Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se han actualizado desde el 27 de mayo 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 TJX.


Tasas de retorno

TJX Cos. Inc., tasas mensuales de retorno

Microsoft Excel
TJX Cos. Inc. (TJX) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioTJX,t1 DividendoTJX,t1 RTJX,t2 PrecioS&P 500,t RS&P 500,t3
29 feb. 2016 $37.05 1,932.23
1. 31 mar. 2016 $39.18 5.75% 2,059.74 6.60%
2. 30 abr. 2016 $37.91 -3.24% 2,065.30 0.27%
3. 31 may. 2016 $38.06 $0.13 0.74% 2,096.95 1.53%
. . . . . . .
. . . . . . .
. . . . . . .
70. 31 dic. 2021 $75.92 9.39% 4,766.18 4.36%
71. 31 ene. 2022 $71.97 -5.20% 4,515.55 -5.26%
Promedio (R): 1.24% 1.29%
Desviación estándar: 6.31% 4.25%
TJX Cos. Inc. (TJX) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioTJX,t1 DividendoTJX,t1 RTJX,t2 PrecioS&P 500,t RS&P 500,t3
29 feb. 2016 $37.05 1,932.23
1. 31 mar. 2016 $39.18 5.75% 2,059.74 6.60%
2. 30 abr. 2016 $37.91 -3.24% 2,065.30 0.27%
3. 31 may. 2016 $38.06 $0.13 0.74% 2,096.95 1.53%
4. 30 jun. 2016 $38.62 1.47% 2,098.86 0.09%
5. 31 jul. 2016 $40.86 5.80% 2,173.60 3.56%
6. 31 ago. 2016 $38.72 $0.13 -4.92% 2,170.95 -0.12%
7. 30 sept. 2016 $37.39 -3.43% 2,168.27 -0.12%
8. 31 oct. 2016 $36.88 -1.36% 2,126.15 -1.94%
9. 30 nov. 2016 $39.17 $0.13 6.56% 2,198.81 3.42%
10. 31 dic. 2016 $37.57 -4.08% 2,238.83 1.82%
11. 31 ene. 2017 $37.46 -0.29% 2,278.87 1.79%
12. 28 feb. 2017 $39.23 $0.13 5.07% 2,363.64 3.72%
13. 31 mar. 2017 $39.54 0.79% 2,362.72 -0.04%
14. 30 abr. 2017 $39.32 -0.56% 2,384.20 0.91%
15. 31 may. 2017 $37.61 $0.15625 -3.95% 2,411.80 1.16%
16. 30 jun. 2017 $36.09 -4.04% 2,423.41 0.48%
17. 31 jul. 2017 $35.16 -2.58% 2,470.30 1.93%
18. 31 ago. 2017 $36.15 $0.15625 3.26% 2,471.65 0.05%
19. 30 sept. 2017 $36.87 1.99% 2,519.36 1.93%
20. 31 oct. 2017 $34.90 -5.34% 2,575.26 2.22%
21. 30 nov. 2017 $37.78 $0.15625 8.70% 2,647.58 2.81%
22. 31 dic. 2017 $38.23 1.19% 2,673.61 0.98%
23. 31 ene. 2018 $40.16 5.05% 2,823.81 5.62%
24. 28 feb. 2018 $41.34 $0.15625 3.33% 2,713.83 -3.89%
25. 31 mar. 2018 $40.78 -1.35% 2,640.87 -2.69%
26. 30 abr. 2018 $42.42 4.02% 2,648.05 0.27%
27. 31 may. 2018 $45.16 $0.195 6.92% 2,705.27 2.16%
28. 30 jun. 2018 $47.59 5.38% 2,718.37 0.48%
29. 31 jul. 2018 $48.63 2.19% 2,816.29 3.60%
30. 31 ago. 2018 $54.99 $0.195 13.48% 2,901.52 3.03%
31. 30 sept. 2018 $56.01 1.85% 2,913.98 0.43%
32. 31 oct. 2018 $54.94 -1.91% 2,711.74 -6.94%
33. 30 nov. 2018 $48.85 $0.195 -10.73% 2,760.17 1.79%
34. 31 dic. 2018 $44.74 -8.41% 2,506.85 -9.18%
35. 31 ene. 2019 $49.73 11.15% 2,704.10 7.87%
36. 28 feb. 2019 $51.29 $0.195 3.53% 2,784.49 2.97%
37. 31 mar. 2019 $53.21 3.74% 2,834.40 1.79%
38. 30 abr. 2019 $54.88 3.14% 2,945.83 3.93%
39. 31 may. 2019 $50.29 $0.23 -7.94% 2,752.06 -6.58%
40. 30 jun. 2019 $52.88 5.15% 2,941.76 6.89%
41. 31 jul. 2019 $54.56 3.18% 2,980.38 1.31%
42. 31 ago. 2019 $54.97 $0.23 1.17% 2,926.46 -1.81%
43. 30 sept. 2019 $55.74 1.40% 2,976.74 1.72%
44. 31 oct. 2019 $57.65 3.43% 3,037.56 2.04%
45. 30 nov. 2019 $61.13 $0.23 6.44% 3,140.98 3.40%
46. 31 dic. 2019 $61.06 -0.11% 3,230.78 2.86%
47. 31 ene. 2020 $59.04 -3.31% 3,225.52 -0.16%
48. 29 feb. 2020 $59.80 $0.23 1.68% 2,954.22 -8.41%
49. 31 mar. 2020 $47.81 -20.05% 2,584.59 -12.51%
50. 30 abr. 2020 $49.05 2.59% 2,912.43 12.68%
51. 31 may. 2020 $52.76 7.56% 3,044.31 4.53%
52. 30 jun. 2020 $50.56 -4.17% 3,100.29 1.84%
53. 31 jul. 2020 $51.99 2.83% 3,271.12 5.51%
54. 31 ago. 2020 $54.79 5.39% 3,500.31 7.01%
55. 30 sept. 2020 $55.65 1.57% 3,363.00 -3.92%
56. 31 oct. 2020 $50.80 -8.72% 3,269.96 -2.77%
57. 30 nov. 2020 $63.51 25.02% 3,621.63 10.75%
58. 31 dic. 2020 $68.29 7.53% 3,756.07 3.71%
59. 31 ene. 2021 $64.04 -6.22% 3,714.24 -1.11%
60. 28 feb. 2021 $65.99 $0.26 3.45% 3,811.15 2.61%
61. 31 mar. 2021 $66.15 0.24% 3,972.89 4.24%
62. 30 abr. 2021 $71.00 7.33% 4,181.17 5.24%
63. 31 may. 2021 $67.54 $0.26 -4.51% 4,204.11 0.55%
64. 30 jun. 2021 $67.42 -0.18% 4,297.50 2.22%
65. 31 jul. 2021 $68.81 2.06% 4,395.26 2.27%
66. 31 ago. 2021 $72.72 $0.26 6.06% 4,522.68 2.90%
67. 30 sept. 2021 $65.98 -9.27% 4,307.54 -4.76%
68. 31 oct. 2021 $65.49 -0.74% 4,605.38 6.91%
69. 30 nov. 2021 $69.40 $0.26 6.37% 4,567.00 -0.83%
70. 31 dic. 2021 $75.92 9.39% 4,766.18 4.36%
71. 31 ene. 2022 $71.97 -5.20% 4,515.55 -5.26%
Promedio (R): 1.24% 1.29%
Desviación estándar: 6.31% 4.25%

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 TJX 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

TJX Cos. Inc., cálculo de varianza y covarianza de rendimientos

Microsoft Excel
t Fecha RTJX,t RS&P 500,t (RTJX,tRTJX)2 (RS&P 500,tRS&P 500)2 (RTJX,tRTJX)×(RS&P 500,tRS&P 500)
1. 31 mar. 2016 5.75% 6.60% 20.30 28.16 23.91
2. 30 abr. 2016 -3.24% 0.27% 20.12 1.05 4.59
3. 31 may. 2016 0.74% 1.53% 0.26 0.06 -0.12
. . . . . . .
. . . . . . .
. . . . . . .
70. 31 dic. 2021 9.39% 4.36% 66.44 9.42 25.02
71. 31 ene. 2022 -5.20% -5.26% 41.56 42.91 42.23
Total (Σ): 2,784.34 1,262.70 1,226.01
t Fecha RTJX,t RS&P 500,t (RTJX,tRTJX)2 (RS&P 500,tRS&P 500)2 (RTJX,tRTJX)×(RS&P 500,tRS&P 500)
1. 31 mar. 2016 5.75% 6.60% 20.30 28.16 23.91
2. 30 abr. 2016 -3.24% 0.27% 20.12 1.05 4.59
3. 31 may. 2016 0.74% 1.53% 0.26 0.06 -0.12
4. 30 jun. 2016 1.47% 0.09% 0.05 1.44 -0.27
5. 31 jul. 2016 5.80% 3.56% 20.76 5.15 10.34
6. 31 ago. 2016 -4.92% -0.12% 37.98 2.00 8.72
7. 30 sept. 2016 -3.43% -0.12% 21.89 2.00 6.62
8. 31 oct. 2016 -1.36% -1.94% 6.80 10.46 8.44
9. 30 nov. 2016 6.56% 3.42% 28.28 4.52 11.30
10. 31 dic. 2016 -4.08% 1.82% 28.39 0.28 -2.81
11. 31 ene. 2017 -0.29% 1.79% 2.36 0.25 -0.76
12. 28 feb. 2017 5.07% 3.72% 14.66 5.89 9.29
13. 31 mar. 2017 0.79% -0.04% 0.21 1.77 0.60
14. 30 abr. 2017 -0.56% 0.91% 3.24 0.15 0.69
15. 31 may. 2017 -3.95% 1.16% 26.99 0.02 0.70
16. 30 jun. 2017 -4.04% 0.48% 27.93 0.66 4.29
17. 31 jul. 2017 -2.58% 1.93% 14.60 0.41 -2.46
18. 31 ago. 2017 3.26% 0.05% 4.07 1.53 -2.50
19. 30 sept. 2017 1.99% 1.93% 0.56 0.41 0.48
20. 31 oct. 2017 -5.34% 2.22% 43.39 0.86 -6.10
21. 30 nov. 2017 8.70% 2.81% 55.59 2.30 11.30
22. 31 dic. 2017 1.19% 0.98% 0.00 0.10 0.02
23. 31 ene. 2018 5.05% 5.62% 14.48 18.71 16.46
24. 28 feb. 2018 3.33% -3.89% 4.34 26.90 -10.81
25. 31 mar. 2018 -1.35% -2.69% 6.75 15.85 10.34
26. 30 abr. 2018 4.02% 0.27% 7.72 1.04 -2.83
27. 31 may. 2018 6.92% 2.16% 32.21 0.75 4.93
28. 30 jun. 2018 5.38% 0.48% 17.12 0.65 -3.34
29. 31 jul. 2018 2.19% 3.60% 0.89 5.34 2.18
30. 31 ago. 2018 13.48% 3.03% 149.71 3.01 21.22
31. 30 sept. 2018 1.85% 0.43% 0.37 0.74 -0.53
32. 31 oct. 2018 -1.91% -6.94% 9.95 67.78 25.97
33. 30 nov. 2018 -10.73% 1.79% 143.37 0.24 -5.91
34. 31 dic. 2018 -8.41% -9.18% 93.26 109.62 101.11
35. 31 ene. 2019 11.15% 7.87% 98.20 43.25 65.17
36. 28 feb. 2019 3.53% 2.97% 5.22 2.82 3.84
37. 31 mar. 2019 3.74% 1.79% 6.25 0.25 1.25
38. 30 abr. 2019 3.14% 3.93% 3.59 6.96 5.00
39. 31 may. 2019 -7.94% -6.58% 84.43 61.94 72.31
40. 30 jun. 2019 5.15% 6.89% 15.26 31.37 21.88
41. 31 jul. 2019 3.18% 1.31% 3.74 0.00 0.04
42. 31 ago. 2019 1.17% -1.81% 0.00 9.62 0.22
43. 30 sept. 2019 1.40% 1.72% 0.02 0.18 0.07
44. 31 oct. 2019 3.43% 2.04% 4.77 0.56 1.64
45. 30 nov. 2019 6.44% 3.40% 26.95 4.46 10.97
46. 31 dic. 2019 -0.11% 2.86% 1.84 2.45 -2.13
47. 31 ene. 2020 -3.31% -0.16% 20.72 2.12 6.62
48. 29 feb. 2020 1.68% -8.41% 0.19 94.15 -4.20
49. 31 mar. 2020 -20.05% -12.51% 453.43 190.56 293.94
50. 30 abr. 2020 2.59% 12.68% 1.82 129.78 15.38
51. 31 may. 2020 7.56% 4.53% 39.94 10.47 20.45
52. 30 jun. 2020 -4.17% 1.84% 29.31 0.30 -2.96
53. 31 jul. 2020 2.83% 5.51% 2.51 17.79 6.68
54. 31 ago. 2020 5.39% 7.01% 17.16 32.65 23.67
55. 30 sept. 2020 1.57% -3.92% 0.11 27.20 -1.70
56. 31 oct. 2020 -8.72% -2.77% 99.18 16.47 40.42
57. 30 nov. 2020 25.02% 10.75% 565.30 89.54 224.98
58. 31 dic. 2020 7.53% 3.71% 39.47 5.86 15.20
59. 31 ene. 2021 -6.22% -1.11% 55.76 5.79 17.97
60. 28 feb. 2021 3.45% 2.61% 4.87 1.73 2.91
61. 31 mar. 2021 0.24% 4.24% 1.00 8.71 -2.96
62. 30 abr. 2021 7.33% 5.24% 37.07 15.60 24.05
63. 31 may. 2021 -4.51% 0.55% 33.07 0.55 4.28
64. 30 jun. 2021 -0.18% 2.22% 2.02 0.86 -1.32
65. 31 jul. 2021 2.06% 2.27% 0.67 0.97 0.80
66. 31 ago. 2021 6.06% 2.90% 23.20 2.58 7.74
67. 30 sept. 2021 -9.27% -4.76% 110.50 36.59 63.59
68. 31 oct. 2021 -0.74% 6.91% 3.95 31.61 -11.17
69. 30 nov. 2021 6.37% -0.83% 26.25 4.52 -10.89
70. 31 dic. 2021 9.39% 4.36% 66.44 9.42 25.02
71. 31 ene. 2022 -5.20% -5.26% 41.56 42.91 42.23
Total (Σ): 2,784.34 1,262.70 1,226.01

Mostrar todo

VarianzaTJX = Σ(RTJX,tRTJX)2 ÷ (71 – 1)
= 2,784.34 ÷ (71 – 1)
= 39.78

VarianzaS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (71 – 1)
= 1,262.70 ÷ (71 – 1)
= 18.04

CovarianzaTJX, S&P 500 = Σ(RTJX,tRTJX)×(RS&P 500,tRS&P 500) ÷ (71 – 1)
= 1,226.01 ÷ (71 – 1)
= 17.51


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaTJX 39.78
VarianzaS&P 500 18.04
CovarianzaTJX, S&P 500 17.51
Coeficiente de correlaciónTJX, S&P 5001 0.65
βTJX2 0.97
αTJX3 -0.01%

Cálculos

1 Coeficiente de correlaciónTJX, S&P 500
= CovarianzaTJX, S&P 500 ÷ (Desviación estándarTJX × Desviación estándarS&P 500)
= 17.51 ÷ (6.31% × 4.25%)
= 0.65

2 βTJX
= CovarianzaTJX, S&P 500 ÷ VarianzaS&P 500
= 17.51 ÷ 18.04
= 0.97

3 αTJX
= PromedioTJX – βTJX × PromedioS&P 500
= 1.24%0.97 × 1.29%
= -0.01%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento de LT Treasury Composite1 RF 4.02%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 12.77%
Riesgo sistemático de acciones ordinarias TJX βTJX 0.97
 
Tasa de rendimiento esperada de las acciones ordinarias de TJX3 E(RTJX) 12.51%

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(RTJX) = RF + βTJX [E(RM) – RF]
= 4.02% + 0.97 [12.77%4.02%]
= 12.51%