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1、PrinciplesofFinanceLecture02BondandShareValuation49ObjectivesToapplytheideasofdiscountingandpresentvalue:·Bondfeaturesandprices·Bondyields·Sharevaluationusingdividenddiscountingmodels·Return,yield,growth,andprice/earningsratios49ValuingMultiperiodCashFlows
2、·and49ValuingMultiperiodCashFlows0123+£6,540.58£1112.01£3,419.44£2,009.13£1,460£4,100£2,20049ValuingMultiperiodCashFlows49ValuingMultiperiodCashFlowsIfyouinvest$15,000for10years,youreceive$30,000.Whatisyourannualrateofreturn?49ValuingMultiperiodCashFlows49
3、Perpetuity·Astreamofcashflowsthatlastsforever·ValuingalevelperpetuityÞ49Perpetuity·Valuingagrowingperpetuity49Annuity·Astreamofcashflowsthatlastsforafixednumberofyears·Valuingan(ordinary)annuityt+1t210AnnuityPerpetuityStartingatt+1PerpetuityStartingat149As
4、sumptionsofOrdinaryAnnuity1.Thefirstcashflowoccursexactlyoneperiodfromnow2.Allsubsequentcashflowsareseparatedbyexactlyoneperiod3.Allperiodsareofequallength4.Allcashflowshavethesamenominalvalue5.Thetermstructureofinterestrateisflat49PresentValueofAnnuityPVo
5、fAnnuityºPVofPerpetuityStartingattime1-PerpetuityStartingattimet+149PresentValueofAnnuity49PresentValueofAnnuity49ExampleofAnnuityChoice1:Leaseacarfor4yearsat£300permonthChoice2:Buythecarat£18,000andyoucansellitattheendof4yearsat£6,000Ifthecostofcapitalis0
6、.5%permonthwithmonthlycompounding,whichoneisthebetterdeal?Answer:49PureDiscountBonds·Apurediscount(zero-coupon)bondisasecuritythatpromisestopayaspecifiedsinglecashpayment(facevalueorparvalue)atitsmaturitydate·Wecanalwaysdisaggregateanyfixedincomesecurityin
7、tosumofpurediscountbonds·Exampleofpurediscountbond:Aone-yearpurediscountbondwithparvalueof£1,000istradingat£950,atitsmaturitytheinvestorreceives£1,00049CouponBonds·Acouponbondobligatestheissuertomakeperiodicpaymentsofinterest(calledcouponpayments)tothebond
8、holderuntilthebondmaturesatwhichtimethefacevalue(parvalue)isalsorepaidtothebondholder·Couponrateistheinterestrateappliedtothefacevalueinordertocomputecouponpayment·Currentyieldisthecouponpaymentdividedbybondp
