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For what it's worth...

I tried the equation on American Express (AXP) using a projected EPS of $2.12 and a long-term growth rate of 13.07%. If the equation (and my numbers) are ok AXP should sell for $51.70. It doesn't.

So I thank the MF staff for starting to look at valuation, and agree with them that this equation doesn't seem like the final answer.

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