Question for buy-siders on valuation

I'm a sell-side ER associate and one of my connections on the buy-side asked me to interview. The interview is a trial phase over the next x months during which I'll do research on pre-selected stocks and provide my thoughts. He/she asked me to create some models w/ valuation. My question is - for buy-side valuation, should I unlever beta (similar to what a banker would do) for relative comps? Or is that unnecessary given leverage should be factored into the valuation? If I'm misguided, please excuse my ignorance. Thanks.

 

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