Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Adobe Inc. (NASDAQ:ADBE)

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Capital Asset Pricing Model (CAPM)

Intermediate level


Rates of Return

Adobe Inc., monthly rates of return

Microsoft Excel LibreOffice Calc
Adobe Inc. (ADBE) Standard & Poor’s 500 (S&P 500)
t Date PriceADBE,t1 DividendADBE,t1 RADBE,t2 PriceS&P 500,t RS&P 500,t3
Dec 31, 2013
1. Jan 31, 2014
2. Feb 28, 2014
3. Mar 31, 2014
. . . . . . .
. . . . . . .
. . . . . . .
70. Oct 31, 2019
71. Nov 30, 2019
Average:
Standard deviation:
Adobe Inc. (ADBE) Standard & Poor’s 500 (S&P 500)
t Date PriceADBE,t1 DividendADBE,t1 RADBE,t2 PriceS&P 500,t RS&P 500,t3
Dec 31, 2013
1. Jan 31, 2014
2. Feb 28, 2014
3. Mar 31, 2014
4. Apr 30, 2014
5. May 31, 2014
6. Jun 30, 2014
7. Jul 31, 2014
8. Aug 31, 2014
9. Sep 30, 2014
10. Oct 31, 2014
11. Nov 30, 2014
12. Dec 31, 2014
13. Jan 31, 2015
14. Feb 28, 2015
15. Mar 31, 2015
16. Apr 30, 2015
17. May 31, 2015
18. Jun 30, 2015
19. Jul 31, 2015
20. Aug 31, 2015
21. Sep 30, 2015
22. Oct 31, 2015
23. Nov 30, 2015
24. Dec 31, 2015
25. Jan 31, 2016
26. Feb 29, 2016
27. Mar 31, 2016
28. Apr 30, 2016
29. May 31, 2016
30. Jun 30, 2016
31. Jul 31, 2016
32. Aug 31, 2016
33. Sep 30, 2016
34. Oct 31, 2016
35. Nov 30, 2016
36. Dec 31, 2016
37. Jan 31, 2017
38. Feb 28, 2017
39. Mar 31, 2017
40. Apr 30, 2017
41. May 31, 2017
42. Jun 30, 2017
43. Jul 31, 2017
44. Aug 31, 2017
45. Sep 30, 2017
46. Oct 31, 2017
47. Nov 30, 2017
48. Dec 31, 2017
49. Jan 31, 2018
50. Feb 28, 2018
51. Mar 31, 2018
52. Apr 30, 2018
53. May 31, 2018
54. Jun 30, 2018
55. Jul 31, 2018
56. Aug 31, 2018
57. Sep 30, 2018
58. Oct 31, 2018
59. Nov 30, 2018
60. Dec 31, 2018
61. Jan 31, 2019
62. Feb 28, 2019
63. Mar 31, 2019
64. Apr 30, 2019
65. May 31, 2019
66. Jun 30, 2019
67. Jul 31, 2019
68. Aug 31, 2019
69. Sep 30, 2019
70. Oct 31, 2019
71. Nov 30, 2019
Average:
Standard deviation:

Show all

1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of ADBE during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t


Systematic Risk (β) Estimation

Microsoft Excel LibreOffice Calc
VarianceADBE
VarianceS&P 500
CovarianceADBE, S&P 500
Correlation coefficientADBE, S&P 5001
βADBE2
αADBE3

Calculations

1 Correlation coefficientADBE, S&P 500
= CovarianceADBE, S&P 500 ÷ (Standard deviationADBE × Standard deviationS&P 500)
= ÷ ( × )

2 βADBE
= CovarianceADBE, S&P 500 ÷ VarianceS&P 500
= ÷

3 αADBE
= AverageADBE – βADBE × AverageS&P 500
= ×


Expected Rate of Return

Microsoft Excel LibreOffice Calc
Assumptions
Rate of return on LT Treasury Composite1 RF
Expected rate of return on market portfolio2 E(RM)
Systematic risk (β) of Adobe Inc.’s common stock βADBE
 
Expected rate of return on Adobe Inc.’s common stock3 E(RADBE)

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(RADBE) = RF + βADBE [E(RM) – RF]
= + []
=