: Normalize the current operating earnings and divide by the cost of capital. Compare Asset Value to EPV : , management may be mismanaging the assets. , the industry is competitive. , look closely for a sustainable competitive advantage.
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EPV provides a solid floor for valuation, independent of the unpredictable nature of future growth. III. Franchise Value (Growth) : Normalize the current operating earnings and divide
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Such as enterprise software systems where retraining staff is prohibitively expensive.