2018 Alpha Discounted Cash Flow Unlevered Beta 
Value Scope
JULY 21, 2020
Intangible asset valuation concepts can and should be applied to unique ESG cash flows. This work can be used to reconcile and support an adjustment to the CAPM, then the WACC, via Alpha and Beta. In 2018, the number was about $5 billion. The re-levered Beta for the private company we were valuing was 0.56.
Value Scope
SEPTEMBER 24, 2020
In 2018, the number was about $5 billion. “The 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. Using Alpha, however, it could be done. ciency bene?t
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