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Using the methodologies learned in class, conduct a relative valuation of your company using the following multiples:
- Price to Earnings (P/E)
- Price to Book (P/B)
- Price to Sales (P/S)
- Enterprise Value to EBITDA (EV/EBITDA)
- Any other method deemed appropriate for your company
In your valuation discussion, explain how you determined the appropriate value of the multiple. Include historical charts to reinforce your arguments and provide context.
Evaluate which of these multiples are suitable for your company. Justify your selection. Consider factors such as industry norms, company-specific characteristics, and growth prospects when making your determination.
Submit a detailed report through Brightspace, ensuring clarity in presentation and thoroughness in analysis.
My Instructions
I have attached the presentation of professor and also attaching my Pro-forma statements analysis from which you can take a reference. I just need the excel work for this relative valuation. I can write a report from that.
RELATIVE VALUATION
FI 640
Dr. Alok Nemani
RELATIVE VALUATION
▪ In relative valuation, the value of an asset is compared to the
values assessed by the market for similar
assets.
▪ Can’t catch market trends. Assumes market is on average
efficient.
2
© 2024 Alok Nemani All Rights Reserved
CONDUCTING RELATIVE VALUATION
▪ Identify similar assets and obtain market values for these
assets.
▪ Convert these market values into standardized values or
multiples, since the absolute prices cannot be compared.
▪ Multiples for both the assets should be estimated in a
consistent manner (such as accounting rules, periods, ratio
definition etc.)
▪ Compare the multiple for the asset being analyzed to the
multiple for the comparable asset, controlling for any
differences between the firms that might affect the multiple
(example: size, growth rate, profitability etc.).
3 © 2024 Alok Nemani All Rights Reserved
FINDING THE RIGHT MULTIPLE
➢What is the right value of a multiple?
I. Compare the current multiple of the company to its
own historical multiple.
▪ Measured at a comparable point in the business cycle
and macroeconomic environment
II. Compare current multiples to those of other
companies, a sector or a market.
▪ Adjust the multiple for differences in growth, profitability,
lifecycle, dividends, risk profile etc.
▪ Compare the current spread between them to a historical
spread.
4 © 2024 Alok Nemani All Rights Reserved
PE RATIO
▪ Price-to-earnings (PE ratio): stock price divided by EPS
❑ Price: usually the current stock price
❑ EPS is earnings per share
❑ EPS can be of different types.
• Most recent EPS
• Trailing PE: last 12-month EPS
• Forward PE: next 12-month EPS
5 © 2024 Alok Nemani All Rights Reserved
PE RATIO
▪ All else equal, high PE ratio firms are overvalued compared to low
PE stocks. But,
▪ All else is seldom equal.
❑ Firms with high growth, high ROE, low risk (stable earnings), high
dividends typically command high
PE ratio.
❑ Determine expected PE ratio using comparable asset and multiply it by
correct EPS to get expected intrinsic value.
▪ Getting the right PE ratio:
❑ Examine past (3-5 year) ratios : Highest PE ratio may be used for best
case, average for base case, lowest for worst case. Assign probability
based on market condition i.e., GDP growth, inflation, interest rates.
❑ Adjust for historic spreads
❑ Regress firm’s PE ratio on industry or competitor PE ratio to predict the
PE ratio.
6 © 2024 Alok Nemani All Rights Reserved
PEG RATIO
▪ PE ratio is higher for high growth firms.
▪ To reconcile high P/E valuation for high growth firms, the
PEG ratio was developed.
▪ It is the ratio of price multiple to the EPS growth rate.
▪ 𝑃𝐸𝐺 = ൗ𝑃/𝐸
𝑔, g is expected earnings growth rate
▪ Allows identification of overvalued stocks by adjusting for
growth.
7 © 2024 Alok Nemani All Rights Reserved
IS PEG SUPERIOR TO P/E?
▪ PEG is more appropriate for high growth firms.
▪ P/E is more appropriate for stable companies.
▪ The main issue is the quality of the growth estimate.
▪ We know that analysts have consistently over-estimated
EPS growth.
▪ PEG is not better or worse than P/E. It is just a different
valuation measure.
8 © 2024 Alok Nemani All Rights Reserved
EV-TO-EBITDA RATIO
▪ Economic value to EBITDA
▪ EV (economic value) = market value of equity + market value of
debt (take book value of market value not available) – cash.
▪ EBITDA: earnings before interest, taxes, and depreciation
▪ Intuition is similar to PE. Firms with high growth, high ROE, low
risk (stable earnings) typically command high multiple.
▪ Firms with high debt (not distressed) commands higher multiple
due to low cost of capital.
▪ EV/EBITDA analysis provides firm value.
▪ EV/EBITDA is preferred for capital intensive and high leverage
businesses.
4-9 © 2024 Alok Nemani All Rights Reserved
PRICE-TO-BOOK RATIO
▪ Price/Book Value = Market Value of Equity / Book Value of
Equity
❑ Market value of equity = share price * # shares outstanding
❑ Book value of equity = shareholders’ equity in the balance
sheet
▪ High ROE firms typically trade at a higher multiple.
▪ Good for capital intensive businesses.
❑ Examples: Energy companies, Financial services and banks,
Transportation companies, manufacturing companies.
▪ Can be used for cyclical businesses.
▪ Should not be used for firms with volatile capital structure
or firms with negative equity.
4-10 © 2024 Alok Nemani All Rights Reserved
PRICE-TO-SALES RATIO
❑ Price/ Sales= Market Value of Equity/Total Revenues
❑ Price = PS ratio * sales
❑ Sales are generally less subject to distortion or manipulation
than EPS or book value.
❑ Sales are positive when EPS is negative.
❑ Because sales are more stable than EPS, PS is generally more
stable than PE.
❑ PS is appropriate for valuing the equities of growth companies
yet to turn profitable, firms with temporary setback and when
sales is the most important metric.
❑ Since it does not account for capex or debt, should be used for
companies for which debt ratios or capex is stable.
4-11 © 2024 Alok Nemani All Rights Reserved
CHOOSING THE RIGHT METHODOLOGY
▪ How to determine the right value given there are numerous
multiples?
▪ First approach:
❑ Use simple average of stock price calculated using different
multiples.
❑ Use weighted average of stock price calculated using different
multiples.
▪ A better approach:
❑ Determine the right multiple for your company and use it for
valuation.
❑ Right multiple depends on business dynamics (industry), value
drivers
4-12 © 2024 Alok Nemani All Rights Reserved
CHOOSING MULTIPLES
4-13
Sector Right Multiple
Cyclical
Manufacturing – for stable & low leverage
Manufacturing – for high leverage
High Tech, Normal growth
High Tech, High growth
Heavy Infrastructure
Financial services
Retail – for stable & low leverage
Retail – for high leverage
© 2024 Alok Nemani All Rights Reserved
CHOOSING MULTIPLES
4-14
Sector Right Multiple
Cyclical PB
Manufacturing – for stable & low leverage PE, PB, EV/EBITDA
Manufacturing – for high leverage EV/EBITDA, PB
High Tech, Normal growth PE
High Tech, High growth PEG
Heavy Infrastructure EV/EBITDA, PB
Financial services Price to Book
Retail – for stable & low leverage PE, PS
Retail – for high leverage EV to sales
© 2024 Alok Nemani All Rights Reserved
NICE THOUGHTS
▪ The P/E ratio is only a reflection of what most investors expect to
happen at a point in time, and that is neither here nor there in terms
of what actually will happen.” Peter Bernstein
▪ “Just because something is cheap does not mean it is not going to
go down.” Warren Buffett
▪ “There is nothing at all conservative, in my opinion, about
speculating as to just how high a multiplier a greedy and capricious
public will put on earnings.” Warren Buffett
4-15 © 2024 Alok Nemani All Rights Reserved
THANK YOU
16 © 2024 Alok Nemani All Rights Reserved
- Slide 1: Relative valuation
- Slide 2: Relative valuation
- Slide 3: Conducting Relative valuation
- Slide 4: Finding the right multiple
- Slide 5: PE ratio
- Slide 6: PE ratio
- Slide 7: PEG ratio
- Slide 8: IS PEG Superior to P/E?
- Slide 9: EV-to-EBITDA ratio
- Slide 10: Price-to-book ratio
- Slide 11: Price-to-sales ratio
- Slide 12: Choosing the right methodology
- Slide 13: Choosing Multiples
- Slide 14: Choosing Multiples
- Slide 15: Nice thoughts
- Slide 16
Daily
S&P
Risk Free Rate
Oracle
Date
Price
%Return
YTM
Daily
Market Risk Premium
Price
%Return
observation_date
DGS10
Date
Price
03/18/25
5,614.66
-1.07%
4.31
0.0118%
-1.08%
149.45
-2.96%
2024-03-14
4.29
03/18/25
149.45
03/17/25
5,675.12
0.64%
4.31
0.0118%
0.63%
154.01
3.18%
2024-03-15
4.31
03/17/25
154.01
03/14/25
5,638.94
2.13%
4.31
0.0118%
2.11%
149.27
1.09%
2024-03-18
4.34
03/14/25
149.27
03/13/25
5,521.52
-1.39%
4.27
0.0117%
-1.40%
147.66
-2.14%
2024-03-19
4.30
03/13/25
147.66
03/12/25
5,599.30
0.49%
4.32
0.0118%
0.48%
150.89
4.65%
2024-03-20
4.27
03/12/25
150.89
03/11/25
5,572.07
-0.76%
4.28
0.0117%
-0.77%
144.18
-3.10%
SUMMARY OUTPUT
2024-03-21
4.27
03/11/25
144.18
03/10/25
5,614.56
-2.70%
4.22
0.0116%
-2.71%
148.79
-4.11%
2024-03-22
4.22
03/10/25
148.79
03/07/25
5,770.20
0.55%
4.32
0.0118%
0.54%
155.16
2.80%
Regression Statistics
2024-03-25
4.25
03/07/25
155.16
03/06/25
5,738.52
-1.78%
4.29
0.0118%
-1.79%
150.94
-6.57%
Multiple R
0.5822825511
2024-03-26
4.24
03/06/25
150.94
03/05/25
5,842.63
1.12%
4.28
0.0117%
1.10%
161.56
2.60%
R Square
0.3390529693
2024-03-27
4.20
03/05/25
161.56
03/04/25
5,778.15
-1.22%
4.22
0.0116%
-1.24%
157.47
-2.81%
Adjusted R Square
0.3363878603
2024-03-28
4.20
03/04/25
157.47
03/03/25
5,849.72
-1.76%
4.16
0.0114%
-1.77%
162.02
-2.43%
Standard Error
0.0194532488
2024-03-29
03/03/25
162.02
02/28/25
5,954.50
1.59%
4.24
0.0116%
1.57%
166.06
0.79%
Observations
250
2024-04-01
4.33
02/28/25
166.06
02/27/25
5,861.57
-1.59%
4.29
0.0118%
-1.60%
164.76
-4.47%
2024-04-02
4.36
02/27/25
164.76
02/26/25
5,956.06
0.01%
4.25
0.0116%
0.00%
172.47
2.33%
ANOVA
2024-04-03
4.36
02/26/25
172.47
02/25/25
5,955.25
-0.47%
4.3
0.0118%
-0.48%
168.54
-0.84%
df
SS
MS
F
Significance F
2024-04-04
4.31
02/25/25
168.54
02/24/25
5,983.25
-0.50%
4.4
0.0121%
-0.51%
169.96
1.28%
Regression
1
0.0481434112
0.0481434112
127.2191756549
4.32996687533767E-24
2024-04-05
4.39
02/24/25
169.96
02/21/25
6,013.13
-1.71%
4.42
0.0121%
-1.72%
167.81
-4.65%
Residual
248
0.0938503643
0.0003784289
2024-04-08
4.42
02/21/25
167.81
02/20/25
6,117.52
-0.43%
4.5
0.0123%
-0.45%
176.00
-3.04%
Total
249
0.1419937756
2024-04-09
4.36
02/20/25
176.00
02/19/25
6,144.15
0.24%
4.53
0.0124%
0.23%
181.52
0.96%
2024-04-10
4.55
02/19/25
181.52
02/18/25
6,129.58
0.24%
4.55
0.0125%
0.23%
179.80
3.24%
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
2024-04-11
4.56
02/18/25
179.80
02/14/25
6,114.63
-0.01%
4.47
0.0122%
-0.02%
174.16
0.17%
Intercept
0.0004801203
0.0012309208
0.3900496851
0.6968345937
-0.0019442714
0.0029045119
-0.0019442714
0.0029045119
2024-04-12
4.50
02/14/25
174.16
02/13/25
6,115.07
1.04%
4.52
0.0124%
1.03%
173.86
0.95%
X Variable 1
1.6080564078
0.1425689629
11.2791478249
4.32996687533714E-24
1.3272560495
1.8888567661
1.3272560495
1.8888567661
2024-04-15
4.63
02/13/25
173.86
02/12/25
6,051.97
-0.27%
4.62
0.0127%
-0.29%
172.22
-2.80%
2024-04-16
4.67
02/12/25
172.22
02/11/25
6,068.50
0.03%
4.54
0.0124%
0.02%
177.19
-0.97%
2024-04-17
4.59
02/11/25
177.19
02/10/25
6,066.44
0.67%
4.51
0.0124%
0.66%
178.92
2.56%
2024-04-18
4.64
02/10/25
178.92
02/07/25
6,025.99
-0.95%
4.49
0.0123%
-0.96%
174.46
1.22%
2024-04-19
4.62
02/07/25
174.46
02/06/25
6,083.57
0.36%
4.45
0.0122%
0.35%
172.35
0.40%
2024-04-22
4.62
02/06/25
172.35
02/05/25
6,061.48
0.39%
4.43
0.0121%
0.38%
171.66
2.25%
2024-04-23
4.61
02/05/25
171.66
02/04/25
6,037.88
0.72%
4.52
0.0124%
0.71%
167.89
-0.42%
2024-04-24
4.65
02/04/25
167.89
02/03/25
5,994.57
-0.76%
4.54
0.0124%
-0.77%
168.60
-0.86%
2024-04-25
4.70
02/03/25
168.60
01/31/25
6,040.53
-0.50%
4.58
0.0125%
-0.52%
170.06
-0.19%
2024-04-26
4.67
01/31/25
170.06
01/30/25
6,071.17
0.53%
4.52
0.0124%
0.52%
170.38
5.16%
2024-04-29
4.63
01/30/25
170.38
01/29/25
6,039.31
-0.47%
4.55
0.0125%
-0.48%
162.02
-1.21%
2024-04-30
4.69
01/29/25
162.02
01/28/25
6,067.70
0.92%
4.55
0.0125%
0.91%
164.00
3.61%
2024-05-01
4.63
01/28/25
164.00
01/27/25
6,012.28
-1.46%
4.53
0.0124%
-1.47%
158.28
-13.79%
2024-05-02
4.58
01/27/25
158.28
01/24/25
6,101.24
-0.29%
4.63
0.0127%
-0.30%
183.60
-1.54%
2024-05-03
4.50
01/24/25
183.60
01/23/25
6,118.71
0.53%
4.65
0.0127%
0.52%
186.47
1.22%
2024-05-06
4.49
01/23/25
186.47
01/22/25
6,086.37
0.61%
4.6
0.0126%
0.60%
184.22
6.75%
2024-05-07
4.47
01/22/25
184.22
01/21/25
6,049.24
0.88%
4.57
0.0125%
0.86%
172.57
7.17%
2024-05-08
4.48
01/21/25
172.57
01/17/25
5,996.66
1.00%
4.61
0.0126%
0.99%
161.03
0.93%
2024-05-09
4.45
01/17/25
161.03
01/16/25
5,937.34
-0.21%
4.61
0.0126%
-0.22%
159.54
0.78%
2024-05-10
4.50
01/16/25
159.54
01/15/25
5,949.91
1.83%
4.66
0.0128%
1.82%
158.31
1.28%
2024-05-13
4.48
01/15/25
158.31
01/14/25
5,842.91
0.11%
4.78
0.0131%
0.10%
156.31
1.55%
2024-05-14
4.45
01/14/25
156.31
01/13/25
5,836.22
0.16%
4.79
0.0131%
0.14%
153.92
-0.38%
2024-05-15
4.36
01/13/25
153.92
01/10/25
5,827.04
-1.54%
4.77
0.0131%
-1.55%
154.50
-5.30%
2024-05-16
4.38
01/10/25
154.50
01/08/25
5,918.25
0.16%
4.67
0.0128%
0.14%
163.14
0.69%
2024-05-17
4.42
01/08/25
163.14
01/07/25
5,909.03
-1.11%
4.67
0.0128%
-1.12%
162.03
-2.21%
2024-05-20
4.44
01/07/25
162.03
01/06/25
5,975.38
0.55%
4.62
0.0127%
0.54%
165.69
-0.38%
2024-05-21
4.41
01/06/25
165.69
01/03/25
5,942.47
1.26%
4.6
0.0126%
1.25%
166.32
0.17%
2024-05-22
4.43
01/03/25
166.32
01/02/25
5,868.55
-0.22%
4.57
0.0125%
-0.23%
166.03
-0.37%
2024-05-23
4.47
01/02/25
166.03
12/31/24
5,881.63
-0.43%
4.58
0.0125%
-0.44%
166.64
-0.16%
2024-05-24
4.46
12/31/24
166.64
12/30/24
5,906.94
-1.07%
4.55
0.0125%
-1.08%
166.91
-1.21%
2024-05-27
12/30/24
166.91
12/27/24
5,970.84
-1.11%
4.62
0.0127%
-1.12%
168.96
-1.58%
2024-05-28
4.54
12/27/24
168.96
12/26/24
6,037.59
-0.04%
4.58
0.0125%
-0.05%
171.68
0.16%
2024-05-29
4.61
12/26/24
171.68
12/24/24
6,040.04
1.10%
4.59
0.0126%
1.09%
171.41
1.34%
2024-05-30
4.55
12/24/24
171.41
12/23/24
5,974.07
0.73%
4.59
0.0126%
0.72%
169.14
-0.31%
2024-05-31
4.51
12/23/24
169.14
12/20/24
5,930.85
1.09%
4.52
0.0124%
1.07%
169.66
0.52%
2024-06-03
4.41
12/20/24
169.66
12/19/24
5,867.08
-0.09%
4.57
0.0125%
-0.10%
168.79
2.04%
2024-06-04
4.33
12/19/24
168.79
12/18/24
5,872.16
-2.95%
4.5
0.0123%
-2.96%
165.41
-2.53%
2024-06-05
4.29
12/18/24
165.41
12/17/24
6,050.61
-0.39%
4.4
0.0121%
-0.40%
169.71
-0.89%
2024-06-06
4.28
12/17/24
169.71
12/16/24
6,074.08
0.38%
4.39
0.0120%
0.37%
171.23
-1.25%
2024-06-07
4.43
12/16/24
171.23
12/13/24
6,051.09
-0.00%
4.4
0.0121%
-0.01%
173.39
-1.10%
2024-06-10
4.47
12/13/24
173.39
12/12/24
6,051.25
-0.54%
4.32
0.0118%
-0.55%
175.32
-1.83%
2024-06-11
4.39
12/12/24
175.32
12/11/24
6,084.19
0.82%
4.26
0.0117%
0.80%
178.58
0.47%
2024-06-12
4.31
12/11/24
178.58
12/10/24
6,034.91
-0.30%
4.22
0.0116%
-0.31%
177.74
-6.67%
2024-06-13
4.24
12/10/24
177.74
12/09/24
6,052.85
-0.61%
4.2
0.0115%
-0.63%
190.45
-0.65%
2024-06-14
4.20
12/09/24
190.45
12/06/24
6,090.27
0.25%
4.15
0.0114%
0.24%
191.69
2.93%
2024-06-17
4.28
12/06/24
191.69
12/05/24
6,075.11
-0.19%
4.17
0.0114%
-0.20%
186.24
-1.04%
2024-06-18
4.22
12/05/24
186.24
12/04/24
6,086.49
0.61%
4.19
0.0115%
0.59%
188.19
2.90%
2024-06-19
12/04/24
188.19
12/03/24
6,049.88
0.05%
4.23
0.0116%
0.03%
182.89
0.82%
2024-06-20
4.25
12/03/24
182.89
12/02/24
6,047.15
0.24%
4.19
0.0115%
0.23%
181.41
-1.86%
2024-06-21
4.25
12/02/24
181.41
11/29/24
6,032.38
0.56%
4.18
0.0115%
0.55%
184.84
1.17%
2024-06-24
4.25
11/29/24
184.84
11/27/24
5,998.74
-0.38%
4.25
0.0116%
-0.39%
182.70
-4.03%
2024-06-25
4.23
11/27/24
182.70
11/26/24
6,021.63
0.57%
4.3
0.0118%
0.56%
190.37
1.27%
2024-06-26
4.32
11/26/24
190.37
11/25/24
5,987.37
0.30%
4.27
0.0117%
0.29%
187.99
-2.24%
2024-06-27
4.29
11/25/24
187.99
11/22/24
5,969.34
0.35%
4.41
0.0121%
0.33%
192.29
-0.07%
2024-06-28
4.36
11/22/24
192.29
11/21/24
5,948.71
0.53%
4.43
0.0121%
0.52%
192.43
0.88%
2024-07-01
4.48
11/21/24
192.43
11/20/24
5,917.11
0.00%
4.41
0.0121%
-0.01%
190.75
0.98%
2024-07-02
4.43
11/20/24
190.75
11/19/24
5,916.98
0.40%
4.39
0.0120%
0.38%
188.90
1.71%
2024-07-03
4.36
11/19/24
188.90
11/18/24
5,893.62
0.39%
4.42
0.0121%
0.38%
185.73
1.08%
2024-07-04
11/18/24
185.73
11/15/24
5,870.62
-1.32%
4.43
0.0121%
-1.33%
183.74
-1.77%
2024-07-05
4.28
11/15/24
183.74
11/14/24
5,949.17
-0.60%
4.43
0.0121%
-0.62%
187.05
-1.36%
2024-07-08
4.28
11/14/24
187.05
11/13/24
5,985.38
0.02%
4.44
0.0122%
0.01%
189.63
0.03%
2024-07-09
4.30
11/13/24
189.63
11/12/24
5,983.99
-0.29%
4.43
0.0121%
-0.30%
189.58
0.24%
2024-07-10
4.28
11/12/24
189.58
11/11/24
6,001.35
0.10%
0
0.0000%
0.10%
189.13
-0.06%
2024-07-11
4.20
11/11/24
189.13
11/08/24
5,995.54
0.38%
4.3
0.0118%
0.36%
189.25
1.55%
2024-07-12
4.18
11/08/24
189.25
11/07/24
5,973.10
0.74%
4.31
0.0118%
0.73%
186.37
2.83%
2024-07-15
4.23
11/07/24
186.37
11/06/24
5,929.04
2.53%
4.42
0.0121%
2.52%
181.24
5.51%
2024-07-16
4.17
11/06/24
181.24
11/05/24
5,782.76
1.23%
4.26
0.0117%
1.21%
171.78
1.29%
2024-07-17
4.16
11/05/24
171.78
11/04/24
5,712.69
-0.28%
4.31
0.0118%
-0.29%
169.59
-0.25%
2024-07-18
4.20
11/04/24
169.59
11/01/24
5,728.80
0.41%
4.37
0.0120%
0.40%
170.02
1.30%
2024-07-19
4.25
11/01/24
170.02
10/31/24
5,705.45
-1.86%
4.28
0.0117%
-1.87%
167.84
-3.85%
2024-07-22
4.26
10/31/24
167.84
10/30/24
5,813.67
-0.33%
4.29
0.0118%
-0.34%
174.56
0.65%
2024-07-23
4.25
10/30/24
174.56
10/29/24
5,832.92
0.16%
4.28
0.0117%
0.15%
173.43
0.59%
2024-07-24
4.28
10/29/24
173.43
10/28/24
5,823.52
0.27%
4.28
0.0117%
0.25%
172.42
-0.63%
2024-07-25
4.27
10/28/24
172.42
10/25/24
5,808.12
-0.03%
4.25
0.0116%
-0.04%
173.52
-0.49%
2024-07-26
4.20
10/25/24
173.52
10/24/24
5,809.86
0.21%
4.21
0.0115%
0.20%
174.38
0.74%
2024-07-29
4.17
10/24/24
174.38
10/23/24
5,797.42
-0.92%
4.24
0.0116%
-0.93%
173.10
-1.26%
2024-07-30
4.15
10/23/24
173.10
10/22/24
5,851.20
-0.05%
4.2
0.0115%
-0.06%
175.31
0.89%
2024-07-31
4.09
10/22/24
175.31
10/21/24
5,853.98
-0.18%
4.19
0.0115%
-0.19%
173.76
-0.53%
2024-08-01
3.99
10/21/24
173.76
10/18/24
5,864.67
0.40%
4.08
0.0112%
0.39%
174.69
-0.56%
2024-08-02
3.80
10/18/24
174.69
10/17/24
5,841.47
-0.02%
4.09
0.0112%
-0.03%
175.68
0.52%
2024-08-05
3.78
10/17/24
175.68
10/16/24
5,842.47
0.47%
4.02
0.0110%
0.46%
174.77
0.39%
2024-08-06
3.90
10/16/24
174.77
10/15/24
5,815.26
-0.76%
4.03
0.0110%
-0.77%
174.09
-1.15%
2024-08-07
3.96
10/15/24
174.09
10/14/24
5,859.85
0.77%
0
0.0000%
0.77%
176.12
0.20%
2024-08-08
3.99
10/14/24
176.12
10/11/24
5,815.03
0.61%
4.08
0.0112%
0.59%
175.77
0.21%
2024-08-09
3.94
10/11/24
175.77
10/10/24
5,780.05
-0.21%
4.09
0.0112%
-0.22%
175.41
-1.62%
2024-08-12
3.90
10/10/24
175.41
10/09/24
5,792.04
0.71%
4.06
0.0111%
0.70%
178.29
2.25%
2024-08-13
3.85
10/09/24
178.29
10/08/24
5,751.13
0.97%
4.04
0.0111%
0.96%
174.37
2.59%
2024-08-14
3.83
10/08/24
174.37
10/07/24
5,695.94
-0.96%
4.03
0.0110%
-0.97%
169.97
-0.52%
2024-08-15
3.92
10/07/24
169.97
10/04/24
5,751.07
0.90%
3.98
0.0109%
0.89%
170.86
2.40%
2024-08-16
3.89
10/04/24
170.86
10/03/24
5,699.94
-0.17%
3.85
0.0105%
-0.18%
166.86
-0.51%
2024-08-19
3.86
10/03/24
166.86
10/02/24
5,709.54
0.01%
3.79
0.0104%
0.00%
167.71
0.33%
2024-08-20
3.82
10/02/24
167.71
10/01/24
5,708.75
-0.93%
3.74
0.0102%
-0.94%
167.16
-1.90%
2024-08-21
3.79
10/01/24
167.16
09/30/24
5,762.48
0.42%
3.81
0.0104%
0.41%
170.40
0.98%
2024-08-22
3.86
09/30/24
170.40
09/27/24
5,738.17
-0.13%
3.75
0.0103%
-0.14%
168.74
0.38%
2024-08-23
3.81
09/27/24
168.74
09/26/24
5,745.37
0.40%
3.79
0.0104%
0.39%
168.10
1.09%
2024-08-26
3.82
09/26/24
168.10
09/25/24
5,722.26
-0.19%
3.79
0.0104%
-0.20%
166.28
0.29%
2024-08-27
3.83
09/25/24
166.28
09/24/24
5,732.93
0.25%
3.74
0.0102%
0.24%
165.80
-0.09%
2024-08-28
3.84
09/24/24
165.80
09/23/24
5,718.57
0.28%
3.75
0.0103%
0.27%
165.95
-1.22%
2024-08-29
3.87
09/23/24
165.95
09/20/24
5,702.55
-0.19%
3.73
0.0102%
-0.20%
168.00
0.24%
2024-08-30
3.91
09/20/24
168.00
09/19/24
5,713.64
1.70%
3.73
0.0102%
1.69%
167.59
1.86%
2024-09-02
09/19/24
167.59
09/18/24
5,618.26
-0.29%
3.7
0.0101%
-0.30%
164.53
-1.76%
2024-09-03
3.84
09/18/24
164.53
09/17/24
5,634.58
0.03%
3.65
0.0100%
0.02%
167.47
-1.68%
2024-09-04
3.77
09/17/24
167.47
09/16/24
5,633.09
0.13%
3.63
0.0099%
0.12%
170.33
5.12%
2024-09-05
3.73
09/16/24
170.33
09/13/24
5,626.02
0.54%
3.66
0.0100%
0.53%
162.03
0.40%
2024-09-06
3.72
09/13/24
162.03
09/12/24
5,595.76
0.75%
3.68
0.0101%
0.74%
161.38
2.67%
2024-09-09
3.70
09/12/24
161.38
09/11/24
5,554.13
1.07%
3.65
0.0100%
1.06%
157.18
0.83%
2024-09-10
3.65
09/11/24
157.18
09/10/24
5,495.52
0.45%
3.65
0.0100%
0.44%
155.89
11.44%
2024-09-11
3.65
09/10/24
155.89
09/09/24
5,471.05
1.16%
3.7
0.0101%
1.15%
139.89
-1.35%
2024-09-12
3.68
09/09/24
139.89
09/06/24
5,408.42
-1.73%
3.72
0.0102%
-1.74%
141.81
-0.56%
2024-09-13
3.66
09/06/24
141.81
09/05/24
5,503.41
-0.30%
3.73
0.0102%
-0.31%
142.61
1.32%
2024-09-16
3.63
09/05/24
142.61
09/04/24
5,520.07
-0.16%
3.77
0.0103%
-0.17%
140.75
0.90%
2024-09-17
3.65
09/04/24
140.75
09/03/24
5,528.93
-2.12%
3.84
0.0105%
-2.13%
139.50
-1.27%
2024-09-18
3.70
09/03/24
139.50
08/30/24
5,648.40
1.01%
3.91
0.0107%
1.00%
141.29
1.34%
2024-09-19
3.73
08/30/24
141.29
08/29/24
5,591.96
-0.00%
3.87
0.0106%
-0.01%
139.42
1.12%
2024-09-20
3.73
08/29/24
139.42
08/28/24
5,592.18
-0.60%
3.84
0.0105%
-0.61%
137.88
-0.43%
2024-09-23
3.75
08/28/24
137.88
08/27/24
5,625.80
0.16%
3.83
0.0105%
0.15%
138.48
-0.30%
2024-09-24
3.74
08/27/24
138.48
08/26/24
5,616.84
-0.32%
3.82
0.0105%
-0.33%
138.90
-0.21%
2024-09-25
3.79
08/26/24
138.90
08/23/24
5,634.61
1.15%
3.81
0.0104%
1.14%
139.19
0.80%
2024-09-26
3.79
08/23/24
139.19
08/22/24
5,570.64
-0.89%
3.86
0.0106%
-0.90%
138.08
-1.51%
2024-09-27
3.75
08/22/24
138.08
08/21/24
5,620.85
0.42%
3.79
0.0104%
0.41%
140.20
0.74%
2024-09-30
3.81
08/21/24
140.20
08/20/24
5,597.12
-0.20%
3.82
0.0105%
-0.21%
139.17
0.91%
2024-10-01
3.74
08/20/24
139.17
08/19/24
5,608.25
0.97%
3.86
0.0106%
0.96%
137.92
0.33%
2024-10-02
3.79
08/19/24
137.92
08/16/24
5,554.25
0.20%
3.89
0.0107%
0.19%
137.47
0.39%
2024-10-03
3.85
08/16/24
137.47
08/15/24
5,543.22
1.61%
3.92
0.0107%
1.60%
136.93
0.98%
2024-10-04
3.98
08/15/24
136.93
08/14/24
5,455.21
0.38%
3.83
0.0105%
0.37%
135.60
1.00%
2024-10-07
4.03
08/14/24
135.60
08/13/24
5,434.43
1.68%
3.85
0.0105%
1.67%
134.26
1.27%
2024-10-08
4.04
08/13/24
134.26
08/12/24
5,344.39
0.00%
3.9
0.0107%
-0.01%
132.58
0.39%
2024-10-09
4.06
08/12/24
132.58
08/09/24
5,344.16
0.47%
3.94
0.0108%
0.46%
132.06
2.40%
2024-10-10
4.09
08/09/24
132.06
08/08/24
5,319.31
2.30%
3.99
0.0109%
2.29%
128.96
2.43%
2024-10-11
4.08
08/08/24
128.96
08/07/24
5,199.50
-0.77%
3.96
0.0108%
-0.78%
125.90
-1.80%
2024-10-14
08/07/24
125.90
08/06/24
5,240.03
1.04%
3.9
0.0107%
1.02%
128.21
0.27%
2024-10-15
4.03
08/06/24
128.21
08/05/24
5,186.33
-3.00%
3.78
0.0104%
-3.01%
127.86
-4.07%
2024-10-16
4.02
08/05/24
127.86
08/02/24
5,346.56
-1.84%
3.8
0.0104%
-1.85%
133.28
-3.08%
2024-10-17
4.09
08/02/24
133.28
08/01/24
5,446.68
-1.37%
3.99
0.0109%
-1.38%
137.51
-1.39%
2024-10-18
4.08
08/01/24
137.51
07/31/24
5,522.30
1.58%
4.09
0.0112%
1.57%
139.45
2.79%
2024-10-21
4.19
07/31/24
139.45
07/30/24
5,436.44
-0.50%
4.15
0.0114%
-0.51%
135.67
-1.91%
2024-10-22
4.20
07/30/24
135.67
07/29/24
5,463.54
0.08%
4.17
0.0114%
0.07%
138.31
-0.50%
2024-10-23
4.24
07/29/24
138.31
07/26/24
5,459.10
1.11%
4.2
0.0115%
1.10%
139.01
0.86%
2024-10-24
4.21
07/26/24
139.01
07/25/24
5,399.22
-0.51%
4.27
0.0117%
-0.53%
137.82
-0.68%
2024-10-25
4.25
07/25/24
137.82
07/24/24
5,427.13
-2.32%
4.28
0.0117%
-2.33%
138.77
-3.03%
2024-10-28
4.28
07/24/24
138.77
07/23/24
5,555.74
-0.16%
4.25
0.0116%
-0.17%
143.11
2.10%
2024-10-29
4.28
07/23/24
143.11
07/22/24
5,564.41
1.08%
4.26
0.0117%
1.07%
140.17
1.16%
2024-10-30
4.29
07/22/24
140.17
07/19/24
5,505.00
-0.71%
4.25
0.0116%
-0.73%
138.56
0.38%
2024-10-31
4.28
07/19/24
138.56
07/18/24
5,544.59
-0.78%
4.2
0.0115%
-0.79%
138.03
-0.88%
2024-11-01
4.37
07/18/24
138.03
07/17/24
5,588.27
-1.39%
4.16
0.0114%
-1.40%
139.26
-2.35%
2024-11-04
4.31
07/17/24
139.26
07/16/24
5,667.20
0.64%
4.17
0.0114%
0.63%
142.61
-0.32%
2024-11-05
4.26
07/16/24
142.61
07/15/24
5,631.22
0.28%
4.23
0.0116%
0.27%
143.07
-1.17%
2024-11-06
4.42
07/15/24
143.07
07/12/24
5,615.35
0.55%
4.18
0.0115%
0.54%
144.77
1.41%
2024-11-07
4.31
07/12/24
144.77
07/11/24
5,584.54
-0.88%
4.2
0.0115%
-0.89%
142.76
0.49%
2024-11-08
4.30
07/11/24
142.76
07/10/24
5,633.91
1.02%
4.28
0.0117%
1.01%
142.07
0.99%
2024-11-11
07/10/24
142.07
07/09/24
5,576.98
0.07%
4.3
0.0118%
0.06%
140.68
-3.00%
2024-11-12
4.43
07/09/24
140.68
07/08/24
5,572.85
0.10%
4.28
0.0117%
0.09%
145.03
0.14%
2024-11-13
4.44
07/08/24
145.03
07/05/24
5,567.19
0.54%
4.28
0.0117%
0.53%
144.83
0.31%
2024-11-14
4.43
07/05/24
144.83
07/03/24
5,537.02
0.51%
4.36
0.0119%
0.50%
144.38
0.77%
2024-11-15
4.43
07/03/24
144.38
07/02/24
5,509.01
0.62%
4.43
0.0121%
0.61%
143.28
0.13%
2024-11-18
4.42
07/02/24
143.28
07/01/24
5,475.09
0.27%
4.48
0.0123%
0.26%
143.09
1.34%
2024-11-19
4.39
07/01/24
143.09
06/28/24
5,460.48
-0.41%
4.36
0.0119%
-0.42%
141.20
0.73%
2024-11-20
4.41
06/28/24
141.20
06/27/24
5,482.87
0.09%
4.29
0.0118%
0.08%
140.18
1.41%
2024-11-21
4.43
06/27/24
140.18
06/26/24
5,477.90
0.16%
4.32
0.0118%
0.15%
138.23
-0.68%
2024-11-22
4.41
06/26/24
138.23
06/25/24
5,469.30
0.39%
4.23
0.0116%
0.38%
139.17
-0.51%
2024-11-25
4.27
06/25/24
139.17
06/24/24
5,447.87
-0.31%
4.25
0.0116%
-0.32%
139.89
-1.14%
2024-11-26
4.30
06/24/24
139.89
06/21/24
5,464.62
-0.16%
4.25
0.0116%
-0.17%
141.50
-0.99%
2024-11-27
4.25
06/21/24
141.50
06/20/24
5,473.17
-0.25%
4.25
0.0116%
-0.26%
142.91
-1.20%
2024-11-28
06/20/24
142.91
06/18/24
5,487.03
0.25%
4.22
0.0116%
0.24%
144.64
2.36%
2024-11-29
4.18
06/18/24
144.64
06/17/24
5,473.23
0.77%
4.28
0.0117%
0.75%
141.31
2.30%
2024-12-02
4.19
06/17/24
141.31
06/14/24
5,431.60
-0.04%
4.2
0.0115%
-0.05%
138.13
-1.23%
2024-12-03
4.23
06/14/24
138.13
06/13/24
5,433.74
0.23%
4.24
0.0116%
0.22%
139.85
-0.38%
2024-12-04
4.19
06/13/24
139.85
06/12/24
5,421.03
0.85%
4.31
0.0118%
0.84%
140.38
13.32%
2024-12-05
4.17
06/12/24
140.38
06/11/24
5,375.32
0.27%
4.39
0.0120%
0.26%
123.88
-0.50%
2024-12-06
4.15
06/11/24
123.88
06/10/24
5,360.79
0.26%
4.47
0.0122%
0.25%
124.50
-1.13%
2024-12-09
4.20
06/10/24
124.50
06/07/24
5,346.99
-0.11%
4.43
0.0121%
-0.12%
125.92
1.96%
2024-12-10
4.22
06/07/24
125.92
06/06/24
5,352.96
-0.02%
4.28
0.0117%
-0.03%
123.50
0.71%
2024-12-11
4.26
06/06/24
123.50
06/05/24
5,354.03
1.18%
4.29
0.0118%
1.17%
122.63
2.13%
2024-12-12
4.32
06/05/24
122.63
06/04/24
5,291.34
0.15%
4.33
0.0119%
0.14%
120.07
0.66%
2024-12-13
4.40
06/04/24
120.07
06/03/24
5,283.40
0.11%
4.41
0.0121%
0.10%
119.28
1.78%
2024-12-16
4.39
06/03/24
119.28
05/31/24
5,277.51
0.80%
4.51
0.0124%
0.79%
117.19
0.09%
2024-12-17
4.40
05/31/24
117.19
05/30/24
5,235.48
-0.60%
4.55
0.0125%
-0.61%
117.09
-5.37%
2024-12-18
4.50
05/30/24
117.09
05/29/24
5,266.95
-0.74%
4.61
0.0126%
-0.75%
123.74
-0.60%
2024-12-19
4.57
05/29/24
123.74
05/28/24
5,306.04
0.03%
4.54
0.0124%
0.01%
124.49
1.29%
2024-12-20
4.52
05/28/24
124.49
05/24/24
5,304.72
0.70%
4.46
0.0122%
0.69%
122.91
-0.95%
2024-12-23
4.59
05/24/24
122.91
05/23/24
5,267.84
-0.74%
4.47
0.0122%
-0.75%
124.09
-0.41%
2024-12-24
4.59
05/23/24
124.09
05/22/24
5,307.01
-0.27%
4.43
0.0121%
-0.28%
124.60
-0.02%
2024-12-25
05/22/24
124.60
05/21/24
5,321.41
0.25%
4.41
0.0121%
0.24%
124.63
0.09%
2024-12-26
4.58
05/21/24
124.63
05/20/24
5,308.13
0.09%
4.44
0.0122%
0.08%
124.52
0.83%
2024-12-27
4.62
05/20/24
124.52
05/17/24
5,303.27
0.12%
4.42
0.0121%
0.10%
123.50
1.10%
2024-12-30
4.55
05/17/24
123.50
05/16/24
5,297.10
-0.21%
4.38
0.0120%
-0.22%
122.16
0.44%
2024-12-31
4.58
05/16/24
122.16
05/15/24
5,308.15
1.17%
4.36
0.0119%
1.16%
121.63
0.63%
2025-01-01
05/15/24
121.63
05/14/24
5,246.68
0.48%
4.45
0.0122%
0.47%
120.87
3.87%
2025-01-02
4.57
05/14/24
120.87
05/13/24
5,221.42
-0.02%
4.48
0.0123%
-0.04%
116.37
-0.26%
2025-01-03
4.60
05/13/24
116.37
05/10/24
5,222.68
0.16%
4.5
0.0123%
0.15%
116.67
0.03%
2025-01-06
4.62
05/10/24
116.67
05/09/24
5,214.08
0.51%
4.45
0.0122%
0.50%
116.64
-0.64%
2025-01-07
4.67
05/09/24
116.64
05/08/24
5,187.67
-0.00%
4.48
0.0123%
-0.01%
117.39
-0.46%
2025-01-08
4.67
05/08/24
117.39
05/07/24
5,187.70
0.13%
4.47
0.0122%
0.12%
117.93
-0.35%
2025-01-09
4.68
05/07/24
117.93
05/06/24
5,180.74
1.03%
4.49
0.0123%
1.02%
118.34
2.19%
2025-01-10
4.77
05/06/24
118.34
05/03/24
5,127.79
1.26%
4.5
0.0123%
1.24%
115.80
0.73%
2025-01-13
4.79
05/03/24
115.80
05/02/24
5,064.20
0.91%
4.58
0.0125%
0.90%
114.96
0.29%
2025-01-14
4.78
05/02/24
114.96
05/01/24
5,018.39
-0.34%
4.63
0.0127%
-0.36%
114.63
0.77%
2025-01-15
4.66
05/01/24
114.63
04/30/24
5,035.69
-1.57%
4.69
0.0128%
-1.59%
113.75
-2.35%
2025-01-16
4.61
04/30/24
113.75
04/29/24
5,116.17
0.32%
4.63
0.0127%
0.31%
116.49
-0.61%
2025-01-17
4.61
04/29/24
116.49
04/26/24
5,099.96
1.02%
4.67
0.0128%
1.01%
117.21
2.02%
2025-01-20
04/26/24
117.21
04/25/24
5,048.42
-0.46%
4.7
0.0129%
-0.47%
114.89
-0.39%
2025-01-21
4.57
04/25/24
114.89
04/24/24
5,071.63
0.02%
4.65
0.0127%
0.01%
115.34
0.22%
2025-01-22
4.60
04/24/24
115.34
04/23/24
5,070.55
1.20%
4.61
0.0126%
1.18%
115.09
0.49%
2025-01-23
4.65
04/23/24
115.09
04/22/24
5,010.60
0.87%
4.62
0.0127%
0.86%
114.53
-0.30%
2025-01-24
4.63
04/22/24
114.53
04/19/24
4,967.23
-0.88%
4.62
0.0127%
-0.89%
114.88
-0.97%
2025-01-27
4.53
04/19/24
114.88
04/18/24
5,011.12
-0.22%
4.64
0.0127%
-0.23%
116.00
-2.25%
2025-01-28
4.55
04/18/24
116.00
04/17/24
5,022.21
-0.58%
4.59
0.0126%
-0.59%
118.67
-1.62%
2025-01-29
4.55
04/17/24
118.67
04/16/24
5,051.41
-0.21%
4.67
0.0128%
-0.22%
120.62
0.62%
2025-01-30
4.52
04/16/24
120.62
04/15/24
5,061.82
-1.20%
4.63
0.0127%
-1.21%
119.88
-1.02%
2025-01-31
4.58
04/15/24
119.88
04/12/24
5,123.41
-1.46%
4.5
0.0123%
-1.47%
121.11
-1.73%
2025-02-03
4.54
04/12/24
121.11
04/11/24
5,199.06
0.74%
4.56
0.0125%
0.73%
123.24
1.22%
2025-02-04
4.52
04/11/24
123.24
04/10/24
5,160.64
-0.95%
4.55
0.0125%
-0.96%
121.75
-1.20%
2025-02-05
4.43
04/10/24
121.75
04/09/24
5,209.91
0.14%
4.36
0.0119%
0.13%
123.23
-0.90%
2025-02-06
4.45
04/09/24
123.23
04/08/24
5,202.39
-0.04%
4.42
0.0121%
-0.05%
124.35
-0.44%
2025-02-07
4.49
04/08/24
124.35
04/05/24
5,204.34
1.11%
4.39
0.0120%
1.10%
124.90
0.57%
2025-02-10
4.51
04/05/24
124.90
04/04/24
5,147.21
-1.23%
4.31
0.0118%
-1.25%
124.19
-1.62%
2025-02-11
4.54
04/04/24
124.19
04/03/24
5,211.49
0.11%
4.36
0.0119%
0.10%
126.24
1.53%
2025-02-12
4.62
04/03/24
126.24
04/02/24
5,205.81
-0.72%
4.36
0.0119%
-0.74%
124.34
-0.91%
2025-02-13
4.52
04/02/24
124.34
04/01/24
5,243.77
-0.20%
4.33
0.0119%
-0.21%
125.48
-0.10%
2025-02-14
4.47
04/01/24
125.48
03/28/24
5,254.35
0.11%
4.2
0.0115%
0.10%
125.61
0.27%
2025-02-17
03/28/24
125.61
03/27/24
5,248.49
0.86%
4.2
0.0115%
0.85%
125.27
-0.95%
2025-02-18
4.55
03/27/24
125.27
03/26/24
5,203.58
-0.28%
4.24
0.0116%
-0.29%
126.47
0.31%
2025-02-19
4.53
03/26/24
126.47
03/25/24
5,218.19
-0.31%
4.25
0.0116%
-0.32%
126.08
-1.34%
2025-02-20
4.50
03/25/24
126.08
03/22/24
5,234.18
-0.14%
4.22
0.0116%
-0.15%
127.79
-0.95%
2025-02-21
4.42
03/22/24
127.79
03/21/24
5,241.53
0.32%
4.27
0.0117%
0.31%
129.01
-0.18%
2025-02-24
4.40
03/21/24
129.01
03/20/24
5,224.62
0.89%
4.27
0.0117%
0.88%
129.24
0.04%
2025-02-25
4.30
03/20/24
129.24
03/19/24
5,178.51
0.56%
4.3
0.0118%
0.55%
129.19
1.09%
2025-02-26
4.25
03/19/24
129.19
03/18/24
5,149.42
ERROR:#DIV/0!
4.34
0.0119%
ERROR:#DIV/0!
127.80
ERROR:#DIV/0!
2025-02-27
4.29
03/18/24
127.80
2025-02-28
4.24
2025-03-03
4.16
2025-03-04
4.22
2025-03-05
4.28
2025-03-06
4.29
2025-03-07
4.32
2025-03-10
4.22
2025-03-11
4.28
2025-03-12
4.32
2025-03-13
4.27
2025-03-14
4.31
Weekly
S&P
Risk Free Rate
Oracle
Date
Price
%Return
YTM
Weekly
Market Risk Premium
Price
Return
03/18/25
5,614.66
-0.43%
4.28
0.0823%
-0.51%
149.45
0.12%
03/14/25
5,638.94
-2.27%
4.28
0.0823%
-2.36%
149.27
-3.80%
03/07/25
5,770.20
-3.10%
4.25
0.0817%
-3.18%
155.16
-6.56%
observation_date
DGS10
Date
%Return
observation_date
02/28/25
5,954.50
-0.97%
4.3
0.0827%
-1.06%
166.06
-1.04%
2022-03-18
2.16
03/18/25
-0.02%
2022-03-19
02/21/25
6,013.13
-1.66%
4.5
0.0865%
-1.75%
167.81
-3.65%
2022-03-25
2.37
03/14/25
-0.02%
2022-03-26
02/14/25
6,114.63
1.47%
4.53
0.0871%
1.38%
174.16
-0.17%
SUMMARY OUTPUT
2022-04-01
2.39
03/07/25
-0.02%
2022-04-02
02/07/25
6,025.99
-0.24%
4.49
0.0863%
-0.33%
174.46
2.59%
2022-04-08
2.59
02/28/25
-0.02%
2022-04-09
01/31/25
6,040.53
-1.00%
4.55
0.0875%
-1.08%
170.06
-7.37%
Regression Statistics
2022-04-15
2.76
02/21/25
-0.02%
2022-04-16
01/24/25
6,101.24
1.74%
4.61
0.0887%
1.66%
183.6
14.02%
Multiple R
0.6053130318
2022-04-22
2.89
02/14/25
-0.02%
2022-04-23
01/17/25
5,996.66
2.91%
4.69
0.0902%
2.82%
161.03
4.23%
R Square
0.3664038665
2022-04-29
2.83
02/07/25
-0.02%
2022-04-30
01/10/25
5,827.04
-1.94%
4.68
0.0900%
-2.03%
154.5
-7.11%
Adjusted R Square
0.3602524478
2022-05-06
3.01
01/31/25
-0.02%
2022-05-07
01/03/25
5,942.47
-0.48%
4.58
0.0881%
-0.56%
166.32
-1.56%
Standard Error
0.036609638
2022-05-13
2.94
01/24/25
-0.02%
2022-05-14
12/27/24
5,970.84
0.67%
4.6
0.0885%
0.59%
168.96
-0.41%
Observations
105
2022-05-20
2.87
01/17/25
-0.02%
2022-05-21
12/20/24
5,930.85
-1.99%
4.48
0.0862%
-2.07%
169.66
-2.15%
2022-05-27
2.77
01/10/25
-0.02%
2022-05-28
12/13/24
6,051.09
-0.64%
4.28
0.0823%
-0.73%
173.39
-9.55%
ANOVA
2022-06-03
2.92
01/03/25
-0.02%
2022-06-04
12/06/24
6,090.27
0.96%
4.19
0.0806%
0.88%
191.69
3.71%
df
SS
MS
F
Significance F
2022-06-10
3.05
12/27/24
-0.02%
2022-06-11
11/29/24
6,032.38
1.06%
4.25
0.0817%
0.97%
184.84
-3.87%
Regression
1
0.0798317454
0.0798317454
59.5641233564
0
2022-06-17
3.36
12/20/24
-0.02%
2022-06-18
11/22/24
5,969.34
1.68%
4.41
0.0848%
1.60%
192.29
4.65%
Residual
103
0.1380473565
0.0013402656
2022-06-24
3.17
12/13/24
-0.02%
2022-06-25
11/15/24
5,870.62
-2.08%
4.43
0.0852%
-2.17%
183.74
-2.91%
Total
104
0.2178791019
2022-07-01
3.07
12/06/24
-0.02%
2022-07-02
11/08/24
5,995.54
4.66%
4.32
0.0831%
4.57%
189.25
11.31%
2022-07-08
2.96
11/29/24
-0.02%
2022-07-09
11/01/24
5,728.80
-1.37%
4.3
0.0827%
-1.45%
170.02
-2.02%
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
2022-07-15
2.95
11/22/24
-0.02%
2022-07-16
10/25/24
5,808.12
-0.96%
4.22
0.0812%
-1.05%
173.52
-0.67%
Intercept
0.0006985989
0.003647685
0.191518439
0.8484964739
-0.0065357239
0.0079329218
-0.0065357239
0.0079329218
2022-07-22
2.94
11/15/24
-0.02%
2022-07-23
10/18/24
5,864.67
0.85%
4.06
0.0781%
0.78%
174.69
-0.61%
X Variable 1
1.5828404492
0.2050901312
7.7177796908
0
1.1760925456
1.9895883528
1.1760925456
1.9895883528
2022-07-29
2.75
11/08/24
-0.02%
2022-07-30
10/11/24
5,815.03
1.11%
4.06
0.0781%
1.03%
175.77
2.87%
2022-08-05
2.72
11/01/24
-0.02%
2022-08-06
10/04/24
5,751.07
0.22%
3.83
0.0737%
0.15%
170.86
1.26%
2022-08-12
2.81
10/25/24
-0.02%
2022-08-13
09/27/24
5,738.17
0.62%
3.76
0.0723%
0.55%
168.74
0.44%
2022-08-19
2.87
10/18/24
-0.02%
2022-08-20
09/20/24
5,702.55
1.36%
3.69
0.0710%
1.29%
168
3.68%
2022-08-26
3.05
10/11/24
-0.02%
2022-08-27
09/13/24
5,626.02
4.02%
3.67
0.0706%
3.95%
162.03
14.26%
SUMMARY OUTPUT
2022-09-02
3.17
10/04/24
-0.02%
2022-09-03
09/06/24
5,408.42
-4.25%
3.77
0.0725%
-4.32%
141.81
0.37%
2022-09-09
3.31
09/27/24
-0.02%
2022-09-10
08/30/24
5,648.40
0.24%
3.85
0.0740%
0.17%
141.29
1.51%
Regression Statistics
2022-09-16
3.42
09/20/24
-0.02%
2022-09-17
08/23/24
5,634.61
1.45%
3.83
0.0737%
1.37%
139.19
1.25%
Multiple R
0.6056333715
2022-09-23
3.59
09/13/24
-0.02%
2022-09-24
08/16/24
5,554.25
3.93%
3.88
0.0746%
3.86%
137.47
4.10%
R Square
0.3667917807
2022-09-30
3.83
09/06/24
-0.02%
2022-10-01
08/09/24
5,344.16
-0.04%
3.91
0.0752%
-0.12%
132.06
-0.92%
Adjusted R Square
0.3606441281
2022-10-07
3.75
08/30/24
-0.02%
2022-10-08
08/02/24
5,346.56
-2.06%
4.04
0.0777%
-2.14%
133.28
-4.12%
Standard Error
0.0365984293
2022-10-14
3.95
08/23/24
-0.02%
2022-10-15
07/26/24
5,459.10
-0.83%
4.25
0.0817%
-0.92%
139.01
0.32%
Observations
105
2022-10-21
4.12
08/16/24
-0.02%
2022-10-22
07/19/24
5,505.00
-1.97%
4.2
0.0808%
-2.05%
138.56
-4.29%
2022-10-28
4.07
08/09/24
-0.02%
2022-10-29
07/12/24
5,615.35
0.87%
4.25
0.0817%
0.78%
144.77
-0.04%
ANOVA
2022-11-04
4.12
08/02/24
-0.02%
2022-11-05
07/05/24
5,567.19
1.95%
4.39
0.0844%
1.87%
144.83
2.57%
df
SS
MS
F
Significance F
2022-11-11
4.08
07/26/24
-0.02%
2022-11-12
06/28/24
5,460.48
-0.08%
4.29
0.0825%
-0.16%
141.2
-0.21%
Regression
1
0.0799162638
0.0799162638
59.6637129143
0
2022-11-18
3.79
07/19/24
-0.02%
2022-11-19
06/21/24
5,464.62
0.61%
4.25
0.0817%
0.53%
141.5
2.44%
Residual
103
0.1379628381
0.001339445
2022-11-25
3.75
07/12/24
-0.02%
2022-11-26
06/14/24
5,431.60
1.58%
4.32
0.0831%
1.50%
138.13
9.70%
Total
104
0.2178791019
2022-12-02
3.63
07/05/24
-0.02%
2022-12-03
06/07/24
5,346.99
1.32%
4.35
0.0837%
1.23%
125.92
7.45%
2022-12-09
3.52
06/28/24
-0.02%
2022-12-10
05/31/24
5,277.51
-0.51%
4.55
0.0875%
-0.60%
117.19
-4.65%
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
2022-12-16
3.51
06/21/24
-0.02%
2022-12-17
05/24/24
5,304.72
0.03%
4.44
0.0854%
-0.06%
122.91
-0.48%
Intercept
0.0019691449
0.0036169236
0.5444253552
0.5873255187
-0.00520417
0.0091424598
-0.00520417
0.0091424598
2022-12-23
3.67
06/14/24
-0.02%
2022-12-24
05/17/24
5,303.27
1.54%
4.42
0.0850%
1.46%
123.5
5.85%
X Variable 1
1.5827840337
0.2049115897
7.7242289527
0
1.176390225
1.9891778423
1.176390225
1.9891778423
2022-12-30
3.86
06/07/24
-0.02%
2022-12-31
05/10/24
5,222.68
1.85%
4.48
0.0862%
1.76%
116.67
0.75%
2023-01-06
3.69
05/31/24
-0.02%
2023-01-07
05/03/24
5,127.79
0.55%
4.61
0.0887%
0.46%
115.8
-1.20%
2023-01-13
3.52
05/24/24
-0.02%
2023-01-14
04/26/24
5,099.96
2.67%
4.65
0.0894%
2.58%
117.21
2.03%
2023-01-20
3.44
05/17/24
-0.02%
2023-01-21
04/19/24
4,967.23
-3.05%
4.63
0.0890%
-3.14%
114.88
-5.14%
2023-01-27
3.49
05/10/24
-0.02%
2023-01-28
04/12/24
5,123.41
-1.56%
4.48
0.0862%
-1.64%
121.11
-3.03%
2023-02-03
3.48
05/03/24
-0.02%
2023-02-04
04/05/24
5,204.34
-0.95%
4.35
0.0837%
-1.04%
124.9
-0.57%
2023-02-10
3.67
04/26/24
-0.02%
2023-02-11
03/28/24
5,254.35
0.39%
4.28
0.0823%
0.30%
125.61
-1.71%
2023-02-17
3.80
04/19/24
-0.02%
2023-02-18
03/22/24
5,234.18
2.29%
4.28
0.0823%
2.21%
127.79
1.79%
2023-02-24
3.93
04/12/24
-0.02%
2023-02-25
03/15/24
5,117.09
-0.13%
4.21
0.0810%
-0.21%
125.54
11.67%
2023-03-03
3.98
04/05/24
-0.02%
2023-03-04
03/08/24
5,123.69
-0.26%
4.13
0.0794%
-0.34%
112.42
-1.20%
2023-03-10
3.91
03/28/24
-0.02%
2023-03-11
03/01/24
5,137.08
0.95%
4.26
0.0819%
0.87%
113.78
1.63%
2023-03-17
3.53
03/22/24
-0.02%
2023-03-18
02/23/24
5,088.80
1.66%
4.3
0.0827%
1.58%
111.95
0.57%
2023-03-24
3.46
03/15/24
-0.02%
2023-03-25
02/16/24
5,005.57
-0.42%
4.26
0.0819%
-0.50%
111.31
-4.57%
2023-03-31
3.54
03/08/24
-0.02%
2023-04-01
02/09/24
5,026.61
1.37%
4.13
0.0794%
1.29%
116.64
0.73%
2023-04-07
3.35
03/01/24
-0.02%
2023-04-08
02/02/24
4,958.61
1.38%
4.01
0.0771%
1.31%
115.79
1.00%
2023-04-14
3.44
02/23/24
-0.02%
2023-04-15
01/26/24
4,890.97
1.06%
4.14
0.0796%
0.98%
114.64
4.53%
2023-04-21
3.58
02/16/24
-0.02%
2023-04-22
01/19/24
4,839.81
1.17%
4.12
0.0792%
1.09%
109.67
2.88%
2023-04-28
3.46
02/09/24
-0.02%
2023-04-29
01/12/24
4,783.83
1.84%
4
0.0769%
1.77%
106.6
3.77%
2023-05-05
3.44
02/02/24
-0.02%
2023-05-06
01/05/24
4,697.24
-1.52%
3.98
0.0765%
-1.60%
102.73
-2.56%
2023-05-12
3.47
01/26/24
-0.02%
2023-05-13
12/29/23
4,769.83
0.32%
3.85
0.0740%
0.25%
105.43
-0.73%
2023-05-19
3.59
01/19/24
-0.02%
2023-05-20
12/22/23
4,754.63
0.75%
3.91
0.0752%
0.68%
106.2
2.79%
2023-05-26
3.76
01/12/24
-0.02%
2023-05-27
12/15/23
4,719.19
2.49%
4.06
0.0781%
2.42%
103.32
-9.06%
2023-06-02
3.66
01/05/24
-0.02%
2023-06-03
12/08/23
4,604.37
0.21%
4.19
0.0806%
0.13%
113.61
-3.03%
2023-06-09
3.73
12/29/23
-0.02%
2023-06-10
12/01/23
4,594.63
0.77%
4.32
0.0831%
0.69%
117.16
0.78%
2023-06-16
3.78
12/22/23
-0.02%
2023-06-17
11/24/23
4,559.34
1.00%
4.43
0.0852%
0.92%
116.25
0.77%
2023-06-23
3.75
12/15/23
-0.02%
2023-06-24
11/17/23
4,514.02
2.24%
4.5
0.0865%
2.15%
115.36
2.03%
2023-06-30
3.77
12/08/23
-0.02%
2023-07-01
11/10/23
4,415.24
1.31%
4.59
0.0883%
1.22%
113.07
4.65%
2023-07-07
3.98
12/01/23
-0.02%
2023-07-08
11/03/23
4,358.34
5.85%
4.75
0.0913%
5.76%
108.05
6.99%
2023-07-14
3.89
11/24/23
-0.02%
2023-07-15
10/27/23
4,117.37
-2.53%
4.87
0.0937%
-2.62%
100.99
-0.84%
2023-07-21
3.81
11/17/23
-0.02%
2023-07-22
10/20/23
4,224.16
-2.39%
4.87
0.0937%
-2.49%
101.85
-5.91%
2023-07-28
3.92
11/10/23
-0.02%
2023-07-29
10/13/23
4,327.78
0.45%
4.64
0.0892%
0.36%
108.25
-1.56%
2023-08-04
4.07
11/03/23
-0.02%
2023-08-05
10/06/23
4,308.50
0.48%
4.75
0.0913%
0.39%
109.96
3.81%
2023-08-11
4.07
10/27/23
-0.02%
2023-08-12
09/29/23
4,288.05
-0.74%
4.58
0.0881%
-0.83%
105.92
-2.85%
2023-08-18
4.25
10/20/23
-0.02%
2023-08-19
09/22/23
4,320.06
-2.93%
4.39
0.0844%
-3.01%
109.03
-4.28%
2023-08-25
4.27
10/13/23
-0.02%
2023-08-26
09/15/23
4,450.32
-0.16%
4.29
0.0825%
-0.24%
113.91
-9.82%
2023-09-01
4.14
10/06/23
-0.02%
2023-09-02
09/08/23
4,457.49
-1.29%
4.28
0.0823%
-1.37%
126.32
4.46%
2023-09-08
4.28
09/29/23
-0.02%
2023-09-09
09/01/23
4,515.77
2.50%
4.14
0.0796%
2.42%
120.93
4.20%
2023-09-15
4.29
09/22/23
-0.02%
2023-09-16
08/25/23
4,405.71
0.82%
4.27
0.0821%
0.74%
116.06
-0.34%
2023-09-22
4.39
09/15/23
-0.02%
2023-09-23
08/18/23
4,369.71
-2.11%
4.25
0.0817%
-2.20%
116.46
3.01%
2023-09-29
4.58
09/08/23
-0.02%
2023-09-30
08/11/23
4,464.05
-0.31%
4.07
0.0783%
-0.39%
113.06
-1.21%
2023-10-06
4.75
09/01/23
-0.02%
2023-10-07
08/04/23
4,478.03
-2.27%
4.07
0.0783%
-2.35%
114.44
-1.34%
2023-10-13
4.64
08/25/23
-0.02%
2023-10-14
07/28/23
4,582.23
1.01%
3.92
0.0754%
0.94%
115.99
-1.41%
2023-10-20
4.87
08/18/23
-0.02%
2023-10-21
07/21/23
4,536.34
0.69%
3.81
0.0733%
0.61%
117.65
-1.36%
2023-10-27
4.87
08/11/23
-0.02%
2023-10-28
07/14/23
4,505.42
2.42%
3.89
0.0748%
2.35%
119.27
4.07%
2023-11-03
4.75
08/04/23
-0.02%
2023-11-04
07/07/23
4,398.95
-1.16%
3.98
0.0765%
-1.23%
114.61
-3.76%
2023-11-10
4.59
07/28/23
-0.02%
2023-11-11
06/30/23
4,450.38
2.35%
3.77
0.0725%
2.27%
119.09
0.38%
2023-11-17
4.50
07/21/23
-0.02%
2023-11-18
06/23/23
4,348.33
-1.39%
3.75
0.0721%
-1.46%
118.64
-5.44%
2023-11-24
4.43
07/14/23
-0.02%
2023-11-25
06/16/23
4,409.59
2.58%
3.78
0.0727%
2.50%
125.46
14.21%
2023-12-01
4.32
07/07/23
-0.02%
2023-12-02
06/09/23
4,298.86
0.39%
3.73
0.0717%
0.31%
109.85
3.74%
2023-12-08
4.19
06/30/23
-0.02%
2023-12-09
06/02/23
4,282.37
1.83%
3.66
0.0704%
1.76%
105.89
1.74%
2023-12-15
4.06
06/23/23
-0.02%
2023-12-16
05/26/23
4,205.45
0.32%
3.76
0.0723%
0.25%
104.08
1.21%
2023-12-22
3.91
06/16/23
-0.02%
2023-12-23
05/19/23
4,191.98
1.65%
3.59
0.0690%
1.58%
102.84
5.10%
2023-12-29
3.85
06/09/23
-0.02%
2023-12-30
05/12/23
4,124.08
-0.29%
3.47
0.0667%
-0.36%
97.85
0.91%
2024-01-05
3.98
06/02/23
-0.02%
2024-01-06
05/05/23
4,136.25
-0.80%
3.44
0.0662%
-0.86%
96.97
2.38%
2024-01-12
4.00
05/26/23
-0.02%
2024-01-13
04/28/23
4,169.48
0.87%
3.46
0.0665%
0.80%
94.72
-0.45%
2024-01-19
4.12
05/19/23
-0.02%
2024-01-20
04/21/23
4,133.52
-0.10%
3.58
0.0688%
-0.17%
95.15
-0.59%
2024-01-26
4.14
05/12/23
-0.02%
2024-01-27
04/14/23
4,137.64
0.79%
3.44
0.0662%
0.73%
95.71
-0.22%
2024-02-02
4.01
05/05/23
-0.02%
2024-02-03
04/06/23
4,105.02
-0.10%
3.54
0.0681%
-0.17%
95.92
3.23%
2024-02-09
4.13
04/28/23
-0.02%
2024-02-10
03/31/23
4,109.31
3.48%
3.54
0.0681%
3.42%
92.92
5.58%
2024-02-16
4.26
04/21/23
-0.02%
2024-02-17
03/24/23
3,970.99
1.39%
3.46
0.0665%
1.32%
88.01
3.23%
2024-02-23
4.30
04/14/23
-0.02%
2024-02-24
03/17/23
3,916.64
ERROR:#DIV/0!
3.53
0.0679%
ERROR:#DIV/0!
85.26
ERROR:#DIV/0!
2024-03-01
4.26
04/06/23
-0.02%
2024-03-02
2024-03-08
4.13
03/31/23
-0.02%
2024-03-09
2024-03-15
4.21
03/24/23
-0.02%
2024-03-16
2024-03-22
4.28
03/17/23
-0.02%
2024-03-23
2024-03-29
4.22
2024-03-30
2024-04-05
4.35
2024-04-06
2024-04-12
4.48
2024-04-13
2024-04-19
4.63
2024-04-20
2024-04-26
4.65
2024-04-27
2024-05-03
4.61
2024-05-04
2024-05-10
4.48
2024-05-11
2024-05-17
4.42
2024-05-18
2024-05-24
4.44
2024-05-25
2024-05-31
4.55
2024-06-01
2024-06-07
4.35
2024-06-08
2024-06-14
4.32
2024-06-15
2024-06-21
4.25
2024-06-22
2024-06-28
4.29
2024-06-29
2024-07-05
4.39
2024-07-06
2024-07-12
4.25
2024-07-13
2024-07-19
4.20
2024-07-20
2024-07-26
4.25
2024-07-27
2024-08-02
4.04
2024-08-03
2024-08-09
3.91
2024-08-10
2024-08-16
3.88
2024-08-17
2024-08-23
3.83
2024-08-24
2024-08-30
3.85
2024-08-31
2024-09-06
3.77
2024-09-07
2024-09-13
3.67
2024-09-14
2024-09-20
3.69
2024-09-21
2024-09-27
3.76
2024-09-28
2024-10-04
3.83
2024-10-05
2024-10-11
4.06
2024-10-12
2024-10-18
4.06
2024-10-19
2024-10-25
4.22
2024-10-26
2024-11-01
4.30
2024-11-02
2024-11-08
4.32
2024-11-09
2024-11-15
4.43
2024-11-16
2024-11-22
4.41
2024-11-23
2024-11-29
4.25
2024-11-30
2024-12-06
4.19
2024-12-07
2024-12-13
4.28
2024-12-14
2024-12-20
4.48
2024-12-21
2024-12-27
4.60
2024-12-28
2025-01-03
4.58
2025-01-04
2025-01-10
4.68
2025-01-11
2025-01-17
4.69
2025-01-18
2025-01-24
4.61
2025-01-25
2025-01-31
4.55
2025-02-01
2025-02-07
4.49
2025-02-08
2025-02-14
4.53
2025-02-15
2025-02-21
4.50
2025-02-22
2025-02-28
4.30
2025-03-01
2025-03-07
4.25
2025-03-08
2025-03-14
4.28
2025-03-15
2025-03-21
4.27
2025-03-22
Monthly
S&P
Risk Free Rate
Oracle
Date
Price
%Return
YTM
Monthly
Market Risk Premium
Price
Return
03/18/25
5,614.66
-5.71%
4.45
0.37%
-6.08%
149.45
-10.00%
observation_date
DGS10
02/28/25
5,954.50
-1.42%
4.45
0.37%
-1.79%
166.06
-2.35%
2020-02-01
1.50
01/31/25
6,040.53
2.70%
4.63
0.39%
2.32%
170.06
2.05%
2020-03-01
0.87
12/31/24
5,881.63
-2.50%
4.39
0.37%
-2.86%
166.64
-9.85%
2020-04-01
0.66
11/29/24
6,032.38
5.73%
4.36
0.36%
5.37%
184.84
10.13%
2020-05-01
0.67
10/31/24
5,705.45
-0.99%
4.1
0.34%
-1.33%
167.84
-1.50%
SUMMARY OUTPUT
2020-06-01
0.73
09/30/24
5,762.48
2.02%
3.72
0.31%
1.71%
170.4
20.60%
2020-07-01
0.62
08/30/24
5,648.40
2.28%
3.87
0.32%
1.96%
141.29
1.32%
Regression Statistics
2020-08-01
0.65
07/31/24
5,522.30
1.13%
4.25
0.35%
0.78%
139.45
-1.24%
Multiple R
0.6708300311
2020-09-01
0.68
06/28/24
5,460.48
3.47%
4.31
0.36%
3.11%
141.2
20.49%
R Square
0.4500129306
2020-10-01
0.79
05/31/24
5,277.51
4.80%
4.48
0.37%
4.43%
117.19
3.02%
Adjusted R Square
0.4405303949
2020-11-01
0.87
04/30/24
5,035.69
-4.16%
4.54
0.38%
-4.54%
113.75
-9.44%
Standard Error
0.0646419559
2020-12-01
0.93
03/28/24
5,254.35
3.10%
4.21
0.35%
2.75%
125.61
12.47%
Observations
60
2021-01-01
1.08
02/29/24
5,096.27
5.17%
4.21
0.35%
4.82%
111.68
-0.02%
2021-02-01
1.26
01/31/24
4,845.65
1.59%
4.06
0.34%
1.25%
111.7
5.95%
ANOVA
2021-03-01
1.61
12/29/23
4,769.83
4.42%
4.02
0.34%
4.09%
105.43
-9.28%
df
SS
MS
F
Significance F
2021-04-01
1.64
11/30/23
4,567.80
8.92%
4.5
0.38%
8.54%
116.21
12.39%
Regression
1
0.1983030916
0.1983030916
47.4570247732
0.0000000045
2021-05-01
1.62
10/31/23
4,193.80
-2.20%
4.8
0.40%
-2.60%
103.4
-2.38%
Residual
58
0.242357783
0.0041785825
2021-06-01
1.52
09/29/23
4,288.05
-4.87%
4.38
0.37%
-5.24%
105.92
-12.02%
Total
59
0.4406608746
2021-07-01
1.32
08/31/23
4,507.66
-1.77%
4.17
0.35%
-2.12%
120.39
2.70%
2021-08-01
1.28
07/31/23
4,588.96
3.11%
3.9
0.33%
2.79%
117.23
-1.56%
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
2021-09-01
1.37
06/30/23
4,450.38
6.47%
3.75
0.31%
6.16%
119.09
12.41%
Intercept
0.0056667146
0.0086974714
0.6515358661
0.5172740492
-0.011743166
0.0230765952
-0.011743166
0.0230765952
2021-10-01
1.58
05/31/23
4,179.83
0.25%
3.57
0.30%
-0.05%
105.94
11.85%
X Variable 1
1.1909307234
0.1728766131
6.8889059199
0.0000000045
0.8448805844
1.5369808625
0.8448805844
1.5369808625
2021-11-01
1.56
04/28/23
4,169.48
1.46%
3.46
0.29%
1.18%
94.72
1.94%
2021-12-01
1.47
03/31/23
4,109.31
3.51%
3.66
0.31%
3.20%
92.92
6.32%
2022-01-01
1.76
02/28/23
3,970.15
-2.61%
3.75
0.31%
-2.92%
87.4
-1.20%
2022-02-01
1.93
01/31/23
4,076.60
6.18%
3.53
0.29%
5.88%
88.46
8.22%
2022-03-01
2.13
12/30/22
3,839.50
-5.90%
3.62
0.30%
-6.20%
81.74
-1.55%
SUMMARY OUTPUT
2022-04-01
2.75
11/30/22
4,080.11
5.38%
3.89
0.32%
5.05%
83.03
6.35%
2022-05-01
2.90
10/31/22
3,871.98
7.99%
3.98
0.33%
7.65%
78.07
27.84%
Regression Statistics
2022-06-01
3.14
09/30/22
3,585.62
-9.34%
3.52
0.29%
-9.63%
61.07
-17.64%
Multiple R
0.6684446461
2022-07-01
2.90
08/31/22
3,955.00
-4.24%
2.9
0.24%
-4.49%
74.15
-4.74%
R Square
0.4468182449
2022-08-01
2.90
07/29/22
4,130.29
9.11%
2.9
0.24%
8.87%
77.84
11.41%
Adjusted R Square
0.4372806284
2022-09-01
3.52
06/30/22
3,785.38
-8.39%
3.14
0.26%
-8.65%
69.87
-2.85%
Standard Error
0.0648294255
2022-10-01
3.98
05/31/22
4,132.15
0.01%
2.9
0.24%
-0.24%
71.92
-2.02%
Observations
60
2022-11-01
3.89
04/29/22
4,131.93
-8.80%
2.75
0.23%
-9.02%
73.4
-11.28%
2022-12-01
3.62
03/31/22
4,530.41
3.58%
2.13
0.18%
3.40%
82.73
8.90%
ANOVA
2023-01-01
3.53
02/28/22
4,373.94
-3.14%
1.93
0.16%
-3.30%
75.97
-6.39%
df
SS
MS
F
Significance F
2023-02-01
3.75
01/31/22
4,515.55
-5.26%
1.76
0.15%
-5.41%
81.16
-6.94%
Regression
1
0.1968953186
0.1968953186
46.8479988093
0.0000000053
2023-03-01
3.66
12/31/21
4,766.18
4.36%
1.47
0.12%
4.24%
87.21
-3.89%
Residual
58
0.243765556
0.0042028544
2023-04-01
3.46
11/30/21
4,567.00
-0.83%
1.56
0.13%
-0.96%
90.74
-5.42%
Total
59
0.4406608746
2023-05-01
3.57
10/29/21
4,605.38
6.91%
1.58
0.13%
6.78%
95.94
10.11%
2023-06-01
3.75
09/30/21
4,307.54
-4.76%
1.37
0.11%
-4.87%
87.13
-2.24%
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
2023-07-01
3.90
08/31/21
4,522.68
2.90%
1.28
0.11%
2.79%
89.13
2.28%
Intercept
0.0086002477
0.0086138537
0.9984204442
0.3222228515
-0.0086422539
0.0258427493
-0.0086422539
0.0258427493
2023-08-01
4.17
07/30/21
4,395.26
2.27%
1.32
0.11%
2.16%
87.14
11.95%
X Variable 1
1.1818156865
0.1726649663
6.8445597966
0.0000000053
0.8361892046
1.5274421685
0.8361892046
1.5274421685
2023-09-01
4.38
06/30/21
4,297.50
2.22%
1.52
0.13%
2.09%
77.84
-1.14%
2023-10-01
4.80
05/28/21
4,204.11
0.55%
1.62
0.14%
0.41%
78.74
3.89%
2023-11-01
4.50
04/30/21
4,181.17
5.24%
1.64
0.14%
5.11%
75.79
8.01%
2023-12-01
4.02
03/31/21
3,972.89
4.24%
1.61
0.13%
4.11%
70.17
8.77%
2024-01-01
4.06
02/26/21
3,811.15
2.61%
1.26
0.11%
2.50%
64.51
6.75%
2024-02-01
4.21
01/29/21
3,714.24
-1.11%
1.08
0.09%
-1.20%
60.43
-6.59%
2024-03-01
4.21
12/31/20
3,756.07
3.71%
0.93
0.08%
3.63%
64.69
12.08%
2024-04-01
4.54
11/30/20
3,621.63
10.75%
0.87
0.07%
10.68%
57.72
2.87%
2024-05-01
4.48
10/30/20
3,269.96
-2.77%
0.79
0.07%
-2.83%
56.11
-6.01%
2024-06-01
4.31
09/30/20
3,363.00
-3.92%
0.68
0.06%
-3.98%
59.7
4.33%
2024-07-01
4.25
08/31/20
3,500.31
7.01%
0.65
0.05%
6.95%
57.22
3.19%
2024-08-01
3.87
07/31/20
3,271.12
5.51%
0.62
0.05%
5.46%
55.45
0.33%
2024-09-01
3.72
06/30/20
3,100.29
1.84%
0.73
0.06%
1.78%
55.27
2.79%
2024-10-01
4.10
05/29/20
3,044.31
4.53%
0.67
0.06%
4.47%
53.77
1.51%
2024-11-01
4.36
04/30/20
2,912.43
12.68%
0.66
0.06%
12.63%
52.97
9.60%
2024-12-01
4.39
03/31/20
2,584.59
ERROR:#DIV/0!
0.87
0.07%
ERROR:#DIV/0!
48.33
ERROR:#DIV/0!
2025-01-01
4.63
2025-02-01
4.45
Cost of Equity
Beta Summary
Frequency
Period
Estimated Beta
Daily
Past 1 year
1.6081
Weekly
Past 2 years
1.5828
Monthly
Past 5 years
1.1909
CAPM
Risk-Free-Rate
4.31%
(Based on the average yield of 10-year U.S. Treasury securities over the last year of data)
Market Risk Premium
6.00%
Beta
1.1909
CAPM
11.46%
Cost of Debt
Parameter
Value
Source
Credit Rating
BBB
S&P Global Ratings, Fitch Ratings
For a company with a BBB credit rating, the yield spread over U.S. Treasury securities can be estimated using the ICE BofA BBB US Corporate Index Effective Yield, which reflects the average yield of BBB-rated corporate bonds.
10-Year Treasury Yield
4.31%
YCharts (March 25, 2025)
The yield spread of 0.69% is derived from the difference between the ICE BofA BBB US Corporate Index Effective Yield and the 10-Year U.S. Treasury Yield as of March 25, 2025. The effective tax rate is assumed to be 15%, based on Oracle’s historical financial statements.
BBB Corporate Yield
5.00%
ICE BofA BBB US Corporate Index (March 25, 2025)
Yield Spread
0.69%
Calculated (5.00% – 4.31%)
Effective Tax Rate
15%
Assumed based on Oracle’s historical data
Pre-Tax Cost of Debt
5.00%
After- Tax Cost of Debt
4.25%
Capital structure
Fully Diluted Equity Capitalization
Pro Forma as of 25 Mar ’25
Current as of 25 Mar ’25
Feb ’25
Nov ’24
Aug ’24
Shares
Mkt Cap
Shares
Mkt Cap
Shares
Mkt Cap
Shares
Mkt Cap
Shares
Mkt Cap
Basic Shares
2804.2
431,655.7
2804.2
431,655.7
2803
465,466.2
2,796.0
516,812.6
2,771.0
391,514.6
Common Stock
2804.2
2804.2
431,655.7
2803
465,466.2
2,796.0
516,812.6
2,771.0
391,514.6
Diluted Shares
202.1
31107.1
202.1
31107.1
203.3
33,763.6
204.9
37,876.4
172.6
24,382.8
In-the-Money Convertible Debt
–
–
–
–
–
–
–
–
–
–
In-the-Money Convertible Preferred
–
–
–
–
–
–
–
–
–
–
Stock Compensation
202.1
31107.1
202.1
31107.1
203.3
33,763.6
204.9
37,876.4
172.6
24,382.8
Stock Options and Warrants
34.1
5,246.9
34.1
5,246.9
35.3
5,865.5
36.9
6,823.3
32.6
4602.2
1993 Directors and 2020 Equity Incentive Plans
34.1
5,246.9
34.1
5,246.9
35.3
5,865.5
36.9
6,823.3
32.6
4602.2
Restricted Stock Awards
168.0
25,860.2
168.0
25,860.2
168.0
27,898.1
168.0
31053.1
140.0
19,780.6
2020 Equity Incentive Plan
168.0
25,860.2
168.0
25,860.2
168.0
27,898.1
168.0
31053.1
140.0
19,780.6
Fully Diluted Equity Capitalization
3006.3
$462,762.9
3006.3
$462,762.9
3006.3
$499,229.8
3,000.9
$554,689.1
2,943.6
$415,897.4
All figures in millions of USD | Source: FactSet Capital Structure, FactSet Fundamentals, FactSet Shares Outstanding
Debt Capital Structure Summary
Feb ’25
/LTMEBITDA
/NTMEBITDA
Nov ’24
/LTMEBITDA
/NTMEBITDA
Short Term Debt
8,167.0
0.34x
0.25x
8,162.0
0.35x
0.26x
Current Portion of LTD
8,167.0
–
–
8,162.0
–
–
Commercial Paper – Unsec.
0.0
–
–
0.0
–
–
Long Term Debt
96,276.0
4.05x
2.97x
88,624.0
3.80x
2.81x
Revolving Credit
0.0
0.00x
0.00x
0.0
0.00x
0.00x
Unsec. Rev. Facility
0.0
–
–
0.0
–
–
Term Loans
5,743.0
0.24x
0.18x
5,743.0
0.25x
0.18x
Other Borrowings
113.0
–
–
113.0
–
–
Unsec. TL
5,630.0
–
–
5,630.0
–
–
Notes/Bonds
91030
3.83x
2.80x
83,292.2
3.57x
2.64x
Senior Unsec.
91030
–
–
83,292.2
–
–
Other
-497.0
-0.02x
-0.02x
-411.2
-0.02x
-0.01x
Adjustments
-497.0
–
–
-411.2
–
–
Long Term Debt, Less Current Portion
88109
3.71x
2.71x
80462
3.45x
2.55x
Long Term Debt
96,276.0
4.05x
2.97x
88,624.0
3.80x
2.81x
Current Portion of LTD
-8,167.0
-0.34x
-0.25x
-8,162.0
-0.35x
-0.26x
Total Debt
96,276.0
4.05x
2.97x
88,624.0
3.80x
2.81x
WACC
Capital Structure Weights
Value
Weight
Equity
$462,762.9
82.78%
Debt
96276
17.22%
Total Capital
559038.9
Cost of Equity
11.46%
Cost of Debt
4.25%
WACC
10.21%
Pro-forma Analysis
Oracle Corporation (ORCL)
$140.12
Oracle Corporation
ORCL 68389X105 2661568 NYSE Common stock
Source: FactSet Fundamentals
MAY ’15
MAY ’16
MAY ’17
MAY ’18
MAY ’19
MAY ’20
MAY ’21
MAY ’22
MAY ’23
MAY ’24
FY25E
FY26E
FY27E
FY28E
FY29E
Notes
Restate
Sales
38,226
37,047
37,728
39,383
39,506
39,068
40,479
42,440
49,954
52,961
57102
65170
76888
88752
101807
Sales Growth
-3.08%
1.84%
4.39%
0.31%
-1.11%
3.61%
4.84%
17.70%
6.02%
7.82%
14.13%
17.98%
15.43%
14.71%
Cost of Goods Sold (COGS) incl. D&A
9,681
9,117
8,920
9,680
9,684
9,524
9,234
10,027
17,146
18,153
COGS excluding D&A
6,820
6,608
6,469
6,895
6,765
6,556
6,318
6,905
11,038
12,014
13133.46
15640.8
19222
23075.52
27487.89
%Sales
18%
18%
17%
18%
17%
17%
16%
16%
22%
23%
23%
24.00%
25.00%
26.00%
27.00%
Depreciation & Amortization Expense
2,861
2,509
2,451
2,785
2,919
2,968
2,916
3,122
6,108
6,139
% of fixed assets
Depreciation
712
871
1,000
1,165
1,230
1,382
1,537
1,972
2,526
3,129
Amortization of Intangibles
2,149
1,638
1,451
1,620
1,689
1,586
1,379
1,150
3,582
3,010
Gross Income
28,545
27,930
28,808
29,703
29,822
29,544
31,245
32,413
32,808
34,808
SG&A Expense
14,256
14,826
15,532
15,799
15,767
15,331
15,463
16,551
19,032
18,737
Research & Development
5,524
5,787
6,159
6,084
6,026
6,067
6,527
7,219
8,623
8,915
Other SG&A
8,732
9,039
9,373
9,715
9,741
9,264
8,936
9,332
10,409
9,822
EBIT (Operating Income)
14,289
13,104
13,276
13,904
14,055
14,213
15,782
15,862
13,776
16,071
Nonoperating Income – Net
159
324
723
1,320
967
330
446
-338
-297
88
Nonoperating Interest Income
349
538
802
1,203
1,092
527
101
94
285
451
Equity in Earnings of Affiliates
0
0
0
0
0
0
0
-147
-327
-303
Other Income (Expense)
-190
-214
-79
117
-125
-197
345
-285
-255
-60
Interest Expense
1,143
1,467
1,798
2,025
2,082
1,995
2,496
2,755
3,505
3,514
Gross Interest Expense
1,143
1,467
1,798
2,025
2,082
1,995
2,496
2,755
3,505
3,514
Unusual Expense – Net
358
403
566
640
520
321
553
4,936
683
718
Restructuring Expense
418
500
566
640
520
317
569
4,936
683
718
Unrealized Valuation Gain/Loss
60
97
0
0
0
-4
16
Hedges/Derivatives
60
97
0
0
0
-4
16
Pretax Income
12,947
11,558
11,635
12,559
12,420
12,227
13,179
7,833
9,291
11,927
Income Taxes
2,896
2,541
2,182
8,837
1,185
1,928
-747
932
623
1,274
Income Taxes – Current Domestic
2,463
1,572
1,193
8,584
1,279
1,635
749
895
1,023
1,419
Income Taxes – Current Foreign
981
1,074
1,475
1,100
1,097
1,144
929
1,183
1,767
1,994
Income Taxes – Deferred Domestic
-454
-144
-237
-853
455
-933
8,554
-1,800
-2,591
-2,300
Income Taxes – Deferred Foreign
-94
39
-249
6
-1,646
82
-10,979
654
424
161
Consolidated Net Income
10,051
9,017
9,453
3,722
11,235
10,299
13,926
6,901
8,668
10,653
Minority Interest
113
116
118
135
152
164
180
184
165
186
Net Income
9,938
8,901
9,335
3,587
11,083
10,135
13,746
6,717
8,503
10,467
Net Income available to Common
9,938
8,901
9,335
3,587
11,083
10,135
13,746
6,717
8,503
10,467
Per Share
EPS (recurring)
2.26
2.13
2.31
0.95
3.07
3.15
4.68
3.65
3.25
3.89
EPS (basic)
2.26
2.11
2.27
0.87
3.05
3.16
4.67
2.49
3.15
3.81
Basic Shares Outstanding
4,404.00
4,221.00
4,115.00
4,121.00
3,634.00
3,211.00
2,945.00
2,700.00
2,696.00
2,744.00
Total Shares Outstanding
4,343.00
4,131.00
4,137.00
3,997.00
3,359.19
3,067.00
2,814.00
2,665.00
2,713.00
2,755.00
EPS (diluted)
2.21
2.07
2.21
0.85
2.97
3.08
4.55
2.41
3.07
3.71
Diluted Shares Outstanding
4,503.00
4,305.00
4,217.00
4,238.00
3,732.00
3,294.00
3,022.00
2,786.00
2,766.00
2,823.00
Total Shares Outstanding
4,343.00
4,131.00
4,137.00
3,997.00
3,359.19
3,067.00
2,814.00
2,665.00
2,713.00
2,755.00
Earnings Persistence
74.22
92.42
71.16
81.37
69.37
78.58
80.26
77.79
66.43
90.02
Dividends per Share
0.51
0.60
0.64
0.76
0.81
0.96
1.04
1.28
1.36
1.60
Payout Ratio
23.08
28.99
28.96
89.79
27.27
31.20
22.86
53.09
44.24
43.15
EBITDA
EBITDA
17,150
15,613
15,727
16,689
16,974
17,181
18,698
18,984
19,884
22,210
EBIT
14,289
13,104
13,276
13,904
14,055
14,213
15,782
15,862
13,776
16,071
Depreciation & Amortization Expense
2,861
2,509
2,451
2,785
2,919
2,968
2,916
3,122
6,108
6,139
All figures in millions of U.S. Dollar except per share items.
Assets
Cash & Short-Term Investments
54.37
56.13
66.08
67.26
37.83
43.06
46.55
21.90
10.19
10.66
Cash Only
21.72
20.15
21.78
21.62
20.51
37.24
30.10
21.38
9.77
10.45
Total Short Term Investments
32.65
35.97
44.29
45.64
17.31
5.82
16.46
0.52
0.42
0.21
Short-Term Receivables
6.44
6.20
6.09
5.94
5.91
6.33
6.21
6.74
7.71
8.70
Accounts Receivables, Net
5.62
5.39
5.30
5.14
5.13
5.55
5.41
5.95
6.92
7.87
Accounts Receivables, Gross
5.90
5.71
5.62
5.51
5.51
5.96
5.60
6.32
7.34
8.36
Bad Debt/Doubtful Accounts
-0.29
-0.33
-0.32
-0.37
-0.37
-0.41
-0.19
-0.36
-0.43
-0.49
Other Receivables
0.82
0.82
0.79
0.80
0.78
0.78
0.80
0.79
0.80
0.82
Inventories
0.31
0.21
0.30
0.40
0.32
0.21
0.14
0.31
0.30
0.33
Finished Goods
0.16
0.09
0.07
Work in Progress
0.04
0.03
0.04
Raw Materials
0.11
0.10
0.19
Other Current Assets
2.07
1.78
2.04
2.56
2.33
2.54
2.66
2.67
2.81
2.86
Miscellaneous Current Assets
2.07
1.78
2.04
2.56
2.33
2.54
2.66
2.67
2.81
2.86
Total Current Assets
63.18
64.31
74.52
76.16
46.39
52.14
55.57
31.63
21.00
22.55
Net Property, Plant & Equipment
3.69
4.00
5.32
5.90
6.25
8.24
9.65
13.22
21.67
28.84
Property, Plant & Equipment – Gross
7.30
8.10
10.29
11.81
13.08
15.83
18.40
23.17
33.27
42.12
Buildings
2.72
2.75
3.47
3.89
4.25
4.39
4.73
4.73
5.88
6.49
Land & Improvements
0.59
0.74
0.83
0.87
0.90
0.89
0.87
1.17
1.24
1.24
Construction in Progress
0.09
0.10
0.24
0.23
0.16
0.28
0.23
0.51
3.85
5.63
Other Property, Plant & Equipment
3.89
4.50
5.76
6.82
7.77
8.27
9.96
13.27
17.71
21.45
Operating Lease Right-of-Use Assets
2.00
2.60
3.50
4.60
7.30
Accumulated Depreciation
3.61
4.10
4.98
5.91
6.82
7.58
8.75
9.96
11.61
13.28
Total Long-Term Investments
0.07
0.12
0.04
0.02
0.01
0.03
0.07
0.00
1.70
2.18
Other Long-Term Investments
0.07
0.12
0.04
0.02
0.01
0.03
0.07
0.00
1.70
2.18
Intangible Assets
40.49
39.53
50.72
50.43
49.06
47.51
46.37
45.25
72.10
69.12
Goodwill
34.09
34.59
43.05
43.76
43.78
43.77
43.94
43.81
62.26
62.23
Other Intangible Assets
6.41
4.94
7.68
6.67
5.28
3.74
2.43
1.44
9.84
6.89
Deferred Tax Assets
0.80
1.29
1.14
1.40
2.70
3.25
13.64
12.78
12.23
12.27
Other Assets
2.67
2.92
3.25
3.95
4.31
4.27
5.82
6.42
5.69
6.01
Tangible Other Assets
2.67
2.92
3.25
3.95
4.31
4.27
5.82
6.42
5.69
6.01
Total Assets
110.90
112.18
134.99
137.85
108.71
115.44
131.11
109.30
134.38
140.98
Liabilities & Shareholders’ Equity
Current
ST Debt & Curr. Portion LT Debt
2.00
3.75
9.80
4.49
4.49
2.95
8.91
4.48
4.93
11.91
Accounts Payable
0.81
0.50
0.60
0.53
0.58
0.64
0.75
1.32
1.20
2.36
Income Tax Payable
0.62
Other Current Liabilities
11.87
12.95
13.78
14.10
13.56
13.62
14.51
13.72
16.96
17.28
Accrued Payroll
1.84
1.97
1.97
1.81
1.63
1.45
2.02
1.94
2.05
1.92
Miscellaneous Current Liabilities
10.03
10.99
11.82
12.30
11.93
12.16
12.49
11.77
14.91
15.37
Total Current Liabilities
15.29
17.21
24.18
19.12
18.63
17.20
24.16
19.51
23.09
31.54
Long-Term
Long-Term Debt
39.96
40.11
48.11
56.13
51.67
70.73
78.10
75.01
90.42
82.56
Long-Term Debt excl Lease Obligations
39.96
40.11
48.11
56.13
51.67
69.23
76.00
72.11
86.42
76.26
Capital and Operating Lease Obligations
0.00
0.00
0.00
0.00
0.00
1.50
2.10
2.90
4.00
6.30
Provision for Risks & Charges
0.03
0.03
0.02
0.03
0.02
0.00
0.00
0.00
0.00
0.00
Deferred Tax Liabilities
0.38
0.16
0.46
0.06
0.26
0.04
7.86
6.03
5.77
3.69
Other Liabilities
6.14
6.89
7.97
15.64
15.76
14.75
15.03
14.51
13.55
13.94
Other Liabilities (excl. Deferred Income)
5.75
6.35
7.37
15.02
15.09
14.16
14.35
13.76
12.58
12.70
Deferred Income
0.39
0.54
0.60
0.63
0.67
0.60
0.68
0.75
0.97
1.23
Total Liabilities
61.81
64.39
80.75
90.98
86.35
102.72
125.16
115.07
132.83
131.74
Equity
Common Equity
48.66
47.29
53.86
46.37
21.79
12.07
5.24
-6.22
1.07
8.70
Common Stock Par/Carry Value
23.16
24.22
27.07
28.95
26.91
26.49
26.53
26.81
30.22
32.76
Retained Earnings
26.50
23.89
27.60
19.11
-3.50
-12.70
-20.12
-31.34
-27.62
-22.63
Cumulative Translation Adjustment/Unrealized For. Exch. Gain
-0.85
-0.78
-0.68
-1.03
-1.18
-1.25
-0.78
-1.48
-1.69
-1.70
Unrealized Gain/Loss Marketable Securities
0.12
0.20
0.19
-0.42
-0.09
0.00
0.00
0.00
0.00
0.00
Other Appropriated Reserves
-0.27
-0.23
-0.31
-0.24
-0.36
-0.46
-0.40
-0.21
0.16
0.27
Total Shareholders’ Equity
48.66
47.29
53.86
46.37
21.79
12.07
5.24
-6.22
1.07
8.70
Accumulated Minority Interest
0.44
0.50
0.39
0.50
0.58
0.64
0.71
0.45
0.48
0.54
Total Equity
49.10
47.79
54.25
46.87
22.36
12.72
5.95
-5.77
1.56
9.24
Total Liabilities & Shareholders’ Equity
110.90
112.18
134.99
137.85
108.71
115.44
131.11
109.30
134.38
140.98
Per Share
Book Value per Share
11.20
11.45
13.02
11.60
6.49
3.94
1.86
-2.33
0.40
3.16
Tangible Book Value per Share
1.88
1.88
0.76
-1.01
-8.12
-11.55
-14.62
-19.31
-26.18
-21.93
All figures in billions of U.S. Dollar except per share items.
