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Perceived mispricing

The value of a stock for infinite holding periods is:

The value of a stock using the Gordon growth model is:
• Dividends grow at a constant growth rate g.
• Discount rate r is constant and is greater than g.
• Dividends bear and understandable and consistent relationship with profits.

The present value of growth opportunities (PVGO),
• present value of the company with no growth component and
• present value of growth opportunities.

The value of a stock using the H-model is:

Earnings retention rate (b)
Simply the % of earnings retained after paying out dividends.
Also calculated as 1 - payout ratio

Dividend Payout Ratio
b = % of retained earnings after paying dividends

Sustainable growth rate

FCFF

FCFE
