The Cost of Capital Navigator. The New Online Resource for Estimating Cost of Capital

Transcription

1 The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital

2 DUFF & PHELPS Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues. We work with clients across diverse sectors, mitigating risk to assets, operations and people. M O R E T H A N 1 5, E N G A G E M E N T S P E R F O R M E D I N , C L I E N T S I N C L U D I N G O V E R 50% O F T H E S & P ,500+ T O T A L P R O F E S S I O N A L S G L O B A L L Y T H E A M E R I C A S 2, P R O F E S S I O N A L S E U R O P E A N D M I D D L E E A S T P R O F E S S I O N A L S A S I A P A C I F I C 500+ P R O F E S S I O N A L S 2

3 ONE COMPANY with more than 70 offices O F F I C E S W O R L D W I D E T H E A M E R I C A S E U R O P E A N D M I D D L E E A S T A S I A PA C I F I C Addison Atlanta Austin Bogota Boston Buenos Aires Cayman Islands Chicago Dallas Denver Grenada Houston Los Angeles Mexico City Miami Milwaukee Minneapolis Morristown Nashville New York Princeton Reston St. Louis San Francisco São Paulo Seattle Secaucus Silicon Valley Stamford Toronto Abu Dhabi Agrate Brianza Amsterdam Athens Barcelona Berlin Bilbao Birmingham Channel Islands Dubai Dublin Frankfurt Lisbon London Longford Luxembourg Madrid Manchester Milan Moscow Munich Padua Paris Pesaro Porto Rome Tel Aviv* Turin Warsaw Bangalore Beijing Brisbane Guangzhou Hanoi Ho Chi Minh City Hong Kong Hyderabad Jakarta* Melbourne Mumbai New Delhi Shanghai Shenzhen Singapore Sydney Taipei Tokyo Detroit Philadelphia Washington, DC * strategic partner 3

4 Disclaimer Any positions presented in this session are those of the panelists and do not represent the official position of Duff & Phelps, LLC. This material is offered for educational purposes with the understanding that neither the authors nor Duff & Phelps, LLC or its affiliates are engaged in rendering legal, accounting or any other professional service through presentation of this material. The information presented in this session has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. The authors and Duff & Phelps, LLC or its affiliates expressly disclaim any liability, including incidental or consequential damages, arising from the use of this material or any errors or omissions that may be contained in it. Duff & Phelps 4

5 Jim Harrington Jim Harrington is a director at Duff & Phelps. James is a leading contributor to Duff & Phelps efforts in the development of studies, surveys, online content and tools, firm-wide valuation models, data distribution platforms, and published thought leadership. Previously, James was director of valuation research in Morningstar's Financial Communications Business. Jim is a co-author of the Duff & Phelps Valuation Handbook series along with colleagues Roger Grabowski and Carla Nunes. These annual books include: Duff & Phelps, LLC Chicago James.Harrington@duffandphelps.com Valuation Handbook U.S. Guide to Cost of Capital (starting in 2018, the data from this book is now available exclusively in the Cost of Capital Navigator) Valuation Handbook U.S. Industry Cost of Capital Valuation Handbook International Guide to Cost of Capital Valuation Handbook International Industry Cost of Capital Jim is a contributing author to: Cost of Capital: Applications and Examples, 5th ed. Jim is a Duff & Phelps Contributor to: Stocks, Bonds, Bills, and Inflation (SBBI) Yearbook Duff & Phelps 5

6 Cost of Capital Navigator

7 Agenda Cost of Capital Navigator Live Demo New Features for 2019 Special Pre-Release Pricing for 2019 Q&A

8 The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital U.S. Cost of Capital and Industry Data 2018 International Cost of Capital and Industry Data Duff & Phelps 8

9 The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital Cost of Capital Navigator Replaces U.S. Guide to Cost of Capital 2018 U.S. Cost of Capital and Industry Data 2018 International Cost of Capital and Industry Data Duff & Phelps 9

10 The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital Cost of Capital Navigator Replaces U.S. Guide to Cost of Capital 2019 U.S. Cost of Capital and Industry Data Coming Soon International Cost of Capital and Industry Data Duff & Phelps 10

11 About the Cost of Capital Navigator The Duff & Phelps Cost of Capital Navigator is an interactive, web-based platform that guides finance professionals through the steps of calculating Cost of Capital, a key component of any valuation analysis.

12 Benefits of the Cost of Capital Navigator Accessible Anytime, Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

13 Benefits of the Cost of Capital Navigator Accessible Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

14 Benefits of the Cost of Capital Navigator Accessible Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

15 Benefits of the Cost of Capital Navigator Accessible Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

16 Benefits of the Cost of Capital Navigator Accessible Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

17 Benefits of the Cost of Capital Navigator Accessible Anywhere Data is available sooner Helps analysts take full advantage of the data Easy to save, review, update your work Enhanced, auditable outputs Makes new features available that could not be done with a book

18 Duff & Phelps, LLC Analyst, Chicago Live Demo Cost of Capital Navigator In-Depth Case Study dpcostofcapital.com

19 + Size Tables Now Included + Industry Snapshot + Calculate WACC + Enhanced Outputs + Excel Add-in Duff & Phelps 19

20 New Features in Size Tables Now Included Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 20

21 New Features in Industry Snapshot Size Tables Now Included Industry Snapshot Estimate WACC Enhanced Outputs Excel Add-in Duff & Phelps 21

22 New Features in Calculate WACC Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 22

23 New Features in Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 23

24 New Features in Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 24

25 New Features in Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 25

26 New Features in Excel Add-in Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 26

27 Duff & Phelps, LLC Analyst, Chicago Live Demo Cost of Capital Navigator Excel Add-in

28 Duff & Phelps 28

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30 Thank You Cost of Capital Navigator

31 Using a Non-Beta-Adjusted Size Premium in the Context of the CAPM (or in a build-up that uses an industry risk premium) Will Likely Overstate Risk and Understate Value