Stock Analysis on Net

3M Co. (NYSE:MMM)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se actualizan desde el 25 de octubre de 2022.

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 3M.


Tasas de retorno

3M Co., tasas mensuales de retorno

Microsoft Excel
3M Co. (MMM) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioMMM,t1 DividendoMMM,t1 RMMM,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2017 $174.82 2,278.87
1. 28 feb. 2017 $186.35 $1.175 7.27% 2,363.64 3.72%
2. 31 mar. 2017 $191.33 2.67% 2,362.72 -0.04%
3. 30 abr. 2017 $195.83 2.35% 2,384.20 0.91%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2021 $170.04 $1.48 -4.01% 4,567.00 -0.83%
59. 31 dic. 2021 $177.63 4.46% 4,766.18 4.36%
Promedio (R): 0.46% 1.36%
Desviación estándar: 6.03% 4.48%
3M Co. (MMM) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioMMM,t1 DividendoMMM,t1 RMMM,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2017 $174.82 2,278.87
1. 28 feb. 2017 $186.35 $1.175 7.27% 2,363.64 3.72%
2. 31 mar. 2017 $191.33 2.67% 2,362.72 -0.04%
3. 30 abr. 2017 $195.83 2.35% 2,384.20 0.91%
4. 31 may. 2017 $204.47 $1.175 5.01% 2,411.80 1.16%
5. 30 jun. 2017 $208.19 1.82% 2,423.41 0.48%
6. 31 jul. 2017 $201.17 -3.37% 2,470.30 1.93%
7. 31 ago. 2017 $204.32 $1.175 2.15% 2,471.65 0.05%
8. 30 sept. 2017 $209.90 2.73% 2,519.36 1.93%
9. 31 oct. 2017 $230.19 9.67% 2,575.26 2.22%
10. 30 nov. 2017 $243.14 $1.175 6.14% 2,647.58 2.81%
11. 31 dic. 2017 $235.37 -3.20% 2,673.61 0.98%
12. 31 ene. 2018 $250.50 6.43% 2,823.81 5.62%
13. 28 feb. 2018 $235.51 $1.36 -5.44% 2,713.83 -3.89%
14. 31 mar. 2018 $219.52 -6.79% 2,640.87 -2.69%
15. 30 abr. 2018 $194.39 -11.45% 2,648.05 0.27%
16. 31 may. 2018 $197.23 $1.36 2.16% 2,705.27 2.16%
17. 30 jun. 2018 $196.72 -0.26% 2,718.37 0.48%
18. 31 jul. 2018 $212.32 7.93% 2,816.29 3.60%
19. 31 ago. 2018 $210.92 $1.36 -0.02% 2,901.52 3.03%
20. 30 sept. 2018 $210.71 -0.10% 2,913.98 0.43%
21. 31 oct. 2018 $190.26 -9.71% 2,711.74 -6.94%
22. 30 nov. 2018 $207.92 $1.36 10.00% 2,760.17 1.79%
23. 31 dic. 2018 $190.54 -8.36% 2,506.85 -9.18%
24. 31 ene. 2019 $200.30 5.12% 2,704.10 7.87%
25. 28 feb. 2019 $207.39 $1.44 4.26% 2,784.49 2.97%
26. 31 mar. 2019 $207.78 0.19% 2,834.40 1.79%
27. 30 abr. 2019 $189.51 -8.79% 2,945.83 3.93%
28. 31 may. 2019 $159.75 $1.44 -14.94% 2,752.06 -6.58%
29. 30 jun. 2019 $173.34 8.51% 2,941.76 6.89%
30. 31 jul. 2019 $174.72 0.80% 2,980.38 1.31%
31. 31 ago. 2019 $161.72 $1.44 -6.62% 2,926.46 -1.81%
32. 30 sept. 2019 $164.40 1.66% 2,976.74 1.72%
33. 31 oct. 2019 $164.99 0.36% 3,037.56 2.04%
34. 30 nov. 2019 $169.77 $1.44 3.77% 3,140.98 3.40%
35. 31 dic. 2019 $176.42 3.92% 3,230.78 2.86%
36. 31 ene. 2020 $158.66 -10.07% 3,225.52 -0.16%
37. 29 feb. 2020 $149.24 $1.47 -5.01% 2,954.22 -8.41%
38. 31 mar. 2020 $136.51 -8.53% 2,584.59 -12.51%
39. 30 abr. 2020 $151.92 11.29% 2,912.43 12.68%
40. 31 may. 2020 $156.44 $1.47 3.94% 3,044.31 4.53%
41. 30 jun. 2020 $155.99 -0.29% 3,100.29 1.84%
42. 31 jul. 2020 $150.47 -3.54% 3,271.12 5.51%
43. 31 ago. 2020 $163.02 $1.47 9.32% 3,500.31 7.01%
44. 30 sept. 2020 $160.18 -1.74% 3,363.00 -3.92%
45. 31 oct. 2020 $159.96 -0.14% 3,269.96 -2.77%
46. 30 nov. 2020 $172.73 $1.47 8.90% 3,621.63 10.75%
47. 31 dic. 2020 $174.79 1.19% 3,756.07 3.71%
48. 31 ene. 2021 $175.66 0.50% 3,714.24 -1.11%
49. 28 feb. 2021 $175.06 $1.48 0.50% 3,811.15 2.61%
50. 31 mar. 2021 $192.68 10.07% 3,972.89 4.24%
51. 30 abr. 2021 $197.14 2.31% 4,181.17 5.24%
52. 31 may. 2021 $203.04 $1.48 3.74% 4,204.11 0.55%
53. 30 jun. 2021 $198.63 -2.17% 4,297.50 2.22%
54. 31 jul. 2021 $197.94 -0.35% 4,395.26 2.27%
55. 31 ago. 2021 $194.74 $1.48 -0.87% 4,522.68 2.90%
56. 30 sept. 2021 $175.42 -9.92% 4,307.54 -4.76%
57. 31 oct. 2021 $178.68 1.86% 4,605.38 6.91%
58. 30 nov. 2021 $170.04 $1.48 -4.01% 4,567.00 -0.83%
59. 31 dic. 2021 $177.63 4.46% 4,766.18 4.36%
Promedio (R): 0.46% 1.36%
Desviación estándar: 6.03% 4.48%

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 MMM 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

3M Co., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RMMM,t RS&P 500,t (RMMM,tRMMM)2 (RS&P 500,tRS&P 500)2 (RMMM,tRMMM)×(RS&P 500,tRS&P 500)
1. 28 feb. 2017 7.27% 3.72% 46.30 5.58 16.07
2. 31 mar. 2017 2.67% -0.04% 4.88 1.95 -3.09
3. 30 abr. 2017 2.35% 0.91% 3.57 0.20 -0.85
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2021 -4.01% -0.83% 19.98 4.80 9.80
59. 31 dic. 2021 4.46% 4.36% 16.01 9.02 12.02
Total (Σ): 2,109.95 1,164.17 1,113.30
t Fecha RMMM,t RS&P 500,t (RMMM,tRMMM)2 (RS&P 500,tRS&P 500)2 (RMMM,tRMMM)×(RS&P 500,tRS&P 500)
1. 28 feb. 2017 7.27% 3.72% 46.30 5.58 16.07
2. 31 mar. 2017 2.67% -0.04% 4.88 1.95 -3.09
3. 30 abr. 2017 2.35% 0.91% 3.57 0.20 -0.85
4. 31 may. 2017 5.01% 1.16% 20.69 0.04 -0.91
5. 30 jun. 2017 1.82% 0.48% 1.84 0.77 -1.19
6. 31 jul. 2017 -3.37% 1.93% 14.71 0.33 -2.21
7. 31 ago. 2017 2.15% 0.05% 2.85 1.70 -2.20
8. 30 sept. 2017 2.73% 1.93% 5.14 0.33 1.30
9. 31 oct. 2017 9.67% 2.22% 84.70 0.74 7.92
10. 30 nov. 2017 6.14% 2.81% 32.19 2.10 8.23
11. 31 dic. 2017 -3.20% 0.98% 13.39 0.14 1.37
12. 31 ene. 2018 6.43% 5.62% 35.58 18.15 25.41
13. 28 feb. 2018 -5.44% -3.89% 34.86 27.59 31.01
14. 31 mar. 2018 -6.79% -2.69% 52.60 16.37 29.35
15. 30 abr. 2018 -11.45% 0.27% 141.86 1.18 12.94
16. 31 may. 2018 2.16% 2.16% 2.88 0.64 1.36
17. 30 jun. 2018 -0.26% 0.48% 0.52 0.76 0.63
18. 31 jul. 2018 7.93% 3.60% 55.76 5.04 16.76
19. 31 ago. 2018 -0.02% 3.03% 0.23 2.78 -0.80
20. 30 sept. 2018 -0.10% 0.43% 0.32 0.86 0.52
21. 31 oct. 2018 -9.71% -6.94% 103.39 68.86 84.38
22. 30 nov. 2018 10.00% 1.79% 90.89 0.18 4.08
23. 31 dic. 2018 -8.36% -9.18% 77.83 111.00 92.94
24. 31 ene. 2019 5.12% 7.87% 21.71 42.39 30.33
25. 28 feb. 2019 4.26% 2.97% 14.41 2.61 6.13
26. 31 mar. 2019 0.19% 1.79% 0.08 0.19 -0.12
27. 30 abr. 2019 -8.79% 3.93% 85.67 6.62 -23.82
28. 31 may. 2019 -14.94% -6.58% 237.37 62.97 122.26
29. 30 jun. 2019 8.51% 6.89% 64.71 30.64 44.52
30. 31 jul. 2019 0.80% 1.31% 0.11 0.00 -0.02
31. 31 ago. 2019 -6.62% -1.81% 50.12 10.03 22.42
32. 30 sept. 2019 1.66% 1.72% 1.43 0.13 0.43
33. 31 oct. 2019 0.36% 2.04% 0.01 0.47 -0.07
34. 30 nov. 2019 3.77% 3.40% 10.94 4.19 6.77
35. 31 dic. 2019 3.92% 2.86% 11.93 2.25 5.18
36. 31 ene. 2020 -10.07% -0.16% 110.88 2.31 16.01
37. 29 feb. 2020 -5.01% -8.41% 29.96 95.43 53.47
38. 31 mar. 2020 -8.53% -12.51% 80.87 192.37 124.73
39. 30 abr. 2020 11.29% 12.68% 117.19 128.29 122.62
40. 31 may. 2020 3.94% 4.53% 12.11 10.05 11.03
41. 30 jun. 2020 -0.29% 1.84% 0.56 0.23 -0.36
42. 31 jul. 2020 -3.54% 5.51% 16.01 17.24 -16.62
43. 31 ago. 2020 9.32% 7.01% 78.40 31.91 50.02
44. 30 sept. 2020 -1.74% -3.92% 4.86 27.89 11.64
45. 31 oct. 2020 -0.14% -2.77% 0.36 17.01 2.48
46. 30 nov. 2020 8.90% 10.75% 71.22 88.30 79.30
47. 31 dic. 2020 1.19% 3.71% 0.53 5.54 1.72
48. 31 ene. 2021 0.50% -1.11% 0.00 6.11 -0.09
49. 28 feb. 2021 0.50% 2.61% 0.00 1.57 0.05
50. 31 mar. 2021 10.07% 4.24% 92.20 8.33 27.71
51. 30 abr. 2021 2.31% 5.24% 3.43 15.09 7.19
52. 31 may. 2021 3.74% 0.55% 10.76 0.65 -2.65
53. 30 jun. 2021 -2.17% 2.22% 6.94 0.75 -2.28
54. 31 jul. 2021 -0.35% 2.27% 0.66 0.84 -0.74
55. 31 ago. 2021 -0.87% 2.90% 1.77 2.38 -2.05
56. 30 sept. 2021 -9.92% -4.76% 107.83 37.39 63.50
57. 31 oct. 2021 1.86% 6.91% 1.95 30.87 7.75
58. 30 nov. 2021 -4.01% -0.83% 19.98 4.80 9.80
59. 31 dic. 2021 4.46% 4.36% 16.01 9.02 12.02
Total (Σ): 2,109.95 1,164.17 1,113.30

Mostrar todo

VarianzaMMM = Σ(RMMM,tRMMM)2 ÷ (59 – 1)
= 2,109.95 ÷ (59 – 1)
= 36.38

VarianzaS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 1,164.17 ÷ (59 – 1)
= 20.07

CovarianzaMMM, S&P 500 = Σ(RMMM,tRMMM)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 1,113.30 ÷ (59 – 1)
= 19.19


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaMMM 36.38
VarianzaS&P 500 20.07
CovarianzaMMM, S&P 500 19.19
Coeficiente de correlaciónMMM, S&P 5001 0.71
βMMM2 0.96
αMMM3 -0.84%

Cálculos

1 Coeficiente de correlaciónMMM, S&P 500
= CovarianzaMMM, S&P 500 ÷ (Desviación estándarMMM × Desviación estándarS&P 500)
= 19.19 ÷ (6.03% × 4.48%)
= 0.71

2 βMMM
= CovarianzaMMM, S&P 500 ÷ VarianzaS&P 500
= 19.19 ÷ 20.07
= 0.96

3 αMMM
= PromedioMMM – βMMM × PromedioS&P 500
= 0.46%0.96 × 1.36%
= -0.84%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.53%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 13.63%
Riesgo sistemático de 3M acciones ordinarias βMMM 0.96
 
Tasa de rendimiento esperada de las acciones ordinarias de 3M3 E(RMMM) 13.23%

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(RMMM) = RF + βMMM [E(RM) – RF]
= 4.53% + 0.96 [13.63%4.53%]
= 13.23%