In the light of points 2.1 and 2.2 above, ANACOM deems it relevant to amend the methodology defined in the determination of 5/12/2013 for the calculation of parameters, specifically as regards the risk-free interest rate, the debt premium and the risk premium, as well as to review the database of comparable companies.
- 3.1. Risk-free interest rate
- 3.2. Debt premium
- 3.3. Risk premium
- 3.4. Database of comparable companies
3.1. Risk-free interest rate
Methodology to be applied as from 2016
On the basis of issues referred above in point 2.1, the risk-free interest rate must be computed based on the average of implicit rates (yields) of 10-year Portuguese government bonds (historical series, based on monthly observations during the two years preceding the year of decision - source: European Central Bank).
3.2. Debt premium
Methodology to be applied as from 2016
On the basis of issues referred above in point 2.1, the debt premium must be calculated using the Bloomberg Value Curve database - EUR EUROPE COMMUNICATIONS BBB+, BBB, BBB- BVAL Yield Curve 10Y, through data of historic series for the two years preceding the year of decision.
3.3. Risk premium
Methodology to be applied as from 2016
On the basis of issues referred above in point 2.1, the risk premium shall be calculated based on a simple average of ex ante data - Pablo Fernandez, Damodaran and Dimson, Marsh and Staunton (calculated in the year preceding that of the decision, taking future expectations into consideration), for Portugal.
3.4. Database of comparable companies
|
Comparable companies |
|
BT Group |
|
Deutsche Telekom |
|
Elisa OYJ |
|
Hellenic Telecommunications |
|
KPN NV |
|
Magyar Telekom |
|
NOS SGPS |
|
Orange |
|
Proximus (*) |
|
Swisscom |
|
TDC |
|
Telecom Italia |
|
Telefónica |
|
Telekom Austria |
|
Telenor ASA |
|
TeliaSonera AB |
|
Average |
Source: Mazars Report
*former Belgacom
