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In the PVGO formula in the slides, which is P-EPS/r, the P refers to the market value, that is the price of the stock but

In the PVGO formula in the slides, which is P-EPS/r, the P refers to the market value, that is the price of the stock

but sometimes we use the intrinsic value calculate from GGM.

So, both are correct? I was confused.

What is the rule here, and can I just remember like this: when there is a given price in question, we use price; if not, then GGM?

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