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\section{Introduction}  In a prior working paper, Pierre and al. have showed how to build a stock selection framework based on the profitability of a firm and its stock price valuation. This Profitability-Valuation framework is derived from the Residual Income Model (hereafter \textit{RIM}) which is in fact a derivation of the Dividend Discount Model (hereafter \textit{DDM}). In this context, Pierre and al. show that profitability is necessarely measured using Return On Equity (hereafter \textit{ROE}) while the valuation metric is necessarely the Price To Book (hereafter \textit{PB}). As such, screening for stocks using ROE and PB consists in buying stocks that appear cheap from a dividend perspective or, more generally from an earnings perspective. En effet, dividends can be replaced by earnings as long as the clean surplus accounting rule that underpins the RIM is observed.  \\  \\ Drawbacks of the dividend or earnings approach to valuation are well known. For example, earnings are a pure accounting measure that can be manipulated because it incorporates non-cash items of the income statement. Another drawback often mentioned by practitioners is that profitability measures based on earnings depend on a firm's gearing, defined as the amount of debt relative to equity. A company can have an attractive \textit{ROE} despite having an unattractive Return on Invested Capital (hereafter \textit{ROIC}). More importantly, a company using financial leverage to enhance its \textit{ROE} actually makes it more volatile often at the expense of its financial strength (measured by the health of the balance sheet). For these reasons, practitioners in the equity investment community tend to prefer cash-flow based valuation metrics.  \\ \\  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 as has  several advantages namely that 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 buy-out another firm will always base their valuation models on cash-flows.  $V_{t}=\displaystyle\sum_{i=1}^{K}\frac{C_{t+i}}{(1+R)^i}+V_{t+K}$