Archive 2009-13: Cost of Capital Case Study

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Archive Webinar 2009-13:Cost of Capital
Ibbotson and Duff & Phelps Case Study
How to Use, Reconcile and Defend Your Results

Jim Hitchner, CPA/ABV/CFF, ASA, CEO, Valuation Products and Services
Alina Niculita, CFA, President, Shannon Pratt Valuations
Bob Duffy, CPA/ABV, CFA, ASA, Partner, Grant Thornton

Webinar 13 Original Broadcast Date: May 21, 2009

Learning Objectives:

  • Using a case study format, the participant will learn how to reconcile and defend the various results
  • The participant will learn just about everything behind the numbers in the Ibbotson SBBI 2009 Valuation Yearbook and the Duff & Phelps, LLC
    Risk Premium Report 2009
  • The participant will quickly find out what’s new in both data sources
  • The participant will understand how to properly use the data
  • The participant will learn about cost of capital adjustments in a down economy
  • As an add on, the participant will learn about recent criticisms concerning the Butler Pinkerton Model for calculating specific company risk

Webinar Outline:

  • Case study – Detailed calculations of the six most used equity return results
    • Build Up method
  1. Ibbotson separate equity risk premium (ERP) and size premium (SP) inputs
  2. Duff & Phelps separate ERP and SP inputs
  3. Duff & Phelps combined ERP and SP input
  4. Duff & Phelps’s three fundamental measures of risk: operating margin, coefficient of variation of operating margin and coefficient of
    variation of return on equity input
    • Modified CAPM
  1. Ibbotson separate ERP and SP inputs
  2. Duff & Phelps separate ERP and SP inputs
    • Integration and formula for using Ibbotson industry risk premiums in a Duff & Phelps analysis
    • How to present, reconcile and defend your calculations
  • Ibbotson and Duff & Phelps choices:
    • Supply side (New) vs. historical (traditional) size premiums
    • Time period measurements
    • Components of size risk premiums
    • Construction of size portfolios
    • How beta determines size premiums in the Build Up model and the Modified CAPM
    • Industry size premiums and reliability
  • New Ibbotson/Chen information and study on the relationship between size, liquidity, valuation and returns
  • Recent published criticisms of the Butler Pinkerton Model

Included in this downloadable package are:

  • 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 Please note that CPE is only available for live webinar broadcasts.

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