Research Article

Cost of Capital Estimation for Highway Concessionaires in Chile

Table 4

Unlevered Betas of equity for representative companies ().

Representative companyMarket indexBeta of debt TaxLevered beta Unlevered beta

Transurban GroupAll Ordinaries1.170.800.300.360.56
Beijing Capital Co., Ltd.SSE Composite2.150.160.251.280.59
Chongqing Road & Bridge Co., Ltd.SSE Composite1.610.050.250.800.39
Dongguan Development (Holdings) Co., LtdSSE Composite1.610.280.251.020.62
Fujian Expressway Development Co., Ltd.SSE Composite0.960.230.250.800.56
Guangxi Wuzhou Communications Co LtdSSE Composite2.690.530.250.850.64
Henan Zhongyuan Expressway Co LtdSSE Composite3.400.670.250.950.75
Huabei Expressway Co., Ltd.SSE Composite1.610.280.250.670.46
Jiangsu Expressway Co LtdSSE Composite0.260.050.250.700.60
Jiangxi Ganyue Expressway Co., LtdSSE Composite1.070.160.250.920.58
Xiandai Investment Co., LtdSSE Composite1.610.280.250.660.45
Shenzhen Expressway Company LimitedSSE Composite0.710.160.251.060.75
Sichuan Expressway Co LtdSSE Composite1.100.160.251.290.78
Hopewell Highway Infrastructure LtdHang Seng1.610.330.170.350.34
Road King Infrastructure LimitedHang Seng1.610.330.170.780.52
Zhejiang Expressway Co., Ltd.Hang Seng1.610.330.170.570.43
Autrostrada Torino-Milano SPAFTSE Midcap1.610.250.311.040.63
Societa Iniziative Autostradali e ServiziFTSE Midcap1.680.140.310.720.41
Autostrade Meridionali S.p.A.FTSE Midcap1.690.600.310.570.59
Abertis Infraestructuras S.A.IBEX 352.470.050.300.800.33
Obrascon Huarte Lain SAIBEX 353.250.230.301.070.49
Sacyr SAIBEX 351.610.280.301.660.93
Unlevered Beta of Equity (average)ā€‰0.56

Source: elaborated by the authors.