Theoretically, you are correct. However, growth and non-growth companies are valued significantly different. Growth companies have a P/E multiplier, while non-

Theoretically, you are correct. However, growth and non-growth companies are valued significantly different. Growth companies have a P/E multiplier, while non-growth companies can be valued like an annuity. No member of the board would ever sign off on a plan that involves valuing the stock at 20% the current price. That’s why no CEO will have a no-growth plan.