By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes
Real-world cost-of-capital facts from throughout industries and round the globe
The 2016 overseas Valuation instruction manual - rate of Capital bargains an analogous form of rigorous industry-level research released within the U.S.-centric Valuation guide - price of Capital. It presents industry-level fee of capital estimates (cost of fairness, expense of debt, and weighted typical price of capital, or WACC), plus specified industry-level records for revenues, marketplace capitalization, capital constitution, numerous levered and unlevered beta estimates (e.g., ordinary-least squares (OLS) beta, sum beta, peer workforce beta, draw back beta, etc.), valuation (trading) multiples, monetary and profitability ratios, fairness returns, mixture forward-looking earnings-per-share (EPS) development premiums, and more.
For additional info approximately Duff & Phelps valuation facts assets released via Wiley, please stopover at www.wiley.com/go/valuationhandbooks.
- 2016 overseas Valuation instruction manual - consultant to price of Capital
- 2016 Valuation instruction manual - advisor to price of Capital
- 2016 Valuation instruction manual - expense of Capital
- Four worldwide financial areas: The 2016 overseas Valuation guide - price of Capital comprises industry-level analyses for 4 international monetary areas: the "World," the ecu Union, the Eurozone, and the uk. Industries within the publication are pointed out by way of their worldwide category commonplace (GICS) code (at the 2-, 4-, and 6-digit code level).
- Three currencies: Each of the 4 international region's analyses are offered 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 info for 2016 International Valuation Handbook: Industry Cost of Capital
Year ” or the most recent fiscal year) and the “Latest” total equity is in Column J. In Exhibit 18, the “Latest” aggregate total debt (for all companies in the industry) is 30, and the “Latest” aggregate total equity is 164. 18 (30 ÷ 164). This same aggregation technique is used in the calculation of all “composite” statistics: the GICS Composite, the Large Composite, the Small Composite, and a composite of all high-financial-risk companies. The only item that will vary across these various composites is the number (and identify) of companies included in the set being aggregated.
Three Largest and Three Smallest Companies by Sales and Total Assets The three largest and three smallest companies shown for each industry are determined herein by (i) net sales (for “industrial” companies, this represents gross sales reduced by cash discounts, trade discounts, and returned sales and allowances for which credit is given to customers; for “financial” companies, this represents the gross income received from all divisions of the company), and (ii) total assets (current assets plus net property, plant, and equipment plus other noncurrent assets) for the most recent fiscal year as of March 31, 2016.
Graph – Operating Margin The “Operating Margin” bar graph plots the “Latest” and “5-Year Average” operating margin for the GICS Composite. 2016 International Valuation Handbook – Industry Cost of Capital 39 Beta Overview50 Beta is a measure of the systematic risk of a stock; the tendency of a stock’s price to correlate with changes in the overall market. 53 x Betas less than or equal to zero and betas greater than or equal to five are discarded and not included in any further calculations. x All betas are presented in both “levered” and “unlevered” form: In this book, beta calculations are summarized in equation form in order to document for the reader the methodologies employed; theory is not discussed in detail.
2016 International Valuation Handbook: Industry Cost of Capital by Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes