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4.2. The Cost of Equity As discussed previously, three elements need to be considered: • the risk-free rate; • the MRP; and • the equity beta.
4.2.1. Risk-free rate Figure 4.2 reports the different maturities of the nominal risk-free rate for Portugal. This is based < m the \ tekl to maturitx < il the various maturity hi nuls.
Figure 4.2: Nominai'yields lo maturity an 5-, 10- and 30-year Portuguese government bonds Source: bioomberg, OECD. СЕРА analysis Using these nominal yields and the inflation information previously provided allows us to estimate the real risk-tree rate. This estimate is not perfect since it does not use a market estimate of the inflation over the appropriate maturity range, but it is the best that can be done with the information available. Figure 4.3 illustrates the resulting real risk-free rates across the different maturities of WACC.
II SÉRIE-B — NÚMERO 226
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