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=Tangible P/E + Franchise P/E
= 1/r + FF * G
FF = Franchise Factor= (1/R - 1/ROE) = (ROE-R)/(R.ROE)
G = Growth Factor=g/(r-g)
Tangible P/E = 1/r -> P/E for a No profitable projects (No positive NPV projects firm).
CP |
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发表于 2011-7-13 14:48
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