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ID:8133616
大小:2.78 MB
页数:75页
时间:2018-03-06
《equity valuation models》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、Chapter18:EquityValuationModelsChapterOpenerPART Vp.583ASOURDISCUSSIONofmarketefficiencyindicated,findingundervaluedsecuritiesishardlyeasy.Atthesametime,thereareenoughchinksinthearmoroftheefficientmarkethypothesisthatthesearchforsuchsecuritiesshouldnotbedismissedou
2、tofhand.Moreover,itistheongoingsearchformispricedsecuritiesthatmaintainsanearlyefficientmarket.Evenminormispricingwouldallowastockmarketanalysttoearnhissalary. Thischapterdescribesthevaluationmodelsthatstockmarketanalystsusetouncovermispricedsecurities.Themodelspr
3、esentedarethoseusedbyfundamentalanalysts,thoseanalystswhouseinformationconcerningthecurrentandprospectiveprofitabilityofacompanytoassessitsfairmarketvalue.Westartwithadiscussionofalternativemeasuresofthevalueofacompany.Fromthere,weprogresstoquantitativetoolscalleddi
4、videnddiscountmodels,whichsecurityanalystscommonlyusetomeasurethevalueofafirmasanongoingconcern.Nextweturntoprice–earnings,orP/E,ratios,explainingwhytheyareofsuchinteresttoanalystsbutalsohighlightingsomeoftheirshortcomings.WeexplainhowP/Eratiosaretiedtodividendvalua
5、tionmodelsand,moregenerally,tothegrowthprospectsofthefirm. Weclosethechapterwithadiscussionandextendedexampleoffreecashflowmodelsusedbyanalyststovaluefirmsbasedonforecastsofthecashflowsthatwillbegeneratedfromthefirms'businessendeavors.Finally,weapplytheseveralvalu
6、ationtoolscoveredinthechaptertoarealfirmandfindsomedisparityintheirconclusions—aconundrumthatwillconfrontanysecurityanalyst—andconsiderreasonsforthesediscrepancies.Chapter18:EquityValuationModels18.1ValuationbyComparablesThepurposeoffundamentalanalysisistoidentifyst
7、ocksthataremispricedrelativetosomemeasureof“true”valuethatcanbederivedfromobservablefinancialdata.Therearemanyconvenientsourcesofsuchdata.ForU.S.companies,theSecuritiesandExchangeCommissionprovidesinformationatitsEDGARWebsite,www.sec.gov/edgar.shtml.TheSECrequiresal
8、lpubliccompanies(exceptforeigncompaniesandcompanieswithlessthan$10millioninassetsand500shareholders)tofileregistrationstatements,periodicr
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