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Pascal edited section_textit_DDM_textit_RIM__.tex
almost 8 years ago
Commit id: c7763e812386556fef9caa8639b750230f21e8df
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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 :
\\\ding{108]\textit{PB-ROE} \\.\textit{PB-ROE} is a simplified version of the \textit{DDM}
\\* \\. by using the clean surplus rule and introducing the concept of abnormal earnings, that introduces two parameters : $B_{t}$ is the book value and serves as an anchor to the marlet valuation
$EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{FCFF_i}{(1+R)^i}+EV_{t+K}$