At the NACVA conference, Roger Grabowski (Duff & Phelps) shared exciting news about Valuation Handbook resources. First, an electronic version of the 2014 Valuation Handbook—Guide to Cost of Capital is underway and will be available this summer. It will be delivered via an iPad app. The app version will include the complete contents of the Valuation Handbook—Guide to Cost of Capital and will be available on its own as well as an add-on for those who have already purchased the book. Quarterly updates are launching soon for all Valuation Handbook, Duff and Phelps Risk Premium Calculator, and iPad app users.
Second, Grabowski announced two new upcoming titles under the Valuation Handbook banner: one dedicated to industry cost of capital and a second focusing on international cost of capital. Both resources are expected to be released in the second half of 2014.
The 2014 Valuation Handbook—Industry Cost of Capital, intended to replace the (now discontinued) Morningstar/Ibbotson Cost of Capital Yearbook, will include industry betas, industry valuation ratios (e.g., price-to-book, market-to-book, price-to-sales, etc.), leverage ratios (e.g., debt-to-equity and debt-to-total capital), industry cost of equity capital estimates (CAPM, build-up, Fama-French three-factor model, and three-stage discounted cash flow (DCF)), industry cost of debt estimates, and industry weighted cost of capital (WACC) estimates. It will also include industry supplements with the same information for each company comprising the industry.
The 2014 Valuation Handbook—International Cost of Capital is expected to provide country-level cost of equity capital estimates for upwards of 150 countries, from the perspective of investors based in any one of upwards of 30 countries. The new International Cost of Capital book is intended to replace the (now discontinued) Morningstar international reports.
All Valuation Handbook products will be available from BVR. Look for more announcements soon about availability.
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