Industry Group

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
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 Services
Heathcare Information and Technology

Number of firms

Beta

D/E Ratio

54
47
71
712
76
322
460
86
44
122
91
57
269
192
111
24
484
40
353
81
388
302
221
325
276
58
450
577
129
613
110
68
239
227
53
705
33
193
72
23

0.58
0.59
0.63
0.71
0.85
0.74
0.60
0.41
0.49
0.50
0.72
0.82
0.73
0.56
0.56
0.69
0.64
0.90
0.73
1.03
0.69
0.80
0.64
0.63
0.61
0.67
0.72
0.62
0.65
0.81
0.86
0.83
0.57
0.56
0.68
0.57
0.60
0.59
0.67
1.06

10.82%
11.62%
53.32%
22.79%
9.39%
14.14%
81.72%
129.20%
11.21%
5.32%
5.89%
15.89%
27.78%
23.65%
9.83%
14.72%
25.43%
13.72%
15.73%
11.39%
6.91%
3.27%
23.94%
27.26%
44.34%
4.26%
11.40%
20.41%
34.71%
36.48%
20.78%
16.40%
24.03%
57.93%
79.25%
21.68%
38.92%
22.42%
13.35%
11.03%

Heathcare Products & Services

Heathcare Services
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Intenet software and services
Investment Co.
Machinery
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
Real Estate (Development)
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

119
60
182
44
342
198
45
145
53
117
141
128
540
291
54
26
103
64
212
219
188
464
387
85
150
33
14
277
422
186
89
30
55
41
11
354
144
46
9
135
68

0.72
0.31
0.83
0.95
0.61
0.54
0.90
0.39
0.45
0.48
0.80
0.62
0.71
0.87
0.53
0.74
0.98
0.77
0.81
0.50
0.66
0.59
0.52
0.77
0.52
0.71
0.60
0.68
0.79
0.60
0.64
0.62
0.53
0.44
0.41
0.60
0.59
0.48
0.64
0.67
0.69

7.13%
44.26%
19.23%
44.39%
17.44%
7.17%
5.15%
11.37%
13.44%
10.57%
3.81%
39.91%
42.95%
14.33%
14.52%
20.87%
11.29%
98.65%
19.20%
35.48%
53.98%
8.19%
46.90%
6.83%
9.45%
24.35%
20.05%
37.46%
50.04%
55.58%
22.19%
20.65%
5.23%
33.09%
8.56%
23.58%
13.43%
9.59%
17.15%
12.50%
25.60%

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

372
139
208
61
445
68
300
135
26
36
128
67
16
49
17079

0.74
0.73
0.75
0.68
0.93
0.58
0.74
0.57
0.64
0.40
0.63
0.48
0.30
0.61
0.67

14.15%
19.48%
41.14%
18.89%
33.58%
22.02%
36.24%
34.11%
11.11%
1.85%
44.78%
15.78%
206.75%
39.95%
34.11%

Tax rate

Unlevered beta

Cash/Firm value

13.11%
9.03%
11.82%
14.09%
12.49%
16.59%
18.62%
17.54%
16.38%
18.24%
6.89%
17.52%
14.51%
13.04%
13.49%
11.85%
14.31%
15.54%
15.94%
15.02%
13.67%
10.99%
12.27%
11.65%
13.20%
13.21%
15.26%
12.07%
11.01%
15.74%
9.38%
13.40%
13.59%
14.04%
14.89%
13.70%
15.13%
14.48%
18.55%
8.27%

0.53
0.54
0.43
0.59
0.79
0.66
0.36
0.20
0.45
0.48
0.68
0.73
0.59
0.46
0.52
0.61
0.53
0.81
0.65
0.94
0.65
0.78
0.53
0.51
0.44
0.65
0.66
0.53
0.49
0.62
0.73
0.73
0.47
0.37
0.41
0.48
0.45
0.50
0.61
0.97

16.77%
8.01%
9.04%
7.28%
10.15%
4.99%
23.48%
23.02%
3.01%
5.26%
6.56%
8.40%
30.94%
6.05%
14.73%
4.46%
6.54%
3.62%
4.32%
10.00%
6.16%
9.17%
20.77%
3.71%
11.10%
7.88%
8.55%
11.72%
16.62%
15.01%
8.57%
7.87%
4.88%
9.62%
12.55%
6.29%
9.65%
12.60%
11.27%
4.68%

11.91%
16.36%
14.11%
14.05%
13.20%
13.68%
11.21%
8.62%
14.51%
10.35%
10.81%
5.93%
15.09%
12.83%
11.69%
18.95%
11.56%
9.42%
13.07%
15.32%
11.42%
15.02%
14.74%
12.60%
13.47%
1.74%
17.19%
12.48%
17.84%
11.99%
13.58%
10.15%
14.70%
17.42%
20.22%
15.36%
22.11%
19.50%
16.27%
18.45%
19.96%

0.68
0.22
0.71
0.69
0.53
0.51
0.86
0.35
0.40
0.44
0.78
0.45
0.52
0.78
0.47
0.63
0.89
0.41
0.69
0.38
0.44
0.55
0.37
0.73
0.48
0.57
0.51
0.51
0.56
0.40
0.54
0.52
0.51
0.35
0.39
0.50
0.53
0.45
0.56
0.61
0.57

5.82%
3.77%
9.67%
9.88%
7.04%
4.33%
3.58%
8.08%
31.12%
20.83%
4.74%
6.49%
9.01%
5.20%
8.75%
5.60%
5.19%
13.76%
4.44%
9.06%
7.32%
4.90%
5.95%
3.30%
5.97%
3.34%
5.87%
8.17%
12.87%
8.47%
9.80%
18.45%
6.45%
9.08%
6.30%
6.94%
5.19%
6.24%
2.29%
7.96%
4.45%

8.86%
9.51%
9.73%
15.72%
15.64%
17.36%
9.22%
15.48%
14.07%
17.52%
17.65%
14.25%
17.00%
18.12%
13.91%

0.66
0.62
0.55
0.59
0.73
0.49
0.55
0.44
0.58
0.40
0.46
0.42
0.11
0.46
0.52

10.65%
7.56%
13.03%
10.27%
5.66%
6.50%
13.58%
6.84%
2.93%
2.05%
7.26%
12.67%
4.75%
7.23%
11.67%

Unlevered beta corrected for cash

0.64
0.58
0.47
0.64
0.88
0.70
0.47
0.26
0.46
0.51
0.73
0.79
0.86
0.49
0.61
0.64
0.56
0.84
0.68
1.05
0.69
0.86
0.67
0.53
0.50
0.70
0.72
0.60
0.59
0.73
0.79
0.79
0.49
0.41
0.47
0.51
0.50
0.57
0.69
1.01

0.72
0.23
0.78
0.76
0.57
0.53
0.89
0.38
0.58
0.56
0.82
0.48
0.57
0.82
0.52
0.67
0.94
0.47
0.72
0.42
0.48
0.58
0.40
0.75
0.51
0.59
0.54
0.56
0.65
0.44
0.60
0.64
0.54
0.38
0.41
0.54
0.56
0.48
0.57
0.66
0.60

0.73
0.67
0.63
0.66
0.77
0.53
0.64
0.47
0.60
0.40
0.50
0.48
0.12
0.50
0.59