Input area: Output area: 1) Total earnings Payout ratio Retention ratio Growth rate Total dividends next year Total equity value Value per share 2) Industry EPS Industry payout ratio Industry retention ratio Industry growth rate \begin{tabular}{c||c|} \multicolumn{3}{c|}{ Year } & \multicolumn{1}{c}{ Total dividends } \\ 1 & \\ 2 & \\ \hline 3 & \\ \hline 4 & \\ 5 & \\ 6 & \\ \hline \end{tabular} Stock value in Year 5 Total stock value today Value per share 3) Industry PE Ragan PE (original assumption) Ragan PE (revised assumption) Stock price implied by industry PE 4) Total earnings Cash cow value Percentage not attributable to growth opportunities Percentage attributable to growth opportunities 5) ROE Input area: Output area: 1) Total earnings Payout ratio Retention ratio Growth rate Total dividends next year Total equity value Value per share 2) Industry EPS Industry payout ratio Industry retention ratio Industry growth rate \begin{tabular}{c||c|} \multicolumn{3}{c|}{ Year } & \multicolumn{1}{c}{ Total dividends } \\ 1 & \\ 2 & \\ \hline 3 & \\ \hline 4 & \\ 5 & \\ 6 & \\ \hline \end{tabular} Stock value in Year 5 Total stock value today Value per share 3) Industry PE Ragan PE (original assumption) Ragan PE (revised assumption) Stock price implied by industry PE 4) Total earnings Cash cow value Percentage not attributable to growth opportunities Percentage attributable to growth opportunities 5) ROE