Date updated: 5-Jan-19 YouTube Video explaining estimation choices and process.

Created by: Aswath Damodaran, adamodar@stern.nyu.edu

What is this data? Beta, Unlevered beta and other risk measures Western Europe
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 22.27%
Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 87 0.86 56.40% 15.60% 0.60 9.44% 0.66 0.3561
Aerospace/Defense 46 1.28 23.15% 13.75% 1.08 10.25% 1.21 0.2962
Air Transport 38 0.93 76.98% 17.10% 0.58 8.93% 0.64 0.3157
Apparel 122 0.90 20.12% 12.88% 0.78 5.37% 0.82 0.3508
Auto & Truck 25 1.26 162.98% 16.71% 0.56 13.68% 0.64 0.3033
Auto Parts 55 1.45 51.91% 18.70% 1.03 9.88% 1.15 0.3927
Bank (Money Center) 126 1.16 555.55% 20.30% 0.22 21.89% 0.28 0.2661
Banks (Regional) 69 0.57 316.50% 19.99% 0.16 13.11% 0.19 0.1426
Beverage (Alcoholic) 53 0.65 51.22% 16.14% 0.46 1.88% 0.47 0.2012
Beverage (Soft) 16 0.65 25.65% 18.05% 0.54 4.80% 0.57 0.2357
Broadcasting 25 0.96 30.98% 18.39% 0.77 5.42% 0.82 0.3363
Brokerage & Investment Banking 68 1.05 33.45% 14.20% 0.83 50.74% 1.69 0.3460
Building Materials 83 1.03 35.26% 16.02% 0.81 3.19% 0.84 0.3081
Business & Consumer Services 206 0.99 37.26% 16.72% 0.77 4.58% 0.80 0.3321
Cable TV 8 1.19 204.96% 16.97% 0.46 2.24% 0.47 0.3014
Chemical (Basic) 55 0.98 31.98% 16.56% 0.78 3.63% 0.81 0.3464
Chemical (Diversified) 7 1.51 44.89% 15.83% 1.12 5.12% 1.18 0.2255
Chemical (Specialty) 98 1.18 22.70% 13.32% 1.00 3.20% 1.04 0.3557
Coal & Related Energy 15 0.91 31.30% 6.78% 0.73 15.24% 0.86 0.4814
Computer Services 217 1.09 17.52% 17.72% 0.96 7.52% 1.04 0.3268
Computers/Peripherals 39 1.14 30.45% 8.17% 0.92 10.87% 1.03 0.3724
Construction Supplies 102 1.05 56.08% 16.93% 0.73 7.77% 0.79 0.3169
Diversified 64 1.24 72.87% 13.62% 0.79 13.75% 0.92 0.2490
Drugs (Biotechnology) 194 1.43 20.87% 1.45% 1.23 6.20% 1.31 0.4526
Drugs (Pharmaceutical) 112 1.23 25.10% 6.26% 1.03 3.49% 1.07 0.3581
Education 10 1.75 133.48% 13.97% 0.86 3.42% 0.89 0.4411
Electrical Equipment 127 1.36 30.12% 11.58% 1.10 7.06% 1.19 0.4090
Electronics (Consumer & Office) 17 1.40 10.35% 16.45% 1.30 10.97% 1.46 0.3612
Electronics (General) 154 1.26 19.86% 12.21% 1.09 5.73% 1.16 0.3639
Engineering/Construction 147 1.13 92.39% 14.73% 0.66 15.80% 0.78 0.3535
Entertainment 132 1.14 24.47% 8.09% 0.96 7.69% 1.04 0.4570
Environmental & Waste Services 48 0.96 39.95% 12.64% 0.73 4.79% 0.77 0.3786
Farming/Agriculture 43 0.74 118.45% 13.92% 0.39 9.41% 0.43 0.3001
Financial Svcs. (Non-bank & Insurance) 123 0.96 655.84% 15.04% 0.16 32.20% 0.23 0.2968
Food Processing 141 0.72 23.53% 14.40% 0.61 2.98% 0.63 0.3172
Food Wholesalers 15 0.47 404.35% 16.34% 0.11 19.05% 0.14 0.2976
Furn/Home Furnishings 45 0.90 40.70% 13.82% 0.68 8.22% 0.74 0.3443
Green & Renewable Energy 51 0.88 108.77% 15.93% 0.48 8.04% 0.52 0.3156
 Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Healthcare Products 170 1.26 15.95% 7.20% 1.12 2.42% 1.15 0.4012
Healthcare Support Services 42 1.01 68.77% 16.90% 0.66 5.31% 0.70 0.3383
Heathcare Information and Technology 82 1.05 18.58% 9.27% 0.92 4.45% 0.96 0.3595
Homebuilding 46 0.92 11.79% 16.96% 0.84 14.32% 0.98 0.3111
Hospitals/Healthcare Facilities 33 0.79 106.08% 14.76% 0.43 5.02% 0.46 0.2740
Hotel/Gaming 113 0.88 60.05% 10.17% 0.60 9.72% 0.66 0.3296
Household Products 73 0.83 18.93% 15.52% 0.72 2.68% 0.74 0.3445
Information Services 28 1.04 12.42% 13.75% 0.95 7.97% 1.03 0.3850
Insurance (General) 45 0.92 57.24% 18.79% 0.64 27.07% 0.87 0.2127
Insurance (Life) 20 0.99 124.91% 17.29% 0.50 24.94% 0.67 0.1918
Insurance (Prop/Cas.) 17 0.74 26.19% 18.40% 0.61 5.07% 0.65 0.1938
Investments & Asset Management 327 0.86 37.51% 7.37% 0.67 39.13% 1.09 0.3183
Machinery 208 1.18 17.26% 15.73% 1.04 6.90% 1.12 0.3160
Metals & Mining 96 1.39 40.45% 9.13% 1.06 8.86% 1.16 0.4672
Office Equipment & Services 26 1.04 68.98% 17.00% 0.68 3.42% 0.70 0.3828
Oil/Gas (Integrated) 14 1.46 47.78% 30.04% 1.06 9.72% 1.18 0.2002
Oil/Gas (Production and Exploration) 116 1.53 110.55% 4.68% 0.82 10.97% 0.92 0.4777
Oil/Gas Distribution 27 1.18 114.38% 6.33% 0.62 6.69% 0.67 0.3242
Oilfield Svcs/Equip. 69 1.44 62.09% 10.41% 0.97 13.26% 1.12 0.3669
Packaging & Container 52 0.89 60.01% 16.43% 0.61 6.01% 0.65 0.3381
Paper/Forest Products 40 1.15 33.03% 15.49% 0.92 5.26% 0.97 0.3026
Power 66 1.02 87.74% 16.99% 0.61 5.70% 0.64 0.2473
Precious Metals 47 1.07 40.18% 4.97% 0.82 10.33% 0.91 0.4894
Publishing & Newspapers 85 0.86 37.90% 15.25% 0.66 6.80% 0.71 0.3428
R.E.I.T. 151 0.61 96.20% 3.01% 0.35 2.92% 0.36 0.1946
Real Estate (Development) 58 0.88 72.44% 11.95% 0.56 8.93% 0.62 0.3033
Real Estate (General/Diversified) 65 0.76 91.79% 12.46% 0.44 7.34% 0.48 0.2847
Real Estate (Operations & Services) 216 0.59 94.64% 13.64% 0.34 7.23% 0.37 0.2138
Recreation 54 0.94 38.73% 19.82% 0.72 4.08% 0.75 0.2661
Reinsurance 4 0.81 27.92% 22.50% 0.67 12.08% 0.76 0.1027
Restaurant/Dining 40 0.74 53.40% 17.27% 0.52 3.85% 0.54 0.2838
Retail (Automotive) 26 0.83 80.91% 18.16% 0.51 5.36% 0.54 0.2957
Retail (Building Supply) 22 0.76 95.70% 17.31% 0.44 5.25% 0.46 0.3277
Retail (Distributors) 113 0.89 76.84% 16.25% 0.56 5.01% 0.59 0.3047
Retail (General) 17 0.73 191.14% 20.88% 0.29 7.95% 0.32 0.3610
Retail (Grocery and Food) 28 0.77 86.26% 20.68% 0.46 9.40% 0.51 0.2643
Retail (Online) 76 1.25 12.02% 11.73% 1.14 13.68% 1.32 0.4313
Retail (Special Lines) 72 1.00 28.70% 17.06% 0.82 7.04% 0.88 0.3903
Rubber& Tires 8 0.98 47.10% 17.79% 0.72 4.95% 0.75 0.2442
Semiconductor 31 1.65 20.02% 10.62% 1.43 8.21% 1.56 0.4311
Semiconductor Equip 19 2.04 5.88% 10.02% 1.95 5.79% 2.07 0.4098
Shipbuilding & Marine 61 1.31 106.43% 8.81% 0.72 7.22% 0.77 0.4090
Shoe 8 1.41 24.47% 25.22% 1.18 6.21% 1.26 0.4329
Software (Entertainment) 37 1.07 10.76% 6.74% 0.99 4.02% 1.03 0.4013
Software (Internet) 25 0.81 15.85% 7.99% 0.72 5.35% 0.76 0.3868
Software (System & Application) 246 1.10 11.23% 10.31% 1.01 5.48% 1.07 0.3622
Steel 52 1.35 62.50% 13.76% 0.91 11.37% 1.03 0.3612
 Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom (Wireless) 13 1.03 98.23% 15.09% 0.58 6.39% 0.62 0.3823
Telecom. Equipment 56 1.34 18.22% 7.85% 1.17 13.35% 1.35 0.4361
Telecom. Services 83 0.88 98.31% 11.62% 0.50 4.56% 0.52 0.3004
Tobacco 6 0.50 73.63% 17.44% 0.32 2.43% 0.33 0.2172
Transportation 40 0.92 98.00% 18.72% 0.52 13.60% 0.60 0.2642
Transportation (Railroads) 6 0.89 172.58% 21.50% 0.38 10.47% 0.42 0.2146
Trucking 30 1.00 156.78% 20.68% 0.45 2.82% 0.46 0.3026
Utility (General) 20 0.73 98.78% 20.13% 0.41 9.31% 0.46 0.1454
Utility (Water) 11 0.78 135.25% 19.90% 0.38 3.03% 0.39 0.2079
Total Market 6519 1.04 100.60% 12.82% 0.58 13.23% 0.67 0.3353
Total Market (without financials) 5724 1.06 49.22% 12.73% 0.77 6.80% 0.82 0.3426
 Prior Years
Average:
Standard deviation of equity Standard deviation in operating income (last 10 years) 2017 2018 2017-19
39.87% 20.66% 0.61 0.74 0.67
39.39% 18.65% 0.97 1.19 1.12
40.70% 67.93% 0.49 0.75 0.63
36.63% 24.17% 0.8 0.85 0.83
32.26% 43.00% 0.78 1.03 0.82
39.25% 48.33% 1.23 1.43 1.27
28.83% NA 0.28 0.48 0.35
23.33% 203.33% 0.18 0.28 0.22
29.21% 16.40% 0.55 0.52 0.51
32.49% 13.06% 0.67 0.59 0.61
36.94% 11.63% 0.86 1.08 0.92
42.44% 93.95% 0.45 1.01 1.05
34.22% 15.34% 0.75 0.86 0.81
41.33% 16.16% 0.67 0.79 0.76
33.00% 37.25% 0.69 0.78 0.65
38.52% 49.44% 0.89 0.87 0.86
21.92% 19.72% 1.71 1.67 1.52
39.20% 15.69% 1.04 1.16 1.08
51.10% 37.44% 0.54 1.01 0.80
41.92% 22.39% 0.73 0.94 0.90
42.69% 37.32% 0.98 1.02 1.01
31.68% 22.84% 0.85 1.00 0.88
28.14% 31.80% 0.87 1.05 0.95
58.97% 82.28% 1.06 1.34 1.24
45.95% 10.02% 0.91 1.11 1.03
54.22% 97.28% 0.06 0.95 0.63
48.67% 11.62% 0.9 1.23 1.11
45.73% 25.23% 1.07 1.40 1.31
46.37% 29.14% 0.84 1.11 1.04
40.67% 19.01% 0.63 0.91 0.77
57.39% 72.05% 0.58 0.80 0.81
46.66% 37.32% 0.64 0.83 0.75
31.61% 33.80% 0.33 0.46 0.41
34.66% 27.94% 0.11 0.25 0.20
34.11% 10.13% 0.65 0.74 0.67
25.72% 29.85% 0.23 0.31 0.23
33.80% 18.05% 0.75 0.86 0.78
37.11% 56.04% 0.41 0.63 0.52
 Average:
Standard deviation of equity Standard deviation in operating income (last 10 years) 2017 2018 2017-19
50.00% 21.71% 0.86 1.07 1.03
43.21% 15.91% 0.6 0.63 0.64
43.78% 25.96% 0.91 0.91 0.93
33.60% 68.16% 0.93 0.91 0.94
38.25% 26.43% 0.36 0.51 0.44
41.49% 11.75% 0.54 0.71 0.64
39.45% 12.41% 0.86 0.82 0.81
42.35% 33.97% 0.9 1.55 1.16
23.42% 18.72% 0.79 1.17 0.94
24.29% 38.61% 0.84 0.91 0.81
23.54% 21.21% 0.69 0.74 0.69
39.46% 48.28% 0.63 1.03 0.92
37.48% 18.97% 0.94 1.03 1.03
57.51% 42.58% 0.89 1.22 1.09
41.24% 23.18% 0.48 0.63 0.60
27.27% 53.57% 1.23 1.53 1.31
65.45% 49.54% 0.83 1.09 0.95
35.05% 12.91% 1.06 1.28 1.00
51.77% 27.48% 1.07 1.39 1.19
34.46% 34.97% 0.62 0.83 0.70
36.42% 23.22% 0.83 0.87 0.89
31.65% 18.09% 0.6 0.76 0.67
67.62% 110.15% 0.78 0.87 0.85
43.62% 26.93% 0.62 0.86 0.73
23.25% 11.41% 0.49 0.57 0.47
36.31% 37.70% 0.54 0.54 0.57
34.27% 41.64% 0.44 0.54 0.49
28.49% 31.28% 0.35 0.41 0.38
39.49% 26.71% 0.53 0.81 0.70
17.48% 30.50% 1.23 1.41 1.13
34.55% 13.44% 0.52 0.62 0.56
32.68% 35.85% 0.57 0.70 0.60
36.02% 10.71% 0.43 0.51 0.47
35.29% 26.01% 0.61 0.57 0.59
35.27% 9.53% 0.57 0.48 0.46
27.52% 28.81% 0.59 0.66 0.59
53.06% 47.29% 1.16 1.33 1.27
44.33% 9.59% 0.89 0.91 0.89
22.47% 30.40% 1.29 1.10 1.05
50.35% 105.41% 1.29 1.62 1.49
50.48% 52.96% 1.32 1.57 1.65
48.95% 46.27% 1.01 1.38 1.05
37.02% 33.77% 1.17 1.26 1.23
46.72% 10.23% 0.93 0.92 0.96
48.86% 154.16% 0.89 1.02 0.89
47.48% 15.22% 0.6 0.80 0.82
40.65% 108.95% 0.89 1.10 1.01
 Average:
Standard deviation of equity Standard deviation in operating income (last 10 years) 2017 2018 2017-19
34.10% 54.47% 0.65 0.79 0.69
52.47% 61.72% 0.95 1.31 1.21
35.29% 22.55% 0.54 0.71 0.59
22.57% 15.22% 0.49 0.49 0.44
33.56% 28.57% 0.69 0.97 0.75
28.48% 27.10% 0.25 0.51 0.39
36.63% 16.68% 0.47 0.49 0.47
23.62% 31.57% 0.54 0.64 0.55
40.47% 34.31% 0.44 0.44 0.42
40.47% 10.64% 0.51 0.74 0.64
41.33% 11.52% 0.73 0.88 0.81
Effective
Marginal