Download 2016 International Valuation Handbook: Industry Cost of by Roger J. Grabowski, James P. Harrington, Duff & Phelps, PDF

By Roger J. Grabowski, James P. Harrington, Duff & Phelps, Carla Nunes

Real-world cost-of-capital information from throughout industries and round the globe

The 2016 foreign Valuation instruction manual - price of Capital deals an analogous form of rigorous industry-level research released within the U.S.-centric Valuation instruction manual - fee of Capital. It offers industry-level price of capital estimates (cost of fairness, rate of debt, and weighted normal rate of capital, or WACC), plus distinctive industry-level records for revenues, industry capitalization, capital constitution, a variety 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, combination forward-looking earnings-per-share (EPS) development charges, and more.

For additional info approximately Duff & Phelps valuation facts assets released via Wiley, please stopover at www.wiley.com/go/valuationhandbooks.

Also Available

  • 2016 overseas Valuation guide - consultant to price of Capital
  • 2016 Valuation instruction manual - consultant to price of Capital
  • 2016 Valuation guide - fee of Capital

Key Features

  • Four worldwide fiscal areas: The 2016 foreign Valuation guide - expense of Capital contains industry-level analyses for 4 international fiscal areas: the "World," the ecu Union, the Eurozone, and the uk. Industries within the publication are pointed out by means of their international class normal (GICS) code (at the 2-, 4-, and 6-digit code level).
  • Three currencies: Each of the 4 worldwide region's analyses are provided in 3 currencies: the Euro, the British pound, and the U.S. dollar.

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Extra resources for 2016 International Valuation Handbook: Industry Cost of Capital

Sample text

49 Source of underlying shares outstanding, price per share, and dividends paid per share information: S&P Capital IQ database. All calculations by Duff & Phelps. com/. 2016 International Valuation Handbook – Industry Cost of Capital 37 Liquidity Ratio Current Ratio Latest: CRi CAi CLi 5-Year Average: n CRi ,n ¦ CA i ,n n 1 n ¦ CL i ,n n 1 where: CR i = Current ratio for company or portfolio i CA i = Current assets for company or portfolio i CL i = Current liabilities for company or portfolio i Cr i,n = Current ratio for company or portfolio i over n periods (in this case, 5 years) CA i,n = Current assets for company or portfolio i over n periods CL i,n = Current liabilities for company or portfolio i over n periods Latest The “Latest” statistic is calculated as current assets in the most recent fiscal year divided by current liabilities in the most recent fiscal year.

Average total assets for the most recent fiscal year is calculated as the average of the total assets as of the most recent fiscal year (FY[0]) and the total assets as of the second most recent fiscal year (FY[-1]). 5-Year Average The “5-Year Average” statistic is calculated as the sum of after-tax income before extraordinary items for each of the previous five fiscal years divided by the sum of average total assets calculated for each of the previous five fiscal years. For example, average total assets for the most recent fiscal year is calculated as the average of the total assets as of the most recent fiscal year (FY[0]) and the total assets as of the second most recent fiscal year (FY[-1]).

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.

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