I don’t believe that earnings will grow by 10% year-over-year for the next five years, but let’s say that they do.If we combine this with the following assumptions:3.77% earnings yields (source: multpl.com)1.93% dividend yield (ditto)80% payout ratio (sum of dividends and net equity buybacks as a percent of earnings)2.42% 10-year US Treasury yield4.1% equity risk premium (based on historical norms)1.8% perpetual growth rateWould we get a value of 2,210 for the S&P 500. The index is valued 7% beyond this mark currently.To match the current 2,365 value, the equity risk premium would be measured at 3.8% (i.e., expected forward nominal returns of the stock market over the 10-year US Treasury). This would place forward real returns at around 4.2% (3.8% premium over Treasuries + 2.4% Treasury yield - 2.0% inflation).Going from an equity risk premium from 3.8% to 5.0%, in 20-bp increments, would produce the following range of values: