Inputs de valor (Supuestos) Flujo de caja libre

0 1 2 3 4 5
Ahorros anuales S/.800,000 + Ventas
Opex adicional S/.170,000 - Costo de ventas -S/.800,000 -S/.800,000 -S/.800,000 -S/.800,000 -S/.800,000
= Margen Bruto S/.800,000 S/.800,000 S/.800,000 S/.800,000 S/.800,000
Inversion (CAPEX) S/.2,400,000 - Gastos S/.170,000 S/.170,000 S/.170,000 S/.170,000 S/.170,000
Depreciacion 7.00 años = EBITDA S/.630,000 S/.630,000 S/.630,000 S/.630,000 S/.630,000
Impuesto 30.00% - Depreciacion S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
= EBIT S/.287,143 S/.287,143 S/.287,143 S/.287,143 S/.287,143
Precio de venta 40% - Impuestos S/.86,143 S/.86,143 S/.86,143 S/.86,143 S/.86,143
Precio de venta S/.960,000 + Depreciación S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
= NOPAT S/.543,857 S/.543,857 S/.543,857 S/.543,857 S/.543,857
Valor de recupero = Precio de vta - imp x (ganancia de capital) - CAPEX S/.2,400,000
Ganancia de capital = Precio de venta - valor contable - Inversiones en capital de trabajo
+ Valor de recupero S/.877,714
CCPP (WACC) 11.00% + Recupero del cap de trabajo
= Flujo de caja libre -S/.2,400,000 S/.543,857 S/.543,857 S/.543,857 S/.543,857 S/.1,421,571

VAN S/.130,921 Valor VAN >=0

Indicadores de
Presupuesto de TIR 12.84% Rentabilidad rentabilidad >= CCPP Rentabilidad del proyecto
Capital IR 1.05 Indice de rentabilidad (PI) IR >= 1

Activo FIJo S/.2,400,000 S/.2,400,000 S/.2,400,000 S/.2,400,000 S/.2,400,000 S/.2,400,000

Depreciación S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
Activo Fijo Neto S/.2,400,000 S/.2,057,143 S/.1,714,286 S/.1,371,429 S/.1,028,571 S/.685,714
Análisis de riesgo Activo fijo neto = activo fijo bruto MENOS depreciacion acumulada
Sensibilidad variables críticas / pto critico Ahorros anuales VAN TIR IR
Escenarios S/.130,921 12.84% 1.05
Analisis aleatorio Probabilistico S/.700,000 0.95
S/.749,395 1.00
S/.800,000 1.05
S/.850,000 1.11
S/.900,000 1.16

VAN TIR IR
S/.130,921 12.84% 1.05
0% 0.89
20% 0.97
40% 1.05
60% 1.14

Escenario CAPEX Ahorros anuales

12.84% S/.800,000 S/.1,000,000
S/.2,400,000
S/.3,500,000

Capacidad de pago
Ratio Cobertura = EBITDA / intereses = 4
 EBITDA S/.630,000
Cobertura 4
Intereses que podriamos pagar S/.157,500
Tasa del Banco 9.00%
Préstamo S/.1,750,000

Flujo de caja de patrimonio

Inversion S/.2,400,000
Endeudamiento S/.1,750,000 + Flujo de caja libre -S/.2,400,000 S/.543,857 S/.543,857 S/.543,857 S/.543,857 S/.1,421,571
+ Desembolsos S/.1,750,000
Socios Disponibilidad Aporte - intereses -S/.157,500 -S/.131,183 -S/.102,497 -S/.71,230 -S/.37,149
Situación A S/.3,500,000 S/.650,000 - amortizaciones -S/.292,412 -S/.318,729 -S/.347,414 -S/.378,682 -S/.412,763
Situación B S/.250,000 S/.650,000 + socios + escudo tributario de los intereses S/.47,250 S/.39,355 S/.30,749 S/.21,369 S/.11,145
Flujo de caja de patrimonio -S/.650,000 S/.141,195 S/.133,300 S/.124,695 S/.115,314 S/.982,804
Evaluar una inversion
1) ver si es buena inversion (3 indicadores) TIR 24.00% Rentabilidad de los acccionistas
2) capacidad de financiamiento
3 ) inversion requerida por los socios Cronograma de pago con cuotas fijas Cuota fija = intereses + amortizacion
Saldo Interes Amortizacion Cuotas fijas
0 S/.1,750,000
1 S/.1,457,588 S/.157,500 S/.292,412 S/.449,912
Cuota = intereses + amortizacion 2 S/.1,138,859 S/.131,183 S/.318,729 S/.449,912
3 S/.791,445 S/.102,497 S/.347,414 S/.449,912
4 S/.412,763 S/.71,230 S/.378,682 S/.449,912
5 S/.0 S/.37,149 S/.412,763 S/.449,912
 Inputs de valor (Supuestos) Flujo de c
Desviacion estandar 0
Ahorros anuales S/.800,000 S/.50,000 + Ventas
Opex adicional S/.170,000 - Costo de ventas
= Margen Bruto
Inversion (CAPEX) S/.2,400,000 - Gastos
Depreciacion 7.00 años = EBITDA
Impuesto 30.00% - Depreciacion
= EBIT
Precio de venta 40% - Impuestos
Precio de venta S/.960,000 + Depreciación
= NOPAT
Valor de recupero = Precio de vta - imp x (ganancia de capital) - CAPEX -S/.2,400,000
Ganancia de capital = Precio de venta - valor contable - Inversiones en capital de trabajo
+ Valor de recupero
CCPP (WACC) 11.00% + Recupero del cap de trabajo
= Flujo de caja libre -S/.2,400,000
68% S/.750,000
S/.850,000 VAN S/.76,660
TIR 12.09%
95% S/.700,000 IR 1.03
S/.900,000
Activo FIJo S/.2,400,000
Depreciación
Activo Fijo Neto S/.2,400,000

1 S/.76,660
2 S/.76,660
3 S/.76,660
4 S/.76,660
5 S/.76,660
6 S/.76,660
7 S/.76,660
8 S/.76,660
9 S/.76,660
10 S/.76,660
11 S/.76,660
12 S/.76,660
13 S/.76,660
14 S/.76,660
15 S/.76,660
16 S/.76,660
17 S/.76,660
18 S/.76,660
19 S/.76,660
20 S/.76,660
21 S/.76,660
22 S/.76,660
23 S/.76,660
24 S/.76,660
25 S/.76,660
26 S/.76,660
27 S/.76,660
28 S/.76,660
29 S/.76,660
30 S/.76,660
31 S/.76,660
32 S/.76,660
33 S/.76,660
34 S/.76,660
35 S/.76,660
36 S/.76,660
37 S/.76,660
38 S/.76,660
39 S/.76,660
40 S/.76,660
41 S/.76,660
42 S/.76,660
43 S/.76,660
44 S/.76,660
45 S/.76,660
46 S/.76,660
47 S/.76,660
48 S/.76,660
49 S/.76,660
50 S/.76,660
51 S/.76,660
52 S/.76,660
53 S/.76,660
54 S/.76,660
55 S/.76,660
56 S/.76,660
57 S/.76,660
58 S/.76,660
59 S/.76,660
60 S/.76,660
61 S/.76,660
62 S/.76,660
63 S/.76,660
64 S/.76,660
65 S/.76,660
66 S/.76,660
 67 S/.76,660
68 S/.76,660
69 S/.76,660
70 S/.76,660
71 S/.76,660
72 S/.76,660
73 S/.76,660
74 S/.76,660
75 S/.76,660
76 S/.76,660
77 S/.76,660
78 S/.76,660
79 S/.76,660
80 S/.76,660
81 S/.76,660
82 S/.76,660
83 S/.76,660
84 S/.76,660
85 S/.76,660
86 S/.76,660
87 S/.76,660
88 S/.76,660
89 S/.76,660
90 S/.76,660
91 S/.76,660
92 S/.76,660
93 S/.76,660
94 S/.76,660
95 S/.76,660
96 S/.76,660
97 S/.76,660
98 S/.76,660
99 S/.76,660
100 S/.76,660
101 S/.76,660
102 S/.76,660
103 S/.76,660
104 S/.76,660
105 S/.76,660
106 S/.76,660
107 S/.76,660
108 S/.76,660
109 S/.76,660
110 S/.76,660
111 S/.76,660
112 S/.76,660
113 S/.76,660
114 S/.76,660
115 S/.76,660
116 S/.76,660
117 S/.76,660
118 S/.76,660
119 S/.76,660
120 S/.76,660
121 S/.76,660
122 S/.76,660
123 S/.76,660
124 S/.76,660
125 S/.76,660
126 S/.76,660
127 S/.76,660
128 S/.76,660
129 S/.76,660
130 S/.76,660
131 S/.76,660
132 S/.76,660
133 S/.76,660
134 S/.76,660
135 S/.76,660
136 S/.76,660
137 S/.76,660
138 S/.76,660
139 S/.76,660
140 S/.76,660
141 S/.76,660
142 S/.76,660
143 S/.76,660
144 S/.76,660
145 S/.76,660
146 S/.76,660
147 S/.76,660
148 S/.76,660
149 S/.76,660
150 S/.76,660
151 S/.76,660
152 S/.76,660
153 S/.76,660
154 S/.76,660
155 S/.76,660
156 S/.76,660
157 S/.76,660
158 S/.76,660
159 S/.76,660
160 S/.76,660
161 S/.76,660
162 S/.76,660
163 S/.76,660
164 S/.76,660
165 S/.76,660
166 S/.76,660
167 S/.76,660
168 S/.76,660
169 S/.76,660
170 S/.76,660
171 S/.76,660
172 S/.76,660
173 S/.76,660
174 S/.76,660
175 S/.76,660
176 S/.76,660
177 S/.76,660
178 S/.76,660
179 S/.76,660
180 S/.76,660
181 S/.76,660
182 S/.76,660
183 S/.76,660
184 S/.76,660
185 S/.76,660
186 S/.76,660
187 S/.76,660
188 S/.76,660
189 S/.76,660
190 S/.76,660
191 S/.76,660
192 S/.76,660
193 S/.76,660
194 S/.76,660
195 S/.76,660
196 S/.76,660
197 S/.76,660
198 S/.76,660
199 S/.76,660
200 S/.76,660
201 S/.76,660
202 S/.76,660
203 S/.76,660
204 S/.76,660
205 S/.76,660
206 S/.76,660
207 S/.76,660
208 S/.76,660
209 S/.76,660
210 S/.76,660
211 S/.76,660
212 S/.76,660
213 S/.76,660
214 S/.76,660
215 S/.76,660
216 S/.76,660
217 S/.76,660
218 S/.76,660
219 S/.76,660
220 S/.76,660
221 S/.76,660
222 S/.76,660
223 S/.76,660
224 S/.76,660
225 S/.76,660
226 S/.76,660
227 S/.76,660
228 S/.76,660
229 S/.76,660
230 S/.76,660
231 S/.76,660
232 S/.76,660
233 S/.76,660
234 S/.76,660
235 S/.76,660
236 S/.76,660
237 S/.76,660
238 S/.76,660
239 S/.76,660
240 S/.76,660
241 S/.76,660
242 S/.76,660
243 S/.76,660
244 S/.76,660
245 S/.76,660
246 S/.76,660
247 S/.76,660
248 S/.76,660
249 S/.76,660
250 S/.76,660
251 S/.76,660
252 S/.76,660
253 S/.76,660
254 S/.76,660
255 S/.76,660
256 S/.76,660
257 S/.76,660
258 S/.76,660
259 S/.76,660
260 S/.76,660
261 S/.76,660
262 S/.76,660
263 S/.76,660
264 S/.76,660
265 S/.76,660
266 S/.76,660
267 S/.76,660
268 S/.76,660
269 S/.76,660
270 S/.76,660
271 S/.76,660
272 S/.76,660
273 S/.76,660
274 S/.76,660
275 S/.76,660
276 S/.76,660
277 S/.76,660
278 S/.76,660
279 S/.76,660
280 S/.76,660
281 S/.76,660
282 S/.76,660
283 S/.76,660
284 S/.76,660
285 S/.76,660
286 S/.76,660
287 S/.76,660
288 S/.76,660
289 S/.76,660
290 S/.76,660
291 S/.76,660
292 S/.76,660
293 S/.76,660
294 S/.76,660
295 S/.76,660
296 S/.76,660
297 S/.76,660
298 S/.76,660
299 S/.76,660
300 S/.76,660
301 S/.76,660
302 S/.76,660
303 S/.76,660
304 S/.76,660
305 S/.76,660
306 S/.76,660
307 S/.76,660
308 S/.76,660
309 S/.76,660
310 S/.76,660
311 S/.76,660
312 S/.76,660
313 S/.76,660
314 S/.76,660
315 S/.76,660
316 S/.76,660
317 S/.76,660
318 S/.76,660
319 S/.76,660
320 S/.76,660
321 S/.76,660
322 S/.76,660
323 S/.76,660
324 S/.76,660
325 S/.76,660
326 S/.76,660
327 S/.76,660
328 S/.76,660
329 S/.76,660
330 S/.76,660
331 S/.76,660
332 S/.76,660
333 S/.76,660
334 S/.76,660
335 S/.76,660
336 S/.76,660
337 S/.76,660
338 S/.76,660
339 S/.76,660
340 S/.76,660
341 S/.76,660
342 S/.76,660
343 S/.76,660
344 S/.76,660
345 S/.76,660
346 S/.76,660
347 S/.76,660
348 S/.76,660
349 S/.76,660
350 S/.76,660
351 S/.76,660
352 S/.76,660
353 S/.76,660
354 S/.76,660
355 S/.76,660
356 S/.76,660
357 S/.76,660
358 S/.76,660
359 S/.76,660
360 S/.76,660
361 S/.76,660
362 S/.76,660
363 S/.76,660
364 S/.76,660
365 S/.76,660
366 S/.76,660
367 S/.76,660
368 S/.76,660
369 S/.76,660
370 S/.76,660
371 S/.76,660
372 S/.76,660
373 S/.76,660
374 S/.76,660
375 S/.76,660
376 S/.76,660
377 S/.76,660
378 S/.76,660
379 S/.76,660
380 S/.76,660
381 S/.76,660
382 S/.76,660
383 S/.76,660
384 S/.76,660
385 S/.76,660
386 S/.76,660
387 S/.76,660
388 S/.76,660
389 S/.76,660
390 S/.76,660
391 S/.76,660
392 S/.76,660
393 S/.76,660
394 S/.76,660
395 S/.76,660
396 S/.76,660
397 S/.76,660
398 S/.76,660
399 S/.76,660
400 S/.76,660
401 S/.76,660
402 S/.76,660
403 S/.76,660
404 S/.76,660
405 S/.76,660
406 S/.76,660
407 S/.76,660
408 S/.76,660
409 S/.76,660
410 S/.76,660
411 S/.76,660
412 S/.76,660
413 S/.76,660
414 S/.76,660
415 S/.76,660
416 S/.76,660
417 S/.76,660
418 S/.76,660
419 S/.76,660
420 S/.76,660
421 S/.76,660
422 S/.76,660
423 S/.76,660
424 S/.76,660
425 S/.76,660
426 S/.76,660
427 S/.76,660
428 S/.76,660
429 S/.76,660
430 S/.76,660
431 S/.76,660
432 S/.76,660
433 S/.76,660
434 S/.76,660
435 S/.76,660
436 S/.76,660
437 S/.76,660
438 S/.76,660
439 S/.76,660
440 S/.76,660
441 S/.76,660
442 S/.76,660
443 S/.76,660
444 S/.76,660
445 S/.76,660
446 S/.76,660
447 S/.76,660
448 S/.76,660
449 S/.76,660
450 S/.76,660
451 S/.76,660
452 S/.76,660
453 S/.76,660
454 S/.76,660
455 S/.76,660
456 S/.76,660
457 S/.76,660
458 S/.76,660
459 S/.76,660
460 S/.76,660
461 S/.76,660
462 S/.76,660
463 S/.76,660
464 S/.76,660
465 S/.76,660
466 S/.76,660
467 S/.76,660
468 S/.76,660
469 S/.76,660
470 S/.76,660
471 S/.76,660
472 S/.76,660
473 S/.76,660
474 S/.76,660
475 S/.76,660
476 S/.76,660
477 S/.76,660
478 S/.76,660
479 S/.76,660
480 S/.76,660
481 S/.76,660
482 S/.76,660
483 S/.76,660
484 S/.76,660
485 S/.76,660
486 S/.76,660
487 S/.76,660
488 S/.76,660
489 S/.76,660
490 S/.76,660
491 S/.76,660
492 S/.76,660
493 S/.76,660
494 S/.76,660
495 S/.76,660
496 S/.76,660
497 S/.76,660
498 S/.76,660
499 S/.76,660
500 S/.76,660
501 S/.76,660
502 S/.76,660
503 S/.76,660
504 S/.76,660
505 S/.76,660
506 S/.76,660
507 S/.76,660
508 S/.76,660
509 S/.76,660
510 S/.76,660
511 S/.76,660
512 S/.76,660
513 S/.76,660
514 S/.76,660
515 S/.76,660
516 S/.76,660
517 S/.76,660
518 S/.76,660
519 S/.76,660
520 S/.76,660
521 S/.76,660
522 S/.76,660
523 S/.76,660
524 S/.76,660
525 S/.76,660
526 S/.76,660
527 S/.76,660
528 S/.76,660
529 S/.76,660
530 S/.76,660
531 S/.76,660
532 S/.76,660
533 S/.76,660
534 S/.76,660
535 S/.76,660
536 S/.76,660
537 S/.76,660
538 S/.76,660
539 S/.76,660
540 S/.76,660
541 S/.76,660
542 S/.76,660
543 S/.76,660
544 S/.76,660
545 S/.76,660
546 S/.76,660
547 S/.76,660
548 S/.76,660
549 S/.76,660
550 S/.76,660
551 S/.76,660
552 S/.76,660
553 S/.76,660
554 S/.76,660
555 S/.76,660
556 S/.76,660
557 S/.76,660
558 S/.76,660
559 S/.76,660
560 S/.76,660
561 S/.76,660
562 S/.76,660
563 S/.76,660
564 S/.76,660
565 S/.76,660
566 S/.76,660
567 S/.76,660
568 S/.76,660
569 S/.76,660
570 S/.76,660
571 S/.76,660
572 S/.76,660
573 S/.76,660
574 S/.76,660
575 S/.76,660
576 S/.76,660
577 S/.76,660
578 S/.76,660
579 S/.76,660
580 S/.76,660
581 S/.76,660
582 S/.76,660
583 S/.76,660
584 S/.76,660
585 S/.76,660
586 S/.76,660
587 S/.76,660
588 S/.76,660
589 S/.76,660
590 S/.76,660
591 S/.76,660
592 S/.76,660
593 S/.76,660
594 S/.76,660
595 S/.76,660
596 S/.76,660
597 S/.76,660
598 S/.76,660
599 S/.76,660
600 S/.76,660
601 S/.76,660
602 S/.76,660
603 S/.76,660
604 S/.76,660
605 S/.76,660
606 S/.76,660
607 S/.76,660
608 S/.76,660
609 S/.76,660
610 S/.76,660
611 S/.76,660
612 S/.76,660
613 S/.76,660
614 S/.76,660
615 S/.76,660
616 S/.76,660
617 S/.76,660
618 S/.76,660
619 S/.76,660
620 S/.76,660
621 S/.76,660
622 S/.76,660
623 S/.76,660
624 S/.76,660
625 S/.76,660
626 S/.76,660
627 S/.76,660
628 S/.76,660
629 S/.76,660
630 S/.76,660
631 S/.76,660
632 S/.76,660
633 S/.76,660
634 S/.76,660
635 S/.76,660
636 S/.76,660
637 S/.76,660
638 S/.76,660
639 S/.76,660
640 S/.76,660
641 S/.76,660
642 S/.76,660
643 S/.76,660
644 S/.76,660
645 S/.76,660
646 S/.76,660
647 S/.76,660
648 S/.76,660
649 S/.76,660
650 S/.76,660
651 S/.76,660
652 S/.76,660
653 S/.76,660
654 S/.76,660
655 S/.76,660
656 S/.76,660
657 S/.76,660
658 S/.76,660
659 S/.76,660
660 S/.76,660
661 S/.76,660
662 S/.76,660
663 S/.76,660
664 S/.76,660
665 S/.76,660
666 S/.76,660
667 S/.76,660
668 S/.76,660
669 S/.76,660
670 S/.76,660
671 S/.76,660
672 S/.76,660
673 S/.76,660
674 S/.76,660
675 S/.76,660
676 S/.76,660
677 S/.76,660
678 S/.76,660
679 S/.76,660
680 S/.76,660
681 S/.76,660
682 S/.76,660
683 S/.76,660
684 S/.76,660
685 S/.76,660
686 S/.76,660
687 S/.76,660
688 S/.76,660
689 S/.76,660
690 S/.76,660
691 S/.76,660
692 S/.76,660
693 S/.76,660
694 S/.76,660
695 S/.76,660
696 S/.76,660
697 S/.76,660
698 S/.76,660
699 S/.76,660
700 S/.76,660
701 S/.76,660
702 S/.76,660
703 S/.76,660
704 S/.76,660
705 S/.76,660
706 S/.76,660
707 S/.76,660
708 S/.76,660
709 S/.76,660
710 S/.76,660
711 S/.76,660
712 S/.76,660
713 S/.76,660
714 S/.76,660
715 S/.76,660
716 S/.76,660
717 S/.76,660
718 S/.76,660
719 S/.76,660
720 S/.76,660
721 S/.76,660
722 S/.76,660
723 S/.76,660
724 S/.76,660
725 S/.76,660
726 S/.76,660
727 S/.76,660
728 S/.76,660
729 S/.76,660
730 S/.76,660
731 S/.76,660
732 S/.76,660
733 S/.76,660
734 S/.76,660
735 S/.76,660
736 S/.76,660
737 S/.76,660
738 S/.76,660
739 S/.76,660
740 S/.76,660
741 S/.76,660
742 S/.76,660
743 S/.76,660
744 S/.76,660
745 S/.76,660
746 S/.76,660
747 S/.76,660
748 S/.76,660
749 S/.76,660
750 S/.76,660
751 S/.76,660
752 S/.76,660
753 S/.76,660
754 S/.76,660
755 S/.76,660
756 S/.76,660
757 S/.76,660
758 S/.76,660
759 S/.76,660
760 S/.76,660
761 S/.76,660
762 S/.76,660
763 S/.76,660
764 S/.76,660
765 S/.76,660
766 S/.76,660
767 S/.76,660
768 S/.76,660
769 S/.76,660
770 S/.76,660
771 S/.76,660
772 S/.76,660
773 S/.76,660
774 S/.76,660
775 S/.76,660
776 S/.76,660
777 S/.76,660
778 S/.76,660
779 S/.76,660
780 S/.76,660
781 S/.76,660
782 S/.76,660
783 S/.76,660
784 S/.76,660
785 S/.76,660
786 S/.76,660
787 S/.76,660
788 S/.76,660
789 S/.76,660
790 S/.76,660
791 S/.76,660
792 S/.76,660
793 S/.76,660
794 S/.76,660
795 S/.76,660
796 S/.76,660
797 S/.76,660
798 S/.76,660
799 S/.76,660
800 S/.76,660
801 S/.76,660
802 S/.76,660
803 S/.76,660
804 S/.76,660
805 S/.76,660
806 S/.76,660
807 S/.76,660
808 S/.76,660
809 S/.76,660
810 S/.76,660
811 S/.76,660
812 S/.76,660
813 S/.76,660
814 S/.76,660
815 S/.76,660
816 S/.76,660
817 S/.76,660
818 S/.76,660
819 S/.76,660
820 S/.76,660
821 S/.76,660
822 S/.76,660
823 S/.76,660
824 S/.76,660
825 S/.76,660
826 S/.76,660
827 S/.76,660
828 S/.76,660
829 S/.76,660
830 S/.76,660
831 S/.76,660
832 S/.76,660
833 S/.76,660
834 S/.76,660
835 S/.76,660
836 S/.76,660
837 S/.76,660
838 S/.76,660
839 S/.76,660
840 S/.76,660
841 S/.76,660
842 S/.76,660
843 S/.76,660
844 S/.76,660
845 S/.76,660
846 S/.76,660
847 S/.76,660
848 S/.76,660
849 S/.76,660
850 S/.76,660
851 S/.76,660
852 S/.76,660
853 S/.76,660
854 S/.76,660
855 S/.76,660
856 S/.76,660
857 S/.76,660
858 S/.76,660
859 S/.76,660
860 S/.76,660
861 S/.76,660
862 S/.76,660
863 S/.76,660
864 S/.76,660
865 S/.76,660
866 S/.76,660
867 S/.76,660
868 S/.76,660
869 S/.76,660
870 S/.76,660
871 S/.76,660
872 S/.76,660
873 S/.76,660
874 S/.76,660
875 S/.76,660
876 S/.76,660
877 S/.76,660
878 S/.76,660
879 S/.76,660
880 S/.76,660
881 S/.76,660
882 S/.76,660
883 S/.76,660
884 S/.76,660
885 S/.76,660
886 S/.76,660
887 S/.76,660
888 S/.76,660
889 S/.76,660
890 S/.76,660
891 S/.76,660
892 S/.76,660
893 S/.76,660
894 S/.76,660
895 S/.76,660
896 S/.76,660
897 S/.76,660
898 S/.76,660
899 S/.76,660
900 S/.76,660
901 S/.76,660
902 S/.76,660
903 S/.76,660
904 S/.76,660
905 S/.76,660
906 S/.76,660
907 S/.76,660
908 S/.76,660
909 S/.76,660
910 S/.76,660
911 S/.76,660
912 S/.76,660
913 S/.76,660
914 S/.76,660
915 S/.76,660
916 S/.76,660
917 S/.76,660
918 S/.76,660
919 S/.76,660
920 S/.76,660
921 S/.76,660
922 S/.76,660
923 S/.76,660
924 S/.76,660
925 S/.76,660
926 S/.76,660
927 S/.76,660
928 S/.76,660
929 S/.76,660
930 S/.76,660
931 S/.76,660
932 S/.76,660
933 S/.76,660
934 S/.76,660
935 S/.76,660
936 S/.76,660
937 S/.76,660
938 S/.76,660
939 S/.76,660
940 S/.76,660
941 S/.76,660
942 S/.76,660
943 S/.76,660
944 S/.76,660
945 S/.76,660
946 S/.76,660
947 S/.76,660
948 S/.76,660
949 S/.76,660
950 S/.76,660
951 S/.76,660
952 S/.76,660
953 S/.76,660
954 S/.76,660
955 S/.76,660
956 S/.76,660
957 S/.76,660
958 S/.76,660
959 S/.76,660
 960 S/.76,660
961 S/.76,660
962 S/.76,660
963 S/.76,660
964 S/.76,660
965 S/.76,660
966 S/.76,660
967 S/.76,660
968 S/.76,660
969 S/.76,660
970 S/.76,660
971 S/.76,660
972 S/.76,660
973 S/.76,660
974 S/.76,660
975 S/.76,660
976 S/.76,660
977 S/.76,660
978 S/.76,660
979 S/.76,660
980 S/.76,660
981 S/.76,660
982 S/.76,660
983 S/.76,660
984 S/.76,660
985 S/.76,660
986 S/.76,660
987 S/.76,660
988 S/.76,660
989 S/.76,660
990 S/.76,660
991 S/.76,660
992 S/.76,660
993 S/.76,660
994 S/.76,660
995 S/.76,660
996 S/.76,660
997 S/.76,660
998 S/.76,660
999 S/.76,660
1000 S/.76,660
 Flujo de caja libre
1 2 3 4 5

-S/.787,286 -S/.868,425 -S/.694,790 -S/.782,820 -S/.743,800

S/.787,286 S/.868,425 S/.694,790 S/.782,820 S/.743,800
S/.170,000 S/.170,000 S/.170,000 S/.170,000 S/.170,000
S/.617,286 S/.698,425 S/.524,790 S/.612,820 S/.573,800
S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
S/.274,429 S/.355,568 S/.181,933 S/.269,963 S/.230,943
S/.82,329 S/.106,670 S/.54,580 S/.80,989 S/.69,283
S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
S/.534,958 S/.591,754 S/.470,210 S/.531,831 S/.504,517

S/.877,714

S/.534,958 S/.591,754 S/.470,210 S/.531,831 S/.1,382,231

S/.2,400,000 S/.2,400,000 S/.2,400,000 S/.2,400,000 S/.2,400,000

S/.342,857 S/.342,857 S/.342,857 S/.342,857 S/.342,857
S/.2,057,143 S/.1,714,286 S/.1,371,429 S/.1,028,571 S/.685,714

Columna1 Resultado zeta Probabilidad

Media S/.130,279 S/.0 -2.196 1.40%

Error típico S/.1,876 S/.100,000 -0.510 30.49%
Mediana S/.131,127 S/.200,000 1.175 88.01%
Moda #N/A S/.300,000 2.861 99.79%
Desviación está S/.59,325 Riesgo
Varianza de la ###
Curtosis S/.0 zeta = ( número - media ) / desviación estándar
Coeficiente de a -S/.0
Rango S/.388,322
Mínimo -S/.74,915
Máximo S/.313,407
Suma ###
Cuenta S/.1,000
 Probabilidad de tener un VAN < 0

57.52% Prob < 100, y 200, >

0.21% Prob VAN > 300,000

viación estándar
 + Ventas
- Costo de ventas
= Margen Bruto
- Gastos
= EBITDA
- Depreciacion
= EBIT
- Impuestos
+ Depreciación
= NOPAT
- CAPEX
- Inversiones en capital de trabajo
+ Valor de recupero **
+ Recupero del cap de trabajo **
= Flujo de caja libre

Flujo de caja de patrimonio

+ Flujo de caja libre

+ Desembolsos
- intereses
- amortizaciones
+ escudo tributario de los intereses
= Flujo de caja de patrimonio
+ Ventas
- Costo de ventas
= Margen Bruto
- Gastos
= EBITDA
- Depreciacion
= EBIT
- Impuestos
+ Depreciación
= NOPAT
- CAPEX
- Inversiones en capital de trabajo
+ Perpetuidad **

= Flujo de caja libre

EBIT S/.250,000
Inversión S/.1,000,000
Préstamo S/.600,000
tasa 9.00% EBIT
tasa de impuesto 30.00% Interes
Ut antes impuestos
Impuestos
Ut Neta

ROI
Ut neta / Inversion accionistas

costo de la deuda = tasa del Banco x ( 1-

 Analisis con Analisis Sin Costo de la
deuda deuda deuda

S/.250,000 S/.250,000
S/.54,000 S/.0 S/.54,000
S/.196,000 S/.250,000
S/.58,800 S/.75,000 -S/.16,200
S/.137,200 S/.175,000
S/.37,800 6.30%

tasa del Banco x ( 1- t)

Rating Cobertura min Cobertura max
C 0.50 0.80
CC 0.80 1.25
CCC 1.25 1.50
B- 1.50 2.00
B- 2.00 2.50
B+ 2.50 3.00
BB 3.00 3.50
BB+ 3.50 4.00
BBB 4.00 4.50
A- 4.50 6.00
A- 6.00 7.50
A+ 7.50 9.50
AA 9.50 12.50
AAA 12.50 -