Betas by Sector

Data used is as of January 2010

Industry Name Number of Firms Average Beta Market D/E Ratio Tax Rate Unlevered Beta Cash/Firm Value Unlevered Beta corrected for cash
Advertising 36 1.6 72.76% 13.01% 0.98 11.92% 1.12
Aerospace/Defense 67 1.19 22.94% 20.05% 1 7.90% 1.09
Air Transport 44 1.06 70.74% 17.63% 0.67 11.84% 0.76
Apparel 56 1.3 23.61% 16.54% 1.09 6.95% 1.17
Auto & Truck 22 1.72 154.47% 13.25% 0.74 11.75% 0.83
Auto Parts 54 1.75 51.24% 12.09% 1.21 12.38% 1.38
Bank 481 0.75 198.22% 17.50% 0.28 10.36% 0.32
Bank (Canadian) 7 0.86 16.44% 14.94% 0.76 7.37% 0.82
Bank (Midwest) 39 0.96 110.54% 20.65% 0.51 9.63% 0.57
Beverage 41 1.04 16.92% 12.12% 0.9 3.20% 0.93
Biotechnology 121 1.1 14.78% 4.46% 0.96 14.59% 1.12
Building Materials 53 1.45 83.80% 14.56% 0.84 5.48% 0.89
Cable TV 24 1.69 85.22% 21.86% 1.02 4.02% 1.06
Canadian Energy 10 1.18 30.86% 26.99% 0.96 2.32% 0.98
Chemical (Basic) 17 1.27 20.37% 21.59% 1.1 6.74% 1.18
Chemical (Diversified) 31 1.37 19.85% 20.84% 1.19 4.73% 1.25
Chemical (Specialty) 97 1.29 29.01% 12.86% 1.03 4.17% 1.08
Coal 21 1.67 23.68% 13.15% 1.39 4.31% 1.45
Computer Software/Svcs 333 1.02 5.61% 10.12% 0.97 10.34% 1.08
Computers/Peripherals 129 1.29 10.93% 8.65% 1.17 12.20% 1.33
Diversified Co. 121 1.2 138.78% 18.93% 0.57 11.12% 0.64
Drug 337 1.11 12.58% 5.62% 0.99 7.79% 1.07
E-Commerce 56 1.18 8.74% 13.50% 1.09 11.63% 1.24
Educational Services 38 0.75 7.21% 24.06% 0.71 8.58% 0.78
Electric Util. (Central) 23 0.79 102.89% 32.27% 0.47 2.31% 0.48
Electric Utility (East) 24 0.73 75.74% 33.77% 0.49 1.70% 0.5
Electric Utility (West) 14 0.75 89.99% 32.45% 0.47 4.25% 0.49
Electrical Equipment 87 1.41 16.91% 14.07% 1.23 7.16% 1.33
Electronics 183 1.16 26.37% 10.63% 0.94 14.90% 1.1
Entertainment 95 1.81 56.83% 11.78% 1.21 6.56% 1.29
Entertainment Tech 35 1.32 11.72% 6.28% 1.19 22.36% 1.53
Environmental 91 0.97 49.42% 14.27% 0.68 2.49% 0.7
Financial Svcs. (Div.) 296 1.39 305.02% 16.53% 0.39 15.76% 0.47
Food Processing 121 0.86 29.31% 17.29% 0.69 3.79% 0.72
Foreign Electronics 9 1.13 29.12% 10.71% 0.9 22.65% 1.16
Funeral Services 5 1.19 56.52% 24.34% 0.83 3.51% 0.86
Furn/Home Furnishings 35 1.52 38.54% 17.48% 1.16 6.12% 1.23
Healthcare Information 33 0.97 13.57% 17.80% 0.87 6.85% 0.94
Heavy Construction 14 1.42 7.58% 33.76% 1.35 16.86% 1.63
Homebuilding 28 1.45 102.34% 1.42% 0.72 26.11% 0.98
Hotel/Gaming 74 1.74 85.90% 12.93% 1 6.19% 1.06
Household Products 23 1.15 22.36% 24.87% 0.98 2.23% 1
Human Resources 30 1.38 13.17% 23.63% 1.25 14.81% 1.47
Industrial Services 168 1.07 33.96% 17.89% 0.84 8.10% 0.91
Information Services 29 1.28 23.68% 19.37% 1.08 3.91% 1.12
Insurance (Life) 31 1.38 36.81% 22.47% 1.07 38.96% 1.75
Insurance (Prop/Cas.) 85 0.92 24.03% 15.68% 0.76 23.51% 1
Internet 239 1.04 2.28% 5.94% 1.02 9.53% 1.13
Investment Co. 19 0.76 59.26% 0.00% 0.48 72.09% 1.71
Investment Co.(Foreign) 16 1.39 9.38% 2.10% 1.27 6.84% 1.36
Machinery 130 1.32 46.80% 20.41% 0.96 6.70% 1.03
Manuf. Housing/RV 15 1.21 3.98% 14.80% 1.17 13.51% 1.35
Maritime 53 1.38 159.57% 9.70% 0.57 6.93% 0.61
Medical Services 162 0.97 43.09% 18.84% 0.72 10.96% 0.81
Medical Supplies 264 1.04 11.36% 11.24% 0.95 6.57% 1.02

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Betas by Sector
Data used is as of January 2010
Industry Name Number of Firms Average Beta Market D/E Ratio Tax Rate Unlevered Beta Cash/Firm Value Unlevered Beta corrected for cash
Metal Fabricating 36 1.54 18.80% 18.10% 1.33 11.77% 1.51
Metals & Mining (Div.) 79 1.23 14.78% 7.41% 1.08 2.81% 1.11
Natural Gas (Div.) 32 1.29 47.84% 25.01% 0.95 2.44% 0.97
Natural Gas Utility 24 0.68 80.53% 24.87% 0.42 2.69% 0.43
Newspaper 15 1.94 55.65% 27.26% 1.38 3.68% 1.44
Office Equip/Supplies 25 1.19 56.84% 22.62% 0.83 6.73% 0.89
Oil/Gas Distribution 19 0.89 61.46% 7.15% 0.56 1.83% 0.58
Oilfield Svcs/Equip. 113 1.45 25.97% 22.05% 1.21 4.77% 1.27
Packaging & Container 31 1.2 61.31% 18.18% 0.8 4.26% 0.83
Paper/Forest Products 39 1.63 86.48% 7.70% 0.91 5.49% 0.96
Petroleum (Integrated) 24 1.24 14.44% 33.00% 1.13 6.13% 1.21
Petroleum (Producing) 198 1.16 27.01% 11.27% 0.94 3.10% 0.97
Pharmacy Services 21 0.88 20.07% 24.36% 0.76 3.23% 0.79
Power 77 1.23 103.58% 7.00% 0.63 9.56% 0.69
Precious Metals 78 1.18 8.49% 8.41% 1.1 2.94% 1.13
Precision Instrument 98 1.24 15.02% 10.50% 1.09 12.53% 1.24
Property Management 20 1.63 191.86% 9.03% 0.59 5.94% 0.63
Public/Private Equity 9 2.4 169.66% 0.80% 0.89 12.16% 1.02
Publishing 30 1.43 70.33% 15.54% 0.9 4.27% 0.94
R.E.I.T. 143 1.6 67.45% 0.72% 0.96 5.72% 1.01
Railroad 15 1.29 32.95% 27.39% 1.04 2.31% 1.07
Recreation 65 1.43 49.77% 16.86% 1.01 5.05% 1.06
Reinsurance 8 1.07 17.69% 4.17% 0.91 28.41% 1.28
Restaurant 68 1.34 22.48% 19.86% 1.14 2.52% 1.17
Retail (Special Lines) 157 1.43 16.08% 18.49% 1.27 8.52% 1.38
Retail Automotive 15 1.46 44.57% 32.68% 1.13 2.65% 1.16
Retail Building Supply 7 0.95 19.12% 27.05% 0.83 1.34% 0.85
Retail Store 43 1.35 26.98% 18.42% 1.1 4.55% 1.16
Retail/Wholesale Food 32 0.73 26.17% 30.39% 0.62 3.01% 0.63
Securities Brokerage 30 1.18 281.05% 20.49% 0.36 34.11% 0.55
Semiconductor 125 1.56 8.06% 10.85% 1.45 12.95% 1.67
Semiconductor Equip 14 1.93 7.28% 16.66% 1.82 14.50% 2.13
Shoe 19 1.34 3.55% 22.11% 1.3 11.41% 1.47
Steel (General) 20 1.61 30.81% 22.29% 1.3 7.65% 1.4
Steel (Integrated) 15 1.85 39.30% 22.94% 1.42 7.93% 1.55
Telecom. Equipment 115 1.15 10.90% 13.79% 1.05 21.02% 1.33
Telecom. Services 140 1.1 47.03% 12.80% 0.78 5.75% 0.83
Thrift 227 0.73 21.74% 11.90% 0.61 14.51% 0.72
Tobacco 12 0.78 22.93% 26.03% 0.67 5.57% 0.71
Toiletries/Cosmetics 19 1.23 26.33% 26.27% 1.03 6.89% 1.1
Trucking 33 1.3 85.30% 30.87% 0.82 4.84% 0.86
Utility (Foreign) 5 1.07 101.26% 12.11% 0.57 4.80% 0.59
Water Utility 15 0.82 87.95% 31.16% 0.51 0.77% 0.51
Wireless Networking 60 1.5 19.83% 9.92% 1.28 5.01% 1.34
Total Market 7036 1.17 49.99% 14.07% 0.82 9.49% 0.9

Last Updated in January 2010

By Aswath Damodaran

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