deletions | additions       diff --git a/section_Building_a_Profitability_Valuation__.tex b/section_Building_a_Profitability_Valuation__.tex  index e931ca9..e20ed24 100644  --- a/section_Building_a_Profitability_Valuation__.tex  +++ b/section_Building_a_Profitability_Valuation__.tex 
...
\\  \subsection{Some remarks on the Cash-Flow based valuation model}  \\  Our equation linking $\frac{EV{IC}$ $\frac{EV}{IC}$  with the $ROIC$ and the $WACC$ is completely in line with valuation models and concepts such as EVA. The idea is the same : value is created when a business is able to earn more than its cost of capital ($ROIC > WACC$); in this situation, the market value of a business warrants a premium relative to its book value. Just as we did for the $DDM$, the $DC$F can be transformed and simplified in order to take into account growth dynamics in a very simplified manner. For example, a $FCF$ version of the Gordon Growth Model ($GMM$) would look like : \begin{equation}  P_{t}=\frac{D_{t+1}}{R-g}  \end{equation}