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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)

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% | 1,30% | Hoteles | 74% | 1,10% | Servicios | 40% | 1,80% | Restaurantes | 42% | 1,40% |

Ahora procedemos a realizar los mismos cálculos anteriores, pero por cada una de las Divisiones de Marriott Corporation.
b. Cálculos para División Hotelería

i. Para esta industria, no tenemos un Beta de activos para la división, por lo que tomamos como proxy el promedio de los Betas que nos entrega la Figura 3 para cuatro cadenas de hoteles: 0,42

Fig 3 ind hotelera | | B patrimonio | Market Leverage | Ba sd | Hilton | 0,76 | 0,14 | 0,65 | Holiday | 1,35 | 0,79 | 0,28 | La Quinta | 0,89 | 0,69 | 0,28 | Ramada | 1,36 | 0,65 | 0,48 | Promedio | 0,42 |

Luego calculamos: ii. Beta patrimonial de hoteles, a partir de: βe = βa / (E/ V)

Utilizamos 0,74 que es el market leverage para la división de Hoteles de Marriott Corporation iii. Costo del capital (CAPM)

Ke = Rf + Beta e * (premio por riesgo), en este caso
8,95% + 1,62 * 7,43%=20,99% iv. Costo de la deuda

Kd = Rf + (premio por riesgo) = 8,95%+1,10%=10,05%, donde este último valor es el que nos entrega la Tabla A, de premio por riesgo de la deuda de la división Hoteles de Marriott por sobre la deuda soberana.
v. Costo de capital promedio ponderado (Kwacc)

Kwacc = Kd (1- t) (D / V) + Ke (E / V)
10,05%*(1-0,44)*(0,74)+ 20,99% * (0,26)=9,62%
c. Cálculos para División Restaurantes

Para esta industria, no tenemos un Beta de activos para la división, por lo que tomamos como proxy el promedio de los Betas que nos entrega la Figura 3 para seis restaurantes: 0,96 Figura 5 | Industria Restaurantes | Beta Patrimonio | Market Leverage | Ba sd | 1,45 | 0,04 | 1,39 | 1,45 | 0,10 | 1,31 | 0,57 | 0,06 | 0,54 | 0,76 | 0,01 | 0,75 | 0,94 | 0,23 | 0,72 | 1,32 | 0,21 | 1,04 | Promedio | 0,96 |

Luego calculamos:
i. Beta patrimonial de División restaurantes, a partir de: βe = βa / (E/ V)

Utilizamos 0,42 que es el market leverage para la división de Restaurantes de Marriott Corporation ii. Costo del capital (CAPM)

Ke = Rf + Beta e * (premio por riesgo), en este caso
8,95% + 1,65 * 7,43%=21,23% iii. Costo de la deuda

Kd = Rf + (premio por riesgo) = 8,95%+1,80%=10,52%, donde este último valor es el que nos entrega la Tabla A, de premio por riesgo de la deuda de la división Restaurantes de Marriott por sobre la deuda soberana. iv. Costo de capital promedio ponderado (Kwacc)

Kwacc = Kd (1- t) (D / V) + Ke (E / V)
10,52%*(1-0,44)*(0,42)+ 21,23% * (0,58)=12,34%

d. Cálculos para División Servicios

No tenemos datos de compañías comparables que coticen en el mercado, como necesitamos conocer el beta de la división servicios y dado que sabemos que el beta de activos de un holding es un promedio ponderado de los betas de activos de sus divisiones, buscaremos los ponderadores adecuados.
Consideraremos como ponderadores la razón entre el valor de los Activos Identificables de cada División y el total del holding:
Hoteles: 2.777,4 => 61%
Restaurantes: 1.237,7 =>27%
Servicios: 467,6 =>12%

i. Luego puedo despejar el Beta de los activos de la división de Servicios de la siguiente fórmula, en la que el Beta de los activos de Marriott es una suma ponderada de los Betas de activos de cada una de sus divisiones:

βaM = βaH (61%) + βaR (12%) + βaS (27%)
0,65 = 0,42 * 0,61 + 0,96 * 0,12 + βaS * 0,27=> βaS =1,05 ii. Beta patrimonial de la División servicios, a partir de: βe = βa / (E/ V)

Utilizamos 0,40 que es el market leverage para la división de Servicios de Marriott Corporation iii. Costo del capital (CAPM)

Ke = Rf + Beta e * (premio por riesgo), en este caso
8,95% + 1,74* 7,43%=21,90% iv. Costo de la deuda

Kd = Rf + (premio por riesgo) = 8,95%+1,40%=10,35%, donde este último valor es el que nos entrega la Tabla A, de premio por riesgo de la deuda de la división Servicios de Marriott por sobre la deuda soberana.
v. Costo de capital promedio ponderado (Kwacc)

Kwacc = Kd (1- t) (D / V) + Ke (E / V)
10,35%*(1-0,44)*(0,40)+ 21,23% * (0,60)=15,46%…...

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