"β value without financial leverage" refers to β value without debt, that is, β value without financial risk. Accordingly, "β value with financial leverage" refers to β value with liabilities, that is, β value with financial risks. Because beta can measure risk, "beta with financial leverage" is greater than "beta without financial leverage".
"Beta value without financial leverage" refers to beta assets, not beta equity. "beta value with financial leverage" refers to beta equity, not beta assets. That is, beta equity is greater than beta assets.
The formula of "unloading the financial leverage of comparable companies" is: comparable company β assets = comparable company β equity /[ 1+( 1- comparable company tax rate) × comparable company liabilities/shareholders' equity].