APALANCAR Y DESAPALANCAR BETAS
APALANCAR Y DESAPALANCAR BETAS
APALANCAR Y DESAPALANCAR BETAS
EL MERCADO O
Exxon Mobil
Corporaton MATRIS DE RENTABILIDAD
(XOM)
Microsoft
Johnson &
56.19 s&p 500 Johnson (JNJ)
Corporation
(MSFT)
Johnson &
s&p 500 Johnson (JNJ)
The Coca-Cola
Company (KO)
0.00011959717 9.813067902E-05
the walt
disney
compañy 0.000194964703 8.987764286E-05
Exxon Mobil
Corporaton
(XOM) 0.000169862283 9.040400156E-05
IS DE RENTABILIDAD
0.00038603697
0.00032294004 0.00052300058
-0.150000000
0.100000000
f(x) = 1.1220521613452 x + 1.66915501249214E-06
0.050000000
-
1.776301E-08 00 00 00 - 00 00 00
000 000 000 -0.050000000 000 000 000
4.5734986E-08 00 00 50
0 00 00 00
15 10 .0 05 10 15
- 0. - 0. - 0 -0.100000000 0. 0. 0.
2.0743921E-07
3.7564693E-10 -0.150000000
1.8688617E-07 -0.200000000
1.592457E-09
2.710807E-07
1.6675946E-07
1.8132994E-09 Johnson & Johnson (JNJ)
0.100000000
2.1597448E-07
3.8768778E-08
2.4536449E-07 0.050000000
f(x) = 0.548638556065465 x + 0.000103949842271665
9.6601178E-08
6.3275354E-08 -
-0.200000000 -0.100000000 - 0.100000000 0.200000000
1.3407879E-07
2.1562176E-07 -0.050000000
0.00019
0.0001884 -0.100000000
-0.150000000
ZN) The Coca-Cola Company (KO)
0.080000000
0.060000000
f(x) = 0.634752568388016 x + 0.000224258897534783
0.040000000
E-06 0.020000000
-
00 00 0
00 -0.020000000- 00 00 00
000 000 00 000 000 000
00 00 50
0 00 00 00
00 00 15 10 .0
-0.040000000 05 10 15
000 000 -0
.
-0
.
-0 0. 0. 0.
00 00 -0.060000000
.10 .15
0 0 -0.080000000
-0.100000000
E-06 0.020000000
-
00 00 00 - 00 00 00
000 000 000 -0.020000000 000 000 000
0 0 0 00 00 00
00 00 50 00 50 -0.040000000 05 10 15
00 00 0.1 0.1 0.0 0. 0. 0.
0 0 - - -
00 00 -0.060000000
10 15
0. 0. -0.080000000
-0.100000000
-0.120000000
0.150000000
0.100000000
f(x) = 1.03475981557546 x − 0.000237624751899838
0.050000000
-
00 00 00 - 00 00 00
000 000 000 -0.050000000 000 000 000
0 0 0 00 00 00
50 00 50 05 10 15
0.1 0.1 0.0 0. 0. 0.
- - - -0.100000000
0.100000000
f(x) = 1.03475981557546 x − 0.000237624751899838
0.050000000
-
00 00 00 - 00 00 00
000 000 0
00 -0.050000000 000 000 000
00 00 50
0 00 00 00
.15 .10 .0 .05 .10 .15
-0 -0 -0 -0.100000000 0 0 0
-0.150000000
0.100000000
f(x) = 0.901530697020965 x + 0.000338093480219684
0.050000000
-
00 00 00 - 00 00 00
000 000 000 000 000 000
00 00 00 -0.050000000 00 00 00
15 10 05 05 10 15
- 0. - 0. - 0. 0. 0. 0.
-0.100000000
-0.150000000
Johnson & Johnson
(JNJ)
BETA APALANCADA 0.55
IMPUESTO A LAS GANANCIAS 21%
DEUDA 40,960,000,000
EQUITY O CAPITAL 76,804,000,000
BETA DESAPALANCADA 0.39 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
6.30%
6.42%
6.55%
6.70%
6.86% BETA APALANCADA
7.05%
35.00000
7.26%
7.51% 30.00000
7.79%
25.00000
8.13%
8.54% 20.00000
9.03%
15.00000
9.65%
10.45% 10.00000
11.51%
5.00000
13.00%
15.23% 0.00000
0% 20% 40% 60% 80% 100% 120%
18.95%
26.38%
48.70%
227.19%
Microsoft Corporation
(MSFT)
BETA APALANCADA 1.21
IMPUESTO A LAS GANANCIAS 21%
DEUDA 76,980,000,000
EQUITY O CAPITAL 166,542,000,000
BETA DESAPALANCADA 0.89 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
9.98%
10.25%
10.55%
10.88%
11.26% BETA APALANCADA
11.69%
80.00000
12.18%
12.74% 70.00000
13.40% 60.00000
14.18%
50.00000
15.11%
16.25% 40.00000
17.68% 30.00000
19.51%
20.00000
21.95%
25.38% 10.00000
30.51% 0.00000
0% 20% 40% 60% 80% 100% 120%
39.06%
56.17%
107.50%
518.13%
Amazon.com, Inc.
(AMZN)
BETA APALANCADA 1.12
IMPUESTO A LAS GANANCIAS 21%
DEUDA 169,940,000,000
EQUITY O CAPITAL 146,043,000,000
BETA DESAPALANCADA 0.58 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
7.76%
7.94%
8.13%
8.35%
8.60% BETA APALANCADA
8.88%
50.00000
9.21%
45.00000
9.58%
40.00000
10.01%
35.00000
10.52%
30.00000
11.14%
11.89% 25.00000
12.83% 20.00000
14.03% 15.00000
15.64% 10.00000
17.89% 5.00000
21.27% 0.00000
0% 20% 40% 60% 80% 100% 120%
26.91%
38.17%
71.96%
342.29%
The Coca-Cola
Company (KO)
BETA APALANCADA 0.63
IMPUESTO A LAS GANANCIAS 21%
DEUDA 42,280,000,000
EQUITY O CAPITAL 24,105,000,000
BETA DESAPALANCADA 0.27 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
5.43%
5.51%
5.60%
5.70%
5.81% BETA APALANCADA
5.94%
25.00000
6.09%
6.25%
20.00000
6.45%
6.68%
15.00000
6.96%
7.31%
7.73% 10.00000
8.28%
9.02% 5.00000
10.04%
11.58% 0.00000
0% 20% 40% 60% 80% 100% 120%
14.14%
19.27%
34.65%
157.68%
the walt disney
compañy
BETA APALANCADA 1.03
IMPUESTO A LAS GANANCIAS 21%
DEUDA 48,380,000,000
EQUITY O CAPITAL 95,008,000,000
BETA DESAPALANCADA 0.74 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
8.88%
9.10%
9.35%
9.63%
9.95% BETA APALANCADA
10.30%
70.00000
10.71%
11.18% 60.00000
11.72%
50.00000
12.37%
13.14% 40.00000
14.09%
30.00000
15.28%
16.80% 20.00000
18.83%
10.00000
21.67%
25.94% 0.00000
0% 20% 40% 60% 80% 100% 120%
33.05%
47.27%
89.92%
431.13%
Exxon Mobil
Corporaton (XOM)
BETA APALANCADA 0.90
IMPUESTO A LAS GANANCIAS 21%
DEUDA 46,920,000,000
EQUITY O CAPITAL 195,049,000,000
BETA DESAPALANCADA 0.76 MUESTRA EL RIESGO PURO SIN EL IMPACTO DE LA ESTR
TASA LIBRE DE RIESG
RENDIMIENTO DEL M
CAPM
9.02%
9.25%
9.51%
9.80%
10.12% BETA APALANCADA
10.48%
70.00000
10.90%
11.38% 60.00000
11.94%
50.00000
12.61%
13.40% 40.00000
14.37%
30.00000
15.59%
17.15% 20.00000
19.24%
10.00000
22.16%
26.54% 0.00000
0% 20% 40% 60% 80% 100% 120%
33.84%
48.43%
92.22%
442.52%