<Dl> <Dd> V ∗ = E P S × (8.5 + 2 g) (\ displaystyle V ^ (*) = EPS \ times (8.5 + 2g)) </Dd> </Dl> <Dd> V ∗ = E P S × (8.5 + 2 g) (\ displaystyle V ^ (*) = EPS \ times (8.5 + 2g)) </Dd> <P> V = the value expected from the growth formulas over the next 7 to 10 years EPS = trailing twelve months earnings per share 8.5 = P / E base for a no - growth company g = reasonably expected 7 to 10 year growth rate </P> <P> Graham later revised his formula based on the belief that the greatest contributing factor to stock values (and prices) over the past decade had been interest rates . In 1974, he restated it as follows: </P>

P/e base for a no-growth company
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