Date updated:

Raw Data from

5-Jan-14
S&P Capital IQ

Aswath Damodaran
http://www.damodaran.com

To update this spreadsheet, enter the following

Long Term Treasury bond rate =

3.04%

Risk Premium to Use for Equity =

7.46% Weighted average: Emg Mkts

Country Default Spread to add to cost of debt =

1.64% Weighted average: Emg Mkts

Do you want to use the marginal tax rate for cost of debt?

Yes

If yes, enter the marginal tax rate to use

40%

Industry Name

Number of Firms

Beta

Advertising

56

1.26

Aerospace/Defense

56

0.97

Air Transport

75

1.12

889

0.90

75

1.20

Auto Parts

350

1.12

Bank

436

0.90

Banks (Regional)

64

0.82

Beverage

33

0.82

Beverage (Alcoholic)

117

0.85

Biotechnology

127

1.01

Broadcasting

56

1.43

Brokerage & Investment Banking

345

1.06

Building Materials

204

0.89

Business & Consumer Services

144

0.92

Apparel
Auto & Truck

Cable TV

29

1.16

547

0.99

41

1.10

Chemical (Specialty)

396

0.97

Coal & Related Energy

102

1.51

Computer Services

414

1.01

Computer Software

339

1.19

Computers/Peripherals

192

1.09

Construction

365

0.83

Diversified

247

0.83

78

0.98

Chemical (Basic)
Chemical (Diversified)

Educational Services

Cost of Equity

12.42%
10.30%
11.37%
9.72%
12.00%
11.36%
9.76%
9.16%
9.14%
9.35%
10.58%
13.69%
10.97%
9.65%
9.94%
11.69%
10.42%
11.21%
10.30%
14.34%
10.54%
11.93%
11.18%
9.21%
9.24%
10.36%

E/(D+E)

91.49%
85.34%
43.33%
76.07%
76.66%
80.70%
46.03%
32.89%
84.21%
95.14%
95.43%
80.88%
51.62%
73.67%
87.58%
88.32%
89.21%
74.17%
71.26%
68.38%
90.31%
95.68%
73.28%
70.03%
60.40%
87.11%

Std Dev in Stock

93.71%
80.26%
62.66%
82.75%
69.45%
72.02%
52.49%
62.95%
68.47%
72.77%
95.45%
81.39%
86.76%
77.00%
82.33%
79.50%
72.94%
68.49%
74.57%
83.37%
86.54%
98.51%
76.01%
72.61%
60.86%
79.96%

Electrical Equipment

536

1.07

Electronics

657

1.17

Electronics (Consumer & Office)

106

1.12

Engineering

717

1.27

Entertainment

139

1.18

87

1.29

Farming/Agriculture

249

0.84

Financial Svcs.

329

0.91

97

0.86

784

0.77

Environmental & Waste Services

Financial Svcs. (Non-bank & Insurance)

Food Processing
Food Wholesalers

46

1.06

Furn/Home Furnishings

205

0.84

Healthcare Equipment

87

1.04

Healthcare Facilities

72

0.60

Healthcare Products

53

0.79

Healthcare Services

96

0.96

Heathcare Information and Technology

38

1.47

185

1.23

Homebuilding

32

1.69

Hotel/Gaming

389

0.82

Household Products

205

0.81

Information Services

43

0.70

Insurance (General)

152

0.54

56

0.81

Insurance (Prop/Cas.)

131

0.56

Internet software and services

117

1.28

Investment Co.

147

0.92

Machinery

645

1.08

Metals & Mining

330

1.28

59

0.64

Heavy Construction

Insurance (Life)

Office Equipment & Services

Oil/Gas (Integrated)

24

1.23

133

1.50

Oil/Gas Distribution

75

1.26

Oilfield Svcs/Equip.

251

1.08

Packaging & Container

280

0.83

Paper/Forest Products

196

0.86

Pharma & Drugs

519

0.87

Power

420

0.87

Precious Metals

111

1.70

Publshing & Newspapers

163

0.80

12

0.90

Oil/Gas (Production and Exploration)

Railroad

11.00%
11.75%
11.42%
12.52%
11.82%
12.67%
9.33%
9.80%
9.49%
8.82%
10.96%
9.32%
10.83%
7.49%
8.96%
10.17%
14.02%
12.22%
15.68%
9.13%
9.10%
8.27%
7.08%
9.08%
7.24%
12.62%
9.91%
11.09%
12.62%
7.81%
12.21%
14.23%
12.45%
11.08%
9.24%
9.46%
9.50%
9.53%
15.70%
9.00%
9.76%

78.56%
75.67%
68.92%
49.25%
84.13%
86.03%
67.51%
50.02%
48.85%
77.67%
56.78%
83.27%
94.30%
84.16%
93.63%
83.24%
90.40%
61.33%
43.80%
86.25%
90.99%
92.69%
81.64%
67.30%
80.74%
97.30%
51.71%
80.83%
64.86%
86.34%
69.62%
79.84%
52.95%
69.90%
69.57%
54.17%
91.41%
52.89%
75.47%
86.92%
81.40%

75.96%
79.74%
76.38%
78.80%
102.99%
92.24%
68.20%
78.66%
85.64%
72.04%
77.15%
78.18%
83.37%
63.25%
74.24%
80.36%
97.66%
75.11%
78.97%
69.79%
75.06%
77.12%
65.67%
58.03%
61.80%
99.60%
87.59%
73.71%
77.21%
77.84%
54.64%
91.07%
70.87%
78.58%
82.41%
75.56%
76.96%
66.59%
98.42%
77.80%
51.33%

Real Estate

296

1.05

Real Estate (Development)

552

1.16

Real Estate (Operations & Services)

230

1.02

Recreation

99

1.11

Reinsurance

29

0.99

Restaurant

73

1.06

Retail (Automotive)

62

0.75

Retail (Building Supply)

12

1.13

Retail (Distributors)

427

0.84

Retail (General)

145

1.00

Retail (Grocery and Food)

51

0.89

Retail (Internet)

12

3.55

154

1.08

Rubber& Tires

70

1.12

Semiconductor

379

1.35

Semiconductor Equip

151

1.27

Shipbuilding & Marine

225

0.91

Shoe

65

0.90

Steel

488

1.23

Telecom (Wireless)

61

0.96

Telecom. Equipment

280

1.17

Telecom. Services

117

0.82

Thrift

31

1.00

Tobacco

35

0.63

135

0.89

Trucking

89

0.74

Utility (General)

10

0.29

Utility (Water)

55

0.91

Total Market

19083

1.01

Retail (Special Lines)

Tranportation

10.90%
11.70%
10.62%
11.28%
10.46%
10.94%
8.64%
11.47%
9.30%
10.52%
9.66%
29.49%
11.09%
11.40%
13.14%
12.55%
9.86%
9.73%
12.20%
10.22%
11.78%
9.13%
10.46%
7.73%
9.66%
8.59%
5.19%
9.81%
10.61%

60.73%
21.50%
58.70%
83.51%
87.46%
87.69%
58.69%
74.70%
60.34%
75.45%
79.08%
59.83%
80.14%
68.15%
88.17%
72.35%
52.31%
83.76%
49.33%
77.15%
83.94%
73.00%
38.61%
97.17%
59.57%
72.28%
28.48%
74.79%
63.09%

72.75%
77.25%
75.79%
77.63%
52.92%
78.51%
69.71%
80.30%
79.54%
59.30%
65.30%
114.33%
69.48%
72.10%
80.58%
83.15%
68.37%
73.74%
75.53%
64.66%
86.78%
77.26%
62.68%
59.63%
64.49%
69.52%
51.93%
59.73%
76.46%

Cost of Debt Lookup Table (based on std dev in stock prices)

Standard Deviation

Basis Spread

0.25

0.25

0.5

0.5

0.65

0.65

0.8

0.8

0.9

0.9

10

Cost of Debt

7.68%
7.18%
6.18%
7.18%
6.68%
6.68%
6.18%
6.18%
6.68%
6.68%
7.68%
7.18%
7.18%
6.68%
7.18%
6.68%
6.68%
6.68%
6.68%
7.18%
7.18%
7.68%
6.68%
6.68%
6.18%
6.68%

Tax Rate

15.88%
8.29%
12.83%
14.46%
15.86%
18.09%
18.62%
17.86%
13.30%
20.21%
7.87%
18.69%
10.35%
16.47%
13.46%
13.12%
15.04%
16.44%
18.19%
15.87%
13.33%
11.93%
13.17%
13.81%
14.00%
9.86%

0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
4.00%

After-tax Cost of Debt

4.61%
4.31%
3.71%
4.31%
4.01%
4.01%
3.71%
3.71%
4.01%
4.01%
4.61%
4.31%
4.31%
4.01%
4.31%
4.01%
4.01%
4.01%
4.01%
4.31%
4.31%
4.61%
4.01%
4.01%
3.71%
4.01%

D/(D+E)

8.51%
14.66%
56.67%
23.93%
23.34%
19.30%
53.97%
67.11%
15.79%
4.86%
4.57%
19.12%
48.38%
26.33%
12.42%
11.68%
10.79%
25.83%
28.74%
31.62%
9.69%
4.32%
26.72%
29.97%
39.60%
12.89%

Cost of Capital

11.75%
9.42%
7.03%
8.42%
10.14%
9.94%
6.50%
5.50%
8.33%
9.09%
10.31%
11.90%
7.75%
8.17%
9.24%
10.79%
9.73%
9.35%
8.49%
11.17%
9.94%
11.61%
9.26%
7.65%
7.05%
9.54%

6.68%
6.68%
6.68%
6.68%
8.68%
7.68%
6.68%
6.68%
7.18%
6.68%
6.68%
6.68%
7.18%
6.18%
6.68%
7.18%
7.68%
6.68%
6.68%
6.68%
6.68%
6.68%
6.68%
6.18%
6.18%
7.68%
7.18%
6.68%
6.68%
6.68%
6.18%
7.68%
6.68%
6.68%
7.18%
6.68%
6.68%
6.68%
7.68%
6.68%
6.18%

14.52%
12.99%
12.33%
13.56%
8.52%
12.11%
12.87%
17.28%
13.21%
14.16%
10.30%
14.90%
10.51%
16.22%
11.83%
16.10%
7.16%
14.57%
9.32%
12.50%
14.61%
16.59%
10.91%
15.83%
12.83%
11.71%
7.43%
15.49%
10.69%
14.19%
22.89%
13.09%
13.74%
14.05%
15.92%
12.85%
16.00%
14.96%
9.04%
13.07%
17.29%

4.01%
4.01%
4.01%
4.01%
5.21%
4.61%
4.01%
4.01%
4.31%
4.01%
4.01%
4.01%
4.31%
3.71%
4.01%
4.31%
4.61%
4.01%
4.01%
4.01%
4.01%
4.01%
4.01%
3.71%
3.71%
4.61%
4.31%
4.01%
4.01%
4.01%
3.71%
4.61%
4.01%
4.01%
4.31%
4.01%
4.01%
4.01%
4.61%
4.01%
3.71%

21.44%
24.33%
31.08%
50.75%
15.87%
13.97%
32.49%
49.98%
51.15%
22.33%
43.22%
16.73%
5.70%
15.84%
6.37%
16.76%
9.60%
38.67%
56.20%
13.75%
9.01%
7.31%
18.36%
32.70%
19.26%
2.70%
48.29%
19.17%
35.14%
13.66%
30.38%
20.16%
47.05%
30.10%
30.43%
45.83%
8.59%
47.11%
24.53%
13.08%
18.60%

9.50%
9.86%
9.11%
8.20%
10.77%
11.54%
7.60%
6.91%
6.84%
7.74%
7.95%
8.43%
10.46%
6.89%
8.65%
9.19%
13.11%
9.04%
9.12%
8.43%
8.64%
7.96%
6.51%
7.32%
6.56%
12.41%
7.20%
9.73%
9.59%
7.29%
9.63%
12.29%
8.48%
8.95%
7.74%
6.96%
9.03%
6.93%
12.98%
8.34%
8.63%

6.68%
6.68%
6.68%
6.68%
6.18%
6.68%
6.68%
7.18%
6.68%
6.18%
6.68%
8.68%
6.68%
6.68%
7.18%
7.18%
6.68%
6.68%
6.68%
6.18%
7.18%
6.68%
6.18%
6.18%
6.18%
6.68%
6.18%
6.18%
6.68%

14.10%
18.74%
12.45%
16.40%
9.73%
15.83%
16.43%
18.38%
15.08%
22.76%
20.73%
11.72%
16.39%
18.60%
9.65%
9.93%
11.20%
18.74%
13.87%
16.43%
10.45%
12.71%
18.32%
22.08%
19.47%
16.20%
11.20%
17.88%
14.28%

4.01%
4.01%
4.01%
4.01%
3.71%
4.01%
4.01%
4.31%
4.01%
3.71%
4.01%
5.21%
4.01%
4.01%
4.31%
4.31%
4.01%
4.01%
4.01%
3.71%
4.31%
4.01%
3.71%
3.71%
3.71%
4.01%
3.71%
3.71%
4.01%

39.27%
78.50%
41.30%
16.49%
12.54%
12.31%
41.31%
25.30%
39.66%
24.55%
20.92%
40.17%
19.86%
31.85%
11.83%
27.65%
47.69%
16.24%
50.67%
22.85%
16.06%
27.00%
61.39%
2.83%
40.43%
27.72%
71.52%
25.21%
36.91%

8.19%
5.66%
7.89%
10.08%
9.61%
10.09%
6.72%
9.66%
7.20%
8.85%
8.48%
19.74%
9.69%
9.05%
12.09%
10.27%
7.07%
8.80%
8.05%
8.73%
10.58%
7.75%
6.32%
7.62%
7.26%
7.32%
4.13%
8.27%
8.17%