Indicador tax r f(h) r f(a) r M
Descripción
IUE en Bolivia (efectivo)
Método
contable
país PRP π
25%
Tasa Tasa Libre de Riesgo Histórica Histórica Geo !5 a"os Tasa Tasa Libre de Riesgo &ct'al &ct'al ltio ato
2#$% *#+%
Rentabilidad del ,ercado
-#!
%$rubro R'bro de la e.resa Est. Fin. Estr'ct'ra de /inanciaiento
β βL
Valor
Beta Beta de la E.resa
/'rn0Hoe /'rnis1ings o is.onible
&.alancado
-! 2! *#2$ *#2$
3a4s a analiar 3reio .or Riesgo 3a4s
/itc1 Ratings
5#$!%
Tasa Tasa de In6ación
Geo !5 a"os
5#+7%
ke Co Costo de Capital Propio
Bolivia
D-CAPM
8.00%
Fecha de Actualiación: 20-ene-2014 !alide: 1 año Fuentes: www.damodaran.com www.ine.gob.bo Juan F. F. Subirana Subirana (juanfernandosu (juanfernandosubirana@g
[email protected]) mail.com) Elaboración:
palabras
ta8 tasa libre de riesgo geo9trica tasa libre de riesgo arit9tica Tasa Tasa libre de de riesgo RUBR D! "A !MPR!#A
&dvertising &eros.ace0defense &ir trans.ort &..arel &'to : Tr'c; &'to .arts Ban;s Ban;s (regional) Beverage Beverage (alco1olic) Biotec1nolog< Broadcasting Bro;erage : Investent ban;ing B'ilding ,aterials B'siness : =ons'er >ervices =able T? =1eical (basic) =1eical (diversi@ed) =1eical (s.ecialt<) =oal : Related energ< =o.'ter services =o.'ter softAare =o.'ter .eri.1erals =onstr'ction iversi@ed Ed'cational Ed'cational >ervices Electrical e'i.ent e'i.ent Electronics Electronics (cons'er : oCce) Engineering Entertainent Environental : Daste services /aring 0 &gric'lt're /inancial >vcs# /inancial >vcs# (onban; : Ins'rance) /ood .rocessing /ood D1olesalers /'rn 0 Hoe /'rnis1ing Healt1care e'i.ent Healt1care Healt1care facilities Healt1care .rod'cts Healt1care Healt1care services Healt1care Inforation : tec1nolog< Heav< constr'ction constr'ction Hoeb'ilding
palabras
ta8 tasa libre de riesgo geo9trica tasa libre de riesgo arit9tica Tasa Tasa libre de de riesgo RUBR D! "A !MPR!#A
&dvertising &eros.ace0defense &ir trans.ort &..arel &'to : Tr'c; &'to .arts Ban;s Ban;s (regional) Beverage Beverage (alco1olic) Biotec1nolog< Broadcasting Bro;erage : Investent ban;ing B'ilding ,aterials B'siness : =ons'er >ervices =able T? =1eical (basic) =1eical (diversi@ed) =1eical (s.ecialt<) =oal : Related energ< =o.'ter services =o.'ter softAare =o.'ter .eri.1erals =onstr'ction iversi@ed Ed'cational Ed'cational >ervices Electrical e'i.ent e'i.ent Electronics Electronics (cons'er : oCce) Engineering Entertainent Environental : Daste services /aring 0 &gric'lt're /inancial >vcs# /inancial >vcs# (onban; : Ins'rance) /ood .rocessing /ood D1olesalers /'rn 0 Hoe /'rnis1ing Healt1care e'i.ent Healt1care Healt1care facilities Healt1care .rod'cts Healt1care Healt1care services Healt1care Inforation : tec1nolog< Heav< constr'ction constr'ction Hoeb'ilding
Ho'se1old .rod'cts Inforation >ervices Ins'rance (general) Ins'rance Ins'rance (life) Ins'rance (.ro.0=as#) Internet softAare : services Investent =o# ,ac1iner< ,etals : ,ining FCce e'i.ent : services Fil 0 Gas (Integrated) Fil 0 Gas (3rod'ction : E8.loration) Fil 0 Gas (istrib'tion) Fil@eld >vcs0E'i.# >vcs0E'i.# 3ac;aging : =ontainer 3a.er 0 /orest .rod'cts 31ara : r'gs 3oAer 3recio's ,etals 3'blis1ing : eAs.a.ers R#E#I#T# Railroad Real Estate (evelo.ent) Real Estate (General0iversi@ed) (General0iversi@ed) Real Estate (F.erations : >ervices) Recreation Reins'rance Resta'rant Retail (&'tootive) Retail (istrib'tors) Retail (General) Retail (Grocer< : /ood) Retail (Internet) Retail (>.ecial Lines) R'bber : Tires >eicond'ctor >eicond'ctor E'i.# >1i.b'ilding : ,arine >1oe >teel Teleco Teleco (Direless) (Direless) Teleco# Teleco# E'i.ent E'i.ent Teleco# Teleco# >ervices T1rift Tobacco Tobacco Trans.orta Trans.ortation tion Tr'c;ing Tr'c;ing Utilit< (General) Utilit< (Dater) Total T otal ,ar;et ,ar;et Estr'ct'ra de /inanciaiento 3a4s
si$nicados
tasa de inter9s es 'na sec'encia en la 'e el eleento se obtiene 'lti.licando el eleento anterior .or 'na constante denoinada raón o factor de la .rogresión# es 'na sec'encia en la 'e el eleento se obtiene s'ando el eleento anterior con 'na constante denoinada diferencia de la .rogresión# Es la tasa con enor riesgo del ercado < se re@ere a la tasa 'e .agan los bonos de Estados Unidos 3'blicidad &eroes.acial 0 efensa Trans.orte Trans.orte &9reo &9reo ?estienta &'tos < =aines &'to .artes Bancos Bancos (regionales) Bebidas Bebidas (alco1ólicas) Biotecnolog4a Radiodif'sión =orretae < Banca de Inversión ,ateriales de constr'cción constr'cción >ervicios a las E.resas < =ons'idores T? cable '4ica (bsica) '4ica (diversi@cada) (diversi@cada) '4ica (es.ecialiada) =arbón < energ4a relacionada >ervicios de Infortica >oftAare .ara co.'tadoras 3erif9ricos .ara co.'tadoras =onstr'cción iversi@cado >ervicios ed'cativos E'i.o el9ctrico Electrónica Electrónica (=ons'idor < F@cina) Ingenier4a Entreteniiento >ervicios abientales < de resid'os &gric'lt'ra >ervicios @nancieros >ervicios @nancieros (no bancario < de seg'ros) 3rocesaiento de alientos ,a
ervicios de sal'd Inforación < tecnolog4a .ara la sal'd =onstr'cción .esada =onstr'cción =onstr'cción de viviendas
3rod'ctos do9sticos >ervicios de inforación >eg'ros (general) >eg'ros (de vida) >eg'ros () >oftAare < servicios de Internet =o.a"4as de Inversión ,a'inaria ,etales < ,iner4a E'i.os < >ervicios de F@cinas 3etróleo 0 Gas (integrado) 3etróleo 0 Gas (3rod'cción < E8.loración) 3etróleo 0 Gas (istrib'ción) >ervicios < E'i.aiento de =a.os 3etroleros Ebalae < Envase 3a.el 0 3rod'ctos /orestales /arace'tica < edicaentos Energ4a ,etales .reciosos 3'blicación < .eriódicos Inversiones < /ideicoiso en Bienes Raices /errocarril Bienes raices (desarrollo) Bienes raices (general0diversi@cada) (general0diversi@cada) Bienes raices (F.eraciones < >ervicios) Recreación Reaseg'ro Resta'rante ?enta al .or enor (a'tootores) ?enta al .or enor (distrib'idores) ?enta al .or enor (general) ?enta al .or enor (abarrotes < coidas) ?enta al .or enor (.or internet) ?enta al .or enor (l4neas es.eciales) =a'c1o < ne'ticos >eicond'ctor E'i.os .ara seicond'ctores =onstr'cción naval < ,arina Ja.atos &cero Teleco'nica Teleco'nicaciones ciones (inalbrica) (inalbrica) E'i.aiento .ara Teleco'nicaciones >ervicios .ara Teleco'nicaciones &1orro Tabaco Tabaco Trans.orte Trans.orte =aionae Utilidad (general) Utilidad (ag'a) ,ercado total 3ocentaes de @nanciaiento 3asivo3atrionio 3a4s a analiar
&có'o (sar)
es la tasa del IUE en Bolivia K 25%
Usar esta o.ción si s' .ro
"uadro para "opia
!alores para "opia
25% 2#$% *#+% -#!
%$*#2$ *#2$ 5#$!% 5#+7% #.$
%$ T# Bond ret'rn
Bond 'sedM US treasury 10-year bond at end of each year Federal Reserve of St. Louis (FRED) >o'rceM =o.'tation To compute the return on a constant maturity bond, I add two components - the prom The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end
Year
1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959
T.Bond rate eturn on bond 3.17% 3.45% 0.84% 3.36% 4.20% 3.22% 4.54% 3.93% -2.56% 3.35% 8.79% 3.53% 1.86% 3.01% 7.96% 2.84% 4.47% 2.59% 5.02% 2.73% 1.38% 2.56% 4.21% 2.35% 4.41% 2.01% 5.40% 2.47% -2.02% 2.49% 2.29% 2.49% 2.49% 2.48% 2.58% 2.33% 3.80% 2.24% 3.13% 2.39% 0.92% 2.44% 1.95% 2.19% 4.66% 2.39% 0.43% 2.70% -0.30% 2.75% 2.27% 2.59% 4.14% 2.51% 3.29% 2.96% -1.34% 3.59% -2.26% 3.21% 6.80% 3.86% -2.10% 4.69% -2.65%
3age *!
T# Bond ret'rn
1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
3.84% 4.06% 3.86% 4.13% 4.18% 4.62% 4.84% 5.70% 6.03% 7.65% 6.39% 5.93% 6.36% 6.74% 7.43% 8.00% 6.87% 7.69% 9.01% 10.39% 12.84% 13.72% 10.54% 11.83% 11.50% 9.26% 7.11% 8.99% 9.11% 7.84% 8.08% 7.09% 6.77% 5.77% 7.81% 5.71% 6.30% 5.81% 4.65% 6.44%
11.64% 2.06% 5.69% 1.68% 3.73% 0.72% 2.91% -1.58% 3.27% -5.01% 16.75% 9.79% 2.82% 3.66% 1.99% 3.61% 15.98% 1.29% -0.78% 0.67% -2.99% 8.20% 32.81% 3.20% 13.73% 25.71% 24.28% -4.96% 8.22% 17.69% 6.24% 15.00% 9.36% 14.21% -8.04% 23.48% 1.43% 9.94% 14.92% -8.25%
3age **
T# Bond ret'rn
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Geo !5 a"o Geo *! a"o &rit !5 a"o &rit *! a"o ltio ato
5.11% 5.05% 3.82% 4.25% 4.22% 4.39% 4.70%
$#!2% 2#2*% 7#-$% 7#2N% *#--% *#+% 2#$% 7#2+% 2#+!% 7#$+% *#+%
16.66% 5.57% 15.12% 0.38% 4.49% 2.87% 1.96% 10.21% 20.10% -11.12% 8.46% 16.04% 2.97%
Se man!ienen da!os del 2012" a#n no es!$ ac!uali%a
3age *2
T# Bond ret'rn
ised coupon at the start of the year and the price change due to interest rate changes. f 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45
3age *7
T# Bond ret'rn
3age *$
T# Bond ret'rn
a la web&
3age *5
T# Bond ret'rn
.
3age *+
T# Bond ret'rn
3age *
T# Bond ret'rn
3age *-
Date (pdated*
+-,an-
As/at Da'odaran
1tt.M00AAA#daodara &o update this spreadsheet' enter the folloin
Long Ter Treas'r< bond rate K
7#!
%$Ris; 3rei' to Use for E'it< K
5#!!% U> i.lied
Global efa'tl >.read to add to cost of debt K
!#!!% one for t1
o
'ndus!r ame
umber of Firms
8.04%
*e!a
+os! of ,ui!
&dvertising
+5
*#!7
&eros.ace0efense
N5
*#!*
&ir Trans.ort
25
!#N$
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!
*#*5
&'to : Tr'c;
2+
*#2-
&'to 3arts
5
*#$+
!#2
2*
!#5-
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$
*#$2
Beverage (&lco1olic)
*N
*#*$
Biotec1nolog<
7$N
*#*2
Broadcasting
7!
*#57
Bro;erage : Investent Ban;ing
$N
*#**
B'ilding ,aterials
7
*#2
*N
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=able T?
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=1eical (Basic)
$
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*!
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=o.'ter >oftAare
27
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++
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*-
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iversi@ed
2!
!#
Ed'cational >ervices
$!
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Ban; Ban;s (Regional)
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=1eical (>.ecialt<) =oal : Related Energ<
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,(/,)
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*75
*#*$
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*N*
*#!2
Electronics (=ons'er : FCce)
2+
*#7
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5+
*#2!
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/aring0&gric'lt're
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*
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/ood D1olesalers
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7+
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*N7
!#-5
Healt1care /acilities
$
*#*7
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5-
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!#-7
Heat1care Inforation and Tec1nolog<
*25
!#NN
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$+
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72
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*7N
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*
!#-$
Ins'rance (General)
2+
!#N2
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2
*#2*
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57
!#+
77!
*#!5
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Internet softAare and services Investent =o#
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Railroad
*!
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!#NN
Real Estate (General0iversi@ed)
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!#2
Real Estate (F.erations : >ervices)
$
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*#7!
Reins'rance
7
!#5+
Resta'rant
-$
!#-+
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2*
!#N-
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!#-*
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$
*#!7
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$
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227
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22
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2!
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Utilit< (Dater) 1otal Mar2et
2! 3344
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Teleco# E'i.ent Teleco# >ervices T1rift
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8.03% +3.58%
#co =ost of ebt Loo;'. Table (based on std dev in stoc; .rices) >tandard eviation
.rei'
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*!N#N$% ***#**% *!*#2N% -N#2-% *!2#!2% **-#$+% -$#--% N#N% ++#++% -+#$*% N*#!5% *!!#!7% *!5#*$% N!#N+% *!!#2% N*#*N% **2#*-% -N#+!% *!5#57% NN#++% *!+#2% ++#% 55#+!% 5#+N% +5#-% *2!#2-% +#5% -#-N% *2#2!% -*#N2% 52#52% **2#*+% +7#77% *!*#55% 5+#+!% 5#*!% **#+$% 55#5$% *$!#77% --#7N% 5+#!2%
#!$% #!$% #!$% 5#5$% #!$% #!$% 5#5$% 5#!$% 5#!$% 5#5$% +#!$% #!$% #!$% +#!$% #!$% +#!$% #!$% 5#5$% #!$% +#!$% #!$% 5#!$% $#5$% $#5$% 5#!$% #!$% 5#!$% 5#!$% #!$% 5#5$% $#5$% #!$% $#5$% #!$% $#5$% 5#!$% #!$% $#5$% #!$% 5#5$% $#5
%$#$N% #52% -#N% *$#-+% $#-5% 5#!2% N#!*% *-#7% N#% *$#!!% *!#+N% *!#!7% 5#-!% *7#$N% -#+% *7#% +#!N% *N#$!% +#+-% *!#$-% N#5*% *#!5% *N#*N% *#-2% *N#$2% $#5N% +#+2% *7#!2% *#N!% *2#-*% 2!#55% +#2N% $#*-% *!#7% 2*#2-% -#2!% $#7!% *+#!7% !#-2% *7#N2% 2#$-%
+#5*% +#5*% +#$*% $#2% +#!% +#+N% 5#!$% $#**% $#55% $#+% 5#7N% +#77% +#+7% 5#27% +#$2% 5#2*% +#+*% $#$% +#5% 5#$*% +#7% $#*-% 7#+% 7#7% $#!+% +#2% $#*% $#7-% +#N*% $#-7% 7#+*% +#+!% $#75% +#2-% 7#5% $#+7% +#$% 7#-*% +#N-% $#% $#$7%
*2#!-% *7#-!% 2-#7% *-#5*% 2!#+2% 7!#7+% 2N#*$% 5!#52% +#-2% 2*#-7% *$#7% 2*#+% *$#2% 5$#7% *+#57% 2*#-7% *2#+-% 7+#!2% 7+#*5% 7$#75% *+#2!% N#+*% 7*#5% $!#!!% 25#N*% $#!!% 5*#!-% *$#-N% 72#57% 75#52% #-% +!#N+% 7$#*-% *+#-+% 72#N% 7$#2*% *2#*-% $5#N-% 2#!2% 2+#N*% -5#!%
-#$-% #N$% -#--% -#2$% -#5*% -#*!% +#$$% +#!2% 5#$*% +#$% -#$*% -#+2% #2*% +#N% #N% +#% #-7% -#-N% N#-% -#!7% #N% +#N+% +#7-% +#N5% +#*7% -#2!% 5#-N% #+-% -#55% #7% #*% #+7% +#*-% N#!*% +#52% #N-% -#77% 5#27% -#N% #$+% $#-!%
+#$!% N$#**% $#N2% *!*#++% N#7+% 7#+*% -#72% -$#$% N#$!% -5#2+% #55% N#$!% **$#7*% N*#N% *!+#*!% N5#$*% *!*#*$% **#7$% -#2N% -7#+!% N+#*% *!+#+*% N-#72% +N#*!% 5-#+*% 5#N$% -2#5*% 77#-!% #*7%
5#!$% +#!$% 5#!$% #!$% +#!$% $#!$% 5#!$% 5#5$% +#!$% 5#5$% 5#!$% 5#!$% #!$% +#!$% #!$% +#!$% #!$% #!$% 5#!$% 5#5$% +#!$% #!$% +#!$% 5#!$% $#5$% 5#!$% 5#5$% $#!$% 5#!
%$2!#5*% 7#!!% -#2% -#5+% -#-*% *7#7$% *5#*% *N#27% 2*#N% *+#*-% 25#!7% 22#-7% N#-!% *-#N!% *5#2*% #7!% 5#*7% $#NN% *N#-2% *$#*7% **#5$% +#N!% -#$!% *-#N7% *$#27% 2*#2*% 2#N7% 2N#N7% *$#52%
$#!*% 5#-+% $#+!% +#$$% 5#5*% 7#5!% $#2-% $#$% $#*% $#+$% 7#-% 7#-N% +#75% $#N!% 5#N% 5#+!% +#+-% +#+N% $#!$% $#+% 5#7$% +#55% 5#57% $#!N% 7#-N% 7#N% 7#NN% 2#-7% $#7*%
*N#*5% *N#N$% *$#5% 7#77% 2!#!-% 2#-!% 2*#+*% 7+#5*% *-#*5% 7!#$% 2+#2+% 7+#25% $#-2% 2#$7% 52#77% **#52% *$#5*% 7N#52% #7*% 7*#$+% 5*#25% N#2% $*#+!% N-#*+% *#2$% *#*N% $7#N% $!#N5% 7+#+%
#5N% #5% +#77% -#!% -#5% 5#2!% +#++% #22% #2% #!!% +#-$% 5#N$% -#*!% #*7% #5N% -#+*% -#N7% N#!*% +#N+% #++% 5#--% -#55% +#-2% $#*2% #!% #7% +#7% $#+*% 5#-%
6.6%
4.0%
0.57%
+.7%
7.47%
4.6%
Date (pdated*
+-,an-
As/at Da'odaran
1tt.M00AAA#daodaran#co Industry Name
&dvertising &eros.ace0efense &ir Trans.ort &..arel &'to : Tr'c; &'to 3arts Ban; Ban;s (Regional) Beverage Beverage (&lco1olic) Biotec1nolog< Broadcasting Bro;erage : Investent Ban;ing B'ilding ,aterials B'siness : =ons'er >ervices =able T? =1eical (Basic) =1eical (iversi@ed) =1eical (>.ecialt<) =oal : Related Energ< =o.'ter >ervices =o.'ter >oftAare =o.'ters03eri.1erals =onstr'ction iversi@ed Ed'cational >ervices
Industry Name
Electrical E'i.ent Electronics Electronics (=ons'er : FCce) Engineering Entertainent Environental : Daste >ervices /aring0&gric'lt're /inancial >vcs# /inancial >vcs# (onban; : Ins'rance) /ood 3rocessing /ood D1olesalers /'rn0Hoe /'rnis1ings Healt1care E'i.ent Healt1care /acilities Healt1care 3rod'cts Healt1care >ervices Heat1care Inforation and Tec1nolog< Heav< =onstr'ction Hoeb'ilding Hotel0Gaing
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
+5 N5 25 ! 2+ 5 2* $ *N 7$N 7! $N 7 *N *+ $ *! *!! $5 *2N 27 ++ *2! $!
*#!7 *#!* !#N$ *#*5 *#2*#$+ !#2 !#5*#$2 *#*$ *#*2 *#57 *#** *#2 !#N! !#N *#!* *#$2 *#!* *#2!#N2 *#! *#*5 !#N+ !# *#2$
52#5% *-#NN% *!N#$-% 2*#77% N#5+% 72#!!% -$#*N% 2#!!% 22#*+% 2#5+% N#*5% $-#$N% $!!#5+% 7!#!5% 2N#27% $N#27% 2N#+% 77#7N% *+#7!% -+#+7% 2!#$-% -#+-% -#-7% 7!#$% N$#$% 7N#!7%
+#!$% *5#!7% *7#N% *!#2N% $#*% N#$7% 22#*% *-#!!% 7#N5% *!#2% *#*7% *7#2*% *7#$$% *+#77% *7#$*% *5#!!% +#2% 25#!7% *2#$% 2#$$% N#N$% +#*+% 5#++% N#-2% *2#+!% **#-
%$!#+N !#- !#$!#N+ !#++ *#*7 !#$7 !#7 *#* !#N* *#!2 *#!!#25 *#!2 !#2 !#+N !#N *#*7 !#-N !#+N !#!#NN *#!+ !#5 !#$2 !#N2
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*75 *N* 2+ 5+ -5 *!2N + * N *7+ *N7 $ 5*2+ *25 $+ 72 -N
*#*$ *#!2 *#7 *#2! *#*N *#*7 !#N !#NN *#!5 !#-5 *#**#2$ !#-5 *#*7 *#!! !#-7 !#NN *#+ *#* *#2
*7#$% *+#!*% $!#7!% 22#2% 25#N-% $7#5N% $*#*2% *!2#*2% 77*#$% 2#N2% *+#N% 2#++% *#2+% *2!#N!% *N#-!% 2#N7% *$#52% 5+#7!% 5+#+*% 52#77%
#$N% #52% -#N% *$#-+% $#-5% 5#!2% N#!*% *-#7% N#% *$#!!% *!#+N% *!#!7% 5#-!% *7#$N% -#+% *7#% +#!N% *N#$!% +#+-% *!#$-%
*#!* !#-N *#!! *#!* !#N5 !#-! !#5!#5$ !#2+ !#+N *#!2 !#NN !#7 !#55 !#-5 !#+ !#- *#*5 *#*2 !#-
Industry Name
Electrical E'i.ent Electronics Electronics (=ons'er : FCce) Engineering Entertainent Environental : Daste >ervices /aring0&gric'lt're /inancial >vcs# /inancial >vcs# (onban; : Ins'rance) /ood 3rocessing /ood D1olesalers /'rn0Hoe /'rnis1ings Healt1care E'i.ent Healt1care /acilities Healt1care 3rod'cts Healt1care >ervices Heat1care Inforation and Tec1nolog< Heav< =onstr'ction Hoeb'ilding Hotel0Gaing Ho'se1old 3rod'cts Inforation >ervices Ins'rance (General) Ins'rance (Life) Ins'rance (3ro.0=as#) Internet softAare and services Investent =o# ,ac1iner<
Industry Name
,etals : ,ining FCce E'i.ent : >ervices Fil0Gas (Integrated) Fil0Gas (3rod'ction and E8.loration) Fil0Gas istrib'tion Fil@eld >vcs0E'i.# 3ac;aging : =ontainer 3a.er0/orest 3rod'cts 31ara : r'gs 3oAer 3recio's ,etals 3'bls1ing : eAs.a.ers R#E#I#T# Railroad Real Estate (evelo.ent) Real Estate (General0iversi@ed) Real Estate (F.erations : >ervices) Recreation Reins'rance Resta'rant
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*75 *N* 2+ 5+ -5 *!2N + * N *7+ *N7 $ 5*2+ *25 $+ 72 -N *7N * 2+ 2 57 77! +5 *$*
*#*$ *#!2 *#7 *#2! *#*N *#*7 !#N !#NN *#!5 !#-5 *#**#2$ !#-5 *#*7 *#!! !#-7 !#NN *#+ *#* *#2 *#!! !#-$ !#N2 *#2* !#+ *#!5 !#-2 *#!$
*7#$% *+#!*% $!#7!% 22#2% 25#N-% $7#5N% $*#*2% *!2#*2% 77*#$% 2#N2% *+#N% 2#++% *#2+% *2!#N!% *N#-!% 2#N7% *$#52% 5+#7!% 5+#+*% 52#77% *N#77% *!#+7% $+#*$% ++#+% 7$#N-% $#*+% *!$#$!% *#5!%
#$N% #52% -#N% *$#-+% $#-5% 5#!2% N#!*% *-#7% N#% *$#!!% *!#+N% *!#!7% 5#-!% *7#$N% -#+% *7#% +#!N% *N#$!% +#+-% *!#$-% N#5*% *#!5% *N#*N% *#-2% *N#$2% $#5N% +#+2% *7#!2%
*#!* !#-N *#!! *#!* !#N5 !#-! !#5!#5$ !#2+ !#+N *#!2 !#NN !#7 !#55 !#-5 !#+ !#- *#*5 *#*2 !#- !#-+ !# !#+ !#!#+! *#!* !#$* !#N*
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*7$ 7! $** -! *+7 2$ 2* *7*!+ *++ 52 $+ *! 22 ** $ ! 7 -$
*#2+ *#*$ *#!! *#2$ !#-2 *#7! !#NN *#7$ *#*! !#+*#77 *#!!#*#!!#NN !#2 *#$! *#7! !#5+ !#-+
$-#2*% 55#!-% -#5$% *5+#*5% 5*#N7% 2!#2N% $N#*N% 5*#NN% *7#-% -5#**% 7#!2% 7+#-2% 5+N#N% 27#+N% 2$#N!% *#7!% 5N#5% 25#*7% 7-#5!% 2#5%
*#N!% *2#-*% 2!#55% +#2N% $#*-% *!#7% 2*#2-% -#2!% $#7!% *+#!7% !#-2% *7#N2% 2#$-% 2!#5*% 7#!!% -#2% -#5+% -#-*% *7#7$% *5#*%
!#-+ !# !#N$ !#5! !#55 *#*! !#* !#N! !#N !#$! !#N!#-2 !#*2 !#N* !#-! !#+2 !#N* *#!+ !#$2 !#+N
Industry Name
,etals : ,ining FCce E'i.ent : >ervices Fil0Gas (Integrated) Fil0Gas (3rod'ction and E8.loration) Fil0Gas istrib'tion Fil@eld >vcs0E'i.# 3ac;aging : =ontainer 3a.er0/orest 3rod'cts 31ara : r'gs 3oAer 3recio's ,etals 3'bls1ing : eAs.a.ers R#E#I#T# Railroad Real Estate (evelo.ent) Real Estate (General0iversi@ed) Real Estate (F.erations : >ervices) Recreation Reins'rance Resta'rant Retail (&'tootive) Retail (B'ilding >'..l<) Retail (istrib'tors) Retail (General) Retail (Grocer< and /ood) Retail (Internet) Retail (>.ecial Lines) R'bber: Tires
Industry Name
>eicond'ctor >eicond'ctor E'i. >1i.b'ilding : ,arine >1oe >teel Teleco (Direless) Teleco# E'i.ent Teleco# >ervices T1rift Tobacco Trans.ortation Tr'c;ing Utilit< (General) Utilit< (Dater) 1otal Mar2et
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*7$ 7! $** -! *+7 2$ 2* *7*!+ *++ 52 $+ *! 22 ** $ ! 7 -$ 7! - 2* 2* $ *7 $
*#2+ *#*$ *#!! *#2$ !#-2 *#7! !#NN *#7$ *#*! !#+*#77 *#!!#*#!!#NN !#2 *#$! *#7! !#5+ !#-+ *#*5 *#! *#!! !#N!#-* *#!7 !#NN *#2
$-#2*% 55#!-% -#5$% *5+#*5% 5*#N7% 2!#2N% $N#*N% 5*#NN% *7#-% -5#**% 7#!2% 7+#-2% 5+N#N% 27#+N% 2$#N!% *#7!% 5N#5% 25#*7% 7-#5!% 2#5% 5#5*% 22#*-% $7#-2% 75#+2% 5+#-+% 5#!+% 7#-!% *!N#-%
*#N!% *2#-*% 2!#55% +#2N% $#*-% *!#7% 2*#2-% -#2!% $#7!% *+#!7% !#-2% *7#N2% 2#$-% 2!#5*% 7#!!% -#2% -#5+% -#-*% *7#7$% *5#*% *N#27% 2*#N% *+#*-% 25#!7% 22#-7% N#-!% *-#N!% *5#2*%
!#-+ !# !#N$ !#5! !#55 *#*! !#* !#N! !#N !#$! !#N!#-2 !#*2 !#N* !#-! !#+2 !#N* *#!+ !#$2 !#+N !#N !#N* !#7 !# !#5 !#NN !#5 !#++
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*!$ 5* *$ *$ 7 2*7* -2 227 *2 22 22! 2!
*#*N *#25 *#5! !#-7 *#*N !#+*#*$ !#N$ !#57 !#N$ *#!* *#* !#5+ !#5
*7#!2% *+#N% +5#75% #-N% $5#N*% *!5#*$% *!#% *#27% & 2!#-7% 2!#5% -#$-% +N#75% 5#N!%
#7!% 5#*7% $#NN% *N#-2% *$#*7% **#5$% +#N!% -#$!% *-#N7% *$#27% 2*#2*% 2#N7% 2N#N7% *$#52%
*#!+ *#!!#N2 !#!#-5 !#75 *#!$ !#5 !#!* !#-! !#-+ !#5 !#7!#5!
3344
.0
3.78%
0.57%
0.40
Industry Name
>eicond'ctor >eicond'ctor E'i. >1i.b'ilding : ,arine >1oe >teel Teleco (Direless) Teleco# E'i.ent Teleco# >ervices T1rift Tobacco Trans.ortation Tr'c;ing Utilit< (General) Utilit< (Dater) 1otal Mar2et
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
*!$ 5* *$ *$ 7 2*7* -2 227 *2 22 22! 2!
*#*N *#25 *#5! !#-7 *#*N !#+*#*$ !#N$ !#57 !#N$ *#!* *#* !#5+ !#5
*7#!2% *+#N% +5#75% #-N% $5#N*% *!5#*$% *!#% *#27% & 2!#-7% 2!#5% -#$-% +N#75% 5#N!%
#7!% 5#*7% $#NN% *N#-2% *$#*7% **#5$% +#N!% -#$!% *-#N7% *$#27% 2*#2*% 2#N7% 2N#N7% *$#52%
*#!+ *#!!#N2 !#!#-5 !#75 *#!$ !#5 !#!* !#-! !#-+ !#5 !#7!#5!
3344
.0
3.78%
0.57%
0.40
Cash/Firm value
Unlevered beta corrected for cash
5#N*% +#2$% +#N2% 2#NN% -#$-% -#!$% *!#N$% *7#-!% 5#!+% *#7-% $#7N% 2#7*% 2$#7N% 5#!$% $#77% 2#5-% #*N% +#-2%
!#7 !#N2 !#52 !#NN !#2 *#27 !#$N !#$7 *#2$ !#N7 *#! *#*! !#77 *#! !#5 !#* !#-5 *#22
Cash/Firm value
Unlevered beta corrected for cash
5#N*% +#2$% +#N2% 2#NN% -#$-% -#!$% *!#N$% *7#-!% 5#!+% *#7-% $#7N% 2#7*% 2$#7N% 5#!$% $#77% 2#5-% #*N% +#-2% +#25% 5#-+% 5#$-% 5#5!% 5#N2% *#-N% 2#2% **#N-%
!#7 !#N2 !#52 !#NN !#2 *#27 !#$N !#$7 *#2$ !#N7 *#! *#*! !#77 *#! !#5 !#* !#-5 *#22 !#N5 !#7 !#-2 *#!$ *#*7 !# !#$7 *#!$
Cash/Firm value
Unlevered beta corrected for cash
5#7% *!#+N% +#N% **#2*% $#!5% *#$2% #+7% #22% #-5% 7#*!% *#*% 7#--% 5#2!% *#22% $#2-% +#5$% $#--% 5#5$% N#*5% 7#-
%$*#! *#!! *#!*#*7 !#NN !#-* !#+7 !#5!#2N !#* *#!$ *#!7 !# !#5+ !#-N !#2 !#N2 *#22 *#27 !#N!
Cash/Firm value
Unlevered beta corrected for cash
5#7% *!#+N% +#N% **#2*% $#!5% *#$2% #+7% #22% #-5% 7#*!% *#*% 7#--% 5#2!% *#22% $#2-% +#5$% $#--% 5#5$% N#*5% 7#-$% 7#52% 7#-$% 5#!$% *!#$*% 5#$% 7#N-% **#7-% 5#N!%
*#! *#!! *#!*#*7 !#NN !#-* !#+7 !#5!#2N !#* *#!$ *#!7 !# !#5+ !#-N !#2 !#N2 *#22 *#27 !#N! !#-N !#-* !#* !#- !#+7 *#!5 !#$ !#N+
Cash/Firm value
Unlevered beta corrected for cash
5#7% 5#$5% 7#!N% *#+% *#*2% 5#+N% 7#7*% 7#*2% 5#*5% 2#!5% *!#5% +#!+% 2#$!% *#+*% +#2% !#+N% 7#25% $#22% *!#$+% 2#5+%
!#N! !#-2 !#N !#5* !#55 *#* !#7 !#N7 *#!7 !#$! *#!N !#- !#*2 !#N2 !#-5 !#+2 !#N$ *#** !#$ !#*
Cash/Firm value
Unlevered beta corrected for cash
5#7% 5#$5% 7#!N% *#+% *#*2% 5#+N% 7#7*% 7#*2% 5#*5% 2#!5% *!#5% +#!+% 2#$!% *#+*% +#2% !#+N% 7#25% $#22% *!#$+% 2#5+% 2#25% 2#-N% *#-+% 7#*N% *#2% 7#!7% 7#2!% *#5!%
!#N! !#-2 !#N !#5* !#55 *#* !#7 !#N7 *#!7 !#$! *#!N !#- !#*2 !#N2 !#-5 !#+2 !#N$ *#** !#$ !#* !#-! !#N$ !#$ !#-! !#5*#!2 !#!#-!
Cash/Firm value
Unlevered beta corrected for cash
+#7$% *!#N% 2#2-% 7#57% +#7*% 5#*5% +#7+% N#+7% *#--% 7#-!% 5#+!% 2#N2% !#N% !#55%
*#*$ *#2* !#N$ !#-* !#N* !#7 *#** !#+7 !#7$ !#-7 !#N2 !# !#7!#5!
+.7%
0.4
Cash/Firm value
Unlevered beta corrected for cash
+#7$% *!#N% 2#2-% 7#57% +#7*% 5#*5% +#7+% N#+7% *#--% 7#-!% 5#+!% 2#N2% !#N% !#55%
*#*$ *#2* !#N$ !#-* !#N* !#7 *#** !#+7 !#7$ !#-7 !#N2 !# !#7!#5!
+.7%
0.4
Country Abu Dhabi Albania Andorra Angola Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados
GDP
*5#! *7#* $#5 **$#2 $$#N N#N 2#+ *52!#+ 7NN#+ +#2 -#* 22#N **5#+ 7#
Long-Term Rating Aa2 B1 A3 Ba3 B3 Ba2 Baa1 Aaa Aaa Baa3 Baa1 Baa2 Ba3 Ba1
Country Abu Dhabi Albania Andorra Angola Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bolivia Bosnia and Herzegovina Botswana Brazil Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Chile China Colombia Cook Islands Costa Rica Croatia Cuba Curacao Cyprus Czech Republic
GDP
*5#! *7#* $#5 **$#2 $$#N N#N 2#+ *52!#+ 7NN#+ +#2 -#* 22#N **5#+ 7# +7#7 $-7# *#$ #+ 5#+ 2#! *#! *$#$ 2252# 5*#! *!#$ *$#* 25#! *-2*#$ *#N $#! 2+-#7 -22#* 7+N#*#2 $5#* 5+#$ +!#*#! 27#! *N5#
Long-Term Rating Aa2 B1 A3 Ba3 B3 Ba2 Baa1 Aaa Aaa Baa3 Baa1 Baa2 Ba3 Ba1 B3 Aa3 Caa2 B2 Aa3 Ba3 B3 A2 Baa2 Baa2 B2 B2 B2 Aaa B2 Aa3 Aa3 Aa3 Baa3 B1 Baa3 Ba1 Caa1 B1 Caa3 A1
Democratic Republic of Cong Denmark Dominican Republic Ecuador Egypt El Salvador Estonia Fiji Finland France Gabon Georgia Germany Ghana Greece Guatemala Honduras Hong Kong Hungary Iceland India Indonesia Ireland Isle of Man Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Korea Kuwait Latvia Lebanon Liechtenstein Lithuania Luxembourg Macao Macedonia Malaysia
*#N 7*$#2 5N#! -$#5 -$#5 27#2*#N 7#N 25!#! 2+*2#N *-# *5#77NN#+ $!# 2$N#* 5!#*-#! 2+7#7 *25#5 *7# *-$*# --#! 2*!#7 *#$ 2$2#N 2!*7#7 *$#5N5N# 7*#2 2!*# 7#2 **2N#+ *+#+ 2-#$ $2#N *!#5 $2#2 5#* $7#+ N# 7!7#5
B3 Aaa B1 Caa1 Caa1 Ba3 A1 B1 Aaa Aa1 Ba3 Ba3 Aaa B1 Caa3 Ba1 B2 Aa1 Ba1 Baa3 Baa3 Baa3 Ba1 Aa1 A1 Baa2 Caa3 Aa3 B1 Baa2 B1 Aa3 Aa2 Baa2 B1 Aaa Baa1 Aaa Aa3 Ba3 A3
Malta Mauritius Mexico Moldova Mongolia Montenegro Montserrat Morocco Mozambique Namibia Netherlands New Zealand Nicaragua Nigeria Norway Oman Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Qatar Ras Al Kaminah Republic of the Congo Romania Russia Rwanda Saudi Arabia Senegal Serbia Singapore Slovakia Slovenia South Africa Spain Sri Lanka St. Maarten St. Vincent & the Grenadines
-# *!#5 **#7 #7 *!#7 $#2 *#5 N+# *$#+ *2#2#2 *7N#*!#5 2+2#+ $NN# *#27*#2 7+#7 *5# 25#5 *N#* 25!#7 $-N#2*2#5 *7#! 5#2 *7# *+N#$ 2!*$##* 5+#*$#2 7#5 2$# N*#+ $5#5 7-$#7 *7$N#$ 5N#$ *#5 *#5
A3 Baa1 Baa1 B3 B1 Ba3 Baa3 Ba1 B1 Baa3 Aaa Aaa B3 Ba3 Aaa A1 Caa1 Baa2 B1 Ba3 Baa2 Baa3 A2 Ba3 Aa2 A2 Ba3 Baa3 Baa1 B2 Aa3 B1 B1 Aaa A2 Ba1 Baa1 Baa3 B1 Baa1 B2
Suriname Sweden Switzerland Taiwan Thailand Trinidad and Tobago Tunisia Turkey Uganda Ukraine United Arab Emirates United Kingdom United States of America Uruguay Venezuela Vietnam Zambia
$# 525# +72#2 $$#! 7+5#+ 2$#! $5# -N#7 77# *+#7 7+!#2 2$75#2 *5+-$#$N#* $N#* *$*# 2!#
Ba3 Aaa Aaa Aa3 Baa1 Baa1 Ba3 Baa3 B1 Caa1 Aa2 Aa1 Aaa Baa3 Caa1 B2 B1
Adj. Default Spread 0.50% 4.50% 1.20% 3.60% 6.50% 3.00% 1.60% 0.00% 0.00% 2.20% 1.60% 1.90% 3.60% 2.50% 6.50% 0.60% 9.00% 5.50% 0.60% 3.60% 6.50% 0.85% 1.90% 1.90% 5.50% 5.50% 5.50% 0.00% 5.50% 0.60% 0.60% 0.60% 2.20% 4.50% 2.20% 2.50% 7.50% 4.50% 10.00% 0.70%
Total Risk Premium Country Risk Premium 5.75% 0.75% 11.75% 6.75% 6.80% 1.80% 10.40% 5.40% 14.75% 9.75% 9.50% 4.50% 7.40% 2.40% 5.00% 0.00% 5.00% 0.00% 8.30% 3.30% 7.40% 2.40% 7.85% 2.85% 10.40% 5.40% 8.75% 3.75% 14.75% 9.75% 5.90% 0.90% 18.50% 13.50% 13.25% 8.25% 5.90% 0.90% 10.40% 5.40% 14.75% 9.75% 6.28% 1.28% 7.85% 2.85% 7.85% 2.85% 13.25% 8.25% 13.25% 8.25% 13.25% 8.25% 5.00% 0.00% 13.25% 8.25% 5.90% 0.90% 5.90% 0.90% 5.90% 0.90% 8.30% 3.30% 11.75% 6.75% 8.30% 3.30% 8.75% 3.75% 16.25% 11.25% 11.75% 6.75% 20.00% 15.00% 6.05% 1.05%
Region ,iddle East Eastern E'ro.e : R'ssia Destern E'ro.e &frica =entral and >o't1 &erica Eastern E'ro.e : R'ssia =aribbean &'stralia : eA Jealand Destern E'ro.e Eastern E'ro.e : R'ssia =aribbean ,iddle East &sia =aribbean Eastern E'ro.e : R'ssia Destern E'ro.e =entral and >o't1 &erica &frica =aribbean =entral and >o't1 &erica Eastern E'ro.e : R'ssia &frica =entral and >o't1 &erica Eastern E'ro.e : R'ssia &frica &sia &frica ort1 &erica &frica =aribbean =entral and >o't1 &erica &sia =entral and >o't1 &erica &'stralia : eA Jealand =entral and >o't1 &erica Eastern E'ro.e : R'ssia =aribbean =aribbean Destern E'ro.e Eastern E'ro.e : R'ssia
6.50% 0.00% 4.50% 7.50% 7.50% 3.60% 0.70% 4.50% 0.00% 0.40% 3.60% 3.60% 0.00% 4.50% 10.00% 2.50% 5.50% 0.40% 2.50% 2.20% 2.20% 2.20% 2.50% 0.40% 0.70% 1.90% 10.00% 0.60% 4.50% 1.90% 4.50% 0.60% 0.50% 1.90% 4.50% 0.00% 1.60% 0.00% 0.60% 3.60% 1.20%
14.75% 5.00% 11.75% 16.25% 16.25% 10.40% 6.05% 11.75% 5.00% 5.60% 10.40% 10.40% 5.00% 11.75% 20.00% 8.75% 13.25% 5.60% 8.75% 8.30% 8.30% 8.30% 8.75% 5.60% 6.05% 7.85% 20.00% 5.90% 11.75% 7.85% 11.75% 5.90% 5.75% 7.85% 11.75% 5.00% 7.40% 5.00% 5.90% 10.40% 6.80%
9.75% 0.00% 6.75% 11.25% 11.25% 5.40% 1.05% 6.75% 0.00% 0.60% 5.40% 5.40% 0.00% 6.75% 15.00% 3.75% 8.25% 0.60% 3.75% 3.30% 3.30% 3.30% 3.75% 0.60% 1.05% 2.85% 15.00% 0.90% 6.75% 2.85% 6.75% 0.90% 0.75% 2.85% 6.75% 0.00% 2.40% 0.00% 0.90% 5.40% 1.80%
&frica Destern E'ro.e =aribbean =entral and >o't1 &erica &frica =entral and >o't1 &erica Eastern E'ro.e : R'ssia &sia Destern E'ro.e Destern E'ro.e &frica Eastern E'ro.e : R'ssia Destern E'ro.e &frica Destern E'ro.e =entral and >o't1 &erica =entral and >o't1 &erica &sia Eastern E'ro.e : R'ssia Destern E'ro.e &sia &sia Destern E'ro.e Destern E'ro.e ,iddle East Destern E'ro.e =aribbean &sia ,iddle East Eastern E'ro.e : R'ssia &frica &sia ,iddle East Eastern E'ro.e : R'ssia ,iddle East Destern E'ro.e Eastern E'ro.e : R'ssia Destern E'ro.e &sia Eastern E'ro.e : R'ssia &sia
1.20% 1.60% 1.60% 6.50% 4.50% 3.60% 2.20% 2.50% 4.50% 2.20% 0.00% 0.00% 6.50% 3.60% 0.00% 0.70% 7.50% 1.90% 4.50% 3.60% 1.90% 2.20% 0.85% 3.60% 0.50% 0.85% 3.60% 2.20% 1.60% 5.50% 0.60% 4.50% 4.50% 0.00% 0.85% 2.50% 1.60% 2.20% 4.50% 1.60% 5.50%
6.80% 7.40% 7.40% 14.75% 11.75% 10.40% 8.30% 8.75% 11.75% 8.30% 5.00% 5.00% 14.75% 10.40% 5.00% 6.05% 16.25% 7.85% 11.75% 10.40% 7.85% 8.30% 6.28% 10.40% 5.75% 6.28% 10.40% 8.30% 7.40% 13.25% 5.90% 11.75% 11.75% 5.00% 6.28% 8.75% 7.40% 8.30% 11.75% 7.40% 13.25%
1.80% 2.40% 2.40% 9.75% 6.75% 5.40% 3.30% 3.75% 6.75% 3.30% 0.00% 0.00% 9.75% 5.40% 0.00% 1.05% 11.25% 2.85% 6.75% 5.40% 2.85% 3.30% 1.28% 5.40% 0.75% 1.28% 5.40% 3.30% 2.40% 8.25% 0.90% 6.75% 6.75% 0.00% 1.28% 3.75% 2.40% 3.30% 6.75% 2.40% 8.25%
Destern E'ro.e &sia =entral and >o't1 &erica Eastern E'ro.e : R'ssia &sia Eastern E'ro.e : R'ssia =aribbean &frica &frica &frica Destern E'ro.e &'stralia : eA Jealand =entral and >o't1 &erica &frica Destern E'ro.e ,iddle East &sia =entral and >o't1 &erica &sia =entral and >o't1 &erica =entral and >o't1 &erica &sia Eastern E'ro.e : R'ssia Destern E'ro.e ,iddle East ,iddle East &frica Eastern E'ro.e : R'ssia Eastern E'ro.e : R'ssia &frica ,iddle East &frica Eastern E'ro.e : R'ssia &sia Eastern E'ro.e : R'ssia Eastern E'ro.e : R'ssia &frica Destern E'ro.e &sia =aribbean =aribbean
3.60% 0.00% 0.00% 0.60% 1.60% 1.60% 3.60% 2.20% 4.50% 7.50% 0.50% 0.40% 0.00% 2.20% 7.50% 5.50% 4.50%
10.40% 5.00% 5.00% 5.90% 7.40% 7.40% 10.40% 8.30% 11.75% 16.25% 5.75% 5.60% 5.00% 8.30% 16.25% 13.25% 11.75%
5.40% 0.00% 0.00% 0.90% 2.40% 2.40% 5.40% 3.30% 6.75% 11.25% 0.75% 0.60% 0.00% 3.30% 11.25% 8.25% 6.75%
=entral and >o't1 &erica Destern E'ro.e Destern E'ro.e &sia &sia =aribbean &frica Destern E'ro.e &frica Eastern E'ro.e : R'ssia ,iddle East Destern E'ro.e ort1 &erica =entral and >o't1 &erica =entral and >o't1 &erica &sia &frica
3R3 !#-% +#-% *#-% 5#$% N#-% $#5% 2#$% !#!% !#!% 7#7% 2#$% 2#N% 5#$% 7#-% N#-% !#N% *7#5% -#7% !#N% 5#$% N#-% *#7% 2#N% 2#N% -#7% -#7% -#7% !#!% -#7% !#N% !#N% !#N% 7#7% +#-% 7#7% 7#-% **#7% +#-% *5#!% *#*%
N#-% !#!% +#-% **#7% **#7% 5#$% *#*% +#-% !#!% !#+% 5#$% 5#$% !#!% +#-% *5#!% 7#-% -#7% !#+% 7#-% 7#7% 7#7% 7#7% 7#-% !#+% *#*% 2#N% *5#!% !#N% +#-% 2#N% +#-% !#N% !#-% 2#N% +#-% !#!% 2#$% !#!% !#N% 5#$% *#-%
*#-% 2#$% 2#$% N#-% +#-% 5#$% 7#7% 7#-% +#-% 7#7% !#!% !#!% N#-% 5#$% !#!% *#*% **#7% 2#N% +#-% 5#$% 2#N% 7#7% *#7% 5#$% !#-% *#7% 5#$% 7#7% 2#$% -#7% !#N% +#-% +#-% !#!% *#7% 7#-% 2#$% 7#7% +#-% 2#$% -#7%
5#$% !#!% !#!% !#N% 2#$% 2#$% 5#$% 7#7% +#-% **#7% !#-% !#+% !#!% 7#7% **#7% -#7% +#-%
Bolivia: Indice de Precios al Consumidor por Año según Mes (Base 2007), erie: !"#7 $ 20!% M&
!"#7
!"#'
!"#"
!"70
!"7!
!"72
Enero
0.00004029
0.00004212
0.00004347
0.00004474
0.00004624
0.00004810
Febrero
0.00004113
0.00004208
0.00004321
0.00004485
0.00004606
0.00004806
Marzo
0.00003884
0.00004204
0.00004292
0.00004485
0.00004617
0.00004777
0.00003935
0.00004183
0.00004285
0.00004467
0.00004591
0.00004777
Mayo
0.00003902
0.00004241
0.00004303
0.00004493
0 .00004602
0.00004777
Junio
0.00004124
0.00004292
0.00004314
0.00004525
0.00004675
0 .00004817
Julio
0.00004033
0.00004361
0.00004343
0.00004562
0.00004744
0.00004850
0.00004066
0.00004343
0.00004416
0.00004565
0.00004799
0.00004835
Setie!bre
0.00004077
0.00004314
0.00004423
0.00004565
0.00004828
0.00004854
"#tubre
0.00004132
0.00004303
0.00004449
0.00004595
0.00004802
0.00004886
$o%ie!bre
0.00004168
0.00004328
0.00004493
0.00004627
0.00004802
0.00006042
&i#ie!bre
0.00004186
0.00004332
0.00004471
0.00004653
0.00004806
0.00005940
'ro!. Anual
0.00004054
0.00004277
0.00004371
0.00004541
0.00004708
0.00005014
Abril
Agosto
&*+&: I*+I++ *ACI*A- .& &+A./+ICA
!"7%
!"7
!"71
!"7#
!"77
!"7'
!"7"
0.00005926
0.00009284
0.00011264
0.00011939
0.00012842
0.00013805
0.00015717
0.00005937
0.00010433
0.00011257
0.00012085
0.00012779
0.00013633
0.00016048
0.00006050
0.00010622
0.00011254
0.00011893
0.00012509
0.00013641
0.00015975
0.00006119
0.00010695
0.00011243
0.00011808
0.00012559
0.00013671
0.00015856
0.00006155
0.00010790
0.00011299
0.00011895
0.00012570
0.00013568
0.00016256
0.00006177
0.00011034
0.00011502
0.00012075
0.00013030
0.00014074
0.00016545
0.00006392
0.00011067
0.00011759
0.00012169
0.00013163
0.00014620
0.00017044
0.00006611
0.00011100
0.00011945
0.00012232
0.00013371
0.00014832
0.00017376
0.00006804
0.00010870
0.00011966
0.00012236
0.00013372
0.00014946
0.00017585
0.00007413
0.00010786
0.00011934
0.00012267
0.00013573
0.00015516
0.00017877
0.00007530
0.00011034
0.00011899
0.00012325
0.00013636
0.00015523
0.00018660
0.00008004
0.00011122
0.00011794
0.00012442
0.00013744
0.00015597
0.00022686
0.00006593
0.00010737
0.00011593
0.00012114
0.00013096
0.00014452
0.00017302
!"'0
!"'!
!"'2
!"'%
!"'
!"'1
!"'#
0.00023088
0.00031613
0.00036072
0.0014
0.0065
0.23
14.97
0.00023175
0.00032217
0.00041866
0.0015
0.0081
0.65
16.16
0.00023560
0.00032127
0.00045279
0.0017
0.0098
0.81
16.17
0.00023764
0.00032160
0.00050991
0.0019
0.0159
0.91
16.75
0.00024481
0.00032870
0.00053040
0.0020
0.0234
1.23
16.91
0.00025835
0.00032914
0.00055537
0.0021
0.0243
2.20
17.63
0.00026215
0.00033388
0.00067522
0.0023
0.0256
3.65
17.95
0.00027089
0.00035388
0.00079597
0.0029
0.0294
6.08
18.06
0.00026457
0.00035215
0.00095093
0.0034
0.0404
9.52
18.47
0.00026809
0.00035460
0.00109008
0.0038
0.0643
9.34
18.58
0.00027116
0.00035411
0.00129456
0.0047
0.0846
9.64
18.56
0.00028116
0.00035180
0.00139503
0.0060
0.1361
11.26
18.68
0.00025476
0.00033662
0.00075247
0.0028
0.0390
4.63
17.41
!"'7
!"''
!"'"
!""0
!""!
!""2
!""%
!""
19.14
20.58
25.24
29.59
36.58
40.59
44.46
48.18
19.38
20.98
25.38
29.56
36.67
41.50
44.88
48.44
19.51
21.16
25.60
29.67
36.91
41.72
44.86
48.40
19.82
22.16
25.63
29.76
37.09
41.83
44.91
48.64
19.89
22.47
25.79
29.93
37.38
42.12
45.25
48.94
19.85
22.94
25.74
30.53
37.66
42.39
45.66
49.17
19.84
23.85
25.86
31.07
37.98
42.71
46.17
49.63
20.03
24.43
26.67
31.41
38.37
43.10
46.98
50.24
20.15
24.34
27.66
31.78
38.53
43.13
47.23
50.55
20.57
24.84
28.24
32.88
38.90
43.36
47.47
50.93
20.51
24.79
28.73
33.81
39.23
43.57
47.56
51.79
20.68
25.12
29.28
34.56
39.58
43.72
47.78
51.86
19.95
23.14
26.65
31.21
37.91
42.48
46.10
49.73
!""1
!""#
!""7
!""'
!"""
2000
200!
2002
52.29
59.28
63.02
68.20
70.32
72.80
75.06
75.57
52.58
60.92
63.13
68.77
70.59
73.10
75.04
75.73
53.07
60.78
62.98
68.91
70.29
73.55
74.87
75.50
53.89
60.65
63.33
69.10
70.18
74.26
75.02
75.48
54.14
60.88
63.79
69.32
70.24
73.33
74.89
75.51
54.52
61.20
64.38
69.48
70.50
73.47
75.44
75.59
54.73
61.89
65.20
69.64
70.64
74.00
76.34
75.90
55.01
62.54
65.63
69.66
71.01
74.29
75.84
76.07
55.30
62.64
64.94
69.62
71.43
75.66
75.64
76.42
56.34
62.59
65.19
70.31
71.94
76.67
75.70
76.83
57.35
62.92
65.27
70.33
71.99
74.72
75.53
77.25
58.38
63.02
67.26
70.22
72.42
74.89
75.58
77.43
54.80
61.61
64.51
69.46
70.96
74.23
75.41
76.11
200%
200
2001
200#
2007
200'
200"
20!0
77.74
80.97
85.35
88.69
94.03
104.70
116.26
116.35
77.57
81.13
85.40
88.96
94.81
107.44
116.18
116.54
77.62
80.91
85.53
88.72
95.10
108.49
115.61
116.40
77.86
80.93
85.21
88.84
94.85
109.29
115.11
116.51
77.87
81.26
85.79
89.59
95.28
111.33
114.89
116.49
78.03
81.87
87.11
90.14
96.09
112.73
115.12
116.65
78.50
82.30
86.70
90.65
98.66
113.25
114.89
117.37
79.00
82.59
87.01
90.82
100.23
113.99
115.61
118.61
79.19
82.57
87.14
90.90
100.42
114.99
115.73
119.52
80.18
83.24
87.46
91.32
101.67
115.20
116.10
120.98
79.76
83.69
87.84
92.01
102.92
115.35
115.88
122.33
80.48
84.20
88.33
92.70
103.57
115.84
116.15
124.49
78.65
82.14
86.57
90.28
98.14
111.88
115.63
118.52
