Date updated: 5-Jan-19 YouTube Video explaining estimation choices and process.

Created by: Aswath Damodaran, adamodar@stern.nyu.edu

What is this data? Beta, Unlevered beta and other risk measures Emerging Markets
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 26.79%
Effective
Induistry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Advertising 91 1.40 19.19% 13.43% 1.22 11.83% 1.39 0.4162 42.62%
Aerospace/Defense 82 1.18 20.30% 11.05% 1.02 9.87% 1.14 0.3500 36.57%
Air Transport 87 0.99 115.88% 14.13% 0.53 6.99% 0.57 0.3224 26.77%
Apparel 898 0.82 34.26% 15.04% 0.65 9.71% 0.72 0.3719 36.81%
Auto & Truck 81 1.47 49.04% 14.92% 1.08 15.13% 1.28 0.3365 30.45%
Auto Parts 453 1.22 25.33% 16.56% 1.03 11.30% 1.16 0.3528 34.67%
Bank (Money Center) 463 0.67 144.59% 19.99% 0.33 22.35% 0.42 0.2403 22.06%
Banks (Regional) 82 0.80 407.01% 20.84% 0.20 42.99% 0.35 0.2548 29.94%
Beverage (Alcoholic) 114 1.01 4.96% 21.00% 0.97 7.82% 1.05 0.3140 29.28%
Beverage (Soft) 35 0.58 22.56% 12.16% 0.50 5.37% 0.53 0.2819 29.32%
Broadcasting 59 0.86 27.59% 16.90% 0.72 8.61% 0.78 0.3632 30.69%
Brokerage & Investment Banki 392 1.10 190.26% 14.26% 0.46 9.79% 0.51 0.3725 37.03%
Building Materials 213 0.96 39.67% 17.16% 0.74 9.29% 0.82 0.3574 33.91%
Business & Consumer Services 240 1.21 19.98% 16.35% 1.06 9.94% 1.18 0.3938 43.40%
Cable TV 32 1.07 10.40% 11.51% 0.99 6.27% 1.06 0.4176 37.11%
Chemical (Basic) 605 1.06 32.36% 17.15% 0.86 10.28% 0.96 0.3363 33.17%
Chemical (Diversified) 35 1.01 32.41% 20.72% 0.82 5.34% 0.86 0.3327 31.46%
Chemical (Specialty) 505 1.17 33.29% 17.81% 0.94 8.61% 1.03 0.3413 36.33%
Coal & Related Energy 108 1.30 57.27% 16.08% 0.91 19.46% 1.13 0.3576 38.70%
Computer Services 449 1.15 18.76% 13.15% 1.01 5.31% 1.06 0.3700 39.29%
Computers/Peripherals 209 1.52 26.90% 13.48% 1.27 17.08% 1.53 0.3690 36.22%
Construction Supplies 518 1.14 56.57% 15.27% 0.81 15.73% 0.96 0.3501 35.24%
Diversified 229 0.82 131.44% 17.28% 0.42 10.81% 0.47 0.2707 25.83%
Drugs (Biotechnology) 179 1.43 5.15% 6.84% 1.38 4.62% 1.45 0.3909 42.01%
Drugs (Pharmaceutical) 626 1.17 16.35% 16.39% 1.04 8.34% 1.14 0.3461 33.86%
Education 100 1.34 20.39% 14.57% 1.17 11.74% 1.32 0.3877 43.00%
Electrical Equipment 574 1.27 47.37% 15.41% 0.94 11.27% 1.06 0.3762 36.14%
Electronics (Consumer & Office 92 1.53 85.87% 12.16% 0.94 18.41% 1.15 0.3947 39.13%
Electronics (General) 812 1.49 27.30% 13.69% 1.24 16.30% 1.49 0.3759 37.57%
Engineering/Construction 797 1.26 116.67% 17.15% 0.68 23.74% 0.89 0.3823 39.55%
Entertainment 286 1.43 17.46% 10.69% 1.27 9.70% 1.40 0.4303 43.32%
Environmental & Waste Service 117 1.25 43.27% 15.63% 0.95 10.22% 1.06 0.4154 41.61%
Farming/Agriculture 284 0.84 58.91% 13.08% 0.59 7.37% 0.63 0.3391 33.87%
Financial Svcs. (Non-bank & In 559 0.78 142.17% 17.64% 0.38 9.88% 0.42 0.3366 35.61%
Food Processing 829 0.82 28.97% 16.20% 0.67 6.98% 0.73 0.3388 34.19%
Food Wholesalers 82 0.90 67.67% 17.04% 0.60 10.36% 0.67 0.3926 38.78%
Furn/Home Furnishings 218 1.06 22.35% 16.45% 0.91 18.12% 1.11 0.3477 32.98%
Green & Renewable Energy 90 1.06 84.82% 12.03% 0.66 3.49% 0.68 0.3338 32.03%
 Effective
Induistry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Healthcare Products 198 1.34 9.32% 11.62% 1.26 6.55% 1.34 0.3830 38.25%
Healthcare Support Services 134 1.14 32.84% 16.77% 0.92 11.21% 1.04 0.3322 33.68%
Heathcare Information and Tec 83 1.78 3.63% 9.30% 1.73 3.77% 1.80 0.4172 42.85%
Homebuilding 34 0.98 62.12% 13.63% 0.67 11.62% 0.76 0.3426 38.11%
Hospitals/Healthcare Facilities 107 0.85 19.70% 18.72% 0.74 4.40% 0.78 0.2574 27.04%
Hotel/Gaming 396 0.94 39.70% 14.57% 0.73 11.42% 0.82 0.3069 33.56%
Household Products 257 0.99 7.31% 14.63% 0.94 4.04% 0.98 0.3472 34.76%
Information Services 70 1.19 13.44% 19.57% 1.08 8.87% 1.19 0.3749 38.02%
Insurance (General) 140 0.52 36.60% 12.90% 0.41 12.45% 0.47 0.2496 25.57%
Insurance (Life) 71 0.91 58.23% 13.60% 0.63 11.78% 0.72 0.2610 26.61%
Insurance (Prop/Cas.) 138 0.47 30.81% 18.07% 0.39 11.52% 0.44 0.2355 27.88%
Investments & Asset Managem 334 0.87 442.92% 8.41% 0.21 2.17% 0.21 0.3602 36.94%
Machinery 723 1.24 28.82% 16.33% 1.02 10.04% 1.14 0.3538 36.13%
Metals & Mining 311 1.42 61.21% 14.31% 0.98 11.08% 1.10 0.3805 39.52%
Office Equipment & Services 72 0.84 21.46% 15.28% 0.72 9.31% 0.80 0.3301 36.39%
Oil/Gas (Integrated) 24 1.19 53.56% 24.66% 0.85 10.88% 0.96 0.2757 28.14%
Oil/Gas (Production and Explor 133 1.62 44.87% 9.22% 1.22 7.19% 1.32 0.4037 45.25%
Oil/Gas Distribution 84 1.27 85.08% 14.51% 0.78 8.46% 0.86 0.3202 32.29%
Oilfield Svcs/Equip. 236 1.40 48.55% 11.95% 1.03 6.02% 1.10 0.3935 40.48%
Packaging & Container 278 0.80 38.12% 16.03% 0.62 7.41% 0.67 0.3619 35.57%
Paper/Forest Products 194 0.97 72.36% 15.30% 0.63 7.70% 0.69 0.3742 36.24%
Power 360 0.85 103.44% 17.91% 0.48 6.05% 0.52 0.2569 27.07%
Precious Metals 89 1.44 37.81% 11.79% 1.13 6.66% 1.21 0.4448 44.06%
Publishing & Newspapers 170 1.06 12.57% 14.52% 0.97 15.29% 1.14 0.3757 37.24%
R.E.I.T. 203 0.44 52.11% 2.95% 0.32 2.77% 0.33 0.1473 14.78%
Real Estate (Development) 701 1.21 164.89% 18.75% 0.55 20.36% 0.69 0.3360 34.50%
Real Estate (General/Diversifie 262 1.09 75.09% 13.78% 0.71 11.23% 0.79 0.3609 32.20%
Real Estate (Operations & Servi 297 0.86 65.02% 14.07% 0.58 6.54% 0.63 0.3054 31.96%
Recreation 133 0.98 54.99% 14.08% 0.70 14.85% 0.82 0.3795 34.85%
Reinsurance 30 0.96 19.02% 13.63% 0.85 11.87% 0.96 0.3030 27.60%
Restaurant/Dining 126 1.10 21.84% 14.81% 0.94 6.84% 1.01 0.3441 37.99%
Retail (Automotive) 87 1.05 88.66% 18.28% 0.64 11.48% 0.72 0.3304 32.78%
Retail (Building Supply) 23 1.24 17.66% 21.70% 1.10 3.92% 1.14 0.3905 27.70%
Retail (Distributors) 575 0.94 100.32% 15.51% 0.54 13.48% 0.62 0.3828 39.20%
Retail (General) 136 1.13 51.55% 22.82% 0.82 8.40% 0.90 0.2774 27.19%
Retail (Grocery and Food) 64 0.83 27.97% 18.55% 0.69 5.68% 0.73 0.2955 33.14%
Retail (Online) 60 1.33 8.80% 11.19% 1.25 14.35% 1.46 0.4285 38.83%
Retail (Special Lines) 163 1.18 44.42% 18.29% 0.89 10.59% 1.00 0.3332 33.94%
Rubber& Tires 74 0.87 49.92% 19.14% 0.64 9.74% 0.70 0.2962 26.83%
Semiconductor 399 1.71 15.49% 10.84% 1.53 11.47% 1.73 0.3830 38.00%
Semiconductor Equip 183 1.84 37.96% 12.07% 1.44 13.28% 1.66 0.3981 37.60%
Shipbuilding & Marine 231 1.07 100.95% 11.97% 0.62 10.54% 0.69 0.3232 34.33%
Shoe 60 0.98 22.64% 18.92% 0.84 7.80% 0.91 0.3521 36.41%
Software (Entertainment) 40 1.79 8.00% 10.70% 1.70 4.93% 1.78 0.4864 50.52%
Software (Internet) 30 0.88 17.45% 10.90% 0.78 7.81% 0.85 0.3546 32.71%
Software (System & Application 335 1.41 5.83% 11.35% 1.35 7.67% 1.46 0.4243 42.31%
Steel 508 1.21 68.18% 15.21% 0.80 9.51% 0.89 0.3686 37.36%
 Effective
Induistry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
Telecom (Wireless) 60 0.99 47.56% 14.41% 0.74 3.53% 0.76 0.3155 29.42%
Telecom. Equipment 296 1.45 15.80% 11.40% 1.30 10.46% 1.45 0.3963 39.50%
Telecom. Services 128 0.99 39.00% 17.31% 0.77 4.93% 0.81 0.3409 31.26%
Tobacco 27 0.82 1.35% 22.46% 0.81 2.23% 0.83 0.2787 27.56%
Transportation 176 1.11 56.41% 19.94% 0.78 10.03% 0.87 0.3378 31.77%
Transportation (Railroads) 11 1.45 23.06% 26.15% 1.24 4.65% 1.30 0.2304 22.11%
Trucking 100 0.94 58.92% 17.62% 0.66 8.34% 0.72 0.3168 31.74%
Utility (General) 10 1.12 273.97% 16.84% 0.37 8.63% 0.41 0.2673 25.32%
Utility (Water) 66 1.11 67.05% 18.17% 0.74 9.47% 0.82 0.2897 35.31%
Total Market 21855 1.11 73.74% 15.19% 0.72 13.92% 0.84 0.3504 35.31%
Total Market (without financia 19676 1.14 50.59% 15.12% 0.84 10.66% 0.93 0.3551 35.72%
Standard deviation in operating income (last 10 years)
42.48%
21.92%
59.04%
26.90%
30.37%
31.68%
44.94%
-1851.65%
42.90%
35.13%
27.74%
49.45%
26.41%
43.91%
48.35%
29.29%
22.90%
21.60%
37.49%
28.57%
47.80%
21.46%
39.31%
41.09%
38.30%
55.01%
21.74%
47.94%
47.42%
36.49%
51.12%
74.55%
17.48%
37.89%
26.08%
29.35%
45.12%
43.69%
Standard deviation in operating income (last 10 years)
46.66%
52.92%
108.64%
81.80%
28.92%
32.39%
30.44%
22.25%
41.78%
54.79%
47.66%
49.04%
31.52%
35.38%
17.10%
35.58%
41.15%
26.09%
37.65%
19.99%
35.30%
29.20%
41.03%
20.52%
38.49%
51.32%
28.96%
25.87%
43.81%
48.32%
41.23%
32.66%
50.75%
21.23%
20.26%
24.68%
92.44%
26.85%
42.03%
64.27%
67.92%
42.99%
14.43%
79.22%
146.88%
36.38%
46.42%
Standard deviation in operating income (last 10 years)
16.98%
33.75%
3.97%
16.37%
27.47%
17.09%
27.16%
22.02%
25.12%
22.45%
21.29%
Effective
Marginal