Risk-Return Profile of the company

While creating a risk-return profile of a company, I have 2 questions concerning the same.

  1. What is the return(i.e expected return or we can say mean)? Is that the ROE or something else? and
  2. And after calculating the risk(i.e standard deviation) of that particular security, can that be used as discounting rate while valuing a share using free cash flow models?

Kindly suggest!!

@Karthik Can you sir.