As mentioned above, the basis for valuation in this paper is the REOI model:
where, [V.sup.REOI.sub.E.]--the fundamental value of equity according to the REOI model; [E.sup.BV.sub.0.], [NA.sup.BV.sub.0.], [D.sub.0]--book value of equity, net assets and debt at the moment (respectively); [REOI.sub.j]--residual operating income in year j.