diff --git a/_data/market share spreadsheet.numbers b/_data/market share spreadsheet.numbers
index 43a74be..1aa0d91 100644
Binary files a/_data/market share spreadsheet.numbers and b/_data/market share spreadsheet.numbers differ
diff --git a/_share/media/sass/business.sass b/_share/media/sass/business.sass
index 9767c71..cec0978 100644
--- a/_share/media/sass/business.sass
+++ b/_share/media/sass/business.sass
@@ -1,7 +1,7 @@
@use "sass:map"
@use "sass:color"
-@use 'org-media-sass/default-org-mode'
+@use 'org-media-sass/org-base'
@use 'org-media-sass/themes/sienna-elegance' as *
@use 'org-media-sass/fonts' as fonts
diff --git a/_share/media/sass/org-media-sass b/_share/media/sass/org-media-sass
index 1a79c3a..d6243a4 160000
--- a/_share/media/sass/org-media-sass
+++ b/_share/media/sass/org-media-sass
@@ -1 +1 @@
-Subproject commit 1a79c3af079f4c2d823cd41f4157a712b98c1d31
+Subproject commit d6243a4b2f2cb70e530857a4b1452c91a003b60d
diff --git a/mba/ch50.org b/mba/ch50.org
index 70eae94..27ce15a 100644
--- a/mba/ch50.org
+++ b/mba/ch50.org
@@ -1,5 +1,5 @@
#+title: Section 9 | Lesson 50 - How to Value Private Companies and Growth Methods
-#+HTML_HEAD:
+#+HTML_HEAD:
* Links
- [[./../mba-main.org][TOC | Business]]
@@ -195,3 +195,78 @@ assuming the IPO takes place in 2020 our valuation will be
|------------------+--------------+----------------------------------------|
| Growth Investors | Revenue x 10 | *₪13,994,400,000* |
| Value Investors | EBIT x 10 | *₪6,577,368,000* |
+
+** sustainabile growth
+*** how it works
+- sustainable growth is the maximum growth rate a company can achieve without additional equity or debt financing
+
+ \[
+ \text{Sustainable Growth} = \frac{ \text{ending equity} - \text{beginning equity} }{\text{beginning equity}}
+ \]
+- you want to grow BELOW the sustainable growth rate so as to not require outside help
+
+*** basic example
+ | sustainability growth example | |
+ |-------------------------------+------------------|
+ | beginning equity | $ 351,597,690 |
+ | ending equity | $ 860,108,490 |
+ | sustainable growth rate | 145% |
+ | 2020 growth rate | 98% |
+
+- not sure where he got the values for beg and ending equity. assuming it's from somewhere else because it doesn't actual match up
+
+- the values for growth rate probably come from EBIT or operational revenue, and if calculated using the growth rate formula, come out to 94% not 98%
+
+*** More extensive Example where dividend are 0
+
+| Column Name | Value | Formula / Notes |
+|---------------------------+----------------+-------------------------------------------------------|
+| Year | 2020 | |
+| Revenue | ₪1,399,440,000 | |
+| COGS (Cost of Goods Sold) | ₪279,888,000 | |
+| Gross Profit | ₪1,119,552,000 | Revenue - COGS (Cost of Goods Sold) |
+| Operating Expenses Total | ₪461,815,200 | |
+| Operating Profit (EBIT) | ₪657,736,800 | |
+| Interest | ₪85,000 | Given |
+| Tax | ₪159,764,269 | Assuming tax rate of 24.29% |
+| Net Income | ₪497,887,531 | Operating Profit - Interest - Tax |
+| Beginning Equity | ₪699,720,000 | |
+| Ending Equity | ₪1,197,607,531 | Beginning Equity + Net Income |
+| Average Equity | ₪948,663,765.5 | (Beginning Equity + Ending Equity) / 2 |
+| Dividend Payout Ratio | 0.00 | |
+| ROE (Return on Equity) | 52.48% | Net Income / Average Equity |
+| Sustainable Growth Rate | 52.48% | ROE * (1 - Dividend Payout Ratio) |
+| Actual Growth Rate | 71.16% | (Ending Equity - Beginning Equity) / Beginning Equity |
+
+- here beginning equity was based on 2019 Gross Profit
+- different beginning equity values lead to VASTLY different results
+- NOTE: you can see that the Sustainable Growth Rate, is very far bellow the Actual Growth Rate with 52.48% to 71.16%
+
+*** example where a dividend payout of 44% was expected
+
+
+| Column Name | Value | Formula |
+|---------------------------+----------------+-------------------------------------------------------|
+| Year | 2020 | |
+| Revenue | ₪1,399,440,000 | |
+| COGS (Cost of Goods Sold) | ₪279,888,000 | |
+| Gross Profit | ₪1,119,552,000 | Revenue - COGS (Cost of Goods Sold) |
+| Operating Expenses Total | ₪461,815,200 | |
+| Operating Profit (EBIT) | ₪657,736,800 | |
+| Interest | ₪85,000 | Given |
+| Tax | ₪159,764,269 | Assuming tax rate of 24.29% |
+| Net Income | ₪497,887,531 | Operating Profit - Interest - Tax |
+| Beginning Equity | ₪699,720,000 | |
+| Ending Equity | ₪1,197,607,531 | Beginning Equity + Net Income |
+| Average Equity | ₪948,663,765.5 | (Beginning Equity + Ending Equity) / 2 |
+| Dividend Payout Ratio | 0.40 | |
+| ROE (Return on Equity) | 52.48% | Net Income / Average Equity |
+| Sustainable Growth Rate | 31.49% | ROE * (1 - Dividend Payout Ratio) |
+| Actual Growth Rate | 71.16% | (Ending Equity - Beginning Equity) / Beginning Equity |
+
+- note the Sustainable Growth rate is worse at 31.49%
+- incidentally if I try to change the Beginning Equity to a different metric, ie such as revenue which is around 999m, the SGR becomes EVEN WORSE
+
+*** retained earnings
+- part of equity
+- how much profit derived over the years