{"product_id":"pvgo","title":"PVGO Calculator","description":"\u003cstyle\u003e\n.pvgo-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  container-name: pvgo;\n  container-type: inline-size;\n  width: 100%;\n  max-width: 1200px;\n  margin: 0 auto;\n  color: var(--ink);\n  background: var(--surface);\n  font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Helvetica, Arial, sans-serif;\n  font-size: 15px;\n  line-height: 1.55;\n}\n.pvgo-calculator,\n.pvgo-calculator *,\n.pvgo-calculator *::before,\n.pvgo-calculator *::after { box-sizing: border-box; }\n.pvgo-calculator * { min-width: 0; }\n.pvgo-calculator button,\n.pvgo-calculator input { font: inherit; }\n.pvgo-calculator button { cursor: pointer; }\n.pvgo-calculator a { color: var(--primary); text-underline-offset: 2px; }\n.pvgo-calculator a:hover { text-decoration-thickness: 2px; }\n.pvgo-calculator :focus-visible { outline: 3px solid rgba(29, 78, 216, .36); outline-offset: 2px; }\n.pvgo-calculator .pvgo-header { padding: 24px; border: 1px solid var(--border); border-radius: 8px 8px 0 0; background: linear-gradient(180deg, #ffffff 0%, #f8fafc 100%); }\n.pvgo-calculator .pvgo-title { margin: 0; font-size: 24px; line-height: 1.25; font-weight: 700; letter-spacing: -.02em; }\n.pvgo-calculator .pvgo-subtitle { margin: 8px 0 0; color: var(--muted); max-width: 760px; }\n.pvgo-calculator .pvgo-pills { display: flex; flex-wrap: wrap; gap: 8px; margin-top: 16px; }\n.pvgo-calculator .pvgo-pill { display: inline-flex; align-items: baseline; gap: 6px; padding: 6px 10px; border: 1px solid var(--border); border-radius: 999px; background: var(--surface); color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-pill strong { color: var(--ink); font-variant-numeric: tabular-nums; }\n.pvgo-calculator .pvgo-toolbar { display: flex; flex-wrap: wrap; gap: 8px; align-items: center; padding: 16px 24px; border-inline: 1px solid var(--border); border-bottom: 1px solid var(--border); background: var(--surface); }\n.pvgo-calculator .pvgo-button { min-height: 44px; border: 1px solid var(--border); border-radius: 6px; padding: 10px 16px; background: var(--surface); color: var(--ink); font-weight: 650; box-shadow: 0 1px 2px rgba(15,23,42,.06); }\n.pvgo-calculator .pvgo-button:hover { border-color: #cbd5e1; box-shadow: 0 2px 5px rgba(15,23,42,.10); }\n.pvgo-calculator .pvgo-download { display: inline-flex; align-items: center; gap: 10px; padding: 12px 18px; background: var(--accent); border-color: var(--accent); color: #ffffff; white-space: nowrap; }\n.pvgo-calculator .pvgo-download:hover { background: var(--accent-hover); border-color: var(--accent-hover); }\n.pvgo-calculator .pvgo-download-icon { width: 18px; height: 18px; flex: 0 0 auto; }\n.pvgo-calculator .pvgo-main { border-inline: 1px solid var(--border); border-bottom: 1px solid var(--border); }\n.pvgo-calculator .pvgo-workspace { display: grid; grid-template-columns: minmax(0, 1fr); gap: 16px; padding: 24px; background: var(--tint); }\n.pvgo-calculator .pvgo-card { min-width: 0; border: 1px solid var(--border); border-radius: 8px; background: var(--surface); box-shadow: 0 1px 2px rgba(15,23,42,.06); }\n.pvgo-calculator .pvgo-card-head { padding: 16px 16px 0; }\n.pvgo-calculator .pvgo-section-title { margin: 0; font-size: 18px; line-height: 1.35; font-weight: 650; }\n.pvgo-calculator .pvgo-section-copy { margin: 4px 0 0; color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-card-body { padding: 16px; }\n.pvgo-calculator .pvgo-form-grid { display: grid; grid-template-columns: repeat(auto-fit, minmax(220px, 1fr)); gap: 16px; align-items: start; }\n.pvgo-calculator .pvgo-field { display: flex; flex-direction: column; gap: 6px; min-width: 0; }\n.pvgo-calculator .pvgo-label { display: block; color: var(--ink); font-size: 14px; line-height: 1.4; font-weight: 600; }\n.pvgo-calculator .pvgo-input-wrap { position: relative; min-width: 0; }\n.pvgo-calculator .pvgo-input { width: 100%; min-height: 44px; border: 1px solid #cbd5e1; border-radius: 6px; padding: 10px 12px; background: var(--surface); color: var(--ink); font-size: 15px; font-variant-numeric: tabular-nums; }\n.pvgo-calculator .pvgo-input:hover { border-color: #94a3b8; }\n.pvgo-calculator .pvgo-input[aria-invalid=\"true\"] { border-color: #b91c1c; }\n.pvgo-calculator .pvgo-helper { min-height: 40px; margin: 0; color: var(--muted); font-size: 13px; line-height: 1.45; font-weight: 500; }\n.pvgo-calculator .pvgo-error { min-height: 19px; margin: 0; color: #991b1b; font-size: 13px; line-height: 1.45; font-weight: 600; }\n.pvgo-calculator .pvgo-results-body { display: grid; gap: 16px; }\n.pvgo-calculator .pvgo-primary-result { padding: 20px; border: 1px solid #bfdbfe; border-radius: 8px; background: #eff6ff; }\n.pvgo-calculator .pvgo-primary-label { margin: 0; color: #1e3a8a; font-size: 13px; font-weight: 650; text-transform: uppercase; letter-spacing: .05em; }\n.pvgo-calculator .pvgo-primary-value { margin: 4px 0 0; font-size: 30px; line-height: 1.2; font-weight: 700; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.pvgo-calculator .pvgo-primary-note { margin: 8px 0 0; color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-result-grid { display: grid; grid-template-columns: repeat(auto-fit, minmax(145px, 1fr)); gap: 12px; }\n.pvgo-calculator .pvgo-result-item { padding: 14px; border: 1px solid var(--border); border-radius: 8px; background: var(--surface); }\n.pvgo-calculator .pvgo-result-label { margin: 0; color: var(--muted); font-size: 13px; font-weight: 600; }\n.pvgo-calculator .pvgo-result-value { margin: 4px 0 0; font-size: 20px; line-height: 1.3; font-weight: 700; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.pvgo-calculator .pvgo-status { display: inline-flex; align-items: center; gap: 8px; width: fit-content; max-width: 100%; padding: 8px 10px; border: 1px solid var(--border); border-radius: 6px; color: var(--ink); background: var(--tint); font-size: 13px; font-weight: 650; }\n.pvgo-calculator .pvgo-status-dot { width: 9px; height: 9px; border-radius: 50%; background: var(--chart-5); flex: 0 0 auto; }\n.pvgo-calculator .pvgo-status[data-state=\"positive\"] .pvgo-status-dot { background: #047857; }\n.pvgo-calculator .pvgo-status[data-state=\"negative\"] .pvgo-status-dot { background: #b91c1c; }\n.pvgo-calculator .pvgo-status[data-state=\"neutral\"] .pvgo-status-dot { background: #64748b; }\n.pvgo-calculator .pvgo-content-section { padding: 24px; border-top: 1px solid var(--border); }\n.pvgo-calculator .pvgo-content-section:first-child { border-top: 0; }\n.pvgo-calculator .pvgo-breakdown-grid { display: grid; grid-template-columns: repeat(auto-fit, minmax(180px, 1fr)); gap: 12px; margin-top: 16px; }\n.pvgo-calculator .pvgo-breakdown-item { padding: 16px; border: 1px solid var(--border); border-radius: 8px; background: var(--tint); }\n.pvgo-calculator .pvgo-breakdown-name { margin: 0; color: var(--muted); font-size: 13px; font-weight: 600; }\n.pvgo-calculator .pvgo-breakdown-value { margin: 4px 0 0; font-size: 20px; font-weight: 700; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.pvgo-calculator .pvgo-chart-card { margin-top: 16px; padding: 16px; border: 1px solid var(--border); border-radius: 8px; background: var(--surface); }\n.pvgo-calculator .pvgo-chart-intro { margin: 4px 0 0; color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-chart-cluster { display: grid; grid-template-columns: minmax(0, 1fr); gap: 20px; align-items: center; justify-items: center; max-width: 900px; margin: 16px auto 0; }\n.pvgo-calculator .pvgo-plot-wrap { width: 100%; max-width: 540px; min-height: 250px; display: grid; place-items: center; }\n.pvgo-calculator .pvgo-chart-svg { display: block; width: 100%; height: auto; max-height: 340px; overflow: visible; }\n.pvgo-calculator .pvgo-chart-svg text { font-family: inherit; fill: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-chart-svg .pvgo-axis-strong { fill: var(--ink); font-weight: 650; }\n.pvgo-calculator .pvgo-chart-empty { width: 100%; padding: 24px 16px; border: 1px dashed #cbd5e1; border-radius: 6px; background: var(--tint); color: var(--muted); text-align: center; font-size: 13px; font-weight: 600; }\n.pvgo-calculator .pvgo-legend { width: fit-content; max-width: 100%; display: grid; gap: 10px; justify-self: center; }\n.pvgo-calculator .pvgo-legend-row { display: grid; grid-template-columns: 12px minmax(90px, auto) auto; align-items: center; column-gap: 10px; row-gap: 4px; width: fit-content; max-width: 100%; }\n.pvgo-calculator .pvgo-swatch { width: 12px; height: 12px; border-radius: 3px; }\n.pvgo-calculator .pvgo-legend-name { font-size: 13px; font-weight: 600; color: var(--ink); }\n.pvgo-calculator .pvgo-legend-value { font-size: 13px; font-weight: 650; color: var(--ink); font-variant-numeric: tabular-nums; }\n.pvgo-calculator .pvgo-chart-callout { margin-top: 16px; padding: 10px 12px; border: 1px solid var(--border); border-radius: 6px; background: var(--tint); color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-chart-summary { position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0, 0, 0, 0); white-space: nowrap; border: 0; }\n.pvgo-calculator .pvgo-safe-stack .pvgo-chart-cluster { grid-template-columns: minmax(0, 1fr) !important; gap: 24px !important; }\n.pvgo-calculator .pvgo-safe-stack .pvgo-plot-wrap { min-height: 220px; }\n.pvgo-calculator .pvgo-safe-stack .pvgo-chart-callout { margin-top: 20px; }\n.pvgo-calculator .pvgo-table-overflow { width: 100%; overflow-x: auto; margin-top: 16px; border: 1px solid var(--border); border-radius: 8px; background: var(--surface); }\n.pvgo-calculator .pvgo-table { width: 100%; min-width: 620px; border-collapse: collapse; font-variant-numeric: tabular-nums; }\n.pvgo-calculator .pvgo-table th,\n.pvgo-calculator .pvgo-table td { padding: 12px 14px; border-bottom: 1px solid var(--border); text-align: left; vertical-align: top; }\n.pvgo-calculator .pvgo-table th { background: #172554; color: #ffffff; font-size: 13px; font-weight: 700; white-space: nowrap; }\n.pvgo-calculator .pvgo-table td { font-size: 14px; }\n.pvgo-calculator .pvgo-table td[data-numeric=\"true\"] { text-align: right; white-space: nowrap; }\n.pvgo-calculator .pvgo-table tr:last-child td { border-bottom: 0; }\n.pvgo-calculator .pvgo-table tbody tr:hover { background: #fafafa; }\n.pvgo-calculator .pvgo-table-note { margin-top: 16px; padding: 10px 12px; border: 1px solid var(--border); border-radius: 6px; background: var(--tint); color: var(--muted); font-size: 13px; font-weight: 500; }\n.pvgo-calculator .pvgo-safe-table-stack .pvgo-table-note { margin-top: 20px; }\n.pvgo-calculator .pvgo-education { padding: 32px 24px; border-inline: 1px solid var(--border); border-bottom: 1px solid var(--border); border-radius: 0 0 8px 8px; background: var(--surface); }\n.pvgo-calculator .pvgo-education-inner { max-width: 880px; }\n.pvgo-calculator .pvgo-education h2 { margin: 32px 0 10px; font-size: 20px; line-height: 1.35; font-weight: 700; }\n.pvgo-calculator .pvgo-education h2:first-child { margin-top: 0; }\n.pvgo-calculator .pvgo-education h3 { margin: 20px 0 8px; font-size: 16px; line-height: 1.4; font-weight: 700; }\n.pvgo-calculator .pvgo-education p { margin: 0 0 12px; color: #334155; }\n.pvgo-calculator .pvgo-education ul { margin: 0 0 14px; padding-left: 22px; color: #334155; }\n.pvgo-calculator .pvgo-education li { margin: 6px 0; }\n.pvgo-calculator .pvgo-formula { margin: 12px 0; padding: 12px 14px; border-left: 4px solid var(--primary); border-radius: 0 6px 6px 0; background: #eff6ff; color: #172554; font-weight: 650; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.pvgo-calculator .pvgo-disclaimer { margin-top: 24px; padding: 12px 14px; border: 1px solid var(--border); border-radius: 6px; background: var(--tint); color: var(--muted); font-size: 13px; font-weight: 500; }\n@container pvgo (min-width: 640px) {\n  .pvgo-calculator .pvgo-chart-cluster { grid-template-columns: minmax(300px, 540px) max-content; justify-content: center; justify-items: stretch; gap: 24px; }\n  .pvgo-calculator .pvgo-legend { justify-self: start; }\n}\n@container pvgo (min-width: 900px) {\n  .pvgo-calculator .pvgo-workspace { grid-template-columns: minmax(0, 1.05fr) minmax(0, .95fr); }\n}\n@container pvgo (max-width: 480px) {\n  .pvgo-calculator .pvgo-header,\n  .pvgo-calculator .pvgo-toolbar,\n  .pvgo-calculator .pvgo-workspace,\n  .pvgo-calculator .pvgo-content-section,\n  .pvgo-calculator .pvgo-education { padding-left: 16px; padding-right: 16px; }\n  .pvgo-calculator .pvgo-form-grid { grid-template-columns: minmax(0, 1fr); }\n  .pvgo-calculator .pvgo-toolbar { align-items: stretch; }\n  .pvgo-calculator .pvgo-download { justify-content: center; }\n  .pvgo-calculator .pvgo-button { flex: 1 1 auto; }\n  .pvgo-calculator .pvgo-plot-wrap { min-height: 220px; }\n  .pvgo-calculator .pvgo-legend-row { grid-template-columns: 12px minmax(0, auto) auto; }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"pvgo-calculator\" data-calculator-root\u003e\n  \u003cheader class=\"pvgo-header\"\u003e\n    \u003ch2 class=\"pvgo-title\"\u003ePVGO Calculator\u003c\/h2\u003e\n    \u003cp class=\"pvgo-subtitle\"\u003eEstimate how much of a company’s share price is attributable to future growth opportunities rather than the capitalization of current earnings.\u003c\/p\u003e\n    \u003cdiv class=\"pvgo-pills\" aria-label=\"Live calculation summary\"\u003e\n      \u003cspan class=\"pvgo-pill\"\u003eEPS \u003cstrong data-pvgo-pill=\"eps\"\u003e$2.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"pvgo-pill\"\u003eNo-growth value \u003cstrong data-pvgo-pill=\"nogrowth\"\u003e$16.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"pvgo-pill\"\u003ePVGO \u003cstrong data-pvgo-pill=\"pvgo\"\u003e$4.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"pvgo-pill\"\u003eGrowth share \u003cstrong data-pvgo-pill=\"share\"\u003e20.00%\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/header\u003e\n\n  \u003cdiv class=\"pvgo-toolbar\" role=\"toolbar\" aria-label=\"Calculator actions\"\u003e\n    \u003cbutton class=\"pvgo-button pvgo-download\" type=\"button\" data-pvgo-action=\"download\"\u003e\n      \u003csvg class=\"pvgo-download-icon\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"\u003e\n        \u003cpath d=\"M12 3v11m0 0 4-4m-4 4-4-4M5 17v3h14v-3\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\u003e\u003c\/path\u003e\n      \u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"pvgo-button\" type=\"button\" data-pvgo-action=\"reset\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n\n  \u003cdiv class=\"pvgo-main\"\u003e\n    \u003csection class=\"pvgo-workspace\" aria-label=\"PVGO inputs and results\"\u003e\n      \u003cdiv class=\"pvgo-card\"\u003e\n        \u003cdiv class=\"pvgo-card-head\"\u003e\n          \u003ch3 class=\"pvgo-section-title\"\u003eInputs\u003c\/h3\u003e\n          \u003cp class=\"pvgo-section-copy\"\u003eEnter company-level earnings and shares, then add the market price and required return.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"pvgo-card-body\"\u003e\n          \u003cdiv class=\"pvgo-form-grid\"\u003e\n            \u003cdiv class=\"pvgo-field\"\u003e\n              \u003clabel class=\"pvgo-label\" for=\"pvgo-earnings\"\u003eEarnings\u003c\/label\u003e\n              \u003cdiv class=\"pvgo-input-wrap\"\u003e\u003cinput class=\"pvgo-input\" id=\"pvgo-earnings\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$2,000,000.00\" data-pvgo-input=\"earnings\" data-pvgo-mask=\"currency\" aria-describedby=\"pvgo-earnings-help pvgo-earnings-error\"\u003e\u003c\/div\u003e\n              \u003cp class=\"pvgo-helper\" id=\"pvgo-earnings-help\"\u003eMost recent annual net earnings attributable to common shareholders.\u003c\/p\u003e\n              \u003cp class=\"pvgo-error\" id=\"pvgo-earnings-error\" data-pvgo-error=\"earnings\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"pvgo-field\"\u003e\n              \u003clabel class=\"pvgo-label\" for=\"pvgo-shares\"\u003eShares outstanding\u003c\/label\u003e\n              \u003cdiv class=\"pvgo-input-wrap\"\u003e\u003cinput class=\"pvgo-input\" id=\"pvgo-shares\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"1,000,000\" data-pvgo-input=\"shares\" data-pvgo-mask=\"integer\" aria-describedby=\"pvgo-shares-help pvgo-shares-error\"\u003e\u003c\/div\u003e\n              \u003cp class=\"pvgo-helper\" id=\"pvgo-shares-help\"\u003eWeighted-average or current diluted common shares, used consistently with earnings.\u003c\/p\u003e\n              \u003cp class=\"pvgo-error\" id=\"pvgo-shares-error\" data-pvgo-error=\"shares\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"pvgo-field\"\u003e\n              \u003clabel class=\"pvgo-label\" for=\"pvgo-price\"\u003eShare price\u003c\/label\u003e\n              \u003cdiv class=\"pvgo-input-wrap\"\u003e\u003cinput class=\"pvgo-input\" id=\"pvgo-price\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$20.00\" data-pvgo-input=\"price\" data-pvgo-mask=\"currency\" aria-describedby=\"pvgo-price-help pvgo-price-error\"\u003e\u003c\/div\u003e\n              \u003cp class=\"pvgo-helper\" id=\"pvgo-price-help\"\u003eCurrent market price or a representative average price per share.\u003c\/p\u003e\n              \u003cp class=\"pvgo-error\" id=\"pvgo-price-error\" data-pvgo-error=\"price\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"pvgo-field\"\u003e\n              \u003clabel class=\"pvgo-label\" for=\"pvgo-cost\"\u003eCost of equity\u003c\/label\u003e\n              \u003cdiv class=\"pvgo-input-wrap\"\u003e\u003cinput class=\"pvgo-input\" id=\"pvgo-cost\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"12.50%\" data-pvgo-input=\"cost\" data-pvgo-mask=\"percent\" aria-describedby=\"pvgo-cost-help pvgo-cost-error\"\u003e\u003c\/div\u003e\n              \u003cp class=\"pvgo-helper\" id=\"pvgo-cost-help\"\u003eAnnual return required by equity investors, entered as a percentage.\u003c\/p\u003e\n              \u003cp class=\"pvgo-error\" id=\"pvgo-cost-error\" data-pvgo-error=\"cost\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n            \u003c\/div\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n\n      \u003cdiv class=\"pvgo-card\"\u003e\n        \u003cdiv class=\"pvgo-card-head\"\u003e\n          \u003ch3 class=\"pvgo-section-title\"\u003eLive results\u003c\/h3\u003e\n          \u003cp class=\"pvgo-section-copy\"\u003eAll figures update as assumptions change.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"pvgo-card-body pvgo-results-body\"\u003e\n          \u003cdiv class=\"pvgo-primary-result\"\u003e\n            \u003cp class=\"pvgo-primary-label\"\u003ePresent value of growth opportunities\u003c\/p\u003e\n            \u003cp class=\"pvgo-primary-value\" data-pvgo-output=\"pvgo\"\u003e$4.00\u003c\/p\u003e\n            \u003cp class=\"pvgo-primary-note\" data-pvgo-output=\"interpretation\"\u003e20.00% of the share price is associated with growth opportunities.\u003c\/p\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"pvgo-result-grid\"\u003e\n            \u003cdiv class=\"pvgo-result-item\"\u003e\n              \u003cp class=\"pvgo-result-label\"\u003eEarnings per share\u003c\/p\u003e\n              \u003cp class=\"pvgo-result-value\" data-pvgo-output=\"eps\"\u003e$2.00\u003c\/p\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"pvgo-result-item\"\u003e\n              \u003cp class=\"pvgo-result-label\"\u003eNo-growth value\u003c\/p\u003e\n              \u003cp class=\"pvgo-result-value\" data-pvgo-output=\"nogrowth\"\u003e$16.00\u003c\/p\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"pvgo-result-item\"\u003e\n              \u003cp class=\"pvgo-result-label\"\u003ePVGO \/ price\u003c\/p\u003e\n              \u003cp class=\"pvgo-result-value\" data-pvgo-output=\"share\"\u003e20.00%\u003c\/p\u003e\n            \u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"pvgo-status\" data-pvgo-output=\"status\" data-state=\"positive\"\u003e\n\u003cspan class=\"pvgo-status-dot\" aria-hidden=\"true\"\u003e\u003c\/span\u003e\u003cspan data-pvgo-output=\"status-text\"\u003ePositive implied growth value\u003c\/span\u003e\n\u003c\/div\u003e\n          \u003cdiv class=\"pvgo-chart-summary\" aria-live=\"polite\" data-pvgo-live\u003ePVGO is $4.00 per share. Earnings per share are $2.00 and the no-growth value is $16.00.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n\n    \u003csection class=\"pvgo-content-section\" aria-labelledby=\"pvgo-breakdown-title\"\u003e\n      \u003ch3 class=\"pvgo-section-title\" id=\"pvgo-breakdown-title\"\u003eValuation breakdown\u003c\/h3\u003e\n      \u003cp class=\"pvgo-section-copy\"\u003eThe model decomposes the observed share price into current-earnings value and implied growth value.\u003c\/p\u003e\n      \u003cdiv class=\"pvgo-breakdown-grid\"\u003e\n        \u003cdiv class=\"pvgo-breakdown-item\"\u003e\n\u003cp class=\"pvgo-breakdown-name\"\u003eObserved share price\u003c\/p\u003e\n\u003cp class=\"pvgo-breakdown-value\" data-pvgo-breakdown=\"price\"\u003e$20.00\u003c\/p\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"pvgo-breakdown-item\"\u003e\n\u003cp class=\"pvgo-breakdown-name\"\u003eCapitalized current earnings\u003c\/p\u003e\n\u003cp class=\"pvgo-breakdown-value\" data-pvgo-breakdown=\"nogrowth\"\u003e$16.00\u003c\/p\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"pvgo-breakdown-item\"\u003e\n\u003cp class=\"pvgo-breakdown-name\"\u003eImplied growth opportunities\u003c\/p\u003e\n\u003cp class=\"pvgo-breakdown-value\" data-pvgo-breakdown=\"pvgo\"\u003e$4.00\u003c\/p\u003e\n\u003c\/div\u003e\n      \u003c\/div\u003e\n\n      \u003cdiv class=\"pvgo-chart-card\" data-pvgo-chart-card\u003e\n        \u003ch3 class=\"pvgo-section-title\"\u003ePrice component comparison\u003c\/h3\u003e\n        \u003cp class=\"pvgo-chart-intro\" data-pvgo-chart-intro\u003eThe example price is above the value supported by current earnings alone.\u003c\/p\u003e\n        \u003cdiv class=\"pvgo-chart-cluster\"\u003e\n          \u003cdiv class=\"pvgo-plot-wrap\" data-pvgo-plot\u003e\n            \u003csvg class=\"pvgo-chart-svg\" data-pvgo-chart role=\"img\" aria-labelledby=\"pvgo-chart-title pvgo-chart-desc\" viewbox=\"0 0 540 320\" preserveaspectratio=\"xMidYMid meet\"\u003e\n              \u003ctitle id=\"pvgo-chart-title\"\u003eShare price, no-growth value, and PVGO comparison\u003c\/title\u003e\n              \u003cdesc id=\"pvgo-chart-desc\"\u003eA bar chart comparing the share price, capitalized current earnings, and present value of growth opportunities.\u003c\/desc\u003e\n            \u003c\/svg\u003e\n            \u003cdiv class=\"pvgo-chart-empty\" data-pvgo-chart-empty hidden\u003eEnter values above to see the comparison.\u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"pvgo-legend\" data-pvgo-legend aria-label=\"Chart legend\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"pvgo-chart-callout\" data-pvgo-chart-caption\u003eThe share price equals the no-growth value plus PVGO: $20.00 = $16.00 + $4.00.\u003c\/div\u003e\n        \u003cdiv class=\"pvgo-chart-summary\" data-pvgo-chart-summary\u003eShare price $20.00; no-growth value $16.00; PVGO $4.00.\u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n\n    \u003csection class=\"pvgo-content-section\" data-pvgo-table-card aria-labelledby=\"pvgo-table-title\"\u003e\n      \u003ch3 class=\"pvgo-section-title\" id=\"pvgo-table-title\"\u003eCalculation audit\u003c\/h3\u003e\n      \u003cp class=\"pvgo-section-copy\"\u003eA transparent view of each model step and the values used.\u003c\/p\u003e\n      \u003cdiv class=\"pvgo-table-overflow\" data-pvgo-table-wrap\u003e\n        \u003ctable class=\"pvgo-table\"\u003e\n          \u003cthead\u003e\u003ctr\u003e\n\u003cth scope=\"col\"\u003eStep\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eFormula\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eResult\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eInterpretation\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n          \u003ctbody data-pvgo-table-body\u003e\u003c\/tbody\u003e\n        \u003c\/table\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"pvgo-table-note\" data-pvgo-table-note\u003eValues are shown per share. The calculation assumes current earnings can be capitalized as a level perpetuity at the stated cost of equity.\u003c\/div\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"pvgo-education\"\u003e\n    \u003cdiv class=\"pvgo-education-inner\"\u003e\n      \u003ch2\u003eWhat does this PVGO calculator estimate?\u003c\/h2\u003e\n      \u003cp\u003ePresent value of growth opportunities, usually abbreviated as PVGO, estimates the portion of a company’s share price that is not explained by capitalizing its current earnings as a no-growth perpetuity. The calculation separates an observed market price into two conceptual pieces: the value supported by current earnings and the residual value investors appear to assign to future projects, reinvestment, margin expansion, market growth, or other improvements.\u003c\/p\u003e\n      \u003cp\u003ePVGO is a valuation diagnostic rather than a complete intrinsic-value model. It is most useful when earnings are positive, reasonably representative, and measured on the same share basis as the share count. It also assumes the cost of equity is an appropriate capitalization rate. The calculator does not forecast project cash flows directly and should not be treated as personalized investment advice.\u003c\/p\u003e\n\n      \u003ch2\u003eHow should each input be entered?\u003c\/h2\u003e\n      \u003ch3\u003eEarnings\u003c\/h3\u003e\n      \u003cp\u003eEnter annual earnings attributable to common shareholders in U.S. dollars. This is a required input because the calculator derives earnings per share from earnings divided by shares outstanding. A higher earnings figure increases EPS and the no-growth value, which lowers PVGO when share price and cost of equity are unchanged. A lower or negative earnings figure does the opposite, but negative earnings make the perpetuity interpretation much less reliable. Use a normalized figure when a one-time gain, restructuring charge, or unusual cycle would otherwise distort the result.\u003c\/p\u003e\n\n      \u003ch3\u003eShares outstanding\u003c\/h3\u003e\n      \u003cp\u003eEnter the number of common shares that corresponds to the earnings measure. This field must be greater than zero. Weighted-average diluted shares are often appropriate when earnings come from an income statement, while current diluted shares may be preferable for a point-in-time market-value exercise. Mixing basic earnings with diluted shares, or current shares with a historical earnings figure, creates an inconsistent EPS. Public-company filings are available through the \u003ca href=\"https:\/\/www.sec.gov\/edgar\/search\/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eSEC EDGAR filing search\u003c\/a\u003e.\u003c\/p\u003e\n\n      \u003ch3\u003eShare price\u003c\/h3\u003e\n      \u003cp\u003eEnter the market price per common share. A higher price increases PVGO dollar for dollar when other assumptions are fixed. A current closing price is easy to obtain, but a representative average may reduce sensitivity to a volatile trading day. The price must be nonnegative. Make sure the price reflects the same security class and any stock split already reflected in the earnings-per-share denominator.\u003c\/p\u003e\n\n      \u003ch3\u003eCost of equity\u003c\/h3\u003e\n      \u003cp\u003eEnter the annual return required by common-equity investors as a percentage. This field must be above zero because it is used as the denominator in the no-growth perpetuity formula. A higher cost of equity reduces the capitalized value of current EPS and therefore raises the residual PVGO, all else equal. A lower rate raises the no-growth value and lowers PVGO. Cost of equity is often estimated with the capital asset pricing model or another required-return framework. The data and valuation resources maintained by \u003ca href=\"https:\/\/pages.stern.nyu.edu\/~adamodar\/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eNYU Stern’s Aswath Damodaran\u003c\/a\u003e provide useful context for market risk premiums and sector assumptions.\u003c\/p\u003e\n\n      \u003ch2\u003eHow does the PVGO formula work?\u003c\/h2\u003e\n      \u003cp\u003eThe first step converts company-wide earnings into earnings per share. The second step capitalizes that EPS as if it continued indefinitely without growth. The final step subtracts the no-growth value from the observed share price.\u003c\/p\u003e\n      \u003cdiv class=\"pvgo-formula\"\u003eEPS = Earnings ÷ Shares outstanding\u003c\/div\u003e\n      \u003cdiv class=\"pvgo-formula\"\u003eNo-growth value = EPS ÷ Cost of equity\u003c\/div\u003e\n      \u003cdiv class=\"pvgo-formula\"\u003ePVGO = Share price − No-growth value\u003c\/div\u003e\n      \u003cp\u003eFor the prefilled example, earnings of $2,000,000 divided by 1,000,000 shares produce EPS of $2.00. Capitalizing $2.00 at a 12.50% cost of equity produces a no-growth value of $16.00. Subtracting that amount from a $20.00 share price gives PVGO of $4.00 per share.\u003c\/p\u003e\n\n      \u003ch2\u003eHow should the results be interpreted?\u003c\/h2\u003e\n      \u003ch3\u003ePresent value of growth opportunities\u003c\/h3\u003e\n      \u003cp\u003eA positive PVGO means the market price exceeds the value implied by current earnings alone. This can indicate that investors expect profitable reinvestment or future operating improvements. A zero PVGO means the price is exactly equal to the no-growth capitalization value under the selected assumptions. A negative PVGO means the price is below that benchmark; possible explanations include expected earnings decline, elevated risk not captured by the selected rate, poor earnings quality, or simply an inconsistent set of inputs.\u003c\/p\u003e\n\n      \u003ch3\u003eEarnings per share and no-growth value\u003c\/h3\u003e\n      \u003cp\u003eEPS is the bridge between company-level earnings and per-share valuation. The no-growth value treats that EPS as a level perpetuity discounted at the cost of equity. This is intentionally simplified: real companies face changing margins, capital needs, competition, taxes, dilution, and business-cycle effects. For general background on EPS terminology, see the \u003ca href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/earnings-share-eps\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eInvestor.gov EPS glossary\u003c\/a\u003e.\u003c\/p\u003e\n\n      \u003ch3\u003ePVGO as a percentage of price\u003c\/h3\u003e\n      \u003cp\u003eThe growth share equals PVGO divided by share price. It expresses how much of the observed price is associated with the residual growth component. A result of 20% means that 80% of the price is explained by the no-growth earnings capitalization and 20% is the implied growth component. When price is zero, the percentage is not economically meaningful and the calculator reports a neutral result rather than dividing by zero.\u003c\/p\u003e\n\n      \u003ch2\u003eHow do the chart and audit table help?\u003c\/h2\u003e\n      \u003cp\u003eThe bar chart compares the observed share price, no-growth value, and PVGO on the same scale. Positive and negative bars are plotted around a zero baseline, so a negative PVGO is visible rather than hidden. The legend and accessible summary use the same model values as the bars. The calculation audit table lists the formulas, results, and practical meaning of each step. The Excel workbook reproduces the current inputs and outputs at the moment of download, making it easier to document scenarios or review assumptions away from the page.\u003c\/p\u003e\n\n      \u003ch2\u003eWhat are the main limitations and common mistakes?\u003c\/h2\u003e\n      \u003cul\u003e\n        \u003cli\u003eDo not use a zero cost of equity; the no-growth perpetuity would be undefined.\u003c\/li\u003e\n        \u003cli\u003eKeep earnings and the share count on a consistent basic or diluted basis.\u003c\/li\u003e\n        \u003cli\u003eNormalize one-time earnings items when they do not represent sustainable performance.\u003c\/li\u003e\n        \u003cli\u003eDo not interpret a high PVGO as proof that a stock is attractive; it may instead indicate demanding growth expectations.\u003c\/li\u003e\n        \u003cli\u003eTest several cost-of-equity and earnings scenarios because the result can be highly sensitive to both assumptions.\u003c\/li\u003e\n      \u003c\/ul\u003e\n      \u003cp\u003ePVGO is best used alongside a fuller discounted cash flow analysis, competitive assessment, and review of financial disclosures. FINRA’s overview of \u003ca href=\"https:\/\/www.finra.org\/investors\/investing\/investment-products\/stocks\" target=\"_blank\" rel=\"noopener noreferrer\"\u003estock investing and its risks\u003c\/a\u003e is a useful reminder that market prices and business outcomes can change materially.\u003c\/p\u003e\n      \u003cdiv class=\"pvgo-disclaimer\"\u003eThis calculator is an educational tool. It does not provide financial, legal, tax, accounting, or investment advice.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909489467635,"sku":"pvgo","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/pvgo.webp?v=1783935578","url":"https:\/\/financialmodelslab.com\/products\/pvgo","provider":"Financial Models Lab","version":"1.0","type":"link"}