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how to estimate correct discount factor, to reflect risk of large portions of revenue coming from few customers? thanks.

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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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Is the company privately-held? Are you using the build-up method to calculate the cost of capital? If so, you might account for a high level of customer concentration in the Company Specific Risk component. This would be highly subjective, and you have to be careful that you are not double-counting some of the risk. For instance, many small privately-held companies have a high level of customer concentration. (Depending on the industry, its possible that some of your publicly traded comps have a lot of customer concentration too). So some of this risk might already be factored into your beta, or your Industry Risk Premium or your Size Premium.
company in question is public, small-cap, pharmaceutical sector. do i understand correctly from your text that this risk may have been reflected in company beta? thanks.
I would treat this as unsystematic risk and i think an assumption with public companies are that the marginal investor is well diversified and so unsystematic risk will not be rewarded hence will not be reflected in the discount rate

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