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The New Standard Source of Industry-level Analysis The 2015 Valuation Handbook Industry Cost of Capital includes cost of capital estimates (equity capital, debt capital, and weighted average cost of capital, or WACC) for over 200 U.S. industries, plus a host of detailed statistics that can be used for benchmarking purposes, Don't Forget the Quarterly Updates The hardcover 2015 Valuation Handbook - Industry Cost of Capital includes U.S. industry data updated through March 2015. This critical analysis is updated quarterly with data through June, September, and December. Ensure that you are using the most up-to-date data and information available: add the Quarterly Updates and keep your data library current. For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks. Also Available *2015 Valuation Handbook - Guide to Cost of Capital *2015 International Valuation Handbook - Guide to Cost of Capital *2015 International Valuation Handbook - Industry Cost of Capital Key Features *Over 200 U.S. industries analyzed: The 2015 Valuation Handbook Industry Cost of Capital provides comprehensive, detailed industry-level analyses that can be used for benchmarking purposes.Over 200 U.S. industries organized by standard industrial classification (SIC) code are presented. *Up to 8 separate cost of equity and WACC estimates, plus cost of debt, by industry: The 2015 Valuation Handbook Industry Cost of Capital provides cost of equity capital and WACC estimates for each industry using multiple estimation models (various build-up models, CAPM, CAPM adjusted for size, 1-stage and 3-stage discounted cash flow (DCF) models, and Fama-French multi-factor model). Cost of debt is also estimated for each industry. *Industry and peer group betas: The 2015 Valuation Handbook Industry Cost of Capital provides levered and unlevered beta estimates for each industry (e.g. ordinary-least squares (OLS) beta, sum beta, downside beta, etc.), plus peer group betas adjusted to the industry average based upon statistical quality. *Additional industry statistics: The 2015 Valuation Handbook Industry Cost of Capital provides detailed statistics for sales, market capitalization, capital structure, valuation (trading) multiples, financial and profitability ratios, equity returns, aggregate forward-looking earnings-per-share (EPS) growth rates, and more.*Analysis of off-balance-sheet debt: The 2015 Valuation Handbook Industry Cost of Capital includes a separate analysis of "off-balance-sheet" debt by industry (capitalized operating leases and unfunded pension liabilities), *Analysis of high-financial-risk companies: The 2015 Valuation Handbook Industry Cost of Capital includes a separate analysis of "high-financial-risk" companies by industry. Quarterly Updates are (i) optional, and (ii) not sold separately. Quarterly Updates are delivered in PDF format only.
Contents
Acknowledgements viII Introduction 1 Who Should Use the Valuation Handbook Industry Cost of Capital 1 Industry-Level Cost of Capital Estimates 2 Industry-Level Statistics, Capital Structure, Valuation Multiples, and Betas 2 Analysis of Capital Structure Including Off-Balance-Sheet Liabilities 3 New in the 2015 Valuation Handbook Industry Cost of Capital 3 Methodology 4 Data Through Date 4 County of Incorporation 4 Company Type 4 Industry Identification by SIC Code 4 Minimum Number of Companies Required 5 Data Sources 5 Company Screening Process 9 Medians and Industry Composites 14 Latest and 5-Year Averages 17 Calculations of Industry Financial Statistics 22 Three Largest and Three Smallest Companies by Sales and Total Assets 22 Annualized Monthly Performance Statistics 22 Number of Companies in the Median, the Composites, and the High-Financial-Risk Category 23 Return Ratios 24 Liquidity Ratio 27 Profitability Ratio 28 Growth Rates 29 Beta Overview 30 Levered Betas 31 Adjusted Betas 34 Unlevered Betas 36 Equity Valuation Multiples 38 Enterprise Valuation (EV) Multiples 41 Fama-French (F-F) 5-Factor Model 46 Cost of Debt 48 Leverage Ratios 49 Cost of Equity Capital Estimates 53 CAPM 54 Cost of Equity Capital Estimates Using the CRSP Deciles Size Study 55 CAPM + Size Premium 56 Build-up Method 58 Cost of Equity Capital Estimates Using the Risk Premium Report Study 60 CAPM + Size Premium 60 Build-up 1 Method 63 Discounted Cash Flow (DCF) Models 65 1-Stage DCF 65 3-Stage DCF 67 Fama-French (F-F) 5-Factor Model 70 Weighted Average Cost of Capital (WACC) 72 WACC Calculations 75 Exhibit 11: Distribution of Company-level Average WACC by Industry 78 Exhibit 12: Average and Median of Company-level Average WACC by Industry for Healthy Companies and High-Financial-Risk Companies 79 Appendices Appendix A Relative Impact of Off-Balance-Sheet Debt-Equivalent Liabilities on the Capital Structure, as Measured by Total Capital Appendix B Leverage Ratios and Unlevered Betas Calculated Using (i) Book Debt, and (ii) Book Debt Plus Off-Balance-Sheet Debt Appendix C Definitions of Standard and Poor s Compustat Data Items Used in Calculations Industry Data Exhibits Division A: Agriculture, Forestry, and Fishing Division B: Mining Division C: Construction Division D: Manufacturing Division E: Transportation, Communications, Electric, Gas, and Sanitary Services Division F: Wholesale Trade Division G: Retail Trade Division H: Finance, Insurance, and Real Estate Division I: Services Size Groupings: Large-, Mid-, Low-, and Micro-Capitalization Companies
