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ID:55787915
大小:2.52 MB
页数:32页
时间:2020-06-02
《财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap004.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、CHAPTERFOURMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter4Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Sommers
2、–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchoolCashAccounting,AccrualAccounting,andDiscountedCashFlowValuation4-2WhatYouWillLearnFromThisChapterHowthedividenddiscountmodelworks(ordoesnotwork)Howaconstantgrowthmodelwo
3、rksWhatismeantbycashflowfromoperationsWhatismeantbycashusedininvestingactivitiesWhatismeantbyfreecashflowHowdiscountedcashflowvaluationworksProblemsthatariseinapplyingcashflowvaluationWhyfreecashflowmaynotmeasurevalueaddedinoperationsWhyfreecashflowisaliquidatio
4、nconceptHowdiscountedcashflowvaluationinvolvescashaccountingforoperatingactivitiesWhy“cashflowfromoperations”reportedinU.S.andIFRSfinancialstatementsdoesnotmeasureoperatingcashflowscorrectlyWhy“cashflowsininvestingactivities”reportedinU.S.andIFRSfinancialstateme
5、ntsdoesnotmeasurecashinvestmentinoperationscorrectlyHowaccrualaccountingforoperationsdiffersfromcashaccountingforoperationsThedifferencebetweenearningsandcashflowfromoperationsThedifferencebetweenearningsandfreecashflowHowaccrualsandtheaccountingforinvestmentaff
6、ectthebalancesheetaswellastheincomestatementWhyanalystsforecastearningsratherthancashflows4-3TheBigPictureinThisChapterAvaluationmodelisamethodofaccountingforvalueDiscountedcashflow(DCF)valuationemployscashaccountingforvaluationDCFValuation–andcashaccountingforv
7、alue–doesnotworkMovetoaccrualaccountingforvalueinChapters5and64-4AReminder:ValuationModelsforGoingConcernsCF1CF2CF3CF4CF5AFirm123450d1d2d3d4d5DividendFlow123450TVTTdTEquityTheterminalvalue,TVTisthepricepayoff,PTwhentheshareissoldValuationissues:Theforecasttarget
8、:dividends,cashflow,earnings?Thetimehorizon:T=5,10,?Theterminalvalue?Thediscountrate?4-5TheDividendDiscountModel:ForecastingDividends4-6TerminalValuesfortheDDMA.Capit
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