By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
The newest price of capital info for about one hundred eighty U.S. industries, pointed out via common commercial class (SIC) code.
The 2016 Valuation Handbook – Industry price of Capital offers valuation execs with an identical form 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 instruction manual – Industry expense of Capital presents updated facts 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) now not bought separately). the recent 2016 variation of the booklet is up-to-date with info via March 31, 2016 (the previous 2014 and 2015 variations also are on hand, with information via March 31, 2014 and March 31, 2015, respectively).
The 2016 Valuation Handbook – Industry expense of Capital presents as much as 8 (8) price of fairness capital and weighted normal rate of capital (WACC) estimates for each of the U.S. industries lined within the ebook, 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, combination forward-looking earnings-per-share (EPS) progress charges, and more.
For additional information approximately Duff & Phelps valuation information assets released through 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 one hundred eighty U.S. industries.
- Reference industry-level valuation multiples, progress premiums, revenues, capital constitution, profitability ratios, plus information that let the consumer to gauge the influence 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) offer extra aid in your personal customized analyses of the during which a topic company, company possession curiosity, protection, 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 info for 2016 valuation handbook: industry cost of capital
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.
The Hamada formulas, for example, are likely the most commonly used, but are most applicable only in situations in which the absolute amount of debt is fixed, and there is no risk surrounding the ability to fully deduct interest expense for tax purposes. Alternatively, the Miles-Ezzell formulas assume that the market value of debt capital remains at a constant percentage of equity capital, which is equivalent to saying that debt increases in proportion to increases in the net cash flow of the firm (net cash flow to invested capital) in every period.
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.
2016 valuation handbook: industry cost of capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes