2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, PDF

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

ISBN-10: 1119132479

ISBN-13: 9781119132479

ISBN-10: 1119132487

ISBN-13: 9781119132486

The newest rate of capital info for about one hundred eighty U.S. industries, pointed out via normal business category (SIC) code.

The 2016 Valuation Handbook Industry expense of Capital offers valuation pros 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 newest, updated information is necessary. The 2016 Valuation guide Industry expense of Capital offers updated information because it is up to date every year (with information via March), and contains 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) not obligatory, and (ii) now not offered separately). the recent 2016 variation of the booklet is up-to-date with information via March 31, 2016 (the past 2014 and 2015 variants also are to be had, with facts 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 usual rate of capital (WACC) estimates for each of the U.S. industries coated within the booklet, plus capital constitution, valuation (trading) multiples, revenues, marketplace 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 information approximately Duff & Phelps valuation facts assets released by way of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.

Also Available

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

Key Features

  • Access expense of capital estimates and betas for roughly one hundred eighty U.S. industries.
  • Reference industry-level valuation multiples, development premiums, revenues, capital constitution, profitability ratios, plus records that allow 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 booklet to (i) benchmark, (ii) increase, and (iii) supply extra aid in your personal customized analyses of the within which an issue company, company possession curiosity, defense, or intangible asset resides.
  • Ensure that you're utilizing the main updated info to be had via including the intra-year Quarterly Updates.

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Additional resources for 2016 valuation handbook: industry cost of capital

Sample text

Also see Cost of Capital: Applications and Examples 5th edition, by Shannon P. Pratt and Roger J. Grabowski, Chapter 11, “Beta: Differing Definitions and Estimates”, Appendix 11A, “Examples of Computing OLS Beta, Sum Beta, and Full-Information Beta Estimates”, and Appendix 11B, “Estimating Beta: Interpreting Regression Statistics”. Companies lacking 5 years (60 months) of publicly traded price history were discarded in the screening process used to identify the 1,987 “healthy” companies and the 347 “high-financial-risk” companies used in the analyses presented herein, and therefore all betas presented in this book have 60 months of return data.

5-Year Average The “5-Year Average” statistic is calculated as the sum of enterprise value for each of the previous five fiscal years divided by the sum of net sales for each of the previous five fiscal years. a. minority interest), minus cash and cash equivalents 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.

45 The Miles-Ezzell formula for unlevering beta is: § t u kd pt · ¸ ¸ k 1  d pt © ¹ § t u kd pt · Me  Md ¨ 1 ¸ ¨ 1 kd pt ¸ © ¹ Me u EL  Md u Ed ¨¨ 1 EU where: 44 45 EU = Unlevered beta of equity capital for company or portfolio i Me = Market value of equity capital for company or portfolio i EL = Levered beta of equity capital for company or portfolio i Md = Market value of debt capital for company or portfolio i Ed = Beta of debt capital for company or portfolio i t = Tax rate for company or portfolio i k d(pt) = Cost of debt (pre-tax) for company or portfolio i These include: (i) the Hamada formulas, (ii) the Miles-Ezzell formulas, (iii) the Harris-Pringle formulas, (iv) the Practitioners’ method formulas, and (v) the Fernandez formulas.

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2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes


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