Schewser is calculating them as Terminal value in n year = trailing PE * (earnings in year n) terminal value in n year = leading PE * forcestaed earings in year n + 1. i don’t understand how the above two equations can be same. is schweser f*ing up again?

trailing PE * EPS_n = (EPs_n) * [(1-b)(1+g)/(r-g)] leading PE * (EPS_n+1) = [(EPs_n)(1+g)]*(1-b)/(r-g)

They are correct.

i am not sure if this has anything to do with it, but i have always found the justified P/E ratio to be weird, so maybe it is similar Justified leading P/E = (1-b)/(r-g) justified trailing P/E = [(1-b) * (1 + g)]/(r-g0