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Capital Asset Pricing Model Fundamental Analysis & Valuation % A model that estimates the return required on an asset as the risk-free rate plus a premium proportional to its market risk. Expected Return = Risk-Free Rate + Beta x (Expected Market Return - Risk-Free Rate) Cost of Equity Fundamental Analysis & Valuation % The return shareholders require for bearing the risk of owning a company's shares. Cost of Equity = Risk-Free Rate + Beta x Equity Risk Premium