Capital asset pricing model (CAPM) indicates what should be the expected or required rate of return on risky assets like Uber Technologies Inc. common stock.
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Uber Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2019
- Operating Profit Margin since 2019
- Total Asset Turnover since 2019
- Price to Operating Profit (P/OP) since 2019
- Price to Sales (P/S) since 2019
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Rates of Return
Uber Technologies Inc. (UBER) | Standard & Poor’s 500 (S&P 500) | |||||
---|---|---|---|---|---|---|
t | Date | PriceUBER,t1 | DividendUBER,t1 | RUBER,t2 | PriceS&P 500,t | RS&P 500,t3 |
May 31, 2019 | ||||||
1. | Jun 30, 2019 | |||||
2. | Jul 31, 2019 | |||||
3. | Aug 31, 2019 | |||||
. | . | . | . | . | . | . |
. | . | . | . | . | . | . |
. | . | . | . | . | . | . |
54. | Nov 30, 2023 | |||||
55. | Dec 31, 2023 | |||||
Average (R): | ||||||
Standard deviation: |
Uber Technologies Inc. (UBER) | Standard & Poor’s 500 (S&P 500) | |||||
---|---|---|---|---|---|---|
t | Date | PriceUBER,t1 | DividendUBER,t1 | RUBER,t2 | PriceS&P 500,t | RS&P 500,t3 |
May 31, 2019 | ||||||
1. | Jun 30, 2019 | |||||
2. | Jul 31, 2019 | |||||
3. | Aug 31, 2019 | |||||
4. | Sep 30, 2019 | |||||
5. | Oct 31, 2019 | |||||
6. | Nov 30, 2019 | |||||
7. | Dec 31, 2019 | |||||
8. | Jan 31, 2020 | |||||
9. | Feb 29, 2020 | |||||
10. | Mar 31, 2020 | |||||
11. | Apr 30, 2020 | |||||
12. | May 31, 2020 | |||||
13. | Jun 30, 2020 | |||||
14. | Jul 31, 2020 | |||||
15. | Aug 31, 2020 | |||||
16. | Sep 30, 2020 | |||||
17. | Oct 31, 2020 | |||||
18. | Nov 30, 2020 | |||||
19. | Dec 31, 2020 | |||||
20. | Jan 31, 2021 | |||||
21. | Feb 28, 2021 | |||||
22. | Mar 31, 2021 | |||||
23. | Apr 30, 2021 | |||||
24. | May 31, 2021 | |||||
25. | Jun 30, 2021 | |||||
26. | Jul 31, 2021 | |||||
27. | Aug 31, 2021 | |||||
28. | Sep 30, 2021 | |||||
29. | Oct 31, 2021 | |||||
30. | Nov 30, 2021 | |||||
31. | Dec 31, 2021 | |||||
32. | Jan 31, 2022 | |||||
33. | Feb 28, 2022 | |||||
34. | Mar 31, 2022 | |||||
35. | Apr 30, 2022 | |||||
36. | May 31, 2022 | |||||
37. | Jun 30, 2022 | |||||
38. | Jul 31, 2022 | |||||
39. | Aug 31, 2022 | |||||
40. | Sep 30, 2022 | |||||
41. | Oct 31, 2022 | |||||
42. | Nov 30, 2022 | |||||
43. | Dec 31, 2022 | |||||
44. | Jan 31, 2023 | |||||
45. | Feb 28, 2023 | |||||
46. | Mar 31, 2023 | |||||
47. | Apr 30, 2023 | |||||
48. | May 31, 2023 | |||||
49. | Jun 30, 2023 | |||||
50. | Jul 31, 2023 | |||||
51. | Aug 31, 2023 | |||||
52. | Sep 30, 2023 | |||||
53. | Oct 31, 2023 | |||||
54. | Nov 30, 2023 | |||||
55. | Dec 31, 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 UBER during period t
3 Rate of return on S&P 500 (the market portfolio proxy) during period t
Variance and Covariance
t | Date | RUBER,t | RS&P 500,t | (RUBER,t–RUBER)2 | (RS&P 500,t–RS&P 500)2 | (RUBER,t–RUBER)×(RS&P 500,t–RS&P 500) |
---|---|---|---|---|---|---|
1. | Jun 30, 2019 | |||||
2. | Jul 31, 2019 | |||||
3. | Aug 31, 2019 | |||||
. | . | . | . | . | . | . |
. | . | . | . | . | . | . |
. | . | . | . | . | . | . |
54. | Nov 30, 2023 | |||||
55. | Dec 31, 2023 | |||||
Total (Σ): |
t | Date | RUBER,t | RS&P 500,t | (RUBER,t–RUBER)2 | (RS&P 500,t–RS&P 500)2 | (RUBER,t–RUBER)×(RS&P 500,t–RS&P 500) |
---|---|---|---|---|---|---|
1. | Jun 30, 2019 | |||||
2. | Jul 31, 2019 | |||||
3. | Aug 31, 2019 | |||||
4. | Sep 30, 2019 | |||||
5. | Oct 31, 2019 | |||||
6. | Nov 30, 2019 | |||||
7. | Dec 31, 2019 | |||||
8. | Jan 31, 2020 | |||||
9. | Feb 29, 2020 | |||||
10. | Mar 31, 2020 | |||||
11. | Apr 30, 2020 | |||||
12. | May 31, 2020 | |||||
13. | Jun 30, 2020 | |||||
14. | Jul 31, 2020 | |||||
15. | Aug 31, 2020 | |||||
16. | Sep 30, 2020 | |||||
17. | Oct 31, 2020 | |||||
18. | Nov 30, 2020 | |||||
19. | Dec 31, 2020 | |||||
20. | Jan 31, 2021 | |||||
21. | Feb 28, 2021 | |||||
22. | Mar 31, 2021 | |||||
23. | Apr 30, 2021 | |||||
24. | May 31, 2021 | |||||
25. | Jun 30, 2021 | |||||
26. | Jul 31, 2021 | |||||
27. | Aug 31, 2021 | |||||
28. | Sep 30, 2021 | |||||
29. | Oct 31, 2021 | |||||
30. | Nov 30, 2021 | |||||
31. | Dec 31, 2021 | |||||
32. | Jan 31, 2022 | |||||
33. | Feb 28, 2022 | |||||
34. | Mar 31, 2022 | |||||
35. | Apr 30, 2022 | |||||
36. | May 31, 2022 | |||||
37. | Jun 30, 2022 | |||||
38. | Jul 31, 2022 | |||||
39. | Aug 31, 2022 | |||||
40. | Sep 30, 2022 | |||||
41. | Oct 31, 2022 | |||||
42. | Nov 30, 2022 | |||||
43. | Dec 31, 2022 | |||||
44. | Jan 31, 2023 | |||||
45. | Feb 28, 2023 | |||||
46. | Mar 31, 2023 | |||||
47. | Apr 30, 2023 | |||||
48. | May 31, 2023 | |||||
49. | Jun 30, 2023 | |||||
50. | Jul 31, 2023 | |||||
51. | Aug 31, 2023 | |||||
52. | Sep 30, 2023 | |||||
53. | Oct 31, 2023 | |||||
54. | Nov 30, 2023 | |||||
55. | Dec 31, 2023 | |||||
Total (Σ): |
Show all
VarianceUBER = Σ(RUBER,t–RUBER)2 ÷ (55 – 1)
= ÷ (55 – 1)
=
VarianceS&P 500 = Σ(RS&P 500,t–RS&P 500)2 ÷ (55 – 1)
= ÷ (55 – 1)
=
CovarianceUBER, S&P 500 = Σ(RUBER,t–RUBER)×(RS&P 500,t–RS&P 500) ÷ (55 – 1)
= ÷ (55 – 1)
=
Systematic Risk (β) Estimation
VarianceUBER | |
VarianceS&P 500 | |
CovarianceUBER, S&P 500 | |
Correlation coefficientUBER, S&P 5001 | |
βUBER2 | |
αUBER3 |
Calculations
1 Correlation coefficientUBER, S&P 500
= CovarianceUBER, S&P 500 ÷ (Standard deviationUBER × Standard deviationS&P 500)
= ÷ ( × )
=
2 βUBER
= CovarianceUBER, S&P 500 ÷ VarianceS&P 500
= ÷
=
3 αUBER
= AverageUBER – βUBER × AverageS&P 500
= – ×
=
Expected Rate of Return
Assumptions | ||
Rate of return on LT Treasury Composite1 | RF | |
Expected rate of return on market portfolio2 | E(RM) | |
Systematic risk (β) of Uber Technologies Inc. common stock | βUBER | |
Expected rate of return on Uber Technologies Inc. common stock3 | E(RUBER) |
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).
3 E(RUBER) = RF + βUBER [E(RM) – RF]
= + [ – ]
=