document.write('	<p class="heading">P/E Analysis</p>'
+ '                  <p>DEMARCHE P/E ANALYSIS HELPS YOU ANSWER '
+ '                    THE QUESTION \'IS OUR P/E MULTIPLE WHAT IT SHOULD BE?\' </p>'
+ '                  <p>Our factor model research has identified '
+ '                    the characteristics that drive P/E and quantified the impact' 
+ '                    that each has on P/E multiples. This enables us to measure' 
+ '                    your company\'s exposure to these factors. Armed with this '
+ '                    information you can explain your stock\'s P/E relative to your '
+ '                    competitors for capital or your peers and develop strategies '
 + '                   for enhancing your multiple.</p>'
+ '                  <p>From the basics of valuation, we '
+ '                    know that your company\'s expected earnings growth rate and '
+ '                    its discount rate drive P/E. DeMarche provides an in-depth '
+ '                    analysis of the factors that affect both of these areas and '
+ '                    compares your stock to a universe of \'clone\' companies '
+ '                    that closely resembles your company. (DeMarche <a href="/PeerClones/PeerClones_main.htm">Clones</a> '
+ '                    are different from your peers and are your true competitors for capital.)</p>'
+ '                  <p style="text-align:center;"><img src="/images/chart_pe_a.gif" width="322" height="187"><br/></p>'
+ '                  <p>FUTURE EARNINGS GROWTH<br/>'
+ '                    We evaluate factors that have '
+ '                    an impact on expected future earnings growth, such as:</p>'
+ '                    <ul class="indent"> '
+ '                      <li>Sales Growth</li>'
+ '                      <li>EBIT Growth</li>'
+ '                      <li>Asset Growth</li>'
+ '                      <li>Profit Margin</li>'
+ '                      <li>Return on Equity</li>'
+ '                    </ul>'
+ '                  <p>DeMarche P/E Analysis seeks to uncover '
+ '                    the underlying drivers of valuation so that management can '
+ '                   make decisions accordingly. The example below illustrates '
+ '                    an evaluation of whether Company A has been rewarded for its '
+ '                    high Return on Equity (ROE) relative to its DeMarche Clones. '
+ '                    This \'apples to apples\' comparison to high expected '
+ '                    earnings growth clone companies neutralizes the impact of '
+ '                    the earnings growth variable when analyzing the impact that ROE has on P/Es. </p>'
+ '                  <p style="text-align:center;"><img src="/images/chart_pe_b.gif" width="321" height="182"></p>'
+ '                  <p>Everything else being relatively '
+ '                    equal, you can see in this example that the market generally '
+ '                    rewards high ROE companies with higher P/Es (an average of '
+ '                    18.0). The bad news for Company A is that its P/E is only '
+ '                    16.5 indicating that the stock is not valued as high as it '
+ '                    should be for this one factor.</p>'
+ '					<br/>  '
+ '                  <p>DISCOUNT RATE<br>'
+ '                    Our P/E analysis also evaluates '
+ '                    discount rate factors. These factors contribute to the market\'s '
+ '                    determination of how to discount a company\'s future cash flows '
+ '                    to a present value. Some of the factors we analyze include:</p>'
+ '                    <ul class="indent"> '
+ '                      <li>Debt to Equity</li>'
+ '                      <li>Earnings Variability</li>'
+ '                      <li>Trading Range</li>'
+ '                      <li>Payout Ratio</li>'
+ '                      <li>Share Turnover</li>'
+ '                    </ul>'
+ '                  <p style="text-align:center;"><img src="/images/chart_pe_c.gif" width="321" height="182"></p>'
+ '                  <p>Using Company A again, we evaluated '
+ '                    the impact of Earnings Variability on the P/Es of high expected '
+ '                    earnings growth companies. As you would expect, the market '
+ '                    rewards low Earnings Variability companies with higher P/Es. '
+ '                    In this case, low Earnings Variability companies had an average '
 + '                   P/E of 16.2 compared to 14.3 for high Earnings Variability '
+ '                    companies. This would indicate that Company A, with a P/E '
+ '                    of 16.5, is being valued fairly for this factor.</p>'				
+ '   ');