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But what about its cost of equity?
The cost of equity financing (roughly speaking, earnings yields) soared.
Last year's outcome was returns of 7.8% versus an estimated cost of equity of 11.5%.
Applied to SAB, this produces a cost of equity of 20.4%.
Based on its current share price and dividend, its cost of equity exceeds 15%.
Barclays hopes returns will beat the cost of equity, estimated at around 11.5%, by 2016.
A safer banking industry should mean that banks have a lower cost of equity.
Estimates of the cost of equity for firms and projects are surely even less precise.
It can be used to estimate a company's cost of equity capital in investment management decisions.
But in most other sectors, ROEs are much greater than the cost of equity capital.
Take the bank's main performance target of generating a return of equity equal to its cost of equity by 2015.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com