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4. OUR BENCHMARK 1 laving outlined our approach, this section reports the results of the data analysis that was undertaken. The length of the time series ofWACC estimates required has created some specific data issues that are discussed in the appendices that support the section.
The basic source ot data for this analysis has been Bloomberg. However, this has been supplemented in many cases, and again the additional data is discussed in the appendices.
We have developed a long-list of potential comparator companies (see Appendix 2). However, we have had to exclude some companies from this list due to lack of comparability or data issues.
4.1. Inflation As we are seeking a real WACC, we need to deflate our nominal data. We have done so using inflation rates for Portugal based on OECD data (see Figure 4.1 below). In calculating forwardlooking measures (e.g. estimates of the risk-free rate) we have used OECD forecasts as reported in the World Economic Oudook for the preceding year. All calculations involving infladon have been carried out based on the bisher equation.
Figure 4. t : Inflation data for Portugal 5 DE JUNHO DE 2012
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