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Déantar an sreabhadh airgid saor in aisce seo a lascainiú ag costas cothromais an úinéara (PostNord Group).
This free cash flow is discounted by the cost of equity of the owner (PostNord Group).
Déantar an sreabhadh airgid saor in aisce seo a lascainiú ag costas cothromais an úinéara (PostNord Group).
This free cash flow is discounted by the cost of equity of the owner (PostNord Group).
Costas cothromais
Cost of equity
Costas Cothromais
Cost of Equity
Costas cothromais, leathanach 99 staidéar Leonardo
Cost of equity, page 99 Leonardo study
Costas cothromais
Cost of equity
Tá na torthaí sin i bhfad os cionn chostas an chothromais le haghaidh CE Oltenia ar fiú […] % é.
These returns are well above the cost of equity for CE Oltenia, which amounts to […]%.
Go sonrach, tugann an Coimisiún agus an comhlacht athbhreithnithe feidhmíochta faoi deara go bhfuil costas an raoin cothromais a mhol an tSualainn le haghaidh LFV, is é sin 0,7 % – 1,9 %, níos airde ná costas an chothromais a cheadaigh Rialtas na Sualainne le haghaidh LFV, is é sin 0,0 %.
Specifically, the Commission and the performance review body observe that the cost of equity range proposed by Sweden for LFV amounting to 0,7 % – 1,9 % is higher than the cost of equity allowed by the Swedish Government for LFV amounting to 0,0 %.
Go háirithe, dhéanfaí costas an chothromais a ríomh trí phréimh a chur i bhfeidhm as riosca breise a iompar ar an ráta toraidh ar ghníomhaíochtaí saor ó riosca.
In particular, the cost of equity would be calculated by applying a premium for bearing extra risk to the rate of return on risk-free activities.
Go háirithe, dhéanfaí costas an chothromais a ríomh trí phréimh a chur i bhfeidhm as riosca breise a iompar ar an ráta toraidh ar ghníomhaíochtaí saor ó riosca.
In particular, the cost of equity would be calculated by applying a premium for bearing extra risk to the rate of return on risk-free activities.
Go deimhin, cuirtear na torthaí sin i gcomparáid go fabhrach leis an gcostas (deis) cothromais ar fud earnálacha eacnamaíocha sa Phortaingéil (10,9 %) agus le hearnáil na heitlíochta (8,5 %) an tairbhí.
In fact, those returns compare favourably with the (opportunity) cost of equity across economic sectors in Portugal (10,9 %) and for the aviation sector (8,5 %) the beneficiary’s.
Cuimsíonn costas cothromais 1,75 % préimh riosca beag freisin, arna ríomh ag Duff & Phelps.
The cost of equity also incorporates a small size risk premium of 1,75 %, as calculated by Duff & Phelps.
Comhthacaítear filleadh an tairbhí ar an inmharthanacht le cur chuige malartach, eadhon an chomparáid idir an toradh ar chothromas (ROE) agus costas an chothromais.
The beneficiary’s return to viability is corroborated by an alternative approach, namely the comparison between the return on equity (ROE) and the cost of equity.
Ó thaobh na scairshealbhóirí de, tá cuideachta inmharthana is ea go gcruthaíonn sí ROE níos airde ná costas cothromais.
From the point of view of shareholders, a company is viable is it generates a ROE higher than the cost of equity.
Tugann an Coimisiún faoi deara go bhfuil fíor i gcás an tairbhí in 2025, ós rud é go bhfuil an ROE a bhfuiltear ag súil leis […]% agus go bhfuil costas […]% ar chothromas.
The Commission observes that holds true for the beneficiary in 2025, since the expected ROE is […]% and the cost of equity is […]%.
Chun stóinseacht an mheasúnaithe inmharthanachta a áirithiú, mheas an Coimisiún cur chuige malartach maidir le ríomh an WACC agus costas cothromais.
To ensure the robustness of the return to viability assessment, the Commission has considered an alternative approach to the calculation of the WACC and cost of equity.
Triail inmharthanachta 1: ROCE > WACC 7,5 %-8 %; Triail 2: Roe > costas cothromais de 10,5 %-11 %
Viability test 1: ROCE > WACC of 7,5 %-8 %; test 2: ROE > cost of equity of 10,5 %-11 %
Is é an fachtóir lascainithe iomchuí le breithniú é costas na comhpháirte cothromais de mheánchostas ualaithe in chaipitil de chuid Alitalia, óir is é an meánchostas caipitil sin a bhreithneofaí ag infheisteoirí.
The appropriate discount factor to be considered is the cost of equity component of the WACC of Alitalia as that average cost of capital would be considered by investors.
Go háirithe, dhéanfaí costas an chothromais a ríomh trí phréimh a chur i bhfeidhm as riosca breise a iompar ar an ráta toraidh ar ghníomhaíochtaí saor ó riosca.
In particular, the cost of equity would be calculated by applying a premium for bearing extra risk to the rate of return on risk-free activities.
Léiríonn an méid a thagann as sin deischostas caipitil agus cumhdaítear leis an costas a bhaineann le maoiniú cothromais agus le fiachas.
The resulting amount represents the opportunity cost of capital and covers both the cost of equity financing and of debt.
Dá bhrí sin, le linn na tréimhse athstruchtúrúcháin 5 bliana, fanfaidh na hioncaim charntha lena bhfuil coinne cuid mhaith faoi bhun dheischostas an chothromais (16 % de réir aithris 206).
Therefore, during the five-year restructuring period, the cumulated revenues expected remain well below the opportunity cost of equity (16 % as per recital 206).
3 Ní bhaineann an Caighdeán le costas iarbhír nó intuigthe cothromais, lena n-áirítear caipiteal tosaíochta nach n-aicmítear mar dhliteanas é.
3 The Standard does not deal with the actual or imputed cost of equity, including preferred capital not classified as a liability.
Ar bhonn CAPM, díorthaítear costas an chothromais mar fheidhm de (i) an ráta saor ó riosca, (ii) an Beta (meastachán de phróifíl riosca na cuideachta i gcoibhneas leis an margadh cothromais) agus (iii) préimh an riosca chothromais a sannadh don mhargadh cothromais.
On the basis of the CAPM, the cost of equity is derived as a function of (i) the risk-free rate, (ii) the Beta (an estimate of risk profile of the company relative to equity market) and (iii) the equity risk premium assigned to the equity market.
Ar bhonn na samhla sin, díorthaítear costas an chothromais mar fheidhm de (i) an ráta saor ó riosca, (ii) an Beta (meastachán ar phróifíl riosca na cuideachta i gcoibhneas leis an margadh cothromais) agus (iii) an phréimh riosca cothromais a sannadh don mhargadh cothromais.
On the basis of that model, the cost of equity is derived as a function of (i) the risk-free rate, (ii) the Beta (an estimate of risk profile of the company relative to equity market) and (iii) the equity risk premium assigned to the equity market.
Léirítear san anailís chéanna (a chuirtear i láthair i dTábla 4) go sáródh an ráta toraidh inmheánach (‘IRR’) de […] % d’instealladh caipitil Ghrúpa PostNord chuig Post Danmark an toradh íosta a éilíonn oibreoir geilleagair mhargaidh, is é sin, costas cothromais […] % mar a mhínítear thíos in aithris (148).
The same analyses also shows (presented in Table 4) that the internal rate of return (‘IRR’) of […] % of PostNord Group’s capital injection to Post Danmark would exceed the minimum return required by a market economy operator, that is, the cost of equity of […] % as explained below in recital (148).
Ina theannta sin, táthar ag súil le brabúsacht ex-ante an insteallta Grúpa Iar-Nord a dhíorthaítear ó chinneadh cruinn agus bonn cirt an WACC agus costas cothromais, a úsáideadh chun an sreabhadh airgid saor in aisce chuig an ngnólacht agus chuig scairshealbhóirí, faoi seach, a lascainiú.
Furthermore, the ex-ante expected profitability of the Post Nord Group injection derived from the accurate determination and justification of the WACC and cost of equity, which were used to discount the free cash flows to the firm and to shareholders, respectively.
Is éard atá in WACC den sórt sin, i gcomhréir leis an modheolaíocht chaighdeánach, meán ualaithe chostas an tairbhí maidir le cothromas ([…]%) agus costas an fhiachais ([…]%), agus na hualaí cothrom le spriocfhiachas an tairbhí le fiachas móide cóimheas cothromais ([…]%).
Such WACC, in line with the standard methodology, consists in a weighted average of the beneficiary’s cost of equity ([…]%) and cost of debt ([…]%), with weights equal to the beneficiary’s target debt to debt plus equity ratio ([…]%).
Rud ba shonraí fós, glactar leis go mbeidh ráta saor ó riosca de […]% i gceist le costas ríofa cothromais, ráta atá i bhfad níos airde ná an toradh diúltach atá ann faoi láthair ar bhannaí rialtais 10 mbliana na Gearmáine, préimh riosca cothromais 4,72 % agus préimh riosca tíre 1,95 %, atá i gcomhréir le tagarmharcanna atá ar fáil go poiblí, agus atá i gcomhréir le béite de […].
More specifically, the cost of equity calculation assumes a risk-free rate of […]%, which is well above the current negative yields on German 10-year government bonds, an equity risk premium of 4,72 % and a country risk premium of 1,95 %, which are both in line with publicly available benchmarks, and a beta of […].
Mar thoradh ar an toimhde sin, méadaíonn costas an chothromais ó […]% go […]%, rud a léiríonn giaráil níos airde agus dá bhrí sin tá riosca ag baint le cothromas an tairbhí i gcomparáid lena phiaraí.
As a result of that assumption, the cost of equity increases from […]% to […]%, reflecting the higher leverage and hence riskiness of the beneficiary’s equity compared to its peers.
Thairis sin, téann an WACC ó […] % go […]%, i ngeall ar na héifeachtaí frithchothromaithe a bhíonn ag costas níos airde cothromais agus ag ualú níos ísle cothromais i struchtúr caipitil an tairbhí.
Moreover, the WACC goes from […]% to […]%, due to the counterbalancing effects of a higher cost of equity and a lower weight of equity in the beneficiary’s capital structure.
Ar an iomlán, ós rud é gurb é […] % ([…]%) an ROCE (ROE) a bhfuiltear ag súil leis in 2025, baineann an Coimisiún de thátal as gur baineadh amach tástálacha inmharthanachta fiú amháin faoi chur chuige malartach den sórt sin chun WACC agus costas cothromais a ríomh.
Overall, considering the expected ROCE (ROE) in 2025 is […]% ([…]%), the Commission concludes that the return to viability tests are met even under such an alternative approach to calculate the WACC and cost of equity.
Léiríonn na cóimheasa sin brabúsacht shuntasach fós agus tá siad níos airde ná na tairseacha inmharthanachta, fiú amháin ag glacadh leis an gcumraíocht is coimeádaí de WACC ([…]%) agus costas cothromais ([…]%).
Those ratios still indicate significant profitability and are higher than the viability thresholds, even assuming the most conservative configuration of WACC ([…]%) and cost of equity ([…]%).
Ríomhtar costas an chothromais mar shuim an ráta atá saor ó riosca, préimh an riosca tíre, an phréimh riosca beag agus toradh an bhéite agus na préimhe riosca cothromais.
The cost of equity is calculated as the sum of the risk free rate, the country risk premium the small size risk premium and the product of the beta and the equity risk premium.
Ar bhonn na samhla praghsála i leith sócmhainní caipitiúla, díorthaítear costas an chothromais mar fheidhm de (i) an ráta saor ó riosca, (ii) an Beta (meastachán ar phróifíl riosca na cuideachta i gcoibhneas leis an margadh cothromais) agus (iii) an phréimh riosca cothromais a sannadh don mhargadh cothromais.
On the basis of the capital asset pricing model the cost of equity is derived as a function of (i) the risk-free rate; (ii) the Beta (an estimate of risk profile of the company relative to equity market); and (iii) the equity risk premium assigned to the equity market.
Cuirtear isteach ar bhrabúsacht ghearrthéarmach CE Oltenia le hardphraghsanna an lamháltais CO2, ach san fhadtéarma léirítear leis na réamh-mheastachán filleadh ar chothromas idir […] % agus […] % le haghaidh na tréimhse 2025-2026, i.e. i bhfad os cionn chostas cothromais […] % CE Oltenia (aithris 105).
The short-term profitability of CE Oltenia is hampered by the high CO2 allowance prices, but in the long term the projections indicate a return on equity ranging between […]% and […]% for the period 2025-2026, i.e. significantly above CE Oltenia’s cost of equity of […]% (recital 105).
De réir an phlean athstruchtúrúcháin tosaigh, d’fhéadfadh CE Oltenia ROCE 4,3 % a fháil faoi 2025, rud a bhí i bhfad níos ísle ná an luach saothair a bhí i gcomhréir leis an margadh nó deischostas an chothromais a dhéantar a instealladh i gcuideachtaí de chuid na Rómáine go ginearálta.
According to the initial restructuring plan, CE Oltenia could attain a ROCE of 4,3 % by 2025, which was much lower than the market-conform remuneration or opportunity cost of equity injected into Romanian companies in general.
Ríomhtar WACC mar mheán ualaithe chostas cothromais an tairbhí (16 %) agus chostas an fhiachais tar éis cánach (9.1 %), agus na hualaí cothrom le spriocfhiachas an tairbhí le fiachas móide cóimheas cothromais (473.8 %), i gcomhréir leis an modheolaíocht chaighdeánach.
WACC is calculated as the weighted average of the beneficiary’s cost of equity (16 %) and after tax cost of debt (9,1 %), with weights equal to the beneficiary’s target debt to debt plus equity ratio (473,8 %), in line with standard methodology.