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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.73 - 1.24 | 0.99 |
| Cost Equity | 9.8% - 15.0% | 12.4% |
| Tax Rate | 13.0% - 13.0% | 13.0% |
| Cost Debt Aftax | 8.7% - 9.1% | 8.9% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.73 | 1.24 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 3.7% | 6.2% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 2.13% | 4.25% | Size & Country Default Risk | |||
| Cost of Equity | 9.75% | 15.00% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (CNY in millions) | Dec-19 | Dec-20 | Jan-22 | Jan-23 | Dec-23 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 242 | 233 | 362 | 356 | 347 |
| Total Debt | total_debt | 3,826 | 4,989 | 5,277 | 5,171 | 4,937 |
| Effective Interest Rate | 5.3% | 7.1% | 6.8% | 6.9% | ||
| Average Effective Interest Rate | 6.9% | |||||