2016 International Valuation Handbook: Industry Cost of by Roger J. Grabowski, James P. Harrington, Duff & Phelps,

By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes

Real-world cost-of-capital facts from throughout industries and round the globe

The 2016 foreign Valuation guide - expense of Capital bargains a similar kind of rigorous industry-level research released within the U.S.-centric Valuation instruction manual - rate of Capital. It offers industry-level fee of capital estimates (cost of fairness, fee of debt, and weighted usual rate of capital, or WACC), plus exact industry-level facts for revenues, marketplace capitalization, capital constitution, a number of levered and unlevered beta estimates (e.g., ordinary-least squares (OLS) beta, sum beta, peer staff beta, draw back beta, etc.), valuation (trading) multiples, monetary and profitability ratios, fairness returns, mixture forward-looking earnings-per-share (EPS) progress premiums, and more.

For additional information approximately Duff & Phelps valuation facts assets released via Wiley, please stopover at www.wiley.com/go/valuationhandbooks.

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  • 2016 foreign Valuation instruction manual - consultant to price of Capital
  • 2016 Valuation instruction manual - consultant to price of Capital
  • 2016 Valuation guide - expense of Capital

Key Features

  • Four worldwide monetary areas: The 2016 overseas Valuation guide - price of Capital contains industry-level analyses for 4 international monetary areas: the "World," the ecu Union, the Eurozone, and the uk. Industries within the booklet are pointed out via their worldwide class regular (GICS) code (at the 2-, 4-, and 6-digit code level).
  • Three currencies: Each of the 4 international region's analyses are awarded in 3 currencies: the Euro, the British pound, and the U.S. dollar.

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Sample text

One-time) items is also used in this calculation because income excluding extraordinary items is likely a better representation of an expected sustainable income stream. 36 2016 International Valuation Handbook – Industry Cost of Capital Dividend Yield n DYA, i ¦ (S i,m m 1 n ¦ (S i,m u Di , m ) u Pi , m ) m 1 where: DY A,i = Dividend yield for company or portfolio i S i,m = Common shares outstanding for company or portfolio i in month m D i,m = Dividends per share for company or portfolio i in month m P i,m = Price per common share for company or portfolio i in month m The number of common shares outstanding for each issue of common stock is multiplied by the respective dividends paid per share of each respective issue, as of month-end.

Graph – Relative 5-Year Performance This index graph shows how much 1 unit of the given currency (EUR, GBP, or USD) invested as of March 31, 2011 in (i) the given industry, and (ii) the market benchmark would have grown to by March 31, 2016 (total 60 months, or five years). The market benchmark for the World is the MSCI ACWI IMI, and the market benchmark for the EU, Eurozone, and United Kingdom is the MSCI Europe Index. Three Largest and Three Smallest Companies by Sales and Total Assets The three largest and three smallest companies shown for each industry are determined herein by (i) net sales (for “industrial” companies, this represents gross sales reduced by cash discounts, trade discounts, and returned sales and allowances for which credit is given to customers; for “financial” companies, this represents the gross income received from all divisions of the company), and (ii) total assets (current assets plus net property, plant, and equipment plus other noncurrent assets) for the most recent fiscal year as of March 31, 2016.

Peterson, “Full-Information Industry Betas”, Financial Management, Summer 1998, 85-93. 2016 International Valuation Handbook – Industry Cost of Capital companies in an industry based on the relative contributed sales each company has within any given industry. Applying market capitalization weights in the process tends to reduce the beta estimates because large capitalization companies on the average have lower betas than smaller companies. Measuring the impact on betas using segment sales data may present a problem in that the market weighs profits, not sales.

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