Taking into account parameters obtained in the preceding points, the cost-of-capital rate for the 2015 financial year was calculated, by applying the pre-tax weighted average cost of capital1, having been obtained the rate of 9.3247% (vide table 9).
|
Parameters |
2015 |
|
Risk-Free Interest Rate |
2.42% |
|
Risk Premium |
2.12% |
|
Beta |
0.744 |
|
Gearing |
9.00% |
|
Debt Premium |
42.97% |
|
Tax Rate |
29.50% |
|
Cost of equity |
9.12% |
|
Pre-tax WACC |
9.3247% |
Source: ANACOM calculation and Mazars Report
Notes
nt_title
1 Pre-tax weighted average cost of capital (pre-tax WACC): CMPC_(pre-tax)= [Ke × (1-G)+Kd×G×(1-ti)]× 1/((1-ti)).
