Stock Analysis on Net

Lam Research Corp. (NASDAQ:LRCX)

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Capital Asset Pricing Model (CAPM)

Microsoft Excel

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Rates of Return

Lam Research Corp., monthly rates of return

Microsoft Excel
Lam Research Corp. (LRCX) Standard & Poor’s 500 (S&P 500)
t Date PriceLRCX,t1 DividendLRCX,t1 RLRCX,t2 PriceS&P 500,t RS&P 500,t3
Jul 31, 2017
1. Aug 31, 2017
2. Sep 30, 2017
3. Oct 31, 2017
. . . . . . .
. . . . . . .
. . . . . . .
70. May 31, 2023
71. Jun 30, 2023
Average (R):
Standard deviation:
Lam Research Corp. (LRCX) Standard & Poor’s 500 (S&P 500)
t Date PriceLRCX,t1 DividendLRCX,t1 RLRCX,t2 PriceS&P 500,t RS&P 500,t3
Jul 31, 2017
1. Aug 31, 2017
2. Sep 30, 2017
3. Oct 31, 2017
4. Nov 30, 2017
5. Dec 31, 2017
6. Jan 31, 2018
7. Feb 28, 2018
8. Mar 31, 2018
9. Apr 30, 2018
10. May 31, 2018
11. Jun 30, 2018
12. Jul 31, 2018
13. Aug 31, 2018
14. Sep 30, 2018
15. Oct 31, 2018
16. Nov 30, 2018
17. Dec 31, 2018
18. Jan 31, 2019
19. Feb 28, 2019
20. Mar 31, 2019
21. Apr 30, 2019
22. May 31, 2019
23. Jun 30, 2019
24. Jul 31, 2019
25. Aug 31, 2019
26. Sep 30, 2019
27. Oct 31, 2019
28. Nov 30, 2019
29. Dec 31, 2019
30. Jan 31, 2020
31. Feb 29, 2020
32. Mar 31, 2020
33. Apr 30, 2020
34. May 31, 2020
35. Jun 30, 2020
36. Jul 31, 2020
37. Aug 31, 2020
38. Sep 30, 2020
39. Oct 31, 2020
40. Nov 30, 2020
41. Dec 31, 2020
42. Jan 31, 2021
43. Feb 28, 2021
44. Mar 31, 2021
45. Apr 30, 2021
46. May 31, 2021
47. Jun 30, 2021
48. Jul 31, 2021
49. Aug 31, 2021
50. Sep 30, 2021
51. Oct 31, 2021
52. Nov 30, 2021
53. Dec 31, 2021
54. Jan 31, 2022
55. Feb 28, 2022
56. Mar 31, 2022
57. Apr 30, 2022
58. May 31, 2022
59. Jun 30, 2022
60. Jul 31, 2022
61. Aug 31, 2022
62. Sep 30, 2022
63. Oct 31, 2022
64. Nov 30, 2022
65. Dec 31, 2022
66. Jan 31, 2023
67. Feb 28, 2023
68. Mar 31, 2023
69. Apr 30, 2023
70. May 31, 2023
71. Jun 30, 2023
Average (R):
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 LRCX during period t

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


Variance and Covariance

Lam Research Corp., calculation of variance and covariance of returns

Microsoft Excel
t Date RLRCX,t RS&P 500,t (RLRCX,tRLRCX)2 (RS&P 500,tRS&P 500)2 (RLRCX,tRLRCX)×(RS&P 500,tRS&P 500)
1. Aug 31, 2017
2. Sep 30, 2017
3. Oct 31, 2017
. . . . . . .
. . . . . . .
. . . . . . .
70. May 31, 2023
71. Jun 30, 2023
Total (Σ):
t Date RLRCX,t RS&P 500,t (RLRCX,tRLRCX)2 (RS&P 500,tRS&P 500)2 (RLRCX,tRLRCX)×(RS&P 500,tRS&P 500)
1. Aug 31, 2017
2. Sep 30, 2017
3. Oct 31, 2017
4. Nov 30, 2017
5. Dec 31, 2017
6. Jan 31, 2018
7. Feb 28, 2018
8. Mar 31, 2018
9. Apr 30, 2018
10. May 31, 2018
11. Jun 30, 2018
12. Jul 31, 2018
13. Aug 31, 2018
14. Sep 30, 2018
15. Oct 31, 2018
16. Nov 30, 2018
17. Dec 31, 2018
18. Jan 31, 2019
19. Feb 28, 2019
20. Mar 31, 2019
21. Apr 30, 2019
22. May 31, 2019
23. Jun 30, 2019
24. Jul 31, 2019
25. Aug 31, 2019
26. Sep 30, 2019
27. Oct 31, 2019
28. Nov 30, 2019
29. Dec 31, 2019
30. Jan 31, 2020
31. Feb 29, 2020
32. Mar 31, 2020
33. Apr 30, 2020
34. May 31, 2020
35. Jun 30, 2020
36. Jul 31, 2020
37. Aug 31, 2020
38. Sep 30, 2020
39. Oct 31, 2020
40. Nov 30, 2020
41. Dec 31, 2020
42. Jan 31, 2021
43. Feb 28, 2021
44. Mar 31, 2021
45. Apr 30, 2021
46. May 31, 2021
47. Jun 30, 2021
48. Jul 31, 2021
49. Aug 31, 2021
50. Sep 30, 2021
51. Oct 31, 2021
52. Nov 30, 2021
53. Dec 31, 2021
54. Jan 31, 2022
55. Feb 28, 2022
56. Mar 31, 2022
57. Apr 30, 2022
58. May 31, 2022
59. Jun 30, 2022
60. Jul 31, 2022
61. Aug 31, 2022
62. Sep 30, 2022
63. Oct 31, 2022
64. Nov 30, 2022
65. Dec 31, 2022
66. Jan 31, 2023
67. Feb 28, 2023
68. Mar 31, 2023
69. Apr 30, 2023
70. May 31, 2023
71. Jun 30, 2023
Total (Σ):

Show all

VarianceLRCX = Σ(RLRCX,tRLRCX)2 ÷ (71 – 1)
= ÷ (71 – 1)
=

VarianceS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (71 – 1)
= ÷ (71 – 1)
=

CovarianceLRCX, S&P 500 = Σ(RLRCX,tRLRCX)×(RS&P 500,tRS&P 500) ÷ (71 – 1)
= ÷ (71 – 1)
=


Systematic Risk (β) Estimation

Microsoft Excel
VarianceLRCX
VarianceS&P 500
CovarianceLRCX, S&P 500
Correlation coefficientLRCX, S&P 5001
βLRCX2
αLRCX3

Calculations

1 Correlation coefficientLRCX, S&P 500
= CovarianceLRCX, S&P 500 ÷ (Standard deviationLRCX × Standard deviationS&P 500)
= ÷ ( × )
=

2 βLRCX
= CovarianceLRCX, S&P 500 ÷ VarianceS&P 500
= ÷
=

3 αLRCX
= AverageLRCX – βLRCX × AverageS&P 500
= ×
=


Expected Rate of Return

Microsoft Excel
Assumptions
Rate of return on LT Treasury Composite1 RF
Expected rate of return on market portfolio2 E(RM)
Systematic risk (β) of Lam Research Corp. common stock βLRCX
 
Expected rate of return on Lam Research Corp. common stock3 E(RLRCX)

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(RLRCX) = RF + βLRCX [E(RM) – RF]
= + []
=