Datos para valoración
Costo del patrimonio desapalancado en Colombia por sector, 2013–2025
Tasas mínimas de retorno en pesos colombianos (Ku, RiCOP) para 99 sectores, calculadas con CAPM ajustado por riesgo país y devaluación esperada. Publicadas como tabla consultable, con la metodología completa y descarga en PDF y CSV.
Tabla por sector
Tasa mínima de retorno en COP, RiCOP por sector y año
Costo del patrimonio sin deuda (desapalancado) para cada sector, expresado en pesos colombianos. Sectores según la clasificación de Damodaran para mercados emergentes; el nombre en inglés es el original de la fuente. Un guion indica que el sector no existía en la clasificación de ese año.
99 sectores
↓ Descargar CSV
| Sector / Industry (Damodaran) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aeroespacial y defensaAerospace/Defense | 15.57% | 15.83% | 16.15% | 18.07% | 20.92% | 14.63% | 15.66% | 14.60% | 16.56% | 21.76% | 21.29% | 19.74% | 23.05% |
| AgriculturaFarming/Agriculture | 14.86% | 15.03% | 15.99% | 17.58% | 19.50% | 13.95% | 13.82% | 13.27% | 14.84% | 19.81% | 19.31% | 17.14% | 18.64% |
| Alimentos procesadosFood Processing | 14.81% | 15.11% | 15.81% | 17.32% | 19.39% | 13.98% | 14.18% | 13.31% | 15.05% | 20.27% | 19.92% | 17.63% | 19.26% |
| Astilleros y marítimoShipbuilding & Marine | 14.47% | 14.74% | 16.13% | 17.37% | 19.33% | 14.42% | 14.03% | 13.18% | 15.59% | 20.85% | 20.44% | 18.01% | 20.05% |
| Automotores y camionesAuto & Truck | 15.59% | 16.20% | 16.84% | 18.13% | 20.45% | 15.60% | 16.16% | 14.78% | 16.49% | 21.47% | 21.96% | 21.49% | 22.19% |
| AutopartesAuto Parts | 16.03% | 16.12% | 17.02% | 19.08% | 20.97% | 15.42% | 15.73% | 15.20% | 17.72% | 22.64% | 22.79% | 21.32% | 24.05% |
| Banca (grandes bancos)Bank (Money Center) | 13.94% | 14.60% | 15.42% | 16.19% | 18.28% | 13.01% | 13.06% | 11.97% | 13.42% | 18.67% | 18.32% | 15.61% | 17.35% |
| Banca regionalBanks (Regional) | 13.48% | 14.10% | 15.21% | 15.75% | 18.03% | 12.44% | 12.81% | 11.22% | 12.37% | 18.00% | 17.43% | 14.53% | 16.54% |
| Bebidas alcohólicasBeverage (Alcoholic) | 15.11% | 15.74% | 16.17% | 18.10% | 19.79% | 13.89% | 15.33% | 13.88% | 16.28% | 21.62% | 20.81% | 20.27% | 21.28% |
| Bebidas no alcohólicasBeverage (Soft) | 15.02% | 15.38% | 16.37% | 18.59% | 18.86% | 12.93% | 13.46% | 12.54% | 14.52% | 19.45% | 18.91% | 16.21% | 19.20% |
| BiotecnologíaDrugs (Biotechnology) | 16.36% | 16.24% | 16.91% | 18.99% | 21.10% | 15.02% | 16.78% | 15.21% | 17.92% | 23.42% | 23.57% | 22.72% | 24.05% |
| Cajas de ahorroThrift | 14.28% | 14.51% | — | — | — | — | — | — | — | — | — | — | — |
| CalzadoShoe | 15.46% | 15.61% | 16.28% | 17.75% | 20.01% | 14.78% | 14.83% | 13.85% | 16.09% | 20.85% | 20.08% | 17.18% | 20.15% |
| Carbón y energía relacionadaCoal & Related Energy | 15.91% | 16.63% | 17.16% | 18.09% | 20.54% | 15.01% | 15.62% | 13.43% | 15.21% | 20.45% | 20.10% | 19.03% | 20.99% |
| Caucho y llantasRubber & Tires | 14.85% | 15.73% | 16.50% | 17.56% | 19.89% | 13.91% | 14.07% | 13.50% | 16.16% | 21.14% | 21.08% | 18.46% | 20.23% |
| Comercio automotorRetail (Automotive) | 14.28% | 14.63% | 15.81% | 17.29% | 19.25% | 13.97% | 14.14% | 13.19% | 14.68% | 19.82% | 19.53% | 17.02% | 19.04% |
| Comercio de alimentosRetail (Grocery and Food) | 14.95% | 15.48% | 16.46% | 17.20% | 19.76% | 15.04% | 14.18% | 12.34% | 14.05% | 19.78% | 19.66% | 17.93% | 20.67% |
| Comercio de materiales de construcciónRetail (Building Supply) | 14.23% | 15.97% | 18.25% | 18.98% | 20.75% | 14.40% | 15.66% | 14.69% | 16.71% | 20.37% | 20.23% | 17.48% | 19.64% |
| Comercio electrónicoRetail (Online) | 16.48% | 20.30% | 18.32% | 19.94% | 21.72% | 15.85% | 16.81% | 16.34% | 18.94% | 24.83% | — | — | — |
| Comercio especializadoRetail (Special Lines) | 15.97% | 16.00% | 17.10% | 18.51% | 20.09% | 14.73% | — | 13.83% | 15.90% | 21.04% | 21.31% | 19.27% | 20.62% |
| Comercio generalRetail (General) | 15.08% | 15.70% | 16.16% | 18.22% | 20.23% | 14.95% | 14.79% | 13.42% | 14.75% | 19.85% | 21.07% | 19.55% | 20.80% |
| Comisionistas y banca de inversiónBrokerage & Investment Banking | 14.69% | 14.97% | 15.98% | 16.67% | 18.76% | 13.41% | 13.39% | 11.98% | 13.20% | 18.84% | 18.46% | 16.02% | 18.14% |
| Computadores y periféricosComputers/Peripherals | 14.59% | 15.79% | 16.63% | 18.86% | 20.83% | 15.50% | 17.06% | 15.24% | 17.37% | 22.20% | 23.14% | 21.52% | 24.88% |
| Confecciones y vestuarioApparel | 15.30% | 15.39% | 15.89% | 17.41% | 19.50% | 14.05% | 14.14% | 13.19% | 15.07% | 20.52% | 20.29% | 17.73% | 19.58% |
| Conglomerados diversificadosDiversified | 14.57% | 14.83% | 16.01% | 16.67% | 18.62% | 13.31% | 13.24% | 12.07% | 13.73% | 19.40% | 19.22% | 16.54% | 18.05% |
| Construcción de viviendaHomebuilding | 15.17% | 15.64% | 16.51% | 18.41% | 20.37% | 15.09% | 14.29% | 15.23% | 17.74% | 19.92% | 20.55% | 16.87% | 18.67% |
| Construcción pesadaHeavy Construction | 15.27% | 15.69% | — | — | — | — | — | — | — | — | — | — | — |
| Distribución de petróleo y gasOil/Gas Distribution | 14.77% | 15.42% | 16.32% | 18.24% | 20.45% | 15.21% | 14.65% | 13.28% | 14.93% | 20.11% | 19.92% | 16.72% | 18.56% |
| DistribuidoresRetail (Distributors) | 14.60% | 14.85% | 15.71% | 17.34% | 19.23% | 13.56% | 13.78% | 11.94% | 13.48% | 19.19% | 18.90% | 16.43% | 18.62% |
| EducaciónEducation | — | — | — | — | — | — | 16.31% | 14.06% | 15.55% | 20.35% | 19.95% | 18.25% | 19.96% |
| Electrónica de consumo y oficinaElectronics (Consumer & Office) | 15.19% | 15.71% | 16.19% | 18.30% | 20.01% | 14.66% | 15.69% | 14.12% | 15.82% | 20.66% | 21.86% | 20.21% | 21.97% |
| Electrónica generalElectronics (General) | 14.97% | 16.06% | 16.61% | 19.11% | 21.10% | 15.65% | 16.92% | 15.10% | 17.02% | 22.18% | 22.79% | 22.08% | 25.50% |
| Empaques y envasesPackaging & Container | 14.63% | 15.07% | 15.72% | 17.00% | 19.41% | 13.69% | 13.96% | 13.26% | 15.35% | 20.24% | 20.20% | 17.89% | 19.27% |
| Energía eléctricaPower | 14.17% | 14.71% | 15.53% | 16.71% | 18.85% | 13.57% | 13.42% | 12.30% | 13.83% | 19.10% | 18.90% | 16.42% | 18.48% |
| Energías renovablesGreen & Renewable Energy | — | — | 16.28% | 17.27% | 19.58% | 14.07% | 14.00% | 12.92% | 14.54% | 20.34% | 19.70% | 17.45% | 19.32% |
| EntretenimientoEntertainment | 16.67% | 16.35% | 16.98% | 19.37% | 20.72% | 15.11% | 16.60% | 14.70% | 16.46% | 22.25% | 22.85% | 21.29% | 22.70% |
| Equipo eléctricoElectrical Equipment | 15.30% | 15.90% | 16.45% | 18.63% | 20.51% | 14.95% | 15.37% | 14.07% | 15.73% | 21.25% | 21.74% | 20.63% | 23.91% |
| Equipos de saludHealthcare Equipment | 16.44% | 16.31% | — | — | — | — | — | — | — | — | — | — | — |
| Equipos de telecomunicacionesTelecom. Equipment | 15.88% | 16.34% | 17.04% | 19.19% | 21.24% | 15.67% | 16.78% | 14.85% | 16.58% | 22.17% | 22.90% | 21.56% | 24.58% |
| Equipos para semiconductoresSemiconductor Equip | 15.83% | 16.17% | 17.55% | 19.41% | 20.65% | 15.29% | 17.53% | 17.49% | 20.52% | 25.36% | 26.38% | 25.87% | 27.93% |
| Equipos y servicios de oficinaOffice Equipment & Services | 14.96% | 14.93% | 15.94% | 17.73% | 19.49% | 14.29% | 14.43% | 14.24% | 16.02% | 21.15% | 20.72% | 18.01% | 19.88% |
| FarmacéuticaDrugs (Pharmaceutical) | 15.40% | 15.70% | 16.31% | 18.57% | 20.46% | 14.82% | 15.66% | 14.17% | 15.99% | 21.06% | 21.02% | 19.87% | 21.80% |
| Fondos inmobiliarios (REIT)R.E.I.T. | — | — | 15.71% | 16.70% | 18.82% | 13.31% | 12.74% | 12.96% | 14.48% | 19.01% | 18.97% | 16.27% | 17.74% |
| Hospitales y clínicasHospitals/Healthcare Facilities | 14.12% | 14.77% | 16.13% | 16.64% | 19.32% | 14.17% | 14.36% | 13.05% | 15.03% | 19.86% | 20.30% | 18.27% | 19.62% |
| Hotelería y juegosHotel/Gaming | 15.45% | 15.43% | 16.21% | 17.42% | 19.54% | 14.33% | 14.50% | 13.14% | 14.62% | 19.90% | 19.87% | 17.33% | 19.04% |
| Ingeniería y construcciónEngineering/Construction | 14.89% | 15.28% | 16.26% | 17.51% | 19.57% | 14.10% | 14.76% | 12.37% | 14.26% | 19.50% | 19.24% | 16.71% | 18.82% |
| Inmobiliario (desarrollo)Real Estate (Development) | 14.96% | 14.05% | 16.15% | 17.28% | 19.21% | 13.77% | 14.03% | 12.00% | 13.27% | 19.03% | 18.48% | 16.17% | 18.19% |
| Inmobiliario (general y diversificado)Real Estate (General/Diversified) | 14.87% | 15.30% | 16.09% | 17.68% | 19.59% | 14.22% | 14.40% | 12.68% | 14.12% | 19.61% | 19.56% | 17.10% | 19.87% |
| Inmobiliario (operación y servicios)Real Estate (Operations & Services) | 14.60% | 15.14% | 15.71% | 16.75% | 18.98% | 14.11% | 13.82% | 12.71% | 14.57% | 19.98% | 19.57% | 17.08% | 19.14% |
| Insumos de construcciónConstruction Supplies | 14.91% | 15.06% | 16.29% | 17.61% | 19.76% | 14.67% | 15.01% | 13.69% | 15.58% | 20.85% | 20.71% | 18.45% | 20.74% |
| Inversiones y gestión de activosInvestments & Asset Management | 14.03% | 14.70% | 15.45% | 15.93% | 18.02% | 12.60% | 12.30% | 11.11% | 13.08% | 18.48% | 18.14% | 15.61% | 18.27% |
| MaquinariaMachinery | 15.37% | 16.01% | 16.75% | 18.83% | 20.84% | 15.25% | 15.66% | 14.34% | 16.06% | 21.49% | 21.76% | 20.72% | 24.33% |
| Materiales de construcciónBuilding Materials | 14.78% | 15.31% | 16.14% | 17.87% | 19.87% | 14.23% | 14.50% | 13.86% | 16.19% | 21.55% | 21.22% | 19.50% | 20.89% |
| Mayoristas de alimentosFood Wholesalers | 14.43% | 15.15% | 15.37% | 16.66% | 18.52% | 13.57% | 13.96% | 12.20% | 13.95% | 19.28% | 19.11% | 16.11% | 18.27% |
| Metales preciososPrecious Metals | 16.47% | 17.34% | 18.38% | 18.99% | 20.78% | 16.32% | 15.91% | 14.30% | 16.76% | 22.44% | 23.21% | 20.46% | 24.53% |
| Metales y mineríaMetals & Mining | 16.06% | 15.90% | 16.80% | 18.38% | 20.59% | 15.31% | 15.51% | 13.75% | 16.39% | 21.86% | 21.99% | 20.89% | 23.82% |
| Muebles y hogarFurn/Home Furnishings | 15.06% | 15.43% | 16.74% | 18.32% | 20.20% | 14.50% | 15.55% | 14.08% | 16.26% | 21.43% | 21.05% | 19.43% | 21.58% |
| Papel y productos forestalesPaper/Forest Products | 14.54% | 14.71% | 15.64% | 17.03% | 19.08% | 13.81% | 14.03% | 13.06% | 15.06% | 19.96% | 19.56% | 16.83% | 18.96% |
| Petróleo y gas (exploración y producción)Oil/Gas (Production and Exploration) | 16.84% | 17.08% | 18.28% | 20.25% | 22.19% | 16.71% | 16.31% | 15.30% | 17.74% | 22.06% | 22.55% | 19.40% | 20.16% |
| Petróleo y gas integradoOil/Gas (Integrated) | 15.86% | 16.08% | 17.12% | 18.58% | 20.01% | 14.40% | 15.01% | 14.34% | 15.92% | 21.10% | 21.47% | 19.58% | 20.14% |
| Productos de saludHealthcare Products | 15.43% | 15.53% | 16.61% | 18.93% | 20.71% | 15.08% | 16.38% | 14.86% | 16.74% | 22.10% | 22.33% | 21.31% | 23.76% |
| Productos para el hogarHousehold Products | 15.24% | 15.53% | 16.86% | 18.37% | 20.15% | 14.59% | 15.08% | 14.33% | 16.34% | 21.57% | 21.35% | 19.24% | 20.55% |
| PublicidadAdvertising | 16.66% | 16.88% | 18.30% | 19.35% | 21.39% | 16.05% | 16.56% | 14.48% | 16.91% | 22.40% | 24.71% | 22.27% | 22.97% |
| Química básicaChemical (Basic) | 14.98% | 16.01% | 16.07% | 17.97% | 20.18% | 14.75% | 15.01% | 13.85% | 15.82% | 21.27% | 21.06% | 19.29% | 21.77% |
| Química de especialidadChemical (Specialty) | 15.24% | 15.47% | 16.35% | 18.39% | 20.34% | 14.85% | 15.26% | 14.24% | 16.16% | 21.41% | 21.25% | 19.54% | 22.13% |
| Química diversificadaChemical (Diversified) | 16.13% | 15.85% | 17.38% | 18.50% | 21.27% | 15.85% | 14.65% | 14.50% | 17.05% | 21.52% | 21.28% | 19.52% | 20.69% |
| Radiodifusión y televisiónBroadcasting | 16.44% | 16.98% | 18.10% | 19.05% | 20.55% | 14.90% | 14.36% | 13.65% | 15.95% | 21.36% | 21.18% | 19.30% | 20.26% |
| ReasegurosReinsurance | 15.26% | 15.95% | 17.25% | 18.15% | 20.17% | 15.22% | 15.01% | 14.57% | 17.00% | 20.84% | 21.39% | 19.73% | 20.65% |
| RecreaciónRecreation | 15.05% | 16.17% | 16.62% | 18.80% | 20.17% | 14.07% | 14.50% | 13.50% | 14.98% | 20.55% | 20.91% | 19.36% | 21.24% |
| RestaurantesRestaurant/Dining | 15.05% | 16.17% | 16.76% | 18.49% | 20.51% | 14.89% | 15.19% | 13.95% | 15.66% | 21.23% | 21.47% | 19.29% | 20.39% |
| Seguros de dañosInsurance (Prop/Cas.) | 14.57% | 14.61% | 14.92% | 15.98% | 18.57% | 13.31% | 13.13% | 12.68% | 14.81% | 19.77% | 19.74% | 16.20% | 17.72% |
| Seguros de vidaInsurance (Life) | 14.12% | 14.96% | 15.50% | 16.67% | 19.08% | 13.77% | 14.14% | 12.95% | 14.33% | 19.75% | 19.55% | 17.71% | 19.32% |
| Seguros generalesInsurance (General) | 14.13% | 14.56% | 15.19% | 16.55% | 18.74% | 13.33% | 13.24% | 12.54% | 13.96% | 19.05% | 19.04% | 16.03% | 17.68% |
| SemiconductoresSemiconductor | 15.68% | 17.01% | 17.18% | 19.66% | 21.42% | 15.91% | 17.79% | 16.20% | 18.59% | 24.20% | 25.12% | 24.09% | 27.21% |
| Servicios ambientales y residuosEnvironmental & Waste Services | 16.03% | 16.76% | 17.94% | 20.77% | 21.71% | 16.32% | 15.37% | 13.55% | 14.41% | 20.41% | 20.27% | 18.36% | 20.88% |
| Servicios de apoyo en saludHealthcare Support Services | 15.15% | 15.75% | 17.36% | 19.70% | 20.88% | 14.66% | 15.30% | 13.39% | 14.97% | 20.53% | 20.15% | 17.81% | 19.88% |
| Servicios de informaciónInformation Services | 16.39% | 15.23% | 16.70% | 18.59% | 21.03% | 16.27% | 15.84% | 15.79% | 17.50% | 23.50% | 22.15% | 20.47% | 21.74% |
| Servicios de telecomunicacionesTelecom. Services | 14.80% | 15.10% | 16.13% | 17.19% | 19.55% | 14.01% | 14.47% | 12.90% | 14.82% | 19.84% | 19.93% | 17.69% | 19.34% |
| Servicios educativosEducational Services | 16.30% | 15.91% | 17.74% | 18.52% | 19.86% | 14.49% | — | — | — | — | — | — | — |
| Servicios empresariales y al consumidorBusiness & Consumer Services | 15.31% | 15.77% | 16.40% | 18.42% | 20.32% | 14.63% | 15.80% | 13.28% | 15.18% | 21.17% | 21.22% | 19.92% | 21.87% |
| Servicios financierosFinancial Svcs. | 14.01% | 14.71% | — | — | — | — | — | — | — | — | — | — | — |
| Servicios financieros (no bancarios y seguros)Financial Svcs. (Non-bank & Insurance) | 14.16% | 14.57% | 15.25% | 16.10% | 18.43% | 13.19% | 13.06% | 11.84% | 13.35% | 18.90% | 18.69% | 15.89% | 18.10% |
| Servicios informáticosComputer Services | 15.73% | 16.08% | 16.71% | 18.48% | 20.57% | 15.18% | 15.37% | 14.21% | 16.10% | 21.57% | 21.75% | 20.24% | 22.10% |
| Servicios públicos (agua)Utility (Water) | 14.44% | 15.40% | 16.38% | 18.08% | 20.54% | 14.93% | 14.50% | 12.66% | 13.46% | 18.88% | 18.61% | 16.20% | 18.50% |
| Servicios públicos (general)Utility (General) | 13.13% | 13.40% | 14.44% | 15.80% | 18.24% | 13.09% | 13.03% | 12.80% | 13.68% | 19.59% | 19.36% | 17.05% | 19.18% |
| Servicios y equipos petrolerosOilfield Svcs/Equip. | 15.76% | 15.65% | 16.53% | 18.76% | 20.20% | 15.26% | 15.51% | 14.01% | 15.95% | 20.45% | 20.28% | 17.94% | 20.23% |
| SiderurgiaSteel | 15.06% | 15.21% | 16.11% | 17.14% | 19.44% | 14.53% | 14.76% | 13.78% | 15.96% | 21.41% | 21.47% | 19.07% | 20.96% |
| Sin clasificarUnclassified | — | — | 16.65% | 17.85% | — | — | — | — | — | — | — | — | — |
| Software de entretenimientoSoftware (Entertainment) | — | — | 17.02% | 19.73% | 22.55% | 16.22% | 17.97% | 15.41% | 17.67% | 24.81% | 25.36% | 23.73% | 24.71% |
| Software de internetSoftware (Internet) | 15.88% | 17.16% | 17.92% | 20.21% | 21.63% | 16.47% | 14.61% | 13.74% | 16.11% | 21.59% | 21.98% | 21.13% | 23.61% |
| Software de sistemas y aplicacionesSoftware (System & Application) | 16.48% | 16.81% | 17.21% | 19.62% | 21.63% | 16.08% | 16.81% | 15.81% | 17.79% | 23.18% | 24.08% | 23.72% | 25.19% |
| TabacoTobacco | 14.15% | 15.09% | 15.79% | 16.37% | 18.39% | 12.70% | 14.54% | 12.78% | 15.11% | 19.74% | 18.98% | 15.63% | 17.20% |
| Tecnología e información en saludHealthcare Information and Technology | 16.58% | 17.44% | 18.08% | 19.52% | 20.94% | 15.56% | 18.04% | 16.35% | 18.11% | 23.62% | 23.80% | 22.63% | 24.95% |
| Telecomunicaciones móvilesTelecom (Wireless) | 14.77% | 15.60% | 16.74% | 17.70% | 19.89% | 14.76% | 14.29% | 13.14% | 15.08% | 19.97% | 20.32% | 18.65% | 19.75% |
| Televisión por cableCable TV | 16.54% | 16.47% | 16.89% | 18.41% | 20.97% | 15.17% | 15.37% | 14.13% | 15.66% | 21.10% | 20.93% | 19.61% | 21.59% |
| TransporteTransportation | 14.54% | 14.96% | 15.72% | 17.57% | 19.83% | 14.87% | 14.68% | 13.33% | 15.02% | 20.36% | 20.09% | 18.11% | 20.19% |
| Transporte aéreoAir Transport | 14.29% | 14.79% | 15.52% | 16.59% | 18.84% | 13.44% | 13.60% | 13.68% | 15.37% | 20.50% | 20.84% | 18.70% | 19.16% |
| Transporte ferroviarioTransportation (Railroads) | 14.76% | 15.55% | 17.23% | 19.47% | 22.34% | 15.87% | 16.23% | 13.60% | 15.06% | 21.05% | 20.65% | 18.66% | 20.41% |
| Transporte terrestre de cargaTrucking | 14.36% | 14.93% | 16.46% | 17.53% | 19.47% | 13.95% | 14.14% | 13.55% | 14.95% | 20.29% | 19.58% | 15.54% | 17.95% |
Lectura: el valor de 2025 para un sector es la rentabilidad mínima anual en COP que un inversionista exigiría a un proyecto o empresa de ese sector financiado 100 % con patrimonio. Para una empresa con deuda debe apalancarse el beta o combinarse con el costo de la deuda en el WACC (ver resúmenes técnicos).
Parámetros anuales
Insumos del cálculo, año a año
Tasa libre de riesgo, rentabilidad y prima de mercado (media geométrica con ventana de 50 años), prima de riesgo país y tasas de referencia de los bancos centrales usadas para convertir la tasa de dólares a pesos.
| Parámetro | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rf Tasa libre de riesgo (media geométrica 50 años, EE. UU.) | 6.56% | 6.70% | 6.71% | 6.66% | 6.76% | 6.69% | 6.99% | 6.89% | 6.60% | 6.12% | 6.12% | 6.05% | 6.13% |
| Rm Rentabilidad del mercado (S&P 500, 50 años) | 9.89% | 9.84% | 9.61% | 10.09% | 10.05% | 9.73% | 10.51% | 10.80% | 11.06% | 10.24% | 11.10% | 12.26% | 11.92% |
| PRM Prima de riesgo de mercado (Rm − Rf) | 3.33% | 3.14% | 2.90% | 3.42% | 3.29% | 3.04% | 3.52% | 3.91% | 4.47% | 4.12% | 4.97% | 6.22% | 5.79% |
| CRP Prima de riesgo país Colombia | 0.96% | 3.12% | 2.98% | 2.71% | 2.44% | 2.64% | 1.88% | 1.84% | 1.88% | 3.29% | 2.78% | 2.54% | 2.85% |
| BanRep Tasa de intervención Banco de la República (cierre de año) | 4.75% | 3.25% | 4.50% | 5.75% | 7.50% | 4.75% | 4.25% | 1.75% | 3.00% | 12.00% | 13.00% | 9.50% | 10.25% |
| FED Tasa de la Reserva Federal (cierre de año) | 0.25% | 0.25% | 0.50% | 0.75% | 0.15% | 2.50% | 1.75% | 0.25% | 0.25% | 4.50% | 5.50% | 4.50% | 3.75% |
Metodología
Cómo se calcula el Ku ajustado para Colombia
El costo del patrimonio desapalancado (Ku) se estima con el modelo de valoración de activos de capital (CAPM) de Sharpe (1964) y Lintner (1965), usando betas sectoriales desapalancados y ajustando por riesgo país y por la expectativa de devaluación del peso frente al dólar.
1. Costo del patrimonio desapalancado en dólares
Ku = Rf + βu · PRM(1)
Donde Rf es la rentabilidad de los títulos libres de riesgo (T-Bonds de EE. UU.) reportada por Damodaran como media geométrica de 50 años; βu es el beta desapalancado del sector en países emergentes, también de Damodaran; y PRM es la prima de riesgo del mercado, entendida como la diferencia entre la rentabilidad del índice S&P 500 y la de los T-Bonds.
2. Beta desapalancado sectorial
βu = Σj βe,j1 + (Dj/Ej)(1 − τ)(2)
Damodaran obtiene βu a partir del promedio sectorial de los betas apalancados (βe) de empresas transadas en bolsa, desapalancados con la relación de Hamada (1972), Rubinstein (1973), Bowman (1979), Fernández (2006) y Sarmiento-Sabogal & Sadeghi (2014), donde D/E es la razón deuda-patrimonio y τ la tasa impositiva.
3. Ajuste por riesgo país
RiUSD = Rf + βu · PRM + CRP(3)
Como la ecuación (1) usa la rentabilidad histórica de los bonos del Tesoro de EE. UU., se suma la prima de riesgo país de Colombia (CRP, columna “Prima de riesgo país” de la tabla de parámetros) para obtener la tasa en dólares aplicable a un activo colombiano.
4. Conversión a pesos colombianos
RiCOP = (1 + RiUSD) · 1 + BanRep1 + FED − 1(4)
Finalmente, para incorporar la expectativa de devaluación, la tasa en dólares se convierte a pesos usando las tasas de referencia del Banco de la República (BanRep) y de la Reserva Federal (FED) vigentes al cierre de cada año. El resultado es la tasa mínima de retorno en COP que aparece en la tabla por sector.
La versión publicada usa una ventana de 50 años para Rf y PRM, que suaviza el efecto de los ciclos recientes. Cambios en la tasa de intervención del Banco de la República (por ejemplo, 2022–2023) explican buena parte de la variación de las tasas en COP entre años.
Cómo usar
Aplicaciones habituales
- Valoración por flujos de caja descontados: Ku es la tasa de descuento del flujo de caja libre en un modelo sin deuda (APV) o el punto de partida para apalancar el beta y construir el WACC.
- Evaluación de proyectos: tasa mínima de retorno (hurdle rate) para comparar la TIR de un proyecto del sector en pesos.
- Pruebas de deterioro y valor razonable (NIIF 13 / NIC 36): insumo documentado y trazable para tasas de descuento.
- Peritajes y arbitrajes: referencia pública con metodología explícita y fuentes verificables.
Estas tasas son un punto de partida sectorial. Cada valoración debe ajustar por tamaño, liquidez, estructura de capital y riesgos específicos de la empresa o proyecto. Valuamos presta servicios de valoración con conceptos técnicos que incorporan estos ajustes.
Cómo citar
Referencia sugerida
Valuamos SAS (2026). Costo del patrimonio desapalancado para Colombia por sector, 2013–2025 (RiCOP, ventana de 50 años). Bogotá: Valuamos. Disponible en
https://valuamos.com/costo-de-capital-colombia/Los datos pueden reproducirse citando la fuente. Para la versión en PDF, descargue el documento original; para análisis, el archivo CSV con los mismos valores.
Fuentes y bibliografía
Fuentes de información
- Rf y PRM: Damodaran, Historical Returns on Stocks, Bonds and Bills – United States.
- Betas sectoriales: Damodaran, Levered and Unlevered Betas by Industry – Emerging Markets.
- Prima de riesgo país: Damodaran, Risk Premiums for Other Markets.
- Tasa BanRep: Banco de la República, tasas de interés de política monetaria.
- Tasa FED: Reserva Federal de los Estados Unidos (tasa de fondos federales, cierre de año).
Bibliografía
- Bowman, R. (1979). The theoretical relationship between systematic risk and financial (accounting) variables. The Journal of Finance, 34(3), 617–630.
- Fernández, P. (2006). Levered and unlevered beta. IESE Business School.
- Hamada, R. (1972). The effect of the firm’s capital structure on the systematic risk of common stocks. The Journal of Finance, 27(2), 435–452.
- Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The Journal of Finance, 20(4), 587–615.
- Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
- Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443.
- Ruback, R. (2002). Capital cash flows: A simple approach to valuing risky cash flows. Financial Management, 31(2), 85–103.
- Rubinstein, M. (1973). A mean-variance synthesis of corporate financial theory. The Journal of Finance, 28(1), 167–181.
- Sarmiento-Sabogal, J., & Sadeghi, M. (2014). Unlevered betas and the cost of equity capital: An empirical approach. The North American Journal of Economics and Finance, 30, 90–105.
- Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442.
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