corporate finance 课件6-valuation

《corporate finance 课件6-valuation》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、ValuationCynic:Apersonwhoknowsthepriceofeverythingbutthevalueofnothing..OscarWildeAswathDamodaran200FirstPrinciplesInvestinprojectsthatyieldareturngreaterthantheminimumacceptablehurdlerate.•Thehurdlerateshouldbehigherforriskierprojectsandreflectthefinancingmixused-owners’funds(equity)orborrowedmo

2、ney(debt)•Returnsonprojectsshouldbemeasuredbasedoncashflowsgeneratedandthetimingofthesecashflows;theyshouldalsoconsiderbothpositiveandnegativesideeffectsoftheseprojects.Chooseafinancingmixthatminimizesthehurdlerateandmatchestheassetsbeingfinanced.Iftherearenotenoughinvestmentsthatearnthehurdlerate

3、,returnthecashtostockholders.•Theformofreturns-dividendsandstockbuybacks-willdependuponthestockholders’characteristics.Objective:MaximizetheValueoftheFirmAswathDamodaran201DiscountedCashflowValuation:BasisforApproacht=nCFtValue=!tt=1(1+r)•where,•n=Lifeoftheasset•CFt=Cashflowinperiodt•r=Discountrat

4、ereflectingtheriskinessoftheestimatedcashflowsAswathDamodaran202EquityValuationThevalueofequityisobtainedbydiscountingexpectedcashflowstoequity,i.e.,theresidualcashflowsaftermeetingallexpenses,taxobligationsandinterestandprincipalpayments,atthecostofequity,i.e.,therateofreturnrequiredbyequityinvest

5、orsinthefirm.t=nCFtoEquitytValueofEquity=!tt=1(1+ke)where,CFtoEquityt=ExpectedCashflowtoEquityinperiodtke=CostofEquityThedividenddiscountmodelisaspecializedcaseofequityvaluation,andthevalueofastockisthepresentvalueofexpectedfuturedividends.AswathDamodaran203FirmValuationThevalueofthefirmisobtaine

6、dbydiscountingexpectedcashflowstothefirm,i.e.,theresidualcashflowsaftermeetingalloperatingexpensesandtaxes,butpriortodebtpayments,attheweightedaveragecostofcapital,whichisthecostofthedifferentcomponentsoffinancingusedbythefirm,weightedbytheirmarketvalueproportions.t=nCFtoFirmtValueofFirm=!tt=1(1+WACC

7、)where,CFtoFirmt=ExpectedCashflowtoFirminperiodtWACC=WeightedAverageCostofCapitalAswathDamodaran204GenericDCFValuationModelDISCOUNTEDCASHFLOWVALUATIONExpectedGrowthCashflowsFirm:GrowthinFirm:Pre-debtcashOperatingEarningsflowE