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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
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
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.