By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The latest price of capital info for about one hundred eighty U.S. industries, pointed out by way of ordinary business type (SIC) code.
The 2016 Valuation Handbook – Industry fee of Capital offers valuation execs with a similar kind of rigorous industry-level research formerly released within the green-cover Morningstar/Ibbotson Cost of Capital Yearbook (now discontinued).
Using the latest, updated info is necessary. The 2016 Valuation guide – Industry rate of Capital presents up to date info because it is up-to-date every year (with facts 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 hot 2016 version of the publication is up to date with information via March 31, 2016 (the earlier 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 price of Capital presents as much as 8 (8) fee of fairness capital and weighted ordinary price of capital (WACC) estimates for each of the U.S. industries lined within the e-book, plus capital constitution, valuation (trading) multiples, revenues, industry 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) progress premiums, and more.
For additional info approximately Duff & Phelps valuation info assets released through Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation guide - consultant to price of Capital
- 2016 foreign Valuation guide - advisor to price of Capital
- 2016 overseas Valuation guide - price of Capital
- 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 facts that allow the consumer to gauge the impression 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 in your personal customized analyses of the within which an issue company, enterprise possession curiosity, safety, or intangible asset resides.
- Ensure that you're utilizing the main updated details on hand by way of including the intra-year Quarterly Updates.
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Additional resources for 2016 valuation handbook: industry cost of capital
For the 5-Year Average, total market capitalization of common equity is calculated as the sum of the monthly market capitalization of equity for each year divided by 12, for each of the most recent five fiscal years. Market to Book Latest: MBi Me , i BVEi BVEi CEi DTi ITCi 5-Year Average: n MBA,i ¦M e,i ,n n 1 n ¦ BVE i ,n n 1 § pn · Me,i ,n ¨ ¦ Me,i , m,n ¸ y pn ©m 1 ¹ where: MB i = Market-to-book ratio for company or portfolio i M e,i = Market value of equity capital for company or portfolio i BVE i = Book value of equity for company or portfolio i CE i = Common equity for company or portfolio i DT i = Deferred taxes (deferred tax assets minus deferred tax liabilities) for company or portfolio i ITC i = Investment tax credit for company or portfolio i MB A,i = Market-to-book ratio for company or portfolio i over n periods (in this case, 5 years) M e,i,n = Market value of equity capital for company or portfolio i over n periods BVE i,n = Book value of equity for company or portfolio i over n periods M e,i,m,n = Market value of equity capital for company or portfolio i in month m over n periods pn = Number of months for which market value of equity capital data are available over n periods 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) 43 Latest The “Latest” statistic is calculated as total market capitalization of common equity at the end of the most recent month divided by book value of common equity (plus net deferred taxes and investment tax credits) for the most recent fiscal year.
Ken French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. Fama and French are prolific researchers and authors who have contributed greatly to the field of modern finance. Fama and French’s paper “The Cross-Section of Expected Stock Returns” was the winner of the 1992 Smith Breeden Prize for the best paper in The Journal of Finance. Eugene F. Fama and Kenneth R. French, “A five-factor asset pricing model”, The Journal of Financial Economics 116 (2015): 1-22.
Eugene F. Fama and Kenneth R. French, “A five-factor asset pricing model”, The Journal of Financial Economics 116 (2015): 1-22. S. government 30-day T-bill from the equivalent monthly “market” total returns (the “market” is represented in the analyses herein by the S&P 500 total return index). Source of S&P 500 total returns: S&P. Source of 30-day T-bill returns: Morningstar Direct database. 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) RMW (robust minus weak) returns: The difference between the monthly returns on diversified portfolios comprised of company stocks with “robust” profitability and “weak” profitability.
2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes