News & insights
Date: March 2026 | Client: Ofcom | Sector: Communications, media & payment systems | Expertise: Regulatory Finance
Cost of capital: Beta and gearing for the Telecoms Access Review 2026
CEPA was appointed by Ofcom to consider the appropriate beta, cost of debt and gearing assumptions for the Telecoms Access Review (TAR) 2026. This involved assessing empirical betas for relevant comparator groups and risk assessment for a notional fibre operator. CEPA undertook detailed econometric analysis, qualitative risk assessment and reviewed stakeholder submissions in developing two independent reports over the course of the project.
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