Unlevered Beta
Also called asset beta. The risk of the underlying business with the effect of financial leverage stripped out, so two companies in the same industry with different debt loads become comparable. Obtained with the Hamada relationship: unlevered equals levered divided by one plus one-minus-tax times debt-to-equity. Work through it interactively in the Beta Refresher lab at /labs/beta.
Practise it
A slope, not a speed. Generate a series with a beta you choose, regress it back, and see how far one estimate lands from the truth. Raw, adjusted, unlevered, bottom-up.
Open Beta Refresher, free, 10 minKeep reading
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