At the same time, it is a general valuation model and can also be applied to no-growth or negative growth companies.

Wall Street is nearly unanimous in arguing that valuation models make stocks look cheap.

Then we will see if valuation models based on the last decade are as overly optimistic as they would have appeared in 1958.

After all, a brand-new company has little hard financial data to plug into the standard valuation models that analysts use for mature companies.

But in general, he said, "it certainly would be desirable to have a market value that could help validate the valuation models."

Ms. Kent's valuation models called for a higher stock price, but she reduced it by 10 percent because "management has destroyed value" in the past.

But he is not abandoning his valuation model.

The chart on the next page shows our sterling: dollar long-term valuation model.

The $5 billion in concessions that employees are to give over the next six years is dependent totally on the assumptions underlying the valuation model.

The data is integrated into the valuation models.