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Country
Dominican Republic
Argentina
United Kingdom
Brazil
Chile
Bangladesh
South Africa
Pakistan
Dominican Republic
India
Italy
USA
Ukraine
Georgia
Brazil
Rf
Risk premium
Unlevered
Beta
0.25
0.5
0.5
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.5
0.25
0.25
0.25
0.25
D/V
E/V = 1-D/V
35.1%
40.8%
29.5%
30.0%
35.2%
33.3%
32.9%
35.1%
28.7%
30.4%
42.5%
39.5%
36.5%
26.1%
32.2%
64.90%
59.20%
70.50%
70.00%
64.80%
66.70%
67.10%
64.90%
71.30%
69.60%
57.50%
60.50%
63.50%
73.90%
67.80%
4.50%
7%
Levered Beta = unlevered Sovereign
beta/(E/V)
Spread
0.385208012
0.844594595
0.709219858
0.357142857
0.385802469
0.374812594
0.372578241
0.385208012
0.350631136
0.359195402
0.869565217
0.41322314
0.393700787
0.338294993
0.368731563
8.93%
16.25%
0.00%
8.93%
1.73%
5.23%
3.14%
9.90%
8.93%
3.60%
0.14%
0.00%
9.98%
9.98%
8.93%
Cost of Equity = Rf +
beta*risk premium +
Sovereign spread
Default
Spread
3.57%
3.57%
3.57%
2.89%
4.34%
4.34%
4.34%
3.57%
1.85%
3.57%
4.34%
3.57%
3.57%
1.85%
1.85%
16.1265%
26.6622%
9.4645%
15.9300%
8.9306%
12.3537%
10.2480%
17.0965%
15.8844%
10.6144%
10.7270%
7.3926%
17.2359%
16.8481%
16.0111%
Cost of Debt = Rf +
Default Spread
17.00%
24.32%
8.07%
16.32%
10.57%
14.07%
11.98%
17.97%
15.28%
11.67%
8.98%
8.07%
18.05%
16.33%
15.28%
Tax Rate
25.0%
35.0%
0.0%
34.0%
17.0%
0.0%
25.0%
23.0%
25.0%
7.9%
35.0%
37.5%
30.0%
20.0%
34.0%
1-Tax Rate We
75.00%
65.00%
100.00%
66.00%
83.00%
100.00%
75.00%
77.00%
75.00%
92.10%
65.00%
62.50%
70.00%
80.00%
66.00%
64.90%
59.20%
70.50%
70.00%
64.80%
66.70%
67.10%
64.90%
71.30%
69.60%
57.50%
60.50%
63.50%
73.90%
67.80%
Wd
35.10%
40.80%
29.50%
30.00%
35.20%
33.30%
32.90%
35.10%
28.70%
30.40%
42.50%
39.50%
36.50%
26.10%
32.20%
WACC1
14.941%
22.234%
9.053%
14.382%
8.875%
12.925%
9.833%
15.952%
14.615%
10.655%
8.649%
6.465%
15.557%
15.860%
14.103%
Commodity
Contract enf./Legal
Counterparty
Currency
Regulatory
Country
Operational/
Technical
Construction
Risk Scores
Dominican Republic
Argentina
United Kingdom
Brazil
Chile
Bangladesh
South Africa
Pakistan
Dominican Republic
India
Italy
USA
Ukraine
Georgia
Brazil
Risk Score
15%
9%
7%
11%
4%
4%
5%
7%
13%
7%
2%
3%
3%
13%
11%
Final WACC
29.9%
31.4%
16.4%
25.3%
12.6%
16.9%
15.2%
23.1%
27.4%
18.1%
10.8%
9.7%
18.6%
28.5%
25.2%