Capital Growth Model - Book Value

In the book warren buffett way the author describes the capital growth model that you've used to evaluate intrinsic value in common stock purchases my question is do you also still use the formula ben graham described in the intelligent investor that uses of valuating anticipated growth but also book value. It seems to me that fair value is always a bit higher when using mr graham's formula than the stream of cash discounted back to present value that is in worn buffett way. The best businesses by definition are going to be businesses that earn very high returns on on capital, says rankton.