Marriot

In: Business and Management

Submitted By negrez
Words 1131
Pages 5
Marrioy

3. RESULTADOS

a. Cálculos para Marriott Corporation
. wacc = Ke (E / V) + Kd (1- t) (D / V)
. Ke = Rf + Beta e * (premio por riesgo)
. Beta e (βequity)
En la Figura 5, tenemos el beta patrimonial de Marriott, con el cual calcularemos el beta de sus activos βactivos = βdeuda (D/ D+ E) + βequity (E/ D+ E)
i. Beta de los activos cuando la deuda no es riesgosa.

Si su deuda no es riesgosa, entonces βdeuda =0, quedando βactivos = βequity (E/ D+ E) βactivos = βequity (E/ D+ E)= 1,11*(1-41%)=0,65
Donde 41% es el market leverage (D/D+E) de Marriott Corporation de la Figura 3 ii. Beta patrimonial con deuda de Marriott, a partir de: βe = βa / (E/ V)

0,65/(1-0,41)=1,63
Donde 41% es el market leverage (D/D+E) de Marriott Corporation de la Figura 3 iii. Costo del capital (CAPM)

Ke = Rf + Beta e * (premio por riesgo), en este caso
8,95% + 1,63 * 7,43%=21,06%
Acá 8,95% es el retorno de los bonos del tesoro de USA a 30 años, lo que se considera como una proxy de la tasa libre de riesgo y 7,43% es el spread de los retornos del S&P500 y de los retornos de los bonos a largo plazo de USA, que nos muestra la Figura 5. Utilizaremos este premio por riesgo por tratarse de bonos a largo plazo y porque además considera una ventana de tiempo más amplia (1926-1987)

iv. Costo de la deuda
Kd = Rf + (premio por riesgo) = 8,95%+1,30%=10,25%, donde este último valor es el que nos entrega la Tabla A, de premio por riesgo de la deuda de Marriott por sobre la deuda soberana.
v. Costo de capital promedio ponderado (Kwacc)

Kwacc = Kd (1- t) (D / V) + Ke (E / V)
10,25% (1-44%)(0,6) + 21,06%(0,4) = 11,87%
Los ponderadores en este caso D/V y E/V los obtuvimos de la Tabla A. Para los cálculos de las divisiones, obtendremos los datos respectivos de la misma tabla.

Table A | Target D/V | Premio por riesgo deuda | Marriott | 60%…...

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