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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 1.10 - 1.26 | 1.18 |
| Cost Equity | 9.8% - 11.5% | 10.6% |
| Tax Rate | 14.0% - 14.0% | 14.0% |
| Cost Debt Aftax | 6.0% - 6.5% | 6.2% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 1.10 | 1.26 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 5.5% | 6.3% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.38% | 0.75% | Size & Country Default Risk | |||
| Cost of Equity | 9.75% | 11.50% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (CNY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 230 | 62 | 37 | 72 | 40 |
| Total Debt | total_debt | 2,429 | 915 | 2,210 | 2,747 | 2,707 |
| Effective Interest Rate | 3.7% | 2.4% | 2.9% | 1.4% | ||
| Average Effective Interest Rate | 2.2% | |||||