PV Residual Income Vs. NPV

if the Value of equity of a firm = Initial Book value of equity + Present value of Future residual income,

Is it the same thing as considering the

Book Value of the firms assets + NPV that would be generated by them?

Strickly speaking no. The NPV is the inital cost of the asset minus the PV of its cash flows. But when you do the calculations on the BA II Plus you would use the CF function and calulate NPV. You just have to be careful to either 1. put zero for the initial cash flow and add BV to that answer or 2. enter the BV as the CF at time 0 but make sure you enter a positive number, not a negitive as you would for calculating NPV