Terlingua Energy Resources is a privately held, all equity firm. Managers at Terlingua need to estimate equity beta for their common stock. Here is data on four competitors. The four companies are publicly traded, all equity firms.

Company	Beta	Book value of equity ($ million)	Share price ($)	Shares outstanding (millions)
Hallibuddy Co.	1.15	500	6.59	40
Schlumbertime Ltd.	1.30	1,000	54.52	30
Felix Energy Inc.	1.50	750	67.27	25
Suferior Energy Co.	1.75	2,000	49.31	20

Estimate the Terlinguas equity beta using the best procedure described in the lecture.

Do not round at intermediate steps in your calculation. Express your answer in decimal form. Round to two decimal places.