WACC PRESENTATION RISK FREE RATE: Rf: date & RATE. Term, US, Cdn or other COST OF EQUITY *BETA: *EQUITY (\"Market') RISK PREMIUM: date & source *DISCLOSE RISK ADJUSTMENTS (IF ANY) COST OF DEBT *CREDIT RATING: state credit rating \"OR ALTERNATE METHOD: > Details & calculations *TAX RATE DETAILS: WACC *WEIGHTING CALCULATION > MARKET CAP > VALUE OF DEBT (FUNDED DEBT) *WACC CALCULATION * CALCULATIONS Bottom-Up Beta AIR CANADA Unlevered Toy Industry Beta Calculations Air Canada Re-levered Beta Calculation 5 YR Marginal Un-levered Company D/E Tax Rate Weighting Airline Industry Beta 0.620 Beta Beta Delta Air Lines 1.34 156.1% 25.00% 0.617 30.00%% Air Canada Debt / Equity 350% United Airlines 1.41 265.3% 25.00% 0.472 28.00% Air Canada Marginal Tax Rate 25.00% JetBlue Airways 1.81 346.2% 25.00% 0.503 6.00% Air Canada Re-levered Beta 2.25 Lufthansa 1.48 122.8% 29.94% 0.796 22.00% South West 1.10 77.9% 25.00% 0.694 14.00% Airlines Weighted Beta 0.620 Weighting Rationale 5y Beta and Debt-to-equity percentages are retrieved from Capital IQ . Delta (30%): Largest revenue base and market share; represents the industry benchmark. Air Canada D/E ratio is gotten from historical data United (28%): Similar hybrid business model and international exposure to Air Canada. Marginal tax rates was given and also retrieved from Aswath . Lufthansa (22%): European counterpart with comparable geographic Damodaran diversification. . Southwest (14%): Represents the low-cost carrier segment. but has a smaller Weighted un-levered beta = (0.617* 30.00%) + (0.483 * 28.00%) + influence due to domestic focus. (0.503 * 6.00%) + (0.796* 22.00%) + (0.694 * 14.00%) = 0.620 . JetBlue (6%): Niche player with limited influence on the industry average. Re-levered beta = 0.620 * [ 1 + (1 - 25.00%) * 350% = 2.25Bottom-Up Beta BARRICK Unlevered Toy Industry Beta Calculations Barrick Gold 5 YR D/E Unlevered Company Tax rate Weighting Beta marginal Beta Mining Industry Newmont 0.56 30.1% Beta Agnico Eagle Mines 1.00 6.2% Barrick Gold Debt / Equity Kinross Gold 1.31 20.7% Barrick Gold Marginal Wheaton 0.7 0.1% Tax Rate Franco-Nevada Barrick GOLD Re- 0.65 0% Corporation levered Beta Weighted Beta 5y Beta and Debt-to-equity percentages are retrieved from Capital IQ Weighted Rationale Barrick Gold D/E ratio is gotten from historical data . Newmont Marginal tax rates was given and also retrieved from . Agnico Eagle Mines Aswath Damodaran . Kinross Gold Weighted un-levered beta = . Wheaton Re-levered beta = . Franco-Nevada