Quarterly Update 3|2025: Cost of capital and SME multiples in the DACH region

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Compared to the last quarter, levered and unlevered beta factors, all multiples, revenue growth rates, and EBITDA margins have declined slightly. On the other hand, returns on invested capital (ROIC) have risen slightly. While the risk-free interest rate in Switzerland has fallen slightly again, it has increased somewhat in Germany. As a result, the market risk premium in Germany has also fallen. The IDW has reduced its recommendation for this from the previous 6% to 8% to a range of 5.25% to 6.75%.