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Final Determination On: the Cost of Capital for Designated Smp Operators

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Final Determination On: the Cost of Capital for Designated Smp Operators FINAL DETERMINATION ON: THE COST OF CAPITAL FOR DESIGNATED SMP OPERATORS Final Determination – ECS 23/2009 Issue Date – 2 November 2009 The cost of capital for designated SMP operators Contents 1. Final Determination ............................................................................................................................. 0 2. Introduction to consultation ................................................................................................................ 1 2.1 Background to consultation ....................................................................................................... 1 2.2 General comments ..................................................................................................................... 2 3. Introduction to the cost of capital ........................................................................................................ 4 4. The Weighted Average Cost of Capital ................................................................................................. 6 4.1 The cost of equity ....................................................................................................................... 6 4.2 The cost of debt ......................................................................................................................... 8 4.3 Estimation process ..................................................................................................................... 9 5. Estimation issues and principles ......................................................................................................... 10 5.1 Data and Bahamas-specific considerations.............................................................................. 10 5.2 The use of ranges ..................................................................................................................... 12 5.3 Market-specific costs of capital ............................................................................................... 13 6. Estimation of individual parameters................................................................................................... 15 6.1 Risk-free rate ............................................................................................................................ 15 6.1.1 Government bond yield data ..................................................................................... 15 6.1.2 Evidence from past regulatory decisions ................................................................... 19 6.2 Market risk premium ............................................................................................................... 20 6.2.1 Historic evidence on the MRP.................................................................................... 21 6.2.2 Other studies of historic premiums ........................................................................... 22 6.2.3 Other evidence on the MRP ...................................................................................... 23 6.3 Equity country risk premium .................................................................................................... 27 6.4 Gearing ..................................................................................................................................... 28 6.5 Equity beta ............................................................................................................................... 33 6.5.1 Evidence from past regulatory decisions ................................................................... 37 6.5.2 Empirical estimation .................................................................................................. 38 6.6 Debt premium .......................................................................................................................... 48 6.6.1 Evidence from past regulatory decisions ................................................................... 50 6.7 Country risk premium on debt ................................................................................................. 51 7. Final WACC Determination ................................................................................................................. 53 Appendix – Estimation of equity betas .......................................................................................................... 59 Data collection........................................................................................................................................ 59 Estimation process ................................................................................................................................. 60 Estimation results – the Consultation .................................................................................................... 62 Estimation results – Final Determination ............................................................................................... 65 1. Final Determination 1. Having regard to the matters contained in the Preliminary Determination on the Cost of Capital for Designated SMP Operators Consultation Document (ECS02/2009) issued by the Utilities Regulation and Competition Authority (URCA) on 19th August, 2009; and having regard to the representations and objections received from interested parties as summarised in this document; and having regard to URCA’s responses to such representations and objections and URCA’s reasoning behind its Final Determination as set out in this document URCA, in exercise of its powers under s. 100(5) of the Communications Act, 2009 (“the Comms Act”) hereby issues a Final Determination on the Cost of Capital for Designated SMP Operators 2. This document, upon its issuance, constitutes the formal notice of a Final Determination to Bahamas Telecommunications Company Ltd. (BTC) and Cable Bahamas Ltd. (CBL), for the reasons explained in this document, that the mid-point estimates for the nominal cost of capital in Table 1 below are final and must be used as input to any regulatory measure that requires the inclusion of a reasonable rate of return under s. 40(3)(b) of the Comms Act and for the defined high level markets: Table 1. URCA’s Final Determination on Nominal WACC for SMP Markets/Operators High Level SMP Markets/Operators URCA Preliminary URCA Final Determination Determination Fixed voice (BTC) 8.9% 10.29% Mobile voice and mobile data services 11.0% 11.71% (BTC) High speed data services and 9.3% 10.86% connectivity (CBL) Pay TV (CBL) 9.6% 10.86% 3. URCA recognizes that setting a rate of return that is too low could make future investment unattractive to investors. Setting the rate of return too high would allow the regulated entity to earn excessive returns at the expense of its wholesale and retail customers while also potentially distorting pricing signals to investors. URCA is satisfied that the overall approach to estimating the final nominal WACC for the two SMP operators is consistent with providing investment incentives to existing and emerging operators and strikes a reasonable balance between URCA’s estimation of the WACC as set out in its Preliminary Determination and the proposed WACC put forward by interested parties. 4. This Final Determination will be reviewed by URCA when URCA determines that market conditions warrant it. Additionally, this Final Determination is made without prejudice to URCA’s powers under the Comms Act, the outcome of any ongoing or future consultation, and any regulatory or other measures carried out or issued by URCA pursuant to such powers. The cost of capital for designated SMP operators 2. Introduction to consultation 5. On 19th August, 2009, URCA published its Preliminary Determination (the Consultation) on the nominal Weighted Average Cost of Capital (WACC) associated with the activities of certain electronic communications licensees in the Commonwealth of The Bahamas, and solicited views on its proposals from licensees and other interested parties. 6. The cost of capital is typically used as a key input into any cost models used to set cost oriented rates (interconnect/wholesale), retail price regulation frameworks (e.g. price caps), and in the assessment of regulatory accounts. The objective of setting the WACC is to allow a sufficient return to investors that provides adequate incentives for investment and spurs innovation in electronic communications infrastructure and services. As such, an appropriate rate of return on capital employed is a very important element in the regulatory process. 7. The licensees to whom the relevant cost of capital will apply are BTC and CBL. 8. Following a six week consultation from 19th August, 2009 to 1st October, 2009, and based on responses from two operators (BTC and CBL), this document presents URCA’s Final Determination, including a discussion of the substantive comments raised by the industry and URCA’s further comments and policy views. All views of respondents have been taken into account when arriving at the Final Determination in relation to the appropriate rate of return for BTC and CBL. 9. URCA wishes to thank respondents for their participation in the public consultation process. The quality of submissions was high and URCA appreciates the input received and believes that the Final Determination reflects the strength of the responses. 10. Copies of this document may be downloaded from URCA’s web site at www.urcabahamas.bs. 2.1 Background to consultation 11. In accordance with s.4 of the Comms Act the electronic
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