Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

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

Microsoft Excel

El modelo de fijación de precios de activos de capital (CAPM, por sus siglas en inglés) indica cuál debería ser la tasa de rendimiento esperada o requerida en activos de riesgo como las acciones ordinarias de Intuitive Surgical.


Tasas de retorno

Intuitive Surgical Inc., tasas mensuales de retorno

Microsoft Excel
Intuitive Surgical Inc. (ISRG) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioISRG,t1 DividendoISRG,t1 RISRG,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2019 $174.55 2,704.10
1. 28 feb. 2019 $182.54 4.58% 2,784.49 2.97%
2. 31 mar. 2019 $190.19 4.19% 2,834.40 1.79%
3. 30 abr. 2019 $170.21 -10.51% 2,945.83 3.93%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2023 $310.84 18.54% 4,567.80 8.92%
59. 31 dic. 2023 $337.36 8.53% 4,769.83 4.42%
Promedio (R): 1.63% 1.11%
Desviación estándar: 10.24% 5.31%
Intuitive Surgical Inc. (ISRG) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioISRG,t1 DividendoISRG,t1 RISRG,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2019 $174.55 2,704.10
1. 28 feb. 2019 $182.54 4.58% 2,784.49 2.97%
2. 31 mar. 2019 $190.19 4.19% 2,834.40 1.79%
3. 30 abr. 2019 $170.21 -10.51% 2,945.83 3.93%
4. 31 may. 2019 $154.95 -8.97% 2,752.06 -6.58%
5. 30 jun. 2019 $174.85 12.84% 2,941.76 6.89%
6. 31 jul. 2019 $173.17 -0.96% 2,980.38 1.31%
7. 31 ago. 2019 $170.45 -1.57% 2,926.46 -1.81%
8. 30 sept. 2019 $179.98 5.59% 2,976.74 1.72%
9. 31 oct. 2019 $184.32 2.41% 3,037.56 2.04%
10. 30 nov. 2019 $197.63 7.22% 3,140.98 3.40%
11. 31 dic. 2019 $197.05 -0.29% 3,230.78 2.86%
12. 31 ene. 2020 $186.59 -5.31% 3,225.52 -0.16%
13. 29 feb. 2020 $177.99 -4.61% 2,954.22 -8.41%
14. 31 mar. 2020 $165.07 -7.26% 2,584.59 -12.51%
15. 30 abr. 2020 $170.29 3.16% 2,912.43 12.68%
16. 31 may. 2020 $193.34 13.54% 3,044.31 4.53%
17. 30 jun. 2020 $189.94 -1.76% 3,100.29 1.84%
18. 31 jul. 2020 $228.48 20.29% 3,271.12 5.51%
19. 31 ago. 2020 $243.61 6.62% 3,500.31 7.01%
20. 30 sept. 2020 $236.51 -2.91% 3,363.00 -3.92%
21. 31 oct. 2020 $222.36 -5.98% 3,269.96 -2.77%
22. 30 nov. 2020 $242.02 8.84% 3,621.63 10.75%
23. 31 dic. 2020 $272.70 12.68% 3,756.07 3.71%
24. 31 ene. 2021 $249.21 -8.61% 3,714.24 -1.11%
25. 28 feb. 2021 $245.60 -1.45% 3,811.15 2.61%
26. 31 mar. 2021 $246.31 0.29% 3,972.89 4.24%
27. 30 abr. 2021 $288.33 17.06% 4,181.17 5.24%
28. 31 may. 2021 $280.73 -2.64% 4,204.11 0.55%
29. 30 jun. 2021 $306.55 9.20% 4,297.50 2.22%
30. 31 jul. 2021 $330.49 7.81% 4,395.26 2.27%
31. 31 ago. 2021 $351.19 6.26% 4,522.68 2.90%
32. 30 sept. 2021 $331.38 -5.64% 4,307.54 -4.76%
33. 31 oct. 2021 $361.13 8.98% 4,605.38 6.91%
34. 30 nov. 2021 $324.34 -10.19% 4,567.00 -0.83%
35. 31 dic. 2021 $359.30 10.78% 4,766.18 4.36%
36. 31 ene. 2022 $284.18 -20.91% 4,515.55 -5.26%
37. 28 feb. 2022 $290.33 2.16% 4,373.94 -3.14%
38. 31 mar. 2022 $301.68 3.91% 4,530.41 3.58%
39. 30 abr. 2022 $239.30 -20.68% 4,131.93 -8.80%
40. 31 may. 2022 $227.64 -4.87% 4,132.15 0.01%
41. 30 jun. 2022 $200.71 -11.83% 3,785.38 -8.39%
42. 31 jul. 2022 $230.17 14.68% 4,130.29 9.11%
43. 31 ago. 2022 $205.74 -10.61% 3,955.00 -4.24%
44. 30 sept. 2022 $187.44 -8.89% 3,585.62 -9.34%
45. 31 oct. 2022 $246.47 31.49% 3,871.98 7.99%
46. 30 nov. 2022 $270.39 9.71% 4,080.11 5.38%
47. 31 dic. 2022 $265.35 -1.86% 3,839.50 -5.90%
48. 31 ene. 2023 $245.69 -7.41% 4,076.60 6.18%
49. 28 feb. 2023 $229.39 -6.63% 3,970.15 -2.61%
50. 31 mar. 2023 $255.47 11.37% 4,109.31 3.51%
51. 30 abr. 2023 $301.22 17.91% 4,169.48 1.46%
52. 31 may. 2023 $307.84 2.20% 4,179.83 0.25%
53. 30 jun. 2023 $341.94 11.08% 4,376.86 4.71%
54. 31 jul. 2023 $324.40 -5.13% 4,588.96 4.85%
55. 31 ago. 2023 $312.68 -3.61% 4,507.66 -1.77%
56. 30 sept. 2023 $292.29 -6.52% 4,288.05 -4.87%
57. 31 oct. 2023 $262.22 -10.29% 4,193.80 -2.20%
58. 30 nov. 2023 $310.84 18.54% 4,567.80 8.92%
59. 31 dic. 2023 $337.36 8.53% 4,769.83 4.42%
Promedio (R): 1.63% 1.11%
Desviación estándar: 10.24% 5.31%

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 del ISRG 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

Intuitive Surgical Inc., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RISRG,t RS&P 500,t (RISRG,tRISRG)2 (RS&P 500,tRS&P 500)2 (RISRG,tRISRG)×(RS&P 500,tRS&P 500)
1. 28 feb. 2019 4.58% 2.97% 8.70 3.49 5.51
2. 31 mar. 2019 4.19% 1.79% 6.57 0.47 1.76
3. 30 abr. 2019 -10.51% 3.93% 147.20 7.98 -34.28
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2023 18.54% 8.92% 286.10 61.03 132.14
59. 31 dic. 2023 8.53% 4.42% 47.67 11.00 22.90
Total (Σ): 6,085.09 1,634.30 2,217.97
t Fecha RISRG,t RS&P 500,t (RISRG,tRISRG)2 (RS&P 500,tRS&P 500)2 (RISRG,tRISRG)×(RS&P 500,tRS&P 500)
1. 28 feb. 2019 4.58% 2.97% 8.70 3.49 5.51
2. 31 mar. 2019 4.19% 1.79% 6.57 0.47 1.76
3. 30 abr. 2019 -10.51% 3.93% 147.20 7.98 -34.28
4. 31 may. 2019 -8.97% -6.58% 112.20 59.04 81.39
5. 30 jun. 2019 12.84% 6.89% 125.79 33.49 64.91
6. 31 jul. 2019 -0.96% 1.31% 6.70 0.04 -0.54
7. 31 ago. 2019 -1.57% -1.81% 10.23 8.50 9.32
8. 30 sept. 2019 5.59% 1.72% 15.71 0.37 2.43
9. 31 oct. 2019 2.41% 2.04% 0.61 0.88 0.74
10. 30 nov. 2019 7.22% 3.40% 31.29 5.28 12.86
11. 31 dic. 2019 -0.29% 2.86% 3.69 3.07 -3.37
12. 31 ene. 2020 -5.31% -0.16% 48.10 1.61 8.80
13. 29 feb. 2020 -4.61% -8.41% 38.89 90.57 59.35
14. 31 mar. 2020 -7.26% -12.51% 78.96 185.44 121.01
15. 30 abr. 2020 3.16% 12.68% 2.36 134.06 17.77
16. 31 may. 2020 13.54% 4.53% 141.81 11.71 40.75
17. 30 jun. 2020 -1.76% 1.84% 11.46 0.54 -2.48
18. 31 jul. 2020 20.29% 5.51% 348.32 19.40 82.20
19. 31 ago. 2020 6.62% 7.01% 24.95 34.82 29.47
20. 30 sept. 2020 -2.91% -3.92% 20.63 25.29 22.84
21. 31 oct. 2020 -5.98% -2.77% 57.91 15.00 29.47
22. 30 nov. 2020 8.84% 10.75% 52.05 93.10 69.61
23. 31 dic. 2020 12.68% 3.71% 122.09 6.79 28.80
24. 31 ene. 2021 -8.61% -1.11% 104.88 4.93 22.73
25. 28 feb. 2021 -1.45% 2.61% 9.46 2.26 -4.62
26. 31 mar. 2021 0.29% 4.24% 1.79 9.85 -4.20
27. 30 abr. 2021 17.06% 5.24% 238.17 17.11 63.84
28. 31 may. 2021 -2.64% 0.55% 18.17 0.31 2.38
29. 30 jun. 2021 9.20% 2.22% 57.31 1.24 8.44
30. 31 jul. 2021 7.81% 2.27% 38.22 1.37 7.23
31. 31 ago. 2021 6.26% 2.90% 21.49 3.22 8.31
32. 30 sept. 2021 -5.64% -4.76% 52.82 34.37 42.61
33. 31 oct. 2021 8.98% 6.91% 54.03 33.74 42.70
34. 30 nov. 2021 -10.19% -0.83% 139.59 3.76 22.91
35. 31 dic. 2021 10.78% 4.36% 83.75 10.60 29.79
36. 31 ene. 2022 -20.91% -5.26% 507.80 40.51 143.42
37. 28 feb. 2022 2.16% -3.14% 0.29 17.99 -2.28
38. 31 mar. 2022 3.91% 3.58% 5.21 6.11 5.64
39. 30 abr. 2022 -20.68% -8.80% 497.50 98.04 220.85
40. 31 may. 2022 -4.87% 0.01% 42.25 1.21 7.15
41. 30 jun. 2022 -11.83% -8.39% 181.10 90.21 127.82
42. 31 jul. 2022 14.68% 9.11% 170.32 64.09 104.48
43. 31 ago. 2022 -10.61% -4.24% 149.84 28.62 65.49
44. 30 sept. 2022 -8.89% -9.34% 110.71 109.11 109.91
45. 31 oct. 2022 31.49% 7.99% 891.95 47.34 205.49
46. 30 nov. 2022 9.71% 5.38% 65.25 18.23 34.49
47. 31 dic. 2022 -1.86% -5.90% 12.19 49.04 24.45
48. 31 ene. 2023 -7.41% 6.18% 81.65 25.70 -45.81
49. 28 feb. 2023 -6.63% -2.61% 68.25 13.82 30.71
50. 31 mar. 2023 11.37% 3.51% 94.91 5.76 23.37
51. 30 abr. 2023 17.91% 1.46% 265.07 0.13 5.83
52. 31 may. 2023 2.20% 0.25% 0.33 0.74 -0.49
53. 30 jun. 2023 11.08% 4.71% 89.30 13.02 34.10
54. 31 jul. 2023 -5.13% 4.85% 45.65 13.99 -25.27
55. 31 ago. 2023 -3.61% -1.77% 27.46 8.28 15.08
56. 30 sept. 2023 -6.52% -4.87% 66.39 35.73 48.71
57. 31 oct. 2023 -10.29% -2.20% 141.97 10.92 39.36
58. 30 nov. 2023 18.54% 8.92% 286.10 61.03 132.14
59. 31 dic. 2023 8.53% 4.42% 47.67 11.00 22.90
Total (Σ): 6,085.09 1,634.30 2,217.97

Mostrar todo

VarianzaISRG = Σ(RISRG,tRISRG)2 ÷ (59 – 1)
= 6,085.09 ÷ (59 – 1)
= 104.92

VarianzaS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 1,634.30 ÷ (59 – 1)
= 28.18

CovarianzaISRG, S&P 500 = Σ(RISRG,tRISRG)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 2,217.97 ÷ (59 – 1)
= 38.24


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaISRG 104.92
VarianzaS&P 500 28.18
CovarianzaISRG, S&P 500 38.24
Coeficiente de correlaciónISRG, S&P 5001 0.70
βISRG2 1.36
αISRG3 0.13%

Cálculos

1 Coeficiente de correlaciónISRG, S&P 500
= CovarianzaISRG, S&P 500 ÷ (Desviación estándarISRG × Desviación estándarS&P 500)
= 38.24 ÷ (10.24% × 5.31%)
= 0.70

2 βISRG
= CovarianzaISRG, S&P 500 ÷ VarianzaS&P 500
= 38.24 ÷ 28.18
= 1.36

3 αISRG
= PromedioISRG – βISRG × PromedioS&P 500
= 1.63%1.36 × 1.11%
= 0.13%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.42%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 13.79%
Riesgo sistemático de Intuitive Surgical acciones ordinarias βISRG 1.36
 
Tasa de rendimiento esperada de las acciones ordinarias de Intuitive Surgical3 E(RISRG) 17.13%

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(RISRG) = RF + βISRG [E(RM) – RF]
= 4.42% + 1.36 [13.79%4.42%]
= 17.13%