anualidad equivalenter6%Ao0123VA (r=6%)Anualidad equivalenteEquipo A0.00 0.00 Anualidad equivalente se hace con la funcion - PAGOEquipo B0.00 0.00

TIR

AoA0-220,000.00 1150,000.00 2150,000.00 3150,000.00 4150,000.00 10%5-400,000.00 TIR5.62%VAN (r=10%)7,111.29

momento de compra220010%AoCoste ordenadorVA ahorro (r=10%)VAN (r=10%) ao de compraVA(r=10%) hoyVAN ao de compra es diferencia entre VAN ahorro y Coste ordenador05,000.00 6,973.70 1,973.70 1,973.70 14,000.00 6,973.70 2,973.70 2,703.37 En la ltima columna se hace el VA23,500.00 6,973.70 3,473.70 2,870.83 33,200.00 6,973.70 3,773.70 2,835.24 43,000.00 6,973.70 3,973.70 2,714.09

AoVA ahorro12,200.00 22,200.00 32,200.00 42,200.00 VA (r=10%)6,973.70

proyecto inversionOTROS DATOS DEL PROYECTOPeriodo medio fabricacin0Periodo medio venta60Periodo medio cobro clientes0Periodo medio pago proveedores30Tasa de inflacin3%Amortizacin lineal construcciones2%Amortizacin lineal maquinaria12.50%Tipo impuesto sociedades30%Variabilidad de flujos de caja100%Variabilidad de la inversin100%012345678Ao 0Ao 1Ao 2Ao 3Ao 4Ao 5Ao 6Ao 7Ao 8A. ACTIVOS FIJOSInversin en activos (ao 0)-4,000 Inversin en activos nominales-4,000 Ventas de activo fijos3,084 Flujo de caja A-4,000 3,084 B. CAPITAL CIRCULANTETesorera10 10 10 10 10 10 10 10 Existencias mercaderas135 140 144 148 152 157 162 167 Clientes 0.00.00.00.00.00.00.00.0Proveedores mat. primas-68 -70 -72 -74 -76 -79 -81 -83 NOF(Necesidad Operativa de Fondos)78 80 82 84 86 89 91 Variaciones NOF78 2 2 2 2 2 2 -91 Flujo de caja B-78 -2 -2 -2 -2 -2 -2 91 C. OPERACIONESVentas reales (ao 0)1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 Ventas nominales1,906 1,963 2,022 2,082 2,145 2,209 2,275 2,344 Compra mercaderas reales (ao 0)-800 -800 -800 -800 -800 -800 -800 -800 Compra mercaderas nominales-824 -849 -874 -900 -927 -955 -984 -1,013 Mano de obra reales (ao 0)-300 -300 -300 -300 -300 -300 -300 -300 Mano de obra nomimal-309 -318 -328 -338 -348 -358 -369 -380 Otros gastos reales (ao 0)-50 -50 -50 -50 -50 -50 -50 -50 Otros gastos nominal-52 -53 -55 -56 -58 -60 -61 -63 Amortizaciones-119 -119 -119 -119 -119 -119 -119 -119 Beneficio antes de impuestos602 624 646 669 692 717 742 768 Impuesto de sociedades-181 -187 -194 -201 -208 -215 -223 -230 Beneficio despus de impuestos421 437 452 468 485 502 519 537 Flujo de caja C540 556 571 587 604 621 638 656 D. VALORACIN DEL PROYECTOFlujos de caja totales-4,000 463 554 569 585 602 618 636 3,831 Tasa de descuento9%Valor Actual Neto774.65 Tasa Interna Rentabilidad12.63%

var-covar

MesSiderrgica SATeleco SAAlimentos SAEnerga SABanco XX SAJan-130.56%-2.84%2.82%11.84%1.71%Feb-13-0.90%3.91%3.62%6.74%4.72%Mar-134.15%-4.00%-4.13%-9.51%-7.15%Apr-13-3.22%10.55%-3.53%-5.48%-15.98%May-132.94%-10.21%-2.37%-10.72%8.49%Jun-1310.05%15.53%13.67%8.92%20.19%Jul-134.69%-10.92%-4.30%-4.57%-6.40%Aug-13-4.15%9.21%8.31%13.48%14.71%Sep-131.21%3.79%2.81%3.68%2.55%Oct-13-2.66%1.89%1.02%2.49%2.34%Nov-133.31%-0.57%-1.37%-5.85%-2.35%Dec-13-3.80%1.03%1.04%3.65%3.27%Rent esperada anual12.18%17.37%17.58%14.68%26.09%Desv. Tipica4.26%7.94%5.37%8.27%9.72%Volatilidad14.74%27.52%18.59%28.65%33.68%

Matriz varianza-covarianza

0.00181-0.000360.00036-0.000760.00088CARTERA-0.000360.006310.002790.003330.0023920.00%0.000360.002790.002880.003320.0040915.00%-0.000760.003330.003320.006840.0044420.00%0.000880.002390.004090.004440.0094520.00%25.00%

COMPOSICION CARTERASiderTelecoAlimEnergaBancototal20.00%15.00%20.00%20.00%25.00%100.00%

RENT esperada18.02%Desv. Tipica5.38%

Betas accionesFechaIbex-35Aceri-noxEbro FoodsEndesaInditexNH hotelesB. San-tanderTelef-nicaVueling 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diaria-0.07%-0.06%-0.05%-0.05%0.02%-0.03%-0.12%-0.10%-0.28%Media anual-19.17%-15.97%-13.07%-13.67%5.56%-7.07%-30.60%-25.38%-71.02%Desv. tpica (diaria)0.0170.0180.0140.0180.0160.0310.0240.0160.025Volatilidad0.2770.2960.2270.2910.2590.5000.3900.2630.402Beta0.7540.4110.8120.5701.0661.3350.8860.934formula pendiente(titulo;cartera)Correlacin0.7070.5020.7740.6100.5920.9500.9340.645frmula coef.de.correl(cartera;titulo)Coef. Determin. (R2)Cartera10.00%20.00%10.00%5.00%0.00%50.00%0.00%5.00%Beta cartera0.9817141633

Rent. esp accAceri-noxEbro FoodsEndesaInditexNH hotelesB. San-tanderTelef-nicaVueling airlinesBeta0.7540.4110.8120.5701.0661.3350.8860.934Rentabilidad esperada6.03%3.97%6.37%4.92%7.90%9.51%6.81%7.10%Rentabilidad sin riesgo1.50%Prima de riesgo6.00%