The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital
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, 0 0 0 E N G A G E M E N T S P E R F O R M E D I N 2017 6, 5 0 0 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 5 0 0 3,500+ 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, 0 0 0 + 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 1 0 0 0 + 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
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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
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 +1 312 697 4938 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
Cost of Capital Navigator
Agenda Cost of Capital Navigator Live Demo New Features for 2019 Special Pre-Release Pricing for 2019 Q&A
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 2018 2018 Duff & Phelps 8
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 2018 2018 Duff & Phelps 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 2019 U.S. Cost of Capital and Industry Data Coming Soon 2019 2019 International Cost of Capital and Industry Data Duff & Phelps 10
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.
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
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
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
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
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
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
Duff & Phelps, LLC Analyst, Chicago Aaron.Russo@duffandphelps.com Live Demo Cost of Capital Navigator In-Depth Case Study dpcostofcapital.com
+ Size Tables Now Included + Industry Snapshot + Calculate WACC + Enhanced Outputs + Excel Add-in Duff & Phelps 19
New Features in 2019 + Size Tables Now Included Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 20
New Features in 2019 + Industry Snapshot Size Tables Now Included Industry Snapshot Estimate WACC Enhanced Outputs Excel Add-in Duff & Phelps 21
New Features in 2019 + Calculate WACC Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 22
New Features in 2019 + Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 23
New Features in 2019 + Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 24
New Features in 2019 + Enhanced Outputs Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 25
New Features in 2019 + Excel Add-in Size Tables Now Included Industry Snapshot Calculate WACC Enhanced Outputs Excel Add-in Duff & Phelps 26
Duff & Phelps, LLC Analyst, Chicago Aaron.Russo@duffandphelps.com Live Demo Cost of Capital Navigator Excel Add-in
Duff & Phelps 28
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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