EFTA Document EFTA01459072

20 November 2015 US Equity Insights S&P intrinsic valuation model An EPS discoun r1 odei Our intrinsic valuation model combines our detailed S&P EPS analysis with our intrinsic valuation expertise. We did this by creating a single-stage earnings discount model so that we could intrinsically value the S&P 500 based upon our EPS estimates. Our EPS discount model is consistent with the principles underlying a dividend discount model (DDM) or a discounted cash flow (DCF) model, but the direc