EFTA Document EFTA01459073

20 November 2015 US Equity Insights The drivers of our full S&P 500 intrinsic value model Most of our valuation model inputs are fairly straightforward and typical of any intrinsic value model; such as interest rates, risk premiums, retained earnings ratio, return on reinvestment, etc. But our normalized EPS input tends to require additional explanation. Understanding our normalized EPS estimates We assess EPS normality or sustainability by evaluating the ability of current year EPS to g