A recent paper reported that 97% of analysts use the CAPM and the come up with widely differencing estimates for the same firms at the same time. In a survey of 40,000 valuation models worldwide, it found that the average difference between estimates was 180 basis points or 18% of the average. The average difference in betas 0.219 or 20% of the average. For the market risk premium, the interquartile range was 1.4%, 25% of the average.
This book stresses that growth is risky, so higher estimated growth typically requires a higher discount rate. But the study reported that, for 45% of analysts, the higher the discount rate estimated, the lower the growth rate in the terminal values in their valuation models,
See Décaire, P., D. Sosyura, and M. Wittry. 2024. Resolving Estimation Ambiguity. At https://ssrn.com/abstract=4953859.