Publisher Summary This chapter presents some approaches that try to make explicit the subjectivity of the investor in a systematic way to calculate unlevered and levered equity for nontraded firms. This issue is delicate and could frustrate some readers who think finance is a well-defined discipline that provides the analyst with proven and exact answers. There are numerous problems to be solved. In reality, the available models make adjustments to the existing models, and sometimes rely on the experience of a firm's manager and owner to estimate (subjectively) some of the parameters. The approaches that are presented to estimate the levered and unlevered returns for nontraded firms with systematic risk in details for the approaches for total risk are reviewed in this chapter. The analyst has to judge if the investor is diversified or not. If the investor is diversified and the firm is not traded, the analyst should use those approaches that only estimate systematic risk. If the investor is not diversified, the analyst should use the total risk approach.