By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The latest expense of capital information for about one hundred eighty U.S. industries, pointed out by way of usual business type (SIC) code.
The 2016 Valuation Handbook – Industry price of Capital presents valuation execs 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 latest, up to date info is important. The 2016 Valuation instruction manual – Industry rate of Capital offers updated facts 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) not obligatory, and (ii) no longer bought separately). the recent 2016 version of the e-book is up to date with info via March 31, 2016 (the past 2014 and 2015 versions also are to be had, with info via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry rate of Capital offers as much as 8 (8) fee of fairness capital and weighted common price of capital (WACC) estimates for each of the U.S. industries coated 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, combination forward-looking earnings-per-share (EPS) development premiums, and more.
For additional info approximately Duff & Phelps valuation information assets released through Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation guide - consultant to price of Capital
- 2016 foreign Valuation guide - consultant to price of Capital
- 2016 overseas Valuation instruction manual - expense of Capital
- Access fee of capital estimates and betas for roughly one hundred eighty U.S. industries.
- Reference industry-level valuation multiples, development charges, revenues, capital constitution, profitability ratios, plus facts that permit the person to gauge the effect of 'debt-like' off-balance sheet goods at the capital constitution of the topic industry.
- Use the knowledge during this e-book to (i) benchmark, (ii) increase, and (iii) supply extra help to your personal customized analyses of the within which an issue enterprise, enterprise possession curiosity, safety, 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 info for 2016 valuation handbook: industry cost of capital
28 J Year  Total Equity Company 1 57 Company 2 54 Company 3 53 20 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) Calculating “5-Year Average” Medians To calculate the “5-Year Average” Median debt-to-equity statistic, the debt-to-equity ratio of each individual company is calculated by aggregating the most recent 5-years’ debt, and dividing it by the aggregate of the most recent 5-years’ equity, and then identifying the median. 43, respectively (see Exhibit 6).
The formula used in this book to calculate Vasicek-adjusted betas is: EVasicekAdj V E2 i VE VE 2 m where: EVasicekAdj Ei 2 i Em V E2 m V E V E2 2 m Ei i = Vasicek adjusted beta for company or portfolio i = Historical beta for company or portfolio i Em = Beta of the market industry or peer group VE = Variance of betas in the market industry or peer group 2 m V E2 i = Square of the standard error of the historical beta for company or portfolio i The Vasicek adjustment equation may look complex, but what it accomplishes is a straightforward “sliding scale” between the historical beta and the peer group beta, dependent on the statistical quality (as measured by standard error) of the historical beta.
5-Year Average The “5-Year Average” statistic is calculated as the sum of total market capitalization of common equity for each of the previous five fiscal years divided by the sum of book value of common equity (plus net deferred taxes and investment tax credits) for each of the previous five fiscal years. For the 5-Year Average, total market capitalization of common equity is calculated as the sum of the monthly market capitalizations of equity for each year divided by 12 for each of the most recent five fiscal years.
2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes