Stock valuation is fundamentally important to finance. The current absolute and relative valuations do not wok in some common circumstances. This paper finds a new valuation method with the criterion of required payback period. The new method is a brand new way in valuation paralleling to the discounted cash flow method. This paper further derives the models of theoretical P/E, P/B and P/S based on the new method. These new valuation models are theoretical sound and flexible for valuing various stocks and market bubbles. They can also bridge the gap between the relative and absolute valuations.