
19282016 11.45% 3.42% 5.14%
19672016 11.45% 4.88% 7.08%
20072016 8.64% 0.74% 5.03%

GeometricAverage
19282016 9.52% 3.42% 4.91%
19672016 10.09% 4.83% 6.66%
20072016 6.88% 0.73% 4.58%

Page 31
 Returns by year

premiums US companies

data.html
me.xls
datafile/variable.htm

Estimatesofriskpremiumsfrom1928,overthelast50yearsandoverthelast10years
areprovidedatthebottomofthistable.

100
100
100
4.54%

CompoundedValueof$100

Stocks T.Bills T.Bonds Stocks - Bills

$ 143.81 $ 103.08 $ 100.84 40.73%
$ 131.88 $ 106.34 $ 105.07 -11.46%
$ 98.75 $ 111.18 $ 109.85 -29.67%
$ 55.46 $ 113.74 $ 107.03 -46.15%
$ 50.66 $ 114.96 $ 116.44 -9.71%
$ 75.99 $ 116.06 $ 118.60 49.02%
$ 75.09 $ 116.44 $ 128.05 -1.51%
$ 110.18 $ 116.64 $ 133.78 46.57%
$ 145.38 $ 116.84 $ 140.49 31.77%
$ 94.00 $ 117.19 $ 142.43 -35.64%
$ 121.53 $ 117.29 $ 148.43 29.21%
$ 120.20 $ 117.33 $ 154.98 -1.14%
$ 107.37 $ 117.36 $ 163.35 -10.70%
$ 93.66 $ 117.46 $ 160.04 -12.85%
$ 111.61 $ 117.85 $ 163.72 18.84%
$ 139.59 $ 118.30 $ 167.79 24.68%
$ 166.15 $ 118.75 $ 172.12 18.65%
$ 225.67 $ 119.20 $ 178.67 35.44%
$ 206.65 $ 119.65 $ 184.26 -8.81%
$ 217.39 $ 120.33 $ 185.95 4.63%
$ 229.79 $ 121.56 $ 189.58 4.68%

Page 32
 Returns by year

$ 271.85 $ 122.90 $ 198.42 17.20%

$ 355.60 $ 124.34 $ 199.27 29.63%
$ 439.80 $ 126.18 $ 198.68 22.20%
$ 519.62 $ 128.29 $ 203.19 16.48%
$ 513.35 $ 130.72 $ 211.61 -3.10%
$ 783.18 $ 131.98 $ 218.57 51.60%
$ 1,038.47 $ 134.17 $ 215.65 30.94%
$ 1,115.73 $ 137.60 $ 210.79 4.88%
$ 999.05 $ 142.04 $ 225.11 -13.69%
$ 1,435.84 $ 144.57 $ 220.39 41.94%
$ 1,608.95 $ 149.27 $ 214.56 8.80%
$ 1,614.37 $ 153.82 $ 239.53 -2.71%
$ 2,044.40 $ 157.30 $ 244.46 24.37%
$ 1,864.26 $ 161.67 $ 258.38 -11.59%
$ 2,285.80 $ 166.70 $ 262.74 19.50%
$ 2,661.02 $ 172.54 $ 272.53 12.91%
$ 2,990.97 $ 179.28 $ 274.49 8.50%
$ 2,692.74 $ 187.95 $ 282.47 -14.81%
$ 3,333.69 $ 196.10 $ 278.01 19.47%
$ 3,694.23 $ 206.41 $ 287.11 5.55%
$ 3,389.77 $ 219.96 $ 272.71 -14.80%
$ 3,510.49 $ 234.66 $ 318.41 -3.12%
$ 4,009.72 $ 245.32 $ 349.57 9.68%
$ 4,761.76 $ 255.01 $ 359.42 14.80%
$ 4,080.44 $ 272.16 $ 372.57 -21.03%
$ 3,023.54 $ 293.33 $ 379.98 -33.68%
$ 4,142.10 $ 310.90 $ 393.68 31.01%
$ 5,129.20 $ 326.35 $ 456.61 18.86%
$ 4,771.20 $ 343.09 $ 462.50 -12.11%
$ 5,081.77 $ 366.87 $ 458.90 -0.42%
$ 6,022.89 $ 403.33 $ 461.98 8.58%
$ 7,934.26 $ 448.58 $ 448.17 20.52%
$ 7,561.16 $ 512.73 $ 484.91 -19.00%
$ 9,105.08 $ 569.18 $ 644.04 9.41%
$ 11,138.90 $ 617.26 $ 664.65 13.89%
$ 11,823.51 $ 676.60 $ 755.92 -3.47%
$ 15,516.60 $ 727.26 $ 950.29 23.75%
$ 18,386.33 $ 771.15 $ 1,181.06 12.46%
$ 19,455.08 $ 815.27 $ 1,122.47 0.09%
$ 22,672.40 $ 867.86 $ 1,214.78 10.09%

Page 33
 Returns by year

$ 29,808.58 $ 938.24 $ 1,429.72 23.37%

$ 28,895.11 $ 1,009.08 $ 1,518.87 -10.61%
$ 37,631.51 $ 1,065.69 $ 1,746.77 24.62%
$ 40,451.51 $ 1,101.98 $ 1,910.30 4.09%
$ 44,483.33 $ 1,134.84 $ 2,181.77 6.98%
$ 45,073.14 $ 1,180.07 $ 2,006.43 -2.66%
$ 61,838.19 $ 1,245.15 $ 2,477.55 31.68%
$ 75,863.69 $ 1,307.68 $ 2,512.94 17.66%
$ 100,977.34 $ 1,373.76 $ 2,762.71 28.05%
$ 129,592.25 $ 1,438.70 $ 3,174.95 23.61%
$ 156,658.05 $ 1,503.58 $ 2,912.88 16.38%
$ 142,508.98 $ 1,590.23 $ 3,398.03 -14.79%
$ 125,622.01 $ 1,648.63 $ 3,587.37 -15.52%
$ 98,027.82 $ 1,675.96 $ 4,129.65 -23.62%
$ 125,824.39 $ 1,693.22 $ 4,145.15 27.33%
$ 139,341.42 $ 1,714.00 $ 4,331.30 9.52%
$ 146,077.85 $ 1,765.59 $ 4,455.50 1.82%
$ 168,884.34 $ 1,848.18 $ 4,542.87 10.94%
$ 178,147.20 $ 1,933.98 $ 5,006.69 0.84%
$ 113,030.22 $ 1,964.64 $ 6,013.10 -38.14%
$ 142,344.87 $ 1,967.29 $ 5,344.65 25.80%
$ 163,441.94 $ 1,969.84 $ 5,796.96 14.69%
$ 166,871.56 $ 1,970.44 $ 6,726.52 2.07%
$ 193,388.43 $ 1,971.42 $ 6,926.40 15.84%
$ 255,553.31 $ 1,972.72 $ 6,295.79 32.08%
$ 290,115.42 $ 1,973.77 $ 6,972.34 13.47%
$ 294,060.84 $ 1,977.91 $ 7,061.89 1.15%
$ 328,584.46 $ 1,988.00 $ 7,110.65 11.23%

RiskPremium StandardError
StocksT.Bills StocksT.Bonds StocksT.Bills
8.03% 6.32% 2.12%
6.57% 4.37% 2.39%
7.90% 3.62% 6.06%
RiskPremium
StocksT.Bills StocksT.Bonds
6.11% 4.62%
5.25% 3.42%
6.15% 2.30%

Page 34
 Returns by year

50yearsandoverthelast10years

Historical risk
Stocks - Bonds premium
42.98%
-12.50%
-29.66%
-41.28%
-17.43%
48.13%
-9.15%
42.27%
26.93%
-36.72%
25.07%
-5.51%
-16.08%
-10.75%
16.88%
22.57%
16.45%
32.02%
-11.56%
4.28%
3.75%

Page 35
 Returns by year

13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30% 6.11%
24.58% 6.62%
-14.51% 5.97%
20.93% 6.36%
12.69% 6.53%
11.68% 6.66%
-12.88% 6.11%
25.38% 6.57%
7.54% 6.60%
-3.23% 6.33%
-13.19% 5.90%
4.43% 5.87%
15.94% 6.08%
-17.97% 5.50%
-27.89% 4.64%
33.39% 5.17%
7.85% 5.22%
-8.27% 4.93%
7.29% 4.97%
17.85% 5.21%
34.72% 5.73%
-12.90% 5.37%
-12.40% 5.10%
19.14% 5.34%
-7.59% 5.12%
5.52% 5.13%
-5.79% 4.97%
10.77% 5.07%
8.31% 5.12%

Page 36
 Returns by year

13.78% 5.24%
-9.30% 5.00%
15.23% 5.14%
-1.87% 5.03%
-4.24% 4.90%
9.36% 4.97%
13.71% 5.08%
21.25% 5.30%
23.16% 5.53%
13.42% 5.63%
29.14% 5.96%
-25.69% 5.51%
-17.42% 5.17%
-37.08% 4.53%
27.98% 4.82%
6.25% 4.84%
1.97% 4.80%
13.65% 4.91%
-4.73% 4.79%
-56.65% 3.88%
37.05% 4.29%
6.36% 4.31%
-13.94% 4.10%
12.92% 4.20%
41.25% 4.62%
2.78% 4.60%
0.08% 4.54%
11.05% 4.62%

StandardError
StocksT.Bonds
2.26%
2.72%
8.63%

Page 37
Global Companies Betas by Sector January 2016

Date updated: 5-Jan-17

Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:
Aswath Damodaran, adamodar@stern.nyu.edu
Beta, Unlevered beta and other risk measures
http://www.damodaran.com
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 Name Number of firms Beta D/E Ratio Tax rate

Advertising 41 1.36 62.98% 5.10%
Aerospace/Defense 96 1.07 23.53% 10.86%
Air Transport 18 1.12 70.12% 22.99%
Apparel 58 0.88 34.21% 10.95%
Auto & Truck 15 0.85 150.42% 8.14%
Auto Parts 63 1.12 35.22% 10.40%
Bank (Money Center) 10 0.86 188.03% 27.90%
Banks (Regional) 645 0.47 60.51% 25.43%
Beverage (Alcoholic) 25 0.79 29.02% 10.86%
Beverage (Soft) 36 0.91 24.51% 5.87%
Broadcasting 30 1.22 95.92% 18.54%
Brokerage & Investment Banking 45 1.08 232.21% 13.59%
Building Materials 41 1.01 26.98% 23.39%
Business & Consumer Services 165 1.07 35.10% 12.61%
Cable TV 14 1.12 49.24% 20.28%
Chemical (Basic) 45 1.00 58.62% 7.71%
Chemical (Diversified) 8 1.52 35.52% 6.59%
Chemical (Specialty) 100 1.20 29.98% 9.58%
Coal & Related Energy 38 1.36 138.55% 0.48%
Global Companies Betas by Sector January 2016

Industry Name Number of firms Beta D/E Ratio Tax rate

Computer Services 117 0.99 28.33% 11.18%
Computers/Peripherals 55 1.06 19.60% 5.68%
Construction Supplies 51 1.31 42.57% 18.44%
Diversified 24 0.76 35.98% 11.55%
Drugs (Biotechnology) 426 1.40 19.45% 1.44%
Drugs (Pharmaceutical) 164 1.02 14.58% 2.54%
Education 36 1.23 33.38% 9.29%
Electrical Equipment 119 1.14 19.15% 5.87%
Electronics (Consumer & Office) 24 1.08 19.39% 3.81%
Electronics (General) 164 0.86 17.87% 8.85%
Engineering/Construction 48 1.18 32.45% 15.15%
Entertainment 79 1.20 30.83% 5.50%
Environmental & Waste Services 89 0.85 38.98% 5.07%
Farming/Agriculture 37 0.92 60.04% 7.89%
Financial Svcs. (Non-bank & Insu 258 0.65 1124.41% 20.80%
Food Processing 87 0.75 26.84% 14.66%
Food Wholesalers 16 1.20 36.34% 11.77%
Furn/Home Furnishings 30 0.84 29.01% 14.58%
Green & Renewable Energy 25 1.14 174.38% 4.25%
Healthcare Products 254 1.04 17.96% 6.12%
Healthcare Support Services 121 0.94 32.18% 14.31%
Heathcare Information and Techn 125 0.95 20.70% 6.32%
Homebuilding 33 1.08 66.29% 27.28%
Hospitals/Healthcare Facilities 38 1.10 170.77% 12.06%
Hotel/Gaming 69 0.96 55.28% 11.23%
Household Products 129 0.80 21.20% 9.05%
Global Companies Betas by Sector January 2016

Industry Name Number of firms Beta D/E Ratio Tax rate

Information Services 64 0.98 20.46% 16.37%
Insurance (General) 19 0.90 38.95% 18.33%
Insurance (Life) 22 1.03 71.41% 22.91%
Insurance (Prop/Cas.) 50 0.83 31.11% 22.27%
Investments & Asset Managemen 156 0.90 61.59% 7.71%
Machinery 127 1.06 21.70% 11.73%
Metals & Mining 97 1.30 51.98% 1.16%
Office Equipment & Services 24 1.49 54.32% 16.68%
Oil/Gas (Integrated) 7 1.08 16.91% 1.14%
Oil/Gas (Production and Explorati 330 1.38 46.98% 0.32%
Oil/Gas Distribution 78 1.20 77.05% 2.93%
Oilfield Svcs/Equip. 148 1.37 32.66% 4.11%
Packaging & Container 26 0.84 56.03% 24.47%
Paper/Forest Products 23 1.12 49.34% 14.46%
Power 68 0.54 87.30% 19.27%
Precious Metals 109 1.25 24.11% 1.84%
Publishing & Newspapers 37 1.32 56.95% 14.32%
R.E.I.T. 238 0.72 79.46% 1.72%
Real Estate (Development) 18 0.68 60.51% 1.97%
Real Estate (General/Diversified) 11 1.27 24.33% 15.32%
Real Estate (Operations & Servic 54 0.99 76.67% 8.78%
Recreation 66 0.92 31.12% 13.21%
Reinsurance 3 0.75 32.38% 19.33%
Restaurant/Dining 86 0.77 35.01% 16.47%
Retail (Automotive) 25 0.91 59.89% 22.58%
Retail (Building Supply) 6 1.30 21.86% 20.11%
Global Companies Betas by Sector January 2016

Industry Name Number of firms Beta D/E Ratio Tax rate

Retail (Distributors) 88 1.10 56.95% 16.95%
Retail (General) 19 1.05 39.57% 22.22%
Retail (Grocery and Food) 14 0.69 66.85% 24.11%
Retail (Online) 57 1.23 9.63% 8.46%
Retail (Special Lines) 108 1.02 52.13% 21.29%
Rubber& Tires 4 1.35 72.35% 10.09%
Semiconductor 80 1.20 14.09% 7.71%
Semiconductor Equip 45 1.10 16.35% 11.13%
Shipbuilding & Marine 11 1.20 48.41% 7.30%
Shoe 10 0.85 10.26% 14.47%
Software (Entertainment) 13 0.98 14.74% 1.04%
Software (Internet) 297 1.13 4.27% 3.49%
Software (System & Application) 236 1.13 21.50% 5.67%
Steel 38 1.60 47.93% 7.94%
Telecom (Wireless) 17 1.12 114.58% 9.11%
Telecom. Equipment 107 0.99 24.55% 6.14%
Telecom. Services 67 1.04 65.89% 13.36%
Tobacco 22 1.28 17.18% 8.84%
Transportation 17 1.01 31.98% 17.46%
Transportation (Railroads) 7 0.79 27.94% 22.17%
Trucking 30 1.21 90.80% 26.74%
Utility (General) 18 0.38 68.37% 25.62%
Utility (Water) 22 0.65 43.47% 11.97%
Total Market 7330 1.00 67.90% 10.44%
Total Market (without financia 6100 1.08 35.71% 8.31%
 Global Companies Betas by Sector January 2016

US companies

html
s
le/variable.htm

Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
0.85 6.27% 0.91 0.6671
0.89 5.21% 0.94 0.5241
0.73 4.23% 0.76 0.4760
0.67 4.30% 0.71 0.4968
0.35 6.46% 0.38 0.6222
0.85 8.90% 0.94 0.5478
0.37 9.89% 0.41 0.2658
0.33 10.76% 0.36 0.2325
0.63 11.30% 0.71 0.5805
0.74 4.84% 0.78 0.5856
0.68 2.17% 0.70 0.4266
0.36 14.97% 0.42 0.4577
0.83 4.05% 0.87 0.3818
0.82 3.52% 0.85 0.5200
0.80 2.32% 0.82 0.3395
0.65 4.00% 0.68 0.5526
1.14 6.50% 1.22 0.5298
0.94 3.97% 0.98 0.4924
0.57 5.34% 0.61 0.6001
Global Companies Betas by Sector January 2016

Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
0.79 5.24% 0.83 0.5390
0.89 5.61% 0.94 0.4866
0.98 4.68% 1.02 0.4424
0.58 7.84% 0.63 0.3951
1.18 5.54% 1.25 0.5805
0.89 3.98% 0.93 0.6179
0.94 10.16% 1.05 0.5865
0.97 6.42% 1.04 0.6252
0.91 5.99% 0.97 0.6086
0.74 10.02% 0.83 0.4951
0.93 8.26% 1.01 0.5056
0.93 3.59% 0.97 0.6605
0.62 0.95% 0.63 0.5837
0.59 3.88% 0.62 0.5482
0.07 2.29% 0.07 0.2947
0.61 2.57% 0.63 0.4214
0.91 1.76% 0.93 0.3878
0.67 3.39% 0.69 0.4789
0.43 8.85% 0.47 0.6770
0.89 3.91% 0.92 0.5348
0.74 10.07% 0.82 0.5096
0.80 4.22% 0.83 0.5458
0.73 5.33% 0.77 0.3321
0.44 1.43% 0.45 0.4817
0.64 3.43% 0.67 0.4598
0.67 2.97% 0.69 0.5926
Global Companies Betas by Sector January 2016

Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
0.84 3.71% 0.87 0.3452
0.69 3.92% 0.71 0.2761
0.67 16.83% 0.80 0.2818
0.67 4.61% 0.70 0.2524
0.57 15.46% 0.68 0.3809
0.89 4.28% 0.93 0.4467
0.86 2.98% 0.89 0.7440
1.03 6.31% 1.09 0.4362
0.93 2.05% 0.95 0.5161
0.94 5.44% 0.99 0.6405
0.68 0.76% 0.69 0.4215
1.04 6.27% 1.11 0.5450
0.59 2.55% 0.60 0.3546
0.79 4.87% 0.83 0.5042
0.32 2.46% 0.33 0.2648
1.01 8.33% 1.10 0.7586
0.89 7.77% 0.96 0.4132
0.41 1.61% 0.41 0.2392
0.43 8.47% 0.47 0.6038
1.05 3.71% 1.09 0.4391
0.58 5.21% 0.62 0.5913
0.73 4.54% 0.76 0.5233
0.59 8.30% 0.65 0.2514
0.59 2.36% 0.61 0.4123
0.62 1.12% 0.63 0.4333
1.11 1.66% 1.12 0.2621
Global Companies Betas by Sector January 2016

Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
0.75 2.19% 0.77 0.5018
0.80 2.73% 0.82 0.2805
0.46 1.25% 0.46 0.3599
1.13 3.79% 1.17 0.5212
0.73 4.29% 0.76 0.4108
0.82 8.09% 0.89 0.4555
1.06 4.78% 1.11 0.4717
0.96 12.69% 1.10 0.4324
0.83 2.83% 0.85 0.5953
0.78 5.59% 0.83 0.3007
0.86 11.29% 0.96 0.6124
1.09 2.64% 1.12 0.6293
0.94 5.33% 0.99 0.5614
1.11 7.04% 1.19 0.5972
0.55 5.92% 0.58 0.6530
0.80 6.86% 0.86 0.4893
0.66 1.78% 0.68 0.4531
1.11 2.38% 1.13 0.6350
0.80 3.51% 0.83 0.3969
0.65 1.82% 0.66 0.2829
0.72 4.25% 0.76 0.4577
0.25 0.65% 0.25 0.1515
0.47 0.43% 0.47 0.4530
0.62 4.92% 0.65 0.4822
0.81 4.08% 0.85 0.5249
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last 10
Standard deviation of equity years)
72.80% 17.05%
40.75% 14.67%
38.61% 99.37%
47.15% 24.77%
29.21% 366.54%
50.64% 54.10%
25.85% Err:512
22.84% Err:512
44.18% 27.49%
52.80% 16.55%
41.01% 18.50%
44.96% 40.20%
33.77% 48.36%
44.71% 20.37%
30.78% 40.08%
59.91% 54.64%
45.48% 26.46%
45.44% 27.95%
73.31% 84.87%
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last 10
Standard deviation of equity years)
45.57% 16.36%
60.29% 57.15%
38.87% 28.00%
23.28% 21.92%
75.23% 68.61%
67.61% 12.05%
51.51% 43.36%
54.63% 17.78%
66.94% 57.44%
48.91% 30.66%
44.23% 20.48%
44.71% 18.90%
57.94% 14.25%
41.14% 26.67%
29.20% 45.33%
30.98% 22.15%
52.66% 15.60%
42.94% 28.13%
47.60% 97.34%
56.59% 11.19%
50.06% 22.08%
52.46% 37.38%
33.76% 137.06%
44.67% 32.38%
39.32% 26.38%
50.91% 6.48%
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last 10
Standard deviation of equity years)
36.65% 34.87%
30.38% 76.49%
27.80% 34.97%
25.41% 59.96%
34.30% 32.59%
38.59% 22.89%
77.36% 32.69%
33.85% 14.76%
46.30% 44.08%
75.08% 70.00%
45.13% 45.25%
60.50% 33.60%
29.58% 20.50%
38.67% 38.75%
24.11% 7.62%
78.31% 72.93%
48.08% 13.57%
24.67% 27.75%
39.45% 336.02%
24.99% 170.32%
50.15% 41.20%
46.01% 28.71%
21.23% 79.92%
39.10% 21.59%
28.30% 36.36%
39.62% 23.30%
Global Companies Betas by Sector January 2016

Standard deviation in
operating income (last 10
Standard deviation of equity years)
40.48% 38.55%
40.00% 6.58%
35.13% 17.61%
48.86% 51.38%
42.19% 21.86%
63.88% 46.21%
42.08% 33.61%
38.24% 50.41%
73.54% 24.62%
37.21% 26.27%
48.14% 119.34%
55.85% 46.53%
47.40% 17.04%
54.19% 65.41%
37.67% 42.23%
49.24% 17.73%
47.21% 37.74%
61.73% 16.67%
32.72% 24.08%
27.05% 28.20%
42.01% 33.32%
19.32% 6.86%
45.04% 25.14%
45.04% 17.28%
48.81% 16.91%
CAPITAL TOTAL $ 900,000,000
CAPITAL $ 360,000,000
DEUDA $ 540,000,000
TASA 15% EA 5 AOS

BODEGA Y OF $ 500,000,000 50%

MAQUINARIA $ 250,000,000 CONTADO

CAPACIDAD INS 4500 FRASCOS / MES

MATERIA PRIMA $ 4,500 POR FRASCO

GERENTE $ 7,000,000 MAS $ 1,500

CALIDAD $ 2,000,000

VENDEDORES $ 1,200,000 MAS $ 400

ASISTENCIAL $ 900,000

ENERGIA $ 10,000,000

AGUA Y TEL $ 4,000,000

DEPRECIACION 10 AOS LINEA RECTA

IMPUESTO 33%

MERCADEO $ 2,500 FRASCO

CRECIMIENTO 10% ANUAL

PRECIO VENTA $ 25,000

INFLACION 6%
CUOTAS FIJAS ANUALES

CONTADO 50% AO SIN INTERESES

POR FRASCO

POR FRASCO 4 VENDEDORES

10 ASISTENTES
 AO
0 1
Crecimiento ventas 0% 10%
Inflacin 0% 6%

Ventas 0 54000
Capacidad instalada 0 54000
Precio venta $0 $ 25,000

Ingresos $0 $ 1,350,000,000

$0 $ 4,500
Materia prima
$0 $ 243,000,000

$0 $ 2,500
Mercadeo
$0 $ 135,000,000

Energia $0 $ 120,000,000

Agua y telefono $0 $ 48,000,000

 AO
2 3 4 5
10% 10% 10% 10%
6% 6% 6% 6%

54000 54000 54000 54000

54000 54000 54000 54000
$ 26,500 $ 28,090 $ 29,775 $ 31,562

$ 1,431,000,000 $ 1,516,860,000 $ 1,607,871,600 $ 1,704,343,896

$ 4,770 $ 5,056 $ 5,360 $ 5,681

$ 257,580,000 $ 273,034,800 $ 289,416,888 $ 306,781,901

$ 2,650 $ 2,809 $ 2,978 $ 3,156

$ 143,100,000 $ 151,686,000 $ 160,787,160 $ 170,434,390

$ 127,200,000 $ 134,832,000 $ 142,921,920 $ 151,497,235

$ 50,880,000 $ 53,932,800 $ 57,168,768 $ 60,598,894

DEUDA $ 540,000,000
Tasa Interes 15% EA
Plazo 5 Aos
Modalidad CUOTAS FIJAS ANUALES
VALOR CUOTA -$161,090,398

0
Cuota
Intereses
Amortizacion Capital
Saldo $ 540,000,000
 1 2 3 4 5
-$161,090,398 -$161,090,398 -$161,090,398 -$161,090,398 -$161,090,398
$ 81,000,000 $ 68,986,440 $ 55,170,847 $ 39,282,914 $ 21,011,791
-$ 80,090,398 -$ 92,103,958 -$ 105,919,552 -$ 121,807,485 -$ 140,078,607
$ 459,909,602 $ 367,805,644 $ 261,886,092 $ 140,078,607 $0
 1 2 3
Construcciones $ 50,000,000 $ 50,000,000 $ 50,000,000
Maquinaria y Equipos $ 25,000,000 $ 25,000,000 $ 25,000,000
 4 5 6 7 8 9
$ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
$ 25,000,000 $ 25,000,000 $ 25,000,000 $ 25,000,000 $ 25,000,000 $ 25,000,000
 10
$ 50,000,000
$ 25,000,000
 0 1 2

Fijo $0 $ 84,000,000 $ 89,040,000

$0 $ 1,500 $ 1,590
Variable
Gerente $0 $ 81,000,000 $ 85,860,000

Total $0 $ 165,000,000 $ 174,900,000

Fijo $0 $ 57,600,000 $ 61,056,000

$0 $ 400 $ 424
Variable
Vendedores (4) $0 $ 21,600,000 $ 22,896,000

Total $0 $ 79,200,000 $ 83,952,000

Jefe Control Calidad Fijo $0 $ 24,000,000 $ 25,440,000

Asistencial Fijo $0 $ 108,000,000 $ 114,480,000

Total Salarios $0 $ 376,200,000 $ 398,772,000

 3 4 5

$ 94,382,400 $ 100,045,344 $ 106,048,065

$ 1,685 $ 1,787 $ 1,894
$ 91,011,600 $ 96,472,296 $ 102,260,634

$ 185,394,000 $ 196,517,640 $ 208,308,698

$ 64,719,360 $ 68,602,522 $ 72,718,673

$ 449 $ 476 $ 505
$ 24,269,760 $ 25,725,946 $ 27,269,502

$ 88,989,120 $ 94,328,467 $ 99,988,175

$ 26,966,400 $ 28,584,384 $ 30,299,447

$ 121,348,800 $ 128,629,728 $ 136,347,512

$ 422,698,320 $ 448,060,219 $ 474,943,832

 ITEM
0
CAPITAL -$ 360,000,000
DEUDA $ 540,000,000
BODEGAS Y OFICINAS -$ 250,000,000
MAQUINARIA Y EQUIPOS -$ 250,000,000
VENTAS $0
GASTOS OPERACIONALES -$ 320,000,000
Salarios $0
Energia $0
Agua y Telefono $0
COSTOS DE PRODUCCION $0
Mercadeo $0
Materia Prima $0
DEPRECIACION $0
Construcciones $0
Maquinaria y equipos $0
GASTOS FINANCIEROS $0
Utilidad antes de impuestos $0
IMPUESTO $0
UTILIDAD NETA -$ 320,000,000

DIVIDENDOS ACCIONISTAS $0

EFECTIVO EMPRESA -$ 320,000,000

TASA 20%

VPN EMPRESA $3,605,942

VPN ACCIONISTAS -$104,262,705

TIR 20%
 AO
1 2 3 4

-$ 250,000,000

$ 1,350,000,000 $ 1,431,000,000 $ 1,516,860,000 $ 1,607,871,600

-$ 794,200,000 -$ 576,852,000 -$ 611,463,120 -$ 648,150,907
-$ 376,200,000 -$ 398,772,000 -$ 422,698,320 -$ 448,060,219
-$ 120,000,000 -$ 127,200,000 -$ 134,832,000 -$ 142,921,920
-$ 48,000,000 -$ 50,880,000 -$ 53,932,800 -$ 57,168,768
-$ 378,000,000 -$ 400,680,000 -$ 424,720,800 -$ 450,204,048
-$ 135,000,000 -$ 143,100,000 -$ 151,686,000 -$ 160,787,160
-$ 243,000,000 -$ 257,580,000 -$ 273,034,800 -$ 289,416,888
-$ 75,000,000 -$ 75,000,000 -$ 75,000,000 -$ 75,000,000
-$ 50,000,000 -$ 50,000,000 -$ 50,000,000 -$ 50,000,000
-$ 25,000,000 -$ 25,000,000 -$ 25,000,000 -$ 25,000,000
-$ 81,000,000 -$ 68,986,440 -$ 55,170,847 -$ 39,282,914
$ 21,800,000 $ 309,481,560 $ 350,505,233 $ 395,233,731
$ 7,194,000 $ 102,128,915 $ 115,666,727 $ 130,427,131
$ 14,606,000 $ 207,352,645 $ 234,838,506 $ 264,806,600

$ 5,842,400 $ 82,941,058 $ 93,935,403 $ 105,922,640

$ 8,763,600 $ 124,411,587 $ 140,903,104 $ 158,883,960

 5

$ 1,704,343,896
-$ 687,039,962
-$ 474,943,832
-$ 151,497,235
-$ 60,598,894
-$ 477,216,291
-$ 170,434,390
-$ 306,781,901
-$ 75,000,000
-$ 50,000,000
-$ 25,000,000
-$ 21,011,791
$ 444,075,852
$ 146,545,031
$ 297,530,821

$ 119,012,328

$ 178,518,493
Proporcin Recursos propios 40%
Proporcin Deuda 60%

Costo de la deuda 15%

Costo de la deuda (1-t) 10.05%
Tasa libre de riesgo 1.32%
Rm 14.93%
beta 0.89
Riesgo pas 2.51%
Re 15.90%
WACC 12.39%