{"id":3515,"date":"2024-09-16T20:24:17","date_gmt":"2024-09-16T16:24:17","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=3515"},"modified":"2025-02-04T17:54:21","modified_gmt":"2025-02-04T13:54:21","slug":"country-risk-in-valuation","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/09\/16\/country-risk-in-valuation\/","title":{"rendered":"Country Risk in Valuation"},"content":{"rendered":"\n

Evaluating organizations operating in developing countries is associated with certain difficulties, and in this area, academics and practitioners often do not agree.<\/p>\n\n\n\n

The issue is that developing markets are characterized by additional systemic and specific risks. Often, an additional 3%-5% country risk is added to an organization’s WACC, which is a significant mistake. According to McKinsey, practical analysis shows that if country risk exists systemically, it should be around 0.5%-1%.<\/p>\n\n\n\n

A better approach is to consider such risk specifically and, instead of relying on a single (expected) cash flow plan, conduct scenario planning. Then, summarize the results obtained from the scenarios with the corresponding probabilities.<\/p>\n\n\n\n

The table below shows the comparison of the scenario method and the discount rate. For example, if we assume that the expected cash flows could decrease by 40% and the probability of this is 50%, we would achieve the same result in the valuation as if we increased the WACC by 1.5%. Therefore, the sensitivity to WACC is so high that increasing it by 3%-5% would lead to an inadequate valuation.<\/p>\n\n\n\n

Thus, in such cases, it would be better to use the scenario method, evaluate with an increased WACC, and, if possible, use the multiplier method as well. Such a triple check will allow us to reach a realistic figure.<\/p>\n\n\n\n

\"\"<\/p>\n\n\n\n

When calculating the WACC of organizations operating in such markets, it should be remembered that they often have an unusual financial structure. Leverage is usually lower than in developed countries.<\/p>\n\n\n\n

Also, the nominal WACC may vary over the years due to unstable expected inflation.<\/p>\n\n\n\n

Finally, remember that there is no exact answer here. The main thing is that all assumptions you make are well thought out and agreed upon with the relevant audience.<\/p>\n\n\n\n

Source:<\/p>\n\n\n\n

Valuation, Measuring and Managing the Value of Companies – by McK.&Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n\n\n\n

——————————————————————————————————————<\/p>\n\n\n\n

\u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d0\u10d3 \u10e5\u10d5\u10d4\u10dc\u10d4\u10d1\u10e8\u10d8 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10d2\u10d0\u10e0\u10d9\u10d5\u10d4\u10e3\u10da \u10e1\u10d8\u10e0\u10d7\u10e3\u10da\u10d4\u10d4\u10d1\u10d7\u10d0\u10dc \u10d0\u10e0\u10d8\u10e1 \u10d3\u10d0\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8, \u10d0\u10db \u10dc\u10d0\u10ec\u10d8\u10da\u10e8\u10d8 \u10d0\u10d9\u10d0\u10d3\u10d4\u10db\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d5\u10d4\u10e0 \u10d7\u10d0\u10dc\u10ee\u10db\u10d3\u10d4\u10d1\u10d8\u10d0\u10dc.<\/p>\n\n\n\n

\u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0 \u10e0\u10dd\u10db \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d0\u10d3 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10e1 \u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d7 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10e3\u10e0\u10d8 \u10d3\u10d0 \u10e1\u10de\u10d4\u10ea\u10d8\u10e4\u10d8\u10e3\u10e0\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8. \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10ee\u10dd\u10da\u10db\u10d4, \u10e0\u10dd\u10db \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 WACC-\u10e1 \u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d4\u10dc \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7 3%-5%-\u10d8\u10e1 \u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10e1, \u10e0\u10d0\u10ea \u10d3\u10d8\u10d3\u10d8 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10d0. \u10db\u10d0\u10d9\u10d9\u10d8\u10dc\u10d6\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10d6\u10e0\u10d8\u10d7, \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10e3\u10da\u10d8 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8 \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1, \u10d7\u10e3 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d0\u10d3 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10e1 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10e3\u10e0\u10d8 \u10e1\u10d0\u10ee\u10d8\u10d7 \u10d8\u10e1 \u10e1\u10d0\u10d3\u10e6\u10d0\u10ea 0.5%-1%-\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d2\u10da\u10d4\u10d1\u10e8\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1.<\/p>\n\n\n\n

\u10e3\u10d9\u10d4\u10d7\u10d4\u10e1\u10d8 \u10db\u10d8\u10d3\u10d2\u10dd\u10db\u10d0\u10d0, \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e9\u10d0\u10d5\u10d7\u10d5\u10d0\u10da\u10dd\u10d7 \u10e1\u10de\u10d4\u10ea\u10d8\u10e4\u10d8\u10e3\u10e0\u10d0\u10d3, \u10d3\u10d0 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d4\u10e0\u10d7\u10d8 (\u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8) \u10d2\u10d4\u10d2\u10db\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3, \u10d2\u10d0\u10d5\u10d0\u10d9\u10d4\u10d7\u10dd\u10d7 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10d2\u10d4\u10d2\u10db\u10d5\u10d0. \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d9\u10d8 \u10db\u10dd\u10d5\u10d0\u10ee\u10d3\u10d8\u10dc\u10dd\u10d7 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d4\u10d1\u10d8\u10d7 \u10e8\u10d4\u10ef\u10d0\u10db\u10d4\u10d1\u10d0. <\/p>\n\n\n\n

\u10e5\u10d5\u10d4\u10db\u10dd\u10d7 \u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d3\u10d0 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8\u10e1 \u10d3\u10d0\u10de\u10d8\u10e0\u10d8\u10e1\u10de\u10d8\u10e0\u10d4\u10d1\u10d0. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10d7\u10e3 \u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d4\u10d1\u10d7 \u10e0\u10dd\u10db \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d4\u10e1 40%-\u10d8\u10d7, \u10d3\u10d0 \u10d0\u10db\u10d8\u10e1 \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d0 50%-\u10d8\u10d0 – \u10d8\u10db\u10d0\u10d5\u10d4 \u10e8\u10d4\u10d3\u10d4\u10d2\u10e1 \u10db\u10d8\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e8\u10d8 WACC-\u10d8 \u10e0\u10dd\u10db 1.5%-\u10d8\u10d7 \u10d2\u10d0\u10d2\u10d5\u10d4\u10d6\u10d0\u10e0\u10d3\u10d0. \u10d0\u10dc\u10e3, WACC-\u10d6\u10d4 \u10e1\u10d4\u10e1\u10dc\u10d8\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d0 \u10d8\u10db\u10d3\u10d4\u10dc\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10e0\u10dd\u10db \u10db\u10d8\u10e1\u10d8 3%-5%-\u10d8\u10d7 \u10d2\u10d0\u10d6\u10e0\u10d3\u10d0 \u10e3\u10d1\u10e0\u10d0\u10da\u10dd\u10d3 \u10d0\u10e0\u10d0\u10d0\u10d3\u10d4\u10d9\u10d5\u10d0\u10e2\u10e3\u10e0 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10d6\u10d4 \u10d2\u10d0\u10d2\u10d5\u10d8\u10e7\u10d5\u10d0\u10dc\u10e1.<\/p>\n\n\n\n

\u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10e8\u10d8 \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10d7\u10e3 \u10e1\u10ea\u10d4\u10dc\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10e1 \u10d2\u10d0\u10d5\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d7, WACC-\u10d8\u10e1 \u10d2\u10d0\u10d6\u10e0\u10d3\u10d8\u10d7\u10d0\u10ea \u10e8\u10d4\u10d5\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10d7 \u10d3\u10d0 \u10d7\u10e3 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10e1\u10d0\u10ea \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d7. \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e1\u10d0\u10db\u10db\u10d0\u10d2\u10d8 \u10d2\u10d0\u10d3\u10d0\u10db\u10dd\u10ec\u10db\u10d4\u10d1\u10d0 \u10db\u10dd\u10d2\u10d5\u10ea\u10d4\u10db\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d6\u10d4 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10d4\u10d1\u10d0\u10e1.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

\u10d0\u10e1\u10d4\u10d7 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 WACC-\u10d8\u10e1 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d8\u10e1\u10d0\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d5\u10d0\u10ee\u10e1\u10dd\u10d5\u10d3\u10d4\u10e1 \u10e0\u10dd\u10db \u10db\u10d0\u10d7 \u10e3\u10e9\u10d5\u10d4\u10e3\u10da\u10dd<\/em> \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10d0 \u10d0\u10e5\u10d5\u10d7 \u10ee\u10dd\u10da\u10dd\u10db\u10d4. \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10ec\u10d4\u10e1\u10d8 \u10e3\u10e4\u10e0\u10dd \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10e3\u10da \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10e8\u10d8.<\/p>\n\n\n\n

\n

\u10d0\u10e1\u10d4\u10d5\u10d4, \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 WACC-\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd\u10e1 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10d0\u10e0\u10d0\u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd.<\/strong><\/p>\n<\/blockquote>\n\n\n\n

\u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, \u10d2\u10d0\u10ee\u10e1\u10dd\u10d5\u10d3\u10d4\u10d7 \u10e0\u10dd\u10db \u10d0\u10e5 \u10d6\u10e3\u10e1\u10e2\u10d8 \u10de\u10d0\u10e1\u10e3\u10ee\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10e1. \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8\u10d0 \u10e7\u10d5\u10d4\u10da\u10d0 \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0 \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d2\u10d0\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d7 \u10d8\u10e7\u10dd\u10e1 \u10d2\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1 \u10d0\u10e3\u10d3\u10d8\u10e2\u10dd\u10e0\u10d8\u10d0\u10e1\u10d7\u10d0\u10dc \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10e3\u10da\u10d8.<\/p>\n\n\n\n

\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n

Valuation, Measuring and Managing the Value of Companies – by McK.&Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"

Evaluating organizations operating in developing countries is associated with certain difficulties, and in this area, academics and practitioners often do not agree. The issue is that developing markets are characterized by additional systemic and specific risks. Often, an additional 3%-5% country risk is added to an organization’s WACC, which is a significant mistake. According to […]<\/p>\n","protected":false},"author":12998525,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675935,772049256,37372,772049227],"tags":[179,882720,4269,6635,28559],"class_list":["post-3515","post","type-post","status-publish","format-standard","hentry","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-cross-border-valuation","category-risk","category-wacc-coc-structure","tag-business","tag-cost-of-capital","tag-finance","tag-investing","tag-investment","has-post-thumbnail","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-UH","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=3515"}],"version-history":[{"count":24,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3515\/revisions"}],"predecessor-version":[{"id":4208,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3515\/revisions\/4208"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=3515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=3515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=3515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}