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

2
2
4
201
12
83
36
2
2
19
9
11
52
27
6
6
88
11
84
3
67
61
11
47
16
7
64
14
7
86
38
2
25
50
8
95
1
17
1
7

0.62
1.24
1.67
1.06
1.05
1.03
1.19
1.04
0.71
1.36
0.95
1.31
0.99
1.04
1.36
1.60
1.01
1.17
0.98
1.34
1.10
1.23
1.13
1.17
1.25
1.66
1.24
1.23
1.21
1.46
1.28
1.34
1.14
0.87
1.23
0.99
NA
0.81
0.75
1.39

D/E Ratio Tax rate

0.25%
0.00%
70.73%
58.03%
0.18%
29.02%
26.21%
12.16%
0.43%
3.70%
8.51%
2.19%
82.11%
27.83%
1.43%
7.52%
21.00%
26.30%
17.05%
0.91%
2.96%
10.16%
23.31%
18.58%
14.52%
18.97%
11.22%
35.23%
0.02%
17.44%
48.76%
0.00%
14.47%
98.81%
54.72%
19.19%
0.00%
6.20%
91.50%
16.59%

0.00%
15.56%
2.53%
17.69%
12.85%
24.63%
19.53%
23.33%
9.50%
17.29%
11.57%
14.51%
22.49%
18.06%
9.74%
2.90%
21.41%
21.23%
24.47%
22.16%
15.46%
12.67%
12.54%
20.50%
15.13%
21.01%
22.68%
18.82%
12.68%
26.23%
12.84%
26.21%
15.51%
17.64%
22.49%
19.26%
0.00%
23.76%
40.05%
16.53%

Heathcare Products & Services

Heathcare Services
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Intenet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Restaurant
Retail (Automotive)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment

7
9
27
3
39
23
12
1
10
26
94
25
4
11
7
22
40
28
92
39
3
15
1
23
44
4
8
1
1
23
6
2
1
5
14
5
14
7
117
6
21

0.82
0.74
1.30
1.10
0.90
0.81
1.12
1.30
1.40
0.88
1.04
1.42
0.77
1.26
1.57
1.22
0.66
1.05
0.92
1.07
1.56
1.12
0.67
1.52
1.58
1.39
1.26
NA
0.67
1.01
1.64
NA
NA
0.89
1.13
1.32
1.30
1.04
1.38
1.15
1.30

8.59%
12.00%
34.58%
208.31%
8.75%
1.95%
49.63%
0.00%
2.80%
100.79%
288.02%
3.45%
1.79%
5.15%
73.66%
1.29%
46.12%
99.41%
10.02%
27.04%
75.05%
4.95%
0.61%
36.40%
24.14%
37.41%
44.91%
0.01%
6.69%
0.82%
10.68%
2.81%
0.92%
17.98%
34.05%
43.89%
20.48%
8.21%
26.45%
63.22%
1328.83%

24.91%
21.98%
24.36%
1.75%
23.80%
18.37%
8.83%
14.79%
20.96%
11.89%
25.78%
21.88%
22.09%
23.83%
10.42%
21.23%
22.45%
16.75%
19.79%
15.54%
0.00%
19.09%
22.10%
22.47%
18.58%
29.31%
14.10%
12.62%
32.02%
18.08%
23.69%
17.78%
0.00%
33.78%
27.12%
9.65%
7.98%
18.64%
21.66%
5.77%
10.80%

Telecom. Services
Thrift
Tobacco
Tranportation
Trucking
Utility (Water)
Total Market

6
8
6
11
1
1
2157

1.25
1.12
1.12
1.08
0.98
NA
1.12

122.55%
5.98%
0.00%
36.32%
0.00%
2.44%
23.06%

14.97%
25.68%
23.40%
22.17%
23.00%
38.78%
19.67%

Unlevered beta Cash/Firm value

0.62
1.24
0.99
0.72
1.04
0.85
0.98
0.95
0.71
1.32
0.88
1.28
0.60
0.84
1.34
1.49
0.87
0.97
0.87
1.33
1.08
1.13
0.94
1.02
1.12
1.44
1.14
0.96
1.21
1.29
0.90
1.34
1.02
0.48
0.86
0.86
NA
0.77
0.48
1.22

0.04%
0.00%
4.01%
3.65%
0.08%
1.49%
16.33%
35.28%
0.08%
0.32%
1.13%
1.61%
14.46%
4.88%
3.40%
2.46%
1.48%
2.21%
1.62%
18.21%
4.53%
2.59%
2.77%
1.52%
1.08%
5.74%
1.91%
1.53%
0.07%
2.51%
6.26%
0.00%
1.04%
4.12%
3.67%
2.50%
0.00%
2.50%
4.02%
1.57%

Unlevered beta corrected for cash

0.62
1.24
1.03
0.75
1.04
0.86
1.17
1.46
0.71
1.33
0.89
1.31
0.71
0.89
1.39
1.53
0.88
0.99
0.89
1.63
1.13
1.16
0.97
1.04
1.13
1.53
1.16
0.97
1.21
1.33
0.96
1.34
1.03
0.50
0.89
0.88
NA
0.79
0.50
1.24

0.77
0.68
1.03
0.36
0.85
0.80
0.77
1.30
1.37
0.46
0.33
1.39
0.75
1.21
0.95
1.20
0.49
0.58
0.85
0.87
0.89
1.08
0.67
1.18
1.32
1.10
0.91
NA
0.64
1.01
1.52
NA
NA
0.80
0.90
0.95
1.10
0.98
1.14
0.72
0.10

0.90%
0.16%
6.07%
0.88%
3.57%
0.50%
4.23%
0.00%
0.48%
12.10%
8.76%
7.22%
2.41%
2.92%
6.27%
0.45%
2.03%
2.11%
3.00%
4.52%
2.96%
2.27%
12.04%
2.51%
3.05%
4.30%
3.49%
0.38%
4.20%
0.28%
0.46%
0.59%
7.00%
1.79%
3.78%
2.22%
6.37%
0.23%
2.81%
1.11%
24.79%

0.78
0.68
1.09
0.36
0.88
0.80
0.80
1.30
1.37
0.53
0.36
1.49
0.77
1.24
1.01
1.21
0.50
0.59
0.88
0.91
0.92
1.10
0.76
1.21
1.36
1.15
0.94
NA
0.67
1.01
1.52
NA
NA
0.81
0.94
0.97
1.17
0.98
1.17
0.73
0.13

0.61
1.08
1.12
0.84
0.98
NA
0.95

3.73%
0.05%
0.00%
6.58%
0.00%
11.77%
5.32%

0.63
1.08
1.12
0.90
0.98
NA
1.00