公司理财第七版cha

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1、ValuingStocksThischaptersintroducesvaluationstechniquesforequity(stocks).TheDividendDiscountModelprovidesanexcellentmeasureofastock’sintrinsicvalue.7-2TheStockMarketThetwoprincipalstockexchangesintheUSaretheNewYorkStockExchange&NASDAQPrimaryMarketvs.SecondaryMar

2、ketInitialPublicOfferingPrimaryOffering7-3Primaryvs.SecondaryMarkets:ExampleShannonsells100sharesofGooglestockfromherportfoliofor$500persharetohelppayforhersonDomenic’scollegeeducation.HowmuchdoesGooglereceivefromthesaleofitsshares?Doesthistransactionoccuronthep

3、rimaryorsecondarymarket?7-4BidPrice/AskPriceBidPrice:Thepricesatwhichinvestorsarewillingtobuyshares.AskPrice:Thepricesatwhichcurrentshareholdersarewillingtoselltheirshares.Example:Ifaninvestorwishestopurchase100sharesofApplewithabidpriceof$253.40andanaskpriceof$

4、253.48,howmuchcouldtheinvestorexpecttopayfortheshares?Answer:$253.487-5TerminologyInvestorsuseanumberofmethodstodeterminethequalityofacompany’sshares.MarketCapP/ERatioDividendYield7-6BasicTerminology:ExampleYouareconsideringinvestinginafirmwhosesharesarecurrentl

5、ysellingfor$50persharewith1,000,000sharesoutstanding.Expecteddividendsare$2/shareandearningsare$6/share.Whatisthefirm’sMarketCap?P/ERatio?DividendYield?7-7MeasuresofValueThreewaystovalueafirm:BookValue–Networthofthefirmaccordingtothebalancesheet.LiquidationValue

6、–Netproceedsthatcouldberealizedbysellingthefirm’sassetsandpayingoffitscreditors.MarketValue–Thevalueofthefirmasdeterminedbyinvestorswhowouldbewillingtopurchasethecompany.7-8Going-ConcernValueThedifferencebetweenacompany’sactualvalueanditsbookorliquidationvalueis

7、calleditsgoing-concernvalue.Referstothreefactors:ExtraearningpowerIntangibleassetsValueoffutureinvestments7-9PriceandIntrinsicValue7-10PriceandIntrinsicValueWhatistheintrinsicvalueofashareofstockifexpecteddividendsare$2/shareandtheexpectedpricein1yearis$35/share

8、?Assumeadiscountrateof10%.7-11ExpectedReturn7-12ExpectedReturn:ExampleWhatshouldbethepriceofastockinoneyearifitsellsfor$40today,hasanexpecteddividendpershareof$3,anda