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I pulled out my copy of TTD a couple of days ago to see how Mr. Lee is calculating the Intrinsic Value. As per his description on pg. 78, I derived the following formula:

Intrinsic Value = ((CashFlowperShare - CapitalSpendingperShare) * SharesOutstanding) / FedDiscountRate

I'm using SI Pro and since it doesn't track capital spending per share directly, I'm using (CapitalExpenditures / Share Outstanding) to derive the figure. So, the resulting formula looks like this:

Intrinsic Value = ((CashFlowperShare - (CapitalExpenditures / Share Outstanding)) * SharesOutstanding) / FedDiscountRate

I ask because my calculations are returning results different than the results posted here; and I'm trying to determine if it's because of a difference in data between VL and SI Pro (my guess is that's the issue) or if it's because my formula is in error.

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