Does anyone know if the equation for the justified price-to-book ratio can be reconstituted using ROIC and WACC instead of ROE and the cost of equity in order to come up with a justified EV/Assets Ratio (or some variation of that)? My intuition says yes, but I wanted to hear from someone more experienced.
This question doesn’t have as much to do with the curriculum as it does in just helping me with my own conceptual knowledge.