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Archive 2014-79: 20 Ways to Calculate the Cost of Equity Capital $239.00

Archive 2014-79: 20 Ways to Calculate the Cost of Equity Capital: A Case Study - How to Apply the New Data and Methods from the 2014 Duff & Phelps Valuation Handbook

This is an archived webinar. The Live Broadcast Date for this webinar was October 8, 2014
presented by Jim Hitchner, CPA/ABV/CFF, ASA and Don Wisehart, CPA/ABV/CFF, ASA, CVA, MST

VPS StraightTalk Webinar Series: 20 Ways to Calculate the Cost of Equity Capital: A Case Study - How to Apply the New Data and Methods from the 2014 Duff & Phelps Valuation Handbook

The main highlight of this session will be a new case study that shows 20 ways to calculate the cost of equity capital using the new Duff & Phelps 2014 Valuation Handbook. You will learn how to determine, support, and present on the cost of equity capital. This session also evaluates the tools, resources, and methods available to determine the cost of equity capital and how to reconcile the results into a supportable conclusion.

Webinar Outline:

New case study – Detailed calculations of 20 equity return results

  • Build-Up method (spot risk-free rate and unadjusted data)
  1. CRSP (Old Ibbotson) separate historical equity risk premium (ERP) and size premium (SP) inputs
  2. CRSP separate supply-side ERP and SP inputs
  3. CRSP separate historical ERP minus World War II bias
  4. CRSP separate supply-side ERP minus World War II bias
  5. D&P (Risk Premium Report) separate ERP and SP inputs
  6. D&P combined ERP and SP input
  7. D&P’s three fundamental measures of risk inputs: operating margin, coefficient of variation of operating margin, and coefficient of variation of return on equity
  • Build-Up method (normalized risk-free rate and D&P recommended and adjusted ERP)
    1. D&P recommended ERP and CRSP SP inputs
    2. D&P recommended ERP and D&P SP inputs
    3. D&P combined ERP and SP input plus ERP adjustment
    4. D&P three fundamental measures of risk inputs plus ERP adjustment
    • Modified CAPM spot (risk-free rate and unadjusted data)
    1. CRSP separate historical ERP and SP inputs
    2. CRSP separate supply-side ERP and SP inputs
    3. CRSP separate historical ERP minus World War II bias
    4. CRSP separate supply-side ERP minus World War II bias
    5. Duff & Phelps separate ERP and SP inputs with OLS betas
    6. Duff & Phelps separate ERP and SP inputs with sum betas
    • Modified CAPM (normalized risk-free rate and D&P recommended and adjusted ERP)
      1. D&P recommended ERP and CRSP SP inputs and OLS beta
      2. D&P recommended ERP and D&P SP and OLS beta
      3. D&P recommended ERP and D&P SP and sum beta
    • Damodaran implied ERP as corroboration
    • Default spread model ERP as corroboration
    • Understanding the three new industry risk premium choices and calculations
    • What is World War II interest rate bias?
    • Types of betas (FIB, OLS, sum, monthly, annual) and the affect on the data
    • How to present, reconcile and defend your calculations
    • Adjusted vs. unadjusted and conditional vs. unconditional ERPs
    • The reliability and credibility of using CRSP 10w, 10x, 10y and 10z size premium data
    • How to present, reconcile, and defend your calculations
    • How to use the new D&P cost of capital analyzer
    • Learning Objectives:

      • The participant will learn the inputs, support, reconciliation, and presentation of a new cost of capital case study using the data and methods from the new Duff & Phelps 2014 Valuation Handbook – Guide to Cost of Capital
      • The participant will learn how to use both CRSP (Old Ibbotson) and Duff & Phelps (Risk Premium Report) data
      • The participant will quickly find out what’s new and updated (2014)
      • The participant will learn of alternative sources for the cost of capital

      Presentation handouts include two current sample calculation reports.


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      Information on CPE credits, refund policies, and complaint resolution can be found at www.valuationproducts.com/cpe.html.

      Included in this downloadable archived webinar package:

      • Audio/Video file
      • Webinar transcript
      • Original Webinar handouts

      The archived webinar package is an Adobe Presenter PDF file that allows you to view the video of the webinar with the synced audio so that you see the presentation just as it was presented “live.” The Presenter format also allows for easy navigation through the webinar so you can quickly go to a specific section in the presentation. The handout materials are included in the file. To view the Webinar Presenter file, you must have Adobe Reader software version 9 or higher. You can download the free current version of Adobe Reader at http://get.adobe.com/reader

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