well, they would be the 'same' since they are based on the total O/S. Now if they retire and/or cancel some shares, whoa baby.
Valuation = Profit divided by oustanding share count then multiplied by the PE ratio (in the scenario I posted)
Now you can do other valuation calculations, that include dividends, growth rates, etc, but this is just a simple basic calculation to illustrate where we can and will be going imo.
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