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3.2.3. Gearing When calculating the WACC it is important to establish the capital structure of the business, i.e.
the mix of debt and equity (referred to as the gearing). This plays several roles in the WACC calculation as it is used to: • de-lever equity betas into asset betas (and then re-lev er them); and • weight the COE and COD in the WACC calculation.
The standard approach to measuring the level of gearing is: Debt Gearing = Debt + Equity Whilst there are preferred ways of measuring the debt and equity values, given the scale of the analytical work and the compressed timetables for the project we have relied upon the value that Bloomberg provides in order to de-lever the equity betas. We have re-levered the resuldng asset betas based on our assumption regarding the appropriate nodonal capital structure.
3.2.4. Taxation Both corporate and individual taxes can have an influence on the WACC: • corporate as ditferendal treatment of debt and equity returns often exist, with debt interest being tax deducuble; and • personal since dividend and interest payments received by investors are treated as taxable income.
Consequendy it is important to be clear as to the pre- or post-tax status of the estimate. It is norma! to estimate values that are either pre- or post-corporate tax while assuming the values are pre-personal taxes. The standard approach to doing this is to: • estímate a post-corporate tax value from observable ¡nformadon; and • make an adjustment based on the corporate tax rate to determine the pre-tax rate.
Whether the tax adjustment should be made to just the COE or the whole WACC is a point of disagreement. Our approach allows for any of the options to be considered.
3.3. Additional aspects of the approach In the sub-sections above we have considered the overall approach that we will adopt to es ama dug the benchmark. There are two further issues that need to be considered when determining an estimate.
3.3.1. Time The time horizon for an estimate of the WACC is important. In principle the WACC should be calculated for the lite ot the asset under consideration. In the case of the PPAs in the Portuguese power sector there are different lives arising because of: 5 DE JUNHO DE 2012
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