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Note: for the USA I think that the S&P 500 is the correct index to arrive the value of Beta but for Europe it's trickier. For instance, if I'm valuating a Portuguese company (my home country) if I use the national benchmark (PSI-20 Index) for the major capitalization stocks the Beta will be close to 1 (because the top 5 weights represent almost 65% of the index) and for a European benchmark they will be very different, so the impact on valuation is relevant.
Which approach do you consider the best? Read More