Produktbild: 2015 Valuation Handbook

2015 Valuation Handbook Industry Cost of Capital

Aus der Reihe Wiley Finance Editions

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Verlag

John Wiley & Sons Inc

Seitenzahl

336

Maße (L)

28.6 cm

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-07047-4

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Verlag

John Wiley & Sons Inc

Seitenzahl

336

Maße (L)

28.6 cm

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-07047-4

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  • Produktbild: 2015 Valuation Handbook
  • 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