n Investment Analysts Journal - Sustainable growth : a cash flow model - Investment basics XXXIII

Volume 1996, Issue 43
  • ISSN : 1029-3523
  • E-ISSN: 2077-0227
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Extracted from text ... THE INVESTMENT ANALYSTS JOURNAL Number 43 - Part 5 W D. Hamman, Graduate School of Business, University of Stellenbosch Sustainable growth: A cash flow model - Investment Basics XXXIII 1. Introduction A company's sustainable growth depends partly on the rate at which it can generate funds available for commitment to the growth target and the return it can expect to earn on these funds. The sources of these funds are retained income, additional borrowed capital (debt) and new equity issues. A well-known model is that of the Boston Consulting Group's Model (BCG) (Zakon, 1968): SG = [D/E. (R-i).p] + R.p ..

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