台湾大学财务廖咸兴-Valuing Stocks Training

Chapter5FundamentalsofCorporateFinanceThirdEditionValuingStocksBrealeyMyersMarcusslidesbyMatthewWill下载更多培训资料，尽在StocksandtheStockMarketBookValues,LiquidationValuesandMarketValuesValuingCommonStocksSimplifyingtheDividendDiscountModelGrowthStocksandIncomeStocks下载更多培训资料，尽在(IPO)-Firstofferingofstocktothegeneralpublic.SeasonedIssue-SaleofnewsharesbyafirmthathasalreadybeenthroughanIPO下载更多培训资料，尽在($bil)NYSENasdaqLondonParisTokyoGermanTaiwanZurichOsakaTorontoAmexStockMarketStocks&StockMarketBookValue-Networthofthefirmaccordingtothebalancesheet.LiquidationValue-Netproceedsthatwouldberealizedbysellingthefirm’sassetsandpayingoffitscreditors.MarketValueBalanceSheet-Financialstatementthatusesmarketvalueofassetsandliabilities.ValuingCommonStocksExpectedReturn-Thepercentageyieldthataninvestorforecastsfromaspecificinvestmentoverasetperiodoftime.Sometimescalledtheholdingperiodreturn(HPR).ExpectedReturnrDivPPP1100ValuingCommonStocksTheformulacanbebrokenintotwoparts.DividendYield+CapitalAppreciationExpectedReturnrDivPPPP10100ValuingCommonStocksDividendDiscountModel-Computationoftoday’sstockpricewhichstatesthatsharevalueequalsthepresentvalueofallexpectedfuturedividends.H-Timehorizonforyourinvestment.PDivrDivrDivPrHHH01122111()()...()ValuingCommonStocksExampleCurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Whatisthepriceofthestockgivena12%expectedreturn?ValuingCommonStocksExampleCurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Whatisthepriceofthestockgivena12%expectedreturn?PVPV300112324112350944811200123.(.).(.)..(.)$75.ValuingCommonStocksIfweforecastnogrowth,andplantoholdoutstockindefinitely,wewillthenvaluethestockasaPERPETUITY.PerpetuityPDivrorEPSr011Assumesallearningsarepaidtoshareholders.ValuingCommonStocksConstantGrowthDDM-Aversionofthedividendgrowthmodelinwhichdividendsgrowataconstantrate(GordonGrowthModel).Givenanycombinationofvariablesintheequation,youcansolvefortheunknownvariable.PDivrg01ValuingCommonStocksExampleWhatisthevalueofastockthatexpectstopaya$3.00dividendnextyear,andthenincreasethedividendatarateof8%peryear,indefinitely?Assumea12%expectedreturn.PDivrg0100120800$3...$75.ValuingCommonStocksExample-continuedIfthesamestockissellingfor$100inthestockmarket,whatmightthemarketbeassumingaboutthegrowthindividends?$100$3...001209ggAnswerThemarketisassumingthedividendwillgrowat9%peryear,indefinitely.ValuingCommonStocksIfafirmelectstopayalowerdividend,andreinvestthefunds,thestockpricemayincreasebecausefuturedividendsmaybehigher.PayoutRatio-FractionofearningspaidoutasdividendsPlowbackRatio-Fractionofearningsretainedbythefirm.ValuingCommonStocksGrowthcanbederivedfromapplyingthereturnonequitytothepercentageofearningsplowedbackintooperations.g=returnonequityXplowbackratioValuingCommonStocksExampleOurcompanyforecaststopaya$5.00dividendnextyear,whichrepresents100%ofitsearnings.Thiswillprovideinvestorswitha12%expectedreturn.Instead,wedecidetoplowback40%oftheearningsatthefirm’scurrentreturnonequityof20%.Whatisthevalueofthestockbeforeandaftertheplowbackdecision?ValuingCommonStocksExampleOurcompanyforecaststopaya$5.00dividendnextyear,whichrepresents100%ofitsearnings.Thiswillprovideinvestorswitha12%expectedreturn.Instead,wedecidetoblowback40%oftheearningsatthefirm’scurrentreturnonequityof20%.Whatisthevalueofthestockbeforeandaftertheplowbackdecision?P051267.$41.NoGrowthWithGrowthgP.....$75.20400831208000ValuingCommonStocksExample-continuedIfthecompanydidnotplowbacksomeearnings,thestockpricewouldremainat$41.67.Withtheplowback,thepriceroseto$75.00.Thedifferencebetweenthesetwonumbers(75.00-41.67=33.33)iscalledthePresentValueofGrowthOpportunities(PVGO).下载更多培训资料，尽在(PVGO)-Netpresentvalueofafirm’sfutureinvestments.SustainableGrowthRate-Steadyrateatwhichafirmcangrow:plowbackratioXreturnonequity.下载更多培训资料，尽在下载更多培训资料，尽在