Bruce Greenwald's no-growth value — sustainable earnings capitalised at the cost of equity (EPS ÷ r). The worth of the business assuming it never grows.
Sector lens · Insurance: Banks and insurers are balance-sheet businesses — a free-cash-flow DCF doesn't apply, so fair value here leans on the dividend model and the book-value (Graham) anchor. Price-to-book and ROE are the metrics that matter.
Reference metrics from the latest statements — use them to judge whether a fair value is realistic.
A fair value implying a price-to-book far above the company's ROE would justify is usually a model artifact, not an opportunity.
Drag to see how your view changes the value.
Cost of equity 7.7% = Rf 4.5% + β 1.00 × ERP 7.5% (CAPM). No-growth earnings are capitalised at the cost of equity.
Capitalises sustainable, no-growth earnings at the cost of equity — the value if the company never grows. A lower discount rate raises it; real growth is upside on top.
Fair value blends the valid methods by their median to exclude outliers. Your tweaks here are local — the company's stored defaults are unchanged.
This is not financial advice or a recommendation to buy or sell. Fair-value figures are model estimates from public data and assumptions that can be wrong — do your own due diligence before any decision to buy or sell a stock. hala@hajaris.com