2022

BNI Madagascar SA

Investment Professionals Ltd

MITCO Group Ltd

Risk-free rate (%)

8.63%

-

5.31%

Equity beta

0.70

-

0.71

Specific risk premium (%)

4.00%

-

4.00%

Equity market risk premium (%)

10.67%

-

6.12%

Cost of equity / Weighted Average Cost of Capital (%)

18.89%

-

13.66%

Growth (%)

3.00%

-

3.00%

Model

Dividend Discount Model

-

Discounted Cash Flow Model

Number of years

4

-

3

2021

BNI Madagascar SA

Investment Professionals Ltd

MITCO Group Ltd

Risk-free rate (%)

9.50%

4.31%

4.31%

Equity beta

0.74

0.7

0.7

Specific risk premium (%)

4.00%

3.00%

3.00%

Equity market risk premium (%)

9.84%

5.98%

5.98%

Cost of equity / Weighted Average Cost of Capital (%)

19.67%

10.60%

10.60%

Growth (%)

3.00%

3.00%

3.00%

Model

Dividend Discount Model

Dividend Discount Model

Discounted Cash Flow Model

Number of years

4

3

3