The estimated cost of equity has a significant impact on the value of a company; at the same time, there is considerable discretion in its estimation. Therefore, the estimation of expected cost of equity has always been a topic of controversial discussions in the context of capital market-oriented company valuation. The estimation of a time-constant cost of equity is usually based on historical returns. This, on one hand, violates the principle of future relevance in company valuation and, on the other hand, regularly contradicts the necessary term-equivalent valuation. Benjamin Rausch first demonstrates the possibilities for a largely general estimation of the influence of a constant cost of equity on the value of a company. Based on the currently available original data on the German capital market...