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Pascal edited section_textit_DDM_textit_RIM__.tex
almost 8 years ago
Commit id: 01b943c9a176f4020674113683529e1b49645225
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As a conclusion to this section, hereafter are the important ideas we wish to highlight before moving on to the cash-flow approach :
\\. \\\textendash The \textit{RIM} is a derivation of the the \textit{DDM} using clean surplus accounting and introducing the abnormal earnings concept
\\. The \textit{RIM} helps us better understand the notion of value creation and the relationshipe between value creation and valuation
\\. \textit{PB-ROE} is a simplified version of the \textit{RIM} the same way the \textit{GGM} is a simplified version of the \textit{DDM}.
\\. Valuation multiples are simple versions of multi-period discounting models and as such are very helpful as a starting point for stock selection (through screening for example).