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Chem-Cal

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CASO CEM-CAL CORPORATION

Familiarizarse con el caso
En Chem-cal Corporation se enfrenta a diez proyectos de inversión que consisten en diferentes inversiones iniciales. Lo cual los directivos tienen distintas formas de evaluación
Que lleva a un problema de como poner valores en las diferentes inversiones.
La otra gran interrogante es si es necesario elevar el capital para cubrir los proyectos
Programados para el próximo año. La compañía tiene 8,2 millones de dólares disponibles
Para inversiones de capital este año y los proyectos descritos ascienden a 18.650.000
Millones.

Identificar los síntomas
Existe una gran duda en el sentido de que tasa usar o escoger lo que implica si es asertivo usar una tasa de descuento apropiada para utilizar el método VPN o utilizar la tasa interna minima con el método TIR. Esta duda lleva a que no se esta logrando lo deseado.

Identificar objetivos

Uno de los objetivos principales es la valoración de estos proyectos. Chem- Cal Corporation debe volver a calcular el VPN de cada proyecto.
Lograr una tasa de capital es decir la mejor opción es el Wacc y ver las fuentes para conseguir los recursos.

Análisis de opciones para conseguir más capital
- Elevar Ratios de deuda (30% cerca de la media del sector)
- Vender bonos de 5 millones de dólares (un poco mas de 10.5%)
- Fondo de amortizaciónDiagnostico

Encontrar una fuente de financiamiento que no sea superior o igual al 11% y esa tasa seria un 10% para ajustar al wacc ya que los cálculos de valor presente neto VPN no entrega una representación adecuada de los proyecto. Además la compañía debería mantener algún sistema para considerar las inversiones propuestas.

Plan de acción

La compañía debe utilizar el valor presente neto VPN con una tasa de descuento del Wacc ya existen restricciones de capital, el VPN es una herramienta mas útil ya que considera al proyecto en termino de dólares absolutos es decir no solo como un porcentaje. La TIR puede parecer en algún momento muy atractiva, pero la realidad es que genera menos dinero. Las empresas están para generar efectivo y no porcentajes.

FODA

Fortaleza:
Gran poder de desarrollar materiales orgánicos y químicos, tecnología de punta, gran reputación como empresa, solvencia financiera.

Oportunidad
Desarrollar nuevas materias químicas que aporten a una solución.
Mucha información del mercado.

Debilidad

Creación de malos productos.
Resistencia al cambio.

Amenazas

Altos riesgos (elaboración de productos químicos)
Cambios en el entorno (visión de la gente con respecto a empresas químicas)
Políticas restrictivas (altas barreras de entes gubernamentales)

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