In the light of the change proposed by ANACOM in point 3.1 and taking the calculation made by Mazars into consideration, applicable to the 2016 financial year, a risk-free interest rate by 3.09% was obtained (vide table 3), the detailed calculation of which may be consulted at Mazars' report, in annex to this draft decision (DD).
|
|
Average |
|
Risk-free interest rate for 2014 |
3.75% |
|
Risk-free interest rate for 2015 |
2.42% |
|
Average for 2014 and 2015 |
3.09% |
Source: Mazars Report
The risk-free interest rate results from the average of implicit rates of 10-year Portuguese government bonds, based on monthly observations of 2014 and 2015.
