P2_Soluciones_EstCapital - Dirección Financiera ADE Grupo...

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Unformatted text preview: Dirección Financiera ADE Grupo D 1 Problema de Estructura de Capital n 1 Valores contables % Valores de mercado % Capital social (nominal 1) 10.000.000 38,5% 230.000.000 85,2% Reservas 15.000.000 Deuda total (7%) 40.000.000 61,5% 40.000.000 14,8% Activo Total (RE= 13%) 65.000.000 100,0% 270.000.000 100,0% BPA_0 (Contable) 0,3955 BPA_0 (Mercado) 2,2610 BPA = (BAIT – i × D ) × (1-t)/N ∆ I = ∆ AT = 20.000.000 ⇒ ∆ BAIT = ∆ AT × RE= 2.600.000 N1 = 20.000.000/(23-3) = 1.000.000 y nueva deuda (Obligaciones), D1, al 7,5% BPA_AA = (BAIT + ∆ BAIT – i × D ) × (1-t)/(N +N 1 ) BPA_D = (BAIT + ∆ BAIT – i × D – i 1 × D 1 ) × (1-t)/N En valores mercado BPA_AA=2,2209 y BPA_D= 2,3380 En valores contables BPA_AA = 0,525 y BPA_D=0,4725 En valores contables Nivel de indiferencia de BPA (BPA_AA = BPA_D) es un BAIT de 19.300.000 Dirección Financiera ADE Grupo D 2 Problema de Estructura de Capital n 2 EM PR ESA ALFA BETA VM FP de em presa 10.000.000 7.500.000 Deuda em presa 5.000.000 AT a precios de mercado 10.000.000 12.500.000 PO RCENTAJE DE DEUDA...
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This note was uploaded on 03/08/2011 for the course ECONOMIA 44 taught by Professor Jose during the Spring '11 term at Universidad Carlos III de Madrid.

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P2_Soluciones_EstCapital - Dirección Financiera ADE Grupo...

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