The management factor, while significant, also poses certain challenges that make its evaluation better suited to the activities of professional investors.
V = {EPS x (8.5 + 2g) x 4.4} / Y, or Intrinsic Value = Earnings x (37½ + 8.8 G) ÷ AAA rate. All warnings that Graham gave with the original formula would apply here as well.
While most financial sources today only track cash dividends, Warren Buffett's mentor — Benjamin Graham — actually recommended stock dividends over cash payouts.