By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The latest fee of capital info for roughly a hundred and eighty U.S. industries, pointed out through commonplace business class (SIC) code.
The 2016 Valuation Handbook – Industry expense of Capital offers valuation pros with an analogous form 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 expense of Capital offers up to date info because it is up-to-date each year (with information via March), and contains 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) non-compulsory, and (ii) no longer bought separately). the recent 2016 variation of the ebook is up to date with info via March 31, 2016 (the past 2014 and 2015 variations also are to be had, with info via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry fee of Capital presents as much as 8 (8) fee of fairness capital and weighted regular rate of capital (WACC) estimates for each of the U.S. industries coated within the ebook, plus capital constitution, valuation (trading) multiples, revenues, marketplace 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 charges, and more.
For additional info approximately Duff & Phelps valuation information assets released by means of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation guide - advisor to price of Capital
- 2016 overseas Valuation instruction manual - advisor to price of Capital
- 2016 foreign Valuation guide - rate of Capital
- Access fee of capital estimates and betas for roughly a hundred and eighty U.S. industries.
- Reference industry-level valuation multiples, development charges, revenues, capital constitution, profitability ratios, plus records that let the person to gauge the influence 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) supply extra aid in your personal customized analyses of the within which a subject matter company, enterprise possession curiosity, safeguard, or intangible asset resides.
- Ensure that you're utilizing the main up to date details to be had through including the intra-year Quarterly Updates.
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Additional info for 2016 valuation handbook: industry cost of capital
CMA (conservative minus aggressive) returns: The difference between the monthly returns on diversified portfolios comprised of company stocks of low and high investment firms, which Fama and French define as “conservative” and “aggressive”, respectively. , “F-F beta”) is presented in this book. The F-F beta should not to be confused with the CAPM beta. 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) 51 In the “Fama-French (F-F) Components” results, the actual SMB, HML, RMW, and CMA coefficients are not presented.
40 36 The full-information betas calculated and used in the analyses presented in this book are based upon an article by Paul D. Kaplan and James D. Peterson, “Full-Information Industry Betas”, Financial Management, Summer 1998, 85-93. The full-information beta methodology is based on the premise that a business can be thought of as a portfolio of assets. The full-information methodology is designed to capture the impact that the individual segments have upon the overall business beta. The full-information betas used in the calculations herein are calculated as of March 31, 2016 using groupings of companies at the 2-digit SIC level.
If SIC 3714 does not have at least five other companies with growth rates, then the calculation is performed using SIC 371 (up one level, and thus less specific), etc. 32 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) Beta Overview37 Beta is a measure of the systematic risk of a stock; the tendency of a stock’s price to correlate with changes in the overall market. 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.
2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes