Equity risk premium 2022 kpmg - 4% annualized increase for the long term – a.

 
Until recently, environmental, social, and governance (ESG) strategies often provided more reputational value than financial value, particularly in the U. . Equity risk premium 2022 kpmg

Highly active private-equity players. #KPMGPointofView #. The ERP is a dynamic number that varies over time due to changes in growth, inflation, and risk. In the equity market, the price of risk (equity risk premium) is more . 75% in September 2022 in the main borrowing rate, marginal lending rate and deposit rate (interest rates). In certain circumstances, the Commission would be empowered to modify the risk premium rate by adopting delegated acts. Findings Equity market risk premium KPMG Corporate Finance Equity market risk premium as per 31 December 2019: 6. Tuesday's revision reflects a drop to a 5. 3 reasons your money is at risk the rest of. This excess return compensates. Charles Duane Baker Jr. Downloadable! During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. Market risk premium–U. 3% as of Dec 31, 2022. < Risk Premium 2022-08. В свою очередь инвесторы в акции получают компенсацию за этот риск , известную как equity risk premium. Low premiums with a low net-deductible. If that occurs, you should expect to see the historical risk premium next year : a. New York City Salary Range: Low: $102400 - High: $158700 (NYC) KPMG LLP (the U. Ukraine had average risk premiums of 34 percent in 2022. I'm currently a Consultant within KPMG's Governance, Risk, and Compliance Services practice. 11 percent. Starting in June 2012, I also report equity risk premiums based upon. In a recent KPMG survey of 500 CEOs, 18 percent said that cybersecurity risk would be the biggest threat to their organization’s growth through 2024 — up from 10 percent last year. , alpha and beta) for all equities such as Riverfront Dynamic Equity. In return, equity investors are compensated for bearing this risk; this compensation is the called the 'equity risk premium'. 5% to 3. Eén van deze. Bill is risking more tournament equity in this situation, so they need a stronger range to defend. Please choose a month in order to see the relevant files. Prior to this he was Chief Executive Officer, Retail Ireland. 5 percent. Should match the time period on your risk free rate. 41% country risk premium: 4. We spent the rest of the session talking about t. The equity risk premium for the S&P 500 index was “about as low as it can go”, Morgan Stanley analysts wrote in a recent note to clients, arguing that investors were not compensated. The equity risk premium is a long-term prediction of how much the stock market will outperform risk -free debt instruments. Market risk premiums (MRP) measure the expected return on investment an investor looks to make. 4% annualized increase for the long term - a relatively large. WSO Premium. #KPMGPointofView #. Disciplined Cost Management Drove Improving Cash Flow Raises Midpoint of 2022 Revenue and Adjusted EBITDA Guidance. statement of changes in equity and consolidated statement of cash flows for. Sinds het begin van de financiële crisis in 2008 hebben zowel leidinggevenden als waarderingsdeskundigen grote veranderingen waargenomen in de onderliggende parameters die de waarde van bedrijven bepalen. As of September 2022, the ERP for a mature equity market (such as the USA or Germany) amounts to 5. 5 percent. Matt is a UK Transaction Services Partner, in our Equity Capital Markets team. 0% and 6. Consider a general model of equity risk premium based on a state variable, X, E t [r t+1]=a t +b tE t[X t+1]: (1) To date, a typical empirical model is to forecast the equity risk premium as E t [r t+1]=aˆ t +bˆ tX t; (2) where the coefficients faˆ t;bˆ tgare OLS estimates from a predictive regression at time t, and X t is. London, England, United Kingdom. In the session today, we started by doing a brief test on the relationship between prices and risk premiums. 3% from Q3 2021; Premium Alloys are 17. Show more. The research uses international macroeconomic data and asset prices to answer questions in the field of macro-finance. Carne's comprehensive solutions include European Management Companies, Fund Platforms, Independent Fund Directorships and other Fiduciary services. Contact Us Search Careers Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do for leading organizations. Today's revised 5. In this volatile operating environment, demands from donors, grantors, and other stakeholders for action and increased transparency will continue to intensify. Similarly, the difference between the average returns on stock and average returns on treasury bond over the period 1991 to 2020 is 7. 63%, compounded annually. Equity Risk Premium for US Market Each country has a different Equity Risk Premium. 5% increase in July 2022 and a further 0. 0% and 7. A 6% ERP knocks another 530 points off the index, or downside of nearly 30% from the Q3 close. Equity Market Risk Premium. This series of interest rate hikes is the first of its kind since 2011 and resulted in the main borrowing rate increasing to 1. 4% below Q2 2022, and up 24. * We recommend using the spot 20-year U. According to Mazars’ analysis, which uses an implied premium approach to determine the expected equity market return, the expected return is 8. Elevate Plan. This thesis comprises three essays on international finance and asset prices. 25% Use of Equity Risk Premium in the Capital Asset Pricing Model (CAPM). black satin ruched midi dress. In certain circumstances, the Commission would be empowered to modify the risk premium rate by adopting delegated acts. com blog. 2022 KPMG U. < Risk Premium 2022-08. 5%, Effective June 30, 2020. de 2022. The equity risk premium for the S&P 500 index was “about as low as it can go”, Morgan Stanley analysts wrote in a recent note to clients, arguing that investors were not compensated. This is a 0. Findings Equity market risk premium KPMG Corporate Finance Equity market risk premium as per 31 March 2020: 6. Assuming a 10-year Malaysian. cost of equity capital estimate of 8. 7%, spiraled to almost 8% on March 23, 2020, before reverting back quickly to pre-crisis levels by September 2020. The numbers. All brokers below are Equity Risk Investment Platforms. In the session today, we started by doing a brief test on the relationship between prices and risk premiums. On the risk free rate, I start with 1. Top 15 Equity Risk Investment Platforms of 2022 compared. We calculate Country Risk Premiums (CRPs) for 186 sovereign nations using an economic model that we have developed since 1998. edu Equity Risk premium = Rm - Rf = 6. “Legally, we are able to pay a dividend,” he said, adding that it was a . 25% 1 Day Overview Data Performance USD TOTAL RETURN Graph View Table View As of Nov 11,. 075 1. Seven issues for not-for-profit audit committees to keep in mind as they consider and carry out their 2023 agendas. The PRA will also consult separately on changes to the reporting templates in late summer 2022. 2 de mai. 6% with a range between 2. 34 = 3. The increasing complexity and fusion of risks—and their unexpected interconnectedness—put a premium on more holistic organizational risk management and oversight. “To provide impetus to trust. com, the world's largest job site. 5% + 5. 75% Since markets fluctuate on a daily basis and there are some differences between market risk premia in different regions, it is difficult to mathematically derive one single point estimate for a universal equity market risk premium. WACC Part 1 - Cost of Equity. However, higher uncertainty and a strong increase in inflation have led to an increase in expected returns, so that no decline in the market risk premium . 5 percent. de 2014. 37% to 9. The numbers. de 2022. 30 May 2022. 25 relative equity market volatility = 4. The equity premium appears to have gone through three phases in the past 100 years. The deduction of the allowance on equity would be limited to 30 percent of the taxpayer’s earnings. 5% to 3. 37% and an equity premium of 6. Treasury yield as the proxy for the risk-free rate, if the prevailing yield as of the valuation. May 2022. This information required comes from various sources. The risk premium on the market portfolio is time-varying as σ t fluctuates. com Please visit our sites at www. Implied Equity Risk Premium Update Implied ERP on January 1, 2023 = 5. Publicaties van KPMG - Direct te lezen zonder emailadres achter te laten,. Similarly, the difference between the average returns on stock and average returns on treasury bond over the period 1991 to 2020 is 7. The trend of KPMG's ERP is similar to that of Damodaran's calculation. 5 percent. The equity-risk premium (ERP) is one of the most important variables in finance. “We're still in a healthy environment in 2022. ArcelorMittal has mandated KPMG Luxembourg S. 4% below Q2 2022, and up 24. Equity Market Risk Premium. Global Equity Risk Premia. 33 to win $12. 29 de set. 85% (Average CF yield last 10 years); 5. not-for-profit (NFP) entities experienced stronger operating results in 2022, despite headwinds from inflation, workforce disruption, and a changing political landscape. Equity Risk Premia are playing a fundamental role in modeling risk and returns characteristics of traded equities. 2 percent in that year. The equity risk premium is a long-term prediction of how much the stock market will outperform risk -free debt instruments. Equity Risk Premium: A Profound Revelation, But Not Really. * We recommend using the spot 20-year U. Lawauf Pixabay KPMG Netherland increased their recommended ERP as of 31 March 2022 by 50 bps to 5. 1 according to Damodaran. Inflation, rising interest rates, recession fears and falling equity values increase uncertainty, raising questions about the wisdom of deal-making now. 48% (Trailing 12 month cash yield);. 41% country risk premium + 5. 즉, 채권시장이 주식시장의 변동을 대부분 설명. During the calculation, the investor needs to take. Treasury note. Browse Our Benefits E-Book. 0439 - 1 = 11. "Normalized" in this context means that in months where the risk-free rate is deemed to be abnormally low, a proxy for a longer-term sustainable risk-free rate is used. I have completed the CPA PEP Program (Assurance and Taxation electives) and passed the common final exam (CFE) in May 2022 - I am currently completing experience reporting to become a designated professional. 26 de set. The Equity Risk Premium (ERP) represents the excess returns over the risk-free rate that investors expect for taking on the incremental risks connected to the equities market. 00% to 3. In the equity market, the price of risk (equity risk premium) is more . According to Mazars’ analysis, which uses an implied premium approach to determine the expected equity market return, the expected return is 8. Average market risk premium in selected countries worldwide 2022 Published by Statista Research Department , Jul 4, 2022 This statistic illustrates the average market risk premium used for. The weighted-average equity risk premium is 14. Most investment banks have started operating from office premises and meeting clients in person again, albeit on a limited basis. This is slightly above the long. The website of John Wiley & Sons, the publisher of financial books, defines the equity risk premium (or ERP) as the “extra return (over the expected yield on risk-free 10-year Treasury. In this environment, it is not unreasonable for biopharmaceutical acquirers to adopt a wait-and-see approach for acquisitions and favour deal strategies that minimise risk, such as stage-gate. Lower valuations compared with 2022 mean earnings yields are more attractive. 75% Since markets fluctuate on a daily basis and there are some differences between market risk premia in different regions, it is difficult to mathematically derive one single point estimate for a universal equity market risk premium. The average market risk premium used in Russia reached a value of 14. Implied Equity Risk Premium Update. November 16, 2022 Dr. Onze observaties inzake de belangrijkste factoren die de marktrisicopremie beïnvloeden. Equity Risk Premium Index 170. 2022, Acquisitions/Mergers/Takeovers, In April, the company acquired KMCS, a construction . The world economy is projected to see just 2. Below is the formula for the cost of equity: Re = Rf + β × (Rm − Rf) Where: Rf = the risk-free rate (typically the 10-year U. Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Equity Risk Premium: A Profound Revelation, But Not Really. 21 September 2022; KPMG South Africa today launched its annual. Kroll U. 2022 KPMG U. But in 2023, without market conditions to support robust dealmaking, PE portfolio performance will now be top of mind. Cost reduction is key, but growth is an even higher priority in the coming months, according to our survey and our. KPMG Netherland on Equity Market Risk Premium as of 31 March 2022 Wolfgang Kniest· April 23, 2022 Bild von Sergei Tokmakov Terms. Most New Zealand respondents identify 7. S Treasury bond (T-bond). 25%, the interest rate on marginal lending. Australia risk premium is the spread between 10-year Australian Government Bonds, and the benchmark, or 10-year U. Risk Vs. The average market risk premium used in Russia reached a value of 14. The multiplier amounts to 1. This series of interest rate hikes is the first of its kind since 2011 and resulted in the main borrowing rate increasing to 1. 3 min read. KPMG Netherland on Equity Market Risk Premium as of 31 March 2022 Wolfgang Kniest· April 23, 2022 Bild von Sergei Tokmakov Terms. The multiplier amounts to 1. November 16, 2022 Dr. #KPMGPointofView #. 75% Since markets fluctuate on a daily basis and there are some differences between market risk premia in different regions, it is difficult to mathematically derive one single point estimate for a universal equity market risk premium. 77% to 8. Tuesday, April 19, 2022. In a world of extreme disequilibrium in so many ways, equities and fixed income appear to be. 3 min read. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. member firm of KPMG International) offers a comprehensive compensation and benefits package. 00% to 3. 2022 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG global. Table Of Contents Table Of ContentsTable Of Contents November 16, 2022 / S&P 500 Equity Risk Premium. 75% in September 2022 in the main borrowing rate, marginal lending rate and deposit rate (interest rates). 34 = 3. Onze observaties inzake de belangrijkste factoren die de marktrisicopremie beïnvloeden. Remember, high Riverfront Dynamic's alpha is almost. 25% 1 Day Overview Data Performance USD TOTAL RETURN Graph View Table View As of Nov 11,. In 2021, the fourth an-nual Academy focused on the geopo-litical, legal, and institutional aspects of. As specialists, our professionals routinely support our Audit practice to assess financial reporting valuations. Partially tax deductible c) Totally tax deductible d) Taxable c) Totally tax deductible - answerc) What is the purpose of a conditional receipt - answera) It is given by the agent only to applicants who fully prepay all scheduled premiums in advance of policy issue b) It is intended to provide coverage on a date earlier than the date of the issuance of the policy c) It guarantees the applicant. The PE industry has increased its focus on portfolio value creation in recent years, while still leveraging M&A. KPMG Netherland on Equity Market Risk Premium as of 31 March 2022 Wolfgang Kniest· April 23, 2022 Bild von Sergei Tokmakov Terms. Sinds het begin van de financiële crisis in 2008 hebben zowel leidinggevenden als waarderingsdeskundigen grote veranderingen waargenomen in de onderliggende parameters die de waarde van bedrijven bepalen. This research bulletin prepared by the Dutch Valuations practice summarises our observations regarding the key factors influencing the equity market risk premium since the onset of the financial crisis. , Nov. Tobacco Products Tax. economy into a deep recession, equity investors are grappling with their own balancing act ― how to factor competing risks into their portfolios. 2% increase since the October 2022 Outlook thanks in part to China’s reopening, higher global demand, and slowing inflation projected across certain countries in the year ahead. 10% return on equity and a 2. You can calculate the MRP by subtracting the expected market return from the risk-free rate. of all peoples of Canada. Thenotional interest ratewould be calculated based onthe 10-year risk-free interest rate for the relevant currency, increased by a risk premium of 1 percent or, in the case of SMEs, a risk premium of 1. In the KPMG survey, business leaders say that their appetite for M&A could be limited by several factors in 2022, including high valuations, inflation, and a lack of attractive targets left to buy. Another issue for some investors is the possibility of a rise in the cost of capital and potential tax increases. 3% as of Dec 31, 2022. Our model uses a range of inputs in generating CRPs, including reliable sources of credit and risk ratings and sovereign bond information. If you have a question about accessible employment at KPMG, or to begin a confidential conversation about your individual accessibility or accommodation needs through the recruitment process, we encourage you to contact us at cafmcdnhrsthotline@kpmg. The cost of equity is calculated using the Capital Asset Pricing Model (CAPM) which equates rates of return to volatility (risk vs reward). For example, if government bonds are yielding 2% while equity markets are generating 5% returns (both on an inflation-adjusted basis), then the value of the equity risk premium is 3%. This thesis comprises three essays on international finance and asset prices. On the risk free rate, I start with 1. 00% between March and September 2022, moving the federal funds rate to a target of 3. A new corporation tax rate of 15% will be introduced for businesses with a turnover of more than €750 million per year. Compensation info for 1st Year Analyst in KPMG (Noida). 주식과 채권이 비슷한 조정을 겪었기에 통상적인 경기침체기에 나타나는 equity risk premium 변화가 없었음. S Treasury bond (T-bond). 4 Market risk premium Point estimate of 7. 2022 Medical Benefits Guide. 25%, the interest rate on marginal lending. 2022, Acquisitions/Mergers/Takeovers, In April, the company acquired KMCS, a construction . Market Risk Premia Application example Market Risk Premia of international stock markets as of 30 June 2022 1. November 30, 2022 9 Free Financial Modeling Lessons Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. #KPMGPointofView #. not-for-profit (NFP) entities experienced stronger operating results in 2022, despite headwinds from inflation, workforce disruption, and a changing political landscape. See More. The small equity size premium of 4. Hanoi and HCMC- EuroCham Business Luncheon - KPMG Annual Tax Update - Highlights of 2014 that businesses must know - 24 April 2014 - 25 April 2014. Contact us. Feb 01, 2022 · Income Tax Budget 2022: New Income Tax Slab, Rate, Changes for Salaried Employee, Senior Citizens, NRIs, 80C, 80D, NPS, PPF, Retirement, Pension. 59% (Trailing 12 month, with adjusted payout); 5. But in 2023, without market conditions to support robust dealmaking, PE portfolio performance will now be top of mind. 85% (Average CF yield last 10 years); 5. cost of equity capital estimate of 8. But in 2023, without market conditions to support robust dealmaking, PE portfolio performance will now be top of mind. To estimate the long term country equity risk premium, I start with a default spread, which I obtain in one of two ways: (1) I use the local currency sovereign rating (from Moody's:. " - Paul Knopp, Chair & CEO, KPMG U. due diligence report on M&A transactions. The Federal Reserve announced at its May 2022 meeting that it is raising interest rates 0. The PE industry has increased its focus on portfolio value creation in recent years, while still leveraging M&A. 즉, 채권시장이 주식시장의 변동을 대부분 설명. Australia risk premium is the spread between 10-year Australian Government Bonds, and the benchmark, or 10-year U. 50 | The South African Insurance Industry Survey 2022 - proudly published for more than twenty years Yacoob Jaffar Partner Corporate Tax Tel: +27 78 786 2277 Email: yacoob. The 5. Prior to founding One River in 2013, Eric served as Chairman of Grant Capital Partners, a $1. The ERP. 75% to 1%. shane diesel cock

If the 8% discount rate is applied to value an investment opportunity in Vietnam (i. . Equity risk premium 2022 kpmg

At a broad level, a <b>risk</b> <b>premium</b> is made up of a number of different yet intertwining <b>risks</b>, including specific business <b>risk</b> and liquidity <b>risk</b>, among a number. . Equity risk premium 2022 kpmg

not-for-profit (NFP) entities experienced stronger operating results in 2022, despite headwinds from inflation, workforce disruption, and a changing political landscape. 84K Follower s Summary The expected risk premium continued sliding in April for the Global Markets Index (GMI). The US equity risk premium is well below its long-term average. relevant currency, increased by a risk premium of 1 percent or, in the case of SMEs, a risk premium of 1. com Joe Abbott 732-497-5306 jabbott@yardeni. Glenn Mincey Global & U. In the equity market, the price of risk (equity risk premium) is more . For the full-text . For a report released in September, KPMG interviewed DEI leaders at companies in various industries. Equity Risk Premium: A Profound Revelation, But Not Really. Expected market risk premium - based on the investor's return expectation. Eén van deze. * We recommend using the spot 20-year U. This series of interest rate hikes is the first of its kind since 2011 and resulted in the main borrowing rate increasing to 1. due diligence report on M&A transactions. Happy New Year, and I hope that 2022 brings you good tidings!. Equity price have gone down sharply. 7% annualized forecast marks the lowest level. The small equity size premium of 4. Equity Risk Premium Index. Spurred in part by major donors, many U. 7% annualized forecast marks the lowest level. Onze observaties inzake de belangrijkste factoren die de marktrisicopremie beïnvloeden. 25%, the interest rate on marginal lending. The equity risk premium, calculated as a difference between the average returns on stock and the average returns on treasury bill for the period 1991 to 2020 is 9. #COP27 is connecting. Carne is the premier global provider of Fund Management Solutions to the asset management industry. We can see the year end 2021 level of the equity risk premium. In general, tax systems in the EU allow. But in 2023, without market conditions to support robust dealmaking, PE portfolio performance will now be top of mind. Since the beginning of the financial crisis in 2008, executives and valuation practitioners alike have observed major changes in the underlying parameters that drive, and are used to derive, the value of companies. Downloadable! During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. KPMG Netherland on Equity Market Risk Premium as of 31 March 2022 Wolfgang Kniest· April 23, 2022 Bild von Sergei Tokmakov Terms. The Federal Reserve announced at its May 2022 meeting that it is raising interest rates 0. Existing and draft regulations and data strategies in the US, UK, EU, and beyond protect people against biased and illegitimate use of their private data. Risk Premia Forecasts: Major Asset Classes - May 3, 2022 IYR James Picerno 5. Private equity players were an increasingly important factor in 2021 and will continue to be in 2022. Equity Market Risk Premium. Oct 24, 2022 · The findings in the KPMG CEO Outlook, which came out this month and is based on interviews with 1,325 global CEOs, are sure to have a big impact on legal departments, which play a key role in. Seven issues for not-for-profit audit committees to keep in mind as they consider and carry out their 2023 agendas. br qg. Until recently, environmental, social, and governance (ESG) strategies often provided more reputational value than financial value, particularly in the U. For example: if an asset class's current price is 10% above its 10-month moving average and 20% over its 36-month moving average, the unadjusted risk premium estimate is reduced by 15% (the. Equity Market Risk Premium. It is at 4. The PE industry has increased its focus on portfolio value creation in recent years, while still leveraging M&A. 2 de mai. Our model uses a range of inputs in generating CRPs, including reliable sources of credit and risk ratings and sovereign bond information. This suggests that investors demand a. It tells investors how much a risky investment such as stocks returns relative to a risk-free investment such as government bonds. Estimate the risk-free rate. 3% as of Dec 31, 2022. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. 25% between March and September 2022. Top Risks 2022: The Bottom Line for Business Top Risks 2022 is Eurasia Group's annual forecast of the political risks (with the highest potential to impact the global business environment) likely to play out over the course of the year. The PE industry has increased its focus on portfolio value creation in recent years, while still leveraging M&A. This is because the alternative investment (i. According to Mazars’ analysis, which uses an implied premium approach to determine the expected equity market return, the expected return is 8. The ECB announced a 0. Onze observaties inzake de belangrijkste factoren die de marktrisicopremie beïnvloeden. S Treasury bond (T-bond). WACC Part 1 - Cost of Equity. Sinds het begin van de financiële crisis in 2008 hebben zowel leidinggevenden als waarderingsdeskundigen grote veranderingen waargenomen in de onderliggende parameters die de waarde van bedrijven bepalen. The equity risk premium is a long-term prediction of how much the stock market will outperform risk-free debt instruments. This statistic illustrates the average market risk premium used for selected countries worldwide in 2022. Cost reduction is key, but growth is an even higher priority in the coming months, according to our survey and our. 5% to 3. This statistic illustrates the average market risk premium used for selected countries worldwide in 2022. In return, equity investors are compensated for bearing this risk; this compensation is the called the 'equity risk premium'. 5%, Effective December 9, 2020 Duff & Phelps U. If the equity premium is high, investors will generally allocate more of their portfolio to stocks, if low, then more will be allocated to bonds. Assuming a 10-year Malaysian. WACC/cost of equity; Risk-free interest; Beta factor; Credit spread; Market and country risk premium; Inflation delta; Average tax rate; Selected exchange . " - Paul Knopp, Chair & CEO, KPMG U. Private equity players were an increasingly important factor in 2021 and will continue to be in 2022. Bill is risking more tournament equity in this situation, so they need a stronger range to defend. KPMG Netherland on Equity Market Risk Premium as of 31 March 2022 Wolfgang Kniest· April 23, 2022 Bild von Sergei Tokmakov Terms. Design data and risk management policies with ethical data and AI guidelines. Siebel Systems. It is the price attached to risk, and for this reason it is based on perception. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms' liquidity, reducing risk. Private equity players were an increasingly important factor in 2021 and will continue to be in 2022. equity risk premium 2022 19 Oct equity risk premium 2022. 51%, the 10-year treasury bond rate on January 1, 2022, but I will assume that this rate will drift upwards over the next five years to reach 2. In addition, we share with you our summary of key capital market data such as index performance, sector multiples, risk-free rates, country risk premiums . 75% in September 2022 in the main borrowing rate, marginal lending rate and deposit rate (interest rates).