| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 5.3% | 5.0% | 0.94 | 0.83 | 10.8% | 6.6% | 10.3% |
| Mills | 4 | 5.3% | 5.0% | 0.95 | 0.69 | 10.8% | 4.5% | 9.0% |
| Car Rental | 3 | 5.3% | 5.0% | 1.08 | 0.68 | 11.5% | 6.3% | 9.5% |
| Manpower | 4 | 5.3% | 5.0% | 1.05 | 0.99 | 11.3% | 11.7% | 11.3% |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 5.3% | 5.2% | 0.74 | 0.65 | 10.0% | 7.1% | 9.6% |
| Mills | 4 | 5.3% | 5.2% | 0.33 | 0.25 | 7.8% | 5.1% | 7.1% |
| Car Rental | 3 | 5.3% | 5.2% | 0.75 | 0.52 | 10.0% | 6.0% | 8.8% |
| Manpower | 4 | 5.3% | 5.2% | 1.14 | 1.04 | 12.0% | 6.7% | 11.6% |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 4.6% | 5.6% | 0.86 | 0.73 | 10.5% | 5.3% | 9.6% |
| Mills | 4 | 4.6% | 5.6% | 0.99 | 0.57 | 11.2% | 5.3% | 8.6% |
| Car Rental | 3 | 4.6% | 5.6% | 0.90 | 0.70 | 10.7% | 4.9% | 9.4% |
| Manpower | 4 | 4.6% | 5.6% | 1.24 | 1.08 | 12.6% | 7.8% | 12.0% |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 3.2% | 7.2% | 0.70 | 0.61 | 9.5% | 5.6% | 8.9% |
| Mills | 4 | 3.2% | 7.2% | 0.99 | 0.30 | 11.5% | 2.1% | 5.0% |
| Car Rental | 3 | 3.2% | 7.2% | 0.48 | 0.33 | 7.9% | 3.3% | 6.4% |
| Manpower | 4 | 3.2% | 7.2% | 0.66 | 0.50 | 9.2% | 2.3% | 7.5% |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 2.8% | 5.0% | 0.73 | 0.57 | 7.3% | 4.7% | 6.7% |
| Mills | 4 | 2.8% | 5.0% | 0.99 | 0.58 | 8.6% | 3.4% | 6.4% |
| Car Rental | 3 | 2.8% | 5.0% | 0.35 | 0.30 | 5.4% | 3.9% | 5.1% |
| Manpower | 4 | 2.8% | 5.0% | 0.43 | 0.42 | 5.8% | 6.9% | 5.8% |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 2.7% | 5.7% | 0.84 | 0.67 | 8.5% | 6.7% | 8.1% |
| Mills | 4 | 2.7% | 5.7% | 0.99 | 0.73 | 9.4% | 4.2% | 8.0% |
| Car Rental | 3 | 2.7% | 5.7% | – | – | 3.7% | 4.8% | – |
| Manpower | – | – | – | – | – | – | – | – |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 3.9% | 6.2% | 1.08 | 0.81 | 11.6% | 7.8% | 10.6% |
| Mills | 2 | 3.9% | 6.2% | 0.99 | 0.66 | 11.0% | 4.2% | 8.7% |
| Car Rental | 3 | 3.9% | 6.2% | – | – | 4.9% | 4.1% | – |
| Manpower | – | – | – | – | – | – | – | – |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
| Industry | Companies | Risk-free rate | Equity risk premium | Levered beta | Unlevered beta | Cost of equity | After-tax cost of debt | WACC |
|---|---|---|---|---|---|---|---|---|
| Telecom | 3 | 3.9% | 7.4% | 0.82 | 0.63 | 11.4% | 7.7% | 10.6% |
| Mills | 2 | 3.9% | 7.4% | 0.99 | 0.67 | 12.7% | 6.2% | 10.6% |
| Car Rental | 1 | 3.9% | 7.4% | – | – | 5.3% | 7.2% | – |
| Manpower | – | – | – | – | – | – | – | – |
| Dairy | – | – | – | – | – | – | – | – |
| Pharma | – | – | – | – | – | – | – | – |
Unlevered beta = levered beta ÷ (1 + (1 - tax rate) × debt ÷ equity), with debt and equity weighted as in WACC: at market value once a company is listed, at book value before.
Industry averages from the companies' audited annual reports. A dash means the figure is not available yet.