Una Introducción Al Costo De Capital (An Introduction to the Cost of Capital)

Topicos en Valoración de Activos no financieros: Fondo Editorial EAFIT, 2012

33 Pages Posted: 2 Feb 2012 Last revised: 17 Sep 2012

See all articles by Ignacio Velez-Pareja

Ignacio Velez-Pareja

Grupo Consultor CAV Capital Advisory & Valuation

Joseph Tham

Duke University - Duke Center for International Development in the Sanford School of Public Policy; Academy of Public Administration under the President of the Republic of Kazakhstan

Multiple version iconThere are 2 versions of this paper

Date Written: February 1, 2012

Abstract

The English version of this paper can be found at http://ssrn.com/abstract=1570718

Este capítulo está dedicado a la definición y aplicación del concepto del 'costo de capital' y la valoración de los flujos de caja desde diferentes puntos de vista. Se presenta un método para estimar el costo de la deuda y las formulaciones generales del costo del patrimonio y del tradicional costo promedio ponderado del capital CPPC, (WACC, en inglés), para el flujo de caja libre, FCL y para el no tradicional flujo de caja de capital, FCC. Se explica en detalle la fórmula tradicional de libros de texto del CPPC con respecto a FCC y FCL. Se muestra la solución del problema de la circularidad entre el CPPC y el valor del flujo de caja tanto con iteraciones como de forma analítica. Al final del capítulo se presentan algunas preguntas para animar al lector a tener nuevas perspectivas sobre el tema.

This chapter is devoted to the definition and application of the 'cost of capital' concept to the valuation of cash flows from different points of view. We present an approach to estimate the cost of debt and general formulations for the cost of equity and the traditional weighted average cost of capital WACC, for the free cash flow, FCF and the non-traditional Capital Cash Flow, CCF. We explain in detail the traditional textbook formula for the WACC with respect to the CCF and FCF. We demonstrate the solution of the circularity problem between the WACC and the value of the cash flow with an iterative process and with an analytical approach. At the end of the chapter the reader will find some questions to encourage the reader to have further insights to the subject.

Note: Downloadable document is in Spanish.

Keywords: Cost of capital, weighted average cost of capital, cost of levered equity, Tax Savings

JEL Classification: E47, G12, G31, G30

Suggested Citation

Velez-Pareja, Ignacio and Tham, Joseph, Una Introducción Al Costo De Capital (An Introduction to the Cost of Capital) (February 1, 2012). Topicos en Valoración de Activos no financieros: Fondo Editorial EAFIT, 2012. Available at SSRN: https://ssrn.com/abstract=1997065

Ignacio Velez-Pareja (Contact Author)

Grupo Consultor CAV Capital Advisory & Valuation ( email )

Ave Miramar # 18-93 Apt 6A
Cartagena
Colombia
+573112333074 (Phone)

HOME PAGE: http://cashflow88.com/decisiones/decisiones.html

Joseph Tham

Duke University - Duke Center for International Development in the Sanford School of Public Policy ( email )

Box 90312
302, Towerview Dr, Rubenstein Hall, Room 272
Durham, NC 27708
United States
919-613-9234 (Phone)
919-681-0831 (Fax)

HOME PAGE: http://fds.duke.edu/db/Sanford/faculty/thamjx

Academy of Public Administration under the President of the Republic of Kazakhstan ( email )

Abay Street, 33a
Astana
Kazakhstan
+7 8 7172753422 (Phone)

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