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Full Description
Real-world cost-of-capital data from across industries and around the globe 2015 International Valuation Handbook Industry Cost of Capital is the essential reference for valuation professionals, providing country-level cost of equity capital estimates for more than 150 countries. Updated annually by the valuation experts at Duff & Phelps, this authoritative guide allows quick access to the data and adjustable capital models required to accurately determine company risk. Methodologies are systematically laid out in clear, concise language, and industry financial statistical calculations are explained in detail. Designed with a focus on practicality, this book provides extensive tables, charts, and definitions alongside real-world data exhibits from all major industries to become a one-stop reference for the estimation of international industry cost of capital. The cost of capital is the expected rate of return for the purpose of attracting funds. The 2008 financial crisis exponentially increased the difficulty of estimation, and there is no 'one size fits all' solution.This book helps you plan and execute the ideal cost of capital estimation for your particular target, with extensive data and references provided. * Get expert guidance on current methodologies and best practices * Perform accurate calculations for a broad range of financial statistics * Adjust for over 150 country- or region-specific risks * Access data from agriculture, manufacturing, transportation, services, and more Cost of capital estimation has long been considered one of the most critical elements in business valuation, capital budgeting, feasibility studies, and merger and acquisition decisions. Risk plays a major role, and every division, asset, and project deserves a custom-tailored approach. 2015 International Valuation Handbook Industry Cost of Capital provides the globally-relevant, industry-specific, comparable numbers that make accurate estimation possible.
Contents
Acknowledgements ix Introduction 1 Who Should Use the International Valuation Handbook Industry Cost of Capital 2 Industry-Level Cost of Capital Estimates 3 Industry-Level Statistics, Capital Structure, Valuation Multiples, and Betas 3 Methodology 4 Data Through Date 4 Countries of Incorporation 4 Company Type 4 Currencies Used 4 Global Areas Covered 5 Industry Identification by GICS Code 8 Minimum Number of Companies Required 9 Data Sources 9 Derivation of Long-term Risk-free Rates and Long-term Equity Risk Premia 12 Company Screening Process 15 Identifying Initial Company Sets 16 Additional Company Screening 17 Medians and Industry Composites 22 Latest and 5-Year Averages 24 Calculation of Industry Financial Statistics 30 GICS Code and Number of Companies in Main Set 30 Global Area and Currency 30 Graph Relative 5 -year Performance 30 Three Largest and Three Smallest Companies by Sales and Total Assets 30 Annualized Monthly Performance Statistics 30 Number of Companies in the Median, the Composites, and the High-Financial-Risk Category 32 Return Ratios 33 Liquidity Ratio 37 Profitability Ratio 38 Graph Operating Margin 38 Beta Overview 39 Levered Betas 40 Adjusted Betas 44 Graph Betas (Levered) 46 Unlevered Betas 47 Leverage Ratios 48 Graph Capital Structure, GICS Composite 52 Derivation of Long-term Growth Rates 52 Equity Valuation Multiples 53 Enterprise Valuation (E V) Multiples 57 Graph Enterprise Valuation Multiples 62 Long-term Risk-free Rates and Long-term Equity Risk Premia 63 Cost of Capital Estimates 64 CAPM 65 Discounted Cash Flow (DCF) Models 67 1-Stage DCF 67 3-Stage DCF 68 Cost of Debt 71 Weighted Average Cost of Capital (WACC) 75 WACC Calculations 78 WACC Graph 79 Appendix A Definitions of Standard & Poor s Global Vantage Database Data Items Used in Calculations Industry Data Exhibits World Company Set Industry Data Exhibit 1: World Company Set, in EUR Industry Data Exhibit 2: World Company Set, in GBP GBP Industry Data Exhibit 3: World Company Set, in $ USD European Company Set Industry Data Exhibit 4: European Union, in EUR Industry Data Exhibit 5: European Union, in GBP GBP Industry Data Exhibit 6: European Union, in $ USD Eurozone Company Set Industry Data Exhibit 7: Eurozone, in EUR Industry Data Exhibit 8: Eurozone, in GBP GBP Industry Data Exhibit 9: Eurozone, in $ USD United Kingdom Set Industry Data Exhibit 10: United Kingdom, in EUR Industry Data Exhibit 11: United Kingdom, in GBP GBP Industry Data Exhibit 12: United Kingdom, in $ USD
