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Currency [0]/Explanatory TextG5Explanatory Text %0 K Followed Hyperlink  % 1Good;Good  a%2 Heading 1G Heading 1 I}%O3 Heading 2G Heading 2 I}%?4 Heading 3G Heading 3 I}%235 Heading 49 Heading 4 I}%69 Hyperlink  % 7InputuInput ̙ ??v% 8 Linked CellK Linked Cell }% 9NeutralANeutral  e%3Normal % :Noteb Note   ;OutputwOutput  ???%????????? ???<$Percent =Title1Title I}% >TotalMTotal %OO? Warning Text? Warning Text %XTableStyleMedium9PivotStyleMedium48dq:Fc-2NWgFSWc-2NWgFSW̙̙3f3fff3f3f33333f33333\`QpExplanations & FAQsuIndustry AveragesInputs  ; 5ff8@jb(3 A@@  m AdvertisingAerospace/Defense Air TransportApparel Auto PartsBuilding MaterialsCable TVChemical (Basic)Chemical (Diversified)Chemical (Specialty)Computers/PeripheralsElectrical Equipment EntertainmentFood ProcessingFurn/Home Furnishings Homebuilding Hotel/GamingHousehold ProductsInformation ServicesInsurance (Life)Insurance (Prop/Cas.) MachineryOil/Gas DistributionOilfield Svcs/Equip.Packaging & ContainerPaper/Forest ProductsPowerPrecious MetalsR.E.I.T. Recreation Reinsurance SemiconductorSemiconductor EquipShoeSteelTelecom. EquipmentTelecom. ServicesTobaccoTrucking Date updated: HiLo RiskStandard deviation of equityNumber of firmsBeta D/E RatioUnlevered betaCash/Firm value!Unlevered beta corrected for cash Auto & TruckBank (Money Center)Banks (Regional)Beverage (Alcoholic)Beverage (Soft) BroadcastingBrokerage & Investment BankingBusiness & Consumer ServicesCoal & Related EnergyComputer ServicesConstruction Supplies DiversifiedDrugs (Biotechnology)Drugs (Pharmaceutical) EducationElectronics (Consumer & Office)Electronics (General)Engineering/ConstructionEnvironmental & Waste ServicesFarming/Agriculture&Financial Svcs. (Non-bank & Insurance)Food WholesalersGreen & Renewable EnergyHealthcare ProductsHealthcare Support Services$Heathcare Information and TechnologyHospitals/Healthcare FacilitiesInsurance (General)Investments & Asset ManagementMetals & MiningOffice Equipment & ServicesOil/Gas (Integrated)$Oil/Gas (Production and Exploration)Real Estate (Development)!Real Estate (General/Diversified)#Real Estate (Operations & Services)Restaurant/DiningRetail (Automotive)Retail (Building Supply)Retail (Distributors)Retail (General)Retail (Grocery and Food)Retail (Online)Retail (Special Lines) Rubber& TiresShipbuilding & MarineSoftware (Entertainment)Software (Internet)Software (System & Application)Telecom (Wireless)TransportationTransportation (Railroads)Utility (General)Utility (Water)Companies in each industry:Variable definitions: Data website: Created by: Home Page:http://www.damodaran.com(Aswath Damodaran, adamodar@stern.nyu.eduWhat is this data?,Beta, Unlevered beta and other risk measuresEmerging Markets6Standard deviation in operating income (last 10 years)Publishing & Newspapers!Total Market (without financials)GDo you want to use marginal or effective tax rates in unlevering betas?Marginal8If marginal tax rate, enter the marginal tax rate to use EffectiveEffective Tax rate8YouTube Video explaining estimation choices and process.End GamekTo estimate pure play betas by business, to use in estimating a bottom up beta for a project or a company.Variable ExplanationWhy?(Number of firms in the indusry grouping.Law of large numbers?BetaSimple average across firms of each firm's beta, taken as a weighted average of 2-year and 5-year weekly return regression betas, with 2-year betas weighted 2/3rds. If the company has only a 2-year beta, it is used.I average the 2-year and 5-year betas, to remove some noise at the company level, and then take the simple average to remove even more. I don't use weighted averages, since that will make each sector's beta converge on its largest company or companies.Total debt, including lease debt/ Market Value of equity. I aggregate each number across the firms and then compute the aggregate debt to equity ratio.My definition of debt for all things cost of capital. I have always treated lease commitments as debt. Now the accountants will as well.Effective Tax Rate1Effective tax rate in the most recxent 12 months.I need a tax rate.Unlevered BetacBeta/ (1+ (1-tax rate) (D/E)). You can use either a marginal or effective tax rate as your option.Interest saves you taxes at the margin. You should generally use a marginal tax rate, but if you have a multinational facing different marginal tax rates in different regions, you may use effective instead,Cash/Firm ValueCash & Marketable Securities/ (Market Value of Equity + Total Debt, including lease debt. Aggregated across companies first ans then computed._Cash is usualy invested in liquid, close to riskless investments and has a beta close to zero.!Unlevered Beta corrected for cashUnlevered Beta/ (1- Cash/Firm Vaue). Cash has a beta of zero. With this calculation, I remove its effect to get a pure play beta."The standard unlevered beta is an unlevered beta for the company. If the company holds a large amount of cash, you need to remove it from the calculation to get a beta for just the business.Simple average of (High Price for year - Low Price/ (High Price + Low Price). It is a non-parametric and simple measure of price risk.bIf you don't like making distributional assumptions and want a simple range-based measure of risk& Standard deviation (equity)ySimple average across firms of each firm's standard deviation in stock prices in the prior 2 years, using weekly returns.iThis is the total risk. Beta measures only the portion of this standard deviation that is market-related.%Standard deviation (operating income)Simple average across firms of each firm's coefficient of variation in annual operating income over prior 10 years. (Coefficient of variation is standard deviation divided by average operating income over the period)If you don't like price-based measures of risk, preferring something more intrinsic, this may be your preferred measure of risk. (Since operating income levels vary widely across firms, I used the coefficient of variation.) 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T VT Mj>e?T MM;M?T Mz?TMnj?(TJTbڈ8?(LJ UT[~ UL@g@UML??UN\R?UN~R?UMGn7?VM7qW(?(VKVUAn/?V N-9V?V Vn?V M9op ?V MGXe?V MnjZh?VM7qW(?(VJVbg?(UJ WT~ WL|@WMWe ?WN:n\?WNH\jC?WMB?(VKWN}?Y Mh)1"N?YMj?(YJYb@?(XJ ZT!~ ZLN@ZM ?ZNbQ ?ZN$I?ZM@)?(YKZN*`?ZM(F`?(ZKZU*臲?Z NnYw_?Z Vu\׋?Z M5BFz?Z M "?Z MD?ZM(F`?(ZJZbX?(YJ [T^~ [LM@[M?[Ny?[Nj(:?[M[??(ZK[N5?[M;.?(ZK[Uu5x?[ N8?[ V?[ M(V?[ M}͈X?[ My(?[M;.?([J[bF$6P?(`J \T_~ \LD@\MC1?\NSI|?\NVe?\MR#+A?]Nl6?]M Ϣp?(]K]N^hm?]M 8ٝ?(\K]Ux?] N|?] VJa?] M?R;?] M1f?] MŬje?]M 8ٝ?(]J]bF]4?(UJ ^T"~ ^LH@^M4/?^NRNe?^Ng?^M 1i?(^K^N@/ec?^M%# ?(^K^U1U?^ N̳E?^ V^?^ MU?^ MG o?^ MS'K?^M%# ?(^J^bP3?(]J _Ta~ _LN@_Mމ?_NˑV?_N7n?_M`s>?(^K_N4r?_M&?(_K_U zg@K?_ Npl;a?_ V`X?_ M ȉ|?_ M16j?_ MЫ?_M&?(_J_bnug?([JD,lLLLLLLLLLLLLLLLLLLHLLLLLLLLLL`@a@b@c@d@e@f@g@h@@i@@ `T#~ `L r@`Mg14?`NU'?`NZd,v;?`M:x>?(_K`NC; ?`MbX1m?(_K`UÂi?` NPGi?` Vh;r?` MW7?` MoD?` M#Åu?`MbX1m?(`J`bg@?(gJ aT$~ aLa@aM7?aNfYP?aNڛ?aMx8Dv?(`KaN܉?aM9wV?(aKaUݬ+?a NVC;"s?a V8?a M4!?a MF5>?a M[!)?aM9wV?(aJab;Ii?(`J bT%~ bL=@bM6R$?bNxT|?bNwMi^?bMW(?(bKbNS?bMl/KY?(bKbUR!5c?b N P?b Vv3\A?b Mo7~?b M#8?b M P?bMl/KY?(bJbbք] ?(aJ cTb~ cLj@cMHh7?cNux?cN@3?cMr2 D?(bKcN7qݹ?cM S6?(cKcU_>?c Ng\;?c V<?c M_?c Mo@R  7yK )Aswath Damodaran, adamodar@stern.nyu.eduyK mailto:adamodar@stern.nyu.edu?subject=Data%20on%20websiteyX;H,]ą'cyK http://www.damodaran.comyK Lhttp://www.damodaran.com/yX;H,]ą'c<yK ;http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.htmlyK http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.htmlyX;H,]ą'c<yK ;http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xlsyK http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xlsyX;H,]ą'clyK Ghttp://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htmyK http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htmyX;H,]ą'cyK 9YouTube Video explaining estimation choices and process.yK Rhttps://youtu.be/rxmttgceSjgyX;H,]ą'cggDqqr r i i@+Table111 Industry Name?VerdanaNew_Home_Page/datafile/v! @ 2Number of firms?VerdanaNew_Home_Page/datafile/v"@ @ 3Beta 7Verdanaew_Home_Page/datafile/v"@ @ 4 D/E Ratio7Verdanaew_Home_Page/datafile/v"@ @ 5Effective Tax rate7Verdanaew_Home_Page/datafile/v"@ @ 6Unlevered beta7Verdanaew_Home_Page/datafile/v"@ @ 7Cash/Firm value7Verdanaew_Home_Page/datafile/v"@ @ 8!Unlevered beta corrected for cash7Verdanaew_Home_Page/datafile/v"@ @ 9 HiLo Risk7 0.0000Verdaname_Page/datafile/v"@ @ 10Standard deviation of equity7Verdanadaname_Page/datafile/v"@ @ -116Standard deviation in operating income (last 10 years)7"@@ 1220187"@ @ 1320197"@ @ 1420207"@ @ 1620217"@ @ 15Average (2018-21)7@ @ ww?VerdanaG:`)(`*@ ?@ @ ? ?@w'wDTableStyleLight1wwTable1 ZOـ F  dMbP?_*+%@&?'?(?)?"@333333?333333?eL&43U @@ v tDPH0 0(   >@ggD Oh+'0HPl 'Aswath DamodaranMicrosoft Office UserMicrosoft Macintosh Excel@Ԇ@3& @ ~  ՜.+,D՜.+,L PX|  'Stern School of Business Explanations & FAQsIndustry AveragesInputs!'Industry Averages'!Print_Titles  Worksheets Named Ranges 8@ _PID_HLINKS'A$]https://youtu.be/rxmttgceSjgAGhttp://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm1r;http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xlsHX;http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.htmlThttp://www.damodaran.com/c:mailto:adamodar@stern.nyu.edu?subject=Data%20on%20website  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FWorkbookSummaryInformation(DocumentSummaryInformation8