intrinsic value calculations, page-6

81% of CCL's earnings are paid out as a divi only 19% is retained to grow the company

how about have two equations - one for divis and one for retained earnings to measure growth

divi value equation
[(ROE/RRR)x bookvalue] x payout ratio = divi value

retained value equation
[(ROE/RRR)^2 x bookvalue]x (1- payout ratio) = retained value

divi value + retained value = Intrinsic value

eg 9.88 + $10.41 = $20.29

change RRR to 10%
eg 5.93 + 3.74 = $9.66