You are trying to value a private company. The company has 4 million of debt and 4 million of book equity. The ratio of market value to book value for similar firms is 2. You decide to use this ratio to estimate the market value of equity. The average beta for publicly traded firms in the same industry is 1.23, and the average debt-to-equity ratio for public firms in this industry is 0.4. The corporate tax rate is 30%. 

What is your estimate beta of this private company?