Stock Analysis on Net

Fidelity National Information Services Inc. (NYSE:FIS)

This company has been moved to the archive! The financial data has not been updated since May 2, 2023.

Capital Asset Pricing Model (CAPM)

Microsoft Excel

Rates of Return

Fidelity National Information Services Inc., monthly rates of return

Microsoft Excel
Fidelity National Information Services Inc. (FIS) Standard & Poor’s 500 (S&P 500)
t Date PriceFIS,t1 DividendFIS,t1 RFIS,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2018 $102.36 2,823.81
1. Feb 28, 2018 $97.18 -5.06% 2,713.83 -3.89%
2. Mar 31, 2018 $96.30 $0.32 -0.58% 2,640.87 -2.69%
3. Apr 30, 2018 $94.97 -1.38% 2,648.05 0.27%
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2022 $72.58 -12.54% 4,080.11 5.38%
59. Dec 31, 2022 $67.85 $0.47 -5.87% 3,839.50 -5.90%
Average (R): -0.25% 0.67%
Standard deviation: 7.99% 5.40%
Fidelity National Information Services Inc. (FIS) Standard & Poor’s 500 (S&P 500)
t Date PriceFIS,t1 DividendFIS,t1 RFIS,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2018 $102.36 2,823.81
1. Feb 28, 2018 $97.18 -5.06% 2,713.83 -3.89%
2. Mar 31, 2018 $96.30 $0.32 -0.58% 2,640.87 -2.69%
3. Apr 30, 2018 $94.97 -1.38% 2,648.05 0.27%
4. May 31, 2018 $102.22 7.63% 2,705.27 2.16%
5. Jun 30, 2018 $106.03 $0.32 4.04% 2,718.37 0.48%
6. Jul 31, 2018 $103.13 -2.74% 2,816.29 3.60%
7. Aug 31, 2018 $108.17 4.89% 2,901.52 3.03%
8. Sep 30, 2018 $109.07 $0.32 1.13% 2,913.98 0.43%
9. Oct 31, 2018 $104.10 -4.56% 2,711.74 -6.94%
10. Nov 30, 2018 $107.95 3.70% 2,760.17 1.79%
11. Dec 31, 2018 $102.55 $0.32 -4.71% 2,506.85 -9.18%
12. Jan 31, 2019 $104.53 1.93% 2,704.10 7.87%
13. Feb 28, 2019 $108.15 3.46% 2,784.49 2.97%
14. Mar 31, 2019 $113.10 $0.35 4.90% 2,834.40 1.79%
15. Apr 30, 2019 $115.93 2.50% 2,945.83 3.93%
16. May 31, 2019 $120.30 3.77% 2,752.06 -6.58%
17. Jun 30, 2019 $122.68 $0.35 2.27% 2,941.76 6.89%
18. Jul 31, 2019 $133.25 8.62% 2,980.38 1.31%
19. Aug 31, 2019 $136.22 2.23% 2,926.46 -1.81%
20. Sep 30, 2019 $132.76 $0.35 -2.28% 2,976.74 1.72%
21. Oct 31, 2019 $131.76 -0.75% 3,037.56 2.04%
22. Nov 30, 2019 $138.15 4.85% 3,140.98 3.40%
23. Dec 31, 2019 $139.09 $0.35 0.93% 3,230.78 2.86%
24. Jan 31, 2020 $143.66 3.29% 3,225.52 -0.16%
25. Feb 29, 2020 $139.72 -2.74% 2,954.22 -8.41%
26. Mar 31, 2020 $121.64 $0.35 -12.69% 2,584.59 -12.51%
27. Apr 30, 2020 $131.89 8.43% 2,912.43 12.68%
28. May 31, 2020 $138.83 5.26% 3,044.31 4.53%
29. Jun 30, 2020 $134.09 $0.35 -3.16% 3,100.29 1.84%
30. Jul 31, 2020 $146.31 9.11% 3,271.12 5.51%
31. Aug 31, 2020 $150.85 3.10% 3,500.31 7.01%
32. Sep 30, 2020 $147.21 $0.35 -2.18% 3,363.00 -3.92%
33. Oct 31, 2020 $124.59 -15.37% 3,269.96 -2.77%
34. Nov 30, 2020 $148.41 19.12% 3,621.63 10.75%
35. Dec 31, 2020 $141.46 $0.35 -4.45% 3,756.07 3.71%
36. Jan 31, 2021 $123.46 -12.72% 3,714.24 -1.11%
37. Feb 28, 2021 $138.00 11.78% 3,811.15 2.61%
38. Mar 31, 2021 $140.61 $0.39 2.17% 3,972.89 4.24%
39. Apr 30, 2021 $152.90 8.74% 4,181.17 5.24%
40. May 31, 2021 $148.98 -2.56% 4,204.11 0.55%
41. Jun 30, 2021 $141.67 $0.39 -4.64% 4,297.50 2.22%
42. Jul 31, 2021 $149.05 5.21% 4,395.26 2.27%
43. Aug 31, 2021 $127.77 -14.28% 4,522.68 2.90%
44. Sep 30, 2021 $121.68 $0.39 -4.46% 4,307.54 -4.76%
45. Oct 31, 2021 $110.74 -8.99% 4,605.38 6.91%
46. Nov 30, 2021 $104.50 -5.63% 4,567.00 -0.83%
47. Dec 31, 2021 $109.15 $0.39 4.82% 4,766.18 4.36%
48. Jan 31, 2022 $119.92 9.87% 4,515.55 -5.26%
49. Feb 28, 2022 $95.23 -20.59% 4,373.94 -3.14%
50. Mar 31, 2022 $100.42 $0.47 5.94% 4,530.41 3.58%
51. Apr 30, 2022 $99.15 -1.26% 4,131.93 -8.80%
52. May 31, 2022 $104.50 5.40% 4,132.15 0.01%
53. Jun 30, 2022 $91.67 $0.47 -11.83% 3,785.38 -8.39%
54. Jul 31, 2022 $102.16 11.44% 4,130.29 9.11%
55. Aug 31, 2022 $91.37 -10.56% 3,955.00 -4.24%
56. Sep 30, 2022 $75.57 $0.47 -16.78% 3,585.62 -9.34%
57. Oct 31, 2022 $82.99 9.82% 3,871.98 7.99%
58. Nov 30, 2022 $72.58 -12.54% 4,080.11 5.38%
59. Dec 31, 2022 $67.85 $0.47 -5.87% 3,839.50 -5.90%
Average (R): -0.25% 0.67%
Standard deviation: 7.99% 5.40%

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

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

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


Variance and Covariance

Fidelity National Information Services Inc., calculation of variance and covariance of returns

Microsoft Excel
t Date RFIS,t RS&P 500,t (RFIS,tRFIS)2 (RS&P 500,tRS&P 500)2 (RFIS,tRFIS)×(RS&P 500,tRS&P 500)
1. Feb 28, 2018 -5.06% -3.89% 23.10 20.81 21.92
2. Mar 31, 2018 -0.58% -2.69% 0.10 11.26 1.08
3. Apr 30, 2018 -1.38% 0.27% 1.27 0.16 0.44
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2022 -12.54% 5.38% 151.02 22.17 -57.87
59. Dec 31, 2022 -5.87% -5.90% 31.53 43.08 36.85
Total (Σ): 3,705.46 1,691.48 1,349.69
t Date RFIS,t RS&P 500,t (RFIS,tRFIS)2 (RS&P 500,tRS&P 500)2 (RFIS,tRFIS)×(RS&P 500,tRS&P 500)
1. Feb 28, 2018 -5.06% -3.89% 23.10 20.81 21.92
2. Mar 31, 2018 -0.58% -2.69% 0.10 11.26 1.08
3. Apr 30, 2018 -1.38% 0.27% 1.27 0.16 0.44
4. May 31, 2018 7.63% 2.16% 62.23 2.23 11.79
5. Jun 30, 2018 4.04% 0.48% 18.45 0.03 -0.78
6. Jul 31, 2018 -2.74% 3.60% 6.15 8.62 -7.28
7. Aug 31, 2018 4.89% 3.03% 26.44 5.57 12.13
8. Sep 30, 2018 1.13% 0.43% 1.91 0.06 -0.33
9. Oct 31, 2018 -4.56% -6.94% 18.51 57.87 32.73
10. Nov 30, 2018 3.70% 1.79% 15.63 1.25 4.42
11. Dec 31, 2018 -4.71% -9.18% 19.81 96.91 43.82
12. Jan 31, 2019 1.93% 7.87% 4.78 51.87 15.74
13. Feb 28, 2019 3.46% 2.97% 13.82 5.32 8.57
14. Mar 31, 2019 4.90% 1.79% 26.58 1.27 5.80
15. Apr 30, 2019 2.50% 3.93% 7.60 10.66 9.00
16. May 31, 2019 3.77% -6.58% 16.19 52.48 -29.15
17. Jun 30, 2019 2.27% 6.89% 6.37 38.77 15.71
18. Jul 31, 2019 8.62% 1.31% 78.69 0.42 5.73
19. Aug 31, 2019 2.23% -1.81% 6.17 6.13 -6.15
20. Sep 30, 2019 -2.28% 1.72% 4.11 1.11 -2.13
21. Oct 31, 2019 -0.75% 2.04% 0.25 1.89 -0.69
22. Nov 30, 2019 4.85% 3.40% 26.05 7.50 13.98
23. Dec 31, 2019 0.93% 2.86% 1.41 4.81 2.61
24. Jan 31, 2020 3.29% -0.16% 12.53 0.69 -2.94
25. Feb 29, 2020 -2.74% -8.41% 6.19 82.40 22.59
26. Mar 31, 2020 -12.69% -12.51% 154.63 173.67 163.88
27. Apr 30, 2020 8.43% 12.68% 75.36 144.43 104.33
28. May 31, 2020 5.26% 4.53% 30.43 14.91 21.30
29. Jun 30, 2020 -3.16% 1.84% 8.45 1.37 -3.41
30. Jul 31, 2020 9.11% 5.51% 87.76 23.46 45.37
31. Aug 31, 2020 3.10% 7.01% 11.27 40.19 21.29
32. Sep 30, 2020 -2.18% -3.92% 3.71 21.06 8.84
33. Oct 31, 2020 -15.37% -2.77% 228.35 11.79 51.88
34. Nov 30, 2020 19.12% 10.75% 375.32 101.77 195.44
35. Dec 31, 2020 -4.45% 3.71% 17.58 9.28 -12.77
36. Jan 31, 2021 -12.72% -1.11% 155.50 3.17 22.20
37. Feb 28, 2021 11.78% 2.61% 144.76 3.77 23.37
38. Mar 31, 2021 2.17% 4.24% 5.90 12.80 8.69
39. Apr 30, 2021 8.74% 5.24% 80.91 20.94 41.16
40. May 31, 2021 -2.56% 0.55% 5.33 0.01 0.27
41. Jun 30, 2021 -4.64% 2.22% 19.28 2.42 -6.83
42. Jul 31, 2021 5.21% 2.27% 29.85 2.59 8.79
43. Aug 31, 2021 -14.28% 2.90% 196.63 4.98 -31.30
44. Sep 30, 2021 -4.46% -4.76% 17.70 29.42 22.81
45. Oct 31, 2021 -8.99% 6.91% 76.32 39.03 -54.58
46. Nov 30, 2021 -5.63% -0.83% 28.95 2.25 8.07
47. Dec 31, 2021 4.82% 4.36% 25.78 13.65 18.76
48. Jan 31, 2022 9.87% -5.26% 102.45 35.11 -59.97
49. Feb 28, 2022 -20.59% -3.14% 413.48 14.46 77.32
50. Mar 31, 2022 5.94% 3.58% 38.42 8.47 18.04
51. Apr 30, 2022 -1.26% -8.80% 1.02 89.54 9.56
52. May 31, 2022 5.40% 0.01% 31.93 0.44 -3.74
53. Jun 30, 2022 -11.83% -8.39% 133.94 82.06 104.84
54. Jul 31, 2022 11.44% 9.11% 136.84 71.32 98.79
55. Aug 31, 2022 -10.56% -4.24% 106.24 24.11 50.62
56. Sep 30, 2022 -16.78% -9.34% 273.02 100.12 165.34
57. Oct 31, 2022 9.82% 7.99% 101.47 53.58 73.73
58. Nov 30, 2022 -12.54% 5.38% 151.02 22.17 -57.87
59. Dec 31, 2022 -5.87% -5.90% 31.53 43.08 36.85
Total (Σ): 3,705.46 1,691.48 1,349.69

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VarianceFIS = Σ(RFIS,tRFIS)2 ÷ (59 – 1)
= 3,705.46 ÷ (59 – 1)
= 63.89

VarianceS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 1,691.48 ÷ (59 – 1)
= 29.16

CovarianceFIS, S&P 500 = Σ(RFIS,tRFIS)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 1,349.69 ÷ (59 – 1)
= 23.27


Systematic Risk (β) Estimation

Microsoft Excel
VarianceFIS 63.89
VarianceS&P 500 29.16
CovarianceFIS, S&P 500 23.27
Correlation coefficientFIS, S&P 5001 0.54
βFIS2 0.80
αFIS3 -0.79%

Calculations

1 Correlation coefficientFIS, S&P 500
= CovarianceFIS, S&P 500 ÷ (Standard deviationFIS × Standard deviationS&P 500)
= 23.27 ÷ (7.99% × 5.40%)
= 0.54

2 βFIS
= CovarianceFIS, S&P 500 ÷ VarianceS&P 500
= 23.27 ÷ 29.16
= 0.80

3 αFIS
= AverageFIS – βFIS × AverageS&P 500
= -0.25%0.80 × 0.67%
= -0.79%


Expected Rate of Return

Microsoft Excel
Assumptions
Rate of return on LT Treasury Composite1 RF 4.42%
Expected rate of return on market portfolio2 E(RM) 13.61%
Systematic risk (β) of Fidelity National Information Services Inc. common stock βFIS 0.80
 
Expected rate of return on Fidelity National Information Services Inc. common stock3 E(RFIS) 11.75%

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(RFIS) = RF + βFIS [E(RM) – RF]
= 4.42% + 0.80 [13.61%4.42%]
= 11.75%