Stock Analysis on Net

PayPal Holdings Inc. (NASDAQ:PYPL)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se actualizan desde el 9 de mayo de 2023.

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

Microsoft Excel

Tasas de retorno

PayPal Holdings Inc., tasas mensuales de retorno

Microsoft Excel
PayPal Holdings Inc. (PYPL) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioPYPL,t1 DividendoPYPL,t1 RPYPL,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2018 $85.32 2,823.81
1. 28 feb. 2018 $79.41 -6.93% 2,713.83 -3.89%
2. 31 mar. 2018 $75.87 -4.46% 2,640.87 -2.69%
3. 30 abr. 2018 $74.61 -1.66% 2,648.05 0.27%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2022 $78.41 -6.19% 4,080.11 5.38%
59. 31 dic. 2022 $71.22 -9.17% 3,839.50 -5.90%
Promedio (R): 0.32% 0.67%
Desviación estándar: 11.11% 5.40%
PayPal Holdings Inc. (PYPL) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioPYPL,t1 DividendoPYPL,t1 RPYPL,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2018 $85.32 2,823.81
1. 28 feb. 2018 $79.41 -6.93% 2,713.83 -3.89%
2. 31 mar. 2018 $75.87 -4.46% 2,640.87 -2.69%
3. 30 abr. 2018 $74.61 -1.66% 2,648.05 0.27%
4. 31 may. 2018 $82.07 10.00% 2,705.27 2.16%
5. 30 jun. 2018 $83.27 1.46% 2,718.37 0.48%
6. 31 jul. 2018 $82.14 -1.36% 2,816.29 3.60%
7. 31 ago. 2018 $92.33 12.41% 2,901.52 3.03%
8. 30 sept. 2018 $87.84 -4.86% 2,913.98 0.43%
9. 31 oct. 2018 $84.19 -4.16% 2,711.74 -6.94%
10. 30 nov. 2018 $85.81 1.92% 2,760.17 1.79%
11. 31 dic. 2018 $84.09 -2.00% 2,506.85 -9.18%
12. 31 ene. 2019 $88.76 5.55% 2,704.10 7.87%
13. 28 feb. 2019 $98.07 10.49% 2,784.49 2.97%
14. 31 mar. 2019 $103.84 5.88% 2,834.40 1.79%
15. 30 abr. 2019 $112.77 8.60% 2,945.83 3.93%
16. 31 may. 2019 $109.75 -2.68% 2,752.06 -6.58%
17. 30 jun. 2019 $114.46 4.29% 2,941.76 6.89%
18. 31 jul. 2019 $110.40 -3.55% 2,980.38 1.31%
19. 31 ago. 2019 $109.05 -1.22% 2,926.46 -1.81%
20. 30 sept. 2019 $103.59 -5.01% 2,976.74 1.72%
21. 31 oct. 2019 $104.10 0.49% 3,037.56 2.04%
22. 30 nov. 2019 $108.01 3.76% 3,140.98 3.40%
23. 31 dic. 2019 $108.17 0.15% 3,230.78 2.86%
24. 31 ene. 2020 $113.89 5.29% 3,225.52 -0.16%
25. 29 feb. 2020 $107.99 -5.18% 2,954.22 -8.41%
26. 31 mar. 2020 $95.74 -11.34% 2,584.59 -12.51%
27. 30 abr. 2020 $123.00 28.47% 2,912.43 12.68%
28. 31 may. 2020 $155.01 26.02% 3,044.31 4.53%
29. 30 jun. 2020 $174.23 12.40% 3,100.29 1.84%
30. 31 jul. 2020 $196.07 12.54% 3,271.12 5.51%
31. 31 ago. 2020 $204.14 4.12% 3,500.31 7.01%
32. 30 sept. 2020 $197.03 -3.48% 3,363.00 -3.92%
33. 31 oct. 2020 $186.13 -5.53% 3,269.96 -2.77%
34. 30 nov. 2020 $214.12 15.04% 3,621.63 10.75%
35. 31 dic. 2020 $234.20 9.38% 3,756.07 3.71%
36. 31 ene. 2021 $234.31 0.05% 3,714.24 -1.11%
37. 28 feb. 2021 $259.85 10.90% 3,811.15 2.61%
38. 31 mar. 2021 $242.84 -6.55% 3,972.89 4.24%
39. 30 abr. 2021 $262.29 8.01% 4,181.17 5.24%
40. 31 may. 2021 $260.02 -0.87% 4,204.11 0.55%
41. 30 jun. 2021 $291.48 12.10% 4,297.50 2.22%
42. 31 jul. 2021 $275.53 -5.47% 4,395.26 2.27%
43. 31 ago. 2021 $288.66 4.77% 4,522.68 2.90%
44. 30 sept. 2021 $260.21 -9.86% 4,307.54 -4.76%
45. 31 oct. 2021 $232.59 -10.61% 4,605.38 6.91%
46. 30 nov. 2021 $184.89 -20.51% 4,567.00 -0.83%
47. 31 dic. 2021 $188.58 2.00% 4,766.18 4.36%
48. 31 ene. 2022 $171.94 -8.82% 4,515.55 -5.26%
49. 28 feb. 2022 $111.93 -34.90% 4,373.94 -3.14%
50. 31 mar. 2022 $115.65 3.32% 4,530.41 3.58%
51. 30 abr. 2022 $87.93 -23.97% 4,131.93 -8.80%
52. 31 may. 2022 $85.21 -3.09% 4,132.15 0.01%
53. 30 jun. 2022 $69.84 -18.04% 3,785.38 -8.39%
54. 31 jul. 2022 $86.53 23.90% 4,130.29 9.11%
55. 31 ago. 2022 $93.44 7.99% 3,955.00 -4.24%
56. 30 sept. 2022 $86.07 -7.89% 3,585.62 -9.34%
57. 31 oct. 2022 $83.58 -2.89% 3,871.98 7.99%
58. 30 nov. 2022 $78.41 -6.19% 4,080.11 5.38%
59. 31 dic. 2022 $71.22 -9.17% 3,839.50 -5.90%
Promedio (R): 0.32% 0.67%
Desviación estándar: 11.11% 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 PYPL 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

PayPal Holdings Inc., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RPYPL,t RS&P 500,t (RPYPL,tRPYPL)2 (RS&P 500,tRS&P 500)2 (RPYPL,tRPYPL)×(RS&P 500,tRS&P 500)
1. 28 feb. 2018 -6.93% -3.89% 52.56 20.81 33.07
2. 31 mar. 2018 -4.46% -2.69% 22.85 11.26 16.04
3. 30 abr. 2018 -1.66% 0.27% 3.93 0.16 0.78
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2022 -6.19% 5.38% 42.36 22.17 -30.65
59. 31 dic. 2022 -9.17% -5.90% 90.11 43.08 62.31
Total (Σ): 7,159.82 1,691.48 2,163.65
t Fecha RPYPL,t RS&P 500,t (RPYPL,tRPYPL)2 (RS&P 500,tRS&P 500)2 (RPYPL,tRPYPL)×(RS&P 500,tRS&P 500)
1. 28 feb. 2018 -6.93% -3.89% 52.56 20.81 33.07
2. 31 mar. 2018 -4.46% -2.69% 22.85 11.26 16.04
3. 30 abr. 2018 -1.66% 0.27% 3.93 0.16 0.78
4. 31 may. 2018 10.00% 2.16% 93.63 2.23 14.46
5. 30 jun. 2018 1.46% 0.48% 1.30 0.03 -0.21
6. 31 jul. 2018 -1.36% 3.60% 2.82 8.62 -4.93
7. 31 ago. 2018 12.41% 3.03% 146.00 5.57 28.51
8. 30 sept. 2018 -4.86% 0.43% 26.89 0.06 1.23
9. 31 oct. 2018 -4.16% -6.94% 20.05 57.87 34.06
10. 30 nov. 2018 1.92% 1.79% 2.57 1.25 1.79
11. 31 dic. 2018 -2.00% -9.18% 5.42 96.91 22.91
12. 31 ene. 2019 5.55% 7.87% 27.36 51.87 37.67
13. 28 feb. 2019 10.49% 2.97% 103.35 5.32 23.45
14. 31 mar. 2019 5.88% 1.79% 30.92 1.27 6.26
15. 30 abr. 2019 8.60% 3.93% 68.51 10.66 27.02
16. 31 may. 2019 -2.68% -6.58% 9.00 52.48 21.74
17. 30 jun. 2019 4.29% 6.89% 15.75 38.77 24.71
18. 31 jul. 2019 -3.55% 1.31% 14.97 0.42 -2.50
19. 31 ago. 2019 -1.22% -1.81% 2.39 6.13 3.83
20. 30 sept. 2019 -5.01% 1.72% 28.40 1.11 -5.60
21. 31 oct. 2019 0.49% 2.04% 0.03 1.89 0.23
22. 30 nov. 2019 3.76% 3.40% 11.79 7.50 9.40
23. 31 dic. 2019 0.15% 2.86% 0.03 4.81 -0.38
24. 31 ene. 2020 5.29% -0.16% 24.65 0.69 -4.12
25. 29 feb. 2020 -5.18% -8.41% 30.28 82.40 49.96
26. 31 mar. 2020 -11.34% -12.51% 136.10 173.67 153.75
27. 30 abr. 2020 28.47% 12.68% 792.44 144.43 338.30
28. 31 may. 2020 26.02% 4.53% 660.58 14.91 99.25
29. 30 jun. 2020 12.40% 1.84% 145.84 1.37 14.16
30. 31 jul. 2020 12.54% 5.51% 149.15 23.46 59.15
31. 31 ago. 2020 4.12% 7.01% 14.39 40.19 24.05
32. 30 sept. 2020 -3.48% -3.92% 14.48 21.06 17.47
33. 31 oct. 2020 -5.53% -2.77% 34.28 11.79 20.10
34. 30 nov. 2020 15.04% 10.75% 216.54 101.77 148.45
35. 31 dic. 2020 9.38% 3.71% 82.00 9.28 27.58
36. 31 ene. 2021 0.05% -1.11% 0.08 3.17 0.49
37. 28 feb. 2021 10.90% 2.61% 111.88 3.77 20.55
38. 31 mar. 2021 -6.55% 4.24% 47.18 12.80 -24.57
39. 30 abr. 2021 8.01% 5.24% 59.09 20.94 35.17
40. 31 may. 2021 -0.87% 0.55% 1.41 0.01 0.14
41. 30 jun. 2021 12.10% 2.22% 138.68 2.42 18.31
42. 31 jul. 2021 -5.47% 2.27% 33.58 2.59 -9.32
43. 31 ago. 2021 4.77% 2.90% 19.74 4.98 9.92
44. 30 sept. 2021 -9.86% -4.76% 103.60 29.42 55.20
45. 31 oct. 2021 -10.61% 6.91% 119.62 39.03 -68.33
46. 30 nov. 2021 -20.51% -0.83% 433.92 2.25 31.25
47. 31 dic. 2021 2.00% 4.36% 2.80 13.65 6.18
48. 31 ene. 2022 -8.82% -5.26% 83.66 35.11 54.19
49. 28 feb. 2022 -34.90% -3.14% 1,240.76 14.46 133.95
50. 31 mar. 2022 3.32% 3.58% 9.01 8.47 8.73
51. 30 abr. 2022 -23.97% -8.80% 590.08 89.54 229.85
52. 31 may. 2022 -3.09% 0.01% 11.67 0.44 2.26
53. 30 jun. 2022 -18.04% -8.39% 337.11 82.06 166.32
54. 31 jul. 2022 23.90% 9.11% 555.77 71.32 199.09
55. 31 ago. 2022 7.99% -4.24% 58.72 24.11 -37.63
56. 30 sept. 2022 -7.89% -9.34% 67.41 100.12 82.15
57. 31 oct. 2022 -2.89% 7.99% 10.34 53.58 -23.54
58. 30 nov. 2022 -6.19% 5.38% 42.36 22.17 -30.65
59. 31 dic. 2022 -9.17% -5.90% 90.11 43.08 62.31
Total (Σ): 7,159.82 1,691.48 2,163.65

Mostrar todo

VarianzaPYPL = Σ(RPYPL,tRPYPL)2 ÷ (59 – 1)
= 7,159.82 ÷ (59 – 1)
= 123.45

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

CovarianzaPYPL, S&P 500 = Σ(RPYPL,tRPYPL)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 2,163.65 ÷ (59 – 1)
= 37.30


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaPYPL 123.45
VarianzaS&P 500 29.16
CovarianzaPYPL, S&P 500 37.30
Coeficiente de correlaciónPYPL, S&P 5001 0.62
βPYPL2 1.28
αPYPL3 -0.53%

Cálculos

1 Coeficiente de correlaciónPYPL, S&P 500
= CovarianzaPYPL, S&P 500 ÷ (Desviación estándarPYPL × Desviación estándarS&P 500)
= 37.30 ÷ (11.11% × 5.40%)
= 0.62

2 βPYPL
= CovarianzaPYPL, S&P 500 ÷ VarianzaS&P 500
= 37.30 ÷ 29.16
= 1.28

3 αPYPL
= PromedioPYPL – βPYPL × PromedioS&P 500
= 0.32%1.28 × 0.67%
= -0.53%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.46%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 13.79%
Riesgo sistemático de PayPal acciones ordinarias βPYPL 1.28
 
Tasa de rendimiento esperada de las acciones ordinarias de PayPal3 E(RPYPL) 16.39%

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(RPYPL) = RF + βPYPL [E(RM) – RF]
= 4.46% + 1.28 [13.79%4.46%]
= 16.39%