By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The newest rate of capital facts for roughly a hundred and eighty U.S. industries, pointed out by means of typical commercial category (SIC) code.
The 2016 Valuation Handbook – Industry rate of Capital offers 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 guide – Industry rate of Capital offers updated info because it is up-to-date each year (with facts via March), and comprises 3 intra-year Quarterly Updates (June, September, and December; Quarterly Updates are (i) non-compulsory, and (ii) now not bought separately). the recent 2016 variation of the ebook is up-to-date with facts via March 31, 2016 (the previous 2014 and 2015 variants also are on hand, with information via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry price of Capital presents as much as 8 (8) expense of fairness capital and weighted commonplace rate of capital (WACC) estimates for each of the U.S. industries lined within the booklet, plus capital constitution, valuation (trading) multiples, revenues, marketplace 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) development charges, and more.
For additional information approximately Duff & Phelps valuation information assets released by way of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 Valuation instruction manual - consultant to price of Capital
- 2016 overseas Valuation instruction manual - consultant to price of Capital
- 2016 foreign Valuation instruction manual - rate of Capital
- Access rate of capital estimates and betas for about a hundred and eighty U.S. industries.
- Reference industry-level valuation multiples, development premiums, revenues, capital constitution, profitability ratios, plus statistics that let the person to gauge the impression of 'debt-like' off-balance sheet goods at the capital constitution of the topic industry.
- Use the data during this publication to (i) benchmark, (ii) increase, and (iii) supply extra help to your personal customized analyses of the during which an issue company, company possession curiosity, protection, or intangible asset resides.
- Ensure that you're utilizing the main up to date details on hand by way of including the intra-year Quarterly Updates.
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Extra info for 2016 valuation handbook: industry cost of capital
Average book value of equity for the second most recent fiscal year is calculated as the average of the book value of equity as of the second most recent fiscal year (FY[-1]) and the book value of equity as of the third most recent fiscal year (FY), etc. , 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. 28 2016 Valuation Handbook – Industry Cost of Capital (data through March 31, 2016) 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” data point used is actually a quarterly data point, and so the number of common shares outstanding at the end of the previous quarter is assumed for the three months in the subsequent quarter.
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.
EBITDA is calculated as earnings before interest, taxes, depreciation and amortization plus nonoperating income (as a proxy for an adjustment for non-recurring items) in the most recent fiscal year. 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 EBITDA for each of the previous five fiscal years. a. minority interest), minus cash and cash equivalents for each of the previous five fiscal years.