Beta factors based on the STOXX Europe 600®

We use the STOXX Europe 600 Index® to determine our beta factors. This index is characterized by broad diversification, high liquidity, and regionality. It comprises the most liquid listed companies in Europe, including Austrian companies listed in the ATX Prime, and thus represents a reliable and empirically robust database. 

Since the index only includes European companies, it is highly regional. Therefore, it is appropriate for Austrian and European company valuations and avoids methodologically inconsistent comparisons with US markets. Compared to German (e.g., DAX-based) or U.S. data providers, our approach avoids distortions that may arise from a narrower market coverage or the inclusion of illiquid companies.

For illustration purposes, we use the internationally recognized Global Industry Classification Standard (GICS®) in order to divide companies into clearly defined sectors and subsectors. This enables a consistent and transparent comparability across companies and industries.

Beta factors

The beta factors are calculated based on weekly returns over a two-year period, on the one hand, and based on monthly returns over a five-year period, on the other. The unlevered beta factors are derived from the median of the individual subsectors. 

We calculate the unlevered beta factors by using the Harris/Pringle formula. This formula is particularly suitable for a value-oriented financing policy. It assumes that a firm follows a constant leverage policy which means that the debt ratio is constant in relation to the company’s enterprise value. The debt-to-equity ratio is defined as long-term debt divided by the market value of equity. Outliers are not removed in order to preserve the completeness of the data set.

Beta factors (2y/weekly) as of 30th of September 2026

Sector D/E Ratio Levered Beta Unlevered Beta n
Energy
31%
0,41
0,25
20
Chemicals
27%
0,84
0,68
28
Construction Materials
31%
1,17
0,78
5
Paper & Forest Products
28%
0,76
0,59
5
Building Products
14%
1,22
1,14
7
Construction and Engineering
31%
0,95
0,72
11
Machinery
9%
1,17
0,97
42
Trading Companies and Distributors (Industrial)
23%
1
0,81
14
Professional Services
26%
0,9
0,55
13
Freight and Logistics
26%
0,85
0,67
3
Automobiles
92%
1,17
0,63
8
Household Durables
21%
1,25
1,04
9
Textiles, Apparel and Luxury Goods
19%
1
0,84
15
Hotels, Restaurants and Leisure
42%
0,6
0,43
14
Specialty Retail
30%
1,05
0,76
11
Consumer Staples Distribution and Retail
40%
0,39
0,26
15
Beverages
42%
0,8
0,51
10
Food Products
21%
0,43
0,35
16
Health Care Providers and Services
38%
0,88
0,25
5
Pharmaceuticals
12%
0,67
0,57
18
IT Services
23%
1,09
0,69
11
Software
13%
0,69
0,58
8
Electronic Equipment, Hardware
7%
1,07
0,99
6
Media
106%
0,83
0,48
11
Wireless Telecommunication Services
77%
0,3
0,14
15
Electric Utilities
51%
0,35
0,22
12
Independent Power and Renewable Electricity Producers
55%
0,41
0,29
8
Office REITs
93%
0,7
0,35
4
Real Estate Management and Development
159%
0,56
0,17
21

Disclaimer
The information presented in this overview has been compiled from publicly available sources and is provided for informational purposes only. For binding information as of a specific date, please contact the person listed below. Grant Thornton Austria assumes no liability for the data used. The use of this data is permitted exclusively for non-commercial purposes.

Historical Beta factors

In addition to our monthly updated beta factors, we also offer historical beta factors in our Grant Thornton Valuation Insights for download.


Upon request, we are happy to provide you with the beta factors for additional valuation dates!

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