{"id":1227,"date":"2025-08-30T10:50:55","date_gmt":"2025-08-30T06:50:55","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1227"},"modified":"2026-04-11T13:48:40","modified_gmt":"2026-04-11T09:48:40","slug":"residual-income-valuation","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/08\/30\/residual-income-valuation\/","title":{"rendered":"\u10ed\u10d0\u10e0\u10d1\u10d8 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10d8"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Excess Earnings (Residual Income) valuation \u10db\u10d4\u10d7\u10dd\u10d3\u10d8 \u10d0\u10e0\u10d8\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10db\u10d8\u10d3\u10d2\u10dd\u10db\u10d0, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10d9\u10dd\u10db\u10d4\u10e0\u10ea\u10d8\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d9\u10dd\u10dc\u10e1\u10e3\u10da\u10e2\u10d0\u10ea\u10d8\u10dd \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10d4\u10e0, \u10d8\u10db\u10d8\u10e2\u10dd\u10db \u10e0\u10dd\u10db \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10db\u10d0\u10e1\u10d6\u10d4 \u10d3\u10d0\u10e8\u10d4\u10dc\u10d3\u10d4\u10e1 \u10db\u10d4\u10dc\u10d4\u10ef\u10db\u10dc\u10d4\u10e2\u10d8\u10e1 \u10db\u10dd\u10e2\u10d8\u10d5\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d0.<br \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10db\u10d4\u10d7\u10dd\u10d3\u10d8 \u10e1\u10d0\u10ec\u10e7\u10d8\u10e1 \u10d4\u10e2\u10d0\u10de\u10d6\u10d4 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10dd\u10d7 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea Excess Cashflow Valuation Model-\u10d8. \u10d0\u10dc\u10e3, \u10db\u10dd\u10db\u10d0\u10d5\u10d0\u10da\u10d8\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10dd\u10d1\u10e0\u10d8\u10d5\u10d0\u10d3 \u10d2\u10d0\u10d5\u10e7\u10dd\u10d7 \u10dd\u10e0 \u10dc\u10d0\u10ec\u10d8\u10da\u10d0\u10d3: 1. \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e0\u10dd\u10db\u10d4\u10da\u10d7\u10d0 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10da\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10d7 \u10e3\u10d3\u10e0\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 (NPV=0) \u10d3\u10d0 2. &#8220;\u10dc\u10d0\u10db\u10d4\u10e2\u10d8&#8221; \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10dc\u10d0\u10ec\u10da\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e9\u10d0\u10d5\u10ec\u10d4\u10e0\u10dd\u10d7 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8, \u10ee\u10dd\u10da\u10dd \u10db\u10d4\u10dd\u10e0\u10d4 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10dc\u10d0\u10db\u10d4\u10e2\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 (Excess FCF) \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-53.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"187\" data-attachment-id=\"7048\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/30\/residual-income-valuation\/image-507\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-53.png?fit=956%2C290&amp;ssl=1\" data-orig-size=\"956,290\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-53.png?fit=616%2C187&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-53.png?resize=616%2C187&#038;ssl=1\" alt=\"\" class=\"wp-image-7048\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>\u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d3\u10d0\u10e1\u10d0\u10d1\u10e3\u10d7\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db \u10d4\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 DCF \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1 \u10d0\u10dc\u10d0\u10da\u10dd\u10d2\u10d8\u10d0:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-54.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"265\" data-attachment-id=\"7050\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/30\/residual-income-valuation\/image-508\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-54.png?fit=919%2C396&amp;ssl=1\" data-orig-size=\"919,396\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-54.png?fit=616%2C265&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-54.png?resize=616%2C265&#038;ssl=1\" alt=\"\" class=\"wp-image-7050\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>2. \u10d7\u10e3 \u10d2\u10d0\u10d5\u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d7 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0-\u10d6\u10d0\u10e0\u10d0\u10da\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10d8\u10e1 \u10db\u10e3\u10ee\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d5\u10d0\u10dc\u10d8\u10e1 \u10d0\u10da\u10d2\u10d4\u10d1\u10e0\u10d0\u10e1, Excess Cash Flow \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10e0\u10d3\u10d0\u10d5\u10e5\u10db\u10dc\u10d0\u10d7 Excess Earning \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d3 (\u10d0\u10e5 \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10d0 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d0\u10d3 \u10e0\u10d7\u10e3\u10da\u10d8\u10d0 &#8211; \u10d8\u10ee. \u10ec\u10e7\u10d0\u10e0\u10dd\u10e8\u10d8*). <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-55.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"212\" data-attachment-id=\"7052\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/30\/residual-income-valuation\/image-509\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-55.png?fit=1016%2C349&amp;ssl=1\" data-orig-size=\"1016,349\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-55.png?fit=616%2C212&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-55.png?resize=616%2C212&#038;ssl=1\" alt=\"\" class=\"wp-image-7052\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(\u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e8\u10d8 \u10d3\u10d0\u10e8\u10d5\u10d4\u10d1\u10d0\u10d0 \u10e0\u10dd\u10db \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10e1\u10e0\u10e3\u10da\u10d0\u10d3 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10d7 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10de.\u10e1.<br \/><br \/>1. \u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10e1 \u10d2\u10d0\u10e0\u10d3\u10d0\u10e5\u10db\u10dc\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10db\u10dd\u10d5\u10da\u10d4\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10dd\u10e0 \u10d4\u10e2\u10d0\u10de\u10d8\u10d0\u10dc \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d3, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d4\u10e1 \u10e1\u10e2\u10d0\u10dc\u10d3\u10d0\u10e0\u10e2\u10e3\u10da DCF \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8\u10d0;<br \/><br \/>2. \u10d4\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10d2\u10d0\u10db\u10e7\u10dd\u10dc\u10d4\u10d1\u10d4\u10e3\u10da\u10d8 \u10d8\u10e5\u10dc\u10d0\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea WACC-\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d0\u10e1\u10d4\u10d5\u10d4 APV \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d3\u10d0 Direct Equity \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 (\u10d8\u10e1\u10d4 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea DCF).<br \/><br \/>3. \u10e1\u10d0\u10d9\u10dd\u10dc\u10e1\u10e3\u10da\u10e2\u10d0\u10ea\u10d8\u10dd \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8 \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d9\u10dd\u10db\u10d4\u10e0\u10ea\u10d8\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10d8\u10d6\u10dc\u10d8\u10d7, \u10d0\u10ee\u10d3\u10d4\u10dc\u10d4\u10dc \u10d1\u10d0\u10da\u10d0\u10dc\u10d8\u10e1 \u10d3\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10e0\u10d4\u10e5\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10e3\u10e4\u10e0\u10dd \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10d8\u10d0\u10dc\u10d8 Economic Value Added (EVA)-\u10e1 \u10d2\u10d0\u10dc\u10e1\u10d0\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0\u10d5\u10d0\u10d3 (\u10d8\u10ee. \u10ea\u10ee\u10e0\u10d8\u10da\u10d8). \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, R&#038;D \u10e8\u10d4\u10eb\u10da\u10d4\u10d1\u10d0 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10e8\u10d8 \u10d2\u10d0\u10d3\u10d0\u10d8\u10e2\u10d0\u10dc\u10dd\u10dc \u10d3\u10d0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d2\u10d0\u10ea\u10d5\u10d8\u10d7\u10dd\u10dc \u10e8\u10d4\u10ee\u10d4\u10d3\u10e3\u10da\u10d4\u10d1\u10d8\u10e1\u10d0\u10db\u10d4\u10d1\u10e0&#8230; \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d1\u10e3\u10e6\u10d0\u10da\u10e2\u10e0\u10e3\u10da\u10d8 \u10db\u10dd\u10d3\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e0\u10d0 \u10d7\u10e5\u10db\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10de\u10d8\u10e0\u10d3\u10d0\u10de\u10d8\u10e0 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d5\u10d4\u10e0 \u10db\u10dd\u10d0\u10ee\u10d3\u10d4\u10dc\u10d4\u10dc \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d8\u10e1\u10d8\u10dc\u10d8 \u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d0\u10d3 \u10ea\u10d5\u10da\u10d8\u10d0\u10dc \u10db\u10d4\u10dc\u10d4\u10ef\u10db\u10d4\u10dc\u10e2\u10d8\u10e1 \u10db\u10dd\u10e2\u10dd\u10d5\u10d0\u10ea\u10d8\u10d0\u10e1\u10d0 \u10d3\u10d0 \u10e5\u10ea\u10d4\u10d5\u10d0\u10e1.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-57.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"587\" height=\"612\" data-attachment-id=\"7061\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/30\/residual-income-valuation\/image-511\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-57.png?fit=587%2C612&amp;ssl=1\" data-orig-size=\"587,612\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-57.png?fit=587%2C612&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-57.png?resize=587%2C612&#038;ssl=1\" alt=\"\" class=\"wp-image-7061\" style=\"width:840px;height:auto\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">*Corporate Valuation Theory, Evidence and Practice<br \/>Mark E. Zmijewski; Robert W. Holthausen<br \/>Second Edition<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excess Earnings (Residual Income) valuation \u10db\u10d4\u10d7\u10dd\u10d3\u10d8 \u10d0\u10e0\u10d8\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10db\u10d8\u10d3\u10d2\u10dd\u10db\u10d0, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10d9\u10dd\u10db\u10d4\u10e0\u10ea\u10d8\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d9\u10dd\u10dc\u10e1\u10e3\u10da\u10e2\u10d0\u10ea\u10d8\u10dd \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10d4\u10e0, \u10d8\u10db\u10d8\u10e2\u10dd\u10db \u10e0\u10dd\u10db \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10db\u10d0\u10e1\u10d6\u10d4 \u10d3\u10d0\u10e8\u10d4\u10dc\u10d3\u10d4\u10e1 \u10db\u10d4\u10dc\u10d4\u10ef\u10db\u10dc\u10d4\u10e2\u10d8\u10e1 \u10db\u10dd\u10e2\u10d8\u10d5\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d0. \u10db\u10d4\u10d7\u10dd\u10d3\u10d8 \u10e1\u10d0\u10ec\u10e7\u10d8\u10e1 \u10d4\u10e2\u10d0\u10de\u10d6\u10d4 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d5\u10d8\u10dc\u10d0\u10ee\u10dd\u10d7 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea Excess Cashflow Valuation Model-\u10d8. \u10d0\u10dc\u10e3, \u10db\u10dd\u10db\u10d0\u10d5\u10d0\u10da\u10d8\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10dd\u10d1\u10e0\u10d8\u10d5\u10d0\u10d3 \u10d2\u10d0\u10d5\u10e7\u10dd\u10d7 \u10dd\u10e0 \u10dc\u10d0\u10ec\u10d8\u10da\u10d0\u10d3: 1. \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e0\u10dd\u10db\u10d4\u10da\u10d7\u10d0 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10dc\u10d8\u10da\u10d8 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10d7 \u10e3\u10d3\u10e0\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 (NPV=0) [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":7052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"{\"document\":\"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