Examinando por Materia "WACC"
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Ítem Cálculo de tasa de descuento para evaluar los proyectos de inversión de la Caja de Compensación Comfamiliar Risaralda(Universidad EAFIT, 2023) Gómez Santa, John Jairo; Peña Higuavita, Germán AdolfoÍtem Credit Risk, Cost of Capital and Excessive Financial Leverage(Universidad EAFIT, 2020-02-28) Gutiérrez Betancur, Juan Carlos; Mejía Kambourova, David; Gómez Cardeño, Laura; Universidad EAFITConventionally, business valuation methods do not usually incorporate explicitly the effects that the probable bankruptcy costs of the firm could have on the cost of capital. Doing this introduces a stress test in the estimation of the discount rate, which can be very relevant for the fair valuation of excessively leveraged companies traded on the stock market. In this sense, the purpose of this article is to demonstrate the resulting financial vulnerability for this type of firms by explicitly adjusting the cost of capital for bankruptcy risk, and highlighting its implications for the stock market and bank debt market, based on a comparative analysis between three alternative methods of calculating the weighted average cost of capital.Ítem Financial behaviour in a mandatory conversion process: a case study(Universidad EAFIT, 2018) Acosta García, Maria Isabel; Villa García, Ramón Eduardo; Gonzalez Ruiz, Juan DavidBonds are a tool that many companies have used to acquire capital. They may be attractive because of the alternatives they offer to both, companies and investors. This article describes what happens to the economic Value Added (EVA) observed by investors when they are involved as shareholders of a company issuing mandatory convertible bonds. Few specific literature sources were found including uncertainties for the shareholders. The paper analyses what happens to the EVA before, during and after the issuance of the mandatory conversion of a Colombian company. It was observed that although there was not a noticeable improvement in the EVA, the capital structure of the company improved.Ítem Identificación de los factores relevantes para la valoración financiera de empresas emergentes con base en el enfoque de opciones reales y de acuerdo con el modelo de comunidades digitales de microfinanciación colectiva (crowdfunding)(Universidad EAFIT, 2019) Otero Cano, Carlos Andrés; Acero Joya, Félix Edilson; Vergara Garavito, Judith CeciliaToday there are digital platforms that offer financial support to initiatives that combine technology and finance. These ventures are called Fintech and obtain their funds by creating digital communities known globally as Crowdfunding. Each initiative has some degree of risk and uncertainty both for those who do the funding and for the creators of startups as they are known. The Fintech projects inherently carry regulatory and technical as well as economic uncertainties (Lee & Lee, 2015), which is why it is necessary to assess them in the correct way. Consequently, the interest of this work is focused on the financial valuation model of these initiatives, identifying all those determining factors to be valued financially within a nascent digital community.Ítem Informe Burkenroad Mineros S.A.(Universidad EAFIT, 2019) Palacios Bayona, Zora; Marín Gómez, Alejandro; Hernández Bonnet, ÁlvaroWe recommend to buy stocks of Mineros S.A due to the stock price at december 31-2018 closed in COP2.045. According to the model, it has a valuation potential of 47,31% and an objective price of COP3.881. Mineros S.A strategy for increasing enterprise value is to increase the production to 500.000Oz of gold in the long term and for it, Mineros S.A has as objective to seek investment alternatives abroad. Mineros S.A has a huge experience in acquisitions, reason why they acquired at the end of 2018 Gualcamayo in Argentina and they dealed the purchase option of the exploration project La Pepa, in Chile (Mineros S.A., 2018b)Ítem Medición Generación de Valor MILA(Universidad EAFIT, 2022) Arias Palacio, David; Forero Parra, Iván Camilo; Restrepo Tobón, Diego AlexanderThis study investigates the value generation of the stocks traded in the Mercado Integrado Latinoamericano (more commonly known as MILA). We compare the Return on Invested Capital (ROIC) and the Weighted Average Cost of Capital (WACC). We focus on the most representative index of each market. Our results show that the only countries that create value are: Perú with 3.94 % and Colombia with 0.09 %. While for Mexico and Chile, the WACC exceeds the ROIC by 1.66 % and 0.42 % respectively. These results may cause international investors to consider the Latin American market uninteresting and a capital outflow to markets with better performance.Ítem Reporte Bunkenroad Organización Terpel 2020(Universidad Eafit, 2020) Jaramillo García, Alejandro; Agudelo Henao, Susana; Támara Ayús, Armando LeninÍtem Reporte Burkenroad Fabricato S.A.(Universidad EAFIT, 2020) Gómez Castillo, Danna Gissella; Mejía Tobón, Viviana Margarita; Hernández Bonet, ÁlvaroKeep the investment reduced that the price of the stock will increase by its incursion into the real estate sector. This decision is subject to the company's ability to improve its operating costs.Ítem Reporte Burkenroad Grupo Argos(Universidad EAFIT, 2021) Moreno García, Norberto de Jesús; Peláez Murillo, David Gonzalo; Mondragón Trujillo, Luis FernandoÍtem Reporte Burkenroad Grupo Constructor CAMU(Universidad EAFIT, 2019) Márquez Moreno, Jairo Elías; Zapata Granada, Jesus Elmer; Tamara Ayus, Armando LenínÍtem Reporte Burkenroad Grupo Nutresa S.A.(Universidad EAFIT, 2021) Morales Giraldo, Cesar Augusto; Pareja Vasseur, Julián AlbertoÍtem Reporte Burkenroad Mineros S.A(Universidad EAFIT, 2021) López Muñoz, Sebastián; Jiménez López, José David; Pareja Vasseur, Julián AlbertoÍtem Reporte financiero Burkenroad Interconexión Eléctrica S.A(Universidad EAFIT, 2020) Gallo Martínez, Sandra Milena; Vega García, Andrés Mauricio; Mondragón Trujillo, Luis FernandoInterconexión Electrica S.A. valuation to august 2020 under discounted free cash flow methodology.Ítem Valoración de la empresa Fabricato SA bajo metodología Burkenroad(Universidad EAFIT, 2021) Giraldo Arismendy, Ana Maria; Neira Orozco, Juan Sebastian; Mondragón Trujillo, Luis FernandoÍtem Valoración de las unidades generadoras de efectivo de la Empresa Emgesa S.A Esp(2018) Rojas, Ramón; Romero B, María Alejandra; Torres, Juan CarlosThe energy’s sector in Colombia has grown over the last 60 years, thanks to the advancement of technology and the development of the market, that, nowadays, is mandatory to survive. This progress has allowed several regions of Colombia to see themselves daily supplied with energy, reason enough for the companies that provide this service to be continuously in function of strengthen of their hydroelectric and thermal generation that supplies the demand. The present work seeks the value of each of the hydroelectric and thermal power plants (hereinafter the Cash Generating Units, CGU), a destination of its real contribution to the global value of the company. This valuation will provide the necessary tools to strengthen the strategic direction of the company through each of the CGUs.Ítem Variables macroeconómicas y microeconómicas que influyen en la estimación del costo de capital: un estudio de caso(Facultad de Ciencias Económicas Universidad Militar Nueva Granada, 2017-06-01) Cardona, Daniel; Gaitan, Sandra Constanza; Velasquez C, Hermilson; Universidad EAFIT. Departamento de Economía y Finanzas; Research in Spatial Economics (RISE)Este artículo identifica y contrasta la significancia estadística de variables macroeconómicas y microeconómicas, que desde la teoría pueden influir sobre el costo de capital. Utilizando información de las empresas listadas en la Bolsa de Valores...Ítem Viabilidad financiera para una Fintech de financiación para la educación superior en Colombia(Universidad EAFIT, 2022) Zapata Sánchez, Julián Andrés; Durango Gutiérrez, María PatriciaÍtem The weighted average cost of capital over the lifecycle of the firm: is the overinvestment problem of mature firms intensified by a higher WACC?(Universidad EAFIT, 2016-01-18) García, Carlos S; Saravia, Jimmy A; Yepes, David A; cgarci73@eafit.edu.co; jsaravia@eafit.edu.co; dyepesr@eafit.edu.coFirm lifecycle theory predicts that the Weighted Average Cost of Capital (WACC) will tend to fall over the lifecycle of the firm (Mueller, 2003, p. 80-81). However, given that previous research finds that corporate governance deteriorates as firms get older (Mueller and Yun, 1998; Saravia, 2014) there is good reason to suspect that the opposite could be the case, that is, that the WACC is higher for older firms. Since our literature review indicates that no direct tests to clarify this question have been carried out up till now, this paper aims to fill the gap by testing this prediction empirically. Our findings support the proposition that the WACC of younger firms is higher than that of mature firms. Thus, we find that the mature firm overinvestment problem is not intensified by a higher cost of capital, on the contrary, our results suggest that mature firms manage to invest in negative net present value projects even though they have access to cheaper capital. This finding sheds new light on the magnitude of the corporate governance problems found in mature firms.