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Date Equity SPX Index Equity Returns

10/31/2019 248.76 3037.5601 0.1106844667


9/30/2019 223.97 2976.74 0.072961579
8/30/2019 208.74 2926.46 -0.020184003
7/31/2019 213.04 2980.3799 0.0763945028
6/28/2019 197.92 2941.76 0.1305192209
5/31/2019 175.07 2752.0601 -0.1275726317
4/30/2019 200.67 2945.8301 0.0564359042
3/29/2019 189.95 2834.3999 0.0970257003
2/28/2019 173.15 2784.49 0.0403148282
1/31/2019 166.44 2704.1001 0.055154051
12/31/2018 157.74 2506.8501 -0.1166983985
11/30/2018 178.58 2760.1699 -0.1840445947
10/31/2018 218.86 2711.74 -0.0304775405
9/28/2018 225.74 2913.98 -0.0083029478
8/31/2018 227.63 2901.52 0.1962268117
7/31/2018 190.29 2816.29 0.0279833612
6/29/2018 185.11 2718.3701 -0.0094183122
5/31/2018 186.87 2705.27 0.1307636452
4/30/2018 165.26 2648.05 -0.0150196686
3/30/2018 167.78 2640.8701 -0.0580507523
2/28/2018 178.12 2713.8301 0.0638475781
1/31/2018 167.43 2823.8101 -0.010636412
12/29/2017 169.23 2673.6101 -0.0152458539
11/30/2017 171.85 2647.5801 0.0166232844
10/31/2017 169.04 2575.26 0.0968076823
9/29/2017 154.12 2519.3601 -0.0602439024
8/31/2017 164 2471.6499 0.1026692665
7/31/2017 148.73 2470.3 0.0327037911
6/30/2017 144.02 2423.4099 -0.0572139303
5/31/2017 152.76 2411.8 0.0634180299
4/28/2017 143.65 2384.2 -6.96087985521E-05
3/31/2017 143.66 2362.72 0.0486896854
2/28/2017 136.99 2363.6399 0.1288833951
1/31/2017 121.35 2278.8701 0.0477465032
12/30/2016 115.82 2238.8301 0.0479551212
11/30/2016 110.52 2198.8101 -0.0265985556
10/31/2016 113.54 2126.1499 0.0043343653
9/30/2016 113.05 2168.27 0.0655042413
8/31/2016 106.1 2170.95 0.0181364552
7/29/2016 104.21 2173.6001 0.0900627615
6/30/2016 95.6 2098.8601 -0.0426597236
5/31/2016 99.86 2096.96 0.0652869639
4/29/2016 93.74 2065.3 -0.1399210937
3/31/2016 108.99 2059.74 0.1272106733
2/29/2016 96.69 1932.23 -0.0066776248
1/29/2016 97.34 1940.24 -0.0752422573
12/31/2015 105.26 2043.9399 -0.1102282333
11/30/2015 118.3 2080.4099 -0.010041841
10/30/2015 119.5 2079.3601 0.0834088849
9/30/2015 110.3 1920.03 -0.0218162469
8/31/2015 112.76 1972.1801 -0.0704039571
7/31/2015 121.3 2103.8401 -0.0328881802
6/30/2015 125.425 2063.1101 -0.0372658889
5/29/2015 130.28 2107.3899 0.040990811
4/30/2015 125.15 2085.51 0.0057863859
3/31/2015 124.43 2067.8899 -0.0313716332
2/27/2015 128.46 2104.5 0.0964493001
1/30/2015 117.16 1994.99 0.061424171
12/31/2014 110.38 2058.8999 -0.0718910283
11/28/2014 118.93 2067.5601 0.1012037037
10/31/2014 108 2018.05 0.0719602978
9/30/2014 100.75 1972.29 -0.0170731707
8/29/2014 102.5 2003.37 0.0721757322
7/31/2014 95.6 1930.67 0.0287313031
6/30/2014 92.93 1960.23 0.0276616026
5/30/2014 90.4286 1923.5699 0.0727176964
4/30/2014 84.2986 1883.95 0.0993973429
3/31/2014 76.6771 1872.34 0.0199528846
2/28/2014 75.1771 1859.45 0.0512177285
1/31/2014 71.5143 1782.59 0
Market Returns
0.0204317811
0.0171811677
-0.0180916198
0.0131281614
0.0689301444
-0.0657777242
0.0393135069
0.0179242518
0.0297288921
0.0786844016
-0.0917768866
0.0178593449
-0.069403359
0.0042943009
0.0302632186
0.0360215484
0.0048424372
0.0216083533
0.002718763
-0.0268845128
-0.0389473782
0.0561787225
0.0098316194
0.0280826402
0.0221881342
0.0193029765
0.0005464518
0.0193488109
0.0048137905
0.01157621
0.0090912169
-0.0003891879
0.0371981711
0.0178843406
0.0182007532
0.0341745424
-0.0194256712
-0.0012344826
-0.0012192215
0.0356098055
0.0009061212
0.0153294921
0.0026993698
0.0659911087
-0.0041283553
-0.050735298
-0.0175301992
0.0005048669
0.0829831305
-0.026442869
-0.0625808016
0.019742039
-0.0210116789
0.0104913906
0.0085208115
-0.0173961036
0.0548925057
-0.0310408
-0.0041886086
0.024533634
0.0232014562
-0.0155138591
0.0376553217
-0.0150798631
0.0190583664
0.021030229
0.0062007969
0.0069321574
0.0431170376
0
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.562573
R Square 0.316489
Adjusted R Square 0.306437
Standard Error 0.060426
Observations 70

ANOVA
df SS MS F Significance F
Regression 1 0.114965 0.114965 31.48628 4.006306828827E-07
Residual 68 0.248286 0.003651
Total 69 0.363251

Coefficients
Standard Error t Stat P-value Lower 95%
Intercept 0.010358 0.007448 1.390698 0.168852 -0.0045044412
X Variable 1 1.250271 0.222814 5.611264 4.006E-07 0.8056513214
Upper 95% Lower 95.0% Upper 95.0%
0.0252207749 -0.004504441 0.0252207749
1.6948898895 0.8056513214 1.6948898895
FUNDAMENTAL BETA (in Billions)

Market
Levered
Sr No. Firm Total Debt Capitalizat
Beta
ion

1 SAMSUNG ELECTRONICS C 1.306 13.172 207.479


2 MICROSOFT CORP 1.23 86.46 1160
3 DELL TECHNOLOGIES -C 0.647 53.52 36.46
4 LENOVO GROUP LTD 1.491 4.38 8.21
5 HEWLETT PACKARD ENTER 1.617 13.82 20.63
6 SONY CORP 1.289 12.27 80.15
7 ASUSTEK COMPUTER INC 0.702 0.23278 5.64
8 ALPHABET INC-CL A 1.015 4.01 905.28
9 KONINKLIJKE PHILIPS NV 1.18 5.2 41.87

Market
Firm Total Debt Capitalizat D/E Ratio
ion
Apple 108.05 1,190.00 0.0908
Cash &
Unlevered
D/E Ratio Cash Cash Proportion
Beta
Equivalents

0.0635 90.593 1.247 0.4106


0.0745 11.36 1.162 0.0091
1.4679 9.68 0.300 0.1076
0.5335 1.85 1.098 0.1469
0.6699 3.75 1.057 0.1089
0.1531 13.27 1.167 0.1436
0.0413 2.09 0.680 0.3559
0.0044 16.7 1.011 0.0184
0.1242 1.93 1.079 0.0410
Industry Beta

Cash Industry Unlevered


Cash & Cash Equivalents
proportion Beta Beta(Adjusted)

48.84 0.4520 1.186 0.734


Beta Unlevered Statutory
(Adjusted) Tax Rate

2.115 25%
1.172 21%
0.336 21%
1.288 33%
1.187 21%
1.363 32%
1.055 20%
1.030 21%
1.126 25%
1.186

Levered Statutory
(fundamental) Beta Tax Rate

0.786 21%
Date US Govt. Bond rate (10 Years) (Rf)
10/31/2019 1.71%
9/30/2019 1.70%
8/31/2019 1.63%
7/31/2019 2.06%
6/30/2019 2.07%
5/31/2019 2.39%
4/30/2019 2.53%
3/31/2019 2.57%
2/28/2019 2.68%
1/31/2019 2.71%
12/31/2018 2.83%
11/30/2018 3.12%
10/31/2018 3.15%
9/30/2018 3.00%
8/31/2018 2.89%
7/31/2018 2.89%
6/30/2018 2.91%
5/31/2018 2.98%
4/30/2018 2.87%
3/31/2018 2.84%
2/28/2018 2.86%
1/31/2018 2.58%
12/31/2017 2.40%
11/30/2017 2.35%
10/31/2017 2.36%
9/30/2017 2.20%
8/31/2017 2.21%
7/31/2017 2.32%
6/30/2017 2.19%
5/31/2017 2.30%
4/30/2017 2.30%
3/31/2017 2.48%
2/28/2017 2.42%
1/31/2017 2.43%
12/31/2016 2.49%
11/30/2016 2.14%
10/31/2016 1.76%
9/30/2016 1.63%
8/31/2016 1.56%
7/31/2016 1.50%
6/30/2016 1.64%
5/31/2016 1.81%
4/30/2016 1.81%
3/31/2016 1.89%
2/29/2016 1.78%
1/31/2016 2.09%
12/31/2015 2.24%
11/30/2015 2.26%
10/31/2015 2.07%
9/30/2015 2.17%
8/31/2015 2.17%
7/31/2015 2.32%
6/30/2015 2.36%
5/31/2015 2.20%
4/30/2015 1.93%
3/31/2015 2.04%
2/28/2015 1.98%
1/31/2015 1.88%
12/31/2014 2.21%
11/30/2014 2.33%
10/31/2014 2.30%
9/30/2014 2.53%
8/31/2014 2.42%
7/31/2014 2.54%
6/30/2014 2.60%
5/31/2014 2.56%
4/30/2014 2.71%
3/31/2014 2.72%
2/28/2014 2.71%
1/31/2014 2.86%
12/31/2013 2.90%
11/30/2013 2.72%
10/31/2013 2.62%
9/30/2013 2.81%
8/31/2013 2.74%
7/31/2013 2.58%
6/30/2013 2.30%
5/31/2013 1.93%
4/30/2013 1.76%
3/31/2013 1.96%
2/28/2013 1.98%
1/31/2013 1.91%
12/31/2012 1.72%
11/30/2012 1.65%
10/31/2012 1.75%
9/30/2012 1.72%
8/31/2012 1.68%
7/31/2012 1.53%
6/30/2012 1.62%
5/31/2012 1.80%
4/30/2012 2.05%
3/31/2012 2.17%
2/29/2012 1.97%
1/31/2012 1.97%
12/31/2011 1.98%
11/30/2011 2.01%
10/31/2011 2.15%
9/30/2011 1.98%
8/31/2011 2.30%
7/31/2011 3.00%
6/30/2011 3.00%
5/31/2011 3.17%
4/30/2011 3.45%
3/31/2011 3.41%
2/28/2011 3.58%
1/31/2011 3.39%
12/31/2010 3.29%
11/30/2010 2.76%
10/31/2010 2.54%
9/30/2010 2.65%
8/31/2010 2.70%
7/31/2010 3.01%
6/30/2010 3.20%
5/31/2010 3.42%
4/30/2010 3.85%
3/31/2010 3.73%
2/28/2010 3.69%
1/31/2010 3.73%
12/31/2009 3.59%
US Govt. Bond rate(Monthly) (Rf) SPX Index (monthly)
0.14% 3037.5601
0.14% 2976.74
0.13% 2926.46
0.17% 2980.3799
0.17% 2941.76
0.20% 2752.0601
0.21% 2945.8301
0.21% 2834.3999
0.22% 2784.49
0.22% 2704.1001
0.23% 2506.8501
0.26% 2760.1699
0.26% 2711.74
0.25% 2913.98
0.24% 2901.52
0.24% 2816.29
0.24% 2718.3701
0.25% 2705.27
0.24% 2648.05
0.23% 2640.8701
0.24% 2713.8301
0.21% 2823.8101
0.20% 2673.6101
0.19% 2647.5801
0.19% 2575.26
0.18% 2519.3601
0.18% 2471.6499
0.19% 2470.3
0.18% 2423.4099
0.19% 2411.8
0.19% 2384.2
0.20% 2362.72
0.20% 2363.6399
0.20% 2278.8701
0.21% 2238.8301
0.18% 2198.8101
0.15% 2126.1499
0.13% 2168.27
0.13% 2170.95
0.12% 2173.6001
0.14% 2098.8601
0.15% 2096.96
0.15% 2065.3
0.16% 2059.74
0.15% 1932.23
0.17% 1940.24
0.18% 2043.9399
0.19% 2080.4099
0.17% 2079.3601
0.18% 1920.03
0.18% 1972.1801
0.19% 2103.8401
0.19% 2063.1101
0.18% 2107.3899
0.16% 2085.51
0.17% 2067.8899
0.16% 2104.5
0.16% 1994.99
0.18% 2058.8999
0.19% 2067.5601
0.19% 2018.05
0.21% 1972.29
0.20% 2003.37
0.21% 1930.67
0.21% 1960.23
0.21% 1923.5699
0.22% 1883.95
0.22% 1872.34
0.22% 1859.45
0.24% 1782.59
0.24% 1848.36
0.22% 1805.8101
0.22% 1756.54
0.23% 1681.55
0.23% 1632.97
0.21% 1685.73
0.19% 1606.28
0.16% 1630.74
0.15% 1597.5699
0.16% 1569.1899
0.16% 1514.6801
0.16% 1498.11
0.14% 1426.1899
0.14% 1416.1801
0.14% 1412.16
0.14% 1440.67
0.14% 1406.58
0.13% 1379.3199
0.13% 1362.16
0.15% 1310.33
0.17% 1397.91
0.18% 1408.47
0.16% 1365.6801
0.16% 1312.41
0.16% 1257.61
0.17% 1246.96
0.18% 1253.3
0.16% 1131.42
0.19% 1218.89
0.25% 1292.28
0.25% 1320.64
0.26% 1345.2
0.28% 1363.61
0.28% 1325.83
0.29% 1327.22
0.28% 1286.12
0.27% 1257.64
0.23% 1180.55
0.21% 1183.26
0.22% 1141.2
0.22% 1049.33
0.25% 1101.6
0.26% 1030.71
0.28% 1089.41
0.32% 1186.6899
0.31% 1169.4301
0.30% 1104.49
0.31% 1073.87
0.29% 1115.1
SPX Return (Rm) Adjusted SPX Return
2.043% 102.043%
1.718% 101.718%
-1.809% 98.191%
1.313% 101.313%
6.893% 106.893%
-6.578% 93.422%
3.931% 103.931%
1.792% 101.792%
2.973% 102.973%
7.868% 107.868%
-9.178% 90.822%
1.786% 101.786%
-6.940% 93.060%
0.429% 100.429%
3.026% 103.026%
3.602% 103.602%
0.484% 100.484%
2.161% 102.161%
0.272% 100.272%
-2.688% 97.312%
-3.895% 96.105%
5.618% 105.618%
0.983% 100.983%
2.808% 102.808%
2.219% 102.219%
1.930% 101.930%
0.055% 100.055%
1.935% 101.935%
0.481% 100.481%
1.158% 101.158%
0.909% 100.909%
-0.039% 99.961%
3.720% 103.720%
1.788% 101.788%
1.820% 101.820%
3.417% 103.417%
-1.943% 98.057%
-0.123% 99.877%
-0.122% 99.878%
3.561% 103.561%
0.091% 100.091%
1.533% 101.533%
0.270% 100.270%
6.599% 106.599%
-0.413% 99.587%
-5.074% 94.926%
-1.753% 98.247%
0.050% 100.050%
8.298% 108.298%
-2.644% 97.356%
-6.258% 93.742%
1.974% 101.974%
-2.101% 97.899%
1.049% 101.049%
0.852% 100.852%
-1.740% 98.260%
5.489% 105.489%
-3.104% 96.896%
-0.419% 99.581%
2.453% 102.453%
2.320% 102.320%
-1.551% 98.449%
3.766% 103.766%
-1.508% 98.492%
1.906% 101.906%
2.103% 102.103%
0.620% 100.620%
0.693% 100.693%
4.312% 104.312%
-3.558% 96.442%
2.356% 102.356%
2.805% 102.805%
4.460% 104.460%
2.975% 102.975%
-3.130% 96.870%
4.946% 104.946%
-1.500% 98.500%
2.076% 102.076%
1.809% 101.809%
3.599% 103.599%
1.106% 101.106%
5.043% 105.043%
0.707% 100.707%
0.285% 100.285%
-1.979% 98.021%
2.424% 102.424%
1.976% 101.976%
1.260% 101.260%
3.955% 103.955%
-6.265% 93.735%
-0.750% 99.250%
3.133% 103.133%
4.059% 104.059%
4.357% 104.357%
0.854% 100.854%
-0.506% 99.494%
10.772% 110.772%
-7.176% 92.824%
-5.679% 94.321%
-2.147% 97.853%
-1.826% 98.174%
-1.350% 98.650%
2.850% 102.850%
-0.105% 99.895%
3.196% 103.196%
2.265% 102.265%
6.530% 106.530%
-0.229% 99.771%
3.686% 103.686%
8.755% 108.755%
-4.745% 95.255%
6.878% 106.878%
-5.388% 94.612%
-8.198% 91.802%
1.476% 101.476%
5.880% 105.880%
2.851% 102.851%
-3.697% 96.303%
Adjusted Monthly US Govt. Bond rate
100.141%
100.141%
100.135%
100.170%
100.171%
100.197%
100.208%
100.212%
100.221%
100.223%
100.233%
100.256%
100.259%
100.247%
100.238%
100.238%
100.239%
100.245%
100.236%
100.234%
100.235%
100.212%
100.198%
100.194%
100.195%
100.182%
100.182%
100.191%
100.181%
100.190%
100.190%
100.204%
100.199%
100.200%
100.205%
100.177%
100.145%
100.135%
100.129%
100.124%
100.136%
100.150%
100.150%
100.156%
100.147%
100.173%
100.185%
100.186%
100.171%
100.179%
100.179%
100.191%
100.195%
100.182%
100.159%
100.168%
100.164%
100.155%
100.182%
100.192%
100.190%
100.208%
100.199%
100.209%
100.214%
100.211%
100.223%
100.224%
100.223%
100.235%
100.239%
100.224%
100.216%
100.231%
100.226%
100.212%
100.190%
100.159%
100.145%
100.162%
100.164%
100.158%
100.142%
100.136%
100.145%
100.142%
100.139%
100.127%
100.134%
100.149%
100.169%
100.179%
100.163%
100.163%
100.164%
100.166%
100.177%
100.164%
100.190%
100.247%
100.247%
100.260%
100.283%
100.280%
100.294%
100.278%
100.270%
100.227%
100.209%
100.218%
100.222%
100.247%
100.263%
100.281%
100.315%
100.306%
100.302%
100.306%
100.294%
Rm, Rf (historical, monthly)
Rf (historical, monthly) 0.1997%
Rm (historical, monthly) 0.8529%

Rm - Rf
Rm - Rf (monthly, historical) 0.65312%
Rm - Rf (yearly, historical) 8.125%
Variables Value
Risk Free-Rate (Rf) 1.76%
Levered Beta β 0.786
Cost of Equity (Rf+β*(Rm Historical-Rf Historical)) 8.149%
Weight of Debt (E/(D+E)) 91.68%
Credit Rating given by S&P AA+
Spread 1%
Cost of Debt (Kd) 2.76%
Weight of Debt (D/(D+E)) 8.32%
Cost of Capital(WACC) 7.65%

Conclusion:
a) Intercept value is 0.0103, which shows a return value of 1.03%.
b) 1.25% Return on Apple Stocks
c) This analysis shows better performance than market.

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