But Ben wrote in the footnotes of The Intelligent Investor
The first is a footnote that says that this formula does not give any real intrinsic value for a stock.
and
A warning — clearly labeled as such — then says that the formula is only intended as an illustration, and that such projections of growth rates are never reliable.
I think the market has finally realised that Jayne really stuffed A2 up and its a hard job to fix