insic value at 2015 start = Adj. normal EPS / (nominal CoE - inflation) 2000 S&P 600 intrinsic value at 2014 end . Year sten value ' (1 + nominal CoE - dm. yid.) 2109 Son: Dana% en Page 18 We set our 72-month S&P 500 target using a fair intrinsic value model We capitalize our cyclically normaliz