Stock Analysis on Net

Altria Group Inc. (NYSE:MO)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se han actualizado desde el 28 de julio 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) indica cuál debería ser la tasa de rendimiento esperada o requerida de los activos de riesgo, como las acciones ordinarias de Altria.


Tasas de retorno

Altria Group Inc., tasas mensuales de retorno

Microsoft Excel
Altria Group Inc. (MO) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioMO,t1 DividendoMO,t1 RMO,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2017 $71.18 2,278.87
1. 28 feb. 2017 $74.92 5.25% 2,363.64 3.72%
2. 31 mar. 2017 $71.42 $0.61 -3.86% 2,362.72 -0.04%
3. 30 abr. 2017 $71.78 0.50% 2,384.20 0.91%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2021 $42.64 -3.33% 4,567.00 -0.83%
59. 31 dic. 2021 $47.39 $0.90 13.25% 4,766.18 4.36%
Promedio (R): 0.09% 1.36%
Desviación estándar: 7.02% 4.48%
Altria Group Inc. (MO) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioMO,t1 DividendoMO,t1 RMO,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2017 $71.18 2,278.87
1. 28 feb. 2017 $74.92 5.25% 2,363.64 3.72%
2. 31 mar. 2017 $71.42 $0.61 -3.86% 2,362.72 -0.04%
3. 30 abr. 2017 $71.78 0.50% 2,384.20 0.91%
4. 31 may. 2017 $75.44 5.10% 2,411.80 1.16%
5. 30 jun. 2017 $74.47 $0.61 -0.48% 2,423.41 0.48%
6. 31 jul. 2017 $64.97 -12.76% 2,470.30 1.93%
7. 31 ago. 2017 $63.40 -2.42% 2,471.65 0.05%
8. 30 sept. 2017 $63.42 $0.66 1.07% 2,519.36 1.93%
9. 31 oct. 2017 $64.22 1.26% 2,575.26 2.22%
10. 30 nov. 2017 $67.83 5.62% 2,647.58 2.81%
11. 31 dic. 2017 $71.41 $0.66 6.25% 2,673.61 0.98%
12. 31 ene. 2018 $70.34 -1.50% 2,823.81 5.62%
13. 28 feb. 2018 $62.95 -10.51% 2,713.83 -3.89%
14. 31 mar. 2018 $62.32 $0.70 0.11% 2,640.87 -2.69%
15. 30 abr. 2018 $56.11 -9.96% 2,648.05 0.27%
16. 31 may. 2018 $55.74 -0.66% 2,705.27 2.16%
17. 30 jun. 2018 $56.79 $0.70 3.14% 2,718.37 0.48%
18. 31 jul. 2018 $58.68 3.33% 2,816.29 3.60%
19. 31 ago. 2018 $58.52 -0.27% 2,901.52 3.03%
20. 30 sept. 2018 $60.31 $0.80 4.43% 2,913.98 0.43%
21. 31 oct. 2018 $65.04 7.84% 2,711.74 -6.94%
22. 30 nov. 2018 $54.83 -15.70% 2,760.17 1.79%
23. 31 dic. 2018 $49.39 $0.80 -8.46% 2,506.85 -9.18%
24. 31 ene. 2019 $49.35 -0.08% 2,704.10 7.87%
25. 28 feb. 2019 $52.41 6.20% 2,784.49 2.97%
26. 31 mar. 2019 $57.43 $0.80 11.10% 2,834.40 1.79%
27. 30 abr. 2019 $54.33 -5.40% 2,945.83 3.93%
28. 31 may. 2019 $49.06 -9.70% 2,752.06 -6.58%
29. 30 jun. 2019 $47.35 $0.80 -1.85% 2,941.76 6.89%
30. 31 jul. 2019 $47.07 -0.59% 2,980.38 1.31%
31. 31 ago. 2019 $43.74 -7.07% 2,926.46 -1.81%
32. 30 sept. 2019 $40.90 $0.84 -4.57% 2,976.74 1.72%
33. 31 oct. 2019 $44.79 9.51% 3,037.56 2.04%
34. 30 nov. 2019 $49.70 10.96% 3,140.98 3.40%
35. 31 dic. 2019 $49.91 $0.84 2.11% 3,230.78 2.86%
36. 31 ene. 2020 $47.53 -4.77% 3,225.52 -0.16%
37. 29 feb. 2020 $40.37 -15.06% 2,954.22 -8.41%
38. 31 mar. 2020 $38.67 $0.84 -2.13% 2,584.59 -12.51%
39. 30 abr. 2020 $39.25 1.50% 2,912.43 12.68%
40. 31 may. 2020 $39.05 -0.51% 3,044.31 4.53%
41. 30 jun. 2020 $39.25 $0.84 2.66% 3,100.29 1.84%
42. 31 jul. 2020 $41.15 4.84% 3,271.12 5.51%
43. 31 ago. 2020 $43.74 6.29% 3,500.31 7.01%
44. 30 sept. 2020 $38.64 $0.86 -9.69% 3,363.00 -3.92%
45. 31 oct. 2020 $36.08 -6.63% 3,269.96 -2.77%
46. 30 nov. 2020 $39.83 10.39% 3,621.63 10.75%
47. 31 dic. 2020 $41.00 $0.86 5.10% 3,756.07 3.71%
48. 31 ene. 2021 $41.08 0.20% 3,714.24 -1.11%
49. 28 feb. 2021 $43.60 6.13% 3,811.15 2.61%
50. 31 mar. 2021 $51.16 $0.86 19.31% 3,972.89 4.24%
51. 30 abr. 2021 $47.75 -6.67% 4,181.17 5.24%
52. 31 may. 2021 $49.22 3.08% 4,204.11 0.55%
53. 30 jun. 2021 $47.68 $0.86 -1.38% 4,297.50 2.22%
54. 31 jul. 2021 $48.04 0.76% 4,395.26 2.27%
55. 31 ago. 2021 $50.23 4.56% 4,522.68 2.90%
56. 30 sept. 2021 $45.52 $0.90 -7.59% 4,307.54 -4.76%
57. 31 oct. 2021 $44.11 -3.10% 4,605.38 6.91%
58. 30 nov. 2021 $42.64 -3.33% 4,567.00 -0.83%
59. 31 dic. 2021 $47.39 $0.90 13.25% 4,766.18 4.36%
Promedio (R): 0.09% 1.36%
Desviación estándar: 7.02% 4.48%

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 de MO 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

Altria Group Inc., cálculo de varianza y covarianza de rendimientos

Microsoft Excel
t Fecha RMO,t RS&P 500,t (RMO,tRMO)2 (RS&P 500,tRS&P 500)2 (RMO,tRMO)×(RS&P 500,tRS&P 500)
1. 28 feb. 2017 5.25% 3.72% 26.69 5.58 12.20
2. 31 mar. 2017 -3.86% -0.04% 15.56 1.95 5.51
3. 30 abr. 2017 0.50% 0.91% 0.17 0.20 -0.19
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2021 -3.33% -0.83% 11.70 4.80 7.49
59. 31 dic. 2021 13.25% 4.36% 173.26 9.02 39.53
Total (Σ): 2,858.17 1,164.17 778.25
t Fecha RMO,t RS&P 500,t (RMO,tRMO)2 (RS&P 500,tRS&P 500)2 (RMO,tRMO)×(RS&P 500,tRS&P 500)
1. 28 feb. 2017 5.25% 3.72% 26.69 5.58 12.20
2. 31 mar. 2017 -3.86% -0.04% 15.56 1.95 5.51
3. 30 abr. 2017 0.50% 0.91% 0.17 0.20 -0.19
4. 31 may. 2017 5.10% 1.16% 25.11 0.04 -1.00
5. 30 jun. 2017 -0.48% 0.48% 0.32 0.77 0.50
6. 31 jul. 2017 -12.76% 1.93% 164.98 0.33 -7.41
7. 31 ago. 2017 -2.42% 0.05% 6.27 1.70 3.26
8. 30 sept. 2017 1.07% 1.93% 0.97 0.33 0.56
9. 31 oct. 2017 1.26% 2.22% 1.38 0.74 1.01
10. 30 nov. 2017 5.62% 2.81% 30.62 2.10 8.03
11. 31 dic. 2017 6.25% 0.98% 37.98 0.14 -2.31
12. 31 ene. 2018 -1.50% 5.62% 2.52 18.15 -6.76
13. 28 feb. 2018 -10.51% -3.89% 112.23 27.59 55.65
14. 31 mar. 2018 0.11% -2.69% 0.00 16.37 -0.09
15. 30 abr. 2018 -9.96% 0.27% 101.05 1.18 10.92
16. 31 may. 2018 -0.66% 2.16% 0.56 0.64 -0.60
17. 30 jun. 2018 3.14% 0.48% 9.31 0.76 -2.67
18. 31 jul. 2018 3.33% 3.60% 10.50 5.04 7.27
19. 31 ago. 2018 -0.27% 3.03% 0.13 2.78 -0.60
20. 30 sept. 2018 4.43% 0.43% 18.82 0.86 -4.03
21. 31 oct. 2018 7.84% -6.94% 60.14 68.86 -64.35
22. 30 nov. 2018 -15.70% 1.79% 249.19 0.18 -6.76
23. 31 dic. 2018 -8.46% -9.18% 73.11 111.00 90.08
24. 31 ene. 2019 -0.08% 7.87% 0.03 42.39 -1.10
25. 28 feb. 2019 6.20% 2.97% 37.37 2.61 9.87
26. 31 mar. 2019 11.10% 1.79% 121.37 0.19 4.79
27. 30 abr. 2019 -5.40% 3.93% 30.09 6.62 -14.12
28. 31 may. 2019 -9.70% -6.58% 95.80 62.97 77.67
29. 30 jun. 2019 -1.85% 6.89% 3.77 30.64 -10.75
30. 31 jul. 2019 -0.59% 1.31% 0.46 0.00 0.03
31. 31 ago. 2019 -7.07% -1.81% 51.30 10.03 22.68
32. 30 sept. 2019 -4.57% 1.72% 21.72 0.13 -1.68
33. 31 oct. 2019 9.51% 2.04% 88.80 0.47 6.46
34. 30 nov. 2019 10.96% 3.40% 118.25 4.19 22.26
35. 31 dic. 2019 2.11% 2.86% 4.10 2.25 3.04
36. 31 ene. 2020 -4.77% -0.16% 23.58 2.31 7.39
37. 29 feb. 2020 -15.06% -8.41% 229.58 95.43 148.02
38. 31 mar. 2020 -2.13% -12.51% 4.92 192.37 30.76
39. 30 abr. 2020 1.50% 12.68% 1.99 128.29 15.99
40. 31 may. 2020 -0.51% 4.53% 0.36 10.05 -1.89
41. 30 jun. 2020 2.66% 1.84% 6.63 0.23 1.24
42. 31 jul. 2020 4.84% 5.51% 22.59 17.24 19.74
43. 31 ago. 2020 6.29% 7.01% 38.52 31.91 35.06
44. 30 sept. 2020 -9.69% -3.92% 95.68 27.89 51.65
45. 31 oct. 2020 -6.63% -2.77% 45.06 17.01 27.69
46. 30 nov. 2020 10.39% 10.75% 106.21 88.30 96.84
47. 31 dic. 2020 5.10% 3.71% 25.09 5.54 11.79
48. 31 ene. 2021 0.20% -1.11% 0.01 6.11 -0.27
49. 28 feb. 2021 6.13% 2.61% 36.56 1.57 7.57
50. 31 mar. 2021 19.31% 4.24% 369.57 8.33 55.48
51. 30 abr. 2021 -6.67% 5.24% 45.60 15.09 -26.23
52. 31 may. 2021 3.08% 0.55% 8.94 0.65 -2.42
53. 30 jun. 2021 -1.38% 2.22% 2.16 0.75 -1.27
54. 31 jul. 2021 0.76% 2.27% 0.45 0.84 0.61
55. 31 ago. 2021 4.56% 2.90% 19.99 2.38 6.89
56. 30 sept. 2021 -7.59% -4.76% 58.87 37.39 46.92
57. 31 oct. 2021 -3.10% 6.91% 10.15 30.87 -17.70
58. 30 nov. 2021 -3.33% -0.83% 11.70 4.80 7.49
59. 31 dic. 2021 13.25% 4.36% 173.26 9.02 39.53
Total (Σ): 2,858.17 1,164.17 778.25

Mostrar todo

VarianzaMO = Σ(RMO,tRMO)2 ÷ (59 – 1)
= 2,858.17 ÷ (59 – 1)
= 49.28

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

CovarianzaMO, S&P 500 = Σ(RMO,tRMO)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 778.25 ÷ (59 – 1)
= 13.42


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaMO 49.28
VarianzaS&P 500 20.07
CovarianzaMO, S&P 500 13.42
Coeficiente de correlaciónMO, S&P 5001 0.43
βMO2 0.67
αMO3 -0.82%

Cálculos

1 Coeficiente de correlaciónMO, S&P 500
= CovarianzaMO, S&P 500 ÷ (Desviación estándarMO × Desviación estándarS&P 500)
= 13.42 ÷ (7.02% × 4.48%)
= 0.43

2 βMO
= CovarianzaMO, S&P 500 ÷ VarianzaS&P 500
= 13.42 ÷ 20.07
= 0.67

3 αMO
= PromedioMO – βMO × PromedioS&P 500
= 0.09%0.67 × 1.36%
= -0.82%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento de LT Treasury Composite1 RF 3.99%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 12.76%
Riesgo sistemático de acciones ordinarias Altria βMO 0.67
 
Tasa de rendimiento esperada de las acciones ordinarias de Altria3 E(RMO) 9.85%

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(RMO) = RF + βMO [E(RM) – RF]
= 3.99% + 0.67 [12.76%3.99%]
= 9.85%