Effective Unlevered beta

Industry Name Number of firms Beta D/E Ratio Unlevered beta Cash/Firm value
Tax rate corrected for cash
Advertising 49 1.34 51.47% 5.76% 0.97 11.57% 1.1
Aerospace/Defense 73 1.28 29.45% 6.83% 1.05 5.05% 1.11
Air Transport 21 1.58 153.33% 5.32% 0.75 18.30% 0.91
Apparel 39 1.23 31.60% 12.06% 1 9.26% 1.1
Auto & Truck 26 1.13 19.86% 3.88% 0.99 3.38% 1.02
Auto Parts 38 1.4 31.68% 13.62% 1.14 6.36% 1.21
Bank (Money Center) 7 1.12 170.39% 14.69% 0.5 51.78% 1.03
Banks (Regional) 563 0.7 34.57% 19.29% 0.56 33.75% 0.84
Beverage (Alcoholic) 21 0.82 21.42% 7.93% 0.71 1.66% 0.72
Beverage (Soft) 32 1.22 16.65% 4.53% 1.08 2.83% 1.12
Broadcasting 28 1.35 116.82% 11.54% 0.73 10.05% 0.81
Brokerage & Investment Banking 31 1.17 182.48% 14.76% 0.5 24.81% 0.67
Building Materials 44 1.19 18.75% 17.03% 1.04 3.95% 1.09
Business & Consumer Services 160 1.09 22.39% 10.17% 0.94 5.06% 0.99
Cable TV 11 0.93 60.12% 18.08% 0.65 2.25% 0.66
Chemical (Basic) 35 1.16 44.76% 10.02% 0.88 6.51% 0.94
Chemical (Diversified) 4 1.5 47.40% 3.90% 1.12 7.57% 1.21
Chemical (Specialty) 81 1.1 19.47% 10.12% 0.97 3.23% 1
Coal & Related Energy 18 0.92 41.65% 0.74% 0.7 14.34% 0.82
Computer Services 83 1.2 26.94% 8.19% 1 5.28% 1.06
Computers/Peripherals 46 1.29 7.58% 4.96% 1.22 2.36% 1.25
Construction Supplies 48 1.11 27.94% 13.00% 0.92 6.01% 0.98
Diversified 22 0.75 22.62% 7.24% 0.65 7.79% 0.7
Drugs (Biotechnology) 581 0.99 15.30% 0.53% 0.89 8.13% 0.97
Drugs (Pharmaceutical) 298 1.08 14.69% 2.18% 0.97 3.74% 1.01
Education 35 1.13 25.70% 7.64% 0.95 14.06% 1.1
Electrical Equipment 104 1.25 13.69% 4.98% 1.13 5.20% 1.19
Electronics (Consumer & Office) 16 0.98 7.62% 4.87% 0.92 12.54% 1.06
Electronics (General) 137 1.09 12.75% 6.66% 0.99 5.53% 1.05
Engineering/Construction 48 1.06 25.59% 13.53% 0.89 8.46% 0.97
Entertainment 108 1.01 15.23% 2.64% 0.91 5.52% 0.96
Environmental & Waste Services 58 1.24 20.87% 5.90% 1.08 0.90% 1.09
Farming/Agriculture 36 1.03 36.82% 7.65% 0.81 4.22% 0.85
Financial Svcs. (Non-bank &
Insurance) 223 0.93 726.37% 15.60% 0.15 3.06% 0.15
Food Processing 92 0.75 30.52% 10.54% 0.61 2.90% 0.63
Food Wholesalers 15 1.4 46.92% 8.60% 1.04 3.65% 1.08
Furn/Home Furnishings 32 1.11 28.65% 11.74% 0.92 7.66% 0.99
Green & Renewable Energy 20 1.59 66.63% 1.43% 1.07 2.45% 1.1
Healthcare Products 244 0.94 8.61% 4.15% 0.88 3.26% 0.91
Healthcare Support Services 131 1.06 24.55% 7.72% 0.9 5.56% 0.95
Heathcare Information and
Technology 142 0.94 9.73% 3.57% 0.88 3.26% 0.91
Homebuilding 29 1.69 21.97% 18.63% 1.45 8.41% 1.59
Hospitals/Healthcare Facilities 31 1.41 70.98% 8.99% 0.93 3.37% 0.96
Hotel/Gaming 66 1.79 46.01% 6.02% 1.34 6.55% 1.44
Household Products 118 0.98 12.58% 5.87% 0.9 2.48% 0.92
Information Services 79 1.25 10.37% 11.22% 1.16 3.44% 1.2
Insurance (General) 23 0.92 26.64% 11.43% 0.77 4.80% 0.81
Insurance (Life) 24 1.22 92.60% 14.28% 0.73 17.27% 0.88
Insurance (Prop/Cas.) 52 0.86 23.48% 13.37% 0.74 6.29% 0.78
Investments & Asset Management 687 1.05 27.93% 1.42% 0.87 9.78% 0.97
Machinery 111 1.25 14.11% 10.58% 1.13 4.04% 1.18
Metals & Mining 74 1.17 18.17% 2.07% 1.04 8.20% 1.13
Office Equipment & Services 18 1.38 48.26% 8.96% 1.02 7.96% 1.11
Oil/Gas (Integrated) 4 1.47 26.73% 19.34% 1.23 1.98% 1.25
Oil/Gas (Production and Exploration) 183 1.32 31.13% 2.04% 1.08 4.66% 1.13
Oil/Gas Distribution 21 1.4 87.16% 9.76% 0.85 1.34% 0.86
Oilfield Svcs/Equip. 100 1.5 54.13% 3.89% 1.07 9.08% 1.18
Packaging & Container 26 1.01 49.68% 17.09% 0.74 4.80% 0.78
Paper/Forest Products 11 1.21 41.32% 12.01% 0.93 6.63% 1
Power 50 0.83 71.54% 15.61% 0.55 1.83% 0.56
Precious Metals 76 0.99 12.01% 3.11% 0.91 7.87% 0.99
Publishing & Newspapers 21 1.69 36.81% 11.64% 1.34 8.83% 1.46
R.E.I.T. 238 1.35 53.80% 1.94% 0.97 2.00% 0.99
Real Estate (Development) 19 1.06 79.94% 2.60% 0.67 9.62% 0.74
Real Estate (General/Diversified) 10 0.91 26.41% 9.94% 0.76 8.80% 0.83
Real Estate (Operations & Services) 51 1.15 56.36% 6.54% 0.81 6.85% 0.87
Recreation 60 1.23 29.58% 7.75% 1.01 5.96% 1.07
Reinsurance 2 1.37 38.85% 22.96% 1.07 17.51% 1.3
Restaurant/Dining 70 1.56 27.35% 7.11% 1.3 2.55% 1.33
Retail (Automotive) 32 1.4 38.60% 14.20% 1.09 2.75% 1.12
Retail (Building Supply) 16 1.52 13.44% 15.50% 1.39 2.16% 1.42
Retail (Distributors) 68 1.28 32.38% 11.70% 1.04 2.66% 1.06
Retail (General) 16 1.12 16.05% 18.45% 1 3.83% 1.04
Retail (Grocery and Food) 15 0.3 68.24% 13.31% 0.2 5.65% 0.21
Retail (Online) 60 1.1 8.16% 4.76% 1.04 2.18% 1.07
Retail (Special Lines) 76 1.44 34.75% 14.67% 1.15 6.32% 1.23
Rubber& Tires 2 1.16 154.55% 17.42% 0.54 7.77% 0.59
Semiconductor 67 1.16 6.78% 6.80% 1.11 2.48% 1.14
Semiconductor Equip 34 1.34 5.04% 9.19% 1.29 3.72% 1.34
Shipbuilding & Marine 8 0.99 37.96% 3.19% 0.78 3.28% 0.8
Shoe 12 1.19 5.78% 9.86% 1.14 4.26% 1.19
Software (Entertainment) 88 1.2 2.04% 2.21% 1.19 1.75% 1.21
Software (Internet) 36 1 7.67% 1.29% 0.95 2.46% 0.98
Software (System & Application) 375 1.14 5.68% 3.36% 1.1 2.35% 1.12
Steel 28 1.13 32.87% 13.30% 0.91 6.99% 0.98
Telecom (Wireless) 17 0.96 78.31% 3.26% 0.61 2.13% 0.63
Telecom. Equipment 82 1.08 8.73% 5.29% 1.02 3.65% 1.06
Telecom. Services 42 0.85 100.48% 5.86% 0.49 4.15% 0.51
Tobacco 16 1 25.98% 8.23% 0.84 2.77% 0.86
Transportation 17 0.79 22.90% 14.40% 0.68 5.31% 0.72
Transportation (Railroads) 4 0.73 19.94% 17.34% 0.64 1.27% 0.65
Trucking 34 1.44 26.26% 16.04% 1.21 5.57% 1.28
Utility (General) 16 0.89 69.22% 9.75% 0.59 0.63% 0.6
Utility (Water) 14 0.77 34.34% 10.01% 0.61 0.37% 0.61
Total Market 7229 1.09 40.09% 7.05% 0.85 6.87% 0.91
Total Market (without financials) 5619 1.15 19.99% 6.01% 1 3.65% 1.04