Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se han actualizado desde el 8 de mayo de 2023.

Modelo de fijación de precios de activos de capital (CAPM) 

Microsoft Excel

El modelo de fijación de precios de activos de capital (CAPM) indica cuál debería ser la tasa de rendimiento esperada o requerida sobre activos de riesgo como las acciones ordinarias de Fortinet.

Tasas de retorno

Fortinet Inc., tasas mensuales de retorno

Microsoft Excel
Fortinet Inc. (FTNT) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioFTNT,t1 DividendoFTNT,t1 RFTNT,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2018 $9.21 2,823.81
1. 28 feb. 2018 $10.09 9.55% 2,713.83 -3.89%
2. 31 mar. 2018 $10.72 6.24% 2,640.87 -2.69%
3. 30 abr. 2018 $11.07 3.26% 2,648.05 0.27%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2022 $53.16 -7.00% 4,080.11 5.38%
59. 31 dic. 2022 $48.89 -8.03% 3,839.50 -5.90%
Promedio (R): 3.50% 0.67%
Desviación estándar: 11.47% 5.40%
Fortinet Inc. (FTNT) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioFTNT,t1 DividendoFTNT,t1 RFTNT,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2018 $9.21 2,823.81
1. 28 feb. 2018 $10.09 9.55% 2,713.83 -3.89%
2. 31 mar. 2018 $10.72 6.24% 2,640.87 -2.69%
3. 30 abr. 2018 $11.07 3.26% 2,648.05 0.27%
4. 31 may. 2018 $12.24 10.57% 2,705.27 2.16%
5. 30 jun. 2018 $12.49 2.04% 2,718.37 0.48%
6. 31 jul. 2018 $12.58 0.72% 2,816.29 3.60%
7. 31 ago. 2018 $16.75 33.15% 2,901.52 3.03%
8. 30 sept. 2018 $18.45 10.15% 2,913.98 0.43%
9. 31 oct. 2018 $16.44 -10.89% 2,711.74 -6.94%
10. 30 nov. 2018 $14.77 -10.16% 2,760.17 1.79%
11. 31 dic. 2018 $14.09 -4.60% 2,506.85 -9.18%
12. 31 ene. 2019 $15.31 8.66% 2,704.10 7.87%
13. 28 feb. 2019 $17.36 13.39% 2,784.49 2.97%
14. 31 mar. 2019 $16.79 -3.28% 2,834.40 1.79%
15. 30 abr. 2019 $18.68 11.26% 2,945.83 3.93%
16. 31 may. 2019 $14.50 -22.38% 2,752.06 -6.58%
17. 30 jun. 2019 $15.37 6.00% 2,941.76 6.89%
18. 31 jul. 2019 $16.06 4.49% 2,980.38 1.31%
19. 31 ago. 2019 $15.84 -1.37% 2,926.46 -1.81%
20. 30 sept. 2019 $15.35 -3.09% 2,976.74 1.72%
21. 31 oct. 2019 $16.31 6.25% 3,037.56 2.04%
22. 30 nov. 2019 $21.02 28.88% 3,140.98 3.40%
23. 31 dic. 2019 $21.35 1.57% 3,230.78 2.86%
24. 31 ene. 2020 $23.07 8.06% 3,225.52 -0.16%
25. 29 feb. 2020 $20.41 -11.53% 2,954.22 -8.41%
26. 31 mar. 2020 $20.23 -0.88% 2,584.59 -12.51%
27. 30 abr. 2020 $21.55 6.52% 2,912.43 12.68%
28. 31 may. 2020 $27.84 29.19% 3,044.31 4.53%
29. 30 jun. 2020 $27.45 -1.40% 3,100.29 1.84%
30. 31 jul. 2020 $27.66 0.77% 3,271.12 5.51%
31. 31 ago. 2020 $26.40 -4.56% 3,500.31 7.01%
32. 30 sept. 2020 $23.56 -10.76% 3,363.00 -3.92%
33. 31 oct. 2020 $22.07 -6.32% 3,269.96 -2.77%
34. 30 nov. 2020 $24.65 11.69% 3,621.63 10.75%
35. 31 dic. 2020 $29.71 20.53% 3,756.07 3.71%
36. 31 ene. 2021 $28.95 -2.56% 3,714.24 -1.11%
37. 28 feb. 2021 $33.77 16.65% 3,811.15 2.61%
38. 31 mar. 2021 $36.88 9.21% 3,972.89 4.24%
39. 30 abr. 2021 $40.85 10.76% 4,181.17 5.24%
40. 31 may. 2021 $43.71 7.00% 4,204.11 0.55%
41. 30 jun. 2021 $47.64 8.99% 4,297.50 2.22%
42. 31 jul. 2021 $54.45 14.29% 4,395.26 2.27%
43. 31 ago. 2021 $63.03 15.76% 4,522.68 2.90%
44. 30 sept. 2021 $58.41 -7.33% 4,307.54 -4.76%
45. 31 oct. 2021 $67.27 15.17% 4,605.38 6.91%
46. 30 nov. 2021 $66.42 -1.26% 4,567.00 -0.83%
47. 31 dic. 2021 $71.88 8.22% 4,766.18 4.36%
48. 31 ene. 2022 $59.45 -17.29% 4,515.55 -5.26%
49. 28 feb. 2022 $68.90 15.90% 4,373.94 -3.14%
50. 31 mar. 2022 $68.35 -0.80% 4,530.41 3.58%
51. 30 abr. 2022 $57.80 -15.44% 4,131.93 -8.80%
52. 31 may. 2022 $58.83 1.78% 4,132.15 0.01%
53. 30 jun. 2022 $56.58 -3.82% 3,785.38 -8.39%
54. 31 jul. 2022 $59.65 5.43% 4,130.29 9.11%
55. 31 ago. 2022 $48.69 -18.37% 3,955.00 -4.24%
56. 30 sept. 2022 $49.13 0.90% 3,585.62 -9.34%
57. 31 oct. 2022 $57.16 16.34% 3,871.98 7.99%
58. 30 nov. 2022 $53.16 -7.00% 4,080.11 5.38%
59. 31 dic. 2022 $48.89 -8.03% 3,839.50 -5.90%
Promedio (R): 3.50% 0.67%
Desviación estándar: 11.47% 5.40%

Mostrar todo

1 Datos en dólares estadounidenses por acción ordinaria, ajustados por divisiones y dividendos de acciones.

2 Tasa de rendimiento de las acciones ordinarias de FTNT durante el período t.

3 Tasa de rendimiento del S&P 500 (el proxy de la cartera de mercado) durante el período t.

Varianza y covarianza

Fortinet Inc., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RFTNT,t RS&P 500,t (RFTNT,t–RFTNT)2 (RS&P 500,t–RS&P 500)2 (RFTNT,t–RFTNT)×(RS&P 500,t–RS&P 500)
1. 28 feb. 2018 9.55% -3.89% 36.72 20.81 -27.64
2. 31 mar. 2018 6.24% -2.69% 7.56 11.26 -9.22
3. 30 abr. 2018 3.26% 0.27% 0.05 0.16 0.09
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2022 -7.00% 5.38% 110.10 22.17 -49.41
59. 31 dic. 2022 -8.03% -5.90% 132.88 43.08 75.66
Total (Σ): 7,624.03 1,691.48 1,932.55
t Fecha RFTNT,t RS&P 500,t (RFTNT,t–RFTNT)2 (RS&P 500,t–RS&P 500)2 (RFTNT,t–RFTNT)×(RS&P 500,t–RS&P 500)
1. 28 feb. 2018 9.55% -3.89% 36.72 20.81 -27.64
2. 31 mar. 2018 6.24% -2.69% 7.56 11.26 -9.22
3. 30 abr. 2018 3.26% 0.27% 0.05 0.16 0.09
4. 31 may. 2018 10.57% 2.16% 50.04 2.23 10.57
5. 30 jun. 2018 2.04% 0.48% 2.11 0.03 0.26
6. 31 jul. 2018 0.72% 3.60% 7.70 8.62 -8.14
7. 31 ago. 2018 33.15% 3.03% 879.28 5.57 69.97
8. 30 sept. 2018 10.15% 0.43% 44.28 0.06 -1.58
9. 31 oct. 2018 -10.89% -6.94% 207.06 57.87 109.46
10. 30 nov. 2018 -10.16% 1.79% 186.41 1.25 -15.28
11. 31 dic. 2018 -4.60% -9.18% 65.59 96.91 79.73
12. 31 ene. 2019 8.66% 7.87% 26.66 51.87 37.19
13. 28 feb. 2019 13.39% 2.97% 97.91 5.32 22.82
14. 31 mar. 2019 -3.28% 1.79% 45.95 1.27 -7.63
15. 30 abr. 2019 11.26% 3.93% 60.24 10.66 25.34
16. 31 may. 2019 -22.38% -6.58% 669.36 52.48 187.43
17. 30 jun. 2019 6.00% 6.89% 6.27 38.77 15.60
18. 31 jul. 2019 4.49% 1.31% 0.99 0.42 0.64
19. 31 ago. 2019 -1.37% -1.81% 23.67 6.13 12.04
20. 30 sept. 2019 -3.09% 1.72% 43.41 1.11 -6.93
21. 31 oct. 2019 6.25% 2.04% 7.61 1.89 3.80
22. 30 nov. 2019 28.88% 3.40% 644.29 7.50 69.50
23. 31 dic. 2019 1.57% 2.86% 3.71 4.81 -4.22
24. 31 ene. 2020 8.06% -0.16% 20.80 0.69 -3.78
25. 29 feb. 2020 -11.53% -8.41% 225.76 82.40 136.39
26. 31 mar. 2020 -0.88% -12.51% 19.16 173.67 57.68
27. 30 abr. 2020 6.52% 12.68% 9.18 144.43 36.41
28. 31 may. 2020 29.19% 4.53% 660.12 14.91 99.21
29. 30 jun. 2020 -1.40% 1.84% 23.97 1.37 -5.74
30. 31 jul. 2020 0.77% 5.51% 7.45 23.46 -13.22
31. 31 ago. 2020 -4.56% 7.01% 64.81 40.19 -51.04
32. 30 sept. 2020 -10.76% -3.92% 203.14 21.06 65.41
33. 31 oct. 2020 -6.32% -2.77% 96.42 11.79 33.71
34. 30 nov. 2020 11.69% 10.75% 67.16 101.77 82.67
35. 31 dic. 2020 20.53% 3.71% 290.10 9.28 51.87
36. 31 ene. 2021 -2.56% -1.11% 36.64 3.17 10.78
37. 28 feb. 2021 16.65% 2.61% 173.03 3.77 25.55
38. 31 mar. 2021 9.21% 4.24% 32.65 12.80 20.44
39. 30 abr. 2021 10.76% 5.24% 52.85 20.94 33.26
40. 31 may. 2021 7.00% 0.55% 12.29 0.01 -0.41
41. 30 jun. 2021 8.99% 2.22% 30.21 2.42 8.54
42. 31 jul. 2021 14.29% 2.27% 116.63 2.59 17.37
43. 31 ago. 2021 15.76% 2.90% 150.37 4.98 27.37
44. 30 sept. 2021 -7.33% -4.76% 117.18 29.42 58.71
45. 31 oct. 2021 15.17% 6.91% 136.27 39.03 72.93
46. 30 nov. 2021 -1.26% -0.83% 22.65 2.25 7.14
47. 31 dic. 2021 8.22% 4.36% 22.33 13.65 17.46
48. 31 ene. 2022 -17.29% -5.26% 432.13 35.11 123.17
49. 28 feb. 2022 15.90% -3.14% 153.77 14.46 -47.16
50. 31 mar. 2022 -0.80% 3.58% 18.43 8.47 -12.50
51. 30 abr. 2022 -15.44% -8.80% 358.36 89.54 179.13
52. 31 may. 2022 1.78% 0.01% 2.93 0.44 1.13
53. 30 jun. 2022 -3.82% -8.39% 53.58 82.06 66.31
54. 31 jul. 2022 5.43% 9.11% 3.73 71.32 16.31
55. 31 ago. 2022 -18.37% -4.24% 478.25 24.11 107.39
56. 30 sept. 2022 0.90% -9.34% 6.72 100.12 25.93
57. 31 oct. 2022 16.34% 7.99% 165.10 53.58 94.05
58. 30 nov. 2022 -7.00% 5.38% 110.10 22.17 -49.41
59. 31 dic. 2022 -8.03% -5.90% 132.88 43.08 75.66
Total (Σ): 7,624.03 1,691.48 1,932.55

Mostrar todo

VarianzaFTNT = Σ(RFTNT,t–RFTNT)2 ÷ (59 – 1)
= 7,624.03 ÷ (59 – 1)
= 131.45

VarianzaS&P 500 = Σ(RS&P 500,t–RS&P 500)2 ÷ (59 – 1)
= 1,691.48 ÷ (59 – 1)
= 29.16

CovarianzaFTNT, S&P 500 = Σ(RFTNT,t–RFTNT)×(RS&P 500,t–RS&P 500) ÷ (59 – 1)
= 1,932.55 ÷ (59 – 1)
= 33.32

Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaFTNT 131.45
VarianzaS&P 500 29.16
CovarianzaFTNT, S&P 500 33.32
Coeficiente de correlaciónFTNT, S&P 5001 0.54
βFTNT2 1.14
αFTNT3 2.73%

Cálculos

1 Coeficiente de correlaciónFTNT, S&P 500
= CovarianzaFTNT, S&P 500 ÷ (Desviación estándarFTNT × Desviación estándarS&P 500)
= 33.32 ÷ (11.47% × 5.40%)
= 0.54

2 βFTNT
= CovarianzaFTNT, S&P 500 ÷ VarianzaS&P 500
= 33.32 ÷ 29.16
= 1.14

3 αFTNT
= PromedioFTNT – βFTNT × PromedioS&P 500
= 3.50% – 1.14 × 0.67%
= 2.73%

Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.62%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 13.69%
Riesgo sistemático de Fortinet acciones ordinarias βFTNT 1.14
 
Tasa de rendimiento esperada de las acciones ordinarias de Fortinet3 E(RFTNT) 14.98%

1 Promedio no ponderado de los rendimientos de las ofertas de todos los bonos del Tesoro de EE. UU. con cupón fijo en circulación que no vencen ni son rescatables en menos de 10 años (proxy de tasa de rendimiento libre de riesgo).

2 Ver detalles »

3 E(RFTNT) = RF + βFTNT [E(RM) – RF]
= 4.62% + 1.14 [13.69% – 4.62%]
= 14.98%