Cálculo Do Beta

We use the average value over the month of 4.84%

For the risk-free rate, see the yield on 30-year government bonds for January 2007. January 2007 is the starting date of the project activity, and 30 years is the appropriate period, as 30 years is the expected lifetime of the project activity

Industry Name Number of Firms Average Beta Market D/E Ratio Tax Rate Unlevered Beta

Advertising 40 1.60 40.78% 14.93% 1.19

Aerospace/Defense 69 1.19 16.18% 21.13% 1.06

Air Transport 49 1.40 48.14% 17.38% 1.00

Apparel 57 0.87 19.85% 25.25% 0.76

Auto & Truck 28 1.54 98.16% 22.92% 0.88

Auto Parts 56 1.45 46.73% 17.75% 1.05

Bank 504 0.63 42.17% 27.88% 0.48

Bank (Canadian) 8 0.67 5.91% 19.07% 0.64

Bank (Midwest) 38 0.85 39.81% 27.80% 0.66

Beverage 44 0.89 11.48% 16.73% 0.81

Biotechnology 103 1.51 9.09% 4.11% 1.38

Building Materials 49 1.07 29.48% 23.79% 0.87

Cable TV 23 1.56 59.85% 20.04% 1.06

Canadian Energy 13 0.80 16.68% 27.13% 0.71

Chemical (Basic) 19 1.52 15.59% 16.97% 1.35

Chemical (Diversified) 37 1.16 13.80% 26.20% 1.05

Chemical (Specialty) 90 1.06 17.92% 19.01% 0.93

Coal 18 1.71 14.12% 10.36% 1.52

Computer Software/Svcs 376 1.56 3.44% 10.75% 1.51

Computers/Peripherals 144 1.86 5.77% 8.41% 1.77

Diversified Co. 107 1.03 15.96% 19.54% 0.92

Drug 368 1.78 7.79% 5.95% 1.66

E-Commerce 56 2.08 3.36% 15.82% 2.02

Educational Services 39 1.27 1.35% 20.74% 1.26

Electric Util. (Central) 25 0.93 72.72% 26.66% 0.61

Electric Utility (East) 27 0.84 46.30% 29.51% 0.63

Electric Utility (West) 17 0.88 60.31% 31.69% 0.62

Electrical Equipment 86 1.35 80.88% 14.92% 0.80

Electronics 179 1.32 14.17% 13.25% 1.17

Entertainment 93 1.53 37.17% 15.50% 1.17

Entertainment Tech 38 2.06 2.79% 9.03% 2.01

Environmental 89 1.00 45.33% 11.44% 0.71

Financial Svcs. (Div.) 294 1.14 193.48% 17.36% 0.44

Food Processing 123 0.77 18.03% 19.34% 0.67

Food Wholesalers 19 0.79 48.30% 31.85% 0.60

Foreign Electronics 10 1.08 20.91% 33.95% 0.95

Furn/Home Furnishings 39 1.10 31.44% 23.96% 0.89

Grocery 15 0.99 30.21% 28.20% 0.81

Healthcare Information 38 0.91 12.70% 14.55% 0.82

Heavy Construction 12 1.25 3.60% 29.84% 1.21

Home Appliance 11 0.95 21.66% 15.98% 0.81

Homebuilding 36 1.64 128.82% 23.61% 0.83

Hotel/Gaming 75 1.25 35.53% 12.97% 0.96

Household Products 28 0.89 17.13% 29.49% 0.80

Human Resources 35 1.38 7.51% 23.43% 1.30

Industrial Services 196 1.22 23.79% 16.12% 1.02

Information Services 38 1.05 10.06% 19.94% 0.97

Insurance (Life) 40 0.94 8.38% 27.97% 0.89

Insurance (Prop/Cas.) 87 0.89 1.21% 19.80% 0.88

Internet 266 1.97 1.83% 6.76% 1.94

Investment Co. 18 0.71 0.54% 0.00% 0.71

Investment Co.(Foreign) 15 1.31 0.00% 2.20% 1.31

Machinery 126 1.19 23.74% 22.70% 1.01

Manuf. Housing/RV 18 1.92 14.24% 16.88% 1.71

Maritime 52 0.87 50.70% 5.49% 0.59

Medical Services 178 1.10 19.18% 16.18% 0.95

Medical Supplies 274 1.43 8.04% 11.47% 1.34

Metal Fabricating 37 1.19 10.16% 18.27% 1.10

Metals & Mining (Div.) 78 1.05 6.57% 7.73% 0.99

Natural Gas (Div.) 31 0.93 30.04% 22.37% 0.75

Natural Gas Utility 26 0.78 66.33% 25.92% 0.52

Newspaper 18 1.21 50.03% 22.27% 0.87

Office Equip/Supplies 25 1.13 32.20% 27.71% 0.92

Oil/Gas Distribution 15 0.72 39.45% 5.20% 0.52

Oilfield Svcs/Equip. 113 1.10 11.25% 20.11% 1.01

Packaging & Container 35 1.12 52.48% 21.03% 0.79

Paper/Forest Products 39 0.93 40.85% 14.27% 0.69

Petroleum (Integrated) 26 1.02 7.96% 32.20% 0.97

Petroleum (Producing) 186 1.00 19.09% 14.95% 0.86

Pharmacy Services 19 1.07 9.79% 21.25% 0.99

Power 58 1.87 11.96% 8.06% 1.69

Precious Metals 84 1.11 7.19% 4.90% 1.04

Precision Instrument 103 1.66 10.40% 16.50% 1.53

Property Management 12 0.91 87.17% 15.99% 0.52

Publishing 40 1.35 34.25% 15.56% 1.05

R.E.I.T. 147 0.90 40.49% 1.16% 0.64

Railroad 16 1.23 26.06% 32.19% 1.04

Recreation 73 1.54 28.20% 18.25% 1.25

Reinsurance 11 1.01 6.45% 10.70% 0.96

Restaurant 75 0.93 14.33% 20.74% 0.83

Retail (Special Lines) 164 1.26 12.39% 22.68% 1.15

Retail Automotive 16 1.58 42.14% 36.04% 1.24

Retail Building Supply 9 1.23 19.39% 37.24% 1.10

Retail Store 42 1.11 17.29% 24.46% 0.98

Securities Brokerage 31 1.66 123.16% 22.95% 0.85

Semiconductor 138 2.59 4.53% 11.65% 2.49

Semiconductor Equip 16 2.51 8.91% 25.66% 2.35

Shoe 20 1.47 2.62% 32.17% 1.44

Steel (General) 26 1.71 11.01% 30.16% 1.59

Steel (Integrated) 14 1.97 18.90% 23.94% 1.73

Telecom. Equipment 124 1.98 5.51% 12.78% 1.89

Telecom. Services 152 1.34 33.71% 12.42% 1.03

Thrift 234 0.59 26.20% 20.69% 0.49

Tobacco 11 0.70 7.54% 27.57% 0.66

Toiletries/Cosmetics 21 0.85 16.22% 18.34% 0.75

Trucking 32 1.04 48.80% 31.50% 0.78

Utility (Foreign) 6 1.01 3.09% 0.00% 0.98

Water Utility 16 0.78 50.95% 33.23% 0.58

Wireless Networking 74 2.20 14.09% 11.52% 1.96Market 7364 1.24 25.12% 16.25% 1.03

Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/ Levered and Unlevered Beta by Industry 2007

Cash/Firm ValueUnlevered Beta corrected for cash

9.82% 1.32

5.20% 1.12

13.46% 1.15

6.50% 0.81

11.96% 1.00

10.38% 1.17

6.76% 0.52

2.87% 0.66

7.39% 0.72

1.91% 0.82

9.73% 1.53

4.97% 0.92

3.83% 1.10

1.14% 0.72

2.91% 1.39

4.31% 1.10

5.01% 0.98

1.67% 1.55

8.68% 1.66

10.02% 1.97

4.98% 0.96

8.65% 1.82

11.84% 2.29

6.25% 1.34

1.80% 0.62

1.37% 0.64

2.91% 0.64

8.50% 0.87

11.42% 1.32

5.13% 1.23

14.76% 2.35

1.93% 0.73

9.30% 0.48

2.23% 0.69

4.76% 0.63

16.87% 1.15

5.74% 0.94

2.08% 0.83

9.01% 0.90

8.60% 1.33

4.63% 0.85

9.41% 0.92

2.80% 0.99

2.34% 0.82

13.63% 1.51

6.33% 1.09

3.80% 1.01

9.72% 0.99

1.49% 0.90

7.36% 2.09

1.04% 0.71

4.08% 1.36

3.56% 1.04

12.70% 1.96

3.98% 0.62

8.79% 1.04

4.20% 1.40

3.96% 1.14

2.30% 1.02

1.72% 0.77

2.14% 0.53

2.06% 0.89

7.23% 0.99

2.50% 0.53

3.51% 1.05

3.16% 0.82

5.64% 0.73

3.83% 1.01

1.27% 0.87

1.90% 1.01

1.67% 1.72

6.10% 1.11

10.49% 1.71

7.04% 0.56

2.10% 1.07

7.46% 0.70

2.23% 1.07

5.26% 1.32

14.16% 1.12

3.19% 0.86

10.71% 1.28

4.11% 1.30

1.54% 1.12

4.54% 1.03

13.25% 0.98

11.18% 2.81

13.98% 2.74

8.51% 1.58

7.66% 1.72

5.82% 1.83

14.61% 2.21

3.35% 1.07

8.04% 0.53

2.07% 0.68

4.87% 0.79

5.26% 0.82

4.53% 1.03

1.05% 0.59

5.23% 2.076.02% 1.09

Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/ Levered and Unlevered Beta by Industry 2007

Country Long-Term RatingAdj. Default Spre Total Risk PremiAlbania B1 350 10.04%Alderney (Channel Island Aaa 0 4.79%Andorra Aaa 0 4.79%Argentina B3 450 11.54%Armenia Ba2 250 8.54%Australia Aaa 0 4.79%Austria Aaa 0 4.79%Azerbaijan Ba1 200 7.79%Bahamas A1 70 5.84%Bahamas-Offshore Aaa 0 4.79%Bahrain A2 80 5.99%Bahrain-Offshore Aa3 60 5.69%Barbados A3 85 6.06%Belarus B1 350 10.04%Belgium Aa1 35 5.31%Belize Caa1 600 13.79%Bermuda Aaa 0 4.79%Bolivia B3 450 11.54%Bosnia & Herzogovina B2 400 10.79%Botswana A1 70 5.84%Brazil Ba1 200 7.79%Bulgaria Baa3 135 6.82%Cambodia B2 400 10.79%Canada Aaa 0 4.79%Cayman Islands Aa1 35 5.31%Cayman Islands Aaa 0 4.79%Chile A1 70 5.84%China A1 70 5.84%Colombia Baa3 135 6.82%Costa Rica Ba1 200 7.79%Croatia Baa1 100 6.29%Cuba Caa1 600 13.79%Cyprus A1 70 5.84%Czech Republic A1 70 5.84%Denmark Aaa 0 4.79%Dominican Republic B2 400 10.79%Ecuador B3 450 11.54%Egypt Baa3 135 6.82%El Salvador Baa2 115 6.52%Estonia A1 70 5.84%Eurozone Aaa 0 4.79%Fiji Islands Ba2 250 8.54%Finland Aaa 0 4.79%

France Aaa 0 4.79%Germany Aaa 0 4.79%Greece A1 70 5.84%Guatemala Ba1 200 7.79%Guernsey (Channel Islan Aaa 0 4.79%Honduras B2 400 10.79%Hong Kong Aa2 50 5.54%Hungary A2 80 5.99%Iceland Aaa 0 4.79%India Ba2 250 8.54%Indonesia Ba3 300 9.29%Ireland Aaa 0 4.79%Isle of Man Aaa 0 4.79%Israel A2 80 5.99%Italy Aa2 50 5.54%Jamaica Ba2 250 8.54%Japan A1 70 5.84%Jersey (Channel Island) Aaa 0 4.79%Jordan Baa3 135 6.82%Kazakhstan Baa1 100 6.29%Korea A2 80 5.99%Kuwait Aa2 50 5.54%Latvia A2 80 5.99%Lebanon B3 450 11.54%Liechtenstein Aaa 0 4.79%Lithuania A2 80 5.99%Luxembourg Aaa 0 4.79%Macao Aa3 60 5.69%Malaysia A3 85 6.06%Malta A2 80 5.99%Mauritius Baa2 115 6.52%Mexico Baa1 100 6.29%Moldova Caa1 600 13.79%Monaco Aaa 0 4.79%Mongolia B1 350 10.04%Morocco Ba1 200 7.79%Netherlands Aaa 0 4.79%New Zealand Aaa 0 4.79%Nicaragua B3 450 11.54%Norway Aaa 0 4.79%Oman A2 80 5.99%Pakistan B1 350 10.04%Panama Ba1 200 7.79%Panama-Offshore Banks Aa2 50 5.54%

Papua New Guinea B1 350 10.04%Paraguay Caa1 600 13.79%Peru Baa3 135 6.82%Philippines B1 350 10.04%Poland A2 80 5.99%Portugal Aa2 50 5.54%Qatar Aa2 50 5.54%Romania Baa3 135 6.82%Russia Baa2 115 6.52%San Marino Aaa 0 4.79%Sark (Channel Islands) Aaa 0 4.79%Saudi Arabia A1 70 5.84%Singapore Aaa 0 4.79%Slovakia A1 70 5.84%Slovenia Aa2 50 5.54%South Africa A2 80 5.99%Spain Aaa 0 4.79%St. Vincent B1 350 10.04%Suriname Ba3 300 9.29%Sweden Aaa 0 4.79%Switzerland Aaa 0 4.79%Taiwan Aa3 60 5.69%Thailand Baa1 100 6.29%Trinidad & Tobago Baa1 100 6.29%Tunisia Baa2 115 6.52%Turkey Ba3 300 9.29%Turkmenistan B2 400 10.79%Ukraine B1 350 10.04%United Arab Emirates Aa2 50 5.54%United Kingdom Aaa 0 4.79%United States Aaa 0 4.79%Uruguay B1 350 10.04%Venezuela B1 350 10.04%Vietnam Ba3 300 9.29%

Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/ Risk Premiums for Other Markets 2007

Country Risk PremiumRegion5.25% Eastern Europe & Russia

0.00% Financial Centers

0.00%6.75% Central and South America

3.75% Eastern Europe & Russia

0.00% Australia & New Zealand

0.00% Western Europe


1.05% Caribbean


1.20% Middle East


1.27% Caribbean



9.00% Central and South America

0.00% Caribbean



1.05% Africa



6.00% Asia

0.00% North America

0.52% Caribbean



1.05% Asia




9.00% Caribbean




6.00% Caribbean


2.03% Africa




3.75% Asia








0.75% Asia



3.75% Asia

4.50% Asia



1.20% Middle East


3.75% Caribbean

1.05% Asia


2.03% Middle East


1.20% Asia

0.75% Middle East


6.75% Middle East




0.90% Asia

1.27% Asia


1.73% Africa

1.50% North America



5.25% Asia

3.00% Africa


0.00% Australia & New Zealand



1.20% Middle East

5.25% Asia



5.25% Caribbean



5.25% Asia



0.75% Middle East





1.05% Middle East

0.00% Asia



1.20% Africa


5.25% Caribbean

4.50% Caribbean



0.90% Asia

1.50% Asia

1.50% Caribbean

1.73% Africa




0.75% Middle East


0.00% North America


5.25% Asia

4.50% Asia

Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/ Risk Premiums for Other Markets 2007

Parameter Description SE Reference Source

Risk-free rate of return 4.84%US 30-year treasury bond Bloomberg

β levered 3.36 β = βu * ( 1 + (1-t)*(d/e) )

β unlevered 1.69Unlevered beta, power industry Darmodaran

Equity Risk premium 4.79%

Total Risk Premium - Country Risk

λ Country Risk Premium 4.50% Indonesia country risk premium Damodaran- as aboveTotal Risk Premium 9.29%

Cost of Equity (formula)

Cost of Equity 36.02% Damodaran Cost of Debt (pre-tax) 11.50% BI rate + margin for commercial bankAfter-tax Cost of debt 7.59% After-tax cost of debt = Cost of debt * (1-t)

Debt 60%Equity 40%D/E ratio 1.50

Corporate Tax Rate (t) 34.00%

WACC 18.96% d/(d+e)*(kd*(1-t)) + e/(d+e)*ke

rf

Beta; investment or sector-specific risk for correlation to the market

RP-λDamodaran Datasets- Risk Premiums for Other Markets, 2007

Ke = rf + βL x (Risk Premium)

Ke = rf + βL x (Risk Premium)

The standard debt to equity ratio in developing countries

Indonesian Government Decree No. 49/1991, Joint Operation Contract (JOC)

Cálculo Do Beta

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