{"id":1546,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1546"},"modified":"2026-03-04T14:15:06","modified_gmt":"2026-03-04T14:15:06","slug":"cost-equity-capital","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/cost-equity-capital\/","title":{"rendered":"Cost of Equity Capital"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"A company\u2019s current share price is $11.24, and it intends to pay a dividend of $1.38 next year. Using the dividend discount model and assuming a constant growth rate of 5%, what is the company\u2019s cost of equity?\",\n    \"text\": \"A company\u2019s current share price is $11.24, and it intends to pay a dividend of $1.38 next year. Using the dividend discount model and assuming a constant growth rate of 5%, what is the company\u2019s cost of equity?\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A (17.28%). Using the dividend discount model: r_e = (D1 \/ P0) + g = (1.38 \/ 11.24) + 0.05 = 0.12278 + 0.05 = 0.17278 \u2248 17.28%.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"17.28%\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"16.38%\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"9.58%\"\n      }\n    ]\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital (2021 Level I CFA\u00ae Exam \u2013 Reading 33)\",\n  \"description\": \"This video lesson covers the cost of capital, focusing on the Weighted Average Cost of Capital (WACC). It explains how to calculate WACC using the costs and proportions of debt, preferred stock, and equity. The lesson also discusses CAPM, dividend models, project risk adjustments, and marginal cost of capital.\",\n  \"uploadDate\": \"2018-10-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/I_SgGrDv1YM\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=I_SgGrDv1YM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\",\n  \"duration\": \"PT33M52S\"\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM?si=FxNitNcM6Iz_Ft88\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n<p>\u00a0<\/p>\n<p>A company can increase its common equity either by reinvesting its earnings or issuing new stock. The cost of equity will, therefore, be the rate of return that is required by its shareholders.<\/p>\n<p>Three methods are used to estimate the cost of equity. These are the capital asset pricing model, the dividend discount model, and the bond yield plus risk premium method.<\/p>\n<h2><strong>Capital Asset Pricing Model<\/strong><\/h2>\n<p>The application of the Capital Asset Pricing Model (CAPM) to compute the\u00a0cost of equity is based on the following relationship:<\/p>\n<p>$$ E\\left( { R }_{ i } \\right) ={ R }_{ F }+{ \\beta }_{ i }\\left[ E\\left( { R }_{ M } \\right) -{ R }_{ F } \\right] $$<\/p>\n<p>Where:<\/p>\n<p><em>E(R<sub>i<\/sub>)<\/em> = the cost of equity or the expected return on a stock<\/p>\n<p><em>R<sub>f<\/sub><\/em> = the risk-free rate of interest<\/p>\n<p><em>B<sub>i<\/sub><\/em> = the equity beta or return sensitivity of stock <em>i<\/em> to changes in the market return<\/p>\n<p><em>E(R<sub>m<\/sub>)<\/em> = the expected market return<\/p>\n<p>Note that the expression <em>E(R<sub>m<\/sub>) &#8211; R<sub>f<\/sub><\/em> is known as the expected market risk premium or equity risk premium.<\/p>\n<p>The risk-free rate of interest may be estimated by the yield on a default-free government debt instrument.<\/p>\n<h3><strong>Example: Using CAPM to Derive the Cost of Equity<\/strong><\/h3>\n<p>A company\u2019s equity beta is estimated to be 1.2. If the market is expected to return 8% and the risk-free rate of return is 4%, what is the company\u2019s cost of equity?<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The company\u2019s cost of equity = 4% + 1.2(8% &#8211; 4%) = 4% + 4.8% = 8.8%<\/p>\n<h2><strong>Dividend Discount Model<\/strong><\/h2>\n<p>According to the dividend discount model, the intrinsic value of a share of stock is the present value of the share\u2019s expected future dividends. Based on Gordon\u2019s constant growth model, dividends are expected to grow at a constant rate, <em>g<\/em>. Therefore, assuming that the share price reflects the intrinsic value, the value of a stock is:<\/p>\n<p>$$ { P }_{ 0 }=\\frac { { D }_{ 1 } }{ { r }_{ e }-g } $$<\/p>\n<p>Where:<\/p>\n<p><em>P<sub>0<\/sub><\/em> = the current share price<\/p>\n<p><em>D<sub>1<\/sub><\/em> = the dividend to be paid in the next period<\/p>\n<p><em>r<sub>e<\/sub><\/em> = the cost of equity<\/p>\n<p>Rearranging the equation,<\/p>\n<p>$$ { r }_{ e }=\\frac { { D }_{ 1 } }{ { P }_{ 0 } } +g $$<\/p>\n<p>Where:<\/p>\n<p>$$ \\frac { { D }_{ 1 } }{ { P }_{ 0 } } $$<\/p>\n<p>is known as the forward annual dividend yield.<\/p>\n<p><em>g<\/em> may also be referred to as the sustainable growth rate and can be estimated by the following relationship:<\/p>\n<p>$$ g=\\left( 1-\\frac { D }{ EPS } \\right) \\left( ROE \\right) $$<\/p>\n<p>Where ROE is the return on equity, and<\/p>\n<p>$$ \\frac { D }{ EPS } $$<\/p>\n<p>is the assumed stable dividend ratio, which makes<\/p>\n<p>$$ \\left( 1-\\frac { D }{ EPS } \\right) $$<\/p>\n<p>the earnings retention ratio.<\/p>\n<h3><strong>Example: Using Gordon\u2019s Constant Growth Model to Derive the Cost of Equity<\/strong><\/h3>\n<p>If a company\u2019s sustainable growth rate is 8.24% and its forward annual dividend yield is 4.16%, what is the estimate of its cost of equity?<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The company\u2019s cost of equity = 4.16% + 8.24% = 12.40%<\/p>\n<h2><strong>Bond Yield Plus Risk Premium Approach<\/strong><\/h2>\n<p>According to the bond yield plus risk premium approach, the cost of equity may be estimated by the following relationship:<\/p>\n<p><em>r<sub>e<\/sub><\/em>\u00a0= <em>r<sub>d<\/sub><\/em>\u00a0+ Risk Premium<\/p>\n<p>Where:<\/p>\n<p><em>r<sub>e<\/sub><\/em> = the cost of equity<\/p>\n<p><em>r<sub>d<\/sub><\/em>\u00a0= bond yield<\/p>\n<p>Risk premium = compensation which shareholders require for the additional risk of equity compared with debt<\/p>\n<h3><strong>Example: Using the bond yield plus risk premium approach to derive the cost of equity<\/strong><\/h3>\n<p>If a company\u2019s before-tax cost of debt is 4.5% and the extra compensation required by shareholders for investing in the company\u2019s stock is 3.2%, then the cost of equity is simply 4.5% + 3.2% = 7.7%.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>A company\u2019s current share price is $11.24, and it intends to pay a\u00a0dividend of $1.38 next year. Using the dividend discount model and assuming a constant growth rate of 5%, what is the company\u2019s cost of equity?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">17.28%<\/li>\n<li data-tadv-p=\"keep\">16.38%<\/li>\n<li data-tadv-p=\"keep\">9.58%<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Using the equation:<\/p>\n<p>$$ \\begin{align}<br \/>{ r }_{ e } &amp; =\\frac { { D }_{ 1 } }{ { P }_{ 0 } } +g \\\\<br \/>&amp; =\\frac { $1.38 }{ $11.24 } + 0.05 \\\\<br \/>&amp;= 0.12278 + 0.05 = 17.28\\% \\\\<br \/>\\end{align}$$<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0 A company can increase its common equity either by reinvesting its earnings or issuing new stock. The cost of equity will, therefore, be the rate of return that is required by its shareholders. Three methods are used to estimate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1546","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cost of Equity Capital | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"Explore methods for estimating the cost of equity, including CAPM, the dividend discount model, and the bond yield plus risk premium approach.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/cost-equity-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost of Equity Capital | CFA Level 1 - 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