EMPRESA COMERCIAL

Estado del Resutado Integral

2017 2018 2019

Ingresos de Actividades Ordinarias 12,534 12,552 13,365
Costo de Ventas 9,929 9,746 10,479
Garancia Bruta 2,605 2,807 2,886
Gastos de Administración 805 624 706
Gastos de Ventas 1,397 1,384 1,511
Depreciación 116 113 93
Amortización de Diferidos 18 6 -
Utilidad Operacional 270 680 576
Gastos Financieros 735 568 460
Otros gastos 53 64 143
Otros Ingresos 83 26 590
Utilidad antes de impuestos - 435 74 564
Provisión Impuesto de Renta 39 142 32
Utilidad Neta - 474 - 68 531

EMPRESA COMERCIAL
Estado de Situación Financiera
2017 2018 2019
ACTIVOS
Activos Corrientes
Efectivo (efectivo y equivalente al efectivo) 64 139 42
Deudores Comerciales 2,298 2,295 2,661
Otras cuentas por cobras 462 418 403
Cuentas por cobrar accionistas 203 191 608
Inventarios 729 560 697
Otro - - -
Otro - - -
Otro - - -
Total Activos Corrientes 3,755 3,603 4,411
Activos no Corrientes - - -
Inversiones en asociadas - - -
Propiedades, planta y equipo 5,643 5,530 616
Terrenos 1,014 1,014 -
Construcciones y edificaciones 4,522 4,522 -
Maquinaria y Equipo 162 162 347
Equipo de Transporte 235 235 461
Equipo de Oficina 108 108 110
Muebles y Enseres 107 107 107
Otros - - -
Depreciación Acumulada - 505 - 618 - 409
Propiedad, planta y equipo Neto 5,643 5,530 616
Activos Intangibles 6 - -
Activo por Impuestos Diferidos 0 2 -
Total Activos no Corrientes 5,649 5,530 616
Activos Totales 9,405 9,133 5,027
PASIVOS Y PATRIMONIO - - -
Pasivos Corrientes - - -
Obligaciones Financieras de CP 785 14 57
Porción corriente de la deuda de LP - - -
Acreedores comerciales - Proveedores 2,646 3,263 3,605
Pasivos Laborales 177 139 144
Impuestos por pagar 120 243 315
Otro 13 12 2
Otro - - -
Total Pasivos Corrientes 3,741 3,670 4,124
Pasivos no Corrientes - - -
Obligaciones financiera de LP 3,876 3,735 453
Obligaciones con accionistas - - -
Otro pasovo por impuesto por diferido 175 182 1
Otro - - -
Pasivos no Corrientes 4,051 3,917 454
Pasivos Totales 7,792 7,588 4,578
Patrimonio - - -
Capital pagado 780 780 792
Reserva Legal 342 342 556
Otras Reservas adopcion a ncif 1,129 1,129 - 725
Utilidades retenidas - 164 - 637 - 705
Utilidades del Periodo - 474 - 68 531
Total Patrimonio 1,613 1,546 449
Total pasivos y patrimonio 9,405 9,133 5,027

CHECK - - -
Jun-20
6,698
5,105
1,593
342
509
321
-
421
106
7
3
311
74
237

Jun-20

59
2,533
382
562
512
-
-
-
4,048
-
-
580
-
-
347
461
110
107
-
445
580
-
-
580
4,628
-
-
64
 -
2,557
148
228
14
-
3,010
-
932
-
1
-
933
3,943
-
792
556
725
174
237
2,483
4,628

-
 EMPRESA COMERCIAL
Estado de Resutlados

Horizontal
Análisis Vertical Análisis Vertical
2017 año 2017 relativo 2018- 2018 año 2018
2017

Ingresos de Actividades Ordinarias 12,534 100% 0.15% 12,552 100.00%

Costo de Ventas 9,929 79.21% -2% 9,746 77.64%
Garancia Bruta 2,605 20.79% 8% 2,807 22.36%
Gastos de Administración 805 6.42% -22% 624 4.97%
Gastos de Ventas 1,397 11.15% -1% 1,384 11.03%
Depreciación 116 0.92% -2% 113 0.90%
Amortización de Diferidos 18 0.14% -66% 6 0.05%
Utilidad Operacional 270 2.15% 152% 680 5.41%
Gastos Financieros 735 5.8632% -23% 568 4.52%
Otros gastos 53 0.4244% 21% 64 0.51%
Otros Ingresos 83 0.6653% -69% 26 0.21%
Utilidad antes de impuestos - 435 -3.4697% -117% 74 0.59%
Provisión Impuesto de Renta 39 0.3120% 262% 142 1.13%
Utilidad Neta - 474 -3.7817% -86% - 68 -0.54%

EMPRESA COMERCIAL
ESTADO DE SITUACIÓN FINANCIERA CONSOLIDADO
Análisis Vertical Horizontal Análisis Vertical
2017 año 2017 relativo 2018- 2018 año 2018
2017
ACTIVOS
Activos Corrientes - 0.00% - 0.00%
Efectivo (efectivo y equivalente al efec 64 0.68% 119% 139 1.53%
Deudores Comerciales 2,298 24.43% 0% 2,295 25.12%
Otras cuentas por cobrar 462 4.91% -9% 418 4.58%
Cuentas por cobrar accionistas 203 2.16% -6% 191 2.09%
Inventarios 729 7.75% -23% 560 6.13%
Total Activos Corrientes 3,755 39.93% -4% 3,603 39.45%
Activos no Corrientes - 0.00% - 0.00%
Inversiones en asociadas - 0.00% - 0.00%
Propiedades, planta y equipo 5,643 60.01% -2% 5,530 60.55%
Terrenos 1,014 10.78% 0% 1,014 11.10%
Construcciones 4,522 48.09% 0% 4,522 49.51%
Maquinaria y Equipo 162 1.72% 0% 162 1.77%
Equipo de Transporte 235 2.49% 0% 235 2.57%
Equipo de Oficina 108 1.15% 0% 108 1.18%
Muebles y Enseres 107 1.14% 0% 107 1.17%
Otros - 0.00% - 0.00%
Depreciación Acumulada - 505 -5.37% 22% - 618 -6.76%
Propiedad, planta y equipo Neto 5,643 60.01% -2% 5,530 60.55%
Activos Intangibles 6 0.06% -100% - 0.00%
Activo por Impuestos Diferidos 0 0.00% 670% 2 0.02%
Total Activos no Corrientes 5,649 60.07% -2% 5,530 60.55%
Activos Totales 9,405 100.00% -3% 9,133 100.00%
PASIVOS Y PATRIMONIO - 0.00% - 0.00%
Pasivos Corrientes - 0.00% - 0.00%
Obligaciones Financieras de CP 785 8.35% -98% 14 0.15%
Porción corriente de la deuda de LP - 0.00% - 0.00%
Acreedores comerciales - Proveedores 2,646 28.13% 23% 3,263 35.72%
Pasivos Laborales 177 1.89% -22% 139 1.52%
Impuestos por pagar 120 1.27% 103% 243 2.66%
Otro 13 0.14% -10% 12 0.13%
Otro - 0.00% - 0.00%
Total Pasivos Corrientes 3,741 39.78% -2% 3,670 40.19%
Pasivos no Corrientes - 0.00% - 0.00%
Obligaciones financiera de LP 3,876 41.21% -4% 3,735 40.90%
Obligaciones con accionistas - 0.00% - 0.00%
Otro 175 1.86% 4% 182 1.99%
Otro - 0.00% - 0.00%
Pasivos no Corrientes 4,051 43.07% -3% 3,917 42.89%
Pasivos Totales 7,792 82.85% -3% 7,588 83.08%
Patrimonio - 0.00% - 0.00%
Capital pagado 780 8.29% 0% 780 8.54%
Reserva Legal 342 3.64% 0% 342 3.74%
Otras Reservas 1,129 12.00% 0% 1,129 12.36%
Utilidades retenidas - 164 -1.74% 289% - 637 -6.97%
Utilidades del Periodo - 474 -5.04% -86% - 68 -0.74%
Total Patrimonio 1,613 17.15% -4% 1,546 16.92%
Total pasivos y patrimonio 9,405 100.00% -3% 9,133 100.00%
 PIB Sector 3%
IPC 2%
IPP 4%

EMPRE
Estado de Re

Horizontal Análisis
relativo 2019- 2019 Analisis Horizontal Jun-20 Vertical año 2020
2018 Vertical año relativo 2020- 2020
2019 2019
6% 13,365 100.00% 0.23% 6,698 100% 13,797
8% 10,479 78.40% -2.56% 5,105 76.22% 10,516
3% 2,886 21.60% 10.35% 1,593 24% H 3,281
13% 706 5.28% -3.16% 342 5% o 717.4
r
9% 1,511 11.30% -32.58% 509 8% i 1559
-17% 93 0.70% 586.69% 321 5% z 97
o
-100% - 0.00% - 0% n 14
-15% 576 4.31% 45.94% 421 6% t 893.9
a
-19% 460 3.44% -54.10% 106 2% l 345
122% 143 1.07% -89.53% 7 0% 83
r
2176% 590 4.41% -98.84% 3 0% e 14
666% 564 4.22% 10.29% 311 l 480
5%
a
-77% 32 0.24% 359.03% 74 1% t 115
i
-882% 531 3.98% -10.97% 237 3.53%
v
365
o

2
0
2
0
- EMPRE
2
DADO Horizontal 0 ESTADO DE SITUACIÓ
Horizontal Analisis
Vertical año relativo 2020- Análisis Vertical 1
relativo 2019- 2019 2019 2019
2020 año 2020 9
2020
2018

- 0.00% - 0%
-70% 42 0.84% 40% 59 ###
1% 324
16% 2,661 52.93% -5% 2,533 55% 2,850
-4% 403 8.01% -5.2% 382 8% 630
218% 608 12.09% -8% 562 12% 562
25% 697 13.87% -27% 512 11% 1,104
22% 4,411 87.75% -8% 4,048 87% 5,470
- 0.00% - 0%
- 0.00% - 0%
-89% 616 12.25% -6% 580 13%
-100% - 0.00% - 0%
-100% - 0.00% - 0%
114% 347 6.90% 0% 347 7% 347
97% 461 9.18% 0% 461 10% 80
2% 110 2.18% 0% 110 2% 110
0% 107 2.13% 0% 107 2% 107
- 0.00% - 0%
-34% - 409 -8.14% -209% 445 10% 320
-89% 616 12.25% -6% 580 13% 324
- 0.00% - 0% 15
-100% - 0.00% - 0% 55
-89% 616 12.25% -6% 580 13% 393
-45% 5,027 100.00% -8% 4,628 100% 5,863
- 0.00% - 0%
- 0.00% - 0%
310% 57 1.13% 12% 64 1% 126
- 0.00% - 0%
11% 3,605 71.73% -29% 2,557 55% 3,080
4% 144 2.87% 3% 148 3% 189
30% 315 6.27% -28% 228 5% 314
-81% 2 0.04% 530% 14 0% 13
- 0.00% - 0%
12% 4,124 82.05% -27% 3,010 65% 3,721
- 0.00% - 0%
-88% 453 9.01% 106% 932 20% 211
- 0.00% - 0%
-100% 1 0.01% 0% 1 0% 20
- 0.00% - 0%
-88% 454 9.02% 106% 933 20% 231
-40% 4,578 91.07% -14% 3,943 85% 3,952
- 0.00% - 0%
2% 792 15.76% 0% 792 17% 792
62% 556 11.05% 0% 556 12% 556
-164% - 725 -14.42% -200% 725 16% 25
11% - 705 -14.02% -125% 174 4% 174
-882% 531 10.57% -55% 237 5% 365
-71% 449 8.93% 453% 2,483 54% 1,911
-45% 5,027 100.00% -8% 4,628 100% 5,863
$ 2,821.030
-

CHECK
 3.50% 3.50% 3.50%
2.50% 3% 3%
4% 4% 4%

EMPRESA COMERCIAL
Estado de Resutlados Proyectado

2021 2022 2023

14,637 15,604 16,634 (+)

10,937 11,659 12,429 (-)
3,700 3,944 4,205 (+)
761.1 811.4 865.0 (+)
1654 1763 1880 (=)
102 109 116 (+/-)
15 16 17 (+/-)
1167.8 1244.9 1327.2 (=)
366 390 416
88 94 100
15 16 17
729 777 828
175 186 199
554 590 629

EMPRESA COMERCIAL
ESTADO DE SITUACIÓN FINANCIERA PROYECTADO
2021 2022 2023

376 345 348

3,050 3,242 3,501
650 676 723
598 604 610
1,171 1,248 1,331
5,844 6,115 6,513
 365 385 402
81 82 95
115 119 123
107 107 107

342 365 383

326 328 344
16 17 -
63 69 75
405 414 419
6,249 6,529 6,932

137 144 151

3,265 3,461 3,703

205 216 227
342 360 378
12 15 16

3,962 4,195 4,476

215 223 245

21 23 25

236 246 270

4,198 4,441 4,746

792 792 792

556 556 556
50 50 50
100 100 160
554 590 629
2,051 2,088 2,187
6,249 6,529 6,932
2,298 2,295
- - 0
 EMPRESA COMERCIAL
FLUJO DE CAJA PROYECTADO

2020 2021 2022

Utilidad Operacional 894 1,168 1,245

Impuestos 295.0 385.4 410.8
Depreciaciones 97 102 109
Amortizaciones 14 15 16
Flujo de Caja Bruto 709.3 899.5 958.9
Incremento/Decremento capital de trabajo - 1,121 - 82 - 74
Incremento/Decremento activos fijos 381 - 24 - 25
Flujo de caja libre - 30 793 860

EMPRESA COMERCIAL
CAPITAL DE TRABAJO

Capital de Trabajo neto 2019 2020 2021

Activos Corrientes 4,411 5,470 5,844
Pasivos Corrientes 4,124 3,721 3,962
Capital de Trabajo 286 1,748 1,882
Variación Capital de trabajo CT 1,462 134

Capital de trabajo neto operativo 2019 2020 2021

Deudores Comerciales 2,661 2,850 3,050
Inventarios 697 1,104 1,171
Acreedores comerciales 3,605 3,080 3,265
Capital de trabajo neto operativo KTNO - 247 874 956
Variación del KTNO 1,121 82

Inversión en Activos 2019 2020 2021

Inversión Activo fijo bruto 1,025 644 668
Variación del KTNO - 381 24

INV INICAL 2020 2021

 FCL -5722 - 30 793

EMPRESA COMERCIAL
Costo de Capital
2019 2020 2021
Deuda con costo financiero 510 337 352
Patrimonio 449 1,911 2,051
Total Capital Invertido 959 2,248 2,403
Gastos financieros 460 345 366
Costo de la Deuda gastos financieros/deuda con costo 90.2% 102.5% 104.0%
Tasa de impuestos 33% 32% 31%
KDT 60.4% 69.7% 71.7%
Costo del Patrimonio
Tasa libre de riesgos Rf 4.37% 4.99% 4.99%
Rendimiento del mercado RM 10.80% 14.39% 14.39%
Beta desapalancado de la industria (comercio al por mayor) 1% 1% 1%
Beta apalancado Bo* (1+((D/P)*(1-Tx))) 0.02 0.01 0.01
Ke 4.31% 4.94% 4.94%
Riesgo País 39.76% 39.76% 39.76%
KE +Rp 44.08% 44.70% 44.70%
CPPC O WACC 60.04% 59.66% 61.06%

EMPRESA COMERCIAL
Métodos de Decisión Financiera

VPN -5082

TIR -23%

RBC 1.2229367419341
RBC 1.2229367419341

PRI $ 1.075
 RAZONES DE ACTIVIDAD
Periodo de cobro a deudores comerciales - Días

2023 Rotación de inventario - Días

1,327 Periodo de pago a acreedores comerciales - Días

438.0 Ciclo Operacional - Días

116 Ciclo de conversión del Efectivo - Días
17
1,022.3
- 100
- 34
889

2022 2023
6,115 6,513
4,195 4,476
1,920 2,038
38 118

2022 2023
3,242 3,501
1,248 1,331
3,461 3,703
1,029 1,129
74 100

2022 2023
693 727
25 34

2022 2023
 860 889

2022 2023
367 396
2,088 2,187
2,455 2,583
390 416
106.3% 104.9%
30% 30%
74.4% 73.4%

4.99% 4.99%
14.39% 14.39%
1% 1%
0.01 0.01
4.94% 4.94%
39.76% 39.76%
44.70% 44.70%
63.35% 62.87%

-5082

-23%

9367419341
9367419341

$ 1.075
 Fórmulas 2019 2020 2021 2022 2023

(cxc / ventas) *360 71.66 74.36 75.00 74.79 75.78

(inventario / costo ventas) * 360 23.96 37.78 38.54 38.54 38.54

(proveedores/costo de ventas) *360 123.86 105.44 107.46 106.85 107.25
rotacion cartera + rotación inventarios 95.62 112.15 113.55 113.34 114.32
RC + R Invent. - R. Proveedores -28.24 6.71 6.08 6.48 7.07
PERIODO DE RECUPERACION DE LA INVERSION PRI
PRI no descontado.
n= 1
II = 5.722 Inversión inicial.
EFC= - 30 sumatoria antes de la recuperación total
FCr 793
PRI descontado

n= 1
II= 5.72
EFC= -19.646
FCr 0.000
VA= 0.0 -$19.646 $340.074 $241.517 $161.839

RBC
AÑO 0 Año 0 AÑO 1 AÑO 2 AÑO 3 AÑO 4
2020 2021 2022 2023
Ventas 13797 14637 15604 16634
Depreciaciones 97 102 109 116
Amortizaciones 14 15 16 17

Total ingresos del proyecto 15927.4 16775.0 17750.5 18790.3

Costos y gasto de operaciones 13220.4 13806 14718 15689.7
Inversion en capital de trabajo -1121.1 -82 -74 -100
Impuestos operacionales 295.0 385 411 438
Total egresos proyecto 12394 14109 15055 16028
5.723

Tasa de descuento 59.66%

VPN DE LOS INGRESOS 23809.40

VPN DE LOS ESGRESOS +INV INICIAL 19469.04
n= 1
II= 5.72
EFC= -19.646
FCr $340.074
CONCEPTO NOTA 2019 2020 2021 2022 2023
Patrimonio 449 1,911 2,051 2,088 2,187
Deuda 4,578 3,952 4,198 4,441 4,746
Deuda Financiera 510 337 352 367 396
%E 8.82% 44.55% 45.09% 43.43% 42.53%
%D 91.07% 67.41% 67.17% 68.02% 68.45%
Intereses por Deuda -460 -345 -366 -390 -416
Kd 90.19% 102.45% 103.97% 106.32% 104.93%
Impuesto 33% 32% 31% 30% 30%
Kd* 60.43% 69.67% 71.74% 74.43% 73.45%
Rf 4.37% 4.99% 4.99% 4.99% 4.99%
Rm 10.80% 14.39% 14.39% 14.39% 14.39%
Beta U 1.04 1.04 1.04 1.04 1.04
Beta L 8.14 2.50 2.51 2.59 2.62
Ke 56.71% 28.50% 28.55% 29.31% 29.60%

WACC 60.04% 59.66% 61.06% 63.35% 62.87%

FORMULA LECTURA FUNDAMENTAL
WACC = %D * Kd + %E * Ke
Ke= Rf + (Rm-Rf) * BL
BL = BU *(1-(1+T) * (D/E)))
 Annual Returns on Investments in Value of $100 invested at start of 1928 in
S&P 500 Baa S&P 500
(includes 3-month Corporate (includes 3-month
Year dividends) T.Bill US T. Bond Bond dividends)3 T.Bill4
1928 43.81% 3.08% 0.84% 3.22% $ 143.81 $ 103.08
1929 -8.30% 3.16% 4.20% 3.02% $ 131.88 $ 106.34
1930 -25.12% 4.55% 4.54% 0.54% $ 98.75 $ 111.18
1931 -43.84% 2.31% -2.56% -15.68% $ 55.46 $ 113.74
1932 -8.64% 1.07% 8.79% 23.59% $ 50.66 $ 114.96
1933 49.98% 0.96% 1.86% 12.97% $ 75.99 $ 116.06
1934 -1.19% 0.28% 7.96% 18.82% $ 75.09 $ 116.39
1935 46.74% 0.17% 4.47% 13.31% $ 110.18 $ 116.58
1936 31.94% 0.17% 5.02% 11.38% $ 145.38 $ 116.78
1937 -35.34% 0.28% 1.38% -4.42% $ 94.00 $ 117.11
1938 29.28% 0.07% 4.21% 9.24% $ 121.53 $ 117.18
1939 -1.10% 0.05% 4.41% 7.98% $ 120.20 $ 117.24
1940 -10.67% 0.04% 5.40% 8.65% $ 107.37 $ 117.28
1941 -12.77% 0.13% -2.02% 5.01% $ 93.66 $ 117.43
1942 19.17% 0.34% 2.29% 5.18% $ 111.61 $ 117.83
1943 25.06% 0.38% 2.49% 8.04% $ 139.59 $ 118.28
1944 19.03% 0.38% 2.58% 6.57% $ 166.15 $ 118.73
1945 35.82% 0.38% 3.80% 6.80% $ 225.67 $ 119.18
1946 -8.43% 0.38% 3.13% 2.51% $ 206.65 $ 119.63
1947 5.20% 0.60% 0.92% 0.26% $ 217.39 $ 120.35
1948 5.70% 1.05% 1.95% 3.44% $ 229.79 $ 121.61
1949 18.30% 1.12% 4.66% 5.38% $ 271.85 $ 122.96
1950 30.81% 1.20% 0.43% 4.24% $ 355.60 $ 124.44
1951 23.68% 1.52% -0.30% -0.19% $ 439.80 $ 126.33
1952 18.15% 1.72% 2.27% 4.44% $ 519.62 $ 128.51
1953 -1.21% 1.89% 4.14% 1.62% $ 513.35 $ 130.94
1954 52.56% 0.94% 3.29% 6.16% $ 783.18 $ 132.17
1955 32.60% 1.73% -1.34% 2.04% $ 1,038.47 $ 134.45
1956 7.44% 2.63% -2.26% -2.35% $ 1,115.73 $ 137.98
1957 -10.46% 3.23% 6.80% -0.72% $ 999.05 $ 142.43
1958 43.72% 1.77% -2.10% 6.43% $ 1,435.84 $ 144.95
1959 12.06% 3.39% -2.65% 1.57% $ 1,608.95 $ 149.86
1960 0.34% 2.88% 11.64% 6.66% $ 1,614.37 $ 154.18
1961 26.64% 2.35% 2.06% 5.10% $ 2,044.40 $ 157.81
1962 -8.81% 2.77% 5.69% 6.50% $ 1,864.26 $ 162.19
1963 22.61% 3.16% 1.68% 5.46% $ 2,285.80 $ 167.31
1964 16.42% 3.55% 3.73% 5.16% $ 2,661.02 $ 173.25
1965 12.40% 3.95% 0.72% 3.19% $ 2,990.97 $ 180.09
1966 -9.97% 4.86% 2.91% -3.45% $ 2,692.74 $ 188.84
1967 23.80% 4.31% -1.58% 0.90% $ 3,333.69 $ 196.98
1968 10.81% 5.34% 3.27% 4.85% $ 3,694.23 $ 207.49
1969 -8.24% 6.67% -5.01% -2.03% $ 3,389.77 $ 221.32
1970 3.56% 6.39% 16.75% 5.65% $ 3,510.49 $ 235.47
1971 14.22% 4.33% 9.79% 14.00% $ 4,009.72 $ 245.67
1972 18.76% 4.07% 2.82% 11.41% $ 4,761.76 $ 255.68
1973 -14.31% 7.03% 3.66% 4.32% $ 4,080.44 $ 273.66
1974 -25.90% 7.83% 1.99% -4.38% $ 3,023.54 $ 295.08
1975 37.00% 5.78% 3.61% 11.05% $ 4,142.10 $ 312.12
1976 23.83% 4.97% 15.98% 19.75% $ 5,129.20 $ 327.65
1977 -6.98% 5.27% 1.29% 9.95% $ 4,771.20 $ 344.91
1978 6.51% 7.19% -0.78% 3.14% $ 5,081.77 $ 369.71
1979 18.52% 10.07% 0.67% -2.01% $ 6,022.89 $ 406.93
1980 31.74% 11.43% -2.99% -3.32% $ 7,934.26 $ 453.46
1981 -4.70% 14.03% 8.20% 8.46% $ 7,561.16 $ 517.06
1982 20.42% 10.61% 32.81% 29.05% $ 9,105.08 $ 571.94
1983 22.34% 8.61% 3.20% 16.19% $ 11,138.90 $ 621.19
1984 6.15% 9.52% 13.73% 15.62% $ 11,823.51 $ 680.35
1985 31.24% 7.48% 25.71% 23.86% $ 15,516.60 $ 731.23
1986 18.49% 5.98% 24.28% 21.49% $ 18,386.33 $ 774.95
1987 5.81% 5.78% -4.96% 2.29% $ 19,455.08 $ 819.70
1988 16.54% 6.67% 8.22% 15.12% $ 22,672.40 $ 874.35
1989 31.48% 8.11% 17.69% 15.79% $ 29,808.58 $ 945.28
1990 -3.06% 7.49% 6.24% 6.14% $ 28,895.11 $ 1,016.11
1991 30.23% 5.38% 15.00% 17.85% $ 37,631.51 $ 1,070.73
1992 7.49% 3.43% 9.36% 12.17% $ 40,451.51 $ 1,107.47
1993 9.97% 3.00% 14.21% 16.43% $ 44,483.33 $ 1,140.67
1994 1.33% 4.25% -8.04% -1.32% $ 45,073.14 $ 1,189.11
1995 37.20% 5.49% 23.48% 20.16% $ 61,838.19 $ 1,254.39
1996 22.68% 5.01% 1.43% 4.79% $ 75,863.69 $ 1,317.18
1997 33.10% 5.06% 9.94% 11.83% $ 100,977.34 $ 1,383.84
1998 28.34% 4.78% 14.92% 7.95% $ 129,592.25 $ 1,449.94
1999 20.89% 4.64% -8.25% 0.84% $ 156,658.05 $ 1,517.20
2000 -9.03% 5.82% 16.66% 9.33% $ 142,508.98 $ 1,605.45
2001 -11.85% 3.39% 5.57% 7.82% $ 125,622.01 $ 1,659.84
2002 -21.97% 1.60% 15.12% 12.18% $ 98,027.82 $ 1,686.44
2003 28.36% 1.01% 0.38% 13.53% $ 125,824.39 $ 1,703.49
2004 10.74% 1.37% 4.49% 9.89% $ 139,341.42 $ 1,726.86
2005 4.83% 3.15% 2.87% 4.92% $ 146,077.85 $ 1,781.19
2006 15.61% 4.73% 1.96% 7.05% $ 168,884.34 $ 1,865.39
2007 5.48% 4.35% 10.21% 3.15% $ 178,147.20 $ 1,946.59
2008 -36.55% 1.37% 20.10% -5.07% $ 113,030.22 $ 1,973.16
2009 25.94% 0.15% -11.12% 23.33% $ 142,344.87 $ 1,976.12
2010 14.82% 0.14% 8.46% 8.35% $ 163,441.94 $ 1,978.82
2011 2.10% 0.05% 16.04% 12.58% $ 166,871.56 $ 1,979.86
2012 15.89% 0.09% 2.97% 10.12% $ 193,388.43 $ 1,981.56
2013 32.15% 0.06% -9.10% -1.06% $ 255,553.31 $ 1,982.72
2014 13.52% 0.03% 10.75% 10.38% $ 290,115.42 $ 1,983.36
2015 1.38% 0.05% 1.28% -0.70% $ 294,115.79 $ 1,984.40
2016 11.77% 0.32% 0.69% 10.37% $ 328,742.28 $ 1,990.70
2017 21.61% 0.93% 2.80% 9.72% $ 399,768.64 $ 2,009.23
2018 -4.23% 1.94% -0.02% -2.76% $ 382,870.94 $ 2,048.20
2019 31.21% 1.55% 9.64% 15.33% $ 502,371.39 $ 2,079.94
2020 18.01% 0.09% 11.33% 10.41% $ 592,868.15 $ 2,081.82
100 invested at start of 1928 in Annual Risk Premium
Baa Stocks - Historical
Corporate Stocks - Stocks - Baa Corp risk
US T. Bond5 Bond6 Bills Bonds Bond premium
$ 100.84 $ 103.22 40.73% 42.98% 40.59%
CALCULO DAM
$ 105.07 $ 106.33 -11.46% -12.50% -11.32%
$ 109.85 $ 106.91 -29.67% -29.66% -25.66% Rm
$ 107.03 $ 90.14 -46.15% -41.28% -28.16% Rm
$ 116.44 $ 111.41 -9.71% -17.43% -32.23%
$ 118.60 $ 125.86 49.02% 48.13% 37.02%
$ 128.05 $ 149.54 -1.47% -9.15% -20.00%
$ 133.78 $ 169.44 46.57% 42.27% 33.43%
$ 140.49 $ 188.73 31.77% 26.93% 20.56%
$ 142.43 $ 180.39 -35.61% -36.72% -30.92%
$ 148.43 $ 197.05 29.22% 25.07% 20.05%
$ 154.98 $ 212.78 -1.14% -5.51% -9.08%
$ 163.35 $ 231.18 -10.71% -16.08% -19.32%
$ 160.04 $ 242.76 -12.90% -10.75% -17.78%
$ 163.72 $ 255.33 18.83% 16.88% 13.99%
$ 167.79 $ 275.88 24.68% 22.57% 17.02%
$ 172.12 $ 293.99 18.65% 16.45% 12.46%
$ 178.67 $ 313.98 35.44% 32.02% 29.02%
$ 184.26 $ 321.85 -8.81% -11.56% -10.94%
$ 185.95 $ 322.70 4.60% 4.28% 4.94%
$ 189.58 $ 333.79 4.66% 3.75% 2.27%
$ 198.42 $ 351.74 17.19% 13.64% 12.93%
$ 199.27 $ 366.65 29.60% 30.38% 26.57%
$ 198.68 $ 365.95 22.16% 23.97% 23.87%
$ 203.19 $ 382.20 16.43% 15.88% 13.71%
$ 211.61 $ 388.39 -3.10% -5.35% -2.83%
$ 218.57 $ 412.31 51.62% 49.27% 46.41%
$ 215.65 $ 420.74 30.87% 33.93% 30.55%
$ 210.79 $ 410.84 4.81% 9.70% 9.79%
$ 225.11 $ 407.89 -13.68% -17.25% -9.74%
$ 220.39 $ 434.11 41.95% 45.82% 37.29%
$ 214.56 $ 440.95 8.67% 14.70% 10.48%
$ 239.53 $ 470.33 -2.55% -11.30% -6.33% 6.11%
$ 244.46 $ 494.32 24.28% 24.58% 21.54% 6.62%
$ 258.38 $ 526.43 -11.58% -14.51% -15.31% 5.97%
$ 262.74 $ 555.19 19.45% 20.93% 17.15% 6.36%
$ 272.53 $ 583.85 12.87% 12.69% 11.25% 6.53%
$ 274.49 $ 602.47 8.45% 11.68% 9.21% 6.66%
$ 282.47 $ 581.72 -14.83% -12.88% -6.53% 6.11%
$ 278.01 $ 586.92 19.50% 25.38% 22.91% 6.57%
$ 287.11 $ 615.36 5.48% 7.54% 5.97% 6.60%
$ 272.71 $ 602.90 -14.91% -3.23% -6.22% 6.33%
$ 318.41 $ 636.96 -2.83% -13.19% -2.09% 5.90%
$ 349.57 $ 726.14 9.89% 4.43% 0.22% 5.87%
$ 359.42 $ 808.99 14.68% 15.94% 7.35% 6.08%
$ 372.57 $ 843.92 -21.34% -17.97% -18.63% 5.50%
$ 379.98 $ 806.95 -33.73% -27.89% -21.52% 4.64%
$ 393.68 $ 896.12 31.22% 33.39% 25.95% 5.17%
$ 456.61 $ 1,073.13 18.86% 7.85% 4.08% 5.22%
$ 462.50 $ 1,179.96 -12.25% -8.27% -16.93% 4.93%
$ 458.90 $ 1,216.98 -0.68% 7.29% 3.37% 4.97%
$ 461.98 $ 1,192.53 8.45% 17.85% 20.53% 5.21%
$ 448.17 $ 1,152.99 20.30% 34.72% 35.05% 5.73%
$ 484.91 $ 1,250.56 -18.73% -12.90% -13.16% 5.37%
$ 644.04 $ 1,613.88 9.80% -12.40% -8.63% 5.10%
$ 664.65 $ 1,875.23 13.73% 19.14% 6.14% 5.34%
$ 755.92 $ 2,168.13 -3.38% -7.59% -9.47% 5.12%
$ 950.29 $ 2,685.50 23.76% 5.52% 7.37% 5.13%
$ 1,181.06 $ 3,262.50 12.52% -5.79% -2.99% 4.97%
$ 1,122.47 $ 3,337.20 0.04% 10.77% 3.52% 5.07%
$ 1,214.78 $ 3,841.62 9.87% 8.31% 1.42% 5.12%
$ 1,429.72 $ 4,448.20 23.36% 13.78% 15.69% 5.24%
$ 1,518.87 $ 4,721.33 -10.56% -9.30% -9.20% 5.00%
$ 1,746.77 $ 5,564.25 24.86% 15.23% 12.38% 5.14%
$ 1,910.30 $ 6,241.54 4.06% -1.87% -4.68% 5.03%
$ 2,181.77 $ 7,267.12 6.97% -4.24% -6.46% 4.90%
$ 2,006.43 $ 7,171.25 -2.92% 9.36% 2.65% 4.97%
$ 2,477.55 $ 8,616.71 31.71% 13.71% 17.04% 5.08%
$ 2,512.94 $ 9,029.67 17.68% 21.25% 17.89% 5.30%
$ 2,762.71 $ 10,098.32 28.04% 23.16% 21.27% 5.53%
$ 3,174.95 $ 10,900.68 23.56% 13.42% 20.39% 5.63%
$ 2,912.88 $ 10,992.59 16.25% 29.14% 20.04% 5.96%
$ 3,398.03 $ 12,018.16 -14.85% -25.69% -18.36% 5.51%
$ 3,587.37 $ 12,957.88 -15.24% -17.42% -19.67% 5.17%
$ 4,129.65 $ 14,535.88 -23.57% -37.08% -34.14% 4.53%
$ 4,145.15 $ 16,502.87 27.34% 27.98% 14.82% 4.82%
$ 4,331.30 $ 18,134.78 9.37% 6.25% 0.85% 4.84%
$ 4,455.50 $ 19,026.57 1.69% 1.97% -0.08% 4.80%
$ 4,542.87 $ 20,367.63 10.89% 13.65% 8.56% 4.91%
$ 5,006.69 $ 21,009.29 1.13% -4.73% 2.33% 4.79%
$ 6,013.10 $ 19,945.02 -37.92% -56.65% -31.49% 3.88%
$ 5,344.65 $ 24,598.10 25.79% 37.05% 2.61% 4.29%
$ 5,796.96 $ 26,651.51 14.68% 6.36% 6.47% 4.31%
$ 6,726.52 $ 30,005.47 2.05% -13.94% -10.49% 4.10%
$ 6,926.40 $ 33,043.43 15.80% 12.92% 5.77% 4.20%
$ 6,295.79 $ 32,694.52 32.09% 41.25% 33.20% 4.62%
$ 6,972.34 $ 36,089.82 13.49% 2.78% 3.14% 4.60%
$ 7,061.89 $ 35,838.08 1.33% 0.09% 2.08% 4.54%
$ 7,110.65 $ 39,552.74 11.46% 11.08% 1.41% 4.62%
$ 7,309.87 $ 43,398.81 20.67% 18.80% 11.88% 4.77%
$ 7,308.65 $ 42,199.86 -6.17% -4.21% -1.46% 4.66%
$ 8,012.89 $ 48,668.87 29.66% 21.58% 15.88% 4.83%
$ 8,920.90 $ 53,736.05 17.92% 6.68% 7.60% 4.84%
CALCULO DAMODARAN
14.39% Rf 4.99%
10.80% Rf 4.37%
 Number of Effective
Industry Name firms Beta D/E Ratio Tax rate
Advertising 126 1.10 8.60% 11.42%
Aerospace/Defense 107 1.21 17.55% 10.95%
Air Transport 84 1.64 129.68% 5.55%
Apparel 937 0.88 31.76% 11.56%
Auto & Truck 85 1.38 32.38% 13.47%
Auto Parts 478 1.43 23.56% 11.89%
Bank (Money Center) 471 0.94 178.73% 19.86%
Banks (Regional) 96 0.81 371.11% 17.87%
Beverage (Alcoholic) 126 0.90 2.27% 18.53%
Beverage (Soft) 38 0.61 16.43% 14.40%
Broadcasting 67 1.00 27.23% 7.46%
Brokerage & Investment Banking 410 0.83 138.71% 13.22%
Building Materials 232 1.02 21.44% 14.93%
Business & Consumer Services 285 0.81 13.42% 12.88%
Cable TV 35 1.22 38.94% 11.91%
Chemical (Basic) 656 1.07 29.63% 15.37%
Chemical (Diversified) 39 1.33 37.02% 17.49%
Chemical (Specialty) 553 1.14 22.18% 16.25%
Coal & Related Energy 96 1.10 57.71% 13.86%
Computer Services 466 1.03 8.95% 13.05%
Computers/Peripherals 214 1.34 12.08% 13.63%
Construction Supplies 519 1.09 41.62% 12.91%
Diversified 210 0.96 168.55% 14.26%
Drugs (Biotechnology) 253 1.24 2.24% 5.66%
Drugs (Pharmaceutical) 657 1.05 12.39% 14.89%
Education 154 1.00 10.53% 9.84%
Electrical Equipment 610 1.04 15.42% 12.71%
Electronics (Consumer & Office) 86 1.26 44.48% 11.22%
Electronics (General) 891 1.33 15.70% 12.32%
Engineering/Construction 869 1.07 151.59% 13.87%
Entertainment 330 1.16 7.96% 6.25%
Environmental & Waste Services 143 1.09 48.39% 14.32%
Farming/Agriculture 283 0.95 40.91% 12.64%
Financial Svcs. (Non-bank & Insurance) 611 0.75 137.56% 14.47%
Food Processing 884 0.86 21.19% 13.83%
Food Wholesalers 84 0.70 68.02% 11.83%
Furn/Home Furnishings 244 1.03 13.61% 14.55%
Green & Renewable Energy 121 0.95 63.52% 10.53%
Healthcare Products 258 1.16 2.87% 10.43%
Healthcare Support Services 157 0.91 26.70% 15.35%
Heathcare Information and Technology 98 1.52 1.34% 6.34%
Homebuilding 37 1.65 47.19% 14.41%
Hospitals/Healthcare Facilities 122 0.77 18.01% 15.07%
Hotel/Gaming 409 0.99 55.58% 7.21%
Household Products 277 1.05 6.92% 12.30%
Information Services 83 1.45 7.93% 15.78%
Insurance (General) 148 0.68 33.39% 15.39%
Insurance (Life) 75 0.94 59.27% 12.81%
Insurance (Prop/Cas.) 145 0.75 37.84% 15.68%
Investments & Asset Management 392 0.74 400.91% 8.02%
Machinery 774 1.11 15.25% 13.70%
Metals & Mining 315 1.14 45.93% 12.30%
Office Equipment & Services 66 1.03 7.72% 13.44%
Oil/Gas (Integrated) 26 1.18 23.92% 16.91%
Oil/Gas (Production and Exploration) 118 1.68 47.37% 10.08%
Oil/Gas Distribution 105 1.18 82.01% 13.45%
Oilfield Svcs/Equip. 244 1.25 48.81% 10.45%
Packaging & Container 297 0.89 29.08% 14.37%
Paper/Forest Products 199 1.02 68.79% 11.26%
Power 378 0.88 108.26% 17.49%
Precious Metals 91 1.15 21.02% 10.95%
Publishing & Newspapers 174 0.78 16.49% 10.07%
R.E.I.T. 229 0.84 38.65% 4.32%
Real Estate (Development) 768 0.96 179.52% 17.07%
Real Estate (General/Diversified) 232 0.98 92.19% 13.78%
Real Estate (Operations & Services) 352 0.86 60.90% 15.26%
Recreation 139 1.08 49.61% 11.10%
Reinsurance 30 1.31 32.23% 10.35%
Restaurant/Dining 133 1.02 17.06% 9.44%
Retail (Automotive) 97 1.01 56.51% 17.79%
Retail (Building Supply) 30 1.25 19.75% 15.43%
Retail (Distributors) 629 0.78 129.08% 12.35%
Retail (General) 140 1.06 51.67% 18.42%
Retail (Grocery and Food) 71 0.65 42.48% 17.44%
Retail (Online) 106 1.55 3.57% 10.28%
Retail (Special Lines) 180 1.06 28.63% 11.77%
Rubber& Tires 74 1.01 37.48% 15.04%
Semiconductor 432 1.55 7.08% 9.64%
Semiconductor Equip 213 1.92 9.20% 12.97%
Shipbuilding & Marine 232 1.04 62.73% 12.82%
Shoe 58 0.98 16.26% 11.94%
Software (Entertainment) 74 1.33 6.73% 10.60%
Software (Internet) 49 0.93 12.99% 7.39%
Software (System & Application) 408 1.40 2.95% 9.72%
Steel 529 1.22 55.99% 12.95%
Telecom (Wireless) 65 0.95 47.85% 17.71%
Telecom. Equipment 291 1.23 12.11% 9.07%
Telecom. Services 140 0.85 45.61% 15.02%
Tobacco 33 0.61 1.05% 20.00%
Transportation 196 1.01 47.93% 15.72%
Transportation (Railroads) 16 0.99 29.26% 21.62%
Trucking 107 1.11 52.54% 15.49%
Utility (General) 11 1.01 88.74% 23.48%
Utility (Water) 69 0.91 78.76% 17.48%
Total Market 23680 1.05 55.48% 13.00%
Total Market (without financials) 21332 1.08 34.46% 12.83%
Unlevered Cash/Firm Unlevered beta
beta value corrected for cash HiLo Risk Standard deviation of equity
1.04 7.93% 1.13 0.4863 34.79%
1.07 7.26% 1.15 0.4617 32.13%
0.84 6.47% 0.89 0.4191 30.42%
0.71 9.30% 0.79 0.4080 30.74%
1.11 11.81% 1.26 0.4339 29.35%
1.22 10.71% 1.36 0.4180 30.55%
0.41 24.10% 0.53 0.2879 20.77%
0.22 13.53% 0.25 0.2859 22.13%
0.89 3.22% 0.92 0.3779 26.56%
0.55 7.28% 0.59 0.2855 20.75%
0.83 7.80% 0.90 0.4322 30.65%
0.41 8.03% 0.44 0.4094 28.44%
0.88 7.00% 0.95 0.4033 28.78%
0.73 10.15% 0.82 0.4274 31.23%
0.95 12.73% 1.09 0.4376 34.54%
0.88 8.00% 0.96 0.3971 27.48%
1.04 6.12% 1.11 0.4715 26.83%
0.98 6.83% 1.05 0.4112 29.48%
0.77 21.31% 0.98 0.3754 28.84%
0.97 5.26% 1.02 0.4304 31.84%
1.23 9.47% 1.36 0.4282 30.06%
0.84 13.35% 0.97 0.3954 28.56%
0.43 13.06% 0.49 0.3453 23.50%
1.22 3.96% 1.27 0.5038 36.81%
0.96 6.29% 1.02 0.4285 31.42%
0.93 5.71% 0.99 0.4092 30.14%
0.93 9.16% 1.03 0.3976 28.76%
0.95 13.27% 1.09 0.4318 31.98%
1.19 11.13% 1.34 0.4074 29.56%
0.51 24.60% 0.67 0.4215 30.63%
1.09 5.27% 1.15 0.4661 33.93%
0.80 9.55% 0.89 0.3892 29.40%
0.73 6.07% 0.78 0.4063 28.89%
0.37 9.66% 0.41 0.3979 29.82%
0.74 7.08% 0.80 0.3907 27.68%
0.46 16.21% 0.55 0.4290 30.51%
0.94 12.33% 1.07 0.4072 26.87%
0.64 3.24% 0.67 0.3704 26.20%
1.13 5.46% 1.20 0.4941 34.45%
0.76 10.26% 0.85 0.4205 29.18%
1.51 3.19% 1.56 0.5391 35.74%
1.23 9.55% 1.36 0.4109 31.76%
0.68 2.92% 0.70 0.3546 23.19%
0.70 9.97% 0.78 0.3929 29.01%
1.00 4.72% 1.05 0.4139 29.99%
1.37 7.59% 1.48 0.4784 33.21%
0.55 12.73% 0.63 0.2876 22.85%
0.65 13.97% 0.76 0.3182 22.74%
0.58 11.87% 0.66 0.3578 26.43%
0.19 2.78% 0.19 0.3493 29.03%
1.00 8.24% 1.09 0.3935 28.22%
0.85 9.46% 0.94 0.4300 31.23%
0.98 7.47% 1.06 0.4381 32.65%
1.00 4.40% 1.05 0.3485 22.19%
1.24 6.76% 1.33 0.5309 36.25%
0.74 8.92% 0.81 0.3785 26.04%
0.92 6.12% 0.98 0.4208 33.14%
0.73 8.13% 0.80 0.4011 30.15%
0.68 7.83% 0.74 0.4151 30.64%
0.49 6.02% 0.52 0.3082 23.26%
0.99 6.08% 1.06 0.5449 38.47%
0.70 20.20% 0.88 0.3594 27.44%
0.65 2.47% 0.67 0.2832 17.57%
0.41 21.77% 0.53 0.3589 25.76%
0.58 11.66% 0.66 0.3391 24.17%
0.59 5.83% 0.63 0.3521 26.73%
0.79 12.40% 0.90 0.4050 29.84%
1.06 17.32% 1.28 0.3733 30.31%
0.90 5.01% 0.95 0.4296 30.33%
0.71 8.51% 0.78 0.3802 30.61%
1.09 3.67% 1.13 0.4216 28.26%
0.40 14.27% 0.46 0.4112 30.72%
0.77 9.25% 0.85 0.3409 25.26%
0.50 5.94% 0.53 0.3481 22.63%
1.51 4.74% 1.58 0.5485 35.96%
0.87 7.94% 0.95 0.3967 28.54%
0.79 10.86% 0.89 0.3852 26.00%
1.47 6.23% 1.57 0.4656 31.16%
1.79 5.12% 1.89 0.4965 33.18%
0.71 11.80% 0.80 0.3833 26.30%
0.88 6.31% 0.94 0.3857 29.08%
1.27 3.83% 1.32 0.5244 37.11%
0.85 5.72% 0.90 0.4601 28.15%
1.37 5.69% 1.46 0.4797 36.01%
0.86 9.86% 0.96 0.4239 29.16%
0.70 4.40% 0.73 0.3311 24.58%
1.13 9.36% 1.25 0.4333 31.43%
0.64 5.62% 0.68 0.3827 27.59%
0.61 3.45% 0.63 0.3131 25.33%
0.75 8.76% 0.82 0.3783 27.04%
0.81 6.06% 0.87 0.3091 19.45%
0.80 7.54% 0.87 0.4021 30.15%
0.61 5.29% 0.65 0.2631 17.44%
0.58 9.34% 0.64 0.3183 29.09%
0.75 11.51% 0.84 0.4035 29.09%
0.86 8.62% 0.94 0.4091 29.38%
 Standard deviation in
operating income (last 10 Average (2018-
years) 2018 2019 2020 21)
34.51% 1.52 1.39 1.46 1.37
19.01% 1.04 1.14 1.10 1.11
29.21% 0.59 0.57 0.59 0.66
11.23% 0.82 0.72 0.64 0.74
18.80% 1.42 1.28 1.13 1.27
10.67% 1.30 1.16 1.11 1.23
108.74% 0.52 0.42 0.43 0.48
-321.15% 0.27 0.35 0.26 0.29
31.46% 0.74 1.05 1.06 0.94
16.42% 0.41 0.53 0.36 0.47
22.68% 1.08 0.78 0.70 0.87
76.92% 0.59 0.51 0.54 0.52
19.19% 0.87 0.82 0.79 0.86
38.83% 1.02 1.18 0.94 0.99
18.95% 1.17 1.06 1.21 1.13
21.35% 1.07 0.96 0.92 0.98
18.77% 1.42 0.86 0.73 1.03
23.59% 1.08 1.03 0.93 1.02
34.28% 1.22 1.13 1.39 1.18
23.92% 1.18 1.06 1.04 1.08
37.18% 1.39 1.53 1.40 1.42
28.60% 1.08 0.96 0.97 0.99
30.34% 0.57 0.47 0.41 0.49
95.56% 1.10 1.45 1.50 1.33
21.62% 1.06 1.14 1.13 1.09
51.53% 0.95 1.32 1.14 1.10
26.25% 1.14 1.06 1.08 1.08
45.76% 1.11 1.15 1.31 1.16
40.93% 1.43 1.49 1.47 1.43
35.44% 0.97 0.89 0.72 0.81
45.67% 1.18 1.40 1.26 1.25
62.15% 1.60 1.06 1.10 1.16
15.14% 0.77 0.63 0.64 0.70
55.56% 0.52 0.42 0.34 0.42
22.22% 0.78 0.73 0.69 0.75
26.02% 0.65 0.67 0.61 0.62
36.15% 1.03 1.11 1.07 1.07
27.74% 0.78 0.68 0.59 0.68
49.27% 1.14 1.34 1.42 1.28
48.93% 1.03 1.04 0.90 0.95
100.54% 1.27 1.80 1.65 1.57
86.03% 1.18 0.76 0.57 0.97
23.42% 0.82 0.78 0.58 0.72
18.86% 0.93 0.82 0.67 0.80
21.52% 0.96 0.98 1.04 1.01
13.35% 1.57 1.19 1.10 1.33
25.70% 0.58 0.47 0.47 0.53
46.13% 0.73 0.72 0.73 0.73
20.35% 0.58 0.44 0.43 0.53
53.14% 0.29 0.21 0.17 0.22
23.84% 1.23 1.14 1.15 1.15
25.28% 1.24 1.10 0.98 1.07
28.53% 0.88 0.80 0.84 0.89
45.65% 0.94 0.96 1.11 1.01
33.60% 1.69 1.32 1.14 1.37
10.50% 1.23 0.86 0.89 0.95
37.13% 1.19 1.10 0.98 1.06
20.60% 0.67 0.67 0.65 0.70
36.25% 0.72 0.69 0.64 0.69
14.87% 0.63 0.52 0.52 0.55
35.82% 1.57 1.21 0.97 1.20
8.33% 0.99 1.14 1.12 1.03
32.61% 0.52 0.33 0.31 0.46
52.53% 0.80 0.69 0.65 0.67
22.90% 0.91 0.79 0.74 0.78
18.92% 0.82 0.63 0.59 0.67
32.48% 0.87 0.82 0.92 0.88
46.97% 1.32 0.96 0.96 1.13
34.27% 1.10 1.01 0.88 0.99
23.83% 0.81 0.72 0.72 0.76
23.59% 0.88 1.14 1.26 1.10
20.28% 0.66 0.62 0.60 0.59
9.96% 1.12 0.90 0.91 0.94
16.46% 1.11 0.73 0.65 0.75
79.59% 1.46 1.46 1.49 1.50
17.27% 1.05 1.00 0.83 0.96
28.30% 0.75 0.70 0.70 0.76
49.61% 1.48 1.73 1.58 1.59
53.27% 1.25 1.66 1.82 1.65
28.66% 0.96 0.69 0.67 0.78
13.70% 1.09 0.91 0.77 0.93
57.65% 1.58 1.78 1.38 1.52
84.79% 1.59 0.85 1.18 1.13
32.57% 1.50 1.46 1.59 1.50
43.38% 0.97 0.89 0.77 0.90
20.62% 1.01 0.76 0.66 0.79
39.78% 1.39 1.45 1.47 1.39
5.68% 0.78 0.81 0.64 0.73
26.74% 0.32 0.83 0.77 0.64
19.02% 1.10 0.87 0.87 0.92
27.47% 1.40 1.30 1.14 1.18
21.21% 0.79 0.72 0.65 0.76
17.32% 0.48 0.41 0.44 0.49
21.00% 1.12 0.82 0.81 0.85
22.91% 0.90 0.84 0.82 0.85
22.52% 1.00 0.93 0.91 0.95
Average Beta over time