23-Sep-08

$ 0.97

Al 30/06/08
al 30 de diciembre (*) 2006 2007 2008e
Datos relevantes (en USD)
Acciones en circulación (mill.) 445 445 445
Ventas por acción 0.32 0.36 0.39
Ganancias por acción 731.79 (0.00) 0.00
Dividendos por acción 0.00 0.00 0.00
Cash Flow por acción (ex Inversiones) 0.08 0.07 0.09
Indicadores de Rentabildad
ROE 0.1% -0.5% 0.5%
ROA 0.0% -0.3% 1.0%
EBITDA Margin 45.0% 37.5% 39.7%
Margen Neto 0.2% -1.1% 0.8%
Indicadores de Endeudamiento
Pasivo / P. Neto 91% 88% 83%
Pasivo CP / Total Pasivo 12% 12% 11%
Intereses / EBITDA 31% 43% 46%
Indicadores de Valuación
Precio / Valor Libro 0.8 0.7 0.4
Precio / Utilidad - - 99.5
Precio / Ventas 2.0 1.5 0.8
Precio / Cash Flow 8.2 7.6 3.6
Enterprise Value / EBITDA 7.9 7.5 3.9
Dividend Yield 0.0% 0.0% 0.0%
TRAN
En US$ M
Ventas

Resul Bruto

Gast Adm

Res Oper

De Fin Bruta

Caja

Efec Fin

Res Inv Perm

Otros Ingresos

Impuesto Gan

Ganancia

Amorti

EBITDA

Divi Pag

Cash Flow

VENTAS
Concepto Montos en $
Servicio de transporte de energia TRANSENER
IV Cuarta Linea Comahue
Supervisiones, Mantenimiento y otros ingresos
Transener Internacional

Cantidad
Servicio de transporte de energia TRANSENER GWh
IV Cuarta Linea Comahue
Otros ingresos

Precio
Servicio de transporte de energia TRANSENER Mwh
IV Cuarta Linea Comahue
Otros ingresos

Variaciones Montos
Servicio de transporte de energia TRANSENER
IV Cuarta Linea Comahue
Supervisiones, Mantenimiento y otros ingresos
Transener Internacional

Variaciones en la Cantidad
Servicio de transporte de energia TRANSENER
IV Cuarta Linea Comahue
Otros ingresos

Variaciones en el Precio
Servicio de transporte de energia TRANSENER
IV Cuarta Linea Comahue
Supervisiones, Mantenimiento y otros ingresos
Transener Internacional

COSTOS

Costos de Explotación
Sueldos
Materiales para Obras
Depreciacion Bienes de Uso y Otros Activos
Amortizacion Otros Activos
Otros Costos

Gastos de Administracion
Sueldos
Depreciacion Bienes de Uso y Otros Activos
Seguros
Otros Costos

Costos de Explotación
Sueldos
Materiales para Obras
Depreciacion Bienes de Uso y Otros Activos
Amortizacion Otros Activos
Otros Costos

Gastos de Administracion
Sueldos
Depreciacion Bienes de Uso y Otros Activos
Seguros
Otros Costos

RESULTADOS

VENTAS
COSTOS DE EXPLOTACIÓN
RESULTADO BRUTO
MG BRUTO
COSTOS DE ADMINISTRACION
RESULTADO OPERATIVO
MG OPERATIVO
3/31/2005 6/30/2005 9/30/2005 12/31/2005 2005
27.6 28.9 30.6 36.8 124.0

6.2 5.4 5.2 15.7 32.6

22.5% 18.8% 17.1% 42.7% 26.3%
2.8 2.9 3.1 3.2 12.1
10.1% 10.2% 10.2% 8.7% 9.7%
3.4 2.5 2.1 12.5 20.6
12.4% 8.6% 6.9% 34.0% 16.6%
573.3 259.5 264.6 260.2 260.2

73.0 12.1 14.6 7.7 7.7

2.2 208.0 -9.8 -22.8 177.6

0.4% 80.2% -3.7% -8.8% 143.2%
0.0 0.0 0.0 -0.1 -0.1
0.1% 0.1% 0.1% -0.4% 0.0%
0.1 0.1 0.4 0.3 0.8
0.3% 0.3% 1.4% 0.7% 0.7%
-0.76 -14.63 22.14 -3.70 3.05
-2.8% -50.6% -10.0% 2.5%
5.0 196.0 14.9 -13.9 202.0
18.2% 677.7% 48.7% -37.7% 162.9%
8.7 8.8 8.3 7.5 33.3
31.3% 30.6% 27.1% 20.4% 26.9%
12.1 11.3 10.4 20.0 53.9
43.8% 39.2% 33.9% 54.4% 43.4%
0.8 0.1 0.0 0.0 0.8

12.9 204.8 23.2 -6.4 234.5

46.8% 708.0% 75.8% -17.2% 189.1%
3/31/2006 6/30/2006 9/30/2006 12/31/2006 2006 3/31/2007
34.4 32.1 37.6 39.1 143.2 40.0

10.9 10.8 11.5 11.0 44.2 13.1

31.7% 33.5% 30.7% 28.1% 30.9% 32.9%
3.1 3.4 3.1 3.9 13.4 3.6
9.0% 10.5% 8.2% 9.9% 9.4% 9.0%
7.8 7.4 8.5 7.1 30.8 9.5
22.7% 23.0% 22.5% 18.2% 21.5% 23.8%
259.9 245.5 246.3 238.1 238.1 243.7

16.4 12.9 25.0 8.4 8.4 13.0

-8.8 -6.3 -7.1 -15.2 -37.4 -8.9

-3.4% -2.6% -2.9% -6.4% -26.1% -3.7%
-0.1 0.0 0.0 0.0 -0.1 0.0
-0.2% -0.1% -0.1% 0.0% -0.1% -0.1%
0.0 -0.2 0.4 0.0 0.2 0.0
0.0% -0.7% 1.1% 0.1% 0.1% 0.0%
-1.49 1.31 -0.01 7.14 6.95 -1.46
-4.3% 4.1% 0.0% 18.3% 4.9% -3.6%
-2.6 2.1 1.7 -1.0 0.3 -0.9
-7.4% 6.6% 4.6% -2.5% 0.2% -2.1%
8.2 8.4 8.5 8.5 33.7 8.4
23.9% 26.1% 22.7% 21.7% 23.5% 21.1%
16.1 15.8 17.0 15.6 64.4 18.0
46.7% 49.1% 45.2% 39.9% 45.0% 45.0%
0.0 0.1 0.0 0.0 0.1 0.0

5.7 10.5 10.3 7.5 33.9 7.6

16.5% 32.6% 27.3% 19.3% 23.7% 19.0%

106.1 98.9 117.7 116.9 439.5 124.1

55.1 56.9 57.2 55.5 224.7 54.5
14.8 15.1 15.2 15.6 60.6 15.8
21.5 16.6 31.9 31.1 101.1 40.5
14.6 10.4 13.4 14.7 53.1 13.2

24,411 25,011 25,942 25,961 101,324 26,503

 97.4
2.26 2.27 2.21 2.14 2.22 2.06

- -
- -
- -
- -
- -
- -
- -
- -
- 17.0%
- -1.1%
- 7.2%
- 88.3%
-9.6%

- - - - -
- - - - - 8.6%
- - - - - -
- - - - - -

- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
- -8.9%
- 7.2%
- 88.3%
- -9.6%

72.4 65.7 81.9 83.8 303.9 83.4

18.7 19.2 21.5 22.6 82.0 23.5
15.0 9.6 16.8 18.0 59.4 20.8
12.6 13.0 13.1 13.4 52.1 13.4
11.4 11.4 11.4 11.4 45.5 11.4
14.7 12.6 19.2 18.5 64.9 14.4

9.5 10.4 9.7 11.6 41.2 11.2

3.6 4.2 3.8 4.5 16.1 4.7
1.4 1.4 1.4 1.4 5.7 1.4
1.3 1.2 1.5 1.6 5.6 1.5
3.3 3.6 2.9 4.0 13.9 3.5

15.1%
25.3%
38.6%
5.8%
0.0%
 -2.3%

17.7%
31.7%
5.4%
21.5%
6.2%

106.1 98.9 117.7 116.9 439.5 124.1

72.4 65.7 81.9 83.8 303.9 83.4
33.6 33.1 35.8 33.1 135.6 40.8
31.70% 33.52% 30.41% 28.28% 30.86% 32.83%
9.5 10.4 9.7 11.6 41.2 11.2
24.1 22.7 26.1 21.5 94.4 29.5
22.72% 22.99% 22.18% 18.38% 21.48% 23.80%
6/30/2007 9/30/2007 12/31/2007 2007e 3/31/2008 6/30/2008
39.7 39.0 41.5 160.2 34.8 37.5

7.8 10.2 10.9 42.0 9.1 6.5

19.6% 26.1% 26.3% 26.2% 26.2% 17.4%
3.8 3.7 4.5 15.6 4.0 4.6
9.5% 9.5% 10.8% 9.7% 11.4% 12.2%
4.0 6.5 6.4 26.4 5.1 2.0
10.0% 16.6% 15.5% 16.5% 14.8% 5.2%
Err:508 238.7 205.0 205.0 239.0 233.5

Err:508 22.7 37.0 37.0 22.3 12.9

-4.5 -7.8 -4.2 -25.4 -6.1 5.2

-11.3% -19.9% -5.0% -15.8% -17.5% 14.0%
0.0 0.0 0.0 -0.1 0.1 0.0
-0.1% -0.1% -0.1% 0.0% 0.2% 0.1%
0.2 0.3 2.3 2.8 1.3 1.9
0.5% 0.8% 0.5% 1.8% 3.7% 5.0%
-0.97 -1.26 -1.96 -5.64 -1.54 -4.41
-2.4% -3.2% 1.0% -3.5% -4.4% -11.8%
-1.3 -2.3 2.6 -1.8 -1.2 4.7
-3.3% -5.8% 6.3% -1.1% -3.3% 12.6%
8.5 8.2 9.5 34.7 9.0 9.9
21.4% 21.1% 23.0% 21.7% 25.8% 23.7%
12.5 14.7 16.0 61.2 14.1 11.8
31.5% 37.8% 38.5% 38.2% 40.5% 31.5%
0.0 0.1 0.0 0.1 0.0 0.0

7.2 5.9 12.1 32.8 7.8 14.6

18.2% 15.0% 29.3% 20.5% 22.5% 38.9%

122.3 127.5 130.8 504.7 110.3 108.5

57.3 57.9 58.3 228.1 55.8 57.3
16.2 16.2 16.4 64.6 17.1 17.3
37.3 33.6 39.8 151.2 25.8 29.6
11.5 19.8 16.4 60.9 11.7 4.3

26,878 27,347 26,472 107,200 27,447 27,289

 2.13 2.12 2.20 2.13 2.03 2.10

23.7% 8.4% 11.9% 14.8% -11.1% -11.2%

0.9% 1.2% 5.1% 1.5% 2.3% 0.0%
7.0% 7.0% 5.0% 6.5% 7.6% 7.2%
125.4% 5.4% 27.8% 49.6% -36.4% -20.7%
10.8% 47.9% 11.5% 14.7% -11.5% -62.5%

7.5% 5.4% 2.0% 5.8% 3.6% 1.5%

- - - - - -
- - - - - -

-6.2% -4.0% 3.0% -4.1% -1.2% -1.5%

7.0% 7.0% 5.0% 6.5% 7.6% 7.2%
125.4% 5.4% 27.8% 49.6% -36.4% -20.7%
10.8% 47.9% 11.5% 14.7% -11.5% -62.5%

98.4 94.2 96.4 372.3 81.5 90.0

25.4 25.9 30.1 104.9 26.8 30.1
15.1 20.0 15.8 71.7 7.5 11.0
13.5 22.6 4.6 54.1 15.4 15.5
11.4 11.4 11.4 45.5 11.4 11.4
33.0 14.3 34.4 96.1 20.4 22.0

8.7 14.7 14.4 49.1 12.6 13.3

4.7 4.7 5.9 20.0 5.3 5.4
1.5 1.5 1.5 5.8 1.7 1.7
1.4 2.2 2.4 7.5 2.1 2.3
1.2 6.4 4.6 15.8 3.5 3.9

49.6% 15.1% 15.0% 22.52% -2.3% -8.5%

32.5% 20.7% 33.4% 28.02% 14.1% 18.5%
57.4% 19.2% -12.1% 20.76% -63.9% -26.9%
3.7% 72.9% -65.5% 3.85% 15.3% 14.8%
0.0% 0.0% 0.0% 0.00% 0.0% 0.0%
 162.6% -25.4% 86.3% 47.96% 42.2% -33.3%

-16.2% 52.2% 24.7% 19.23% 12.3% 52.2%

11.6% 24.4% 31.5% 24.69% 13.6% 16.3%
2.8% 3.4% 2.3% 3.47% 15.9% 15.6%
15.6% 40.2% 54.3% 34.75% 35.8% 69.4%
-65.8% 119.0% 13.6% 13.12% -1.3% 211.3%

122.3 127.5 130.8 504.7 110.3 108.5

98.4 94.2 96.4 372.3 81.5 90.0
23.9 33.3 34.4 132.4 28.9 18.5
19.56% 26.12% 26.31% 26.23% 26.16% 17.05%
8.7 14.7 14.4 49.1 12.6 13.3
15.2 18.6 20.0 83.3 16.3 5.2
12.42% 14.55% 15.27% 16.50% 14.75% 4.80%
30/09/2008e 31/12/2008e 2008e 31/03/2009e 30/06/2009e 30/09/2009e
45.2 30.1 147.6 35.1 34.6 45.2

14.4 -2.0 28.0 9.0 5.7 14.4

31.9% -6.8% 19.0% 25.7% 16.6% 31.9%
5.2 5.0 18.7 3.9 4.2 5.1
11.4% 16.6% 12.7% 11.2% 12.0% 11.3%
9.3 -7.0 9.3 5.1 1.6 9.3
20.5% -23.4% 6.3% 14.5% 4.6% 20.6%
0.0

0.0

-0.9
-0.6%
0.1
0.1%
3.2
2.1%
-5.94
-4.0%
7.0 -7.0 3.5
15.5% -23.4% 2.4%
12.1 6.9 37.8
24.5% 23.0% 25.6%
21.3 -0.1 47.1
47.1% -0.4% 31.9%
0.0 0.0 0.0

19.1 -0.1 41.4

42.1% -0.4% 28.0%

142.4 96.3 457.5 112.4 110.6 144.8

79.5 29.1 221.8 56.6 58.2 80.7
17.4 17.5 69.2 18.2 18.5 18.6
33.6 39.8 128.7 25.8 29.6 33.6
11.9 9.8 37.7 11.7 4.3 11.9

27,830 26,472 109,038 27,859 27,698 28,248

0
 0

2.86 1.10 2.03 2.03 2.10 2.86

11.7% -26.4% -9.4% 1.8% 1.9% 1.7%

37.4% -50.0% -2.7% 1.5% 1.5% 1.5%
7.0% 7.0% 7.2% 7.0% 7.0% 7.0%
0.0% 0.0% -14.8% 0.0% 0.0% 0.0%
-40.0% -40.0% -38.1% 0.0% 0.0% 0.0%

1.8% 0.0% 1.7% 1.5% 1.5% 1.5%

- - - - - -
- - - - - -

35.0% -50.0% -4.4% 0.0% 0.0% 0.0%

7.0% 7.0% 7.2% 7.0% 7.0% 7.0%
0.0% 0.0% -14.8% 0.0% 0.0% 0.0%
-40.0% -40.0% -38.1% 0.0% 0.0% 0.0%

96.9 102.8 371.2 83.5 92.2 98.6

28.5 33.2 118.5 26.8 30.1 28.5
15.0 11.9 45.4 7.5 11.0 15.0
24.9 5.1 60.9 15.4 15.5 24.9
11.4 11.4 45.5 11.4 11.4 11.4
17.2 41.3 100.9 22.5 24.2 18.9

16.3 16.0 58.1 12.6 13.3 16.3

5.2 6.5 22.5 5.3 5.4 5.2
1.7 1.7 6.7 1.7 1.7 1.7
2.4 2.7 9.5 2.1 2.3 2.4
7.0 5.1 19.4 3.5 3.9 7.0

2.9% 6.6% -0.29% 2.5% 2.4% 1.8%

10.0% 10.0% 12.97% 0.0% 0.0% 0.0%
-25.0% -25.0% -36.68% 0.0% 0.0% 0.0%
10.0% 10.0% 12.51% 0.0% 0.0% 0.0%
0.0% 0.0% 0.00% 0.0% 0.0% 0.0%
 20.0% 20.0% 5.03% 10.0% 10.0% 10.0%

10.5% 10.5% 18.33% 0.0% 0.0% 0.0%

10.0% 10.0% 12.32% 0.0% 0.0% 0.0%
15.0% 15.0% 15.38% 0.0% 0.0% 0.0%
10.0% 10.0% 26.04% 0.0% 0.0% 0.0%
10.0% 10.0% 23.39% 0.0% 0.0% 0.0%

142.4 96.3 457.5 112.4 110.6 144.8

96.9 102.8 371.2 83.5 92.2 98.6
45.5 -6.5 86.3 28.8 18.4 46.1
31.93% -6.79% 18.86% 25.67% 16.62% 31.87%
16.3 16.0 58.1 12.6 13.3 16.3
29.2 -22.5 28.2 16.3 5.1 29.9
20.48% -23.36% 6.15% 14.47% 4.59% 20.62%
31/12/2009e 2009e
30.6 145.5

-1.5 27.7
-5.0% 19.0%
5.0 18.2
16.3% 12.5%
-6.5 9.5
-21.3% 6.5%
0.0

0.0

0.0

0.0
0.0%
0.0
0.0%
0.0

0.0
0.0%

97.9 465.7
29.6 225.2
18.7 74.1
39.8 128.7
9.8 37.7

26,869 110,673
 1.10 2.03

1.7% 1.8%
1.5% 1.5%
7.0% 7.0%
0.0% 0.0%
0.0% 0.0%

1.5% 1.5%
- -
- -

0.0% 0.0%
7.0% 7.0%
0.0% 0.0%
0.0% 0.0%

102.8 377.2
33.2 118.5
11.9 45.4
5.1 60.9
11.4 45.5
41.3 106.9

16.0 58.1
6.5 22.5
1.7 6.7
2.7 9.5
5.1 19.4

0.0% 1.61%
0.0% 0.00%
0.0% 0.00%
0.0% 0.00%
0.0% 0.00%
 0.0% 5.91%

0.0% 0.00%
0.0% 0.00%
0.0% 0.00%
0.0% 0.00%
0.0% 0.00%

97.9 465.7
102.8 377.2
-4.9 88.5
-4.98% 19.00%
16.0 58.1
-20.8 30.4
-21.27% 6.52%
113.1
Transener
DCF 08e
Ingreso Operativo 28.16
(-) Impuestos 9.85
Depreciación 115.00
Capex 50.00
Free Cash Flow 83.30
Factor de Descuento 1.00
Valor Actual 83.30
Flujo de Caja Descontado 932.63
Deuda Neta 07e 661.20
Precio de la acción ($) 0.61

WACC
Tasa libre de Riesgo (RL) 3.80%
Riesgo Pais 6.00%
Prima de Riesgo (Rm - RL) 5.50%
Beta 0.8
Retorno esperado del capital (r kp) 14.20%
Costo de la deuda antes de impuestos (rd) 8.00%
Tasa de impuesto 35.00%
Costo Neto de la Deuda 5.20%
%D 40%
% KP 60%
WACC 10.60%
Parámetros
Tasa Imp 35.00%
WACC 10.60%
Tasa perpetua de crecimiento 1.00%
Nro de acciones 444

Flujos proyectados 2008e

Ingreso Operativo 28.16
EBITDA Mg. 48.8%
Impuestos 9.85
Depreciación 115.00
CAPEX y WC 50.00
Free Cash Flow 83.30

Parámetros comunes a todos los escenarios considerados

 Tasa de descuento
Tasa libre de Riesgo (RL) 4.2%
Riesgo de Mercado (Rm-RL) 5.5%
Beta 0.80
Costo de deuda antes de impuestos 8.0%
Tasa de impuestos a las ganancias 35.0%
Costo Neto de la Deuda 5.2%

450
5%
EMBI 450 pb
Retorno Esperado sobre el Capital 12.70%
WACC 9.70%
Valor Actual Flujos Explícitos 503
Valor Actual Flujos Implícitos (Perpetuidad) 517
Valor Actual Flujo de Caja Total 1,019
Deuda Neta 08e 661
Precio Objetivo por Acción (US$) 0.81
Apreciación Implícita * 61%
Cotización = TRAN equity
* según cotización de TRAN al cierre de la jornada del 24/20/08

Fuente: Delphos Investment, Bloomberg y Estados Contables de la Compañía

EMBI 350 pb.

RL

Riesgo Pais

Prima de Riesgo

Beta

Ret esp del K

Costo D antes G

Tasa de impuesto

Costo Neto D

%D

% KP

WACC
EMBI 500 pb.
RL

Riesgo Pais

Prima de Riesgo

Beta

Ret esp del K

Costo D antes G

Tasa de impuesto

Costo Neto D

%D

% KP

WACC
 1
Factor de Descuento con EMBI 350 0.91

Valor actual con EMBI 350 160.6

Factor de Descuento con EMBI 400 0.91

Valor actual con EMBI 400 160.3

Factor de Descuento con EMBI 450 0.91

Valor actual con EMBI 450 160.1

Factor de Descuento con EMBI 500 0.90

Valor actual con EMBI 500 159.9

Factor de Descuento con EMBI 550 0.90

Valor actual con EMBI 550 159.7

Factor de Descuento con EMBI 600 0.90

Valor actual con EMBI 600 159.5

 1 2 3 4 5 6 7
09e 10e 11e 12e 13e 14e 15e
30.37 30.68 30.98 31.29 31.60 31.92 32.24
10.63 10.74 10.84 10.95 11.06 11.17 11.28
115.00 115.00 115.00 115.00 115.00 115.00 115.00
50.00 50.00 50.00 50.00 50.00 50.00 50.00
84.74 84.94 85.14 85.34 85.54 85.75 85.96
0.90 0.82 0.74 0.67 0.60 0.55 0.49
76.62 69.44 62.93 57.03 51.69 46.85 42.46 442.30

2009e 2010e 2011e 2012e 2013e 2014e 2015e

30.37 30.68 30.98 31.29 31.60 32.24 32.24
45.0% 44.4% 44.3% 44.1% 44.0% 43.8% 43.7%
10.63 10.74 10.84 10.95 11.06 11.28 11.28
115.00 115.00 115.00 115.00 115.00 115.00 115.00
60.00 50.00 50.00 50.00 50.00 50.00 50.00
74.74 84.94 85.14 85.34 85.54 85.96 85.96

rios considerados
 Estuctura de Capital Proyectada
% Deuda 40.0%
% Capital 60.0%

Otros Datos
Nro. De Acciones 444
Tasa perpetua de crecimiento 1.0%

500 550 600 650 700

5% 6% 6% 7% 7%
EMBI 500 pb EMBI 550 pb EMBI 600 pb EMBI 650 pb EMBI 700 pb
13.20% 13.70% 14.20% 14.70% 15.20%
10.00% 10.30% 10.60% 10.90% 11.20%
498 494 490 486 482
490 465 442 421 401
989 960 933 907 883
661 661 661 661 661
0.74 0.67 0.61 0.55 0.50
47% 34% 22% 11% 0%
0.5

EMBI 350 pb. EMBI 400 pb. EMBI 450 pb.

3.80% RL 3.80% RL 3.80%

4.5% Riesgo Pais 5.0% Riesgo Pais 5.5%

5.5% Prima de Riesgo 5.5% Prima de Riesgo 5.5%

0.8 Beta 0.8 Beta 0.8

12.70% Ret esp del K 13.20% Ret esp del K 13.70%

8.00% Costo D antes G 8.00% Costo D antes G 8.00%

35.00% Tasa de impuesto 35.00% Tasa de impuesto 35.00%

5.20% Costo Neto D 5.20% Costo Neto D 5.20%

40% %D 40% %D 40%

60% % KP 60% % KP 60%

9.70% WACC 10.00% WACC 10.30%

EMBI 500 pb. EMBI 550 pb. EMBI 600 pb.
3.80% RL 3.80% RL 3.80%

6.0% Riesgo Pais 6.5% Riesgo Pais 7.0%

5.5% Prima de Riesgo 5.5% Prima de Riesgo 5.5%

0.8 Beta 0.8 Beta 0.8

14.20% Ret esp del K 14.70% Ret esp del K 15.20%

8.00% Costo D antes G 8.00% Costo D antes G 8.00%

35.00% Tasa de impuesto 35.00% Tasa de impuesto 35.00%

5.20% Costo Neto D 5.20% Costo Neto D 5.20%

40% %D 40% %D 40%

60% % KP 60% % KP 60%

10.60% WACC 10.90% WACC 11.20%

 2 3 4 5 6 7 Perpetuidad
0.83 0.76 0.69 0.63 0.57 0.52

70.6 64.5 58.9 53.8 49.2 45.0 516.8

0.83 0.75 0.68 0.62 0.56 0.51

70.2 64.0 58.3 53.1 48.4 44.1 490.1

0.82 0.75 0.68 0.61 0.56 0.50

69.8 63.4 57.7 52.4 47.6 43.3 465.3

0.82 0.74 0.67 0.60 0.55 0.49

69.4 62.9 57.0 51.7 46.8 42.5 442.3

0.81 0.73 0.66 0.60 0.54 0.48

69.1 62.4 56.4 51.0 46.1 41.7 420.8

0.81 0.73 0.65 0.59 0.53 0.48

68.7 61.9 55.8 50.3 45.4 40.9 400.8

 Al 31 de Dic. Al 30 de Jun.
2006 2007 2008 %
Pasivo 944051 45.57%
Patrimonio Neto 1127753 54.43%

Patrimonio N

Evolucion de Ventas

VENTAS

VENTAS
10
8
6
4
2
0
 Pasivo 46%

Patrimonio Neto 54%

VENTAS
 WACC
MPDC
Weights
Unlevered Beta 0.80
MV Debt/Equity 0%
Levered Beta 0.80
Risk-Free Rate (30-year Treas) 3.80%
Rm - Rf 5.50%
Cost of Equity 8.20%
Pretax Cost of Debt 10.00%
Tax Rate less other tax 25.00%
After Tax Cost of Debt 7.50%
MV Weight of Debt % 39.3%
MV Weight of Common Stock % 60.7%
WACC 7.92%

Cap Bursatil Beta

Tran ar equity 222,000 0.80
 Project
MV Capital
Structure
Assets $ 2,047,000
Debt $ 705,537 76.1%
Equity $ 222,000 23.9%
MV D/E 318%

Current Capital Structure

$ 705,537 39.3%
$ 1,089,000 60.7%