Financial valuation traditionally distinguishes between bonds, analyzed in terms of yield through the Yield to Maturity (YTM), and equities, primarily evaluated using price multiples. This separation limits comparability across asset classes. This analysis proposes a unified framework based on the PPP–SIRRIPA approach, which reformulates equity valuation in terms of implicit yield. By interpreting valuation multiples as measures of time, the Potential Payback Period (PPP) generalizes traditional ratios and makes it possible to define a total shareholder yield, the SIRRIPA, that is economically and mathematically comparable to the YTM. The symmetry between equities and bonds, both economically and mathematically, makes it possible to adopt the risk-free rate as a common benchmark and to interpret the Structural Risk Premium (SRP) as an observable measure of risk. This framework opens the way to a coherent comparison of financial assets and to a unified approach to portfolio management. Despite its conceptual depth, the PPP–SIRRIPA framework stands out for its operational simplicity, relying on a limited number of widely available parameters, which facilitates rapid and automatable implementation .
Rainsy Sam (Sun,) studied this question.