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Knowledge and Training for Financial Decision Making!


Preface & people
Executive Summary
Risk-free rate
Market returns and market risk premium
Sector classification of the DACH region
Sector returns
Trading multiples

In our DACH Capital Market Study (December 31, 2021), we analyze the relevant parameters to calculate the costs of capital based on the Capital Asset Pricing Model (risk-free rate, market risk premium and beta). Additionally, we determine implied as well as historical market and sector returns. Moreover, this study includes capital structure-adjusted implied sector returns, which serve as an indicator for theunlevered cost of equity. The relevered cost of equity can be calculated by adapting the company specific debt situation to the unlevered cost of equity. This procedure serves as an alternative to the CAPM. >more

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