Professional Documents
Culture Documents
Tasas Activas Anuales de las Operaciones en Moneda Nacional Realizadas en los Últimos 30 Días Útiles Por Tipo
CRITERIO: Se escoge BBVA y BCP porque ofrecen mejores tasas.
Nota: Cuadro elaborado sobre la base de la información remitida diariamente por las Empresas Bancarias a través
definiciones de los tipos de crédito se encuentran en el Reglamento para la Evaluación y Clasificación del Deudor y
2008 (Ver definiciones).
s Últimos 30 Días Útiles Por Tipo de Crédito al 29/08/2018
Comercio Crédito Pichincha BIF Scotiabank Citibank Interbank Mibanco GNB Falabella
- 3.85 7.01 5.09 4.53 4.03 4.55 - 5.50 -
- 4.49 - 5.75 4.19 - 15.92 - - -
- 4.17 - 4.98 3.44 7.90 3.49 - - -
- 3.87 9.00 4.64 3.50 4.22 4.26 - 5.41 -
- 3.52 6.09 6.56 3.62 5.58 4.79 - 5.55 -
- - - - - 3.28 - - - -
- 5.78 - - 5.07 - - - - -
8.41 5.79 7.30 6.95 6.00 5.22 6.20 - 8.10 -
7.41 4.16 7.56 7.30 5.88 - 6.32 - 9.26 -
10.00 6.59 5.71 4.87 7.80 4.88 6.06 - 7.00 -
8.54 6.26 7.86 6.89 5.86 5.44 6.12 - 7.68 -
8.51 6.35 6.72 7.27 5.42 5.10 4.64 - 9.73 -
- 5.43 7.50 7.60 7.00 - 9.17 - 7.33 -
- 5.51 - 6.29 6.41 - 7.27 - - -
10.32 10.89 8.41 8.90 9.88 4.92 9.02 15.84 7.84 -
9.97 6.45 8.66 8.34 9.02 - 8.47 - 8.77 -
14.00 8.08 7.30 9.87 11.82 6.30 7.35 - 4.40 -
8.50 10.28 7.90 9.92 9.83 4.40 8.89 18.05 10.20 -
9.55 10.22 8.19 9.08 9.50 6.35 9.64 14.71 11.17 -
10.80 18.59 9.14 8.52 11.60 5.13 6.37 17.25 8.00 -
10.00 11.86 11.00 8.13 10.07 - 12.64 14.74 10.32 -
15.00 18.84 20.53 12.22 17.37 - 16.74 22.55 12.65 -
- 6.47 11.95 12.19 13.11 - 10.57 - - -
- 10.61 - - 13.79 - 9.50 34.42 - -
- 12.74 23.00 12.29 13.49 - 15.84 30.86 13.00 -
15.00 12.60 17.96 10.46 13.12 - 17.75 30.84 - -
- 23.79 21.88 14.00 16.19 - 15.14 25.62 - -
- 15.44 20.77 10.69 17.93 - 16.95 21.22 12.63 -
- 23.84 32.08 13.50 21.28 - 13.71 37.20 13.50 -
- 25.11 45.67 - 30.62 - - - - -
- 14.61 14.00 - 12.17 - 9.40 - - -
- 12.50 - - - - 18.24 - - -
- - - - - - - 61.69 - -
- 23.19 32.59 13.50 21.20 - 20.00 56.43 - -
- 22.61 38.93 - 14.19 - 28.00 53.84 - -
- 20.70 40.32 - 16.05 - 22.50 43.80 - -
- 15.29 31.29 - 17.83 - 9.79 29.79 13.50 -
16.17 31.65 39.95 20.20 26.80 - 43.22 52.41 33.96 52.65
21.90 37.39 41.43 30.00 30.62 - 46.26 - 35.57 52.66
- - - - - - 18.88 - - -
- 11.56 9.78 11.44 10.22 - 10.11 - - 8.99
10.98 46.62 22.90 17.14 11.01 - 20.13 64.83 - 13.04
16.15 15.40 37.05 15.89 16.08 - 19.30 41.66 16.86 12.79
60.99 - - - - - - - - -
- 7.23 9.43 8.33 7.40 - 7.31 15.43 8.30 -
- 7.23 9.43 8.33 7.40 - 7.31 15.43 8.30 -
r las Empresas Bancarias a través del Reporte N°6. Las tasas de interés tienen carácter referencial. Las
ación y Clasificación del Deudor y la Exigencia de Provisiones, aprobado mediante Resolución SBS N° 11356-
Santander Ripley Azteca Cencosud ICBC Promedio
5.37 - - - 4.53 4.15
7.95 - - - - 6.26
3.87 - - - - 4.00
3.98 - - - 4.53 3.87
4.97 - - - - 3.62
8.08 - - - - 5.24
5.60 - - - - 5.08
7.23 - - - - 6.24
7.38 - - - - 6.11
4.99 - - - - 6.19
6.51 - - - - 6.29
7.54 - - - - 6.35
7.68 - - - - 6.47
7.01 - - - - 6.14
6.78 - - - - 10.15
7.78 - - - - 8.57
- - - - - 7.85
3.93 - - - - 9.63
9.10 - - - - 9.99
10.70 - - - - 14.35
10.70 - - - - 10.35
- - - - - 19.51
- - - - - 10.91
- - - - - 12.15
- - - - - 14.80
- - - - - 18.17
- - - - - 23.67
- - - - - 18.63
- - - - - 33.81
- - - - - 26.25
- - - - - 13.15
- - - - - 16.20
- - - - - 19.13
- - - - - 49.70
- - - - - 51.23
- - - - - 42.24
- - - - - 28.66
- 63.69 144.52 87.40 - 41.31
- 73.96 152.31 87.40 - 47.19
- - - - - 13.34
- - - - - 11.74
- 46.54 150.86 - - 52.77
- 29.52 140.20 - - 20.32
- - - - - 60.99
- - - - - 7.46
- - - - - 7.46
Estado Financiero Anual Individual del Año 2016 (En miles de nuevos soles)
1DT001 Activos/
1D0107 Anticipos/ 0 0 0
1D0220 Anticipos/ 0 0 0
1D0222 Inventarios/ 0 0 0
1DT003 Patrimonio/
Estado Financiero Anual Individual del Año 2016 (En miles de nuevos soles)
METALURGICA PERUANA S.A. - MEPSA
ANALISIS VERTICAL
ESTADO DE RESULTADOS / INCOME STATEMENT 12/31/2015 12/31/2016 12/31/2017 12/31/2015 12/31/2016
2D01ST Ingresos de Actividades Ordinarias/ 243,655 240,102 136,926
2D0201 Costo de Ventas/ -195,171 -182,417 -134,416 -80.10% -75.97%
2D02ST Ganancia (Pérdida) Bruta/ 48,484 57,685 2,510
2D0302 Gastos de Ventas y Distribución/ -19,168 -19,594 -8,792 -7.87% -8.16%
2D0301 Gastos de Administración/ -20,521 -19,693 -10,551 -8.42% -8.20%
2D0403 Otros Ingresos Operativos/ 3,179 665 143
2D0404 Otros Gastos Operativos/ -4,135 -2,392 -3,121
2D0412 Otras Ganancias (Pérdidas)/ 0 0 0
2D03ST Ganancia (Pérdida) Operativa/ 7,839 16,671 -19,811
Ganancia (Pérdida) de la Baja en Activos
2D0407 Financieros medidos al Costo 0 0 0
Amortizado/
2D0401 Ingresos Financieros/ 12 16 6,457
Ingresos por Intereses calculados usando el Metodo de
2D0415
Interes Efectivo/
2D0402 Gastos Financieros/ -1,593 -1,544 -1,344
Ganancia (Pérdida) por Deterioro de Valor (Pérdidas
2D0416 Crediticias Esperadas o Reversiones)/
Otros Ingresos (Gastos) de las
2D0414 Subsidiarias, Asociadas y Negocios 0 0 0
Conjuntos/
2D0410 Diferencias de Cambiopor
Ganancias (Pérdidas) Neto/
Reclasificación -12,026 931 1,414
de Activos Financieros a Valor
2D0411 0 0 0
Ganancia (Pérdida)Razonable
Acumulada con
encambios en Resultados
Otro Resultado Integral
2D0417 antes medidos
por Activos Financieros medidos aalValor
CostoRazonable
Amortizado/
reclasificados como cambios
Ganancias (Pérdidas) en Resultados/
por Cobertura de un Grupo de
2D0418 Partidas con posiciones
Diferencia entreCompensadoras/
de Riesgo el Importe en Libros de
2D0413 los Activos Distribuidos y el Importe en 0 0 0
Libros del Dividendo a pagar/
2D04ST Ganancia (Pérdida) antes de Impuestos/ -5,768 16,074 -13,284
2D0502 Ingreso (Gasto) por Impuesto/ 2,216 -8,587 3,048
Ganancia (Pérdida) Neta de
2D0503 -3,552 7,487 -10,236
Operaciones Continuadas/
Ganancia (Pérdida) procedente de
2D0504 Operaciones Discontinuadas, neta de 0 0 -3,184
Impuesto/
2D07ST Ganancia (Pérdida) Neta del Ejercicio/ -3,552 7,487 -13,420
SIS VERTICAL ANALISIS HORIZONTAL
12/31/2017 PROMEDIO
-98.17% -82.00%
-6.42% -5.00%
-7.71% -6.00%
Inversiones Costo
Coladora 125
cajas de alimentacion 120
copas de vaciado 150
Horno de cubilote 110
Horno de inducción 100
Horno de crisol 150
Maquina de molde 175
Tostadora 250
Maquina de fundición 350
Generador de energia 450
Inversión Total 1,980
Tabla de la Sunat
PORCENTAJE
ANUAL MÁXIMO
BIENES
DE
DEPRECIACIÓN
1. Ganado de trabajo y reproducción; redes de pesca 25%
2. Vehículos de transporte terrestre (excepto ferrocarriles); hornos
20%
en general
3. Maquinaria y equipo utilizados por las actividades minera,
petrolera y de construcción, excepto muebles, enseres y equipos 20%
de oficina
4. Equipos de procesamiento de datos 25%
5. Maquinaria y equipo adquirido a partir del 1.1.1991 10%
6. Otros bienes del activo fijo 10%
Fuente: SUNAT
Dep. Amort
Determinación del valor de rescate
Anual
Coladora 12.50
cajas de alimentacion 12.00
copas de vaciado 15.00
Horno de cubilote 11.00
Horno de inducción 10.00
Horno de crisol 15.00
Maquina de molde 17.50
Tostadora 25.00
Maquina de fundición 35.00
Generador de energia 45.00
Total 198.00
Producción de una nueva linea de piezas fundidas en acer
metales
Vida útil
10
10
10
10
10
10
10
10
10
10
Coladora
cajas de alimentacion
copas de vaciado
Horno de cubilote
Horno de inducción
Horno de crisol
Maquina de molde
INVERSION EN CAPITAL DE TRABAJO
Cálculo de ingresos 2015 2016 2017 Promedio 2018
Total Ingresos 243,655 240,102 136,926 206,894 160,933 30% 48,280
BIF
Prestamo 2,799.39
TEA 6.30%
Plazo anual 2
Tasas Activas Anuales de las Operaciones en Moneda Nacional Realizadas en los Últimos 30 Días Útiles Por Tipo de Crédito al 16/04/2019
Nota: Cuadro elaborado sobre la base de la información remitida diariamente por las Empresas Bancarias a través del Reporte N°6. Las tasas de interés tien
los tipos de crédito se encuentran en el Reglamento para la Evaluación y Clasificación del Deudor y la Exigencia de Provisiones, aprobado mediante Resol
definiciones).
ciamiento (S/.)
1,199.74
2,799.39
3,999.13
dito al 16/04/2019
+ Préstamo 3,999.13
INVERSION -2,809
COK 15.98%
2019 2020
ESPERADOS 52 73
ESPERADO DEL VPN 1,489.67
DESVIACION ESTANDAR 21 29
VPN D.E. 1,686
Aumenta25.00%
la demanda 100.00%
internacional por los
productos de Mepsa y
gana reconocimiento
internacional
27.92
+ Préstamo 3,999.13
INVERSION -2,809
COK 15.98%
2019 2020
ESPERADOS 320 352
ESPERADO DEL VPN 3,069.02
DESVIACION ESTANDAR 127 140
VPN D.E. 2,306
DEUDA / CAPITAL
2015 2016
Total Pasivos 146,558 145,879
Total Patrimonio 95,439 102,926
Bancos
Total Inversión 6,807.98
Aporte de capital
Inversión en activo fijo 1,980.00
Capital de trabajo 4,827.98
Total financiamiento Monto %
BBVA 1,199.74 30.00%
BIF 2,799.39 70.00%
total 3,999.13
Fuente: SBS
BBVA
Prestamo 1,199.74
TEA 8.9200%
Plazo anual 2.00
BIF
Prestamo 2,799.39
TEA 8.30%
Plazo anual 2
Tasas Activas Anuales de las Operaciones en Moneda Nacional Realizadas en los Últimos 30 Días Útiles Por Tip
Nota: Cuadro elaborado sobre la base de la información remitida diariamente por las Empresas Bancarias a través del
Evaluación y Clasificación del Deudor y la Exigencia de Provisiones, aprobado mediante Resolución SBS N° 11356-
2 3 4 5 6
Aumenta25.00%
la demanda 100.00%
internacional por los
productos de Mepsa y
gana reconocimiento
internacional
2017 PROMEDIO
117,420 136,619
89,505 95,957
mpresas Bancarias a través del Reporte N°6. Las tasas de interés tienen carácter referencial. Las definiciones de los tipos de crédit
e Resolución SBS N° 11356-2008 (Ver definiciones).
7 8 9 10
27.92
Number of
Industry Name firms Beta D/E Ratio
Advertising 40 1.15 73.87%
Aerospace/Defense 87 1.08 18.46%
Air Transport 17 1.01 71.00%
Apparel 51 1.02 34.18%
Auto & Truck 18 1.20 148.09%
Auto Parts 62 1.04 28.30%
Bank (Money Center) 11 0.64 157.26%
Banks (Regional) 612 0.50 58.68%
Beverage (Alcoholic) 28 1.33 26.14%
Beverage (Soft) 35 0.70 23.06%
Broadcasting 27 1.12 112.17%
Brokerage & Investment Banking 42 1.24 219.92%
Building Materials 39 1.11 21.46%
Business & Consumer Services 169 1.17 27.44%
Cable TV 14 0.92 53.05%
Chemical (Basic) 38 1.20 41.28%
Chemical (Diversified) 7 2.03 27.19%
Chemical (Specialty) 99 1.11 29.00%
Coal & Related Energy 30 1.25 45.41%
Computer Services 111 1.10 30.83%
Computers/Peripherals 58 1.01 18.17%
Construction Supplies 49 1.12 32.47%
Diversified 24 1.19 32.49%
Drugs (Biotechnology) 459 1.44 15.83%
Drugs (Pharmaceutical) 185 1.21 14.63%
Education 34 1.15 38.83%
Electrical Equipment 118 1.08 15.85%
Electronics (Consumer & Office) 24 1.09 6.94%
Electronics (General) 167 0.94 14.97%
Engineering/Construction 49 1.27 29.72%
Entertainment 90 1.15 33.74%
Environmental & Waste Services 87 0.88 34.87%
Farming/Agriculture 34 0.74 55.54%
Financial Svcs. (Non-bank & Insurance) 264 0.61 1032.19%
Food Processing 87 0.68 30.82%
Food Wholesalers 15 1.79 37.46%
Furn/Home Furnishings 31 0.79 27.86%
Green & Renewable Energy 22 1.20 98.23%
Healthcare Products 251 0.94 17.08%
Healthcare Support Services 115 0.90 24.83%
Heathcare Information and Technology 112 0.98 19.30%
Homebuilding 32 1.11 39.65%
Hospitals/Healthcare Facilities 35 1.18 176.51%
Hotel/Gaming 70 0.94 39.91%
Household Products 131 1.00 21.03%
Information Services 61 0.88 15.71%
Insurance (General) 21 0.78 38.50%
Insurance (Life) 25 1.01 57.06%
Insurance (Prop/Cas.) 50 0.84 26.43%
Investments & Asset Management 165 0.99 42.08%
Machinery 126 1.15 19.75%
Metals & Mining 102 1.10 30.54%
Office Equipment & Services 24 1.37 51.65%
Oil/Gas (Integrated) 5 1.37 15.29%
Oil/Gas (Production and Exploration) 311 1.26 41.91%
Oil/Gas Distribution 16 1.21 93.43%
Oilfield Svcs/Equip. 130 1.23 30.98%
Packaging & Container 25 0.74 50.22%
Paper/Forest Products 21 1.20 40.01%
Power 61 0.50 76.36%
Precious Metals 111 0.96 17.85%
Publishing & Newspapers 41 1.02 44.49%
R.E.I.T. 244 0.66 78.50%
Real Estate (Development) 20 0.75 45.30%
Real Estate (General/Diversified) 10 0.75 23.60%
Real Estate (Operations & Services) 60 1.02 46.71%
Recreation 70 0.85 29.59%
Reinsurance 3 0.52 27.73%
Restaurant/Dining 81 0.85 32.21%
Retail (Automotive) 25 1.01 75.96%
Retail (Building Supply) 8 0.86 17.86%
Retail (Distributors) 92 1.15 45.58%
Retail (General) 18 1.05 31.15%
Retail (Grocery and Food) 14 0.71 83.68%
Retail (Online) 61 1.18 11.41%
Retail (Special Lines) 106 1.11 53.00%
Rubber& Tires 4 0.95 77.99%
Semiconductor 72 1.17 13.10%
Semiconductor Equip 45 0.98 11.53%
Shipbuilding & Marine 9 1.34 46.95%
Shoe 11 0.88 9.65%
Software (Entertainment) 13 0.89 6.45%
Software (Internet) 305 1.20 3.32%
Software (System & Application) 255 1.09 14.14%
Steel 37 1.82 36.23%
Telecom (Wireless) 18 1.30 119.97%
Telecom. Equipment 104 1.03 20.73%
Telecom. Services 66 1.08 79.53%
Tobacco 24 1.26 17.14%
Transportation 18 0.95 30.02%
Transportation (Railroads) 8 1.01 22.66%
Trucking 30 1.20 69.80%
Utility (General) 18 0.29 67.24%
Utility (Water) 23 0.34 38.14%
Total Market 7247 1.00 59.01%
Total Market (without financials) 6057 1.07 30.74%
Notes
dar@stern.nyu.edu if you are looking for a pure-play
ther risk measures US companies beta, i.e., a beta for a business, the
unlevered beta corrected for cash is
m your best bet. Since even sector bet
~adamodar/New_Home_Page/data.html can move over time, I have also
~adamodar/pc/datasets/indname.xls reported the average of the this
sector beta across time in the last
~adamodar/New_Home_Page/datafile/variable.htm column. This number, for obvious
Marginal
24.00%
Unlevered
beta
Cash/Firm corrected
Effective Tax rate Unlevered beta value for cash HiLo Risk
6.38% 0.74 5.80% 0.78 0.6310
11.59% 0.95 4.33% 0.99 0.4893
24.57% 0.66 2.67% 0.67 0.4148
10.35% 0.81 5.16% 0.85 0.4998
8.15% 0.56 4.88% 0.59 0.6051
7.71% 0.85 7.19% 0.92 0.5423
27.31% 0.29 9.94% 0.32 0.1462
25.57% 0.35 10.04% 0.39 0.1809
10.12% 1.11 1.20% 1.12 0.5387
6.41% 0.60 4.46% 0.63 0.5850
17.18% 0.60 7.16% 0.65 0.4085
14.56% 0.46 14.84% 0.54 0.4586
23.34% 0.95 3.30% 0.99 0.3135
11.09% 0.97 3.94% 1.01 0.5442
22.23% 0.66 1.67% 0.67 0.4154
9.76% 0.91 5.52% 0.96 0.5297
11.66% 1.69 6.07% 1.79 0.3952
9.64% 0.91 3.71% 0.95 0.4598
4.94% 0.93 10.94% 1.04 0.5930
9.40% 0.89 5.49% 0.94 0.5432
5.03% 0.89 4.44% 0.93 0.5296
17.36% 0.90 5.64% 0.95 0.3347
12.09% 0.96 5.48% 1.01 0.4370
1.36% 1.29 5.27% 1.36 0.5569
2.11% 1.09 3.65% 1.13 0.5754
8.24% 0.89 7.06% 0.96 0.4730
5.06% 0.97 5.49% 1.02 0.6021
5.98% 1.04 3.85% 1.08 0.5949
8.34% 0.84 7.80% 0.91 0.5125
13.37% 1.04 8.14% 1.13 0.4130
5.45% 0.92 4.23% 0.96 0.6323
4.45% 0.69 0.93% 0.70 0.6050
7.69% 0.52 6.02% 0.56 0.4842
19.89% 0.07 2.38% 0.07 0.2561
15.13% 0.55 1.58% 0.56 0.4234
11.91% 1.39 1.76% 1.41 0.4729
12.56% 0.65 3.22% 0.67 0.4142
2.41% 0.69 4.47% 0.72 0.6613
4.79% 0.83 5.87% 0.89 0.5371
13.69% 0.76 8.35% 0.82 0.4877
5.96% 0.85 3.37% 0.88 0.5393
23.86% 0.85 4.82% 0.89 0.3080
10.57% 0.50 1.75% 0.51 0.4592
14.01% 0.72 3.22% 0.74 0.4199
7.35% 0.86 2.31% 0.88 0.6009
15.90% 0.79 4.07% 0.82 0.3503
14.71% 0.61 3.99% 0.63 0.2871
15.32% 0.70 12.71% 0.81 0.2369
18.50% 0.70 4.06% 0.73 0.2254
8.30% 0.75 13.70% 0.87 0.3629
14.05% 1.00 3.69% 1.04 0.4209
1.66% 0.90 6.75% 0.96 0.6862
18.37% 0.99 10.21% 1.10 0.4977
10.96% 1.23 1.70% 1.25 0.3307
2.18% 0.95 4.89% 1.00 0.5978
4.84% 0.71 1.53% 0.72 0.4481
5.27% 0.99 5.93% 1.06 0.5501
22.37% 0.53 3.01% 0.55 0.2952
14.18% 0.92 5.94% 0.98 0.4787
20.31% 0.32 1.75% 0.32 0.2477
2.16% 0.85 10.39% 0.95 0.6903
11.92% 0.76 7.84% 0.83 0.3562
1.96% 0.41 2.00% 0.42 0.1817
5.80% 0.56 9.13% 0.61 0.6155
12.77% 0.63 13.84% 0.73 0.4356
8.82% 0.75 5.89% 0.80 0.5502
10.16% 0.69 4.48% 0.73 0.5329
10.92% 0.43 7.80% 0.47 0.2463
14.99% 0.68 1.85% 0.70 0.4220
19.04% 0.64 0.99% 0.65 0.4279
15.36% 0.75 1.21% 0.76 0.4310
14.20% 0.85 2.07% 0.87 0.4930
22.96% 0.85 2.88% 0.87 0.3620
21.04% 0.43 1.61% 0.44 0.4397
7.57% 1.09 3.21% 1.12 0.5386
22.01% 0.79 3.41% 0.82 0.4805
7.91% 0.60 6.12% 0.64 0.4488
8.04% 1.07 7.82% 1.16 0.3870
8.51% 0.90 8.36% 0.99 0.4202
8.31% 0.99 2.51% 1.01 0.5144
16.75% 0.82 4.64% 0.86 0.3897
2.21% 0.85 6.76% 0.91 0.4776
2.50% 1.17 2.12% 1.20 0.6170
3.98% 0.98 3.75% 1.02 0.5575
7.05% 1.42 7.06% 1.53 0.4324
7.95% 0.68 3.88% 0.71 0.6051
8.12% 0.89 6.81% 0.96 0.4608
8.05% 0.68 6.13% 0.72 0.6037
5.25% 1.12 3.05% 1.15 0.6586
21.92% 0.77 3.00% 0.80 0.3657
23.82% 0.86 1.28% 0.87 0.3136
20.56% 0.78 2.99% 0.81 0.4038
30.89% 0.19 0.58% 0.20 0.1233
15.09% 0.27 0.74% 0.27 0.3992
10.04% 0.69 4.73% 0.72 0.4635
7.92% 0.87 3.95% 0.90 0.5079
Notes
you are looking for a pure-play
eta, i.e., a beta for a business, the
nlevered beta corrected for cash is
our best bet. Since even sector betas
n move over time, I have also
ported the average of the this
ctor beta across time in the last
olumn. This number, for obvious
Standard
deviation in
operating
Standard income
deviation of (last 10 Average
equity years) 2015 2016 2017 (2015-18)
80.95% 15.30% 0.83 0.74 0.91 0.81
49.06% 12.87% 1.06 1.20 0.94 1.05
40.20% 92.29% 0.61 0.85 0.76 0.72
59.71% 22.55% 0.86 0.88 0.71 0.82
38.59% 209.62% 0.59 0.47 0.38 0.51
56.74% 53.93% 1.14 1.08 0.94 1.02
33.37% NA 0.34 0.47 0.41 0.38
32.08% NA 0.37 0.36 0.36 0.37
50.14% 32.58% 0.89 0.82 0.71 0.89
45.33% 13.03% 0.98 0.99 0.78 0.84
52.30% 20.47% 0.83 0.75 0.70 0.73
42.48% 36.49% 0.41 0.46 0.42 0.46
41.01% 55.46% 0.93 0.98 0.87 0.94
49.45% 19.49% 1.00 0.95 0.85 0.95
36.33% 35.61% 0.70 0.89 0.82 0.77
59.39% 40.60% 0.75 0.81 0.68 0.80
68.62% 36.93% 0.99 1.27 1.22 1.32
59.69% 20.92% 0.91 1.01 0.98 0.96
90.61% 226.93% 0.83 0.39 0.61 0.72
48.53% 12.54% 0.99 1.00 0.83 0.94
61.38% 44.58% 1.17 1.22 0.94 1.07
45.67% 28.97% 1.22 1.18 1.02 1.09
26.82% 22.28% 0.70 0.74 0.63 0.77
94.78% 59.98% 1.06 1.19 1.25 1.21
85.70% 9.32% 0.95 0.94 0.93 0.99
53.59% 25.37% 0.95 0.86 1.05 0.95
66.17% 15.61% 1.14 1.03 1.04 1.06
70.22% 257.32% 1.38 1.16 0.97 1.15
60.25% 28.33% 1.01 0.98 0.83 0.93
53.02% 11.78% 1.19 1.07 1.01 1.10
54.94% 20.36% 0.99 0.98 0.97 0.97
65.74% 12.70% 0.94 0.82 0.63 0.77
42.57% 25.17% 0.58 0.77 0.62 0.63
36.63% 53.82% 0.06 0.06 0.07 0.06
41.18% 25.40% 0.82 0.74 0.63 0.69
55.42% 15.90% 1.26 0.61 0.93 1.05
51.26% 34.05% 0.92 1.00 0.69 0.82
60.29% 93.85% 0.68 0.84 0.47 0.68
66.92% 10.87% 0.90 0.92 0.92 0.91
57.44% 24.22% 0.91 0.89 0.82 0.86
58.64% 30.64% 0.84 0.99 0.83 0.88
44.70% 128.07% 0.92 0.81 0.77 0.85
60.63% 30.20% 0.59 0.44 0.45 0.50
45.51% 26.64% 0.83 0.68 0.67 0.73
56.30% 6.39% 0.91 0.91 0.69 0.85
41.35% 34.44% 1.04 0.92 0.87 0.91
37.21% 76.79% 0.80 0.82 0.71 0.74
37.34% 36.74% 0.75 0.91 0.80 0.82
34.65% 57.83% 0.69 0.75 0.70 0.72
41.00% 27.10% 0.73 0.81 0.68 0.77
43.17% 20.89% 1.11 1.23 0.93 1.08
82.33% 40.51% 0.91 0.87 0.89 0.91
49.66% 18.32% 1.00 1.29 1.09 1.12
20.21% 61.70% 0.76 1.38 0.95 1.08
78.88% 109.36% 0.91 0.95 0.99 0.96
62.79% 30.48% 0.67 0.65 0.69 0.68
73.29% 42.07% 1.32 1.41 1.11 1.22
27.67% 17.89% 0.70 0.91 0.60 0.69
56.81% 34.50% 0.59 0.89 0.83 0.82
31.23% 8.37% 0.53 0.50 0.33 0.42
91.35% 72.71% 1.05 1.03 1.10 1.03
54.14% 13.55% 0.88 1.07 0.96 0.94
32.14% 30.62% 0.43 0.41 0.41 0.42
44.27% 136.76% 0.82 0.93 0.47 0.71
41.07% 204.05% 1.47 1.03 1.09 1.08
54.01% 42.66% 0.89 0.99 0.62 0.83
50.85% 47.63% 0.99 0.75 0.76 0.81
18.99% 52.13% 1.12 0.89 0.65 0.78
48.41% 18.74% 0.74 0.64 0.61 0.67
42.62% 35.82% 0.85 0.76 0.63 0.72
53.44% 28.48% 1.29 1.31 1.12 1.12
49.24% 35.40% 0.81 0.83 0.77 0.82
49.94% 6.34% 0.85 0.92 0.82 0.87
45.73% 17.63% 0.75 0.77 0.46 0.61
60.64% 49.32% 1.39 1.53 1.17 1.30
59.68% 22.09% 0.85 0.81 0.76 0.81
56.24% 42.44% 0.65 1.18 0.89 0.84
52.68% 30.35% 1.17 1.32 1.11 1.19
61.04% 52.85% 1.17 1.22 1.10 1.12
94.40% 29.81% 0.94 0.84 0.85 0.91
44.39% 25.36% 0.82 0.81 0.83 0.83
49.61% 103.93% 1.13 1.46 0.96 1.12
65.60% 49.78% 1.29 1.33 1.12 1.23
53.27% 13.17% 1.06 1.25 0.99 1.08
70.40% 73.59% 0.90 0.86 1.19 1.12
54.46% 38.36% 0.51 0.65 0.58 0.61
57.87% 20.11% 1.20 1.17 0.86 1.05
52.57% 34.87% 0.69 0.57 0.68 0.66
45.16% 13.92% 0.94 1.66 1.13 1.22
46.36% 25.07% 0.77 1.19 0.83 0.90
29.77% 24.46% 0.92 0.93 0.66 0.84
54.25% 34.40% 0.92 1.03 0.76 0.88
20.67% 7.02% 0.42 0.36 0.25 0.31
53.52% 24.03% 0.77 0.33 0.47 0.46
53.52% 15.92% 0.70 0.73 0.65 0.70
57.16% 15.06% 0.87 0.9 0.85 0.88
Date updated: 31-Dec-13
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Historical returns: Stocks, T.Bonds & T.Bills with p
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vari
Customized Geometric risk premium estimator
What is your riskfree rate? LT
Enter your starting year 1928
Annual
S&P 500 Returns on Investments in
(includes
dividends 3-month Return on 10-
Year ) T.Bill year T. Bond
1928 43.81% 3.08% 0.84%
1929 -8.30% 3.16% 4.20%
1930 -25.12% 4.55% 4.54%
1931 -43.84% 2.31% -2.56%
1932 -8.64% 1.07% 8.79%
1933 49.98% 0.96% 1.86%
1934 -1.19% 0.32% 7.96%
1935 46.74% 0.18% 4.47%
1936 31.94% 0.17% 5.02%
1937 -35.34% 0.30% 1.38%
1938 29.28% 0.08% 4.21%
1939 -1.10% 0.04% 4.41%
1940 -10.67% 0.03% 5.40%
1941 -12.77% 0.08% -2.02%
1942 19.17% 0.34% 2.29%
1943 25.06% 0.38% 2.49%
1944 19.03% 0.38% 2.58%
1945 35.82% 0.38% 3.80%
1946 -8.43% 0.38% 3.13%
1947 5.20% 0.57% 0.92%
1948 5.70% 1.02% 1.95%
1949 18.30% 1.10% 4.66%
1950 30.81% 1.17% 0.43%
1951 23.68% 1.48% -0.30%
1952 18.15% 1.67% 2.27%
1953 -1.21% 1.89% 4.14%
1954 52.56% 0.96% 3.29%
1955 32.60% 1.66% -1.34%
1956 7.44% 2.56% -2.26%
1957 -10.46% 3.23% 6.80%
1958 43.72% 1.78% -2.10%
1959 12.06% 3.26% -2.65%
1960 0.34% 3.05% 11.64%
1961 26.64% 2.27% 2.06%
1962 -8.81% 2.78% 5.69%
1963 22.61% 3.11% 1.68%
1964 16.42% 3.51% 3.73%
1965 12.40% 3.90% 0.72%
1966 -9.97% 4.84% 2.91%
1967 23.80% 4.33% -1.58%
1968 10.81% 5.26% 3.27%
1969 -8.24% 6.56% -5.01%
1970 3.56% 6.69% 16.75%
1971 14.22% 4.54% 9.79%
1972 18.76% 3.95% 2.82%
1973 -14.31% 6.73% 3.66%
1974 -25.90% 7.78% 1.99%
1975 37.00% 5.99% 3.61%
1976 23.83% 4.97% 15.98%
1977 -6.98% 5.13% 1.29%
1978 6.51% 6.93% -0.78%
1979 18.52% 9.94% 0.67%
1980 31.74% 11.22% -2.99%
1981 -4.70% 14.30% 8.20%
1982 20.42% 11.01% 32.81%
1983 22.34% 8.45% 3.20%
1984 6.15% 9.61% 13.73%
1985 31.24% 7.49% 25.71%
1986 18.49% 6.04% 24.28%
1987 5.81% 5.72% -4.96%
1988 16.54% 6.45% 8.22%
1989 31.48% 8.11% 17.69%
1990 -3.06% 7.55% 6.24%
1991 30.23% 5.61% 15.00%
1992 7.49% 3.41% 9.36%
1993 9.97% 2.98% 14.21%
1994 1.33% 3.99% -8.04%
1995 37.20% 5.52% 23.48%
1996 22.68% 5.02% 1.43%
1997 33.10% 5.05% 9.94%
1998 28.34% 4.73% 14.92%
1999 20.89% 4.51% -8.25%
2000 -9.03% 5.76% 16.66%
2001 -11.85% 3.67% 5.57%
2002 -21.97% 1.66% 15.12%
2003 28.36% 1.03% 0.38%
2004 10.74% 1.23% 4.49%
2005 4.83% 3.01% 2.87%
2006 15.61% 4.68% 1.96%
2007 5.48% 4.64% 10.21%
2008 -36.55% 1.59% 20.10%
2009 25.94% 0.14% -11.12%
2010 14.82% 0.13% 8.46%
2011 2.10% 0.03% 16.04%
2012 15.89% 0.05% 2.97%
2013 32.15% 0.07% -9.10%
2014 13.52% 0.05% 10.75%
2015 1.38% 0.21% 1.28%
2016 11.77% 0.51% 0.69%
2017 21.64% 1.39% 2.80%
Arithmetic Average
1928-2017 11.53% 3.44% 5.15%
1968-2017 11.41% 4.82% 7.17%
2008-2017 10.27% 0.42% 4.29%
Geometric Average
1928-2017 9.65% 3.39% 4.88%
1968-2017 10.05% 4.77% 6.76%
2008-2017 8.42% 0.41% 3.86%
tern.nyu.edu
Bonds & T.Bills with p US companies
dar/New_Home_Page/data.html
dar/pc/datasets/indname.xls
dar/New_Home_Page/datafile/variable.htm
Estimates of risk premiums from 1928, over the last 50 years and over the last
are provided at the bottom of this table.
100
100
100
4.77%
Stocks - Stocks -
Stocks T.Bills T.Bonds Bills Bonds
$ 143.81 $ 103.08 $ 100.84 40.73% 42.98%
$ 131.88 $ 106.34 $ 105.07 -11.46% -12.50%
$ 98.75 $ 111.18 $ 109.85 -29.67% -29.66%
$ 55.46 $ 113.74 $ 107.03 -46.15% -41.28%
$ 50.66 $ 114.96 $ 116.44 -9.71% -17.43%
$ 75.99 $ 116.06 $ 118.60 49.02% 48.13%
$ 75.09 $ 116.44 $ 128.05 -1.51% -9.15%
$ 110.18 $ 116.64 $ 133.78 46.57% 42.27%
$ 145.38 $ 116.84 $ 140.49 31.77% 26.93%
$ 94.00 $ 117.19 $ 142.43 -35.64% -36.72%
$ 121.53 $ 117.29 $ 148.43 29.21% 25.07%
$ 120.20 $ 117.33 $ 154.98 -1.14% -5.51%
$ 107.37 $ 117.36 $ 163.35 -10.70% -16.08%
$ 93.66 $ 117.46 $ 160.04 -12.85% -10.75%
$ 111.61 $ 117.85 $ 163.72 18.84% 16.88%
$ 139.59 $ 118.30 $ 167.79 24.68% 22.57%
$ 166.15 $ 118.75 $ 172.12 18.65% 16.45%
$ 225.67 $ 119.20 $ 178.67 35.44% 32.02%
$ 206.65 $ 119.65 $ 184.26 -8.81% -11.56%
$ 217.39 $ 120.33 $ 185.95 4.63% 4.28%
$ 229.79 $ 121.56 $ 189.58 4.68% 3.75%
$ 271.85 $ 122.90 $ 198.42 17.20% 13.64%
$ 355.60 $ 124.34 $ 199.27 29.63% 30.38%
$ 439.80 $ 126.18 $ 198.68 22.20% 23.97%
$ 519.62 $ 128.29 $ 203.19 16.48% 15.88%
$ 513.35 $ 130.72 $ 211.61 -3.10% -5.35%
$ 783.18 $ 131.98 $ 218.57 51.60% 49.27%
$ 1,038.47 $ 134.17 $ 215.65 30.94% 33.93%
$ 1,115.73 $ 137.60 $ 210.79 4.88% 9.70%
$ 999.05 $ 142.04 $ 225.11 -13.69% -17.25%
$ 1,435.84 $ 144.57 $ 220.39 41.94% 45.82%
$ 1,608.95 $ 149.27 $ 214.56 8.80% 14.70%
$ 1,614.37 $ 153.82 $ 239.53 -2.71% -11.30%
$ 2,044.40 $ 157.30 $ 244.46 24.37% 24.58%
$ 1,864.26 $ 161.67 $ 258.38 -11.59% -14.51%
$ 2,285.80 $ 166.70 $ 262.74 19.50% 20.93%
$ 2,661.02 $ 172.54 $ 272.53 12.91% 12.69%
$ 2,990.97 $ 179.28 $ 274.49 8.50% 11.68%
$ 2,692.74 $ 187.95 $ 282.47 -14.81% -12.88%
$ 3,333.69 $ 196.10 $ 278.01 19.47% 25.38%
$ 3,694.23 $ 206.41 $ 287.11 5.55% 7.54%
$ 3,389.77 $ 219.96 $ 272.71 -14.80% -3.23%
$ 3,510.49 $ 234.66 $ 318.41 -3.12% -13.19%
$ 4,009.72 $ 245.32 $ 349.57 9.68% 4.43%
$ 4,761.76 $ 255.01 $ 359.42 14.80% 15.94%
$ 4,080.44 $ 272.16 $ 372.57 -21.03% -17.97%
$ 3,023.54 $ 293.33 $ 379.98 -33.68% -27.89%
$ 4,142.10 $ 310.90 $ 393.68 31.01% 33.39%
$ 5,129.20 $ 326.35 $ 456.61 18.86% 7.85%
$ 4,771.20 $ 343.09 $ 462.50 -12.11% -8.27%
$ 5,081.77 $ 366.87 $ 458.90 -0.42% 7.29%
$ 6,022.89 $ 403.33 $ 461.98 8.58% 17.85%
$ 7,934.26 $ 448.58 $ 448.17 20.52% 34.72%
$ 7,561.16 $ 512.73 $ 484.91 -19.00% -12.90%
$ 9,105.08 $ 569.18 $ 644.04 9.41% -12.40%
$ 11,138.90 $ 617.26 $ 664.65 13.89% 19.14%
$ 11,823.51 $ 676.60 $ 755.92 -3.47% -7.59%
$ 15,516.60 $ 727.26 $ 950.29 23.75% 5.52%
$ 18,386.33 $ 771.15 $ 1,181.06 12.46% -5.79%
$ 19,455.08 $ 815.27 $ 1,122.47 0.09% 10.77%
$ 22,672.40 $ 867.86 $ 1,214.78 10.09% 8.31%
$ 29,808.58 $ 938.24 $ 1,429.72 23.37% 13.78%
$ 28,895.11 $ 1,009.08 $ 1,518.87 -10.61% -9.30%
$ 37,631.51 $ 1,065.69 $ 1,746.77 24.62% 15.23%
$ 40,451.51 $ 1,101.98 $ 1,910.30 4.09% -1.87%
$ 44,483.33 $ 1,134.84 $ 2,181.77 6.98% -4.24%
$ 45,073.14 $ 1,180.07 $ 2,006.43 -2.66% 9.36%
$ 61,838.19 $ 1,245.15 $ 2,477.55 31.68% 13.71%
$ 75,863.69 $ 1,307.68 $ 2,512.94 17.66% 21.25%
### $ 1,373.76 $ 2,762.71 28.05% 23.16%
### $ 1,438.70 $ 3,174.95 23.61% 13.42%
### $ 1,503.58 $ 2,912.88 16.38% 29.14%
### $ 1,590.23 $ 3,398.03 -14.79% -25.69%
### $ 1,648.63 $ 3,587.37 -15.52% -17.42%
$ 98,027.82 $ 1,675.96 $ 4,129.65 -23.62% -37.08%
### $ 1,693.22 $ 4,145.15 27.33% 27.98%
### $ 1,714.00 $ 4,331.30 9.52% 6.25%
### $ 1,765.59 $ 4,455.50 1.82% 1.97%
### $ 1,848.18 $ 4,542.87 10.94% 13.65%
### $ 1,933.98 $ 5,006.69 0.84% -4.73%
### $ 1,964.64 $ 6,013.10 -38.14% -56.65%
### $ 1,967.29 $ 5,344.65 25.80% 37.05%
### $ 1,969.84 $ 5,796.96 14.69% 6.36%
### $ 1,970.44 $ 6,726.52 2.07% -13.94%
### $ 1,971.42 $ 6,926.40 15.84% 12.92%
### $ 1,972.72 $ 6,295.79 32.08% 41.25%
### $ 1,973.77 $ 6,972.34 13.47% 2.78%
### $ 1,977.91 $ 7,061.89 1.17% 0.09%
### $ 1,988.00 $ 7,110.65 11.26% 11.08%
### $ 2,015.63 $ 7,309.87 20.25% 18.84%
Risk Premium Standard Error
Stocks - T.Bills Stocks - T.Bonds Stocks - T.B
Stocks - T.Bonds
8.09% 6.38% 2.10% 2.24%
6.58% 4.24% 2.39% 2.70%
9.85% 5.98% 6.12% 8.70%
Risk Premium
Stocks - T.Bills Stocks - T.Bonds
6.26% 4.77%
5.28% 3.29%
8.01% 4.56%
ars and over the last 10 years
Historical
risk
premium
6.11%
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%
5.12%
5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.30%
5.53%
5.63%
5.96%
5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%
4.60%
4.54%
4.62%
4.77%
tocks - T.Bonds