deletions | additions       diff --git a/section_textit_DDM_textit_RIM__.tex b/section_textit_DDM_textit_RIM__.tex  index 33156ba..7d5ccb7 100644  --- a/section_textit_DDM_textit_RIM__.tex  +++ b/section_textit_DDM_textit_RIM__.tex 
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\end{equation}  Using similar mathematical simplification tools than the ones used in the Gordon Growth Model, we can simplify   \begin{equation}  P_{t}=B_{t}+\frac{1}{(1+R-\omega}A_{t+1}  P_{t}=B_{t}+\frac{1}{(1+R-\omega}(E_{t+1}-RB_{t}) P_{t}=B_{t}+\frac{1}{(1+R-\omega})A_{t+1}  \end{equation}  \begin{equation}  P_{t}=B_{t}+\frac{1}{(1+R-\omega})(E_{t+1}-RB_{t})  \end{equation}  Dividing the value by the current book value leads to the following relation between price to  book and return on equity :  \begin{equation}  P_{t}=1+\frac{1}{(1+R-\omega})(ROE_{t+1}-R)  \end{equation}  $EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{FCFF_i}{(1+R)^i}+EV_{t+K}$