What are the steps involved in estimating earnings per


• How does an analyst determine the value of an industry using the free cash flow to equity (FCFE) model, assuming constant growth or two-stage growth?

• What are the steps involved in estimating earnings per share for an industry?

• How does the procedure for estimating the operating profit margin differ for the aggregate market versus an industry?

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Portfolio Management: What are the steps involved in estimating earnings per
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