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Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Foreign Telecom.

Number of Firms

Average Beta

Market D/E Ratio

34
70
45
60
29
58
487
7
4
39
22
19
87
45
22
11
12
18
33
92
12
395
138
118
306
59
38
25
29
15
91
175
86
32
91
244
110
21
11
20

1.56
0.84
1.40
0.90
1.23
1.22
0.55
0.76
1.51
0.75
0.56
0.61
1.63
0.96
1.82
0.72
0.71
1.03
0.84
0.90
0.92
2.06
2.23
0.82
1.59
3.04
1.09
0.81
0.80
0.90
1.59
1.65
1.47
2.47
0.76
0.75
0.61
0.60
1.03
1.88

27.04%
25.73%
44.37%
19.37%
175.72%
48.26%
56.57%
11.40%
NA
63.73%
25.08%
15.67%
3.65%
27.73%
58.32%
14.81%
15.50%
30.19%
17.37%
22.94%
12.32%
3.37%
7.96%
24.91%
8.56%
8.89%
2.56%
78.84%
68.32%
72.52%
77.44%
13.88%
30.96%
3.14%
55.28%
150.58%
27.28%
28.66%
28.30%
34.74%

Furn/Home Furnishings
Grocery
Healthcare Information
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)

36
23
35
15
34
76
26
30
207
36
43
84
306
21
15
134
16
39
184
261
41
77
29
36
19
27
98
37
40
30
148
15
25
62
104
47
122
18
74
82
177

0.92
0.86
1.38
0.86
0.92
0.82
0.79
1.26
0.97
0.86
0.73
0.70
2.78
0.73
1.26
0.83
1.08
0.72
0.96
1.04
0.88
1.03
0.70
0.96
0.86
1.10
1.02
0.82
0.82
0.90
0.67
0.81
2.23
0.67
1.81
0.74
0.67
0.73
1.08
0.68
1.08

17.28%
62.36%
13.32%
21.25%
49.44%
35.64%
18.36%
7.53%
21.18%
8.52%
13.01%
9.51%
1.80%
57.71%
0.00%
36.26%
19.12%
66.55%
15.89%
6.45%
11.03%
15.43%
73.20%
41.65%
21.56%
32.08%
10.91%
66.01%
66.48%
11.25%
14.03%
7.58%
26.51%
8.42%
8.16%
37.08%
8.02%
34.14%
21.41%
14.33%
8.00%

Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking

14
10
46
31
121
14
22
26
14
122
146
221
13
11
20
37
5
16
66

Grand Total

7094

0.98
0.89
0.99
1.36
2.97
2.91
1.02
0.94
1.14
2.61
1.69
0.49
1.19
0.66
0.82
0.88
0.95
0.64
2.60
1.15

41.20%
4.42%
16.18%
196.81%
4.93%
8.29%
5.06%
14.75%
21.84%
3.58%
41.02%
25.28%
89.03%
19.86%
19.14%
36.57%
93.35%
48.80%
19.28%
35.44%

Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for cash

10.29%
20.00%
19.71%
19.21%
17.04%
17.29%
27.66%
28.20%
0.00%
29.89%
13.24%
17.31%
3.29%
22.76%
10.98%
35.14%
23.50%
16.27%
24.90%
18.54%
4.20%
10.48%
8.74%
18.46%
6.33%
8.87%
19.14%
26.60%
31.02%
28.00%
14.46%
14.96%
19.62%
13.56%
10.38%
19.26%
20.67%
20.68%
29.89%
20.36%

1.26
0.70
1.03
0.77
0.50
0.87
0.39
0.71
NA
0.52
0.46
0.54
1.58
0.79
1.20
0.66
0.63
0.82
0.74
0.76
0.82
2.00
2.07
0.68
1.47
2.81
1.07
0.51
0.54
0.59
0.95
1.48
1.17
2.40
0.51
0.34
0.50
0.49
0.86
1.47

11.55%
5.36%
9.89%
7.15%
13.09%
8.35%
9.79%
5.09%
NA
7.94%
1.07%
4.18%
5.50%
11.05%
3.61%
0.87%
7.53%
6.24%
6.44%
3.49%
2.72%
11.60%
12.15%
6.75%
9.45%
25.85%
7.59%
1.78%
1.33%
4.51%
2.68%
14.72%
5.10%
15.49%
2.18%
7.90%
3.13%
4.68%
16.46%
9.10%

1.42
0.74
1.15
0.83
0.58
0.95
0.44
0.74
NA
0.56
0.46
0.56
1.67
0.89
1.25
0.67
0.68
0.87
0.79
0.78
0.85
2.26
2.36
0.73
1.62
3.79
1.16
0.52
0.55
0.62
0.98
1.73
1.24
2.84
0.52
0.37
0.52
0.51
1.03
1.62

26.21%
24.86%
11.34%
20.01%
26.12%
14.54%
29.33%
20.49%
16.22%
21.62%
21.19%
18.13%
4.23%
0.00%
2.49%
20.13%
21.88%
5.37%
15.15%
12.86%
20.52%
9.46%
26.20%
22.59%
28.87%
23.66%
21.01%
19.94%
16.62%
29.82%
13.09%
32.51%
4.58%
6.44%
16.89%
18.22%
1.50%
30.51%
16.55%
16.86%
23.39%

0.82
0.58
1.24
0.74
0.68
0.63
0.70
1.19
0.82
0.81
0.66
0.65
2.73
0.46
1.26
0.65
0.94
0.44
0.85
0.99
0.81
0.90
0.46
0.72
0.74
0.88
0.94
0.53
0.53
0.83
0.60
0.77
1.78
0.62
1.70
0.57
0.63
0.59
0.92
0.60
1.01

4.84%
5.96%
11.00%
8.90%
5.52%
4.00%
4.06%
9.49%
7.29%
3.59%
12.93%
10.64%
6.35%
4.60%
2.91%
6.45%
9.40%
5.82%
10.11%
5.54%
3.06%
2.76%
3.25%
3.03%
5.36%
11.00%
4.24%
4.15%
5.54%
4.94%
2.34%
2.94%
1.90%
6.31%
12.86%
4.60%
1.33%
2.39%
5.86%
2.83%
9.97%

0.86
0.62
1.39
0.81
0.72
0.66
0.73
1.32
0.89
0.84
0.76
0.72
2.92
0.49
1.29
0.69
1.03
0.47
0.95
1.04
0.84
0.93
0.47
0.75
0.78
0.99
0.98
0.56
0.56
0.87
0.61
0.79
1.82
0.66
1.95
0.60
0.63
0.60
0.98
0.62
1.13

39.75%
28.26%
21.77%
21.56%
9.91%
20.39%
26.82%
26.67%
18.40%
8.69%
12.22%
27.20%
16.27%
23.64%
20.09%
30.55%
13.94%
31.17%
7.09%
16.31%

0.78
0.87
0.88
0.53
2.84
2.73
0.98
0.85
0.96
2.52
1.24
0.42
0.68
0.58
0.71
0.70
0.53
0.48
2.20

3.66%
2.11%
4.56%
31.71%
13.05%
18.79%
9.09%
6.14%
9.28%
11.18%
3.92%
8.25%
23.48%
4.75%
4.67%
5.98%
1.30%
0.83%
9.34%

0.81
0.88
0.92
0.78
3.27
3.36
1.08
0.91
1.06
2.84
1.29
0.45
0.89
0.60
0.74
0.74
0.53
0.49
2.43

0.89

7.93%

0.97

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings

Number of Firms

Average Beta

Market D/E Ratio

36
73
56
64
31
64
550
7
4
37
27
21
105
47
23
14
13
24
36
94
16
425
148
134
334
60
37
24
29
16
94
186
101
31
96
269
123
21
10
38

0.99
0.92
1.38
0.93
1.29
0.99
0.59
0.72
1.78
0.79
0.66
0.71
1.56
0.98
1.76
0.73
1.02
0.98
0.97
0.98
1.75
1.84
1.99
0.87
1.59
2.23
1.09
0.94
0.87
0.97
1.52
1.49
1.30
2.18
0.87
0.89
0.72
0.72
1.03
0.87

22.25%
20.81%
42.16%
13.39%
125.80%
52.49%
54.59%
10.07%
Err:512
61.47%
23.56%
13.63%
4.39%
33.54%
38.89%
14.27%
26.35%
27.64%
16.32%
21.54%
15.96%
3.56%
6.68%
22.60%
9.36%
3.86%
2.65%
69.87%
56.29%
58.80%
72.60%
14.54%
26.12%
3.38%
48.22%
132.40%
22.39%
29.15%
23.76%
30.22%

Grocery
Healthcare Information
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Automotive

19
34
14
41
84
31
35
230
41
40
97
329
20
15
139
19
46
186
279
37
82
30
34
18
26
110
36
42
30
178
20
41
67
104
50
143
20
84
81
164
15

1.04
1.22
0.84
0.98
0.77
0.79
1.22
1.01
1.02
0.93
0.83
2.30
0.75
1.21
1.01
0.99
0.86
0.94
1.11
1.01
1.04
0.73
1.01
0.76
1.02
1.05
0.87
0.84
0.96
0.88
0.93
2.39
0.90
1.71
0.89
0.77
0.96
1.12
0.80
0.98
1.04

39.11%
10.30%
18.39%
61.74%
33.19%
18.46%
7.87%
19.71%
8.15%
13.15%
12.40%
2.28%
103.83%
4.09%
31.26%
19.00%
60.09%
17.47%
6.47%
15.88%
8.74%
60.93%
40.33%
30.08%
24.34%
11.72%
55.22%
56.50%
9.00%
13.69%
9.04%
17.83%
7.10%
8.97%
32.54%
63.99%
29.86%
20.04%
15.21%
8.43%
34.98%

Retail Building Supply


Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Other

9
51
32
124
14
24
30
16
136
173
248
10
11
21
38
6
16
73
1

Grand Total

7661

0.95
0.94
1.29
2.92
2.95
1.08
1.16
1.50
2.35
1.43
0.56
0.96
0.79
0.83
0.98
1.00
0.73
2.41
1.06
1.14

5.82%
16.61%
155.35%
4.97%
7.53%
3.64%
14.62%
23.62%
5.28%
32.64%
22.62%
14.18%
17.06%
18.06%
40.58%
62.76%
48.86%
17.70%
2.45%
32.11%

Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for cash

11.96%
21.77%
19.40%
21.60%
18.90%
18.93%
27.81%
24.41%
0.00%
29.14%
15.30%
17.74%
4.41%
23.55%
13.90%
30.19%
26.29%
13.31%
25.87%
19.08%
11.64%
10.36%
7.84%
18.87%
6.09%
9.38%
20.95%
26.93%
28.01%
28.87%
15.47%
13.04%
16.69%
10.21%
9.45%
19.72%
19.60%
23.66%
41.66%
26.93%

0.83
0.79
1.03
0.84
0.64
0.69
0.43
0.67
Err:512
0.55
0.55
0.63
1.50
0.78
1.31
0.66
0.85
0.79
0.86
0.84
1.53
1.79
1.88
0.74
1.46
2.15
1.06
0.62
0.62
0.68
0.94
1.33
1.07
2.12
0.60
0.43
0.61
0.59
0.90
0.71

6.85%
6.35%
11.95%
5.46%
11.63%
9.69%
10.20%
4.78%
Err:512
8.86%
1.67%
3.75%
6.65%
14.48%
2.42%
1.28%
2.61%
5.08%
3.74%
3.25%
4.11%
10.49%
12.11%
5.95%
8.53%
14.00%
8.99%
1.66%
1.26%
3.26%
7.73%
14.11%
4.53%
16.90%
2.14%
6.92%
2.53%
5.02%
15.59%
4.45%

0.89
0.84
1.17
0.89
0.72
0.77
0.47
0.70
Err:512
0.61
0.56
0.66
1.61
0.91
1.35
0.67
0.87
0.83
0.90
0.87
1.60
2.00
2.14
0.79
1.60
2.50
1.17
0.63
0.63
0.71
1.02
1.54
1.12
2.55
0.62
0.47
0.63
0.62
1.07
0.75

23.54%
10.07%
14.69%
23.77%
14.22%
24.86%
25.27%
16.91%
18.42%
23.66%
18.73%
4.76%
0.00%
2.49%
20.52%
19.77%
5.91%
17.17%
13.16%
24.89%
7.81%
30.18%
22.04%
24.85%
29.99%
21.42%
25.40%
15.72%
29.47%
14.79%
27.16%
6.84%
6.54%
17.07%
18.02%
1.41%
23.61%
18.03%
19.13%
23.42%
34.85%

0.80
1.12
0.73
0.67
0.60
0.69
1.15
0.86
0.95
0.85
0.75
2.25
0.37
1.16
0.81
0.86
0.55
0.82
1.05
0.91
0.96
0.51
0.77
0.62
0.87
0.96
0.61
0.57
0.90
0.79
0.88
2.05
0.84
1.59
0.70
0.47
0.78
0.96
0.71
0.92
0.84

5.43%
8.50%
11.22%
5.51%
2.99%
2.74%
8.29%
6.02%
3.80%
13.06%
14.33%
8.55%
5.64%
2.53%
4.62%
11.03%
4.39%
11.80%
6.74%
3.46%
3.22%
2.60%
3.91%
1.53%
6.01%
4.33%
3.60%
5.38%
5.16%
1.71%
3.59%
1.76%
4.65%
13.52%
3.76%
4.65%
1.98%
4.94%
4.14%
9.15%
4.60%

0.84
1.22
0.82
0.71
0.62
0.71
1.26
0.92
0.99
0.98
0.88
2.46
0.39
1.19
0.84
0.96
0.58
0.93
1.12
0.94
0.99
0.52
0.80
0.63
0.93
1.01
0.64
0.60
0.95
0.80
0.91
2.08
0.88
1.84
0.73
0.50
0.79
1.01
0.74
1.02
0.89

27.35%
21.10%
21.27%
10.47%
21.31%
28.93%
29.85%
18.09%
10.38%
12.90%
25.14%
5.94%
26.74%
20.95%
30.50%
11.52%
29.78%
9.93%
0.00%
16.40%

0.91
0.83
0.58
2.79
2.78
1.05
1.05
1.26
2.24
1.11
0.48
0.85
0.70
0.72
0.77
0.64
0.54
2.08
1.03

1.26%
4.47%
25.89%
12.37%
18.08%
8.36%
7.35%
9.77%
14.60%
3.55%
11.25%
6.11%
4.02%
4.94%
5.40%
3.70%
0.70%
6.50%
1.44%

0.92
0.87
0.78
3.19
3.40
1.15
1.13
1.39
2.63
1.15
0.54
0.90
0.73
0.76
0.81
0.67
0.54
2.22
1.05

0.90

7.53%

0.98

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information

Number of Firms

Average Beta

Market D/E Ratio

39
68
48
56
27
55
503
7
4
37
43
102
48
22
12
18
36
89
17
375
143
106
367
55
38
24
26
16
85
178
92
37
88
294
122
18
9
38
14
37

1.62
1.20
1.41
0.87
1.57
1.45
0.63
0.67
1.42
0.85
0.90
1.51
1.07
1.61
0.80
1.56
1.17
1.07
1.71
1.56
1.87
1.03
1.79
2.08
1.30
0.93
0.84
0.88
1.36
1.31
1.54
2.08
1.00
1.14
0.77
0.79
1.08
1.10
1.00
0.91

40.80%
16.18%
48.21%
20.12%
104.26%
44.19%
84.48%
11.82%
NA
79.62%
11.50%
9.11%
37.02%
60.53%
16.68%
15.52%
14.28%
17.77%
13.99%
3.69%
5.78%
17.65%
7.82%
4.05%
1.19%
72.72%
46.30%
60.31%
80.88%
14.58%
37.50%
2.79%
46.01%
193.48%
19.46%
49.96%
20.91%
31.61%
29.88%
12.71%

Heavy Construction
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant

11
10
35
74
27
34
195
37
39
86
265
17
14
125
17
51
177
273
36
77
30
25
17
24
14
112
34
38
25
185
18
57
83
102
11
39
146
15
72
10
74

1.25
0.91
1.64
1.25
0.89
1.38
1.22
1.06
0.94
0.89
1.97
0.71
1.37
1.19
1.89
0.87
1.10
1.44
1.19
1.05
0.93
0.78
1.24
1.13
0.72
1.10
1.13
0.93
1.02
1.01
1.12
1.92
1.11
1.66
0.91
1.36
0.90
1.23
1.54
1.01
0.93

3.54%
21.71%
124.23%
35.67%
16.78%
7.76%
24.19%
10.41%
16.76%
2.42%
1.89%
17.58%
0.00%
23.84%
14.38%
51.14%
19.28%
8.30%
10.90%
7.25%
30.04%
69.09%
50.03%
32.20%
39.45%
11.40%
52.53%
42.15%
7.97%
19.30%
9.08%
13.28%
7.35%
10.41%
87.17%
34.68%
82.95%
26.10%
28.50%
11.70%
14.45%

Retail (Special Lines)


Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking

163
15
8
41
30
137
15
19
25
13
123
151
233
10
20
31
5
15
73

Market

7252

1.26
1.58
1.21
1.12
1.66
2.60
2.53
1.51
1.70
1.97
1.98
1.34
0.59
0.70
0.88
1.04
1.04
0.80
2.20
1.25

12.43%
42.24%
19.39%
17.47%
247.38%
4.85%
7.65%
2.43%
11.40%
18.90%
5.56%
34.21%
52.83%
15.07%
16.92%
50.85%
6.18%
50.95%
14.15%
33.05%

Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for cash

14.43%
20.98%
17.17%
25.10%
22.52%
18.07%
27.93%
21.80%
0.00%
28.55%
16.51%
3.79%
23.57%
18.86%
26.18%
16.84%
25.67%
18.91%
10.29%
10.69%
8.28%
19.45%
5.89%
15.60%
20.24%
26.54%
29.39%
31.64%
14.86%
13.15%
15.31%
9.27%
11.12%
17.36%
19.26%
30.95%
33.30%
23.74%
27.47%
14.07%

1.20
1.06
1.01
0.76
0.87
1.07
0.39
0.61
NA
0.54
0.82
1.39
0.83
1.08
0.71
1.38
1.05
0.93
1.52
1.51
1.77
0.90
1.67
2.01
1.28
0.61
0.63
0.62
0.80
1.17
1.17
2.02
0.71
0.44
0.66
0.59
0.95
0.88
0.82
0.82

9.82%
5.21%
13.37%
6.54%
12.08%
10.45%
10.44%
5.44%
NA
11.50%
1.92%
9.78%
5.04%
3.82%
1.14%
2.98%
4.46%
4.68%
1.65%
8.17%
10.38%
5.27%
8.67%
13.25%
6.19%
1.80%
1.37%
2.91%
8.52%
11.37%
5.45%
14.77%
1.97%
9.30%
2.43%
4.84%
16.87%
5.63%
2.07%
8.99%

1.33
1.12
1.16
0.81
0.99
1.19
0.44
0.65
NA
0.62
0.83
1.54
0.88
1.12
0.72
1.42
1.10
0.98
1.55
1.65
1.98
0.95
1.82
2.32
1.37
0.62
0.64
0.64
0.88
1.31
1.24
2.37
0.72
0.48
0.68
0.62
1.14
0.94
0.84
0.90

29.02%
14.68%
23.19%
12.71%
29.48%
22.93%
16.00%
19.60%
28.68%
20.03%
6.67%
0.00%
2.35%
22.63%
14.72%
5.52%
16.05%
11.42%
18.62%
7.49%
22.06%
25.62%
21.52%
27.55%
4.63%
20.03%
20.74%
13.98%
31.81%
14.87%
20.44%
7.68%
4.62%
16.37%
15.71%
15.14%
1.17%
31.98%
18.20%
10.20%
20.59%

1.22
0.77
0.84
0.96
0.80
1.30
1.01
0.98
0.84
0.88
1.94
0.60
1.37
1.00
1.68
0.59
0.95
1.34
1.10
0.99
0.75
0.51
0.89
0.92
0.52
1.01
0.80
0.68
0.97
0.86
1.04
1.71
1.04
1.53
0.52
1.05
0.50
1.05
1.25
0.92
0.83

8.81%
6.29%
9.16%
2.80%
2.05%
13.76%
6.30%
3.84%
18.05%
2.95%
7.48%
28.97%
8.15%
3.55%
13.24%
4.00%
8.80%
4.27%
3.91%
2.61%
1.72%
1.51%
2.06%
7.23%
2.50%
3.48%
3.13%
6.02%
3.83%
1.29%
1.89%
1.70%
5.96%
10.36%
7.04%
2.02%
11.73%
2.19%
5.34%
26.56%
3.17%

1.33
0.82
0.92
0.98
0.82
1.51
1.08
1.02
1.03
0.90
2.10
0.85
1.49
1.04
1.94
0.61
1.04
1.40
1.14
1.01
0.76
0.52
0.91
0.99
0.53
1.05
0.82
0.73
1.01
0.88
1.06
1.74
1.10
1.70
0.56
1.07
0.56
1.07
1.32
1.25
0.86

22.59%
35.89%
37.15%
24.18%
23.71%
11.57%
25.62%
32.01%
29.99%
24.18%
12.65%
12.38%
20.78%
30.33%
17.36%
31.36%
0.00%
32.88%
10.90%
16.14%

1.15
1.24
1.08
0.99
0.58
2.49
2.39
1.48
1.57
1.72
1.88
1.03
0.41
0.64
0.77
0.77
0.98
0.59
1.96

10.96%
4.03%
1.54%
4.58%
17.09%
10.98%
13.88%
9.14%
8.01%
5.83%
14.69%
3.36%
13.38%
3.88%
4.83%
5.34%
8.79%
1.05%
5.25%

1.29
1.29
1.09
1.04
0.69
2.80
2.78
1.63
1.71
1.83
2.21
1.07
0.48
0.66
0.81
0.82
1.08
0.60
2.07

0.98

6.90%

1.05

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information
Heavy Construction

Number of Firms

Average Beta

Market D/E Ratio

29
65
43
52
19
53
476
7
38
40
107
51
24
11
18
32
87
17
321
124
112
341
53
33
23
25
15
82
172
83
32
78
295
108
17
9
33
13
28
13

1.44
1.28
1.15
1.14
1.51
1.56
0.71
0.86
0.91
0.96
1.26
1.39
1.60
1.21
1.26
1.23
1.19
1.98
1.22
1.29
1.25
1.17
1.50
0.84
0.82
0.74
0.79
1.38
1.31
1.67
1.44
1.12
1.27
0.80
0.73
1.19
1.30
0.86
1.05
1.48

126.31%
27.36%
77.93%
44.34%
220.63%
94.19%
183.05%
20.72%
137.95%
19.03%
9.98%
103.28%
88.79%
35.70%
28.67%
27.63%
35.48%
48.02%
8.17%
19.91%
161.10%
14.52%
11.29%
2.27%
107.83%
73.36%
90.70%
23.79%
45.68%
79.88%
11.53%
49.93%
522.77%
35.37%
59.86%
42.29%
66.40%
13.94%
19.92%
10.04%

Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive

31
67
25
30
166
33
34
77
207
17
15
123
17
55
159
251
34
77
33
24
15
25
18
111
32
37
24
187
18
65
74
89
16
26
143
14
63
10
67
154
15

1.36
1.70
1.10
1.45
1.20
1.24
1.17
0.91
1.41
0.83
1.33
1.39
1.31
1.30
1.10
1.17
1.56
1.69
1.22
0.69
1.17
1.12
0.89
1.56
1.27
1.20
1.35
1.24
0.94
1.65
1.41
1.47
1.38
1.24
1.35
1.26
1.41
0.91
1.27
1.26
1.31

159.82%
142.64%
23.74%
20.42%
44.17%
22.29%
43.42%
3.78%
4.10%
14.84%
10.31%
55.93%
51.79%
186.85%
54.69%
13.46%
25.49%
23.14%
58.59%
90.76%
84.33%
60.36%
81.95%
42.39%
86.25%
116.72%
14.67%
37.56%
23.50%
120.90%
11.73%
23.48%
282.91%
141.67%
106.38%
41.58%
62.80%
21.12%
25.59%
26.42%
67.50%

Retail Building Supply


Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Public/Private Equity
Funeral Services

7
37
31
121
15
18
19
13
109
139
233
11
22
32
4
15
56
9
5

1.01
1.01
1.36
1.81
1.81
1.25
1.72
1.91
1.49
1.43
0.66
0.71
0.95
1.17
1.25
0.86
1.52
2.08
1.41

26.35%
30.46%
924.55%
13.58%
13.74%
3.76%
33.56%
64.95%
12.70%
51.38%
19.42%
17.69%
38.64%
126.82%
131.77%
82.80%
36.58%
389.77%
67.74%

Total Market

6753

1.19

65.71%

Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for cash

18.43%
23.97%
23.11%
17.26%
22.48%
19.44%
25.97%
17.23%
27.52%
16.21%
3.25%
18.30%
21.91%
27.63%
19.25%
25.35%
18.85%
10.67%
12.59%
9.78%
20.23%
5.90%
12.60%
20.44%
33.02%
32.03%
30.34%
14.06%
11.78%
16.90%
12.22%
15.13%
17.99%
21.62%
27.00%
35.59%
23.72%
32.83%
16.00%
34.16%

0.71
1.06
0.72
0.83
0.56
0.89
0.30
0.73
0.45
0.83
1.15
0.75
0.94
0.96
1.02
1.02
0.92
1.39
1.14
1.10
0.55
1.03
1.36
0.82
0.48
0.50
0.48
1.14
0.93
1.01
1.31
0.78
0.24
0.63
0.51
0.94
0.86
0.79
0.90
1.39

18.50%
11.63%
16.68%
10.40%
17.87%
19.53%
12.61%
8.41%
12.93%
3.25%
10.63%
5.91%
2.79%
1.82%
8.21%
7.92%
5.79%
3.13%
14.15%
20.35%
9.63%
10.70%
23.33%
7.99%
2.36%
1.36%
2.81%
9.38%
24.77%
7.21%
43.53%
2.27%
11.57%
3.14%
5.93%
33.20%
8.33%
1.18%
13.72%
19.32%

0.87
1.20
0.87
0.93
0.68
1.10
0.35
0.80
0.52
0.86
1.29
0.80
0.97
0.98
1.12
1.10
0.98
1.43
1.33
1.38
0.60
1.15
1.78
0.89
0.49
0.50
0.50
1.26
1.24
1.08
2.32
0.80
0.27
0.65
0.54
1.40
0.94
0.80
1.04
1.72

6.33%
17.68%
29.89%
29.26%
19.19%
20.10%
26.62%
20.53%
7.40%
0.00%
2.25%
22.64%
13.67%
7.14%
18.25%
12.45%
20.13%
9.04%
23.99%
24.32%
23.95%
22.44%
8.95%
22.03%
24.71%
13.72%
33.43%
13.88%
20.26%
5.89%
5.59%
14.28%
18.62%
19.22%
1.22%
30.27%
19.07%
8.19%
20.11%
22.99%
34.11%

0.54
0.78
0.95
1.27
0.88
1.05
0.89
0.89
1.36
0.72
1.21
0.97
0.90
0.48
0.76
1.05
1.30
1.39
0.84
0.41
0.72
0.76
0.51
1.17
0.77
0.60
1.23
0.94
0.79
0.77
1.27
1.22
0.42
0.58
0.66
0.98
0.94
0.76
1.05
1.05
0.91

18.41%
6.71%
2.06%
19.96%
10.08%
16.48%
34.66%
4.36%
17.98%
20.10%
16.63%
10.17%
27.78%
7.95%
15.06%
7.66%
17.43%
5.88%
2.26%
2.82%
2.97%
9.73%
2.27%
7.56%
5.17%
6.25%
6.00%
2.87%
2.38%
14.41%
7.04%
22.35%
9.70%
3.95%
6.13%
2.38%
7.40%
32.39%
3.25%
13.83%
2.12%

0.67
0.84
0.97
1.59
0.98
1.26
1.36
0.93
1.66
0.90
1.45
1.08
1.25
0.52
0.90
1.13
1.57
1.48
0.86
0.42
0.74
0.84
0.52
1.27
0.81
0.64
1.31
0.97
0.81
0.90
1.37
1.57
0.46
0.60
0.70
1.00
1.01
1.12
1.09
1.22
0.93

26.86%
25.42%
22.87%
10.37%
21.69%
30.17%
28.90%
30.41%
11.96%
15.80%
17.12%
22.09%
22.76%
33.04%
18.76%
33.82%
13.55%
6.90%
32.54%

0.85
0.82
0.17
1.62
1.64
1.22
1.39
1.32
1.34
1.00
0.57
0.63
0.73
0.63
0.60
0.56
1.16
0.45
0.97

1.09%
4.79%
21.13%
23.19%
27.74%
13.86%
8.32%
12.42%
28.42%
5.70%
21.11%
5.73%
7.45%
4.99%
8.12%
0.87%
8.20%
7.51%
4.83%

0.86
0.87
0.21
2.11
2.27
1.42
1.51
1.50
1.87
1.06
0.72
0.66
0.79
0.66
0.66
0.56
1.26
0.49
1.01

16.57%

0.77

10.43%

0.86

Betas: Industry Average


Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment

January 2010

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Cash/Firm Value

36
67
44
56
22
54
481
7
39
41
121
53
24
10
17
31
97
21
333
129
121
337
56
38
23
24
14
87
183
95

1.60
1.19
1.06
1.30
1.72
1.75
0.75
0.86
0.96
1.04
1.10
1.45
1.69
1.18
1.27
1.37
1.29
1.67
1.02
1.29
1.20
1.11
1.18
0.75
0.79
0.73
0.75
1.41
1.16
1.81

72.76%
22.94%
70.74%
23.61%
154.47%
51.24%
198.22%
16.44%
110.54%
16.92%
14.78%
83.80%
85.22%
30.86%
20.37%
19.85%
29.01%
23.68%
5.61%
10.93%
138.78%
12.58%
8.74%
7.21%
102.89%
75.74%
89.99%
16.91%
26.37%
56.83%

13.01%
20.05%
17.63%
16.54%
13.25%
12.09%
17.50%
14.94%
20.65%
12.12%
4.46%
14.56%
21.86%
26.99%
21.59%
20.84%
12.86%
13.15%
10.12%
8.65%
18.93%
5.62%
13.50%
24.06%
32.27%
33.77%
32.45%
14.07%
10.63%
11.78%

0.98
1.00
0.67
1.09
0.74
1.21
0.28
0.76
0.51
0.90
0.96
0.84
1.02
0.96
1.10
1.19
1.03
1.39
0.97
1.17
0.57
0.99
1.09
0.71
0.47
0.49
0.47
1.23
0.94
1.21

11.92%
7.90%
11.84%
6.95%
11.75%
12.38%
10.36%
7.37%
9.63%
3.20%
14.59%
5.48%
4.02%
2.32%
6.74%
4.73%
4.17%
4.31%
10.34%
12.20%
11.12%
7.79%
11.63%
8.58%
2.31%
1.70%
4.25%
7.16%
14.90%
6.56%

Betas: Industry Average


Industry Name

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper

January 2010

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Cash/Firm Value

35
91
296
121
9
5
35
33
14
28
74
23
30
168
29
31
85
239
19
16
130
15
53
162
264
36
79
32
24
15

1.32
0.97
1.39
0.86
1.13
1.19
1.52
0.97
1.42
1.45
1.74
1.15
1.38
1.07
1.28
1.38
0.92
1.04
0.76
1.39
1.32
1.21
1.38
0.97
1.04
1.54
1.23
1.29
0.68
1.94

11.72%
49.42%
305.02%
29.31%
29.12%
56.52%
38.54%
13.57%
7.58%
102.34%
85.90%
22.36%
13.17%
33.96%
23.68%
36.81%
24.03%
2.28%
59.26%
9.38%
46.80%
3.98%
159.57%
43.09%
11.36%
18.80%
14.78%
47.84%
80.53%
55.65%

6.28%
14.27%
16.53%
17.29%
10.71%
24.34%
17.48%
17.80%
33.76%
1.42%
12.93%
24.87%
23.63%
17.89%
19.37%
22.47%
15.68%
5.94%
0.00%
2.10%
20.41%
14.80%
9.70%
18.84%
11.24%
18.10%
7.41%
25.01%
24.87%
27.26%

1.19
0.68
0.39
0.69
0.90
0.83
1.16
0.87
1.35
0.72
1.00
0.98
1.25
0.84
1.08
1.07
0.76
1.02
0.48
1.27
0.96
1.17
0.57
0.72
0.95
1.33
1.08
0.95
0.42
1.38

22.36%
2.49%
15.76%
3.79%
22.65%
3.51%
6.12%
6.85%
16.86%
26.11%
6.19%
2.23%
14.81%
8.10%
3.91%
38.96%
23.51%
9.53%
72.09%
6.84%
6.70%
13.51%
6.93%
10.96%
6.57%
11.77%
2.81%
2.44%
2.69%
3.68%

Betas: Industry Average


Industry Name

Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)

January 2010

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Cash/Firm Value

25
19
113
31
39
24
198
21
77
78
98
20
9
30
143
15
65
8
68
157
15
7
43
32
30
125
14
19
20
15

1.19
0.89
1.45
1.20
1.63
1.24
1.16
0.88
1.23
1.18
1.24
1.63
2.40
1.43
1.60
1.29
1.43
1.07
1.34
1.43
1.46
0.95
1.35
0.73
1.18
1.56
1.93
1.34
1.61
1.85

56.84%
61.46%
25.97%
61.31%
86.48%
14.44%
27.01%
20.07%
103.58%
8.49%
15.02%
191.86%
169.66%
70.33%
67.45%
32.95%
49.77%
17.69%
22.48%
16.08%
44.57%
19.12%
26.98%
26.17%
281.05%
8.06%
7.28%
3.55%
30.81%
39.30%

22.62%
7.15%
22.05%
18.18%
7.70%
33.00%
11.27%
24.36%
7.00%
8.41%
10.50%
9.03%
0.80%
15.54%
0.72%
27.39%
16.86%
4.17%
19.86%
18.49%
32.68%
27.05%
18.42%
30.39%
20.49%
10.85%
16.66%
22.11%
22.29%
22.94%

0.83
0.56
1.21
0.80
0.91
1.13
0.94
0.76
0.63
1.10
1.09
0.59
0.89
0.90
0.96
1.04
1.01
0.91
1.14
1.27
1.13
0.83
1.10
0.62
0.36
1.45
1.82
1.30
1.30
1.42

6.73%
1.83%
4.77%
4.26%
5.49%
6.13%
3.10%
3.23%
9.56%
2.94%
12.53%
5.94%
12.16%
4.27%
5.72%
2.31%
5.05%
28.41%
2.52%
8.52%
2.65%
1.34%
4.55%
3.01%
34.11%
12.95%
14.50%
11.41%
7.65%
7.93%

Betas: Industry Average


Industry Name

Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Total Market

January 2010

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Cash/Firm Value

115
140
227
12
19
33
5
15
60
7036

1.15
1.10
0.73
0.78
1.23
1.30
1.07
0.82
1.50
1.17

10.90%
47.03%
21.74%
22.93%
26.33%
85.30%
101.26%
87.95%
19.83%

13.79%
12.80%
11.90%
26.03%
26.27%
30.87%
12.11%
31.16%
9.92%
14.07%

1.05
0.78
0.61
0.67
1.03
0.82
0.57
0.51
1.28
0.82

21.02%
5.75%
14.51%
5.57%
6.89%
4.84%
4.80%
0.77%
5.01%

49.99%

9.49%

Betas: Industry Average


Unlevered Beta corrected for cash

1.12
1.09
0.76
1.17
0.83
1.38
0.32
0.82
0.57
0.93
1.12
0.89
1.06
0.98
1.18
1.25
1.08
1.45
1.08
1.33
0.64
1.07
1.24
0.78
0.48
0.50
0.49
1.33
1.10
1.29

January 2010

Betas: Industry Average


Unlevered Beta corrected for cash

1.53
0.70
0.47
0.72
1.16
0.86
1.23
0.94
1.63
0.98
1.06
1.00
1.47
0.91
1.12
1.75
1.00
1.13
1.71
1.36
1.03
1.35
0.61
0.81
1.02
1.51
1.11
0.97
0.43
1.44

January 2010

Betas: Industry Average


Unlevered Beta corrected for cash

0.89
0.58
1.27
0.83
0.96
1.21
0.97
0.79
0.69
1.13
1.24
0.63
1.02
0.94
1.01
1.07
1.06
1.28
1.17
1.38
1.16
0.85
1.16
0.63
0.55
1.67
2.13
1.47
1.40
1.55

January 2010

Betas: Industry Average


Unlevered Beta corrected for cash

1.33
0.83
0.72
0.71
1.10
0.86
0.59
0.51
1.34
0.90

January 2010

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Hotel/Gaming

Number of Firms

Unlevered Beta corrected for cash

31
64
36
57
51
12
426
45
34
158
45
21
16
31
70
20
184
87
107
279
57
34
21
21
14
68
139
25
77
40
82
225
112
9
6
35
25
21
23
51

1.75
1.03
1.10
1.22
1.59
0.96
0.38
0.73
0.77
1.16
0.89
0.98
1.24
1.39
1.15
1.32
1.18
1.33
0.71
1.08
1.08
0.92
0.48
0.49
0.49
1.35
1.08
1.39
1.31
1.48
0.60
0.50
0.77
1.24
0.85
1.65
1.20
1.48
1.02
1.28

Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive

26
23
137
27
30
49
186
60
100
52
83
146
122
24
73
29
22
13
24
13
93
26
32
20
176
19
27
93
84
77
31
11
24
5
12
56
13
63
75
47
20

0.95
1.40
0.81
0.89
1.54
1.01
1.24
1.14
1.14
0.58
0.80
1.07
0.78
1.63
1.28
1.06
0.46
1.42
1.04
0.65
1.39
0.88
0.96
1.12
1.13
1.00
0.72
0.65
1.14
1.33
0.59
1.62
0.89
1.15
1.24
1.11
1.05
1.19
1.65
1.57
1.12

Retail Building Supply


Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking

8
37
30
28
141
12
19
32
99
74
25
148
11
15
36
4
11
57

0.97
1.14
0.64
0.43
1.69
2.42
1.38
1.40
1.28
0.82
0.54
0.75
0.78
1.20
1.08
0.48
0.43
1.12

Total Market

5891

0.92

Correlation with market

Total Beta (Unlevered)

42.80%
55.19%
52.17%
43.14%
48.69%
59.90%
43.63%
55.91%
51.16%
32.39%
44.78%
58.24%
68.89%
58.68%
49.89%
76.64%
46.17%
40.19%
52.21%
35.54%
51.77%
38.19%
76.35%
77.41%
77.66%
53.95%
39.61%
62.05%
37.82%
43.13%
38.04%
48.96%
51.14%
66.95%
57.53%
45.67%
46.73%
63.18%
57.26%
51.15%

4.09
1.87
2.11
2.83
3.26
1.60
0.86
1.30
1.50
3.58
1.98
1.68
1.80
2.37
2.30
1.72
2.56
3.32
1.37
3.03
2.10
2.40
0.63
0.64
0.63
2.51
2.73
2.24
3.48
3.43
1.57
1.03
1.51
1.85
1.49
3.62
2.57
2.34
1.78
2.51

58.48%
46.91%
46.37%
59.42%
59.24%
63.37%
32.02%
53.21%
57.96%
63.51%
44.16%
44.89%
43.67%
53.87%
47.60%
72.65%
71.35%
44.12%
50.87%
66.43%
62.19%
65.81%
49.04%
73.15%
52.11%
52.23%
72.28%
44.25%
45.94%
47.29%
48.78%
60.41%
52.29%
61.78%
72.62%
48.38%
74.36%
53.54%
44.42%
52.59%
64.01%

1.63
2.98
1.75
1.50
2.59
1.59
3.86
2.14
1.97
0.91
1.81
2.38
1.79
3.02
2.68
1.46
0.64
3.22
2.05
0.98
2.23
1.34
1.96
1.53
2.17
1.91
0.99
1.46
2.48
2.81
1.20
2.69
1.70
1.86
1.71
2.29
1.42
2.23
3.72
2.99
1.75

69.74%
54.13%
57.25%
66.29%
50.75%
59.12%
53.61%
64.74%
41.07%
50.31%
57.37%
45.04%
62.49%
51.00%
56.07%
72.78%
78.38%
49.17%

1.39
2.11
1.11
0.64
3.33
4.09
2.57
2.16
3.12
1.64
0.94
1.66
1.25
2.35
1.93
0.66
0.55
2.28

48.91%

1.89

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Hotel/Gaming

Number of Firms
32
66
36
54
54
12
416
68
35
214
43
20
18
33
70
20
191
81
113
223
64
33
20
17
15
64
123
30
76
42
84
256
119
10
6
32
20
23
22
57

Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Companies
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)

27
25
136
28
32
62
194
31
63
94
51
87
143
118
25
77
31
27
14
22
12
81
27
32
26
176
18
53
101
83
82
31
12
29
127
12
51
11
65
79
42

Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market

19
10
38
30
27
142
10
17
33
105
76
23
170
11
14
34
11
58
6177

Unlevered Beta corrected for cash


1.44
0.92
0.82
1.29
1.66
1.11
0.45
0.76
0.84
1.30
1.05
0.96
1.24
1.47
1.05
0.99
1.11
1.39
0.86
1.03
1.09
1.09
0.36
0.30
0.38
1.45
1.17
1.40
1.31
1.33
0.49
0.56
0.77
1.12
0.85
1.47
0.98
1.45
1.25
1.29

Correlation with market


55.56%
56.22%
53.08%
52.52%
62.38%
59.83%
47.24%
62.64%
48.81%
46.73%
60.71%
61.77%
74.13%
67.47%
48.11%
73.96%
49.73%
50.37%
54.53%
41.79%
46.96%
53.41%
61.34%
54.80%
67.53%
56.45%
45.84%
65.58%
54.53%
64.78%
32.14%
56.41%
48.16%
72.06%
73.76%
64.77%
53.55%
74.24%
71.58%
59.69%

0.88
1.46
0.83
1.05
1.41
0.90
1.31
1.21
1.11
1.18
0.60
0.82
1.10
0.66
1.56
1.54
1.01
0.32
1.50
1.05
0.72
1.45
0.88
1.07
1.10
1.21
1.07
0.52
0.58
1.00
1.21
0.73
1.94
0.96
1.12
1.15
1.18
0.91
1.08
1.65
1.51

51.69%
69.74%
50.33%
59.24%
63.29%
66.43%
43.16%
76.16%
63.89%
60.61%
70.08%
52.18%
48.62%
51.13%
55.26%
52.69%
67.38%
60.99%
59.23%
54.87%
62.27%
69.78%
70.69%
69.45%
76.35%
59.47%
56.60%
68.53%
46.74%
40.86%
56.52%
55.21%
76.33%
53.23%
68.26%
73.86%
62.17%
74.50%
57.17%
61.19%
70.74%

1.10
1.04
1.14
0.58
0.66
1.60
2.01
1.37
1.27
1.37
1.00
0.53
0.78
0.79
1.09
0.87
0.33
1.17
1.17

60.70%
77.71%
58.17%
59.88%
62.56%
64.50%
75.69%
55.90%
68.63%
53.86%
50.65%
60.32%
40.35%
63.99%
59.40%
70.31%
63.77%
57.91%
54.97%

Total Beta (Unlevered)


2.59
1.63
1.54
2.46
2.66
1.86
0.94
1.21
1.72
2.78
1.73
1.55
1.68
2.18
2.18
1.34
2.22
2.76
1.57
2.46
2.33
2.04
0.59
0.55
0.56
2.57
2.54
2.13
2.41
2.05
1.52
1.00
1.59
1.55
1.16
2.27
1.84
1.96
1.74
2.16

1.71
2.09
1.64
1.77
2.22
1.36
3.02
1.59
1.74
1.95
0.86
1.57
2.27
1.30
2.83
2.92
1.50
0.52
2.53
1.92
1.15
2.07
1.25
1.55
1.44
2.03
1.90
0.76
1.24
2.45
2.14
1.32
2.54
1.81
1.64
1.55
1.90
1.23
1.90
2.70
2.13

1.81
1.34
1.96
0.96
1.06
2.48
2.65
2.44
1.85
2.55
1.97
0.88
1.92
1.23
1.83
1.24
0.52
2.02
2.12

Date updated:
Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services

5-Jan-14

Aswath Damodaran
http://www.damodaran.com

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

65
95
25
70
26
75
7
721
47
19
349
30
49
37
179
16
47
10
100
45
129
273
66
18
20
40

1.03
1.01
0.94
1.15
1.28
1.46
0.72
0.58
1.42
1.14
1.12
1.53
1.11
1.27
0.90
0.97
1.01
1.42
1.01
1.28
0.92
1.07
1.15
0.96
0.77
1.24

52.57%
18.99%
109.48%
21.33%
97.56%
32.00%
84.19%
72.00%
22.16%
27.56%
9.15%
48.49%
400.56%
30.05%
29.23%
49.23%
29.67%
33.39%
16.30%
86.63%
20.48%
8.68%
8.83%
30.47%
94.47%
39.03%

6.04%
15.03%
13.79%
10.29%
4.71%
9.43%
22.17%
18.00%
3.95%
10.72%
1.13%
13.21%
13.44%
16.33%
13.41%
15.00%
6.27%
25.03%
12.74%
2.44%
9.94%
6.16%
5.66%
9.82%
12.60%
11.84%

0.69
0.87
0.48
0.96
0.66
1.13
0.43
0.37
1.17
0.91
1.02
1.08
0.25
1.02
0.72
0.69
0.79
1.13
0.89
0.69
0.78
0.99
1.06
0.75
0.42
0.92

Industry Name

Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

135
191
26
56
85
108
29
76
17
97
18
36
193
47
58
126
125
46
32
89
139
71
26
27
53
330
65
141

1.14
1.02
1.37
1.20
1.19
1.13
0.79
0.99
1.05
0.85
1.18
1.24
0.85
1.13
1.00
0.83
0.99
1.67
1.71
1.27
1.00
0.84
0.92
1.21
0.76
1.05
0.82
1.04

13.74%
16.01%
40.30%
22.72%
25.98%
43.59%
41.12%
102.12%
331.47%
27.92%
16.79%
27.66%
17.26%
120.90%
19.80%
27.93%
14.52%
56.30%
56.61%
52.33%
19.33%
10.63%
46.14%
66.67%
34.98%
4.16%
104.40%
17.50%

7.49%
7.52%
8.97%
14.86%
4.85%
5.02%
9.01%
18.37%
9.77%
14.00%
10.69%
10.03%
5.80%
13.49%
8.76%
13.77%
6.09%
19.40%
6.68%
10.48%
9.51%
17.05%
19.19%
17.82%
19.42%
4.59%
6.62%
13.02%

1.01
0.89
1.00
1.01
0.95
0.80
0.58
0.54
0.26
0.69
1.02
0.99
0.73
0.55
0.85
0.67
0.87
1.15
1.12
0.87
0.86
0.77
0.67
0.78
0.60
1.01
0.41
0.91

Industry Name

Metals & Mining


Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

134
30
8
411
80
163
24
21
138
106
166
52
46
10
22
11
47
70
3
84
30
7
87
21
21
47
137
4

1.26
1.14
1.00
1.24
0.82
1.30
0.99
1.34
1.10
0.68
1.33
1.08
0.78
1.08
0.99
0.72
1.40
1.30
0.56
0.86
1.15
1.07
1.00
0.98
0.81
1.03
0.99
1.27

48.21%
55.08%
8.54%
156.15%
51.93%
20.29%
49.19%
51.99%
13.87%
85.11%
37.02%
36.82%
569.79%
23.69%
24.90%
17.30%
59.57%
25.13%
38.50%
27.57%
57.51%
22.18%
43.82%
35.62%
56.86%
5.06%
37.80%
109.78%

1.90%
12.81%
20.55%
6.29%
4.18%
10.73%
21.28%
8.20%
4.30%
16.03%
0.82%
13.92%
2.48%
20.51%
3.00%
8.72%
8.56%
8.81%
13.34%
15.17%
19.23%
21.97%
16.18%
25.03%
22.83%
9.80%
18.90%
15.21%

0.86
0.77
0.94
0.50
0.55
1.10
0.71
0.90
0.97
0.40
0.98
0.82
0.12
0.91
0.80
0.62
0.91
1.06
0.42
0.69
0.79
0.91
0.73
0.77
0.57
0.99
0.75
0.66

Industry Name

Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

104
51
14
14
37
28
131
82
223
12
22
28
20
20
7766

1.19
1.25
1.50
0.83
1.19
0.68
1.14
0.94
0.53
0.94
1.01
1.17
0.56
0.75
1.01

13.02%
16.97%
65.35%
7.89%
45.91%
105.14%
10.77%
71.23%
NA
20.83%
20.75%
78.48%
69.35%
57.90%
74.28%

7.30%
5.13%
4.99%
19.82%
14.13%
11.54%
6.90%
8.40%
18.93%
14.23%
21.21%
27.93%
29.93%
14.52%
10.32%

1.06
1.08
0.92
0.78
0.85
0.35
1.04
0.57
0.01
0.80
0.86
0.75
0.38
0.50
0.60

Cash/Firm value

Unlevered beta corrected for cash

5.91%
6.24%
6.92%
2.99%
8.48%
8.04%
10.94%
13.80%
5.06%
1.38%
4.39%
2.31%
24.39%
5.04%
4.33%
2.58%
7.19%
6.82%
6.25%
5.86%
5.48%
5.50%
5.92%
1.89%
2.27%
11.98%

0.73
0.92
0.52
0.99
0.72
1.23
0.49
0.43
1.24
0.93
1.07
1.10
0.33
1.07
0.75
0.71
0.85
1.22
0.95
0.73
0.82
1.04
1.13
0.77
0.43
1.04

Cash/Firm value

Unlevered beta corrected for cash

5.37%
10.69%
6.97%
11.21%
4.05%
1.42%
7.63%
7.22%
7.85%
3.10%
1.71%
3.88%
5.20%
1.22%
4.28%
6.54%
4.88%
5.54%
9.15%
3.84%
3.52%
3.84%
5.04%
10.41%
5.47%
3.98%
11.38%
5.90%

1.07
1.00
1.08
1.13
0.99
0.81
0.63
0.58
0.29
0.71
1.04
1.03
0.77
0.56
0.89
0.72
0.92
1.22
1.23
0.90
0.89
0.81
0.71
0.87
0.63
1.05
0.47
0.96

Cash/Firm value

Unlevered beta corrected for cash

5.37%
5.45%
3.09%
1.76%
1.12%
5.69%
3.31%
3.12%
5.15%
2.05%
10.57%
6.06%
2.40%
1.61%
6.27%
0.69%
3.25%
4.22%
10.46%
2.56%
2.25%
2.89%
1.86%
3.19%
1.72%
3.03%
3.20%
17.50%

0.90
0.82
0.97
0.51
0.55
1.17
0.73
0.93
1.03
0.40
1.09
0.87
0.12
0.92
0.85
0.62
0.94
1.11
0.47
0.71
0.80
0.94
0.74
0.80
0.58
1.02
0.78
0.80

Cash/Firm value

Unlevered beta corrected for cash

6.34%
10.97%
2.28%
3.53%
6.31%
5.15%
6.36%
9.63%
1.88%
3.80%
5.60%
2.92%
0.97%
0.55%
5.24%

1.14
1.21
0.94
0.81
0.91
0.37
1.11
0.63
NA
0.83
0.92
0.77
0.38
0.50
0.64

Date updated:
Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:

5-Jan-15
Aswath Damodaran, adamodar@stern.nyu.edu
Beta, Unlevered beta and other risk measures
US companies
http://www.damodaran.com
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm

Industry

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

52
93
22
64
22
75
13
676
22
46
28
46
39
177
18
46
10
103
42
119

1.18
1.16
0.98
0.99
1.09
1.35
0.81
0.53
1.06
1.14
1.30
1.16
1.12
1.19
0.91
0.94
1.17
1.03
1.64
1.16

50.62%
18.96%
81.51%
20.73%
105.95%
28.64%
218.66%
77.69%
21.88%
23.04%
71.06%
303.54%
32.23%
30.41%
44.80%
40.31%
33.20%
21.36%
110.41%
27.56%

4.13%
14.87%
18.71%
11.16%
4.45%
11.05%
26.43%
20.66%
8.54%
5.55%
18.34%
13.99%
17.45%
13.30%
21.18%
10.88%
22.47%
11.16%
0.99%
10.48%

0.80
1.00
0.59
0.84
0.54
1.07
0.31
0.33
0.88
0.93
0.82
0.32
0.88
0.94
0.67
0.69
0.93
0.86
0.78
0.93

Industry

Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insu
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techn
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Information Services
Insurance (General)

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

64
55
23
400
151
42
126
28
189
56
84
103
37
288
96
14
27
26
261
138
127
35
56
80
135
67
24

1.21
1.60
1.00
1.10
1.03
1.13
1.24
1.37
1.03
1.31
1.21
1.28
0.84
0.67
0.99
1.41
1.09
1.32
0.99
1.05
0.95
1.29
0.97
1.18
1.03
1.11
1.03

9.47%
45.39%
60.89%
8.48%
13.42%
39.42%
16.86%
4.43%
14.69%
27.31%
27.52%
40.58%
60.46%
1206.66%
27.21%
17.10%
26.61%
109.96%
15.67%
26.66%
19.75%
60.76%
75.58%
54.64%
18.89%
13.31%
43.04%

7.35%
16.28%
13.96%
1.48%
4.58%
12.18%
5.99%
4.50%
8.64%
14.18%
4.11%
6.31%
9.36%
18.49%
13.70%
13.47%
14.48%
1.94%
6.73%
13.27%
6.35%
18.11%
10.93%
11.41%
10.46%
17.93%
19.21%

1.11
1.16
0.66
1.02
0.91
0.84
1.07
1.32
0.91
1.06
0.95
0.93
0.54
0.06
0.80
1.23
0.89
0.63
0.86
0.86
0.80
0.86
0.58
0.80
0.88
1.01
0.76

Industry

Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Managemen
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Explorati
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Servic
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

25
52
148
137
124
25
8
392
85
161
26
22
82
147
43
213
18
11
52
68
4
79
30
5
90
23
21

1.04
0.83
1.10
1.23
1.28
1.34
0.81
1.27
0.96
1.54
0.95
0.84
0.83
1.29
1.15
0.79
1.02
1.82
1.30
1.21
1.35
0.89
1.18
1.44
1.12
1.03
1.05

71.23%
32.90%
74.07%
20.43%
50.69%
51.88%
11.06%
48.18%
47.75%
27.63%
48.60%
51.02%
75.74%
40.80%
47.39%
88.52%
45.42%
27.56%
57.34%
31.64%
37.59%
27.87%
50.19%
19.46%
48.00%
31.37%
56.14%

24.30%
22.18%
6.84%
15.64%
1.80%
18.65%
14.56%
7.04%
4.68%
10.99%
18.18%
11.54%
20.77%
1.33%
14.93%
1.24%
7.21%
9.39%
8.63%
11.25%
15.53%
15.14%
18.76%
30.64%
16.84%
21.36%
22.94%

0.68
0.66
0.65
1.05
0.86
0.94
0.74
0.87
0.66
1.24
0.68
0.58
0.52
0.92
0.82
0.42
0.72
1.46
0.85
0.95
1.02
0.72
0.83
1.27
0.80
0.83
0.73

Industry

Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market

Number of firms

Beta

D/E Ratio

Tax rate

Unlevered beta

46
128
4
100
47
14
13
20
327
259
40
21
126
77
20
21
10
30
8
21
19
7887

1.40
1.07
1.02
1.21
1.23
1.36
0.84
1.12
1.29
1.10
1.31
1.15
1.24
1.07
1.09
0.86
1.05
1.32
0.10
0.59
1.09
1.06

7.52%
41.45%
87.74%
10.75%
17.63%
53.62%
7.34%
17.30%
5.59%
9.70%
64.03%
154.38%
11.72%
65.43%
19.75%
21.03%
20.21%
66.66%
26.26%
61.30%
50.17%
66.14%

9.38%
20.44%
13.58%
10.11%
6.88%
6.75%
20.15%
1.46%
5.07%
6.86%
13.99%
5.76%
8.70%
11.83%
12.39%
20.08%
21.30%
27.38%
3.93%
30.59%
15.10%
10.76%

1.31
0.81
0.58
1.11
1.06
0.91
0.80
0.95
1.22
1.01
0.85
0.47
1.12
0.68
0.93
0.73
0.90
0.89
0.08
0.42
0.76
0.67

mpanies
BETA SIN APALANCAMIENTO

QUIERO EVALUAR EL NEGOCIO, LO QUE ESTA RINDIENDO


SIGNIFICA QUE LO QE CONTRIBUYE QE LA EMPRESA SEA RENTABLE AV

able.htm
Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

Standard
deviation of
equity

3.77%
5.61%
3.63%
2.52%
7.78%
6.06%
8.41%
12.56%
1.66%
4.23%
1.58%
21.95%
5.00%
5.17%
2.98%
8.61%
5.52%
5.54%
5.70%
5.64%

0.83
1.06
0.61
0.86
0.59
1.14
0.34
0.37
0.89
0.98
0.83
0.41
0.93
1.00
0.70
0.75
0.99
0.91
0.83
0.99

0.6900
0.4353
0.4971
0.5106
0.6152
0.4917
0.1480
0.1969
0.5838
0.6977
0.4053
0.4180
0.3410
0.5382
0.3746
0.5541
0.3198
0.4312
0.6123
0.5193

51.52%
50.15%
53.32%
56.24%
43.52%
53.89%
39.98%
37.41%
55.14%
61.94%
62.12%
44.77%
43.52%
52.77%
52.83%
50.32%
41.14%
51.80%
74.62%
59.41%

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

Standard
deviation of
equity

5.03%
4.99%
6.32%
4.02%
4.08%
11.55%
6.52%
4.51%
10.67%
11.07%
3.26%
1.17%
5.94%
2.51%
2.28%
2.10%
3.65%
6.10%
4.54%
5.72%
4.16%
6.66%
1.28%
3.95%
3.40%
3.77%
4.99%

1.17
1.22
0.70
1.06
0.95
0.95
1.14
1.38
1.01
1.19
0.99
0.94
0.58
0.06
0.82
1.26
0.92
0.68
0.90
0.91
0.84
0.92
0.59
0.83
0.91
1.04
0.80

0.4644
0.3884
0.3898
0.5719
0.5615
0.5092
0.5870
0.6108
0.4862
0.5367
0.6339
0.6112
0.5378
0.2987
0.4540
0.5645
0.4335
0.7017
0.5028
0.5200
0.5306
0.3704
0.3416
0.4525
0.5794
0.3610
0.2812

66.35%
47.26%
32.85%
93.06%
75.04%
70.19%
65.34%
56.16%
69.01%
47.91%
58.48%
65.61%
41.59%
38.80%
42.05%
35.73%
54.24%
53.18%
64.48%
46.72%
70.49%
53.78%
43.11%
49.55%
61.63%
42.71%
35.35%

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

Standard
deviation of
equity

10.21%
4.74%
10.82%
5.94%
5.52%
5.51%
3.43%
4.30%
0.96%
6.07%
2.50%
3.25%
1.93%
11.87%
7.41%
1.69%
12.23%
1.32%
4.50%
4.09%
9.16%
2.35%
1.34%
1.52%
1.78%
2.68%
2.08%

0.75
0.69
0.73
1.11
0.91
1.00
0.76
0.91
0.67
1.32
0.70
0.59
0.53
1.05
0.88
0.43
0.82
1.47
0.89
0.99
1.12
0.74
0.85
1.29
0.81
0.85
0.75

0.1725
0.2422
0.4238
0.4598
0.7351
0.3942
0.4107
0.6440
0.3010
0.5574
0.3367
0.4571
0.3032
0.7545
0.3531
0.1767
0.6338
0.4916
0.5133
0.5114
0.4123
0.3574
0.4353
0.3399
0.4701
0.3159
0.4125

34.48%
36.73%
41.63%
46.22%
74.49%
49.87%
33.56%
71.93%
43.15%
65.23%
31.06%
44.94%
29.70%
93.69%
50.42%
31.55%
43.65%
45.97%
50.05%
50.41%
21.20%
44.43%
48.06%
50.71%
52.06%
46.36%
51.83%

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

Standard
deviation of
equity

6.18%
4.50%
11.24%
5.22%
9.76%
3.49%
3.53%
15.83%
5.58%
4.58%
6.31%
7.90%
6.22%
1.96%
2.06%
4.11%
1.76%
2.72%
38.92%
0.84%
0.66%
4.95%

1.39
0.85
0.65
1.17
1.17
0.94
0.82
1.13
1.29
1.06
0.90
0.51
1.20
0.69
0.94
0.77
0.92
0.92
0.14
0.42
0.77
0.70

0.5190
0.4280
0.3456
0.4111
0.3887
0.4613
0.4250
0.6514
0.6319
0.5374
0.3778
0.5844
0.4811
0.5288
0.6449
0.3829
0.3456
0.3604
0.6038
0.1577
0.3330
0.4697

70.16%
51.42%
49.54%
57.12%
60.18%
71.45%
40.80%
69.84%
72.48%
61.85%
52.45%
53.05%
62.74%
55.60%
41.74%
42.36%
30.73%
48.49%
NA
23.02%
38.21%
53.60%

A RINDIENDO
MPRESA SEA RENTABLE AVECES ES EL APALNCAMIENTO

Date updated:
Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:

5-Jan-16
Aswath Damodaran, adamodar@stern.nyu.edu
Beta, Unlevered beta and other risk measures
http://www.damodaran.com
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals

Number of firms

Beta

D/E Ratio

Tax rate

44
92
20
63
19
65
9
644
22
43
29
42
39
159
19
42
9
104
38
118
64

1.08
1.33
1.27
1.06
0.96
1.29
1.11
0.51
0.94
1.15
1.29
1.35
1.18
1.19
1.23
1.17
1.55
1.25
1.49
1.17
1.33

56.26%
20.50%
69.78%
27.86%
128.04%
32.91%
216.41%
78.59%
18.25%
22.98%
94.73%
285.54%
33.15%
35.33%
49.61%
61.95%
38.27%
31.38%
312.08%
28.87%
18.65%

3.90%
13.51%
18.34%
13.84%
8.01%
9.64%
25.82%
24.11%
11.28%
5.97%
21.20%
18.15%
22.43%
13.76%
17.19%
8.24%
18.35%
8.45%
0.95%
12.84%
5.48%

Industry Name

Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insu
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techn
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)

Number of firms

Beta

D/E Ratio

Tax rate

52
26
411
157
40
120
25
167
51
84
97
37
272
89
14
30
28
254
127
126
34
58
73
134
70
20
25
53

1.65
1.01
1.28
1.02
1.05
1.15
1.23
1.03
1.32
1.21
1.10
1.25
0.65
0.89
0.73
1.23
1.62
1.03
1.05
1.11
1.12
0.82
0.97
1.05
1.00
1.04
1.28
0.90

59.08%
55.72%
14.29%
13.01%
46.24%
21.91%
14.81%
19.79%
41.91%
29.94%
38.80%
75.73%
1338.71%
26.16%
24.97%
30.94%
132.92%
19.50%
28.62%
17.70%
60.86%
98.46%
55.41%
20.02%
15.52%
42.76%
79.07%
31.39%

17.00%
15.20%
1.80%
3.90%
12.05%
6.58%
9.71%
9.47%
11.63%
3.25%
7.49%
9.28%
18.75%
14.09%
15.85%
15.53%
0.77%
6.42%
13.84%
6.96%
21.79%
10.41%
11.34%
8.86%
16.46%
21.73%
20.29%
21.85%

Industry Name

Investments & Asset Managemen


Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Explorati
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Servic
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires

Number of firms

Beta

D/E Ratio

Tax rate

145
130
114
24
7
351
79
143
25
20
73
113
39
221
21
12
55
65
3
83
26
5
83
19
17
39
124
4

1.17
1.44
1.55
1.82
1.54
1.63
1.22
1.74
1.26
1.52
0.80
1.29
1.45
0.76
1.41
1.22
1.50
0.91
1.03
0.76
1.06
1.47
1.22
1.16
1.04
1.58
1.07
1.66

76.37%
27.57%
85.76%
60.56%
16.50%
82.48%
94.36%
39.08%
54.73%
89.06%
83.44%
50.03%
49.57%
89.81%
62.89%
25.47%
64.54%
31.61%
39.48%
25.85%
53.16%
18.73%
60.34%
39.49%
46.89%
8.49%
46.68%
65.26%

7.90%
15.24%
1.42%
19.14%
8.14%
2.91%
5.60%
9.56%
21.41%
15.88%
23.38%
1.60%
13.67%
2.17%
1.06%
9.64%
11.19%
11.33%
20.37%
18.54%
21.18%
23.18%
16.42%
24.75%
23.56%
11.14%
19.95%
9.60%

Industry Name

Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market

Number of firms

Beta

D/E Ratio

Tax rate

87
46
11
11
17
308
241
36
19
121
65
20
21
12
26
3
20
18
7480

1.39
1.40
1.24
0.82
1.42
1.34
1.33
1.43
1.48
1.29
0.95
1.91
1.41
1.15
1.69
0.23
0.55
0.47
1.13

12.57%
37.57%
56.95%
6.79%
10.23%
4.43%
12.18%
91.75%
150.55%
20.72%
78.10%
19.84%
31.12%
30.49%
101.22%
100.42%
70.51%
49.00%
71.49%

9.51%
11.25%
11.82%
18.12%
1.56%
3.80%
6.34%
11.49%
9.38%
8.86%
11.89%
11.64%
18.82%
15.11%
31.25%
0.00%
26.58%
14.60%
10.95%

US companies

tm
Unlevered beta

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

0.70
1.13
0.81
0.85
0.44
0.99
0.43
0.32
0.81
0.95
0.74
0.40
0.94
0.91
0.87
0.74
1.18
0.97
0.36
0.94
1.13

5.18%
5.53%
4.42%
3.43%
6.94%
8.65%
9.98%
11.86%
1.29%
4.20%
1.90%
11.33%
4.47%
4.04%
1.41%
7.73%
6.35%
4.49%
6.03%
6.44%
7.38%

0.74
1.20
0.85
0.88
0.47
1.08
0.47
0.36
0.82
0.99
0.75
0.46
0.98
0.95
0.89
0.81
1.27
1.01
0.39
1.00
1.22

0.6415
0.4706
0.4583
0.5264
0.5315
0.5060
0.1576
0.1768
0.5431
0.6125
0.4036
0.3991
0.3619
0.5041
0.4384
0.5278
0.4231
0.4718
0.7400
0.5040
0.4964

Unlevered beta

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

1.11
0.68
1.12
0.90
0.75
0.95
1.09
0.87
0.96
0.94
0.81
0.74
0.05
0.72
0.60
0.98
0.70
0.87
0.84
0.95
0.76
0.44
0.65
0.89
0.89
0.78
0.79
0.72

6.14%
6.92%
5.92%
3.71%
12.90%
7.40%
6.76%
11.28%
9.84%
3.85%
1.09%
4.30%
2.25%
2.46%
1.25%
2.81%
16.85%
5.32%
5.45%
3.45%
6.20%
1.35%
4.09%
3.21%
3.49%
4.76%
13.57%
4.55%

1.18
0.74
1.19
0.94
0.86
1.03
1.16
0.98
1.07
0.98
0.82
0.77
0.06
0.74
0.61
1.00
0.84
0.92
0.89
0.99
0.81
0.44
0.68
0.91
0.92
0.82
0.91
0.75

0.4072
0.3935
0.5788
0.5688
0.5333
0.6246
0.5600
0.4592
0.5027
0.6763
0.6108
0.5456
0.2686
0.4237
0.4020
0.4213
0.6692
0.4977
0.5328
0.5641
0.3352
0.3952
0.4214
0.5864
0.3596
0.2247
0.2733
0.2212

Unlevered beta

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

0.69
1.16
0.84
1.22
1.33
0.91
0.65
1.29
0.88
0.87
0.49
0.87
1.01
0.41
0.87
0.99
0.95
0.71
0.78
0.63
0.75
1.29
0.81
0.90
0.76
1.46
0.78
1.04

14.65%
5.33%
3.63%
5.83%
3.11%
4.47%
1.00%
8.72%
2.57%
3.02%
2.51%
16.27%
5.28%
1.44%
6.72%
3.68%
4.19%
4.48%
12.27%
2.12%
1.05%
1.52%
1.85%
3.12%
1.23%
4.03%
3.47%
11.26%

0.81
1.23
0.87
1.29
1.38
0.95
0.65
1.41
0.91
0.89
0.50
1.03
1.07
0.41
0.93
1.03
0.99
0.75
0.89
0.64
0.76
1.31
0.83
0.92
0.77
1.53
0.81
1.18

0.3926
0.4385
0.7487
0.3991
0.5230
0.6976
0.4387
0.5552
0.3542
0.3852
0.2607
0.7030
0.4452
0.2171
0.5535
0.3518
0.5382
0.4801
0.1255
0.4150
0.3211
0.3598
0.5010
0.2935
0.3836
0.5392
0.4567
0.5027

Unlevered beta

Cash/Firm value

Unlevered beta corrected for cash

HiLo Risk

1.24
1.05
0.83
0.78
1.29
1.28
1.19
0.79
0.62
1.09
0.56
1.63
1.13
0.92
1.00
0.11
0.36
0.33
0.69

5.50%
14.27%
1.76%
3.85%
12.11%
3.29%
4.43%
8.70%
4.01%
6.98%
1.77%
2.01%
5.19%
1.31%
3.04%
0.35%
0.65%
0.70%
4.81%

1.32
1.22
0.84
0.81
1.46
1.33
1.25
0.86
0.65
1.17
0.57
1.66
1.19
0.93
1.03
0.11
0.36
0.33
0.73

0.4118
0.4048
0.4948
0.4392
0.5959
0.6266
0.5048
0.4502
0.5072
0.4771
0.4742
0.6963
0.3969
0.4147
0.4031
0.4300
0.1581
0.3123
0.4681

Standard deviation of equity

71.03%
46.90%
51.95%
60.62%
33.71%
55.06%
32.77%
28.93%
58.51%
54.55%
47.22%
48.05%
44.27%
50.13%
41.58%
54.20%
40.56%
50.43%
86.78%
51.74%
63.91%

Standard deviation of equity

42.41%
27.37%
88.89%
77.30%
59.62%
71.04%
63.42%
59.34%
57.02%
63.16%
65.51%
48.69%
34.97%
38.29%
54.49%
44.49%
62.36%
62.16%
54.32%
60.52%
41.71%
36.49%
46.75%
62.02%
40.74%
33.57%
35.59%
32.93%

Standard deviation of equity

37.84%
46.07%
91.02%
41.58%
50.24%
80.22%
47.82%
69.62%
32.10%
38.53%
29.31%
93.13%
51.60%
25.71%
36.15%
40.76%
43.44%
45.47%
29.15%
40.67%
46.34%
50.34%
52.36%
46.87%
51.57%
50.54%
50.69%
38.00%

Standard deviation of equity

51.24%
54.21%
60.89%
39.02%
54.18%
64.71%
59.22%
51.52%
45.11%
57.78%
52.25%
48.90%
40.03%
31.20%
43.08%
24.61%
25.03%
36.78%
51.65%

CUADRO 37

INDICADORES DE RIESGO PARA PASES EMERGENTES: ndice de Bonos de Mercados Emergentes (EMBIG)
DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMRICA (EUA)
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond Index (EMBIG) 1/ Stripped Spread

1/
2/ (En puntos bsicos) 3/
2/ (In basis points)
3/

Diferencial de rendimientos del ndice de bonos de mercados emergentes (EMBIG) / Emerging Market Bond Index (EMBIG) Stripped Spread
Fecha
Dic.
2005
Ene.
Feb.
Mar.
Abr.
May.
Jun
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2006
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2007
Ene.
Feb.
Mar.

Per
257

Argentina
4826

Brasil
394

Chile
68

Colombia
347

Ecuador
711

Mxico
177

Venezuela
411

266
262
264
285
267
243
233
206
198
218
203
246
2.41%

4 824
4 901
4 869
5 342
5 799
2 796
425
419
396
392
381
459

416
400
419
451
432
418
404
396
370
368
346
281

63
61
66
71
70
66
59
55
56
61
74
78

359
358
371
410
376
339
322
304
261
278
253
226

682
638
633
738
835
819
759
714
682
683
651
616

179
166
173
195
191
183
171
163
151
157
137
142

438
451
431
470
494
476
438
417
355
325
304
291

236
184
220
219
197
207
194
173
172
148
147
131
1.86%

458
382
349
332
343
383
362
325
332
302
292
250

278
237
227
232
243
259
237
217
228
217
219
205

76
71
71
77
77
82
84
87
85
82
79
87

213
174
168
173
188
231
228
196
206
181
189
182

610
549
538
492
469
503
487
477
565
560
528
724

137
128
138
143
143
163
136
129
134
130
132
124

275
238
215
187
189
223
210
202
229
224
228
206

123
127
132

203
207
220

190
183
186

81
80
86

165
163
171

904
746
695

119
122
127

207
210
221

Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2008
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2009
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2010
Ene.
Feb.
Mar.
Abr.

118
110
104
129
169
310
139
175
175
1.51%

235
278
290
355
461
852
371
397
394

155
148
147
169
201
380
169
211
215

82
80
80
90
108
242
117
134
153

142
131
108
136
186
359
161
196
188

611
625
630
714
702
1318
599
617
606

109
98
99
118
141
266
126
158
166

218
242
285
335
443
914
403
497
529

196
209
221
182
154
160
198
195
258
500
485
524
2.73%

443
477
529
556
553
562
627
668
799
1488
1790
1829

242
256
276
243
204
194
231
235
292
493
470
479

165
169
169
172
159
166
181
173
189
307
353
351

241
249
263
216
179
181
217
222
273
533
551
538

635
639
669
602
562
567
665
700
888
1987
3753
4241

188
190
193
170
154
162
198
199
243
436
459
463

528
556
624
631
640
581
623
681
827
1439
1528
1789

460
419
409
360
292
258
274
240
225
197
191
179
2.92%

1574
1645
1863
1786
Err:512
1139
1039
900
821
709
726
720

429
427
433
382
Err:512
279
268
253
240
227
220
202

383
371
319
303
249
172
163
135
143
138
130
111

502
478
483
417
323
298
297
261
249
220
215
208

3901
3633
3534
3417
Err:512
2727
1264
1131
1020
853
822
Err:512

422
433
449
370
Err:512
272
262
237
238
224
211
202

1706
1745
1595
1378
Err:512
1173
1209
1037
939
950
1062
1125

180
200
158
144

712
790
705
630

206
221
187
177

108
132
128
111

211
235
189
173

758
811
822
816

195
204
169
161

933
985
913
851

May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2011
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2012
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2013
Ene.
Feb.
Mar.
Abr.
May.

201
207
186
116
165
167
134
160
1.68%
233
182
184
207
216
198
157
153
194
191
238
358
519
2.33%
328
529
484
433
405
387
307
255
281
235
223
202
195
3.28%
162
110
127
140
133
133

766
805
765
319
454
449
382
374

224
235
222
156
201
199
168
192

140
154
138
83
106
117
121
122

231
223
198
120
179
193
158
179

899
965
1015
692
710
684
606
608

211
208
200
179
199
136
126
143

1096
1225
1188
318
413
478
405
448

700
405
420
472
506
547
562
546
622
655
760
1084
1816

270
221
226
259
266
258
213
189
229
228
274
367
506

189
153
156
171
168
174
162
162
178
173
179
230
364

263
198
216
256
257
231
190
170
216
214
255
371
577

921
615
620
649
653
625
573
553
638
692
827
1190
3413

220
170
176
196
190
178
156
156
193
195
231
322
473

744
543
514
552
596
632
647
588
610
700
801
1168
1578

1318
1841
1666
1565
1811
1834
1577
1175
1088
920
864
741
733

335
497
432
427
436
397
336
277
279
245
239
229
221

242
353
359
387
339
298
275
181
165
139
141
139
133

364
563
503
487
483
446
345
295
307
254
246
223
219

2564
4037
4227
3736
3478
3496
3398
2875
1622
1136
1039
904
815

329
479
424
432
449
393
323
266
276
226
237
225
219

1332
1713
1747
1762
1619
1459
1293
1192
1226
1069
972
926
1005

1069
1058
1114
1207
1223
1174

215
143
162
180
177
178

157
115
133
145
144
137

164
113
131
142
132
135

685
728
704
700
678
638

194
154
170
177
169
168

1095
754
728
771
815
828

Jun.
Jul.
Aug.

180
175
191

1204
1138
1068

234
232
243

177
169
171

180
169
183

643
644
631

213
201
206

994
967
956

Set.

182

1064

234

173

181

646

202

956

Oct.

173

928

227

162

172

568

200

1036

Nov.

182

823

246

164

182

530

209

1157

Dic.

222
1.62%
162
177
183
167
154
149
145
147
157
150
170
165
182
1.62%
201
202
183
184
177
166
177
187
217
234
226
219
236
2.01%
238
266
282
227
210

823

327

197

253

1111

261

3181

787
932
971
880
788
798
763
651
761
719
760
674
747

235
256
258
239
225
214
209
212
221
216
244
252
272

143
155
159
149
138
136
122
124
130
126
150
151
172

167
183
189
177
162
154
144
146
154
152
174
173
200

510
571
610
549
455
354
370
425
477
427
520
549
817

183
197
196
188
178
172
160
163
169
168
190
192
217

1336
1236
1387
1200
1043
1040
954
921
1069
1297
1604
1820
2465

590
732
684
593
604
596
593
603
590
561
555
486
478

361
300
315
339
299
285
296
322
353
439
448
421
512

186
186
168
156
153
143
151
168
194
216
221
221
250

250
231
208
222
216
209
225
243
276
291
283
280
314

995
943
779
801
780
667
775
909
1167
1345
1330
1213
1233

251
242
227
234
225
217
230
238
261
276
278
274
311

2775
3088
2776
2865
2475
2256
2612
2889
3191
2970
2851
2599
2731

479
486
471
450
434

475
542
558
455
418

234
273
279
217
200

329
368
392
310
287

1259
1536
1564
1193
1077

325
353
372
313
295

3231
3400
3581
3144
3122

2014
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct
Nov
Dic
2015
Ene.
Feb.
Mar.
Abr.
May.
Jun.
Jul.
Ago.
Set.
Oct.
Nov.
Dic.
2016
Ene.
Feb.
Mar.
Abr.

May. 1-24

207

552

401

201

290

925

295

2906

Nota: Var.
Anual
Acumulada
Mensual

41
-30
-3

-44
74
118

116
-110
-17

58
-49
1

81
-23
3

258
-308
-152

78
-15
1

650
175
-216

1/ La informacin de este cuadro se ha actualizado en la Nota Semanal N 20 (27 de mayo de 2016). Corresponde a datos promedio del mes.
2/ ndice elaborado por el J.P. Morgan que refleja los retornos del portafolio de deuda segn sea el caso, es decir, de cada pas, de los pases latinoamericanos y de los pases em
gentes en conjunto. Considera como deuda, eurobonos, bonos Brady y en menor medida deudas locales y prstamos. Estos indicadores son promedio para cada perodo y su
disminucin se asocia con una reduccin del riesgo pas percibido por los inversionistas. Se mide en puntos bsicos y corresponde al diferencial de rendimientos con respecto
bono del Tesoro de EUA de similar duracin de la deuda en cuestin.
3/ Cien puntos bsicos equivalen a uno por ciento.
Fuente: Bloomberg y Reuters.
Elaboracin: Gerencia de Informacin y Anlisis Econmico - Subgerencia de Economa Internacional.

s bsicos)

3/

LATIN EMBIG Pases


EMBIG Pases
Latinoamericanos /
Emergentes /
Latin Countries
Emerging Countries

Tasa de Inters / Interest Rate


Tesoro de EUA
5 Tesoro de EUA
10 Tesoro de EUA 30 aos
aos / USA Treasury 5 aos / USA Treasury 10
/ USA Treasury 30
years
years
years
3.6
4.2
4.9

Date

423

353

Dec.

439
425
432
465
462
392
323
312
289
289
269
254

361
346
350
378
374
330
285
274
254
252
237
223

3.7
3.9
4.3
3.9
3.8
3.7
4.1
4.1
4.1
4.5
4.3
4.3

4.2
4.3
4.6
4.2
4.1
5.0
4.2
4.2
4.3
4.6
4.4
4.3

4.7
4.7
4.8
4.6
4.4
5.5
4.4
4.4
4.5
4.8
4.7
4.5

2005
Jan.
Feb.
Mar.
Apr.
May.
Jun. 7/
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

248
217
212
207
211
234
215
200
212
202
202
192

220
197
192
189
193
218
206
192
201
192
193
183

4.3
4.1
4.4
4.4
4.4
4.4
4.6
4.7
5.0
5.0
5.1
5.0

4.4
4.3
3.9
3.9
4.0
4.0
4.0
3.9
3.8
3.9
3.5
3.3

4.6
5.1
4.8
4.9
5.0
4.9
4.9
4.8
4.8
4.9
4.5
4.4

2006
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

183
180
187

173
173
182

4.7
4.7
4.5

4.8
4.7
4.6

4.8
4.8
4.7

2007
Jan.
Feb.
Mar.

167
165
168
203
249
243
220
264
270

164
161
160
189
232
228
208
247
251

4.6
4.7
5.0
4.9
4.4
4.2
4.2
3.6
3.5

4.7
4.7
5.1
5.0
4.7
4.5
4.5
4.1
4.1

4.9
4.9
5.2
5.1
4.9
4.8
4.8
4.5
4.5

Apr.
May.
Jun.
July.
Aug.
Sep.
Oct .
Nov.
Dec.

298
311
335
314
290
283
323
345
413
696
739
777

280
290
314
295
274
274
310
321
384
661
713
759

3.0
2.8
2.5
2.8
3.1
3.5
3.3
3.1
2.9
2.7
2.3
1.5

3.7
3.7
3.5
3.7
3.9
4.1
4.0
3.9
3.7
3.8
3.5
4.5

4.3
4.5
4.4
4.4
4.6
4.7
4.6
4.5
4.3
4.2
4.0
4.7

2008
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

718
711
704
624
Err:512
484
452
408
386
365
369
Err:512

691
678
676
584
Err:512
437
420
376
352
322
326
310

1.6
1.9
1.8
1.8
2.1
2.7
2.4
2.6
2.4
2.3
2.2
2.3

4.5
4.4
4.5
4.7
4.9
5.1
5.1
5.1
4.9
4.8
4.7
4.7

4.7
4.5
4.6
4.6
5.0
5.2
5.1
5.2
5.0
4.9
4.8
4.8

2009
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

4.6
4.8
4.6
4.7

2010
Jan.
Feb.
Mar.
Apr.

355
376
331
310

301
320
276
255

2.5
2.4
2.4
2.6

4.5
4.7
3.7
3.8

383
401
388
187
243
253
220
242

324
342
330
175
226
237
207
229

2.2
2.0
1.8
1.5
1.4
1.2
1.3
1.9

3.4
3.2
3.0
5.1
4.8
4.5
4.6
4.3

4.3
4.1
4.0
5.2
5.0
4.8
4.8
4.6

May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

371
278
281
313
324
324
297
278
316
340
395
539
763

350
259
265
291
305
304
279
267
307
315
366
500
737

1.5
2.0
2.2
2.1
2.2
1.8
1.6
1.5
1.0
0.9
1.1
0.9
0.9

3.8
4.0
3.9
3.7
3.6
3.5
3.8
4.0
4.0
4.0
3.7
3.8
3.7

4.4
4.5
4.4
4.4
4.5
4.4
4.6
4.7
4.6
4.6
4.3
4.2
4.2

2011
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

554
784
728
716
707
651
563
486
472
407
395
367
369

519
769
707
679
686
611
518
436
437
375
360
328
322

0.8
0.8
0.8
1.0
0.9
0.8
0.7
0.6
0.7
0.7
0.7
0.7
0.7

3.1
2.7
2.3
2.8
2.9
2.8
3.1
3.7
3.5
3.6
3.4
3.3
3.4

3.9
3.1
2.8
3.5
3.6
3.7
4.1
4.5
4.4
4.5
4.2
4.1
4.3

2012
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

395
320
330
346
347
347

330
260
278
291
294
285

1.2
0.8
0.8
0.8
0.7
0.8

2.3
1.9
2.0
1.9
1.7
1.9

3.3
3.1
3.2
3.2
2.9
3.1

2013
Jan.
Feb.
Mar.
Apr.
May.

414
404
408

345
338
351

1.2
1.4
1.5

2.3
2.6
2.7

3.4
3.6
3.8

Jun.
Jul.
Aug.

404

350

1.6

2.8

3.8

Sep.

401

338

1.4

2.6

3.7

Oct.

418

348

1.4

2.7

3.8

Nov.

602

478

1.6

2.1

2.7

Dec.

407
425
456
408
372
365
343
336
373
391
443
454
516

330
347
368
341
316
304
282
282
310
312
348
349
402

1.6
1.6
1.5
1.6
1.7
1.6
1.7
1.7
1.6
1.8
1.5
1.6
1.6

2.5
2.8
2.7
2.7
2.7
2.6
2.6
2.5
2.4
2.5
2.3
2.3
2.2

3.3
3.8
3.7
3.6
3.5
3.4
3.4
3.3
3.2
3.3
3.0
3.0
2.8

2014
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct
Nov
Dec

541
561
539
521
488
470
504
527
567
586
582
553
594

415
444
426
411
388
369
385
397
431
442
437
412
442

1.5
1.4
1.5
1.5
1.3
1.5
1.7
1.6
1.5
1.5
1.4
1.7
1.7

2.1
1.9
2.0
2.0
1.9
2.2
2.4
2.3
2.2
2.2
2.1
2.3
2.2

2.8
2.5
2.6
2.6
2.6
3.0
3.1
3.1
2.9
2.9
2.9
3.0
3.0

2015
Jan.
Feb.
Mar.
Apr.
May.
Jun
Jul.
Aug
Sep.
Oct.
Nov.
Dec.

609
663
685
588
559

455
486
506
444
421

1.3
1.5
1.2
1.4
1.3

1.9
2.1
1.8
1.9
1.8

2.7
2.8
2.6
2.7
2.6

2016
Jan.
Feb.
Mar.
Apr.

551

418

1.3

1.8

2.6

May. 1-24

81
-43
-8

49
-24
-3

0
0
0

0
0
0

0
0
0

Note: % chg.
Year-to-Year
Cumulative
Monthly

y de los pases emera cada perodo y su


ntos con respecto al

Estado Financiero Anual Individual del Ao 2015 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

ESTADO DE SITUACION FINANCIERA /STATEMENT OF FINANCIAL POSITION


1DT001

Activos/

1DT004

Activos Corrientes/

12/31/2011

1D0109

Efectivo y Equivalentes al Efectivo/

1D0114

Otros Activos Financieros/

1D0121

Cuentas por cobrar comerciales y otras cuentas por cobrar/

1D0103

Cuentas por Cobrar Comerciales (neto)/

1D0105

Otras Cuentas por Cobrar (neto)/

33118

1D0104

Cuentas por Cobrar a Entidades Relacionadas/

44286

1D0107

Anticipos/

1D0106

Inventarios/

1D0112

Activos Biolgicos/

1D0117

Activos por Impuestos a las Ganancias/

1D0113

Otros Activos no financieros/

1D0118

Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su


Disposicin Clasificados como Mantenidos para la Venta o para Distribuir a los
Propietarios/

1D0119

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta/

1D0120

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para Distribuir a los Propietarios/

1D0115

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios/

1D01ST

Total Activos Corrientes/

1DT005

Activos No Corrientes/

330316

85649

8245

0
167571

9697

593.233

593.233

1D0217

Otros Activos Financieros/

22074

1D0221

Inversiones en subsidiarias, negocios conjuntos y asociadas/

1D0219

Cuentas por cobrar comerciales y otras cuentas por cobrar/

1D0201

Cuentas por Cobrar Comerciales/

1D0203

Otras Cuentas por Cobrar/

1167

1D0202

Cuentas por Cobrar a Entidades Relacionadas/

1008

196328

11247

1D0220

Anticipos/

1D0216

Activos Biolgicos/

1D0211

Propiedades de Inversin/

1D0205

Propiedades, Planta y Equipo (neto)/

1D0206

Activos intangibles distintos de la plusvalia/

1D0207

Activos por impuestos diferidos/

1D0212

Plusvala/

1D0208

Otros Activos no financieros/

867966
5447

393

1D02ST

Total Activos No Corrientes/

1,103,455

1D020T

TOTAL DE ACTIVOS/

1,696,688

1DT002

Pasivos y Patrimonio/

1DT006

Pasivos Corrientes/

1D0309

Otros Pasivos Financieros/

1D0316

Cuentas por pagar comerciales y otras cuentas por pagar/

1D0302

Cuentas por Pagar Comerciales/

42023

1D0304

Otras Cuentas por Pagar/

32036

1D0303

Cuentas por Pagar a Entidades Relacionadas/

18482

1D0317

Ingresos diferidos/

1D0313

Provisin por Beneficios a los Empleados/

1D0310

Otras provisiones/

23626

1D0311

Pasivos por Impuestos a las Ganancias/

11077

1D0314

Otros Pasivos no financieros/

1D0315

Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para


su Disposicin Clasificados como Mantenidos para la Venta/

1D0312

Pasivos incluidos en Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta/

1D03ST

Total Pasivos Corrientes/

1DT007

Pasivos No Corrientes/

1D0401

Otros Pasivos Financieros/

1D0411

Cuentas por pagar comerciales y otras cuentas por pagar/

125381
92.541

252.625

252.625

424213
0

1D0407

Cuentas por Pagar Comerciales/

1D0408

Otras Cuentas por Pagar/

1D0402

Cuentas por Pagar a Entidades Relacionadas/

1D0403

Ingresos Diferidos/

1D0409

Provisin por Beneficios a los Empleados/

1D0406

Otras provisiones/

1D0404

Pasivos por impuestos diferidos/

1D0410

Otros pasivos no financieros/

1D04ST

Total Pasivos No Corrientes/

1D040T

Total Pasivos/

1DT003

Patrimonio/

81415
0
516.537

769162

1D0701

Capital Emitido/

1D0702

Primas de Emisin/

1D0703

Acciones de Inversin/

1D0711

Acciones Propias en Cartera/

1D0712

Otras Reservas de Capital/

1D0707

Resultados Acumulados/

1D0708

10.909

419.977
0
49.575
0
90.451
358.266

Otras Reservas de Patrimonio/

1D07ST

Total Patrimonio/

1D070T

TOTAL PASIVO Y PATRIMONIO/

9.257
927526
1,696,688

Estado Financiero Anual Individual del Ao 2010 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

ESTADO DE SITUACION FINANCIERA /STATEMENT OF FINANCIAL POSITION


1DT001

Activos/

1DT004

Activos Corrientes/

12/31/2010

1D0109

Efectivo y Equivalentes al Efectivo/

120.029

1D0114

Otros Activos Financieros/

1D0103

Cuentas por Cobrar Comerciales (neto)/

1D0105

Otras Cuentas por Cobrar (neto)/

1D0104

Cuentas por Cobrar a Entidades Relacionadas/

1D0106

Inventarios/

1D0112

Activos Biolgicos/

1D0117

Activos por Impuestos a las Ganancias /

1D0107

Gastos Pagados por Anticipado/

1D0113

Otros Activos/

1D0118

Total Activos Corrientes Distintos de los Activos o Grupos de Activos para su


Disposicin Clasificados como Mantenidos para la Venta o para Distribuir a los
Propietarios/

1D0119

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta/

1D0120

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para Distribuir a los Propietarios/

0
4.836
2.513
22.055
115.752
0
0
7.469
0
272.654

Activos no Corrientes o Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta o como Mantenidos para Distribuir a los Propietarios/

1D0115
1D01ST

Total Activos Corrientes/

1DT005

Activos No Corrientes/

1D0217

Otros Activos Financieros/

1D0214

Inversiones Contabilizadas Aplicando el Mtodo de la Participacin /

1D0201

Cuentas por Cobrar Comerciales/

1D0203

Otras Cuentas por Cobrar/

1D0202

Cuentas por Cobrar a Entidades Relacionadas/

1D0216

Activos Biolgicos/

1D0211

Propiedades de Inversin/

1D0205

Propiedades, Planta y Equipo (neto)/

1D0206

Activos Intangibles (neto)/

1D0207

Activos por Impuestos a las Ganancias Diferidos/

1D0212

Plusvala/

1D0208

Otros Activos/

0
272.654

30.813
358.864
0
235
15.327
0
0
686.893
6.833
0
0
151

1D02ST

Total Activos No Corrientes/

1,099,116

1D020T

TOTAL DE ACTIVOS/

1,371,770

1DT002

Pasivos y Patrimonio/

1DT006

Pasivos Corrientes/

1D0309

Otros Pasivos Financieros /

1D0302

Cuentas por Pagar Comerciales /

23.957

1D0304

Otras Cuentas por Pagar/

33.523

1D0303

Cuentas por Pagar a Entidades Relacionadas/

1D0310

Provisiones /

20.008

1D0311

Pasivos por Impuestos a las Ganancias /

12.577

1D0313

Provisin por Beneficios a los Empleados/

1D0314

Otros Pasivos/

1D0315

Total de Pasivos Corrientes distintos de Pasivos incluidos en Grupos de Activos para


su Disposicin Clasificados como Mantenidos para la Venta/

1D0312

Pasivos incluidos en Grupos de Activos para su Disposicin Clasificados como


Mantenidos para la Venta/

1D03ST

Total Pasivos Corrientes/

1DT007

Pasivos No Corrientes/

121.585

5.567

217.217
0
217.217

1D0401

Otros Pasivos Financieros /

1D0407

Cuentas por Pagar Comerciales /

1D0408

Otras Cuentas por Pagar/

1D0402

Cuentas por Pagar a Entidades Relacionadas/

1D0404

Pasivos por Impuestos a las Ganancias Diferidos/

1D0406

Provisiones /

1D0409

Provisin por Beneficios a los Empleados/

1D0410

Otros Pasivos/

1D0403

Ingresos Diferidos (netos)/

1D04ST

Total Pasivos No Corrientes/

1D040T

Total Pasivos /

1DT003

Patrimonio /

1D0701

185.67

107.303

292.973
510.19

Capital Emitido/

419.977

1D0702

Primas de Emisin/

1D0703

Acciones de Inversin/

1D0711

Acciones Propias en Cartera/

1D0712

Otras Reservas de Capital/

1D0707

Resultados Acumulados/

1D0708

Otras Reservas de Patrimonio/

1D07ST

Total Patrimonio /

1D070T

TOTAL PASIVO Y PATRIMONIO/

0
49.575
0
74.145
302.509
15.374
861.58
1,371,770

Estado Financiero Anual Individual

CEMENT

12/31/2012

12/31/2013

12/31/2014

12/31/2015

BALANCE GENERAL /BALANCE SHE


1DT001
1DT004

11377

904730

525643

101084

1D0109

403950

1D0114

153189

148080

175767

147632

1D0110

6269

4792

13209

9085

1D0111

18457

11795

45558

31827

1D0116

128463

131493

117000

106720

1D0108

1D0103

238243

290202

278875

252650

1D0104

1D0105

13807

15402

2989

1D0106

5493

7957

1578

3001

1D0112

826.059

1,366,371

981.863

534.257

1D0115

1D0107

1D0113

1D01ST

826.059

1,366,371

981.863

534.257

1DT005
1D0217

34887

36058

12995

125206

1D0213

275269

356833

548652

648765

1D0215

29795

34723

35286

4278

1D0210

1D0214

970

1D0218

28825

34723

35286

4278

1D0201

1D0202

1D0203

1D0209

958158

1,032,830

1,510,526

1,915,531

1D0216

6966

7199

6994

7872

1D0211

1D0205

1D0206

1D0207

1,305,075

1,467,643

2,114,453

2,701,652

1D0212

2,131,134

2,834,014

3,096,316

3,235,909

1D0208

1D02ST

1D020T

22884

1DT002

92.529

87.349

93.884

121.819

1DT006

43724

32916

38774

53486

1D0306

37179

45993

49216

64362

1D0309

11626

8440

5894

3971

1D0302

1D0303

1D0311

19770

23030

48553

21728

1D0304

6838

1D0310

1D0312

135.183

110.379

149.275

143.547

1D03ST

1DT007

135.183

110.379

149.275

143.547

1D0401
1D0407

192571

824022

883564

1,012,406

1D0402

1D0404

1D0408

1D0406

1D0403

1D04ST

1D040T

16.578

20.497

657

32.638

1DT003

81001

84549

70280

104264

1D0701

1D0703

290.15

929.068

954.501

1,149,308

1D0702

425333

1,039,447

1,103,776

1,292,855

1D0708

1D0705

531.461

531.461

531.461

531.461

1D0706

561.191

561.191

553.791

553.466

1D0707

50.503

50.503

50.503

50.503

1D0709

-108.248

1D07ST

105.221

119.833

154.905

176.458

1D070T

439.199

512.534

696.736

727.765

18.226

19.045

5.144

11.649

1,705,801

1,794,567

1,992,540

1,943,054

2,131,134

2,834,014

3,096,316

3,235,909

12/31/2009

90.798
0
6.426
2.944
44.97
100.728
0
0
6.663
0
252.529
0
0

0
252.529

18.296
306.724
0
430
12.213
0
0
647.424
3.904
0
0
472
989.463
1,241,992

65.047
25.623
26.631
5.844
15.559
4.954
0
0
143.658
0
143.658

220.652
0
0
0
99.8
0
0
0
0
320.452
464.11

419.977

0
49.575
0
53.384
248.335
6.611
777.882
1,241,992

ado Financiero Anual Individual del Ao 2006 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

BALANCE GENERAL /BALANCE SHEET

12/31/2005

12/31/2006

12/31/2007

12/31/2008

Activo/
Activo Corriente/
174161

131963

5220

10542

Inversiones Financieras/

Activos Financieros al Valor Razonable con


cambios en Ganancias y Prdidas/

Activos Financieros Disponibles para la


Venta/

Activos Financieros mantenidos hasta el


Vencimiento/

Activos por Instrumentos Financieros


Derivados/

3980

3138

10589

7727

13711

31078

40592

29509

2301

2975

2853

4552

Existencias (neto)/

65885

79100

90772

95415

Activos Biolgicos/

Activos no Corrientes mantenidos para la


Venta/

3534

5315

3011

4400

263.572

253.569

153037

152.145

444912

461829

423564

288976

Activos Financieros Disponibles para la


Venta/

25495

13.9

Activos Financieros mantenidos hasta el


Vencimiento/

Activos por Instrumentos Financieros


Derivados/

444.912

461.829

398.069

275.076

Otras Inversiones Financieras/

Cuentas por Cobrar Comerciales/

Efectivo y Equivalentes de efectivo/

Cuentas por Cobrar Comerciales (neto)/


Cuentas por Cobrar a Partes Relacionadas/

Otras Cuentas por Cobrar (neto)/

Gastos Diferidos/

Otros Activos/

Total Activo Corriente/


Activo No Corriente/
Inversiones Financieras/

Inversiones al Mtodo de Participacin /

22.783

18.309

14.556

13.083

1794

1193

1304

357

Existencias (neto)/

Activos Biolgicos/

Inversiones Inmobiliarias/

323376

362291

491927

393808

8460

Cuentas por Cobrar a Partes Relacionadas/

Otras Cuentas por Cobrar/

Inmuebles, Maquinaria y Equipo (neto)/


Activos Intangibles (neto)/
Activo por Impuesto a la Renta y
Participaciones Diferidos/

9524

6647

6647

11069

13215

6357

810.581

863.484

937.708

714.208

1,074,153

1,117,053

1,090,745

866353

Sobregiros Bancarios /

41172

6456

Obligaciones Financieras/

37594

45575

65647

50763

Cuentas por Pagar Comerciales /

13804

23064

31324

27341

1366

6090

1117

12585

24756

26966

17688

62490

13457

17910

33244

Provisiones /

4007

4068

6089

Pasivos mantenidos para la Venta/

156.426

123405

147032

147.71

212421

241614

180906

121429

2283

2282

4208

13941

63163

57363

50264

48292

Crdito Mercantil/
Otros Activos/

Total Activo No Corriente/

TOTAL ACTIVO/

Pasivo y Patrimonio/
Pasivo Corriente/

Cuentas por Pagar a Partes Relacionadas/

Impuesto a la Renta y Participaciones


Corrientes/

Otras Cuentas por Pagar/

Total Pasivo Corriente/

Pasivo No Corriente/

Obligaciones Financieras/
Cuentas por Pagar Comerciales /
Cuentas por Pagar a Partes Relacionadas/
Pasivo por Impuesto a la Renta y
Participaciones Diferidos/

Otras Cuentas por Pagar/

1.757

Provisiones /

Ingresos Diferidos (netos)/

277.867

301.259

235.378

185.419

434293

424664

382410

333129

419925

419.977

419.977

418.777

Acciones de Inversin/

49.559

49.575

49.575

49.575

Capital Adicional/

35.596

17.103

5.057

66.164

31.473

33.789

41.089

Otras Reservas/

-70.621

-6.743

Resultados Acumulados/

139.237

198.107

187.891

18.726

Total Pasivo No Corriente/


Total Pasivo/
Patrimonio Neto/
Capital/

Resultados no Realizados/

Reservas Legales/

Diferencias de Conversin/
Total Patrimonio Neto/
TOTAL PASIVO Y PATRIMONIO NETO/

639860

692389

708335

533224

1,074,153

1,117,053

1,090,745

866.353

12/31/2010

12/31/2009

12/31/2009

Activos/
Activos Corrientes/
Efectivo y Equivalentes al
Efectivo/

120,029

90,798

Otros Activos Financieros/

Cuentas por Cobrar Comerciales


(neto)/

4,836

6,426

Otras Cuentas por Cobrar (neto)/

2,513

2,944

Cuentas por Cobrar a Entidades


Relacionadas/

22,055

44,970

Inventarios/

115,752

100,728

Activos Biolgicos/

Activos por Impuestos a las


Ganancias /

7,469

6,663

272,654

252,529

272,654

252,529

90798

7457
44970

1913

104638
0

6663

256.439

Gastos Pagados por Anticipado/


Otros
Activos/Corrientes Distintos
Total Activos
de los Activos o Grupos de Activos
para su Disposicin Clasificados
como
parao la
Venta de
o
ActivosMantenidos
no Corrientes
Grupos
para Distribuir
los Propietarios/
Activos
para sua Disposicin
Clasificados como Mantenidos
para la Venta/
Activos no Corrientes o Grupos de
Activos para su Disposicin
Clasificados como Mantenidos
para Distribuir a los Propietarios/
Activos no Corrientes o Grupos de
Activos para su Disposicin
Clasificados como Mantenidos
para la Venta o como Mantenidos
para Distribuir a los Propietarios/
Total Activos Corrientes/
Activos No Corrientes/

332626

Otros Activos Financieros/

30,813

18,296

18.296

Inversiones Contabilizadas
Aplicando el Mtodo de la
Participacin /

358,864

306,724

235

430

15,327

12,213

Cuentas por Cobrar Comerciales/

Otras Cuentas por Cobrar/

314.33

Cuentas por Cobrar a Entidades


Relacionadas/

Activos Biolgicos/

Propiedades de Inversin/

12.213

430

Propiedades, Planta y Equipo


(neto)/
Activos Intangibles (neto)/

686,893

647,424

6,833

3,904

Activos por Impuestos a las


Ganancias Diferidos/

Plusvala/

Otros Activos/

151

472

Total Activos No Corrientes/

1,099,116

989,463

8826

TOTAL DE ACTIVOS/

1,371,770

1,241,992

5140

Pasivos y Patrimonio/

121,585

65,047

Cuentas por Pagar Comerciales /

23,957

25,623

Otras Cuentas por Pagar/

33,523

26,631

5,567

5,844

Provisiones /

20,008

15,559

Pasivos por Impuestos a las


Ganancias /

12,577

4,954

432495

0
0

791.73

1,048,169

Pasivos Corrientes/
Otros Pasivos Financieros /

Cuentas por Pagar a Entidades


Relacionadas/

65047

Provisin por Beneficios a los


Empleados/

25623

Otros Pasivos/

217,217

143,658

217,217

143,658

185,670

220,652

Cuentas por Pagar Comerciales /

Otras Cuentas por Pagar/

107,303

99,800

5844

15559

27699
3886
0

143.658

220652
0
0
51794

Total de Pasivos Corrientes


distintos de Pasivos incluidos en
Grupos de Activos para su
Disposicin Clasificados como
Mantenidos para la Venta/

Pasivos incluidos en Grupos de


Activos para su Disposicin
Clasificados como Mantenidos
para la Venta/
Total Pasivos Corrientes/
Pasivos No Corrientes/
Otros Pasivos Financieros /

Cuentas por Pagar a Entidades


Relacionadas/
Pasivos por Impuestos a las
Ganancias Diferidos/
Provisiones /
Provisin por Beneficios a los
Empleados/

Otros Pasivos/

Ingresos Diferidos (netos)/

Total Pasivos No Corrientes/

292,973

320,452

Total Pasivos /

510,190

464,110

419,977

419,977

49,575

49,575

74,145

53,384

302,509

248,335

15,374

6,611

861,580

777,882

1,371,770

1,241,992

0
272.446
416104

Patrimonio /
Capital Emitido/
Primas de Emisin/

418.777

Acciones de Inversin/

49.575

Acciones Propias en Cartera/

Otras Reservas de Capital/

5.95

Resultados Acumulados/

53.384

Otras Reservas de Patrimonio/

0
104.379
0
632065
1,048,169

Total Patrimonio /
TOTAL PASIVO Y PATRIMONIO/

Estado Financiero Anual Individual del Ao 2015 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

ESTADO DE RESULTADOS /INCOME STATEMENT


2D01ST
2D0201
2D02ST

Ingresos de actividades ordinarias/


Costo de Ventas/
Ganancia (Prdida) Bruta/

2D0302

Gastos de Ventas y Distribucin/

2D0301

Gastos de Administracin/

2D0407

Ganancia (Prdida) de la baja en Activos Financieros medidos al Costo Amortizado/

2D0403

Otros Ingresos Operativos/

2D0404

Otros Gastos Operativos/

2D0412

Otras ganancias (prdidas)/

2D03ST

Ganancia (Prdida) por actividades de operacin/

2D0401

Ingresos Financieros/

2D0402

Gastos Financieros/

2D0410

Diferencias de Cambio neto/

2D0414

Otros ingresos (gastos) de las subsidiarias,negocios conjuntos y asociadas/

2D0411

Ganancias (Prdidas) que surgen de la Diferencia entre el Valor Libro Anterior y el Valor Justo de Activos Financieros Reclasificados
Medidos a Valor Razonable/

2D0413

Diferencia entre el importe en libros de los activos distribuidos y el importe en libros del dividendo a pagar/

2D04ST

Resultado antes de Impuesto a las Ganancias/

2D0502

Gasto por Impuesto a las Ganancias/

2D0503

Ganancia (Prdida) Neta de Operaciones Continuadas/

2D0504

Ganancia (prdida) procedente de operaciones discontinuadas, neta del impuesto a las ganancias/

2D07ST

Ganancia (Prdida) Neta del Ejercicio/

2DT007

Ganancias (Prdida) por Accin:/

2DT008

Ganancias (prdida) bsica por accin:/

2D0905

Bsica por accin ordinaria en operaciones continuadas/

2D0909

Bsica por accin ordinaria en operaciones discontinuadas/

2D0911

Ganancias (prdida) bsica por accin ordinaria/

2D0906

Bsica por Accin de Inversin en Operaciones Continuadas/

2D0910

Bsica por Accin de Inversin en Operaciones Discontinuadas/

2D0912

Ganancias (Prdida) Bsica por Accin Inversin/

2DT009

Ganancias (prdida) diluida por accin:/

2D0907

Diluida por accin ordinaria en operaciones continuadas/

2D0913

Diluida por accin ordinaria en operaciones discontinuadas/

2D0915

Ganancias (prdida) diluida por accin ordinaria/

2D0908

Diluida por Accin de Inversin en Operaciones Continuadas/

2D0914

Diluida por Accin de Inversin en Operaciones Discontinuadas/

2D0916

Ganancias (Prdida) Diluida por Accin Inversin/

Estado Financiero Anual Individual del Ao 2007 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

ESTADO DE GANANCIAS Y PERDIDAS /INCOME STATEMENT


2DT002

Ingresos Operacionales/

2D0101

Ventas Netas (ingresos operacionales)/

2D0102

Otros Ingresos Operacionales/

2D01ST

Total de Ingresos Brutos/

2D0201

Costo de Ventas (Operacionales)/

2D0202

Otros Costos Operacionales/

2D0203

Total Costos Operacionales/

2D02ST

Utilidad Bruta/

2D0302

Gastos de Ventas/

2D0301

Gastos de Administracin/

2D0407

Ganancia (Prdida) por Venta de Activos/

2D0403

Otros Ingresos/

2D0404

Otros Gastos/

2D03ST

Utilidad Operativa/

2D0401

Ingresos Financieros/

2D0402

Gastos Financieros/

2D0406

Participacin en los Resultados de Partes Relacionadas por el Mtodo de Participacin/

2D0409

Ganancia (Prdida) por Instrumentos Financieros Derivados/

2D04ST

Resultado antes de Participaciones y del Impuesto a la Renta/

2D0501

Participacin de los trabajadores /

2D0502

Impuesto a la Renta/

2D0503

Utilidad (Prdida) Neta de Actividades Contnuas/

2D0504

Ingreso (Gasto) Neto de Operaciones en Discontinuacin /

2D07ST

Utilidad (Perdida) Neta del Ejercicio/

2DT004

Utilidad (Prdida) Neta del Ejercicio/

2D0901

Utilidad (prdida) bsica por accin comn/

2D0902

Utilidad (prdida) bsica por accin de inversin/

2D0903

Utilidad (prdida) diluida por accin comn/

2D0904

Utilidad (prdida) diluida por accin de inversin/

2DT005

Utilidad (Prdida) Neta de Actividades Contnuas/

2D0905

Utilidad (Prdida) Bsica por Accin Comn/

2D0906

Utilidad (Prdida) Bsica por Accin de Inversin/

2D0907

Utilidad (Prdida) Diluida por Accin Comn/

2D0908

Utilidad (Prdida) Diluida por Accin de Inversin/

12/31/2011

12/31/2012

12/31/2013

12/31/2014

12/31/2015

656.659

784.576

829.307

822.496

818.875

-326.669

-416.507

-416.054

-422.292

-412.651

329.99

368.069

413.253

400.204

406.224

-11.115

-12.202

-6.575

-7.403

-7.228

-149.709

-149.417

-154.015

-147.39

-142.873

87.12

19.526

12.099

15.997

11.113

15.139

-95.994

10.537

179.818

218.549

268.66

267.061

271.262

3.474

24.85

30.574

15.473

6.787

-18467

-27047

-36124

-30539

-36346

2.699

-345

-48.342

-14.612

12.37

33.815

20.785

32.521

201.339

216.007

214.768

258.168

286.594

-38.276

-68.304

-68.625

-65.341

-71.062

163.063

147.703

146.143

192.827

215.532

163063

147703

146143

192827

215532

0.390000

0.260000

0.250000

0.330000

0.380000

0.000000

0.000000

0.000000

0.000000

0.000000

0.390000

0.260000

0.250000

0.330000

0.380000

0.390000

0.260000

0.250000

0.330000

0.380000

0.000000

0.000000

0.000000

0.000000

0.000000

0.390000

0.260000

0.250000

0.330000

0.380000

0.390000

0.260000

0.250000

0.330000

0.380000

0.000000

0.000000

0.000000

0.000000

0.000000

0.390000

0.260000

0.250000

0.330000

0.380000

0.390000

0.260000

0.250000

0.330000

0.380000

0.000000

0.000000

0.000000

0.000000

0.000000

0.390000

0.260000

0.250000

0.330000

0.380000

12/31/2005

12/31/2006

12/31/2007

12/31/2008

12/31/2009

313,804

374.285

421.547

509.242

550.849

6,497

320,301

374.285

421.547

509.242

550.849

-141,284

-152.074

-169.735

-279.27

-273.25

-141,284

-152.074

-169.735

-279.27

-273.25

179,017

222.211

251.812

229.972

277.599

-12.855

-13.325

-7.205

-7.774

-75.151

-83.591

-88.692

-95.212

32.446

38.422

47.429

17.977

109,575

-14.259

-15.229

-8.876

-2.036

152.392

178.089

172.628

190.554

19.155

15.282

7.898

13.642

-23.052

-16.937

-24.433

-16.813

65,207

1.076

6.697

-19.415

5.887

149.571

183.131

136.678

193.27

-15.869

-18.125

-17.21

-19.006

-44.01

-48.936

-46.466

-51.316

89.692

116.07

73.002

122.948

7.979

-92.916

97671

23154

73002

122948

0.208000

0.049000

0.155600

0.262500

0.208000

0.049000

0.155600

0.262500

0.208000

0.049000

0.155600

0.262500

0.208000

0.049000

0.155600

0.262500

0.191041

0.247193

0.155600

0.262500

0.191041

0.247193

0.155600

0.262500

0.191041

0.247193

0.155600

0.262500

0.191041

0.247193

0.155600

0.262500

Estado Financiero Anual Individual del Ao 2010 (En miles de nuevos soles)
CEMENTOS PACASMAYO S.A.A.

ESTADO DE RESULTADOS /INCOME STATEMENT


2DT002
2D0101
2D0103
2D01ST
2D0201
2D02ST
2D0302
2D0301

2D0407

2D0403
2D0404
2D03ST

Ventas Netas de
Bienes/
Prestacin de Servicios/
Total de Ingresos de Actividades
Ordinarias/
Costo de Ventas /
Ganancia (Prdida) Bruta/
Gastos de Ventas y
Distribucin/
Gastos de
Administracin/
Ganancia (Prdida) de
la baja en Activos
Financieros medidos al
Costo Amortizado/
Otros Ingresos
Operativos/
Otros Gastos
Operativos/
Ganancia (Prdida) Operativa/

2D0401

Ingresos Financieros/

2D0402

Gastos Financieros/

2D0410

2D0406

2D0411
2D04ST
2D0502

2D0503

2D0504
2D07ST
2DT007
2D0905
2D0906

2D0909

12/31/2010

12/31/2009

Ingresos de Actividades Ordinarias/

Diferencias de Cambio
neto/
Participacin en los
Resultados Netos de
Asociadas y Negocios
Conjuntos
Ganancias
(Prdidas)
Contabilizados
por el
que
surgen
de la
Mtodo
de la
Diferencia
entre
Participacin / el
Valor Libro Anterior y el
Valor Justo de Activos
Financieros
Resultado antes de Impuesto
a las
Reclasificados Medidos
Ganancias/
a
Valor
Razonable/
Gasto por Impuesto a
las Ganancias/
Ganancia (Prdida)
Neta de Operaciones
Continuadas/
Ganancia (Prdida)
Neta del Impuesto a las
Ganancias Procedente
de Operaciones
Discontinuadas
/
Ganancia (Prdida) Neta
del Ejercicio/
Ganancias (Prdida) por Accin: /
Bsica por Accin
Comn en Operaciones
Bsica por Accin de
Continuadas/
Inversin en
Operaciones
Continuadas/
Bsica por Accin
Comn en Operaciones
Discontinuadas/

623.677

550.849

623.677

550.849

-297.147

-269.156

326.53

281.693

-8.083

-8.229

-111.898

-104.101

16.469

15.802

223.018

185.165

4.522

4.114

-13354

-15.516

1.858

9.528

216.044

183.291

-68.109

-55.79

147.935

127.501

147935

127501

0.350000

0.300000

0.350000

0.300000

0.000000

0.000000

2D0910

Bsica por Accin de


Inversin en
Operaciones
Discontinuadas/

0.000000

0.000000

2D0911

Ganancias (Prdida)
Bsica por Accin
Comun/

0.350000

0.300000

2D0912

Ganancias (Prdida)
Bsica por Accin
Inversin/

0.350000

0.300000

Diluida por Accin


Comn en Operaciones
Continuadas/
Diluida por Accin de
Inversin en
Operaciones
Continuadas/

2D0907

2D0908

0.350000

0.300000

0.350000

0.300000

2D0913

Diluida por Accin


Comn en Operaciones
Discontinuadas/

0.000000

0.000000

2D0914

Diluida por Accin de


Inversin en
Operaciones
Discontinuadas/

0.000000

0.000000

2D0915

Ganancias (Prdida)
Diluida por Accin
Comn/

0.350000

0.300000

2D0916

Ganancias (Prdida)
Diluida por Accin
Inversin/

0.350000

0.300000

ESTADO DE GANANCIAS Y PERDIDAS / INCOME


STATEMENT
2DT002

12/31/2005

12/31/2004

Ingresos Operacionales/

2D0101

Ventas Netas
(ingresos
operacionales)/

313,804

303,410

2D0102

Otros Ingresos
Operacionales/

6,497

320,301

303,410

-141,284

-128,194

-141,284

-128,194

179,017

175,216

2D01ST

Total de Ingresos Brutos/

2D0201

Costo de Ventas
(Operacionales)/

2D0202

Otros costos
operacionales/

2D0203

Total Costos Operacionales/

2D02ST

Utilidad Bruta/

2DT003

Gastos Operacionales/

2D0302

Gastos de Ventas/

-13,903

-19,773

2D0301

Gastos de
Administracin/

-55,539

-44,767

2D0303

Provisin por
prdidas por
desvalorizacin de
activos/

109,575

110,676

2,614

1,647

-27,117

-32,254

2D03ST

Utilidad Operativa/

2DT001

Otros Ingresos (gastos)/

2D0401

Ingresos
Financieros/

2D0402

Gastos Financieros/

2D0406

Participacin en los
resultados de
subsidiarias y
afiliadas bajo el
mtodo de
participacin
patrimonial/

27,624

22,001

2D0407

Ganancia o prdida
por instrumentos
financieros
derivados/

2D0403

Otros Ingresos/

2D0404

Otros Gastos/

-7,506

-9,272

2D0408

Efecto acumulado
por cambios en las
polticas contables/

2D0405

Resultado por
Exposicin a la
Inflacin/

8,940

105,190

101,738

-10,806

-10,195

-29,177

-27,529

65,207

64,014

65,207

64,014

65,207

64,014

65,207

64,014

0.1765

0.1744

2D04ST

2D0501

2D0502

2D05ST

2D0602

2D06ST
2D0701
2D07ST

2D0801

2D08ST

2D0901

Resultado antes de Gastos


Extraordinarios, Participaciones y del
Impuesto a la Renta/
Participacin de los
trabajadores
corrientes y
diferidos/
Impuesto a la Renta
corriente y diferido/
Resultado antes de Gastos
Extraordinarios/
Gastos
Extraordinarios
(neto de
participaciones e
impuesto a la
renta)/
Resultado antes de Interes
Minoritario/
Inters Minoritario/
Utilidad (Perdida) Neta del Ejercicio/
Dividendos de
acciones
Preferentes/
Utilidad (Prdida) Neta atribuible a los
accionistas no preferentes/
Utilidad (prdida)
bsica por accin
comn/

2D0902

Utilidad (prdida)
bsica por accin
de inversin/

0.1765

0.1744

2D0903

Utilidad (prdida)
diluida por accin
comn/

0.1765

0.1744

2D0904

Utilidad (prdida)
diluida por accin
de inversin/

0.1765

0.1744

TASA Y RENTABILIDAD

Date updated: 31-Dec-11


Created by:
Aswath Damodaran, adamodar@stern.nyu.edu
What is this dat Historical returns: Stocks, T.Bonds & T.Bills with premiums
Home Page:
http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eac
http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definiti http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm

CustomizedGeometricriskpremiumestimator
Whatisyourriskfreerate?
Enteryourstartingyear

LT
1928

Valueofstocksinstartingyear:
ValueofT.Billsinstartingyear:
ValueofT.bondsinstartingyear:
Estimateofriskpremiumbasedonyourinputs:

100
100
100
4.54%

AnnualReturnsonInvestmentsin
Year
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

S&P 500 3-month T.Bill 10-year T. Bond


43.81%
3.08%
0.84%
-8.30%
3.16%
4.20%
-25.12%
4.55%
4.54%
-43.84%
2.31%
-2.56%
-8.64%
1.07%
8.79%
49.98%
0.96%
1.86%
-1.19%
0.32%
7.96%
46.74%
0.18%
4.47%
31.94%
0.17%
5.02%
-35.34%
0.30%
1.38%
29.28%
0.08%
4.21%
-1.10%
0.04%
4.41%
-10.67%
0.03%
5.40%
-12.77%
0.08%
-2.02%
19.17%
0.34%
2.29%
25.06%
0.38%
2.49%
19.03%
0.38%
2.58%
35.82%
0.38%
3.80%
-8.43%
0.38%
3.13%
5.20%
0.57%
0.92%
5.70%
1.02%
1.95%

Page 122

CompoundedValueof$10

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Stocks
143.81
131.88
98.75
55.46
50.66
75.99
75.09
110.18
145.38
94.00
121.53
120.20
107.37
93.66
111.61
139.59
166.15
225.67
206.65
217.39
229.79

TASA Y RENTABILIDAD

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

18.30%
30.81%
23.68%
18.15%
-1.21%
52.56%
32.60%
7.44%
-10.46%
43.72%
12.06%
0.34%
26.64%
-8.81%
22.61%
16.42%
12.40%
-9.97%
23.80%
10.81%
-8.24%
3.56%
14.22%
18.76%
-14.31%
-25.90%
37.00%
23.83%
-6.98%
6.51%
18.52%
31.74%
-4.70%
20.42%
22.34%
6.15%
31.24%
18.49%
5.81%
16.54%

1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%
3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%
6.45%

Page 123

4.66%
0.43%
-0.30%
2.27%
4.14%
3.29%
-1.34%
-2.26%
6.80%
-2.10%
-2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
-1.58%
3.27%
-5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
-0.78%
0.67%
-2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
-4.96%
8.22%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

271.85
355.60
439.80
519.62
513.35
783.18
1,038.47
1,115.73
999.05
1,435.84
1,608.95
1,614.37
2,044.40
1,864.26
2,285.80
2,661.02
2,990.97
2,692.74
3,333.69
3,694.23
3,389.77
3,510.49
4,009.72
4,761.76
4,080.44
3,023.54
4,142.10
5,129.20
4,771.20
5,081.77
6,022.89
7,934.26
7,561.16
9,105.08
11,138.90
11,823.51
15,516.60
18,386.33
19,455.08
22,672.40

TASA Y RENTABILIDAD

1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
ArithmeticAverage
19282015
19662015
20062015
GeometricAverage
19282015
19662015
20062015

2006

31.48%
-3.06%
30.23%
7.49%
9.97%
1.33%
37.20%
22.68%
33.10%
28.34%
20.89%
-9.03%
-11.85%
-21.97%
28.36%
10.74%
4.83%
15.61%
5.48%
-36.55%
25.94%
14.82%
2.10%
15.89%
32.15%
13.52%
1.36%

8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%
0.13%
0.03%
0.05%
0.07%
0.05%
0.21%

17.69%
6.24%
15.00%
9.36%
14.21%
-8.04%
23.48%
1.43%
9.94%
14.92%
-8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
-11.12%
8.46%
16.04%
2.97%
-9.10%
10.75%
1.28%

11.41%
3.49%
5.23%
11.01%
4.97%
7.12%
9.03%
1.16%
5.16%
RENTABILIDADDEMERCADO
9.50%
9.61%
7.25%

2007

3.45%
4.92%
1.14%

2008

29,808.58
28,895.11
37,631.51
40,451.51
44,483.33
45,073.14
61,838.19
75,863.69
100,977.34
129,592.25
156,658.05
142,508.98
125,622.01
98,027.82
125,824.39
139,341.42
146,077.85
168,884.34
178,147.20
113,030.22
142,344.87
163,441.94
166,871.56
193,388.43
255,553.31
290,115.42
294,060.84

TASALIBREDE
RIESGO

4.96%
6.71%
4.71%

2009

Page 124

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

TASALIBREDERIESGO
2010

TASA Y RENTABILIDAD

1.96%

2006
15.61%

6.09%

2007
10.55%

10.76%

2008
5.15%

Page 125

5.29%

2009
2.62%

5.92%
RENTABILIDADDEMERCADO
2010
5.06%

TASA Y RENTABILIDAD

US companies

a.html

xls

afile/variable.htm

Estimatesofriskpremiumsfrom1928,overthelast50yearsandoverthelast10years
areprovidedatthebottomofthistable.

CompoundedValueof$100

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

T.Bills
103.08
106.34
111.18
113.74
114.96
116.06
116.44
116.64
116.84
117.19
117.29
117.33
117.36
117.46
117.85
118.30
118.75
119.20
119.65
120.33
121.56

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

T.Bonds
Stocks - BillsStocks - Bonds
100.84
40.73%
42.98%
105.07
-11.46%
-12.50%
109.85
-29.67%
-29.66%
107.03
-46.15%
-41.28%
116.44
-9.71%
-17.43%
118.60
49.02%
48.13%
128.05
-1.51%
-9.15%
133.78
46.57%
42.27%
140.49
31.77%
26.93%
142.43
-35.64%
-36.72%
148.43
29.21%
25.07%
154.98
-1.14%
-5.51%
163.35
-10.70%
-16.08%
160.04
-12.85%
-10.75%
163.72
18.84%
16.88%
167.79
24.68%
22.57%
172.12
18.65%
16.45%
178.67
35.44%
32.02%
184.26
-8.81%
-11.56%
185.95
4.63%
4.28%
189.58
4.68%
3.75%

Page 126

Historical risk
premium

TASA Y RENTABILIDAD

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

122.90
124.34
126.18
128.29
130.72
131.98
134.17
137.60
142.04
144.57
149.27
153.82
157.30
161.67
166.70
172.54
179.28
187.95
196.10
206.41
219.96
234.66
245.32
255.01
272.16
293.33
310.90
326.35
343.09
366.87
403.33
448.58
512.73
569.18
617.26
676.60
727.26
771.15
815.27
867.86

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

198.42
199.27
198.68
203.19
211.61
218.57
215.65
210.79
225.11
220.39
214.56
239.53
244.46
258.38
262.74
272.53
274.49
282.47
278.01
287.11
272.71
318.41
349.57
359.42
372.57
379.98
393.68
456.61
462.50
458.90
461.98
448.17
484.91
644.04
664.65
755.92
950.29
1,181.06
1,122.47
1,214.78

17.20%
29.63%
22.20%
16.48%
-3.10%
51.60%
30.94%
4.88%
-13.69%
41.94%
8.80%
-2.71%
24.37%
-11.59%
19.50%
12.91%
8.50%
-14.81%
19.47%
5.55%
-14.80%
-3.12%
9.68%
14.80%
-21.03%
-33.68%
31.01%
18.86%
-12.11%
-0.42%
8.58%
20.52%
-19.00%
9.41%
13.89%
-3.47%
23.75%
12.46%
0.09%
10.09%

13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30%
24.58%
-14.51%
20.93%
12.69%
11.68%
-12.88%
25.38%
7.54%
-3.23%
-13.19%
4.43%
15.94%
-17.97%
-27.89%
33.39%
7.85%
-8.27%
7.29%
17.85%
34.72%
-12.90%
-12.40%
19.14%
-7.59%
5.52%
-5.79%
10.77%
8.31%

Page 127

6.11%
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%
5.12%

TASA Y RENTABILIDAD

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

938.24 $
1,429.72
23.37%
13.78%
1,009.08 $
1,518.87
-10.61%
-9.30%
1,065.69 $
1,746.77
24.62%
15.23%
1,101.98 $
1,910.30
4.09%
-1.87%
1,134.84 $
2,181.77
6.98%
-4.24%
1,180.07 $
2,006.43
-2.66%
9.36%
1,245.15 $
2,477.55
31.68%
13.71%
1,307.68 $
2,512.94
17.66%
21.25%
1,373.76 $
2,762.71
28.05%
23.16%
1,438.70 $
3,174.95
23.61%
13.42%
1,503.58 $
2,912.88
16.38%
29.14%
1,590.23 $
3,398.03
-14.79%
-25.69%
1,648.63 $
3,587.37
-15.52%
-17.42%
1,675.96 $
4,129.65
-23.62%
-37.08%
1,693.22 $
4,145.15
27.33%
27.98%
1,714.00 $
4,331.30
9.52%
6.25%
1,765.59 $
4,455.50
1.82%
1.97%
1,848.18 $
4,542.87
10.94%
13.65%
1,933.98 $
5,006.69
0.84%
-4.73%
1,964.64 $
6,013.10
-38.14%
-56.65%
1,967.29 $
5,344.65
25.80%
37.05%
1,969.84 $
5,796.96
14.69%
6.36%
1,970.44 $
6,726.52
2.07%
-13.94%
1,971.42 $
6,926.40
15.84%
12.92%
1,972.72 $
6,295.79
32.08%
41.25%
1,973.77 $
6,972.34
13.47%
2.78%
1,977.91 $
7,061.89
1.15%
0.08%
RiskPremium
StandardError
StocksT.Bills StocksT.Bonds StocksT.Bills StocksT.Bonds
7.92%
6.18%
2.15%
2.29%
6.05%
3.89%
2.42%
2.74%
7.87%
3.88%
6.06%
8.66%
RiskPremium
StocksT.Bills StocksT.Bonds
6.05%
4.54%
4.69%
2.90%
6.11%
2.53%

ASALIBREDERIESGO
2011

2012

2013

2014

Page 128

5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.30%
5.53%
5.63%
5.96%
5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%
4.60%
4.54%

2015

TASA Y RENTABILIDAD

7.61%

TABILIDADDEMERCADO
2011
4.57%

6.95%

4.94%

5.59%

5.16%

2012
6.18%

2013
9.43%

2014
9.88%

2015
9.03%

Page 129

TASA Y RENTABILIDAD

Page 130

TASA Y RENTABILIDAD

Page 131

TASA Y RENTABILIDAD

Page 132

TASA Y RENTABILIDAD

Page 133

AOS
ACTIVO
Activo (%)
PASIVO
Pasivo (%)
PATRIMONIO
Patrimonio (%)

2006

2007

1,117,053

1,090,745

100%

424664
38.02%

692,389

100%

382410
35.06%

708,335

62%

2006

1.96%
15.61%
0.79
1.86%
14.61%

TLR Tasa Libre de Riesgo


Rm Rentabilidad del Mercado
B Coeficinete Beta
PRP Prima Riesgo Pais
COK = TLR+B(Rm-TLR)+PRP
Costo de

65%

2007

6.09%
10.55%
0.78
1.51%
11.07%

oportunidad de
Capital o del
Accionista

TEA = GF/(DCP+DLP)
IR = IR / UAI
TEADI = TEA*(1-IR)

0.0000630
0.00005672
0.400338301 0.3661914149
0.0000378
0.00003595

CPPK = %PAS(TEADI)+%PNT(COK

9.05%

7.19%

Costo Promedio
del Capital

CEMENTOS PACASMAYO S.A.A., segn el presente grfico del modelo CAPM


evolucin del Costo de Oportunidad del Capital (COK). A lo largo de los aos de e
una variacin que no es constante desde el ao 2006, pero que desde el ao 201
mantenido en una tendencia entre el 10 y 12 %. En el 2008 hay una cada debid
rentabilidad del mercado suponemos que se vi afectada por la crisis de esos a
present un COK del 0.24% mientras que el 2009 subi a un 6.20 %.

CEMENTOS PACASMAYO S.A.A.


Modelo CAMP 2006 - 2015
ESTRUCTURA FINANCIERA
2008

2009

2010

2011

866353

1,048,169

1,371,770

1,696,688

100%

333129
38.45%

533,224

100%

416104

10.76%
-5.15%
0.83
2.73%
0.24%

510,190

39.70%

632,065

62%

2008

100%

2009

769,162.00

37.19%

100%

425,333

45.33%

927,526

63%

5.92%
5.06%
0.84
1.68%
6.88%

19.96%

1,705,801

55%

80%

2011

2012

7.61%
4.57%
1.98
2.33%
3.91%

6.95%
6.18%
1.73
3.28%
8.90%

2010

5.29%
2.62%
0.75
2.92%
6.20%

2,131,134

100%

861,580

60%

2012

0.00010273
0.000050 0.043462271 0.0336011674 0.1255343343
0.46588332 0.363853676 0.315255226 0.1901072321 0.3162119746
0.000055
0.000032 0.029760563 0.0272133425 0.0858388746
0.15%

3.74%

ico del modelo CAPM se observa la


o largo de los aos de estudio muestra
o que desde el ao 2012 se ha
8 hay una cada debido a que la
por la crisis de esos aos, aqu se
un 6.20 %.

5.43%

3.37%

8.84%

Modelo CAPM
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2006

2007

2008

2009

2010
COK

2011

2012
CPPK

0.00%
2006

2007

2008

2009

2010
COK

2011

2012
CPPK

S.A.A.

15

2013

2014

2,834,014

3,096,316

100%

2015

3,235,909

100%

1,039,447

1,103,776

36.68%

100%

1,292,855

35.65%

1,794,567

1,992,540

39.95%

1,943,054

63%

64%

60%

2013

2014

2015

4.94%
9.43%
1.02
1.62%
11.12%

5.59%
9.88%
0.88
1.62%
11.00%

5.16%
9.03%
0.94
2.01%
10.79%

0.0438386354 0.0345634272
0.3195308426 0.253094884
0.0298308393 0.0258156006

0.0359006169
0.247953551
0.0269989315

8.14%

8.00%

7.56%

Modelo CAPM

2009

2010
COK

2011

2012
CPPK

2013

2014

2015

8.47%

6.15%

2009

2010
COK

2011

2012
CPPK

2013

2014

2015

CORTO PLAZO
SOBREGIROS BANCARIOS
OTROS PAS

COK
GFK

Costodeoportunidaddelaccionista
Costodeoportunidaddelaempresa

TAMBNSETOMAELDINERODELOSBANC

AELDINERODELOSBANCOS,AHSEEVALUALAEMPRESA

ESTADO DE FLUJO DE FO
CEMENTOS PACASMAYO

Resultado
depreciacion
Correccion monetaria
GENERACION BRUTA DE CAJA
USOS OPERATIVOS DE CAJA
Cuentas por cobrar por ventas
Inventarios
Otras cuentas del activo circulante
FUENTES OPERACIONALES DE CAJA
Proveedores
Otras cuentas por pagar
Provisiones
otros pasivos de corto plazo
GENERACION OPERATIVA DE CAJA(FCO)
USOS NO OPERACIONALES DE CAJA(FCI)
Inversiones en activo fijos
inversiones en otros activos
inversiones en otras empresas

FUENTES NO OPERACIONALES DE CAJA(FCF)


Sobregiros bancarios
prestamos bancarios de corto plazo
prestamos bancarios a mas de un ao
leasing o arrendamiento
proveedores a mas de un ao
otras cuentas por pagar a mas de un ao
provisiones a mas de un ao
cuentas emp. Realcionadas o socios
variacion neta del patrimonio
VARIACION NETA DE CAJA

AUTO VERIFICACION CON BALANCE

O DE FLUJO DE FONDOS
NTOS PACASMAYO S.A.A.

2006
97671
0
0
97,671
32,195
842
13,215
-19,822
-6286

2007
23154
0
0
23,154
2,867

2008
73002
0
0
73,002
6,214

7,451
11,672
-7,088
3555

2,862
4,643
7,995
678

9,260
-49,033
4007
29,480
59,190
-57372.526

8,260
4,453
61
-9,219
23,842
-77973.247

-38,915
-1,541
-16,917

-48485
-34,716
7,981
29,193
0
0
-5,801
0
0
-45,142
42,198

2009
122948
0
0
122,948
24,038
270
9,223
-15,085
-18336

-3,983
15,334
2021
-12,694
79,894
213567

-1,718
-5,545
-2203
-8,870
80,574
-78392

-129,636
13,398
38,265

89,659
-10,680
134,588

-38,687
3,945
-43,650

-59473
-6,456
20,072
-60,708
0
0
-5,173
0
0
-7,208

-314713
0
-14,884
-59,477
0
0
7,761
0
0
-248,113

78961
0
14,284
99,223
0
0
-10,439
0
0
-24,107

126,743

5,322

80,256

-42,198

-126,743

5,322

80,256

Flujo de Fondos
800,000
600,000
400,000
200,000
-

2006

2007

2008

2009

2010

-200,000
-400,000
-600,000
FCO

FCF

2010
147935
0
0
147,935
9,106

1,590
15,024
22,540
17021
-1,666
6,892
4,449
7,346
174,062
-94022

2011
163063
0
0
163,063
6,654
3,409
51,819
-55,064
31612
18,066
-1,487
3,618
11,415
188,021
-18325

2012
147703
0
0
147,703
551,765

2013
146143
0
0
146,143
353,041

1,976
70,672
-483,069
-14945

1,477
51,959
403,523
-1920

1,701
5,143
-3856
-17,933
419,007
-200494

-10,808
8,814
3260
-3,186
497,264
-162335

-39,469
-2,413
-52,140

-181,073
212
162,536

-90,192
-110,302

-74,672
-87,663

-35178
0
56,538
-34,982
0
0
7,503
0
0
-64,237

119334
0
3,796
238,543
0
0
-25,888
0
0
-97,117

296019
0
-102,497
-231,642
0
0
-414
0
0
630,572

554738
0
-22,884
631,451
0
0
3,548
0
0
-57,377

29,231

210,287

318,939

893,353

29,231

210,287

-318,939

Flujo de Fondos

008

2009

FCO

2010

FCF

2011

2012

2013

893,353

2014
192827
0
0
192,827
5,421

2015
215532
0
0
215,532
49,948

8,417
11,327
2,511
38896

4,124
26,225
19,599
-5728

5,858
3,223
25523
4,292
237,144
-646810

14,712
15,146
-26825
-8,761
259,752
-586321

-477,491
-169,319

-405,005
-181,316

50419
0
0
59,542
0
0
-14,269
0
0

-102192
0
0
128,842
0
0
33,984
0
0
-265,018

5,146
-

379,087

424,559

-379,087

-424,559

EVALUACIN ECONMICA

VALOR INICIAL
TASA
VAN
TIR

EVALUANDO ECON

EVALUACIN FINANCIERA
VALOR INICIAL
TASA
VAN
TIR

EVALUANDO FINA

CEMENTOS PA

2006
2007
2008
GOC1
GOC2
GOC3
59,190
23,842
79,894

1,117,053
6.15%

S/. 1,366,565.85
Err:523

EVALUANDO ECONMICAMENTE A LA EMPRESA PACASMAYO, EL PROYE

419925
8.47%

2006
-42,198

2007
-126,743

2008
5,322

S/. 367,841.47
-10%

EVALUANDO FINANCIERAMENTE A LA EMPRESA PACASMAYO, EL PROY

CEMENTOS PACASMAYO S.A.A.

2009
2010
2011
2012
2013
GOC4
GOC5
GOC6
GOC7
GOC8
80,574
174,062
188,021
-419,007
497,264

PACASMAYO, EL PROYECTO SI ES FACTIBLE YA QUE EL VAN ES S/. 1 357 377.7

2009
80,256

2010
29,231

2011
210,287

2012
-318,939

2013
893,353

A PACASMAYO, EL PROYECTO ES FACTIBLE YA QUE EL VAN ES S/. 367 535.10

2014
GOC9

2015

GOC10
237,144
1,320,952

S/. 1 357 377.72

2014
-379,087

S/. 367 535.10

2015
-424,559