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Cover image: Duff & PhelpsCover design: Tim HarmsCopyright 2016 by John Wiley & Sons, Inc. All rights reserved.Published by John Wiley & Sons, Inc., Hoboken, New Jersey.Published simultaneously in Canada.No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or byany means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permittedunder Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permissionof the Publisher, or authorization through payment of the appropriate per-copy fee to the CopyrightClearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or onthe Web at www.copyright.com. Requests to the Publisher for permission should be addressed to thePermissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax(201) 748-6008, or online at http://www.wiley.com/go/permissions.The foregoing does not preclude End-users from using the 2015 International Valuation Handbook ࣓Industry Cost of Capital and data published therein in connection with their internal business operations.Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts inpreparing this book, they make no representations or warranties with respect to the accuracy orcompleteness of the contents of this book and specifically disclaim any implied warranties ofmerchantability or fitness for a particular purpose. No warranty may be created or extended by salesrepresentatives or written sales materials. The advice and strategies contained herein may not be suitablefor your situation. You should consult with a professional where appropriate. Neither the publisher norauthors shall be liable for any loss of profit or any other commercial damages, including but not limited tospecial, incidental, consequential, or other damages.For general information on our other products and services or for technical support, please contact ourCustomer Care Department within the United States at (800) 762-2974, outside the United States at (317)572-3993 or fax (317) 572-4002.Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material includedwith standard print versions of this book may not be included in e-books or in print-on-demand. If this bookrefers to media such as a CD or DVD that is not included in the version you purchased, you may downloadthis material at http://booksupport.wiley.com. For more information about Wiley products, visitwww.wiley.com. For more information about Duff & Phelps valuation data resources published by John Wiley& Sons, please go to: www.wiley.com/go/ValuationHandbooks.ISBN 978-1-119-12994-3 (Hardcover)ISBN 978-1-119-27964-8 (ePDF)Printed in the United States of America10 9 8 7 6 5 4 3 2 1

About the DataThe information and data presented in the 2015 International Valuation Handbook – Industry Costof Capital has been obtained with the greatest of care from sources believed to be reliable, but isnot guaranteed to be complete, accurate or timely. Duff & Phelps, LLC (www.duffandphelps.com)and/or its data providers expressly disclaim any liability, including incidental or consequentialdamages, arising from the use of the 2015 International Valuation Handbook – Industry Cost ofCapital or any errors or omissions that may be contained in the 2015 International ValuationHandbook – Industry Cost of Capital, or any other product (existing or to be developed) based uponthe methodology and/or data published herein. One of the sources of raw data used to producethe derived data and information herein is Morningstar, Inc. Use of raw data from Morningstar toproduce the derived data and information herein does not necessarily constitute agreement byMorningstar, Inc. of any investment philosophy or strategy presented in this publication.

About Duff & PhelpsDuff & Phelps is the premier global valuation and corporate finance advisor with expertise incomplex valuation, dispute and legal management consulting, M&A, restructuring, and complianceand regulatory consulting. The firm’s more than 2,000 employees serve a diverse range of clientsfrom offices around the world. For more information, visit www.duffandphelps.com.M&A advisory and capital raising services in the United States are provided by Duff & PhelpsSecurities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities,LLC. M&A advisory and capital raising services in the United Kingdom and Germany are providedby Duff & Phelps Securities Ltd., which is authorized and regulated by the Financial ConductAuthority.

Additional ResourcesTo download a free copy of “Developing the Cost of Equity Capital: Risk-Free Rate and ERP DuringPeriods of ‘Flight to Quality’” by Roger J. Grabowski, visit: www.duffandphelps.com/CostofCapital.To learn more about the latest theory and practice in cost of capital estimation, see Cost of Capital:Applications and Examples 5th edition, by Shannon P. Pratt and Roger J. Grabowski (John Wiley &Sons, Inc., 2014).“Shannon Pratt and Roger Grabowski have produced a remarkably comprehensive reviewof the subject it is a work that valuation practitioners, CFOs, and others will find aninvaluable reference.”– Professor Richard Brealey, London Business School (from the Foreword)“Estimating the cost of capital is critical in determining the valuation of assets, in evaluatingthe capital structure of corporations, and in estimating the long run expected return ofinvestments. Shannon Pratt and Roger Grabowski have the most thorough text on thesubject, not only providing various estimation methods, but also numerous ways to use thecost of capital.”– Professor Roger G. Ibbotson, Yale School of Management, former chairman and founderof Ibbotson Associates, chairman, founder, and CIO of Zebra Capital.Other Duff & Phelps Valuation Data Resources Published by John Wiley & SonsIn addition to the 2015 International Valuation Handbook – Industry Cost of Capital, other Duff &Phelps valuation data resources published by John Wiley & Sons are as follows:Valuation Handbook – Guide to Cost of Capital: This annual book includes the data previouslypublished in the Morningstar/Ibbotson Stocks, Bonds, Bills, and Inflation (SBBI ) ValuationYearbook and the Duff & Phelps Risk Premium Report. The Valuation Handbook – Guide to Costof Capital can be used to develop cost of equity capital estimates for an individual business,business ownership interest, security, or intangible asset.The Valuation Handbook – Guide to Cost of Capital has been published since 2014 (2014 and 2015editions are available with data through December 31, 2013 and December 31, 2014, respectively;the 2016 edition, with data through December 31, 2015, will be available in March 2016). This bookincludes three optional quarterly updates (March, June, and September).

Valuation Handbook – Industry Cost of Capital: This annual book is the U.S.-centric version ofthe 2015 International Valuation Handbook – Industry Cost of Capital. The Valuation Handbook –Industry Cost of Capital provides cost of capital estimates (i.e., equity capital, debt capital, andWACC) for approximately 180 U.S. industries and size groupings (i.e., Large-, Mid-, Low-, andMicro-capitalization companies), plus a host of detailed statistics that can be used forbenchmarking purposes (over 300 critical industry-level data points calculated for each industry,depending on data availability).The Valuation Handbook – Industry Cost of Capital has been published since 2014 (2014 and 2015editions are available with data through March 31, 2014 and March 31, 2015, respectively; the 2016edition, with data through March 31, 2016, will be available in June 2016). This book includes threeoptional quarterly updates (June, September, and December).International Valuation Handbook – Guide to Cost of Capital: This annual book provides countrylevel equity risk premia (ERPs), relative volatility (RV) factors, and country risk premia (CRPs), whichcan be used to estimate country-level cost of equity capital globally, for up to 188 countries, fromthe perspective of investors based in any one of up to 56 countries (depending on data availability).The International Valuation Handbook – Guide to of Capital has been published since 2014 (2014and 2015 editions are available with data through (i) December 31, 2013 and March 31, 2014, and(ii) December 31, 2014 and March 31, 2015, respectively; the 2016 edition, with data throughDecember 31, 2015 and March 31, 2016, will be available in June 2016). This book includes anoptional Semi-annual update, with data through June and September.To order additional copies of the International Valuation Handbook – Industry Cost of Capital, orother Duff & Phelps valuation data resources published by John Wiley & Sons, please go to:www.wiley.com/go/ValuationHandbooks.

Table of ContentsIntroductionAppendix A: Industry by GICS CodeAppendix B: Industry List by Industry Name (alphabetical)World: Companies included in the World RegionAppendix C: Companies (Main Set) in Each Industry, by GICS Code, in WorldAppendix D: Companies (“High-Financial-Risk” Set) in Each Industry, by GICS Code, in WorldAppendix E: GICS Codes in which Companies (Main Set) are Included, WorldAppendix F: GICS Codes in which Companies (“High-Financial-Risk” Set) are Included, WorldEuropean Union: Companies included in the European Union RegionAppendix G: Companies (Main Set) in Each Industry, by GICS Code, in European UnionAppendix H: Companies (“High-Financial-Risk” Set) in Each industry, by GICS Code, in European UnionAppendix I: GICS Codes in which Companies (Main Set) are Included, European UnionAppendix J: GICS Codes in which Companies (“High-Financial-Risk” Set) are Included, European UnionEurozone: Companies included in the Eurozone RegionAppendix K: Companies (Main Set) in Each Industry, by GICS Code, in EurozoneAppendix L: Companies (“High-Financial-Risk” Set) in Each Industry, by GICS Code, in EurozoneAppendix M: GICS Codes in which Companies (Main Set) are Included, EurozoneAppendix N: GICS Codes in which Companies (“High-Financial-Risk” Set) are Included, EurozoneUnited Kingdom: Companies included in the United Kingdom RegionAppendix O: Companies (Main Set) in Each Industry, by GICS Code, in United KingdomAppendix P: Companies (“High-Financial-Risk” Set) in Each Industry, by GICS Code, in United KingdomAppendix Q: GICS Codes in which Companies (Main Set) are Included, United KingdomAppendix R: GICS Codes in which Companies (“High-Financial-Risk” Set) are Included, United Kingdom