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Cost of Capital Study 2023

Learn about the impact of increased uncertainty and inflation on the cost of capital.

The global economy and capital markets are becoming increasingly uncertain. Our 18th edition of the cost of capital study explores this trend under the theme "Unpredictability on the rise! – Interest rates too? What are the drivers, what are the consequences?”. In this study, you will gain insights into how this development affects business models and return expectations (cost of capital), with input from over 320 companies sharing their experiences.

In addition to a discussion of increasing uncertainty in the global economic and capital markets and an analysis of the impact of this uncertainty on significantly rising cost of capital, this year's study covers the following key topics:

  • Growing divergence? Hypotheses on the divergent development of global economies
  • Unleashed inflation? The interaction of central banks with capital markets
  • Navigating increasing uncertainty? Developing expected returns in turbulent times

You can download the study to access further explanations and analyses on the main topics and questions concerning the cost of capital, planning calculations, and value orientation. Moreover, you will have access to our interactive online analysis option of the data collection, where you can compile relevant parameters for your company. The link to the online analysis option is on page 3 of the study.

Johannes Post

Partner, Deal Advisory, Global Head of Valuation Services

KPMG Switzerland

Cost of Capital Study 2023

Cost of Capital Study 2023

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