SIRRIPA : A Groundbreaking Return Metric to Value Stocks Like Bonds[SIRRIPA : Une mesure révolutionnaire de rendement pour évaluer les actions comme des obligations]

Traditional equity valuation tools—such as the P/E ratio, PEG ratio, Dividend Yield, and DCF models—struggle to integrate time, growth, and risk into a unified return framework. In contrast, bond markets rely on yield-based metrics like Yield to Maturity (YTM), which express return in fully time-adjusted, risk-sensitive terms. This paper introduces the Stock Internal Rate of Return Including Price Appreciation (SIRRIPA), a yield-based metric that applies the same logic to equity valuation. Derived from the Potential Payback Period (PPP), SIRRIPA measures a stock's total expected return by combining discounted earnings and terminal value within a coherent, finite-horizon framework. By interpreting EPS as equivalent to bond coupons and the Exit Price as a redemption value, SIRRIPA aligns equity valuation with fixed-income standards—enabling direct cross-asset comparison. The paper presents SIRRIPA's mathematical foundations, theoretical rationale, and practical implications, offering a modern, yield-centered approach to stock valuation.