By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The most up-to-date fee of capital facts for about a hundred and eighty U.S. industries, pointed out by means of average business class (SIC) code.
The 2016 Valuation Handbook – Industry rate of Capital offers valuation pros with an identical kind of rigorous industry-level research formerly released within the green-cover Morningstar/Ibbotson Cost of Capital Yearbook (now discontinued).
Using the newest, updated info is important. The 2016 Valuation instruction manual – Industry fee of Capital offers updated facts because it is up to date every year (with info via March), and contains 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) not obligatory, and (ii) no longer offered separately). the hot 2016 version of the booklet is up-to-date with facts via March 31, 2016 (the previous 2014 and 2015 versions also are to be had, with facts via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry rate of Capital presents as much as 8 (8) expense of fairness capital and weighted ordinary fee of capital (WACC) estimates for each of the U.S. industries coated within the ebook, plus capital constitution, valuation (trading) multiples, revenues, industry capitalization, capital constitution, a number of levered and unlevered beta estimates (e.g. ordinary-least squares (OLS) beta, sum beta, draw back beta, etc.), monetary and profitability ratios, fairness returns, mixture forward-looking earnings-per-share (EPS) progress premiums, and more.
For additional information approximately Duff & Phelps valuation info assets released by means of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation instruction manual - consultant to price of Capital
- 2016 overseas Valuation instruction manual - advisor to price of Capital
- 2016 overseas Valuation instruction manual - price of Capital
- Access price of capital estimates and betas for roughly one hundred eighty U.S. industries.
- Reference industry-level valuation multiples, development premiums, revenues, capital constitution, profitability ratios, plus records that allow the consumer to gauge the impression of 'debt-like' off-balance sheet goods at the capital constitution of the topic industry.
- Use the knowledge during this publication to (i) benchmark, (ii) increase, and (iii) offer extra help in your personal customized analyses of the during which a topic company, enterprise possession curiosity, protection, or intangible asset resides.
- Ensure that you're utilizing the main up to date info to be had by way of including the intra-year Quarterly Updates.
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Additional resources for 2016 valuation handbook: industry cost of capital
Debt) removed, thereby reflecting only the effect of business risk. An unlevered beta is the beta that would be expected if a company were financed only with equity capital. 37 38 In this book, beta calculations are summarized in equation form in order to document for the reader the methodologies employed; theory is not discussed in detail. To learn more, see the 2016 Valuation Handbook – Guide to Cost of Capital, Chapter 5, “Basic Building Blocks of the Cost of Equity Capital – Betas and Industry Risk Premia”.
Aggregation is arguably a superior technique when discussing “industry” statistics to that of employing simple averages or some other non-aggregative technique. , extreme values that are not “typical”) on the analysis. Examples of how this aggregation technique is applied are provided in the following sections. “Latest” and “5-Year” Averages In most cases, the financial statistics presented herein are calculated over two different periods: (i) Latest and (ii) 5-Year Average. , over the last 5 years).
In Exhibit 7, the “Latest” aggregate total debt (for all companies in the industry) is 30, and the “Latest” aggregate total equity is 164. 18 (30 ÷ 164). This same aggregation technique is used in the calculation of all “composite” statistics: the SIC Composite, the Large Composite, the Small Composite, and a composite of all high-financial-risk companies. The only item that will vary across these various composites is the number (and identity) of companies included in the set being aggregated.