Cost of capital
One of the key topics for the Input Methodologies (IM) review was the cost of capital.
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Transpower submission on post WACC workshop documents – October 2016
( 657 KB, PDF )
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WACC workshop transcript – September 2016
( 511 KB, PDF )
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Powerco – explanation of bond to swap spread data analysis – 28 September 2016
( 26 KB, PDF )
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Powerco – Bond to Swap spread data analysis – 28 September 2016
( 62 KB, XLSX )
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Oxera – debt beta note – 28 September 2016
( 70 KB, PDF )
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Response to ENA letter on WACC issues – 28 September 2016
( 241 KB, PDF )
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ENA – WACC letter to Commerce Commission – September 28 2016
( 431 KB, PDF )
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ENA – CEG report responding to Oxera debt beta note – October 2016
( 1.1 MB, PDF )
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Contact – response to post WACC workshop documents – 5 October 2016
( 115 KB, PDF )
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Aurora comments on Transpower submission on cost of debt – October 2016
( 679 KB, PDF )
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Response to Transpower letter – 14 October 2016
( 197 KB, PDF )
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Transpower – Explanation of Frontier report corrections – October 2016
( 130 KB, PDF )
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Transpower – Corrected Frontier memo on Dr Lally Appendix – October 2016
( 266 KB, PDF )
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Wellington Electricity Lines Ltd comments on Transpower submission – October 2016
( 1.4 MB, PDF )
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Vector comments on Transpower submission on cost of debt – October 2016
( 167 KB, PDF )
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ENA comments on Transpower submission on cost of debt – October 2016
( 517 KB, PDF )
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Contact comments on Transpower submission on cost of debt – October 2016
( 168 KB, PDF )
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MEUG – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 166 KB, PDF )
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Vector – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 232 KB, PDF )
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Frontier Economics (report prepared for Transpower) – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – August 2016
( 778 KB, PDF )
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Transpower – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 1.2 MB, PDF )
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Houston Kemp (report prepared for Powerco) – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 616 KB, PDF )
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Powerco – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 237 KB, PDF )
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Pat Duignan – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 24 August 2016
( 112 KB, PDF )
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NZ Airports – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – August 2016
( 138 KB, PDF )
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MGUG – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 385 KB, PDF )
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MEUG – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) estimates of impact of changes in WACC – August 2016
( 36 KB, XLSX )
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Auckland Airport – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) parameters – 25 August 2016
( 270 KB, PDF )
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First State Investments – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 132 KB, PDF )
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First Gas – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 347 KB, PDF )
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CEG (report prepared for ENA) – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – August 2016
( 745 KB, PDF )
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CEG (report prepared for ENA) – IM review draft decisions cross-submission on debt characteristics – Topic paper 4 (Cost of capital) – 25 August 2016
( 274 KB, PDF )
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CEG (report prepared for ENA) – IM review draft decisions cross-submission on Oxera – Topic paper 4 (Cost of capital) – 25 August 2016
( 1.4 MB, PDF )
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ENA – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 957 KB, PDF )
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Contact Energy – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 624 KB, PDF )
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Auckland Uniservices Ltd (report prepared for AIAL) – IM review draft decisions cross-submission – Topic paper 4 (Cost of capital) – 25 August 2016
( 292 KB, PDF )
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IATA – IM review draft decisions cross-submission – 18 August 2016
( 417 KB, PDF )
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Wellington Airport – IM review draft decisions cross-submission and draft determinations submission – 18 August 2016
( 135 KB, PDF )
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Vector – IM review draft decisions cross-submission – 18 August 2016
( 602 KB, PDF )
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Unison – IM review draft decisions cross-submission – Emerging technologies – 18 August 2016
( 541 KB, PDF )
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Progressive Enterprises – IM review draft decisions cross-submission – 18 August 2016
( 258 KB, PDF )
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Powerco – IM review draft decisions cross-submission – 18 August 2016
( 87 KB, PDF )
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Oji Fibre Solutions – IM review draft decisions cross-submission – Excluding cost of capital – 18 August 2016
( 213 KB, PDF )
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NZ Airports – IM review draft decisions cross-submission – 18 August 2016
( 510 KB, PDF )
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MGUG – IM review draft decisions cross-submission – Excluding cost of capital – 18 August 2016
( 348 KB, PDF )
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NZIER (report prepared for MEUG) – IM review draft decisions cross-submission – Form of control – 18 August 2016
( 781 KB, PDF )
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MEUG – IM review draft decisions cross-submission – Excluding cost of capital – 18 August 2016
( 186 KB, PDF )
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Methanex – IM review draft decisions cross-submission and Gas DPP implementation paper – 18 August 2016
( 147 KB, PDF )
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Mercury – IM review draft decisions cross-submission – Emerging technologies – 18 August 2016
( 175 KB, PDF )
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Air New Zealand – IM review draft decisions cross-submission – 18 August 2016
( 98 KB, PDF )
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First Gas – IM review draft decisions cross-submission (excluding cost of capital) and Gas DPP implementation paper – 18 August 2016
( 161 KB, PDF )
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ERANZ – IM review draft decisions cross-submission – Emerging technologies – 18 August 2016
( 805 KB, PDF )
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Russell McVeagh (report prepared for ENA) – IM review draft decisions cross-submission – Review of Alan Lear advice on definition of electricity lines services – 17 August 2016
( 118 KB, PDF )
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ENA – IM review draft decisions cross-submission – 18 August 2016
( 845 KB, PDF )
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Counties Power – IM review draft decisions cross-submission – Related parties – 18 August 2016
( 321 KB, PDF )
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Contact Energy – IM review draft decisions cross-submission – 18 August 2016
( 704 KB, PDF )
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Covec (report prepared for BARNZ) – IM review draft decisions cross-submission – Airport WACC issues – 18 August 2016
( 439 KB, PDF )
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BARNZ – IM review draft decisions cross-submission – 18 August 2016
( 596 KB, PDF )
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Aurora – IM review draft decisions cross-submission – 18 August 2016
( 762 KB, PDF )
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Auckland Airport – IM review draft decisions cross-submission and draft ID and IM determinations – 18 August 2016
( 94 KB, PDF )
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Asplundh – IM review draft decisions cross-submission – Related parties – 18 August 2016
( 131 KB, PDF )
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Auckland Airport – IM review decisions cross-submission and draft ID and IM determinations – 18 August 2016
( 94 KB, PDF )
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BARNZ – IM review draft determinations submission – Letter re IM amendments – 18 August 2016
( 114 KB, PDF )
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BARNZ submission – [DRAFT] Commerce Act (Specified Airport Services Input Methodologies) Determination 2010 – 18 August 2016
( 943 KB, PDF )
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BARNZ – IM review draft determinations submission – Letter re ID amendments – 18 August 2016
( 112 KB, PDF )
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BARNZ submission – [DRAFT] Amendment to the Commerce Act (Specified Airport Services Information Disclosure) Determination 2010 – 18 August 2016
( 1.7 MB, PDF )
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ENA – IM review draft determinations submission – Letter re IM amendments – 18 August 2016
( 364 KB, PDF )
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ENA submission – [DRAFT] Electricity Distribution Services Input Methodologies Determination 2012 – 18 August 2016
( 2 MB, PDF )
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First Gas – IM review draft determinations submission – [DRAFT] Gas transmission and gas distribution amendments – 18 August 2016
( 134 KB, PDF )
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NZ Airports submission – [DRAFT] ID and IM determinations – 18 August 2016
( 2.5 MB, PDF )
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NZ Airports – IM review draft determinations submission – Appendix three pricing templates mark up – 18 August 2016
( 151 KB, XLSX )
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NZ Airports – IM review draft determinations submission – Appendix four annual templates mark up – 18 August 2016
( 997 KB, XLSX )
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Powerco – IM review draft determinations submission – 18 August 2016
( 179 KB, PDF )
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Transpower – IM review draft determinations submission – Letter re IM amendments – 11 August 2016
( 344 KB, PDF )
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Transpower submission – [DRAFT] Transpower Input Methodologies Determination – 11 August 2016
( 1.1 MB, PDF )
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Vector – IM review draft determinations submission – 18 August 2016
( 328 KB, PDF )
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Pat Duignan – Submission on IM review draft decision – 30 June 2016
( 268 KB, PDF )
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Meridian – Submission on IM review draft decision – 4 August 2016
( 275 KB, PDF )
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Methanex – Submission on IM review draft decision and Gas DPP implementation paper – 4 August 2016
( 189 KB, PDF )
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MEUG – Submission on IM review draft decision – 4 August 2016
( 240 KB, PDF )
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MEUG – Submission on IM review draft decision – NZIER Report – Form of control for EDBs – 4 August 2016
( 951 KB, PDF )
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MEUG – Submission on IM review draft decision – IWA Report to MEUG – 4 August 2016
( 508 KB, PDF )
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MEUG – Submission on IM review draft decision – IWA Report Appendix A – Risk Allocation Example – 4 August 2016
( 265 KB, PDF )
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MEUG – Submission on IM review draft decision – Draft Transpower Works Agreement – 4 August 2016
( 703 KB, PDF )
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MEUG – Submission on IM review draft decision – New Transpower Works Agreement – Consultation guide – 4 August 2016
( 177 KB, PDF )
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MGUG – Submission on IM review draft decision – 4 August 2016
( 517 KB, PDF )
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Molly Melhuish – Submission on IM review draft decision – 4 August 2016
( 129 KB, PDF )
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Molly Melhuish – Submission on IM review draft decision – 17 June 2016
( 209 KB, PDF )
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Network Tasman Ltd – Submission on IM review draft decision – 4 August 2016
( 197 KB, PDF )
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NZ Airports Association – Submission on IM review draft decision – 4 August 2016
( 876 KB, PDF )
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Orion – Submission on IM review draft decision – 4 August 2016
( 560 KB, PDF )
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Mercury – Submission on IM review draft decision – Emerging technologies – 4 August 2016
( 135 KB, PDF )
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Pioneer Energy – Submission on IM review draft decision – Related party transactions – 4 August 2016
( 180 KB, PDF )
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Powerco – Submission on IM review draft decision – 4 August 2016
( 901 KB, PDF )
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Powerco – Submission on IM review draft decision – Houston Kemp Report – 4 August 2016
( 1.2 MB, PDF )
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PwC Submission on IM review draft decision – 4 August 2016
( 667 KB, PDF )
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Transpower – Submission on IM review draft decision – 4 August 2016
( 839 KB, PDF )
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Transpower – Submission on IM review draft decision – Appendix A – Frontier Report – 4 August 2016
( 1.2 MB, PDF )
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Trustpower – Submission on IM review draft decision – 4 August 2016
( 480 KB, PDF )
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Trustpower – Submission on IM review draft decision – Allan Carvell – DGPP Incentives Report – 4 August 2016
( 424 KB, PDF )
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Trustpower – Submission on IM review draft decision – Houston Kemp – Assessment of EA's DGPP proposal – 4 August 2016
( 1.1 MB, PDF )
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Unison – Submission on IM review draft decision – 4 August 2016
( 520 KB, PDF )
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Vector – Submission on IM review draft decision – 4 August 2016
( 772 KB, PDF )
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Wellington Airport – Submission on IM review draft decision – 4 August 2016 (corrected reference)
( 183 KB, PDF )
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Wellington Electricity Lines Ltd – Submission on IM review draft decision – 4 August 2016
( 2.9 MB, PDF )
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ENA – Submission on IM review draft decision – Form of control and RAB indexation – 4 August 2016
( 959 KB, PDF )
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Air New Zealand – Submission on IM review draft decision – 4 August 2016
( 90 KB, PDF )
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Alpine Energy – Submission on IM review draft decision – 4 August 2016
( 557 KB, PDF )
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Auckland Airport – Submission on IM review draft decision – 4 August 2016
( 271 KB, PDF )
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Aurora – Submission on IM review draft decision – 4 August 2016
( 775 KB, PDF )
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BARNZ – Submission on IM review draft decision – 4 August 2016
( 281 KB, PDF )
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BARNZ – Submission on IM review draft decision – Proposed IM changes – 4 August
( 599 KB, PDF )
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Christchurch Airport – Submission on IM review draft decision – 4 August 2016
( 1.5 MB, PDF )
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Contact Energy – Submission on IM review draft decision – 4 August 2016
( 4.7 MB, PDF )
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TDB – underlying data of ComCom comparitor companies – 18 August 2016
( 470 KB, XLSX )
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Eastland – Submission on IM review draft decision – 4 August 2016
( 120 KB, PDF )
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ENA – Submission on IM review draft decision – Cost of capital – 4 August 2016
( 1.2 MB, PDF )
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ENA – Submission on IM review draft decision – CEG memo ENA debt characteristics – 4 August 2016
( 564 KB, PDF )
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ENA – Submission on IM review draft decision – CEG report on TCSD approach – 4 August 2016
( 1.2 MB, PDF )
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ENA – Submission on IM review draft decision – CPP Requirements – 4 August 2016
( 870 KB, PDF )
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Asplundh Submission on IM review draft decision – Related parties – 12 August 2016
( 393 KB, PDF )
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ENA – Submission on IM review draft decision – Framework – 4 August 2016
( 736 KB, PDF )
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ENA – Submission on IM review draft decision – Impact of emerging technologies – 4 August 2016
( 699 KB, PDF )
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ENA – Submission on IM review draft decision – Related party transactions – 4 August 2016
( 783 KB, PDF )
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ENA – Submission on IM review draft decision – Report on the IM review – 4 August 2016
( 764 KB, PDF )
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ERANZ – Submission on IM review draft decision – Emerging technologies – 4 August 2016 [includes reports by Alan Lear (Barrister) and Castalia Strategic Advisors]
( 3 MB, PDF )
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First Gas – Submission on IM review draft decision – Cost of Capital – 4 August 2016
( 1.5 MB, PDF )
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First Gas – Submission on IM review draft decision – Final Oxera report – 4 August 2016
( 1.3 MB, PDF )
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First Gas – Submission on IM review draft decision – Asset beta analysis – 4 August 2016
( 239 KB, XLSX )
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First Gas – Submission on IM review draft decision – non-WACC – 4 August 2016
( 170 KB, PDF )
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First State Investments – Submission on IM review draft decision – Cost of Capital – 4 August 2016
( 309 KB, PDF )
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GasNet – Submission on IM review draft decision and Gas DPP implementation paper – 1 August 2016
( 100 KB, PDF )
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Genesis Energy – Submission on IM review draft decision – Emerging technologies – 4 August 2016
( 321 KB, PDF )
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IATA – Submission on IM review draft decision – 4 August 2016
( 2.9 MB, PDF )
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Input methodologies review - Leverage for energy and airports comparator - 10 August 2016
( 710 KB, XLSX )
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Input methodologies review – Companies excluded from energy asset beta comparator sample – 29 July 2016
( 700 KB, XLSX )
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Input methodologies review – Response to NSS data requests – 27 July 2016
( 1.3 MB, XLSX )
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Input methodologies review draft decisions – Response to TCSD data requests – 15 July 2016
( 1022 KB, XLSX )
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Input methodologies review draft decisions – Asset beta spreadsheet – 11 July 2016
( 60 MB, XLS )
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Input methodologies review draft decisions – Topic paper 4 – Cost of capital issues – 16 June 2016
( 2.5 MB, PDF )
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Input methodologies review draft decisions – Cost of capital calculations spreadsheet – 16 June 2016
( 893 KB, XLSX )
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Input methodologies review draft decisions – Topic paper 6 – WACC percentile for airports – 16 June 2016
( 615 KB, PDF )
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Dr Lally’s expert advice on the cost of debt, asset beta adjustments for GPBs, RAB indexation and inflation risk, and TAMRP – 22 May 2016
( 519 KB, PDF )
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NZ Airports Assn – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 394 KB, PDF )
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WELL – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 1.4 MB, PDF )
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Vector – Comments on Dr Lallys review of WACC issues – Appendix 1 CEG Report – March 2016
( 907 KB, PDF )
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Vector – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 92 KB, PDF )
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Transpower – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 404 KB, PDF )
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PwC – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 197 KB, PDF )
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HoustonKemp for Powerco – Comments on Dr Lallys review of WACC issues – May 2016
( 930 KB, PDF )
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Powerco – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 329 KB, PDF )
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Orion – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 194 KB, PDF )
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Oji Fibre Solutions – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 205 KB, PDF )
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BARNZ – comments on Dr Lallys review of WACC issues – 24 March 2016
( 315 KB, PDF )
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MGUG – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 240 KB, PDF )
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MEUG – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 242 KB, PDF )
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MDL – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 482 KB, PDF )
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Fonterra – Comments on Dr Lallys review of WACC issues – 24 March 2016
( 130 KB, PDF )
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First State Investments – comments on Dr Lallys review of WACC issues – Appendix B NERA – 24 March 2016
( 343 KB, PDF )
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First State Investments – comments on Dr Lallys review of WACC issues – Appendix A Incenta – 24 March 2016
( 962 KB, PDF )
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First State Investments – comments on Dr Lallys review of WACC issues cover letter – 24 March 2016
( 460 KB, PDF )
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ENA – comments on Dr Lallys review of WACC issues – 24 March 2016
( 422 KB, PDF )
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Contact Energy – comments on Dr Lallys review of WACC issues – 24 March 2016
( 390 KB, PDF )
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Air NZ submission – Airport WACC percentile – 11 March 2016
( 161 KB, PDF )
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Auckland Airport submission – Airport WACC percentile – 16 March 2016
( 348 KB, PDF )
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ARNZ submission – Airport WACC percentile – 11 March 2016
( 223 KB, PDF )
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BARNZ submission (attachment) – Covec – 9 March 2016
( 429 KB, PDF )
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CIAL submission – Airport WACC percentile – 16 March 2016
( 365 KB, PDF )
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IATA submission – Airport WACC percentile – 16 March 2016
( 872 KB, PDF )
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Infratil submission – Airport WACC percentile – 16 March 2016
( 925 KB, PDF )
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WIAL submission – Airport WACC percentile – 16 March 2016
( 110 KB, PDF )
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MEUG submission – Airport WACC percentile – 11 March 2016
( 150 KB, PDF )
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NZ Airports submission – Airport WACC percentile – 16 March 2016
( 217 KB, PDF )
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NZ Airports submission (attachment) – Sapere – Asymmetric impact on consumers from underinvestment by airports – 17 March 2016
( 385 KB, PDF )
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NZ Airports submission (attachment) – Sapere – The distance between the allowed rate of return and the cost of capital – 16 March 2016
( 191 KB, PDF )
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Transpower submission – Airport WACC percentile – 16 March 2016
( 349 KB, PDF )
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Dr Lally’s expert advice on asset beta adjustments and Black’s simple discounting rule – 25 February 2016
( 330 KB, PDF )
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Input methodologies review – Professor Yarrow's expert advice on airport WACC percentile – February 2016
( 176 KB, PDF )
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Terms of reference for expert advice on airport WACC percentile – Professor Yarrow – February 2016
( 37 KB, PDF )
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Input methodologies review – Emerging views on airport WACC percentile – February 2016
( 96 KB, PDF )
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WELL submission (attachment) – CEG, Inflation – revaluations and revenue indexation – February 2016
( 657 KB, PDF )
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PwC submission – Cost of capital update paper – 5 February 2016
( 500 KB, PDF )
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Transpower submission – Cost of capital update paper – 5 February 2016
( 1.8 MB, PDF )
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Transpower submission cover letter – Cost of capital update paper – 5 February 2016
( 392 KB, PDF )
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Frontier Economics (on behalf of Transpower) submission – cost of capital update paper – 5 February 2016
( 1.7 MB, PDF )
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Vector submission – cost of capital update paper – 9 February 2016
( 371 KB, PDF )
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WELL submission – cost of capital update paper – 9 February 2016
( 1.4 MB, PDF )
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WELL submission (attachment) – CEG, Asset beta – February 2016
( 1.5 MB, PDF )
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WELL submission (attachment) – CEG, Critique of the AER's JGN draft decision on the cost of debt – April 2015
( 2.2 MB, PDF )
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Powerco submission cover letter – Cost of capital update paper – 5 February 2016
( 62 KB, PDF )
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WELL submission (attachment) – CEG, Key reforms to rate of return under the IMs – February 2016
( 1.7 MB, PDF )
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WELL submission (attachment) – CEG, Use of Black's simple discount rule in regulatory proceedings – February 2016
( 663 KB, PDF )
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WELL submission (attachment) – Incenta, Term of the risk free rate for cost of equity – June 2013
( 1.2 MB, PDF )
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WELL submission (attachment) – SFG, Evidence on the required return on equity from independent expert reports – 24 June 2013
( 827 KB, PDF )
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WELL submission (attachment) – SFG, Response to the QCA approach to setting the risk-free rate, report for Aurizon – 25 March 2013
( 397 KB, PDF )
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WELL submission (attachment) – SFG, Response to the QCA discussion paper on risk free rate and MRP – 19 March 2013
( 702 KB, PDF )
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WIAL submission – Cost of capital update paper – 5 February 2016
( 95 KB, PDF )
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Infratil submission – Cost of capital update paper – 5 February 2016
( 1.8 MB, PDF )
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BARNZ submission – Cost of capital update paper – 5 February 2016
( 260 KB, PDF )
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Colonial submission – Cost of capital update paper – 5 February 2016
( 577 KB, PDF )
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Contact Energy submission – Cost of capital update paper – 5 February 2016
( 1.5 MB, PDF )
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ENA submission – Cost of capital update paper – 9 February 2016
( 232 KB, PDF )
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ENA submission (attachment) – CEG, Asset beta – February 2016
( 1.5 MB, PDF )
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ENA submission (attachment) – CEG, Inflation – Revaluations and revenue indexation – February 2016
( 657 KB, PDF )
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ENA submission (attachment) – CEG, Key reforms to rate of return under the IMs – February 2016
( 1.6 MB, PDF )
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ENA submission (attachment) – CEG, Use of Black's simple discount rule in regulatory proceedings – February 2016
( 663 KB, PDF )
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Aurora submission – Cost of capital update paper – 5 February 2016
( 834 KB, PDF )
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MDL submission – Cost of capital update paper – 5 February 2016
( 150 KB, PDF )
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MEUG submission – Cost of capital update paper – 5 February 2016
( 167 KB, PDF )
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MEUG (attachment) – Craigs Investment Partners, Vector – 9 November 2015
( 868 KB, PDF )
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MGUG submission – Cost of capital update paper – 5 February 2016
( 378 KB, PDF )
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NZAA submission – Cost of capital update paper – 5 February 2016
( 315 KB, PDF )
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Orion submission – Cost of capital update paper – 5 February 2016
( 307 KB, PDF )
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Powerco submission – Cost of capital update paper – 5 February 2016
( 727 KB, PDF )
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Terms of Reference for expert advice on cost of capital topics – 22 December 2015
( 251 KB, PDF )
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Input methodologies review – International comparison of regulatory precedent on the weighted average cost of capital – 11 December 2015
( 613 KB, PDF )
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Input methodologies review – The cost of capital update paper – 30 November 2015
( 793 KB, PDF )
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Complications arising from the option to apply for a CPP – Dr Martin Lally – 18 September 2015
( 282 KB, PDF )
The areas of focus included:
- updating our estimates of beta and leverage to reflect more up-to-date information for comparable companies
- the use of trailing averages as an alternative to prevailing rates when calculating the cost of debt
- the use of annual indexation in updating the risk-free rate
- compensating for efficiently incurred longer-term debt (including the appropriateness of the Term Credit Spread Differential)
- the impact of the weighted average cost of capital (WACC) on incentives to apply for a customised price-quality path
- using Black’s Simple Discount Rule as a potential cross-check for the Simplified Brennan-Lally Capital Asset Pricing Model (SBL-CAPM)
- issues related to the airport WACC percentile.
This page was published 3 weeks ago