The CAPM's estimate of the component cost of common equity would be increased by an increase in:

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The CAPM (Capital Asset Pricing Model) formula is $r = r_f + \beta(r_m - r_f)$, where $r$ is the expected return on equity, $r_f$ is the risk-free rate, $\beta$ is the stock's beta, and $r_m$ is the expected return on the market. Increases in the risk-free rate, a firm's beta, or the market return would all lead to an increase in the estimated cost of common equity according to CAPM.

The CAPM's Estimate of the Component Cost of Common Equity