Cost of equity over the last 12 months

Banks Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Cost of equity bandwidth Cost of equity average 9,3% 9,3% 9,0% 8,9% 8,7% 8,7% 8,7% 8,5% 8,6% 8,6% 8,8% 7,6%

Summary of cost of equity

Banks, March 2025 Cost of equity Risk free rate 0,70% Beta 1,0 Market risk premium incl. Small Cap Premium 6,5% – 8,0% Cost of equity 6,9% – 8,3%
Dr. Marc Schmidli, CFA

Questions?

Dr. Marc Schmidli, CFA

PwC | Partner | Deals and Valuation Leader
Office: +41 58 792 1564 | Mobile: +41 79 211 7786
PricewaterhouseCoopers AG
Birchstrasse 160 | Postfach | CH-8050 Zürich
http://www.pwc.ch

Thomas Schneller, CFA

Questions?

Thomas Schneller, CFA

PwC | Director | Deals | Valuation & Modelling
Office: +41 58 792 1519 | Mobile: +41 79 608 4445 | Main: +41 58 792 4400
PricewaterhouseCoopers AG
Birchstrasse 160 | 8050 Zürich | Switzerland
http://www.pwc.ch