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1、Valuation lecture examplesPart 1Year 1Net income1,100‐>Cost of capital11%Dividends 1,100# shares1,000Value = Div/r10000Value per share$ 10.00Part 2Year 0Year 1Year 2Year 3etcNet income1,10011551212.755% growthCost of capital11%Book value of equ
2、ity (ending)8,0008400882092615% growthDividend700735772 check dividend growth0.050.05Value = DIV/(r‐g)$ 11,666.67Part 3Year 0Year 1Year 2Year 3Year 4etcNet Income1,1001,1551,2131,213Book value equity80008400882088208820Change in Book value40042000Divi
3、dend (net income ‐ ΔBook Value)7007351,2131,213Disc rate (at 11%)0.9010.812PV Div630.63596.54SUM PV DIV1 and 21227.17Future value of terminal dividend11025PV of terminal value dividend8948.137Total value$ 10,175.31Value per share$ 1
4、0.181234Part 4Year 0Year 1Year 2Year 3Year 4Net Income1,1001,1551,2131,2493%Book value equity80008,4008,8209,0859,3573%Change in Book value400420265273Div700735948977Disc rate (at 11%)0.900.810.73PV Div630.63596.54693.28SUM PV DIV1 ‐ 31,920.45TV dividend12207.4313
5、PV of terminal value dividend8,926Total value$ 10,846.42Value per share$ 10.85Part 51234Year 0Year 1Year 2Year 3Year 4growthNet Income1,1001,1551,2131,2735%Book value equity80008,4008,8209,2619,7245%Disc rate (at 11%)11%0.900.810.73
6、Normal earnings880924970.21018.71Residual earnings220231243255 growth in residual earnings0.050.050.05PV residual earnings3666.67Value (Book value + PV residual earnings)$ 11,666.67Value per share$ 11.67123Part 6Year 0Year 1Year 2Y
7、ear 3Year 4Net Income1,1001,1551,2131,2493%Book value equity80008,4008,8209,0859,3573%Disc rate (at 11%)11%0.900.810.73Normal earnings880924970.2999.306Residual earnings220231243250 growth in residual earnings0.050.050.03PV residual earnings198.20187.48177.35SUM
8、PV resid earnings (yrs 1‐3)563.03TV resid earnings (year 4)3122.8312PV TV Resid Earnings2283.387295Value (Book value + PV residual earnings)10846.42Valu
