wilslm

If ROE=r, then either b=0 or g=0, so both are the same, because g=b ROE.

So, if you are given ROE, use P/E= I/r+ FF*GF, else use P/E = 1-b/r-g.

Justified P/E is is the P/E you get if you use the actual price (v0), but you use the same formula.