今回は
Damodaran Onlineに載っている米国の産業別の株主資本コスト（Cost of Equity）、税引き後負債コスト（Cost of Debt(After-tax)）、資本コスト（Cost of Capital）を見てみます。
株主資本コスト＝無リスク金利＋ベータ×株式リスクプレミアム、資本コスト＝株主資本コスト×E/(D+E)+税引き後負債コスト×D/(D+E)で計算されます。
※E：時価総額、D：総負債
負債コストは株式のボラティリティを基に推定しているそうです。
米国産業別の株主資本コスト・負債コスト・資本コスト（2020年1月時点）
下表は資本コストの昇順に並べています。
| Industry Name | E/(D+E) | Cost of Equity | Cost of Debt
(After-tax) | Cost of Capital |
Financial Svcs.
(Non-bank & Insurance) | 10.18% | 5.73% | 2.45% | 2.79% |
| Utility (General) | 59.90% | 3.40% | 2.04% | 2.85% |
| Power | 57.97% | 4.91% | 2.04% | 3.71% |
| Retail (Grocery and Food) | 50.85% | 4.98% | 2.45% | 3.74% |
| Banks (Regional) | 61.38% | 4.87% | 2.04% | 3.78% |
| Bank (Money Center) | 36.00% | 7.12% | 2.04% | 3.87% |
| R.E.I.T. | 54.24% | 5.48% | 2.04% | 3.90% |
| Rubber& Tires | 35.97% | 7.03% | 2.75% | 4.29% |
| Brokerage & Investment Banking | 27.15% | 9.52% | 2.45% | 4.37% |
| Auto & Truck | 37.75% | 7.61% | 2.45% | 4.40% |
| Utility (Water) | 73.66% | 5.48% | 2.04% | 4.57% |
| Insurance (Prop/Cas.) | 79.14% | 5.45% | 2.04% | 4.74% |
| Insurance (General) | 70.71% | 5.78% | 2.45% | 4.81% |
| Oil/Gas Distribution | 52.72% | 7.20% | 2.45% | 4.96% |
| Telecom (Wireless) | 43.25% | 7.86% | 2.75% | 4.96% |
| Green & Renewable Energy | 47.03% | 7.50% | 2.75% | 4.98% |
| Insurance (Life) | 50.63% | 7.52% | 2.45% | 5.02% |
| Homebuilding | 69.35% | 6.22% | 2.45% | 5.07% |
| Farming/Agriculture | 61.58% | 6.57% | 2.75% | 5.10% |
| Hospitals/Healthcare Facilities | 43.44% | 8.27% | 2.75% | 5.15% |
Real Estate
(Operations & Services) | 62.97% | 6.77% | 2.45% | 5.17% |
| Food Wholesalers | 69.47% | 6.43% | 2.45% | 5.22% |
| Packaging & Container | 60.26% | 7.07% | 2.45% | 5.24% |
| Reinsurance | 77.51% | 6.18% | 2.04% | 5.25% |
| Telecom. Services | 55.81% | 7.37% | 2.75% | 5.33% |
| Broadcasting | 50.39% | 8.23% | 2.45% | 5.36% |
| Food Processing | 72.79% | 6.47% | 2.45% | 5.38% |
| Retail (Special Lines) | 58.63% | 7.28% | 2.75% | 5.41% |
| Publishing & Newspapers | 59.68% | 7.47% | 2.45% | 5.45% |
| Investments & Asset Management | 64.76% | 7.26% | 2.45% | 5.57% |
| Recreation | 74.80% | 6.61% | 2.75% | 5.64% |
| Restaurant/Dining | 70.59% | 6.98% | 2.45% | 5.65% |
| Cable TV | 62.43% | 7.72% | 2.45% | 5.74% |
| Air Transport | 49.16% | 9.38% | 2.45% | 5.86% |
| Total Market | 63.29% | 7.79% | 2.75% | 5.94% |
| Furn/Home Furnishings | 67.41% | 7.52% | 2.75% | 5.97% |
| Telecom. Equipment | 85.31% | 6.57% | 2.75% | 6.01% |
| Apparel | 70.54% | 7.41% | 2.75% | 6.04% |
| Real Estate (Development) | 58.82% | 8.35% | 2.75% | 6.04% |
| Shoe | 91.91% | 6.43% | 2.45% | 6.11% |
| Retail (Automotive) | 57.85% | 8.85% | 2.45% | 6.15% |
| Hotel/Gaming | 63.93% | 8.48% | 2.45% | 6.31% |
| Coal & Related Energy | 55.65% | 9.18% | 2.75% | 6.33% |
| Advertising | 54.03% | 9.41% | 2.75% | 6.35% |
| Business & Consumer Services | 76.74% | 7.46% | 2.75% | 6.37% |
| Auto Parts | 66.28% | 8.22% | 2.75% | 6.37% |
| Retail (Distributors) | 62.17% | 8.57% | 2.75% | 6.37% |
| Computer Services | 69.13% | 8.18% | 2.75% | 6.50% |
| Healthcare Support Services | 71.48% | 8.01% | 2.75% | 6.51% |
| Transportation | 64.84% | 8.71% | 2.45% | 6.51% |
| Beverage (Alcoholic) | 76.17% | 7.78% | 2.75% | 6.58% |
| Household Products | 85.34% | 7.28% | 2.75% | 6.61% |
| Retail (General) | 75.70% | 7.87% | 2.75% | 6.62% |
| Chemical (Basic) | 62.08% | 9.03% | 2.75% | 6.65% |
| Chemical (Specialty) | 77.81% | 7.82% | 2.75% | 6.70% |
| Trucking | 63.34% | 9.06% | 2.75% | 6.74% |
| Healthcare Products | 88.30% | 7.34% | 2.75% | 6.81% |
| Total Market (without financials) | 75.99% | 8.21% | 2.75% | 6.90% |
| Building Materials | 75.72% | 8.32% | 2.45% | 6.90% |
| Information Services | 89.38% | 7.60% | 2.45% | 7.06% |
| Electronics (General) | 84.58% | 7.90% | 2.75% | 7.11% |
| Environmental & Waste Services | 75.94% | 8.52% | 2.75% | 7.13% |
| Construction Supplies | 71.36% | 9.01% | 2.45% | 7.13% |
Oil/Gas
(Production and Exploration) | 63.94% | 9.61% | 2.75% | 7.14% |
| Aerospace/Defense | 80.46% | 8.32% | 2.45% | 7.18% |
| Metals & Mining | 72.35% | 8.73% | 3.32% | 7.24% |
| Machinery | 80.74% | 8.40% | 2.45% | 7.26% |
| Beverage (Soft) | 83.87% | 8.26% | 2.75% | 7.37% |
| Oil/Gas (Integrated) | 78.85% | 8.68% | 2.45% | 7.37% |
| Chemical (Diversified) | 55.97% | 11.55% | 2.45% | 7.55% |
| Electronics (Consumer & Office) | 82.87% | 8.55% | 2.75% | 7.56% |
| Diversified | 76.24% | 9.21% | 2.45% | 7.60% |
| Office Equipment & Services | 64.57% | 10.48% | 2.45% | 7.63% |
| Software (System & Application) | 91.18% | 8.14% | 2.75% | 7.67% |
Heathcare Information
and Technology | 87.21% | 8.39% | 2.75% | 7.67% |
| Retail (Online) | 88.60% | 8.32% | 2.75% | 7.68% |
| Retail (Building Supply) | 79.55% | 8.99% | 2.75% | 7.71% |
| Oilfield Svcs/Equip. | 67.27% | 10.13% | 2.75% | 7.72% |
| Paper/Forest Products | 71.71% | 9.91% | 2.45% | 7.80% |
| Real Estate (General/Diversified) | 68.76% | 10.41% | 2.04% | 7.80% |
| Steel | 68.04% | 10.34% | 2.45% | 7.82% |
| Entertainment | 83.29% | 8.85% | 2.75% | 7.83% |
| Semiconductor Equip | 89.15% | 8.57% | 2.75% | 7.94% |
| Semiconductor | 89.45% | 8.61% | 2.75% | 7.99% |
| Engineering/Construction | 71.80% | 10.23% | 2.45% | 8.03% |
| Electrical Equipment | 82.65% | 9.43% | 2.75% | 8.27% |
| Education | 74.81% | 10.27% | 2.45% | 8.30% |
| Software (Entertainment) | 96.34% | 8.62% | 2.75% | 8.40% |
| Drugs (Pharmaceutical) | 87.01% | 9.00% | 5.19% | 8.51% |
| Drugs (Biotechnology) | 87.27% | 9.37% | 3.32% | 8.60% |
| Precious Metals | 84.48% | 9.38% | 5.19% | 8.73% |
| Tobacco | 77.79% | 10.66% | 2.45% | 8.83% |
| Software (Internet) | 83.05% | 10.62% | 2.75% | 9.29% |
| Shipbuilding & Marine | 64.22% | 13.22% | 2.45% | 9.37% |
| Computers/Peripherals | 86.59% | 11.01% | 2.75% | 9.90% |
| Transportation (Railroads) | 79.22% | 13.57% | 2.04% | 11.17% |
E/(D+E)が低い金融や低ベータの公益等は資本コストが3～4％と低い一方、E/(D+E)が高く高ベータな産業は10％前後とかなり差があります。
E/(D+E)の昇順に並べると以下のようになります。Eは簿価ではなく時価総額なので50％以下はほとんどありません。
下グラフは株主資本コストの昇順です。
株主資本コスト＝無リスク金利＋ベータ×株式リスクプレミアムで計算されています。
（タバコはベータ1.68で株主資本コスト10.66%になっているのですが、YahooFinanceでベータを調べてみるとPMが0.79、MOが0.50とかなので何故これだけ高ベータになっているのかはよく分かりません。）
下グラフは税引き後負債コストの昇順です。
下グラフは資本コストの昇順です。
よろしければ応援クリックお願いします
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