Citigroup Goldman Sachs Goldman Sachs

Fecha SP 500 JPM C MS GS

8/1/2022 4228.48 120.14 48.81 85.22 332.67
7/1/2022 4130.29 115.36 51.90 84.3 333.39
6/1/2022 3785.38 112.61 45.99 76.06 297.02
5/1/2022 4132.15 132.23 53.41 86.14 326.85
4/1/2022 4131.93 119.36 48.21 80.59 305.49
3/1/2022 4530.41 136.32 53.40 87.4 330.1
2/1/2022 4373.94 141.80 59.23 90.74 341.29
1/1/2022 4515.55 148.60 65.12 102.54 354.68
12/1/2021 4766.18 158.35 60.39 98.16 382.55
11/1/2021 4567.00 158.83 63.70 94.82 380.99
10/1/2021 4605.38 169.89 69.16 102.78 413.35
9/1/2021 4307.54 163.69 70.18 97.31 378.03
8/1/2021 4522.68 159.95 71.91 104.43 413.51
7/1/2021 4395.26 151.78 67.62 95.98 374.88
6/1/2021 4297.5 155.54 70.75 91.69 379.53
5/1/2021 4204.11 164.24 78.71 90.95 372.02
4/1/2021 4181.17 153.81 71.24 82.55 348.45
3/1/2021 3972.89 152.23 72.75 77.66 327
2/1/2021 3811.15 147.17 65.88 76.87 319.48
1/1/2021 3714.24 128.67 57.99 67.05 271.17
12/1/2020 3756.07 127.07 61.66 68.53 263.71
11/1/2020 3621.63 117.88 55.07 61.83 230.58
10/1/2020 3269.96 98.04 41.42 48.15 189.04
9/1/2020 3363.00 96.27 43.11 48.35 200.97
8/1/2020 3500.31 100.19 51.12 52.26 204.87
7/1/2020 3271.12 96.64 50.01 48.88 197.96
6/1/2020 3100.29 94.06 51.10 48.3 197.62
5/1/2020 3044.31 97.31 47.91 44.2 196.49
4/1/2020 2912.43 95.76 48.56 39.43 183.42
3/1/2020 2584.59 90.03 42.12 34 154.59
2/1/2020 2954.22 116.11 63.46 45.03 200.77
1/1/2020 3225.52 132.36 74.41 52.26 237.75
12/1/2019 3230.78 139.40 79.89 51.12 229.93
11/1/2019 3140.98 131.76 75.12 49.48 221.35
10/1/2019 3037.56 124.92 71.86 46.05 213.38
9/1/2019 2976.74 117.69 69.08 42.67 207.23
8/1/2019 2926.46 109.86 64.35 41.49 203.91
7/1/2019 2980.38 116.00 71.16 44.56 220.13
6/1/2019 2941.76 111.80 70.03 43.81 204.6
5/1/2019 2752.06 105.96 62.15 40.69 182.49
4/1/2019 2945.83 116.05 70.70 48.25 205.92
3/1/2019 2834.4 101.23 62.22 42.2 191.99
2/1/2019 2784.49 104.36 63.98 41.98 196.7
 1/1/2019 2704.1 103.50 64.46 42.3 198.01
12/1/2018 2506.85 97.62 52.06 39.65 167.05
11/1/2018 2760.17 111.19 64.79 44.39 190.69
10/1/2018 2711.74 109.02 65.46 45.66 225.37
9/1/2018 2913.98 112.84 71.74 46.57 224.24
8/1/2018 2901.52 114.58 71.24 48.83 237.81
7/1/2018 2816.29 114.95 71.89 50.56 237.43
6/1/2018 2718.37 104.20 66.92 47.4 220.57
5/1/2018 2705.27 107.01 66.69 50.14 225.88
4/1/2018 2648.05 108.78 68.27 51.62 238.33
3/1/2018 2640.87 109.97 67.50 53.96 251.86
2/1/2018 2713.83 115.50 75.49 56.02 262.93
1/1/2018 2823.81 115.67 78.48 56.55 267.89
12/1/2017 2673.61 106.94 74.41 52.47 254.76
11/1/2017 2647.58 104.52 75.50 51.61 247.64
10/1/2017 2575.26 100.61 73.50 50 242.48
9/1/2017 2519.36 95.51 72.74 48.17 237.19

=Bu*(1+(1-Impuesto)*Deuda/Equity)

=Bl/(1+(1-Impuesto)*Deuda/Equity)

27%
 RENDIMIENTOS
SP500 JPM C MS GS
2.38% 4.14% -5.95% 1.09% -0.22%
9.11% 2.44% 12.85% 10.83% 12.24%
-8.39% -14.84% -13.89% -11.70% -9.13%
0.01% 10.78% 10.79% 6.89% 6.99%
-8.80% -12.44% -9.72% -7.79% -7.46%
3.58% -3.86% -9.84% -3.68% -3.28%
-3.14% -4.58% -9.04% -11.51% -3.78%
-5.26% -6.16% 7.83% 4.46% -7.29%
4.36% -0.30% -5.20% 3.52% 0.41%
-0.83% -6.51% -7.89% -7.74% -7.83%
6.91% 3.79% -1.45% 5.62% 9.34%
-4.76% 2.34% -2.41% -6.82% -8.58%
2.90% 5.38% 6.34% 8.80% 10.30%
2.27% -2.42% -4.42% 4.68% -1.23%
2.22% -5.30% -10.11% 0.81% 2.02%
0.55% 6.78% 10.49% 10.18% 6.76%
5.24% 1.04% -2.08% 6.30% 6.56%
4.24% 3.44% 10.43% 1.03% 2.35%
2.61% 14.38% 13.61% 14.65% 17.82%
-1.11% 1.26% -5.95% -2.16% 2.83%
3.71% 7.80% 11.97% 10.84% 14.37%
10.75% 20.24% 32.96% 28.41% 21.97%
-2.77% 1.84% -3.92% -0.41% -5.94%
-3.92% -3.91% -15.67% -7.48% -1.90%
7.01% 3.67% 2.22% 6.91% 3.49%
5.51% 2.74% -2.13% 1.20% 0.17%
1.84% -3.34% 6.66% 9.28% 0.58%
4.53% 1.62% -1.34% 12.10% 7.13%
12.68% 6.36% 15.29% 15.97% 18.65%
-12.51% -22.46% -33.63% -24.49% -23.00%
-8.41% -12.28% -14.72% -13.83% -15.55%
-0.16% -5.05% -6.86% 2.23% 3.40%
2.86% 5.80% 6.35% 3.31% 3.88%
3.40% 5.48% 4.54% 7.45% 3.74%
2.04% 6.14% 4.02% 7.92% 2.97%
1.72% 7.13% 7.35% 2.84% 1.63%
-1.81% -5.29% -9.57% -6.89% -7.37%
1.31% 3.76% 1.61% 1.71% 7.59%
6.89% 5.51% 12.68% 7.67% 12.12%
-6.58% -8.69% -12.09% -15.67% -11.38%
3.93% 14.64% 13.63% 14.34% 7.26%
1.79% -3.00% -2.75% 0.52% -2.39%
2.97% 0.83% -0.74% -0.76% -0.66%
 7.87% 6.02% 23.82% 6.68% 18.53%
-9.18% -12.20% -19.65% -10.68% -12.40%
1.79% 1.99% -1.02% -2.78% -15.39%
-6.94% -3.39% -8.75% -1.95% 0.50%
0.43% -1.52% 0.70% -4.63% -5.71%
3.03% -0.32% -0.90% -3.42% 0.16%
3.60% 10.32% 7.43% 6.67% 7.64%
0.48% -2.63% 0.34% -5.46% -2.35%
2.16% -1.63% -2.31% -2.87% -5.22%
0.27% -1.08% 1.14% -4.34% -5.37%
-2.69% -4.79% -10.58% -3.68% -4.21%
-3.89% -0.15% -3.81% -0.94% -1.85%
5.62% 8.16% 5.47% 7.78% 5.15%
0.98% 2.32% -1.44% 1.67% 2.88%
2.81% 3.89% 2.72% 3.22% 2.13%
2.22% 5.34% 1.04% 3.80% 2.23%

SP500 JPM C MS
Rendimiento Promedio 1.01% 0.66% -0.09% 1.35%
Varianza 0.25% 0.54% 1.14% 0.76%
Covarianza 0.28% 0.40% 0.35%

Beta 1.10 1.59 1.39

EQUITY 595,132,000 456,346,000 338,272,000

DEBT 354,599,000 282,347,000 243,168,000

D/E 0.60 0.62 0.72

Bu 0.7682269 1.0976914 0.9103384

AVERAGE Bu 0.9254189

Average Bu (GS) 0.9057790

Number
Industry Name of firms Beta  D/E Ratio
Software (Internet) 36 1 7.67%
 GS
0.95%
0.76%
0.35%

1.38

373,392,000
321,879,000

0.86

0.8468593

Bu GS 1.50777535
Bu GS 1.475776269

Effective Unlevered
Tax rate beta
1.29% 0.95