In the light of the change proposed by ANACOM in point 3.3 and taking the calculation made by Mazars into consideration, applicable to the 2016 financial year, a risk premium by 6.77% was obtained (vide table 4), the detailed calculation of which may be consulted at Mazars’ report, in annex to this DD.
|
Risk premium |
||
|
Pablo Fernandez |
Market Risk Premium and Risk Free Rate used for 41 countries in 2015 Pablo Fernandez, Alberto Ortiz and Isabel F. Acin - IESE Business School April 23, 2015 |
5.70% |
|
Credit Suisse |
Global Investment Returns Yearbook 2016 |
4.50% |
|
Damodaran |
Portuguese market risk premium |
10.11% |
|
|
Risk premium - Average |
6.77% |
Source: Mazars Report
The risk premium was calculated based on a simple average of ex ante data, provided by Pablo Fernandez, Dimson, Marsh and Staunton - Credit Suisse and Damodaran (calculated in the year preceding that of the decision, taking future expectations into consideration), for Portugal.
