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Hi Hewitt
Thanks for the great thread and taking the time to respond.

Yes I have taken a first pass at calculating by PIV and ER. To assist in this I have cobbled together a spreadsheet based on Jim Gillies DCF Calculator. The spreadsheet makes the task a lot easier. If anyone wants a copy please feel free to grab it from

This has been an interesting task and a good first pass to prompt me to continue evaluating my companies. It is now clear to me that I need to get a lower PIV. As that has been by aim via focusing on CAGR for the last four months it was good to see my recent purchases all scored very well with low PIV and high ER.

About time:
I was referring to CAGR. I still prefer to view returns based on exchange value than intrinsic value, i.e. I am more interesting in what I expect someone is willing to pay me for something than in what that thing may be worth. The interesting thing is most of the intrinsic values were close to my one to two year estimates; perhaps as both are primarily based on future eps, ttm eps and current price that is not surprising. The greatest variances were in insurance companies, where I think adding in the book value caused issues.

Kind Regards
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