Proyecto final de Grado: Evaluación de alternativas para el desarrollo del puerto de Olivos
Fecha
2008
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"El puerto de Olivos es un puerto natural de río ubicado en el Municipio Vicente López a cuatro cuadras de la Quinta Presidencial de Olivos, a tres de la estación de trenes de Olivos y a dos de Av. del Libertador. En sus orígenes, el puerto fue utilizado como desembarcadero natural, fue aprovechado para actividades comerciales y turísticas, y tuvo también una época de intensa actividad extractiva de arena y canto rodado del lecho fluvial.
En la actualidad las instalaciones del Puerto de Olivos presentan un conjunto de problemas que impiden el aprovechamiento de la oportunidad que el mismo representa y que acarrean también una serie de consecuencias indeseables para los vecinos de la zona.
Como en todo proyecto de inversión, la tasa de descuento utilizada tiene una influencia importante en los indicadores de rentabilidad resultantes. La tasa de descuento se calculo con el método CAPM y, dado que la estructura de capital del proyecto varía todos los años, se modelo la tasa año a año. Tambien se realizaron analisis de sensibilidad para evaluar la reaccion del VAN frente a variaciones de los elementos que conforman esta tasa. Para la prima de mercado y tasa libre de riesgo se tomaron valores utilizados por un banco de inversión en una transacción reciente en Argentina y la estimación del "B" se basó en empresas comparables".
"The Puerto de Olivos is a natural river port, located in the municipality of Vicente Lopez, four blocks away from the Presidental House in Olivos, three from the Olivos' railway station and two from Av. del Libertador. In its origins, the port was used as a natural wharf, exploited through commercial activities, tourism, and also an intense activity of quarring snad and pebbles from the bed of the river. At present, the facilities of the Puerto de Olivos present a set of problems which pose a number of undesirable consequences for residents of the area and prevent from seizing what should be an immense opportunity for development. As in any investment project, the discount rate used has an important influence on the resulting profitability indicators. The discount rate was calculated using the CAPM method. As the capital structure of the project varies each year, the rate is modeled for every year. Some sensibility analyses were also carried out in order to evaluate the NPV's reaction to small variations of the elements that make up the discount rate. The risk premium rate and market risk-free rate were estimated using investment banks' papers and other data from a recent transaction in Argentina. The "B" was based on comparable companies".
"The Puerto de Olivos is a natural river port, located in the municipality of Vicente Lopez, four blocks away from the Presidental House in Olivos, three from the Olivos' railway station and two from Av. del Libertador. In its origins, the port was used as a natural wharf, exploited through commercial activities, tourism, and also an intense activity of quarring snad and pebbles from the bed of the river. At present, the facilities of the Puerto de Olivos present a set of problems which pose a number of undesirable consequences for residents of the area and prevent from seizing what should be an immense opportunity for development. As in any investment project, the discount rate used has an important influence on the resulting profitability indicators. The discount rate was calculated using the CAPM method. As the capital structure of the project varies each year, the rate is modeled for every year. Some sensibility analyses were also carried out in order to evaluate the NPV's reaction to small variations of the elements that make up the discount rate. The risk premium rate and market risk-free rate were estimated using investment banks' papers and other data from a recent transaction in Argentina. The "B" was based on comparable companies".
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PUERTOS, DESARROLLO SOSTENIBLE