By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The most up-to-date expense of capital info for roughly a hundred and eighty U.S. industries, pointed out by way of ordinary business class (SIC) code.
The 2016 Valuation Handbook – Industry expense of Capital offers valuation execs with an analogous 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 necessary. The 2016 Valuation instruction manual – Industry rate of Capital presents updated information because it is up to date every year (with facts via March), and contains 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) non-compulsory, and (ii) now not bought separately). the hot 2016 version of the ebook is up to date with info via March 31, 2016 (the past 2014 and 2015 variants also are on hand, with info via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry expense of Capital offers as much as 8 (8) price of fairness capital and weighted standard expense of capital (WACC) estimates for each of the U.S. industries coated within the e-book, plus capital constitution, valuation (trading) multiples, revenues, industry capitalization, capital constitution, numerous 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) development premiums, and more.
For additional information approximately Duff & Phelps valuation facts assets released by means of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation guide - consultant to price of Capital
- 2016 foreign Valuation instruction manual - advisor to price of Capital
- 2016 foreign Valuation instruction manual - fee of Capital
- Access price of capital estimates and betas for roughly a hundred and eighty U.S. industries.
- Reference industry-level valuation multiples, progress 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 data during this publication to (i) benchmark, (ii) increase, and (iii) offer extra aid to your personal customized analyses of the during which a topic company, company possession curiosity, safeguard, or intangible asset resides.
- Ensure that you're utilizing the main updated details on hand through including the intra-year Quarterly Updates.
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Extra info for 2016 valuation handbook: industry cost of capital
2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) 41 Price to Earnings Latest: Me,i PEi IBEIi DVPi 5-year Average: n PE A, i ¦M e,i ,n n 1 n ¦ (IBEI i ,n DVPi ,n ) n 1 Me ,i ,n § pn · ¨ ¦ Me ,i , m, n ¸ y pn ©m 1 ¹ where: PE i = Price-earnings ratio for company or portfolio i M e,i = Market value of equity capital for company or portfolio i IBEI i = After-tax income before extraordinary items for company or portfolio i DVP i = Preferred dividends for company or portfolio i PE A,i = Price-earnings ratio for company or portfolio i over n periods (in this case, 5 years) M e,i,n = Market value of equity capital for company or portfolio i over n periods IBEI i,n = After-tax income before extraordinary items for company or portfolio i over n periods DVP i,n = Preferred dividends for company or portfolio i over n periods M e,i,m,n = Market value of equity capital for company or portfolio i in month m over n periods pn = Number of months for which market value of equity capital data are available over n periods Latest The “Latest” statistic is calculated as total market capitalization of common equity at the end of the most recent month divided by the after-tax income before extraordinary items less preferred dividends for the most recent fiscal year.
Alternatively, the analyst can look to the Median to get a sense of the “typical” company in the industry. 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.
In all cases in the analyses presented herein: “Excess” total returns of the company (or portfolio) and of the market benchmark are used in the regressions performed to calculate beta. S. , total returns in excess of the risk-free rate). S. 30day T-bill return for that month is subtracted from the total returns of the company (or portfolio) and from the market benchmark total returns. x The S&P 500 total return index is used as the “market” benchmark in the regressions performed to calculate beta.