CASO RESUELTO MARRIOT.xlsx

Ke= E= D= t= Kd=

1) Hallar el BL (Beta Apalancado) Apalancado) BU BL TAX D E BL =

BL BL TAX D E BL = 2) Hallar el Ke (Costo del Equity) Ke (re)

Costo del Equity (Patrimonio) Valor de Marcado del Equity (Patrimonio) Valor de Mercado de la Deuda Taxes Costo de la deuda

= BL/(1+((1-t)*D/E 1 .1 1 4 4% 4 1% 5 9% 1 .5 4 1 0.80 = BU*(1+((1-t)*D/E 0 .8 0 4 4% 6 0% 4 0% 1 .4 7 0

= Rf + B (ERP)+"(CRP)"

Tasa libre de Riesgo (TES) 30 años (Rf) Beta Apalancado (B)

8.72% 1 .4 7 0

S&P 500 Stock index Long- Term Goverment bond = Risk premium (ERP) Ke (re) 3) Hallar el Kd (Costo de la Deuda) Kd (rd)

12.01% 4.58% 7.43% 19.64%

= Rf + Prima de Deuda

Tasa libre de Riesgo (TES) 30 años (Rf) Prima de la Deuda

8.72% 1.30%

Kd (rd)

10.02%

4) Hallar el WACC

WACC WACC

= Ke (E/D+E)+Kd(1-t)(D/D+E) 11.22%

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1 9 .6 4 % 40 % 60 % 44% 10.02%

Tax

Actual Actual

tabla A BL con apalancamiento objetivo

Acciones vs Bonos, se debe multiplicar por la desviacion?

tabla A

Income Before income taxes imcome taxes

398.9 175.9 44 %





Ke= E= D= t= Kd=

1) Hallar el BL (Beta Apalancado) Apalancado) BL BU TAX D E BL = 2) Hallar el Ke (Costo del Equity) Ke (re) Tasa libre de Riesgo (TES) 30 años (Rf) Beta Apalancado (B)


= BU*(1+((1-t)*D/E 0.55 44 % 74 % 26 % 1 .4 2 1

= Rf + B (ERP)+"(CRP)" 8 .9 5 % 1.42


1 2 .0 1 % 4 .5 8 % 7 .4 3 % 1 9 .5 1 %



8 .9 5 % 1 .1 0 %

Kd (rd)

1 0 .0 5 %

4) Hallar el WACC

WACC WACC

= Ke (E/D+E)+Kd(1-t)(D/D+E) 9 .2 3 %





19.51% 26% 74% 44% 10.05%

Peers Hilton Holidays La Quinta Remanda

Equity Beta (b) 0.76 1.35 0.89 1.36



tabla A

Market Leverage ( c) 14% 79% 69% 65%

D/E TAX BU 0.16 3.76 2.23 1.86

4 4% 4 4% 4 4% 4 4% BU

0 .7 0 0 .4 3 0 .4 0 0 .6 7 0.55





Ke= E= D= t= Kd=



= BU*(1+((1-t)*D/E 1.01 44 % 42 % 58 % 1 .4 1 5

= Rf + B (ERP)+"(CRP)" 8 .9 5 % 1.41


1 2 .0 1 % 4 .5 8 % 7 .4 3 % 1 9 .4 6 %



8 .9 5 % 1 .8 0 %

Kd (rd)

1 0 .7 5 %

4) Hallar el WACC

WACC WACC

= Ke (E/D+E)+Kd(1-t)(D/D+E) 1 3 .8 1 %





19.46% 58% 42% 44% 10.75%

Peers Church’S Fried Collins Foods In Frisch’S Restaur Luby’S Cafeteria Mcdonald’S Wendy’S Interna

Equity Market Beta (b) Leverage ( c) 1.45 4% 1.45 10% 0.57 6% 0.76 1% 0.94 23% 1.32 21%



tabla A

D/E TAX BU 0 .0 4 0 .1 1 0 .0 6 0 .0 1 0 .3 0 0 .2 7

44 % 44 % 44 % 44 % 44 % 44 %

1 .4 2 1 .3 7 0 .5 5 0 .7 6 0 .8 1 1 .1 5

BU

1.01







Ke= E= D= t= Kd=



= BU*(1+((1-t)*D/E 1.27 44 % 40 % 60 % 1 .7 4 0

= Rf + B (ERP)+"(CRP)" 8 .7 2 % 1.74



1 2 .0 1 % 4 .5 8 % 7 .4 3 % 2 1 .6 5 %

= Rf + Prima de Deuda 8 .7 2 % 1 .4 0 %





21.65% 60% 40% 44% 10.12%

Assets % Division Lodging 2 ,777.40 61 61% Restaurants 12% 567.60 Contr Contract act Servi Service ce 1,237 1,2 37.70 .70 27 27% Marriot Corp 4 ,582.70 10 100% *** Este Analisis se podria Realizar con las ventas??



tabla A

BU 0.55 1.01 1.27 0.80





Ponderacion 0.33 0.8= (62%*0.55)+(10%*1.01)+(28%*?) 0.12 0.34 ** Se halla con buscar Objetivo 0.80 -





Ke= E= D= t= Kd= B

Costo del Equity (Patrimonio) Valor de Marcado del Equity (Patrimonio) Valor de Mercado de la Deuda Taxes Costo de la deuda Beta Apalancado S&P 500 Stock index Long- Term Goverment bond ERP Equitu Risk Premium Rf Risk free rate Debt rate premium Above Goverment WACC Promedio Ponderado del Costo de Capital

Marriott Corp 1 9 .6 4 % 4 0 . 0% 6 0 .0 % 4 4 .1% 1 0 . 0% 1 .4 7 1 2 .0 1 % 4.58% 7.43% 8.72% 1.30% 1 1 .2 2 %

Lodging 1 9 .5 1 % 26.0% 74.0% 44.1% 10.1% 1.42 1 2 .0 1 % 4 .5 8 % 7 .4 3 % 8 .9 5 % 1 .1 0 % 9 .2 3 %

Revisar el calculo del D y E para poderlo entender mejor, para el calculo del beta





Rest Resta auran rants 1 9 .4 6 % 58.0% 42.0% 44.1% 10.8% 1.41 1 2 .0 1 % 4 .5 8 % 7 .4 3 % 8.95 8.95% % 1 .8 0 % 1 3 .8 1 %

C.Se .Servic rvices es 2 1 .6 5 % 60.0% 40.0% 44.1% *** Ver Calculo 10.1% 1.74 1 2 .0 1 % 4 .5 8 % 7 .4 3 % 8.72 8.72% % *** *** ver verif ific icar ar y mod modif ifiicar car los los text textos os,, di dice 30, 30, per pero o un unos son son de de 10 10 añ años 1.40% Tabla A 1 5 .2 5 %

CASO RESUELTO MARRIOT.xlsx

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