Alpha Beta Unlevered Beta 
Value Scope
JULY 21, 2020
This work can be used to reconcile and support an adjustment to the CAPM, then the WACC, via Alpha and Beta. Adjustments to Beta can accomplish this. Beta measures systemic risk, and the performance of a company as compared with a broad index like the S&P 500 or the Russell 2000. The valuation increases from $263.9
Value Scope
SEPTEMBER 24, 2020
As companies continue to legitimately integrate ESG into business strategy, the ability to achieve “alpha,” which is an excess return or performance above a codified index or peer group, might become more difficult to do. Adjustments to Beta can accomplish this. The re-levered Beta for the private company we were valuing was 0.56.
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