By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
Real-world cost-of-capital info from throughout industries and round the globe
The 2016 overseas Valuation guide - price of Capital bargains an analogous form of rigorous industry-level research released within the U.S.-centric Valuation instruction manual - fee of Capital. It presents industry-level expense of capital estimates (cost of fairness, fee of debt, and weighted usual rate of capital, or WACC), plus unique industry-level statistics for revenues, marketplace capitalization, capital constitution, a number of levered and unlevered beta estimates (e.g., ordinary-least squares (OLS) beta, sum beta, peer staff beta, draw back beta, etc.), valuation (trading) multiples, monetary and profitability ratios, fairness returns, mixture forward-looking earnings-per-share (EPS) progress premiums, and more.
For additional info approximately Duff & Phelps valuation information assets released by means of Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 foreign Valuation instruction manual - consultant to price of Capital
- 2016 Valuation guide - advisor to price of Capital
- 2016 Valuation instruction manual - fee of Capital
- Four worldwide monetary areas: The 2016 foreign Valuation instruction manual - price of Capital comprises industry-level analyses for 4 worldwide monetary areas: the "World," the ecu Union, the Eurozone, and the uk. Industries within the booklet are pointed out by means of their worldwide type usual (GICS) code (at the 2-, 4-, and 6-digit code level).
- Three currencies: Each of the 4 international region's analyses are awarded in 3 currencies: the Euro, the British pound, and the U.S. dollar.
Read or Download 2016 International Valuation Handbook: Industry Cost of Capital PDF
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Extra resources for 2016 International Valuation Handbook: Industry Cost of Capital
25 5-Year Aggregate Equity 482 30 2016 International Valuation Handbook – Industry Cost of Capital Calculation of Industry Financial Statistics45 GICS Code and Number of Companies in the Main Set Industries are identified herein by Global Industry Classification Standard (GICS) code. The GICS code and a short description of the industry are provided in the upper left of each of the industry data pages. , “healthy”) set of companies is also provided. The main set of companies is used to calculate the “Median”, “GICS Composite”, “Large Composite”, and “Small Composite”.
As such, the median can be thought of as the “typical” observation. , extreme values that are not “typical”). , middle value). 43, 44 GICS Composite The GICS Composite is calculated in order to give the analyst a sense of the characteristics of the industry as a whole. The GICS Composite includes all companies identified in the screening process as “healthy”, and having at least 75% of their revenues derived from a single GICS code. 43 44 When the total number of observations is odd, the middle value is the single middle observation (there are an equal number of observations above and below this single observation).
Source of underlying market benchmark and short-term risk-free rate returns: Morningstar Direct database. All calculations by Duff & Phelps. 2016 International Valuation Handbook – Industry Cost of Capital 41 Raw (OLS) Beta Ri Rf D Ei u Rm Rf H where: Ri = Historical return on company or portfolio i Rf = Expected return on a risk-free security (assumed to be "0" herein) D = Regression constant Ei = Beta coefficient of company or portfolio i Rm = Historical return on market portfolio H = Regression error term Raw (OLS) beta is calculated in this book as a linear regression with a company’s (or portfolio’s) monthly total returns acting as the dependent variable, and the monthly total returns of the market benchmark acting as the independent variable.