Stock Analysis on Net

Intuit Inc. (NASDAQ:INTU)

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

Microsoft Excel

Tasas de retorno

Intuit Inc., tasas mensuales de retorno

Microsoft Excel
Intuit Inc. (INTU) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioINTU,t1 DividendoINTU,t1 RINTU,t2 PrecioS&P 500,t RS&P 500,t3
31 ago. 2016 $111.45 2,170.95
1. 30 sept. 2016 $110.01 -1.29% 2,168.27 -0.12%
2. 31 oct. 2016 $108.74 $0.34 -0.85% 2,126.15 -1.94%
3. 30 nov. 2016 $113.68 4.54% 2,198.81 3.42%
. . . . . . .
. . . . . . .
. . . . . . .
70. 30 jun. 2022 $385.44 -7.00% 3,785.38 -8.39%
71. 31 jul. 2022 $456.17 $0.68 18.53% 4,130.29 9.11%
Promedio (R): 2.33% 1.02%
Desviación estándar: 7.31% 4.63%
Intuit Inc. (INTU) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioINTU,t1 DividendoINTU,t1 RINTU,t2 PrecioS&P 500,t RS&P 500,t3
31 ago. 2016 $111.45 2,170.95
1. 30 sept. 2016 $110.01 -1.29% 2,168.27 -0.12%
2. 31 oct. 2016 $108.74 $0.34 -0.85% 2,126.15 -1.94%
3. 30 nov. 2016 $113.68 4.54% 2,198.81 3.42%
4. 31 dic. 2016 $114.61 0.82% 2,238.83 1.82%
5. 31 ene. 2017 $118.58 $0.34 3.76% 2,278.87 1.79%
6. 28 feb. 2017 $125.44 5.79% 2,363.64 3.72%
7. 31 mar. 2017 $115.99 -7.53% 2,362.72 -0.04%
8. 30 abr. 2017 $125.21 $0.34 8.24% 2,384.20 0.91%
9. 31 may. 2017 $140.64 12.32% 2,411.80 1.16%
10. 30 jun. 2017 $132.81 -5.57% 2,423.41 0.48%
11. 31 jul. 2017 $137.21 $0.34 3.57% 2,470.30 1.93%
12. 31 ago. 2017 $141.45 3.09% 2,471.65 0.05%
13. 30 sept. 2017 $142.14 0.49% 2,519.36 1.93%
14. 31 oct. 2017 $151.02 $0.39 6.52% 2,575.26 2.22%
15. 30 nov. 2017 $157.22 4.11% 2,647.58 2.81%
16. 31 dic. 2017 $157.78 0.36% 2,673.61 0.98%
17. 31 ene. 2018 $167.90 $0.39 6.66% 2,823.81 5.62%
18. 28 feb. 2018 $166.86 -0.62% 2,713.83 -3.89%
19. 31 mar. 2018 $173.35 3.89% 2,640.87 -2.69%
20. 30 abr. 2018 $184.79 $0.39 6.82% 2,648.05 0.27%
21. 31 may. 2018 $201.60 9.10% 2,705.27 2.16%
22. 30 jun. 2018 $204.31 1.34% 2,718.37 0.48%
23. 31 jul. 2018 $204.24 $0.39 0.16% 2,816.29 3.60%
24. 31 ago. 2018 $219.47 7.46% 2,901.52 3.03%
25. 30 sept. 2018 $227.40 3.61% 2,913.98 0.43%
26. 31 oct. 2018 $211.00 $0.47 -7.01% 2,711.74 -6.94%
27. 30 nov. 2018 $214.53 1.67% 2,760.17 1.79%
28. 31 dic. 2018 $196.85 -8.24% 2,506.85 -9.18%
29. 31 ene. 2019 $215.82 $0.47 9.88% 2,704.10 7.87%
30. 28 feb. 2019 $247.13 14.51% 2,784.49 2.97%
31. 31 mar. 2019 $261.41 5.78% 2,834.40 1.79%
32. 30 abr. 2019 $251.06 $0.47 -3.78% 2,945.83 3.93%
33. 31 may. 2019 $244.85 -2.47% 2,752.06 -6.58%
34. 30 jun. 2019 $261.33 6.73% 2,941.76 6.89%
35. 31 jul. 2019 $277.31 $0.47 6.29% 2,980.38 1.31%
36. 31 ago. 2019 $288.36 3.98% 2,926.46 -1.81%
37. 30 sept. 2019 $265.94 -7.78% 2,976.74 1.72%
38. 31 oct. 2019 $257.50 $0.53 -2.97% 3,037.56 2.04%
39. 30 nov. 2019 $258.89 0.54% 3,140.98 3.40%
40. 31 dic. 2019 $261.93 1.17% 3,230.78 2.86%
41. 31 ene. 2020 $280.38 $0.53 7.25% 3,225.52 -0.16%
42. 29 feb. 2020 $265.85 -5.18% 2,954.22 -8.41%
43. 31 mar. 2020 $230.00 -13.49% 2,584.59 -12.51%
44. 30 abr. 2020 $269.81 $0.53 17.54% 2,912.43 12.68%
45. 31 may. 2020 $290.32 7.60% 3,044.31 4.53%
46. 30 jun. 2020 $296.19 2.02% 3,100.29 1.84%
47. 31 jul. 2020 $306.37 $0.53 3.62% 3,271.12 5.51%
48. 31 ago. 2020 $345.39 12.74% 3,500.31 7.01%
49. 30 sept. 2020 $326.21 -5.55% 3,363.00 -3.92%
50. 31 oct. 2020 $314.68 $0.59 -3.35% 3,269.96 -2.77%
51. 30 nov. 2020 $352.02 11.87% 3,621.63 10.75%
52. 31 dic. 2020 $379.85 7.91% 3,756.07 3.71%
53. 31 ene. 2021 $361.23 $0.59 -4.75% 3,714.24 -1.11%
54. 28 feb. 2021 $390.14 8.00% 3,811.15 2.61%
55. 31 mar. 2021 $383.06 -1.81% 3,972.89 4.24%
56. 30 abr. 2021 $412.16 $0.59 7.75% 4,181.17 5.24%
57. 31 may. 2021 $439.09 6.53% 4,204.11 0.55%
58. 30 jun. 2021 $490.17 11.63% 4,297.50 2.22%
59. 31 jul. 2021 $529.97 $0.59 8.24% 4,395.26 2.27%
60. 31 ago. 2021 $566.11 6.82% 4,522.68 2.90%
61. 30 sept. 2021 $539.51 -4.70% 4,307.54 -4.76%
62. 31 oct. 2021 $625.99 $0.68 16.16% 4,605.38 6.91%
63. 30 nov. 2021 $652.30 4.20% 4,567.00 -0.83%
64. 31 dic. 2021 $643.22 -1.39% 4,766.18 4.36%
65. 31 ene. 2022 $555.23 $0.68 -13.57% 4,515.55 -5.26%
66. 28 feb. 2022 $474.37 -14.56% 4,373.94 -3.14%
67. 31 mar. 2022 $480.84 1.36% 4,530.41 3.58%
68. 30 abr. 2022 $418.75 $0.68 -12.77% 4,131.93 -8.80%
69. 31 may. 2022 $414.46 -1.02% 4,132.15 0.01%
70. 30 jun. 2022 $385.44 -7.00% 3,785.38 -8.39%
71. 31 jul. 2022 $456.17 $0.68 18.53% 4,130.29 9.11%
Promedio (R): 2.33% 1.02%
Desviación estándar: 7.31% 4.63%

Mostrar todo

1 Datos en US$ por acción de acciones ordinarias, ajustados por escisiones y dividendos de acciones.

2 Tasa de rendimiento de las acciones ordinarias del INTU 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

Intuit Inc., cálculo de varianza y covarianza de rendimientos

Microsoft Excel
t Fecha RINTU,t RS&P 500,t (RINTU,tRINTU)2 (RS&P 500,tRS&P 500)2 (RINTU,tRINTU)×(RS&P 500,tRS&P 500)
1. 30 sept. 2016 -1.29% -0.12% 13.15 1.30 4.13
2. 31 oct. 2016 -0.85% -1.94% 10.11 8.76 9.41
3. 30 nov. 2016 4.54% 3.42% 4.88 5.76 5.30
. . . . . . .
. . . . . . .
. . . . . . .
70. 30 jun. 2022 -7.00% -8.39% 87.15 88.52 87.84
71. 31 jul. 2022 18.53% 9.11% 262.22 65.53 131.08
Total (Σ): 3,738.29 1,502.64 1,783.88
t Fecha RINTU,t RS&P 500,t (RINTU,tRINTU)2 (RS&P 500,tRS&P 500)2 (RINTU,tRINTU)×(RS&P 500,tRS&P 500)
1. 30 sept. 2016 -1.29% -0.12% 13.15 1.30 4.13
2. 31 oct. 2016 -0.85% -1.94% 10.11 8.76 9.41
3. 30 nov. 2016 4.54% 3.42% 4.88 5.76 5.30
4. 31 dic. 2016 0.82% 1.82% 2.30 0.65 -1.22
5. 31 ene. 2017 3.76% 1.79% 2.04 0.60 1.10
6. 28 feb. 2017 5.79% 3.72% 11.91 7.31 9.33
7. 31 mar. 2017 -7.53% -0.04% 97.36 1.11 10.42
8. 30 abr. 2017 8.24% 0.91% 34.91 0.01 -0.64
9. 31 may. 2017 12.32% 1.16% 99.79 0.02 1.41
10. 30 jun. 2017 -5.57% 0.48% 62.43 0.29 4.23
11. 31 jul. 2017 3.57% 1.93% 1.53 0.84 1.13
12. 31 ago. 2017 3.09% 0.05% 0.57 0.93 -0.73
13. 30 sept. 2017 0.49% 1.93% 3.41 0.83 -1.69
14. 31 oct. 2017 6.52% 2.22% 17.54 1.45 5.03
15. 30 nov. 2017 4.11% 2.81% 3.14 3.21 3.17
16. 31 dic. 2017 0.36% 0.98% 3.91 0.00 0.07
17. 31 ene. 2018 6.66% 5.62% 18.73 21.17 19.91
18. 28 feb. 2018 -0.62% -3.89% 8.72 24.12 14.50
19. 31 mar. 2018 3.89% -2.69% 2.42 13.73 -5.76
20. 30 abr. 2018 6.82% 0.27% 20.17 0.55 -3.34
21. 31 may. 2018 9.10% 2.16% 45.74 1.31 7.74
22. 30 jun. 2018 1.34% 0.48% 0.98 0.28 0.53
23. 31 jul. 2018 0.16% 3.60% 4.74 6.68 -5.63
24. 31 ago. 2018 7.46% 3.03% 26.25 4.04 10.30
25. 30 sept. 2018 3.61% 0.43% 1.64 0.34 -0.75
26. 31 oct. 2018 -7.01% -6.94% 87.22 63.31 74.31
27. 30 nov. 2018 1.67% 1.79% 0.44 0.59 -0.51
28. 31 dic. 2018 -8.24% -9.18% 111.83 103.93 107.81
29. 31 ene. 2019 9.88% 7.87% 56.88 46.95 51.67
30. 28 feb. 2019 14.51% 2.97% 148.20 3.83 23.81
31. 31 mar. 2019 5.78% 1.79% 11.86 0.60 2.67
32. 30 abr. 2019 -3.78% 3.93% 37.37 8.49 -17.82
33. 31 may. 2019 -2.47% -6.58% 23.11 57.68 36.51
34. 30 jun. 2019 6.73% 6.89% 19.33 34.53 25.84
35. 31 jul. 2019 6.29% 1.31% 15.69 0.09 1.17
36. 31 ago. 2019 3.98% -1.81% 2.73 7.99 -4.67
37. 30 sept. 2019 -7.78% 1.72% 102.19 0.49 -7.09
38. 31 oct. 2019 -2.97% 2.04% 28.18 1.05 -5.45
39. 30 nov. 2019 0.54% 3.40% 3.22 5.70 -4.28
40. 31 dic. 2019 1.17% 2.86% 1.34 3.39 -2.14
41. 31 ene. 2020 7.25% -0.16% 24.13 1.39 -5.79
42. 29 feb. 2020 -5.18% -8.41% 56.49 88.88 70.86
43. 31 mar. 2020 -13.49% -12.51% 250.24 183.02 214.01
44. 30 abr. 2020 17.54% 12.68% 231.20 136.13 177.41
45. 31 may. 2020 7.60% 4.53% 27.75 12.33 18.50
46. 30 jun. 2020 2.02% 1.84% 0.10 0.68 -0.26
47. 31 jul. 2020 3.62% 5.51% 1.64 20.19 5.76
48. 31 ago. 2020 12.74% 7.01% 108.21 35.88 62.31
49. 30 sept. 2020 -5.55% -3.92% 62.20 24.40 38.96
50. 31 oct. 2020 -3.35% -2.77% 32.35 14.31 21.52
51. 30 nov. 2020 11.87% 10.75% 90.86 94.83 92.82
52. 31 dic. 2020 7.91% 3.71% 31.05 7.27 15.02
53. 31 ene. 2021 -4.75% -1.11% 50.13 4.54 15.08
54. 28 feb. 2021 8.00% 2.61% 32.14 2.54 9.03
55. 31 mar. 2021 -1.81% 4.24% 17.21 10.41 -13.39
56. 30 abr. 2021 7.75% 5.24% 29.34 17.86 22.89
57. 31 may. 2021 6.53% 0.55% 17.64 0.22 -1.97
58. 30 jun. 2021 11.63% 2.22% 86.48 1.45 11.20
59. 31 jul. 2021 8.24% 2.27% 34.88 1.58 7.43
60. 31 ago. 2021 6.82% 2.90% 20.12 3.54 8.44
61. 30 sept. 2021 -4.70% -4.76% 49.46 33.34 40.60
62. 31 oct. 2021 16.16% 6.91% 191.04 34.78 81.52
63. 30 nov. 2021 4.20% -0.83% 3.49 3.42 -3.46
64. 31 dic. 2021 -1.39% 4.36% 13.88 11.19 -12.46
65. 31 ene. 2022 -13.57% -5.26% 253.05 39.38 99.82
66. 28 feb. 2022 -14.56% -3.14% 285.51 17.25 70.17
67. 31 mar. 2022 1.36% 3.58% 0.94 6.56 -2.48
68. 30 abr. 2022 -12.77% -8.80% 228.17 96.28 148.22
69. 31 may. 2022 -1.02% 0.01% 11.28 1.02 3.40
70. 30 jun. 2022 -7.00% -8.39% 87.15 88.52 87.84
71. 31 jul. 2022 18.53% 9.11% 262.22 65.53 131.08
Total (Σ): 3,738.29 1,502.64 1,783.88

Mostrar todo

VarianzaINTU = Σ(RINTU,tRINTU)2 ÷ (71 – 1)
= 3,738.29 ÷ (71 – 1)
= 53.40

VarianzaS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (71 – 1)
= 1,502.64 ÷ (71 – 1)
= 21.47

CovarianzaINTU, S&P 500 = Σ(RINTU,tRINTU)×(RS&P 500,tRS&P 500) ÷ (71 – 1)
= 1,783.88 ÷ (71 – 1)
= 25.48


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaINTU 53.40
VarianzaS&P 500 21.47
CovarianzaINTU, S&P 500 25.48
Coeficiente de correlaciónINTU, S&P 5001 0.75
βINTU2 1.19
αINTU3 1.13%

Cálculos

1 Coeficiente de correlaciónINTU, S&P 500
= CovarianzaINTU, S&P 500 ÷ (Desviación estándarINTU × Desviación estándarS&P 500)
= 25.48 ÷ (7.31% × 4.63%)
= 0.75

2 βINTU
= CovarianzaINTU, S&P 500 ÷ VarianzaS&P 500
= 25.48 ÷ 21.47
= 1.19

3 αINTU
= PromedioINTU – βINTU × PromedioS&P 500
= 2.33%1.19 × 1.02%
= 1.13%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento de LT Treasury Composite1 RF 4.02%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 12.83%
Riesgo sistemático de acciones ordinarias Intuit βINTU 1.19
 
Tasa de rendimiento esperada de las acciones ordinarias de Intuit3 E(RINTU) 14.48%

1 Promedio no ponderado de los rendimientos de las ofertas en todos los bonos del Tesoro de los Estados Unidos con cupón fijo pendientes, ni vencidos ni exigibles en menos de 10 años (proxy de tasa de rendimiento libre de riesgo).

2 Ver detalles »

3 E(RINTU) = RF + βINTU [E(RM) – RF]
= 4.02% + 1.19 [12.83%4.02%]
= 14.48%