By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The most up-to-date expense of capital information for roughly one hundred eighty U.S. industries, pointed out via usual commercial category (SIC) code.
The 2016 Valuation Handbook – Industry expense of Capital presents valuation pros with a similar form of rigorous industry-level research formerly released within the green-cover Morningstar/Ibbotson Cost of Capital Yearbook (now discontinued).
Using the latest, up to date facts is important. The 2016 Valuation instruction manual – Industry fee of Capital presents up to date facts because it is up-to-date every year (with info via March), and comprises 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) non-compulsory, and (ii) no longer bought separately). the hot 2016 version of the publication is up to date with info 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 offers as much as 8 (8) rate of fairness capital and weighted commonplace expense of capital (WACC) estimates for each of the U.S. industries lined within the booklet, 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) development charges, and more.
For additional info approximately Duff & Phelps valuation information assets released through Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
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- Access expense of capital estimates and betas for about one hundred eighty U.S. industries.
- Reference industry-level valuation multiples, development charges, revenues, capital constitution, profitability ratios, plus facts that let the person to gauge the effect of 'debt-like' off-balance sheet goods at the capital constitution of the topic industry.
- Use the data during this booklet to (i) benchmark, (ii) increase, and (iii) offer extra aid to your personal customized analyses of the during which a topic enterprise, enterprise possession curiosity, protection, or intangible asset resides.
- Ensure that you're utilizing the main updated info on hand through including the intra-year Quarterly Updates.
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Extra resources for 2016 valuation handbook: industry cost of capital
Over the last 5 years). Again, the Median calculation can be thought of as the “typical” observation in the sample. The hypothetical data in Exhibit 4 will be used to demonstrate the aggregation methodology employed to calculate the Median, Latest, and 5-Year Average financial statistics presented herein. In all of these examples, calculation of a simple debt-to-equity ratio is performed for illustration purposes. In these examples, a generic “composite” is calculated, although these same steps are followed for the SIC Composite, the Large Composite, the Small Composite, or a composite of all high-financial-risk companies.
Pratt and Roger J. Grabowski, Chapter 12, “Unlevering and Levering Equity Betas”. See James A. Miles and John R. Ezzell, “The Weighted Average Cost of Capital, Perfect Capital Markets and Project Life: A Clarification,” Journal of Financial and Quantitative Analysis (1980): 719–730. 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) 39 In the calculations in the main section of this book, debt is defined simply as the “book” value of interest-bearing debt (as a proxy for market value of debt).
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. There were a total of 56 2-digit SIC full-information betas calculated as of March 31, 2016. 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) Adjusted Betas Cost of capital is inherently a forward-looking concept, and thus all of its inputs should also be forward-looking.