Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

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 en activos de riesgo como las acciones ordinarias de Palo Alto Networks.

Tasas de retorno

Palo Alto Networks Inc., tasas mensuales de retorno

Microsoft Excel
Palo Alto Networks Inc. (PANW) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioPANW,t1 DividendoPANW,t1 RPANW,t2 PrecioS&P 500,t RS&P 500,t3
31 ago 2018 $38.53 2,901.52
1. 30 sept 2018 $37.55 -2.54% 2,913.98 0.43%
2. 31 oct 2018 $30.51 -18.75% 2,711.74 -6.94%
3. 30 nov 2018 $28.83 -5.51% 2,760.17 1.79%
. . . . . . .
. . . . . . .
. . . . . . .
70. 30 jun 2024 $169.51 14.95% 5,460.48 3.47%
71. 31 jul 2024 $162.37 -4.21% 5,522.30 1.13%
Promedio (R): 2.63% 1.05%
Desviación estándar: 10.99% 5.24%
Palo Alto Networks Inc. (PANW) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioPANW,t1 DividendoPANW,t1 RPANW,t2 PrecioS&P 500,t RS&P 500,t3
31 ago 2018 $38.53 2,901.52
1. 30 sept 2018 $37.55 -2.54% 2,913.98 0.43%
2. 31 oct 2018 $30.51 -18.75% 2,711.74 -6.94%
3. 30 nov 2018 $28.83 -5.51% 2,760.17 1.79%
4. 31 dic 2018 $31.39 8.88% 2,506.85 -9.18%
5. 31 ene 2019 $35.81 14.08% 2,704.10 7.87%
6. 28 feb 2019 $41.05 14.63% 2,784.49 2.97%
7. 31 mar 2019 $40.48 -1.39% 2,834.40 1.79%
8. 30 abr 2019 $41.47 2.45% 2,945.83 3.93%
9. 31 may 2019 $33.36 -19.56% 2,752.06 -6.58%
10. 30 jun 2019 $33.96 1.80% 2,941.76 6.89%
11. 31 jul 2019 $37.76 11.19% 2,980.38 1.31%
12. 31 ago 2019 $33.94 -10.12% 2,926.46 -1.81%
13. 30 sept 2019 $33.97 0.09% 2,976.74 1.72%
14. 31 oct 2019 $37.90 11.57% 3,037.56 2.04%
15. 30 nov 2019 $37.87 -0.08% 3,140.98 3.40%
16. 31 dic 2019 $38.54 1.77% 3,230.78 2.86%
17. 31 ene 2020 $39.13 1.53% 3,225.52 -0.16%
18. 29 feb 2020 $30.77 -21.36% 2,954.22 -8.41%
19. 31 mar 2020 $27.33 -11.18% 2,584.59 -12.51%
20. 30 abr 2020 $32.75 19.83% 2,912.43 12.68%
21. 31 may 2020 $39.21 19.73% 3,044.31 4.53%
22. 30 jun 2020 $38.28 -2.37% 3,100.29 1.84%
23. 31 jul 2020 $42.66 11.44% 3,271.12 5.51%
24. 31 ago 2020 $42.90 0.56% 3,500.31 7.01%
25. 30 sept 2020 $40.79 -4.92% 3,363.00 -3.92%
26. 31 oct 2020 $36.87 -9.61% 3,269.96 -2.77%
27. 30 nov 2020 $48.99 32.87% 3,621.63 10.75%
28. 31 dic 2020 $59.23 20.90% 3,756.07 3.71%
29. 31 ene 2021 $58.46 -1.30% 3,714.24 -1.11%
30. 28 feb 2021 $59.72 2.16% 3,811.15 2.61%
31. 31 mar 2021 $53.68 -10.11% 3,972.89 4.24%
32. 30 abr 2021 $58.90 9.72% 4,181.17 5.24%
33. 31 may 2021 $60.54 2.78% 4,204.11 0.55%
34. 30 jun 2021 $61.84 2.15% 4,297.50 2.22%
35. 31 jul 2021 $66.51 7.55% 4,395.26 2.27%
36. 31 ago 2021 $76.84 15.53% 4,522.68 2.90%
37. 30 sept 2021 $79.84 3.90% 4,307.54 -4.76%
38. 31 oct 2021 $84.85 6.28% 4,605.38 6.91%
39. 30 nov 2021 $91.16 7.44% 4,567.00 -0.83%
40. 31 dic 2021 $92.80 1.80% 4,766.18 4.36%
41. 31 ene 2022 $86.24 -7.07% 4,515.55 -5.26%
42. 28 feb 2022 $99.04 14.84% 4,373.94 -3.14%
43. 31 mar 2022 $103.75 4.76% 4,530.41 3.58%
44. 30 abr 2022 $93.55 -9.83% 4,131.93 -8.80%
45. 31 may 2022 $83.80 -10.42% 4,132.15 0.01%
46. 30 jun 2022 $82.33 -1.75% 3,785.38 -8.39%
47. 31 jul 2022 $83.19 1.04% 4,130.29 9.11%
48. 31 ago 2022 $92.80 11.55% 3,955.00 -4.24%
49. 30 sept 2022 $81.90 -11.75% 3,585.62 -9.34%
50. 31 oct 2022 $85.80 4.76% 3,871.98 7.99%
51. 30 nov 2022 $84.95 -0.99% 4,080.11 5.38%
52. 31 dic 2022 $69.77 -17.87% 3,839.50 -5.90%
53. 31 ene 2023 $79.32 13.69% 4,076.60 6.18%
54. 28 feb 2023 $94.19 18.75% 3,970.15 -2.61%
55. 31 mar 2023 $99.87 6.03% 4,109.31 3.51%
56. 30 abr 2023 $91.23 -8.65% 4,169.48 1.46%
57. 31 may 2023 $106.70 16.96% 4,179.83 0.25%
58. 30 jun 2023 $127.76 19.74% 4,376.86 4.71%
59. 31 jul 2023 $124.98 -2.18% 4,588.96 4.85%
60. 31 ago 2023 $121.65 -2.66% 4,507.66 -1.77%
61. 30 sept 2023 $117.22 -3.64% 4,288.05 -4.87%
62. 31 oct 2023 $121.51 3.66% 4,193.80 -2.20%
63. 30 nov 2023 $147.55 21.43% 4,567.80 8.92%
64. 31 dic 2023 $147.44 -0.07% 4,769.83 4.42%
65. 31 ene 2024 $169.26 14.80% 4,845.65 1.59%
66. 29 feb 2024 $155.28 -8.26% 5,096.27 5.17%
67. 31 mar 2024 $142.07 -8.51% 5,254.35 3.10%
68. 30 abr 2024 $145.45 2.38% 5,035.69 -4.16%
69. 31 may 2024 $147.46 1.38% 5,277.51 4.80%
70. 30 jun 2024 $169.51 14.95% 5,460.48 3.47%
71. 31 jul 2024 $162.37 -4.21% 5,522.30 1.13%
Promedio (R): 2.63% 1.05%
Desviación estándar: 10.99% 5.24%

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 PANW 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

Palo Alto Networks Inc., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RPANW,t RS&P 500,t (RPANW,t–RPANW)2 (RS&P 500,t–RS&P 500)2 (RPANW,t–RPANW)×(RS&P 500,t–RS&P 500)
1. 30 sept 2018 -2.54% 0.43% 26.76 0.38 3.19
2. 31 oct 2018 -18.75% -6.94% 457.01 63.79 170.74
3. 30 nov 2018 -5.51% 1.79% 66.19 0.55 -6.01
. . . . . . .
. . . . . . .
. . . . . . .
70. 30 jun 2024 14.95% 3.47% 151.88 5.86 29.83
71. 31 jul 2024 -4.21% 1.13% 46.81 0.01 -0.58
Total (Σ): 8,460.93 1,918.93 2,167.48
t Fecha RPANW,t RS&P 500,t (RPANW,t–RPANW)2 (RS&P 500,t–RS&P 500)2 (RPANW,t–RPANW)×(RS&P 500,t–RS&P 500)
1. 30 sept 2018 -2.54% 0.43% 26.76 0.38 3.19
2. 31 oct 2018 -18.75% -6.94% 457.01 63.79 170.74
3. 30 nov 2018 -5.51% 1.79% 66.19 0.55 -6.01
4. 31 dic 2018 8.88% -9.18% 39.07 104.54 -63.91
5. 31 ene 2019 14.08% 7.87% 131.14 46.54 78.12
6. 28 feb 2019 14.63% 2.97% 144.08 3.71 23.12
7. 31 mar 2019 -1.39% 1.79% 16.14 0.56 -3.00
8. 30 abr 2019 2.45% 3.93% 0.03 8.32 -0.53
9. 31 may 2019 -19.56% -6.58% 492.20 58.13 169.15
10. 30 jun 2019 1.80% 6.89% 0.69 34.18 -4.86
11. 31 jul 2019 11.19% 1.31% 73.28 0.07 2.28
12. 31 ago 2019 -10.12% -1.81% 162.46 8.16 36.40
13. 30 sept 2019 0.09% 1.72% 6.46 0.45 -1.71
14. 31 oct 2019 11.57% 2.04% 79.92 0.99 8.91
15. 30 nov 2019 -0.08% 3.40% 7.34 5.56 -6.39
16. 31 dic 2019 1.77% 2.86% 0.74 3.28 -1.56
17. 31 ene 2020 1.53% -0.16% 1.21 1.46 1.33
18. 29 feb 2020 -21.36% -8.41% 575.71 89.45 226.93
19. 31 mar 2020 -11.18% -12.51% 190.69 183.84 187.23
20. 30 abr 2020 19.83% 12.68% 295.92 135.44 200.20
21. 31 may 2020 19.73% 4.53% 292.27 12.12 59.52
22. 30 jun 2020 -2.37% 1.84% 25.01 0.63 -3.96
23. 31 jul 2020 11.44% 5.51% 77.66 19.92 39.33
24. 31 ago 2020 0.56% 7.01% 4.27 35.52 -12.32
25. 30 sept 2020 -4.92% -3.92% 56.97 24.70 37.51
26. 31 oct 2020 -9.61% -2.77% 149.81 14.54 46.67
27. 30 nov 2020 32.87% 10.75% 914.63 94.24 293.59
28. 31 dic 2020 20.90% 3.71% 333.90 7.10 48.71
29. 31 ene 2021 -1.30% -1.11% 15.44 4.67 8.49
30. 28 feb 2021 2.16% 2.61% 0.22 2.44 -0.74
31. 31 mar 2021 -10.11% 4.24% 162.39 10.22 -40.74
32. 30 abr 2021 9.72% 5.24% 50.34 17.61 29.77
33. 31 may 2021 2.78% 0.55% 0.02 0.25 -0.08
34. 30 jun 2021 2.15% 2.22% 0.23 1.38 -0.57
35. 31 jul 2021 7.55% 2.27% 24.23 1.51 6.05
36. 31 ago 2021 15.53% 2.90% 166.47 3.43 23.90
37. 30 sept 2021 3.90% -4.76% 1.63 33.68 -7.40
38. 31 oct 2021 6.28% 6.91% 13.29 34.43 21.39
39. 30 nov 2021 7.44% -0.83% 23.11 3.53 -9.04
40. 31 dic 2021 1.80% 4.36% 0.69 10.99 -2.75
41. 31 ene 2022 -7.07% -5.26% 94.06 39.76 61.15
42. 28 feb 2022 14.84% -3.14% 149.16 17.50 -51.08
43. 31 mar 2022 4.76% 3.58% 4.52 6.40 5.38
44. 30 abr 2022 -9.83% -8.80% 155.27 96.87 122.64
45. 31 may 2022 -10.42% 0.01% 170.34 1.08 13.59
46. 30 jun 2022 -1.75% -8.39% 19.22 89.09 41.37
47. 31 jul 2022 1.04% 9.11% 2.51 65.04 -12.78
48. 31 ago 2022 11.55% -4.24% 79.61 27.99 -47.21
49. 30 sept 2022 -11.75% -9.34% 206.64 107.87 149.30
50. 31 oct 2022 4.76% 7.99% 4.55 48.16 14.80
51. 30 nov 2022 -0.99% 5.38% 13.10 18.74 -15.67
52. 31 dic 2022 -17.87% -5.90% 420.20 48.22 142.34
53. 31 ene 2023 13.69% 6.18% 122.29 26.30 56.71
54. 28 feb 2023 18.75% -2.61% 259.77 13.38 -58.96
55. 31 mar 2023 6.03% 3.51% 11.57 6.04 8.36
56. 30 abr 2023 -8.65% 1.46% 127.25 0.17 -4.71
57. 31 may 2023 16.96% 0.25% 205.29 0.64 -11.44
58. 30 jun 2023 19.74% 4.71% 292.69 13.45 62.74
59. 31 jul 2023 -2.18% 4.85% 23.09 14.43 -18.26
60. 31 ago 2023 -2.66% -1.77% 28.02 7.94 14.92
61. 30 sept 2023 -3.64% -4.87% 39.32 35.03 37.12
62. 31 oct 2023 3.66% -2.20% 1.06 10.53 -3.34
63. 30 nov 2023 21.43% 8.92% 353.48 61.96 147.99
64. 31 dic 2023 -0.07% 4.42% 7.31 11.40 -9.13
65. 31 ene 2024 14.80% 1.59% 148.11 0.29 6.61
66. 29 feb 2024 -8.26% 5.17% 118.57 17.02 -44.92
67. 31 mar 2024 -8.51% 3.10% 124.02 4.22 -22.89
68. 30 abr 2024 2.38% -4.16% 0.06 27.13 1.30
69. 31 may 2024 1.38% 4.80% 1.56 14.10 -4.68
70. 30 jun 2024 14.95% 3.47% 151.88 5.86 29.83
71. 31 jul 2024 -4.21% 1.13% 46.81 0.01 -0.58
Total (Σ): 8,460.93 1,918.93 2,167.48

Mostrar todo

VarianzaPANW = Σ(RPANW,t–RPANW)2 ÷ (71 – 1)
= 8,460.93 ÷ (71 – 1)
= 120.87

VarianzaS&P 500 = Σ(RS&P 500,t–RS&P 500)2 ÷ (71 – 1)
= 1,918.93 ÷ (71 – 1)
= 27.41

CovarianzaPANW, S&P 500 = Σ(RPANW,t–RPANW)×(RS&P 500,t–RS&P 500) ÷ (71 – 1)
= 2,167.48 ÷ (71 – 1)
= 30.96

Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaPANW 120.87
VarianzaS&P 500 27.41
CovarianzaPANW, S&P 500 30.96
Coeficiente de correlaciónPANW, S&P 5001 0.54
βPANW2 1.13
αPANW3 1.45%

Cálculos

1 Coeficiente de correlaciónPANW, S&P 500
= CovarianzaPANW, S&P 500 ÷ (Desviación estándarPANW × Desviación estándarS&P 500)
= 30.96 ÷ (10.99% × 5.24%)
= 0.54

2 βPANW
= CovarianzaPANW, S&P 500 ÷ VarianzaS&P 500
= 30.96 ÷ 27.41
= 1.13

3 αPANW
= PromedioPANW – βPANW × PromedioS&P 500
= 2.63% – 1.13 × 1.05%
= 1.45%

Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.64%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 14.89%
Riesgo sistemático de Palo Alto Networks acciones ordinarias βPANW 1.13
 
Tasa de rendimiento esperada de las acciones ordinarias de Palo Alto Networks3 E(RPANW) 16.22%

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(RPANW) = RF + βPANW [E(RM) – RF]
= 4.64% + 1.13 [14.89% – 4.64%]
= 16.22%