The Case Study Of Centrica Plc Finance Essay

Weighted mean cost of capital, in short called WACC, is fundamentally the mean cost of the equity every bit good as the debt funding which is weighted as per their peculiar portions in the capital construction ( Besley Scott, 2008 ) . It is usually a computation of a companies cost of capital where each capital is proportionally leaden ( Maharaj, 2002 ) . Different types of cost of capital are common stock, bonds, preferable stock and other long-run duty.

A The chief intent of pull offing fundss is to heighten the stockholders wealth as shown in the portion ‘s market monetary value, which wholly depend on the features of risk-return on the fiscal determinations made by the company. Hazard and return plays a really of import function in finding the portions value. Hence, finance directors while taking the fiscal determination have to see these two factors in every measure, and so take the determination ( Fields, 2002 ) .

A Hazard is fundamentally the proved chance of loss or in other words, it is a possibility which gives a opportunity of geting less than the expected returns means whatever the company is presuming of acquiring return, there is ever a opportunity that the return can be less than the expected 1. Hence we can state that the credence of any proposal for investing will non alter the possibility of concern hazard of company as per the perceptual experience of the provider who will provide the capital.

However, it is true that the different types of investing proposals have different extent of hazard. Hence, the value of the hazard measuring when make up one’s minding the capital budgeting can non be accurate while ciphering ( Warren, 2008 ) .

In fact, both the footings, hazard and return are interrelated to each other in a closed manner. It ‘s a true stating that higher the return, higher will be the opportunity of hazard. If an investing undertaking is anticipating a high return, it means the undertaking is excessively hazardous and that ‘s why it is doing a major addition in the hazard perceived by the house.

There are two major types of hazard, fiscal hazard and concern hazard. Financial hazard is an extra hazard ( Horcher, 2005 ) . This hazard chiefly affects the stockholder, if his company uses both debt every bit good as equity funding at the same clip ( Bossert, 2008 ) . Companies which issue more sum of debt funding can hold much higher possibility of fiscal hazard, compared to those companies who financed largely equity. The fiscal hazard besides includes a different type of hazard, called default hazard. It is the hazard which comes from the possibility of non-payment from borrower ‘s side. Many times it happen that borrower are non in a place of doing chief refunds or the involvement payments. It ‘s normally said that higher the company ‘s fiscal purchase, higher will be the hazard. Both are in direct relation with each other.

The 2nd type of hazard is called the concern hazard. It is largely caused by the fluctuations in the sum of EBIT that is, gaining before involvement and revenue enhancements, besides known as operating income ( L. Jarvis, 2003 ) . This hazard chiefly depends on the fluctuation caused in the different sectors like demand, input monetary values, gross revenues monetary value, every bit good as the operating purchase measure ( Brigham, 2010 ) .

Furthermore, the hazard every bit good as cost flows in a same mode, hence we can state that if the house is more hazardous which means more assets are used to pay the debt, so the value of the house will be less in footings of debt which is needed in higher sum to guarantee an equal sum of return. Hence, we can state that whenever the debt will increase, WACC will increase every bit good.

WACC is chiefly designed to manage different state of affairss like uninterrupted changeless purchase, every bit good as the overestimate of revenue enhancement shield where the life of undertaking is finite. The buttocks this is the D/E ( Dividend/Earning ratio ) which no longer provides a fixed ratio between the present values of operating hard currency flows every bit good as revenue enhancement nest eggs. Hence, at the initial phase, the hazard is ignored, and the consequent farther additions in the hazard are besides overlooked.

However, if we look about the NPV, it can manage non merely any deterministic type of hard currency flow or the capital construction, but besides the adoption schemes after a short turn in the signifier of programming at that point where the sum of loan is altering with the GPV. WACC can work out this state of affairs in a simpler manner ; nevertheless utilizing NPV for the two times can besides assist ( Glisic, 2009 ) .

However, WACC has certain drawbacks as good. Using WACC, it is hard for you to rectify those state of affairss where EBIT is assumed of acquiring declined of the involvement due. And the 2nd drawback is that in most of the states, this durable rate is non taken for granted for hazard measuring. Beta, a volatility measuring tool or in other words, systematic hazard which is used in direction of portfolio ‘s comparison to the whole market, is besides really difficult to be estimated by WACC ( Northington, 2009 ) . While we know that the mistake occurred in beta has zero expected value, therefore there can be regular mistake at the clip of rating. Still, this is an of import hazard factor and its appraisal can non be ignored. In add-on, if WACC is based on the book values of equity every bit good as debt, it will non give the right appraisal. WACC besides predicts what an organisation requires to gain on any new investing, nevertheless this hazard includes beta factor, hence it fails to analyse the beta factor right, Ho will the entire hazard factor will be calculated. Hence, it may non be considered as a perfect tool to measure new undertaking for Centrica Plc.

Section II

Proxy Companies, belonging to the same sector, chosen for Analysis:

Saint-Gobain ( JewSon )

Wolseley PLC, UK

Lafarge Cements UK ( earlier Blue circle )

Cemex ( before known as Rugby ) Group

Collection of Data for the companies chosen:

The balance sheet for the companies chosen is available in Appendix 1. The sum-up of the needed variables is extracted/calculated in the tabular array below.

Sr. #

Company

Share Price

Number of Shares

( Avg )

Market value of Equity

Book value of Debt

Equity Beta

Gearing Ratio ( D/E )

1

Saint Gobain

32.87 a‚¬

4.2 million

a‚¬17.34 B

a‚¬15.3 B

1.50

88 %

2

Wolseley

1,443p

284.39 million

?4089.53 million

?1.8 B

1.72

49.6 %

3

Lafarge Cements UK ( earlier Blue circle )

41.80 a‚¬

286.09 million

a‚¬13.8 B

a‚¬11.9 B

1.50

86 %

4

Cemex ( before known as Rugby ) Group

9.44 $

12.30 million

$ 9.06 B

$ 11.2 B

2.13

113 %

5

Centrica PLC

303.9p

5,151 million

?15,654 million

?8,675 million

0.62

53.65 %

The mean beta for the sector is 1.45 and the mean D/E ratio is 83.80 % ( mention appendix 2 ) .

The stairss in ciphering a project-specific price reduction rate utilizing the CAPM are summarized, as follows:

Suitable placeholder companies are located. Normally from the same sector

Equity betas, geartrains & A ; revenue enhancement rates are determined for these proxy companies

Proxy equity betas are ungeared to obtain plus betas.

Average plus beta is calculated

Asset beta is regeared

CAPM is used to cipher the Project specific cost of equity.

CAPM theoretical account considers risk in the footings of volatility, which is measured by beta coefficient of investing. The expression is:

Kc A = A Rf A + A Betax ( Rm – Releasing factor )

Where:

Kc is the risk-adjusted price reduction rate ( besides known as the Cost of Capital ) ;

Rf is the rate of a “ riskless ” investing, i.e. hard currency ;

Rm is the return rate of a market benchmark, like the S & A ; P 500.

As per the information provided through the academic research, estimated market premium ( Rm – Releasing factor ) is presumed to be 4.0 % for this instance.

Following tabular array shows the computation of the undertaking specific price reduction rate:

Sr #

Company

Equity Beta

Gearing ratio ( % )

Debt ( % )

Equity ( % )

Tax rate

Risk Free ( % )

Equity hazard premium ( % )

Asset Beta

1

Saint Gobain

1.5

88

46.8

53.2

14.56

4

4

0.9

2

Wolseley

1.72

49.6

33.2

66.8

14.56

4

4

1.2

3

Lafarge Cement

1.5

86

46.2

53.8

14.56

4

4

0.9

4

Cemex Group

2.13

113

53.1

46.9

14.56

4

4

1.1

A

A

A

A

A

A

A

A

Avg Asset Beta

0.7

A

A

A

A

A

A

A

A

Regear

1.1

A

A

A

A

A

A

A

A

Undertaking specific price reduction rate ( % )

8.3

5

Centrica

A

53.65

34.9

65.1

14.56

A

A

A

General remark on the suitableness of the consequence obtained

The house with low pitching ratio dominates in the market in the long tally. Similarly, low debt to equity ratio is ever an attractive characteristic for all the investors in the market because their fiscal hazard is reduced to the lower limit ( Atrill, 2008 ) . It besides helps the houses to raise more and more debt funding in the hereafter. As such return to high pitching company does

The Capital Assets pricing theoretical account { CAPM } is a method by which expected return rate on securities can be found with the aid of security beta. There is the engagement of Risk-free rate which indicates the sum obtained from puting in securities which are considered free from market fluctuations. By and large Government Chemical bonds are included in hazard free rate. In U.S.A. Treasury Bills or long term bonds rate is often used a placeholder for hazard free rate ( Dickie, 2006 ) . These securities are besides called the gilding edged securities as these are wholly risk free duly backed and guaranteed by the authorities. These risk free rate besides helps in ciphering the Leaden Average Cost of Assets { WACC } .WACC ever indicates that the equity capital is more expensive than the debt in figure of instances, though it depends on the overall capital formation every bit good as the consequence of other fiscal sections ( Smith, 2005 ) .

Premises made

The hurdle rate obtained may non be dependable as the placeholder companies chosen for analysis are limited

The cost of equity finance should be used along with the hurdle rate to get at the best judgement

The equity premium is presumed value with a broad scope of 2.5 % -4 % . Higher scope is taken for computation.

An assessment study of present scenario in Centrica PLC in footings of bureau job

Healthy administration is needfully the foundation of managerial and service quality. It fabricates public religion by optimising effectivity and justifying hazard. Further, in reaction to the lifting public hopes for clarity and advanced criterions, Servicess have developed a set of tactics to help bureaus in practising good authorization.

Our major undertaking is to understand the present scenario of Centrica VLC and analyze if the present state of affairs is heading towards an bureau or a corporate authorities. For this, Let us now foremost understand the existent significance of bureau or a corporate authorities.

Corporate administration refers by and large to the set of regulations, processs, or regulations by which trade is operated, synchronized, and controlled ( A. G. Monks, 2008 ) . This term can besides mention to those internal causes given by some of the officers, shareholders and fundamental law of any corporation, and besides to the out-of-door forces like the consumer crowd, clients, and the ordinances by authorities. Chiseled & A ; forced corporate administration gives a composing that benefits everyone concerned in the least footings and this is done by supplying the confidence that the endeavor sticks on to the established ethical rules and besides patterns good the formal Torahs ( Helmholz, 2004 ) . To that side of the narrative, associations have been framed at the national, planetary and besides at the regional degrees.

In some of the recent clip, corporate administration mostly received amplified notice because of some high-profile indignations affecting development of corporate control and even in some other instances witnessing condemnable activities by the corporate officers. An indispensable portion of any effective corporate administration regulation includes supplies for condemnable or civil prosecution of those persons who have conducted immoral or illegal work as a member of the organisation taking the benefit of its name. The map of such corporate type of administration is fundamentally to oblige, bring on to actuate the corporate directors for maintaining the promises they made to the investors ( Jackall, 2009 ) .

Appraisal of Core Governance Policies at Centrica PLC

These are the basic policies adopted at Centrica PLC to forestall the bureau job:

Induce the troughs for transporting out the direction expeditiously by alining the involvements of the stockholders straight with the directors. Some cases of Such policies are stock options, Executives compensation programs, or the direst control by the board.

Another manner is to beef up stockholder ‘s rights so that they have a greater ability and inducement for supervising the direction ( Kay, 2005 ) . This process amplifies the involvements of the investors through legalized protection strategies from expropriation by the directors. Thus rights of the stockholders are protected and enforced decently.

Following policy could be to utilize indirect processs for the corporate control like the control provided by the capital markets, the managerial labour ‘s markets ( Hengartner, 2006 ) .

All managers are elected yearly merely by secret ballots calculated by independent counters ( Groen, 2004 ) . Privacy should be nonvoluntary and stable and refer to all the ballot points. Regulations and patterns sing the casting, together with verifying of the stockholder votes shall be visibly disclosed.

At least 2/3rd of any corporation ‘s managers must be independent. A manager will be judged autonomous if his /her lone non-trivial familiar, professional or fiscal nexus to the company, its president, or CEO or any of the other executives is his/her directorship.

A corporation shall uncover information necessity for the stockholders to reason whether each of the managers have qualified as being independent, even if the disclosure is indispensable for the federal or province jurisprudence.

Companies must hold appraisal, put uping & A ; compensation committees. All the members of such commissions must be independent. The board shall be naming the commission. Committees must hold the opportunity to take their personal service provider. Some often planned commission assemblage should be organized with merely the members of the commission.

A bulk ballot of general portions exceeding should be necessary to allow main corporate

Decisions sing the auction or curse of corporate resources which will hold a

Influence effect on stockholder monetary value.

Decision

An bureau or a corporate type of authorities manifests itself in the state of affairss of economic crisis ( Shiller, 2008 ) . It is concerned chiefly with inventing ways for alining the involvements of the investors with that of the directors. Efficient corporate administration web or construction can minimise the high costs of bureau and other hold-up jobs related to the ownership & A ; control separation.

In decision present state of affairss of the concerned state, Centrica PLC the above mentioned policies are turn outing evidences in this state. Centrica PLC is a large multinational efficaciousness company with its base in the U K but involvements besides in North America & A ; Europe. Centrica is a major gas supplier to the domestic consumers in United Kingdom, and is besides one amongst the biggest supplier of electricity, working under the names of trading “ Scots Gas ” ( Scotland ) & A ; “ British Gas ” ( for remainder UK ) ( Mankiw N,2008 ) .

Keeping in head the above rules stated above sketching the cardinal rules of a corporate authorities, it can be concluded that the bureau jobs are non seeable in Centrica PLC and appropriate controls are in topographic point to forestall it.

Appendix

Appendix 1 – Balance Sheet of the chosen companies

Group Balance Sheet of Saint Gobain

Group Balance Sheet of Wolseley

Group balance sheet

As at 31 July 2009

Notes

2009

2008

?m

?m

Assetss

Non-current assets

Intangible assets: good will

14

1,514

1,995

Intangible assets: other

15

709

841

Property, works and equipment

16

1,593

1,842

Investing in associate

17

53

0

Fiscal assets: available-for-sale investings

18

3

4

Deferred revenue enhancement assets

19

244

52

Trade and other receivables

21

116

96

Derivative fiscal assets

23

34

0

A

A

4,266

4,830

Current assets

Inventories

20

1,624

2,025

Trade and other receivables

21

1,983

2,804

Current revenue enhancement receivable

124

18

Fiscal assets: trading investings

22

155

5

Derivative fiscal assets

23

23

16

Fiscal receivables: building loans ( secured )

24

163

237

Cash and hard currency equivalents

25

635

321

A

A

4,707

5,426

Assetss held for sale

26

88

43

Entire assets

A

9,061

10,299

Liabilitiess

Current liabilities

Trade and other payables

27

2,586

2,956

Current revenue enhancement payable

173

219

Borrowings: building loans ( unbarred )

24

163

237

Bank loans and overdrafts

28

42

276

Duties under finance rentals

30

12

19

Derivative fiscal liabilities

23

25

8

Commissariats

31

122

60

Retirement benefit duties

32

33

22

A

A

3,156

3,797

Non-current liabilities

Trade and other payables

27

59

68

Bank loans

28

1,657

2,440

Duties under finance rentals

30

59

68

Derivative fiscal liabilities

23

11

0

Deferred revenue enhancement liabilities

19

176

235

Commissariats

31

244

118

Retirement benefit duties

32

308

214

A

A

2,514

3,143

Liabilitiess of disposal groups held for sale

26

15

0

Entire liabilities

A

5,685

6,940

Net assets

A

3,376

3,359

Stockholders ‘ equity

Called up portion capital

33

241

165

Share premium history

35

1,152

949

Foreign currency interlingual rendition modesty

35

228

( 52 )

Retained net incomes

35

1,755

2,297

Equity stockholders ‘ financess

A

3,376

3,359

Balance Sheet of Lafarge Cement

Balance Sheet of Cemex Group

Quarterly Balance Sheets

in 1000s of U.S. dollars

Entire Assetss

181,565,434

Cash and impermanent investings

2,731,188

Trade histories receivables

6,273,645

Other receivables

3,214,125

Inventories

5,960,156

Other current assets

958,367

Current assets

19,137,481

Fixed assets

82,552,219

Other assets

79,875,734

Entire Liabilitiess

108,783,710

Current Liabilitiess

25,948,822

Long-run Liabilitiess

62,093,894

Other Liabilitiess

20,740,993

Amalgamate Stockholders ‘ Equity

72,781,724

Minority Interest and Perpetual Instruments

13,373,797

Stockholders ‘ Equity attributable to Majority Interest

59,407,927

Balance Sheet of Centrica PLC

Summary group balance sheet

31 December

2009

?m

2008 ( restated ) ( I )

?m

Non-current assets

12,472

8,522

Current assets

6,492

9,944

Current liabilities

( 6,162 )

( 7,781 )

Net current assets

330

2,163

Non-current liabilities

( 8,675 )

( 6,313 )

Net assets of disposal groups classified as held for sale

128

Net assets

4,255

4,372

Stockholders ‘ equity

4,192

4,312

Minority involvements in equity

63

60

Entire minority involvements and stockholders ‘ equity

4,255

4,372

Restated to capitalize adoption costs on acceptance of IAS 23 ( Amendment ) , to sort the non-current parts of derivative fiscal instruments from current assets and liabilities to non-current assets and liabilities and to reflect the alteration in British Gas Services Limited ‘s gross acknowledgment policy.

Appendix 2: Sector – Average values

Industry Name

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Cash/Firm Value

Unlevered Beta corrected for hard currency

Ad

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 & A ; Truck

22

1.72

154.47 %

13.25 %

0.74

11.75 %

0.83

Car Partss

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 Television

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 Servicess

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

Electronicss

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

Fiscal 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 Electronicss

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

Family Merchandises

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 Servicess

168

1.07

33.96 %

17.89 %

0.84

8.10 %

0.91

Information Servicess

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

Investing 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 Servicess

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

Metallic element Manufacturing

36

1.54

18.80 %

18.10 %

1.33

11.77 %

1.51

Metallic elements & A ; 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

Boxing & A ; Container

31

1.2

61.31 %

18.18 %

0.8

4.26 %

0.83

Paper/Forest Merchandises

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 Servicess

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

Cherished Metallic elements

78

1.18

8.49 %

8.41 %

1.1

2.94 %

1.13

Preciseness 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

Printing

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

Railway

15

1.29

32.95 %

27.39 %

1.04

2.31 %

1.07

Diversion

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 Shop

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. Servicess

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

Hauling

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

Entire Market

7036

1.17

49.99 %

14.07 %

0.82

9.49 %

0.9

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