Am I supposed to unlever the company I’m valuing and then relever it using averages derived from my comps?

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That last part, that's typically how it's done in most scenarios. Only reason you'd unlever your subject company is if it's a part of the GPCs.

Generally speaking, take the equity betas of your selected GPCs, unlever them and use the select asset beta (typically the median) to build up your WACC.

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I might need a little more context..

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I have none this was a case study from school from 4 years ago

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likefunny

Unlever comps, pick unlevered beta, relever with subject company leverage and inputs

likesmart

So opposite of what I said I guess? Lol maybe I got it backward

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