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| Author: | Leibowitz, M.L. Kogelman, S. |
| Title: | Inside the P/E ratio: the franchise factor |
| Journal: | Financial Analysts' Journal
1990 : NOV/DEC, VOL. 46:6, p. 17-35 |
| Index terms: | PRICE EARNINGS RATIOS DIVIDENDS RETURN ON INVESTMENT |
| Language: | eng |
| Abstract: | Assessment of the dividend discount model (DDM) used to estimate a price/earnings (P/E) ratio, related to return on equity (ROE). DDM-based models. Description of ROE. P/E ingredients. Stable growth in earnings and dividends. Zero growth. Direct versus indirect investment. Internal versus external growth. Above-market ROEs. Reinvesting firm. Total growth. Investment process. Source of premium. Present value. Immediate versus serial investment. Franchise factor. ROE, growth and P/E. Six Tables, various Figures and the Appendix illustrate the study. |
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