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Discount rate (2/2)
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| Discount rate component | Terminal period | Forecast period | Value | Notes |
| Nominal risk free rate | 3.27% | 3.27% | 3.27% | Reflects the return that a US investor would expect to receive on a risk-free 20 year US Treasury Bond |
| Equity risk premium (ERP) | 5.00% | 5.00% | 5.00% | Reflects the expected premium of US corporate large-cap equity investments over US treasuries |
| Unlevered beta | 0.87 | 0.87 | 0.87 | Reflects the relative risk of the subject company's industry (Agriculture, Forestry & Fishing) as compared to the S&P 500 index, without taking into consideration the industry's average (optimal) capital structure |
| Relevered beta | 1.17 | 4.84 | 1.17 | Calculated based on the formula: Unlevered beta x (1 + ((1 - income tax) x (industry average Debt to total invested capital ratio))) |
| Implied industry risk premium | 0.87% | 19% | 0.87% | Calculated as ERP x (relevered beta - 1) |
| Size premium | 3.81% | 3.81% | 3.81% | Reflects a premium/(discount) for size compared to guideline/industry companies (Source: Morningstar, Micro-cap) |
| Country risk | 3.30% | 3.30% | 3.30% | Reflects risk for having the subject company's primary operations in Azerbaijan (Source: Damodaran) |
| Currency risk | 1.83% | 1.83% | 1.83% | Reflects a premium for risk of cash flow denominated in AZN |
| Specific company risk | 0.00% | 1.00% | 0.00% | Reflects a specific risk of investing in the Targets |
| Cost of equity for nominal cash flow | 18.08% | 37.39% | 18.08% | Reflects required rate of return on equity |
| Share of equity in invested capital, % | 70.00% | 15.00% | 70.00% | Calculated based on guideline company share of debt in invested capital |
| Cost of debt (pre-tax) | 12.33% | 12.33% | 12.33% | Required return on borrowed funds for the Company's lenders |
| Share of debt in invested capital, % | 30.00% | 85.00% | 30.00% | Calculated based on the formula: (1-Share of equity in invested capital) |
| Weighted average cost of capital (WACC) | 15.61% | 13.99% | 15.61% | Required rate of return on equity and debt |
Source: KPMG analysis
Appendix 6
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