| Issue |
E3S Web Conf.
Volume 35, 2018
Scientific-Research Cooperation between Vietnam and Poland (POL-VIET 2017)
|
|
|---|---|---|
| Article Number | 01008 | |
| Number of page(s) | 7 | |
| Section | Mining and drilling | |
| DOI | https://doi.org/10.1051/e3sconf/20183501008 | |
| Published online | 23 March 2018 | |
Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM
AGH University Science and Technology, Faculty of Mining and Geoengineering, A. Mickiewicza Av. 30, 30-059 Krakow, Poland
* Corresponding author: kustra@agh.edu.pl
The article presents cost of equity estimation of capital groups from the fuel and energy sector, listed at the Warsaw Stock Exchange, based on the Capital Asset Pricing Model (CAPM). The objective of the article was to perform a valuation of equity with the application of CAPM, based on actual financial data and stock exchange data and to carry out a sensitivity analysis of such cost, depending on the financing structure of the entity. The objective of the article formulated in this manner has determined its’ structure. It focuses on presentation of substantive analyses related to the core of equity and methods of estimating its’ costs, with special attention given to the CAPM. In the practical section, estimation of cost was performed according to the CAPM methodology, based on the example of leading fuel and energy companies, such as Tauron GE and PGE. Simultaneously, sensitivity analysis of such cost was performed depending on the structure of financing the company’s operation.
Key words: cost of equity / fuel and energy sector
© The Authors, published by EDP Sciences, 2018
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (http://creativecommons.org/licenses/by/4.0/).
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