资源描述：
《《股票估值中英》PPT课件》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、Chapter9ValuingStocks股票估值ChapterOutline9.1StockPrices,Returns,andtheInvestmentHorizon9.2TheDividend-DiscountModel9.3TotalPayoutandFreeCashFlowValuationModels9.4ValuationBasedonComparableFirms9.5Information,Competition,andStockPrices2Copyright©2007PearsonAddison-Wesl
2、ey.Allrightsreserved.ChapterOutline9.1股价、回报率与投资期限9.2红利折现模型9.3总支付和自由现金流估值模型9.4基于可比公司的估值9.5信息、竞争和股票价格3Copyright©2007PearsonAddison-Wesley.Allrightsreserved.LearningObjectivesDescribe,inwords,theLawofOnePricevalueforacommonstock,includingthediscountratethatshould beuse
3、d.Calculatethetotalreturnofastock,giventhedividendpayment,thecurrentprice,andthepreviousprice.Usethedividend-discountmodeltocomputethevalueofadividend-payingcompany’sstock,whetherthedividendsgrowataconstantratestartingnoworatsometimeinthefuture.Discussthedeterminant
4、soffuturedividendsandgrowthrateindividends,andthesensitivityofthestockpricetoestimatesofthosetwofactors.4Copyright©2007PearsonAddison-Wesley.Allrightsreserved.LearningObjectives(cont'd)Giventheretentionrateandthereturnonnewinvestment,calculatethegrowthrateindividend
5、s,earnings,andshareprice.Describecircumstancesinwhichcuttingthefirm’sdividendwillraisethestockprice.Assumingafirmhasalong-termconstantgrowthrateaftertimeN+1,usetheconstantgrowthmodeltocalculatetheterminalvalueofthestockattimeN.Computethestockvalueofafirmthatpaysdivi
6、dendsaswellasrepurchasingshares.Usethediscountedfreecashflowmodeltocalculatethevalueofstockinacompanywithleverage.Usecomparablefirmmultiplestoestimatestockvalue.5Copyright©2007PearsonAddison-Wesley.Allrightsreserved.LearningObjectives(cont'd)Explainwhyseveralvaluati
7、onmodelsarerequiredtovalueastock.Describetheimpactofefficientmarketshypothesis onpositive-NPVtradesbyindividualswithno insideinformation.Discusswhyinvestorswhoidentifypositive-NPVtradesshouldbeskepticalabouttheirfindings,unlesstheyhaveinsideinformationoracompetitive
8、advantage.Aspartofthat,describethereturntheaverageinvestorshouldexpecttoget.Assesstheimpactofstockvaluationonrecommendedmanagerialactions.
