The application of the methodology referred in the preceding points results in the cost of capital rates for the accounting years of 2012 and 2013, respectively 10,85% and 11,69% (see table 9), as detailed in BT’s report.
|
Parameters |
2012 |
2013 |
|
Risk-free interest rate |
3,89% |
3,96% |
|
Debt premium |
1,86% |
2,79% |
|
Beta |
0,73 |
0,73 |
|
Risk premium |
8,31% |
8,94% |
|
Gearing |
41,74% |
42,52% |
|
Tax rate |
31,50% |
31,50% |
|
Cost of equity |
9,93% |
10,51% |
|
Pre-tax CMPC |
10,85% |
11,69% |
Source: Baker Tilly report and ICP-ANACOM calculation
