deletions | additions       diff --git a/introduction.tex b/introduction.tex  index f2544f9..b354b46 100644  --- a/introduction.tex  +++ b/introduction.tex 
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\\  \\ The purpose of this working paper is to show that it is perfectly feasable to adapt the Profitatbiliy-Valuation framework so as to hinge it on a firm's cash-flows instead of earnings. Using cash-flows has several advantages: first of all, it allows us to avoid the debt caveat. Secondly, by using cash-flows when valuing a firm, practitioners adopt a more entrepreneurial attitude towards stock valuation; typically, a private equity firm or any type of firm that wishes to value a potential target will do so by discounting cash-flows instead of earnings or dividends.  \\  \\The paper is organised as follow. First section recapitulates theoretical and empirical findings in  Pierre and al. theory behind regarding the link between \textit{DDM}, \textit{RIM}, \textit{PB-ROE}, and how to combine financial screens and fundamental analysis when using the Profitablity-Valuation framework.  $V_{t}=\displaystyle\sum_{i=1}^{K}\frac{C_{t+i}}{(1+R)^i}+V_{t+K}$