Universidad Mariano Gálvez del Guatemala
Escuela de Administración de Empresas
Dirección de Posgrados
Curso Análisis Financiero Gerencial II
Dr. Héctor Alfonso Pineda
Sede Izabal
% de
Nombre Carné Participación (1 a
10)
Danny Leonel Sandoval Veliz 6290-12-13821 10%
Juan Francisco Gutierrez Linares 6290-12-9505 10%
Ludvin Eduardo Aguirre Santisteban 6290-16-19338 10%
Bryan Alexis Alfaro Contreras 6290-17-7686 10%
Brook's Window Shields, Inc. Solution:
Additional Information
Outstanding Bond, coupon rate 11.20%
Convertible Bond, coupon rate 7.50% Kd = Yield(1-T)
Yield 12.4% Kd = 8.06%
Price, common stock $54.00
Expected Dividend, common $2.70 Kp = Dp/(Pp-F)
Growth rate 12.00% Kp = 9.77%
Price, preferred stock $50.00
Dividend, preferred $4.75 Ke = (D1/Po)+g
Corporate Tax Rate 35% Ke = 17.00%
Flotation Costs (% of price pref.) 2.8%
Flotation Costs (% of price pref.) $1.40
Capital Structure Debt (Kd)
Debt 35% Preferred Stock (Kp)
Preferred Stock 10% Common Equity (Ke)
Common Equity 55% Weighted Average
Cost of Capital (Ka)
Analisis
El costo de capital para la empresa window es del 13.15% sobre el capital, teniendo en cu
Cost (aftertax) Weights Weighted Cost
8.06% 35% 2.82%
9.77% 10% 0.98%
17.00% 55% 9.35%
13.15%
capital, teniendo en cuenta las ponderaciones del financiamiento de inversion.
Northwest Utility Company
Information
Corporate Tax Rate 35.00%
Annual Growth Rate 6.20%
Price, common stock $60
Dividend, common stock $4.50
Price, preferred stock $100.00
Yield Preferred Stock 8%
Dividend, preferred stock $8.00
Flotation Costs $2.00
Capital Structure
Debt 50%
Preferred Stock 10%
Common Equity 40%
Cost (aftertax)
Debt (Kd) 5.48%
Preferred Stock (Kp) 8.16%
Common Equity (Ke) 13.70%
Weighted Average
Cost of Capital (Ka)
Analisis
La empresa Northwest como valor promedio ponderado para poder poder financiar sus inv
Data on Bond Issue
Issue Moody's Rating Price
Utilities:
Southwest Electric Power - 7 1/4s 2023 Aa2 $875.18
Pacific Bell - 7 3/8 2025 Aa3 $887.25
Pennsylvania Power&Light - 8 1/2 2022 A2 $950.66
Industrials:
Johnson&Johnson - 6 3/4 2023 Aaa $840.24
Dillard's Department Stores - 7 1/8 2023 A2 $920.92
Marriot Corp. - 10 2012 A3 $1,015.10
Solution:
Kd = Yield(1-T)
Kd = 5.48%
Kp = Dp/(Pp-F)
Kp = 8.16%
Ke = (D1/Po)+g
Ke = 13.70%
Weights Weighted Cost
50% 2.7397500%
10% 0.8163265%
40% 5.4800000%
9.036%
medio ponderado para poder poder financiar sus inversiones en cualquier proyecto es del 9.04%.
Yield to Maturity
8.24%
8.43%
8.99%
8.14%
8.44%
9.99%
proyecto es del 9.04%.
Eaton Electronic Company Solution:
Rf 5.00% a) Kj = Rf +β*(Km-Rf)
Km 10.00% Kj = 11.00%
β 1.20
D1 $0.80 b) Ke = D1/P0 + g
P0 $20.00 Ke = 11.00%
g 7.00%
Analisis
La tasa de rendimiento de capital esperado en base a los modelos de val
os modelos de valuacion de activos de capital y al modelo de valuacion de dividendos d
uacion de dividendos de la empresa Electronic Company es del 11%
