公司金融课件.ppt

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1、StockValuationKeyConceptsandSkillsUnderstandhowstockpricesdependonfuturedividendsanddividendgrowthBeabletocomputestockpricesusingthedividendgrowthmodelUnderstandhowcorporatedirectorsareelectedUnderstandhowstockmarketsworkUnderstandhowstockpricesarequotedChapterOutlineCommonStockValuationSomeFea

2、turesofCommonandPreferredStocksTheStockMarketsCashFlowsforStockholdersIfyoubuyashareofstock,youcanreceivecashintwowaysThecompanypaysdividendsYousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompanyAswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflowsOne-PeriodExa

3、mpleSupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.andyouexpectittopaya$2dividendinoneyearandyoubelievethatyoucansellthestockfor$14atthattime.Ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflowsPrice=(14+2)/(1.2)=$13.

4、33OrFV=16;I/Y=20;N=1;CPTPV=-13.33Two-PeriodExampleNowwhatifyoudecidetoholdthestockfortwoyears?Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsandastockpriceof$14.70attheendofyear2.Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.33Three-PeriodExampleFinally

5、,whatifyoudecidetoholdthestockforthreeyears?Inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andthestockpriceisexpectedtobe$15.435.Nowhowmuchwouldyoubewillingtopay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.33DevelopingTheModelYoucouldcontinuetop

6、ushbacktheyearinwhichyouwillsellthestockYouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsSo,howcanweestimateallfuturedividendpayments?EstimatingDividends:SpecialCasesConstantdividendThefirmwillpayaconstantdividendforeverThisislikepreferredstockThepriceisc

7、omputedusingtheperpetuityformulaConstantdividendgrowthThefirmwillincreasethedividendbyaconstantpercenteveryperiodSupernormalgrowthDividendgrowthisnotconsistentinitially,butsettlesdowntoconstantgrowtheventuallyZeroGrowthIfdividends