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      "text": "We un-lever the Beta of the target company's comp set to quantify the business risk of operating in this industry.",
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      "text": "Un-Levered Beta = Levered Beta / (1 + ((1 - Tax Rate) x (Debt Outstanding / Equity Value))) Levered Beta = Un-Levered Beta x (1 + ((1 - Tax Rate) x (Debt Outstanding / Equity Value)))",
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