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2015 Valuation Handbook – Guide to Cost of Capital and Data Published Therein in Connection with Their Internal Business Operations Market Results Through #DBDLADQ 2014 201 Valuation Handbook Guide to Cost of Capital Industry Risk Premia Company List Cover image: Duff & Phelps Cover design: Tim Harms Copyright © 2015 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748- 6008, or online at http://www.wiley.com/go/permissions. The forgoing does not preclude End-users from using the 2015 Valuation Handbook – Guide to Cost of Capital and data published therein in connection with their internal business operations. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com. For more information about Duff & Phelps valuation data resources published by John Wiley & Sons, please go to: www.wiley.com/go/ValuationHandbooks. ISBN 978-1-119-172895 (Set) ISBN 978-1-119-12789-5 (Update 1) ISBN 978-1-119-12790-1 (Update 2) ISBN 978-1-119-12795-6 (Update 3) Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 2 Industry Risk Premia Company List About the Data The information and data presented in the 2015 Valuation Handbook – Guide to Cost of Capital and the online Risk Premium Toolkit and the online Cost of Capital Analyzer has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Duff & Phelps, LLC (www.duffandphelps.com) and/or its data providers expressly disclaim any liability, including incidental or consequential damages, arising from the use of the 2015 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the online Cost of Capital Analyzer or any errors or omissions that may be contained in the 2015 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the online Cost of Capital Analyzer, or any other product (existing or to be developed) based upon the methodology and/or data published herein. One of the primary sources of raw data used to produce the derived data and information herein is Morningstar, Inc. Use of raw data from Morningstar to produce the derived data and information herein does not necessarily constitute agreement by Morningstar, Inc. of any investment philosophy or strategy presented in this publication. 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 3 Industry Risk Premia Company List About Duff & Phelps Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute and legal management consulting, M&A, restructuring, and compliance and regulatory consulting. The firm’s more than 2,000 employees serve a diverse range of clients from offices around the world. For more information, visit www.duffandphelps.com. M&A advisory and capital raising services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd., which is authorized and regulated by the Financial Conduct Authority. 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 4 Industry Risk Premia Company List NOTE: The full-information beta analysis employed to form the industry risk premia provided in Table 5.7 of the Valuation Handbook – Guide to Cost of Capital uses a cross-sectional regression in which a company’s exposure to an industry (as defined by SIC code) is based on a sales-based weighted methodology. Any given company’s exposure vis-à-vis “sales” to any given industry can vary from less than 1.0% to 100.0%. The full-information beta approach enables the inclusion of these companies’ participation in the industry in the beta calculation.1 Ideally,ÕoneÕwouldÕlikeÕtoÕhaveÕaÕsamplingÕofÕbetasÕfromÕmanyÕ“pureÕplay”ÕguidelineÕpublicÕcompaniesÕ whenÕestimatingÕaÕproxyÕbeta.Õ“PureÕplay”ÕcompaniesÕareÕcompaniesÕwithÕsay,ÕatÕleastÕ75.0%ÕofÕ revenue from a single Standard Industrial Classification (SIC) code. In some industries the largestÖ participantsÕmayÕbeÕconglomeratesÕforÕwhichÕparticipationÕinÕtheÕgivenÕindustryÕisÕaÕsmallÖpartÕofÕtheirÕ overallÕrevenues.ÕForÕexample,ÕasÕofÕDecemberÕ201ÕtheÕpercentageÕofÕGeneralÕElectric’sÕsalesÕinÕSICÕ 351Õ(EnginesÕandÕTurbines)ÕwasÕlessÕthanÕ20.0%ÕofÕtheÕcompany’sÕoverallÕsales,ÕsoÕinÕaÕstrictlyÕpure- playÕbetaÕanalysisÕGeneralÕElectricÕwouldÕbeÕexcluded.ÕHowever,ÕGeneralÕElectricÕwasÕarguablyÕtheÕ dominantÖparticipantÕinÕthisÕindustry,ÕwithÕ5.%ÕofÕallÕsales.2Õ CompaniesÕthatÕhaveÕexposureÕaÕgivenÕ industryÕ(evenÕifÕlimited)ÕcanÕbeÕincludedÕinÕtheÕanalysisÕwhenÕfull-informationÕbetaÕmethodologyÕisÕ employed. ToÖbeÖclear:ÖTheÕcompaniesÕincludedÕinÕtheÕfull-informationÕbetaÕanalysisÕusedÕtoÕcreateÕtheÕindustryÕ riskÕpremiaÕinÕtheÕ6ALUATIONÖ(ANDBOOKÕareÕnotÖnecessarilyÕ“pureÕplay”Õcompanies: x You many notice companies included in each industry that may seem out of place. However, these companies only impact the full-information betas (and thus the industry risk premia) by the weighted sales exposure the company has to the given industry. x You may also notice companies listed in multiple industries. For example, General Electric was a participant in SIC 351 (Engines and Turbines), but was also a participant in SIC 363 (Household Appliances), and SIC 384 (Surgical, Medical, And Dental Instruments and Supplies). TheÕinformationÕinÕtheÕÖ6ALUATIONÖ(ANDBOOKÖkÖ'UIDEÖTOÖ#OSTÖOFÖ#APITAL)NDUSTRYÖ2ISKÖ0REMIAÖ #OMPANYÖ,ISTÖisÕforÕuseÕinÕconjunctionÕwithÕtheÕdataÕfoundÕinÕtheÕ201ÖValuationÖHandbook’sÖExhibitÕ 5.7Õ(IndustryÕRiskÕPremia)Õonly.Õ ToÕlearnÕmore,ÕseeÕChapterÕ5,Õ“BasicÕBuildingÕBlocksÕofÕtheÕCostÕofÕ EquityÕCapitalÕ–ÕBetasÕandÕIndustryÕRiskÕPremia”ÕinÕtheÕ201ÖValuationÖHandbook. 1 TheÕfull-informationÕbetasÕpublishedÕinÕtheÕ201ÖValuationÖHandbookÖ@MCÕHMÕSGDÕENQLDQÕ2!!(Õ6ALUATIONÖ9EARBOOKÖ@QDÕA@RDCÕNMÕ@MÕ@QSHBKDÕÕ by Paul D. Kaplan and James D. Peterson: "Full-Information Industry Betas”, Financial Management, Summer 1998. 2 As of the most recently completed fiscal year, and in the context of the 3, U.S. companies included in the full information beta analysis usedÕtoÕcreateÕExhibitÕ5.7ÕinÕtheÕ201ÖValuationÖHandbook.ÕSource:ÕStandardÕandÕPoor’sÕResearchÖInsightÕdatabase. 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 5 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 01 NACCO INDUSTRIES -CL A AVALON OIL AND GAS INC ALICO INC PEABODY ENERGY CORP BAKER HUGHES INC CHIQUITA BRANDS INTL INC RHINO RESOURCE PARTNERS LP BAKKEN RESOURCES INC MONSANTO CO SINOCOKING COAL & COKE CHEM BARNWELL INDUSTRIES NUTRASTAR INTERNATIONAL INC SUNCOKE ENERGY INC BASIC ENERGY SERVICES INC ROYAL HAWAIIAN ORCHARDS-LP TECO ENERGY INC BILL BARRETT CORP S&W SEED CO VECTREN CORP BLACK HILLS CORP SEABOARD CORP WALTER ENERGY INC BLACK RIDGE OIL & GAS INC SINO AGRO FOOD INC WESTMORELAND COAL CO BLACKSANDS PETROLEUM INC SKYPEOPLE FRUIT JUICE INC WESTMORELAND RES PARTNERS LP BONANZA CREEK ENERGY INC TEJON RANCH CO BPZ RESOURCES INC TWO RIVERS WATER & FARMING SIC CODE 122 BREITBURN ENERGY PARTNERS LP YASHENG GROUP ALLIANCE HOLDINGS GP LP C&J ENERGY SERVICES INC LIMONEIRA CO ALLIANCE RESOURCE PTNRS -LP CABOT OIL & GAS CORP ALPHA NATURAL RESOURCES INC
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