AEFES.IS WACC - Weighted Average Cost of Capital

The WACC of Anadolu Efes Biracilik ve Malt Sanayii AS (AEFES.IS) is 21.8%.

The Cost of Equity of Anadolu Efes Biracilik ve Malt Sanayii AS (AEFES.IS) is 29.30%.

The Cost of Debt of Anadolu Efes Biracilik ve Malt Sanayii AS (AEFES.IS) is 14.10%.

	Range	Selected
Cost of equity	27.00% - 31.60%	29.30%
Tax rate	21.20% - 22.00%	21.60%
Cost of debt	5.50% - 22.70%	14.10%
WACC	17.7% - 25.9%	21.8%

WACC

AEFES.IS WACC calculation

Category	Low	High

Long-term bond rate	21.4%	21.9%
Equity market risk premium	10.2%	11.2%
Adjusted beta	0.56	0.83

Additional risk adjustments	0.0%	0.5%
Cost of equity	27.00%	31.60%

Tax rate	21.20%	22.00%
Debt/Equity ratio	0.7	0.7
Cost of debt	5.50%	22.70%

After-tax WACC	17.7%	25.9%


Selected WACC	21.8%

AEFES.IS's CAPM model and how its cost of Equity is calculated

The Cost of Equity reflects the return a company needs to deliver to shareholders to justify the risk of investing in its shares. It’s computed using the Capital Asset Pricing Model (CAPM), which blends the risk-free rate, the stock’s beta, and the market risk premium.

This method evaluates the stock’s risk compared to a safe investment and the market’s overall volatility.

Here’s how we figure out the cost of equity for AEFES.IS:

cost_of_equity (29.30%) = risk_free_rate (21.65%) + equity_risk_premium (10.70%) * adjusted_beta (0.56) + risk_adjustments (0.25%)

We include the risk adjustments, which range from 0% to 1%, to keep our WACC conservatives, especially for companies traded in developing markets.