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1、Chapter9ValuingStocks股票估值ChapterOutline9.1StockPrices,Returns,andtheInvestmentHorizon9.2TheDividend-DiscountModel9.3TotalPayoutandFreeCashFlowValuationModels9.4ValuationBasedonComparableFirms9.5Information,Competition,andStockPrices2Copyright©2007PearsonAddison-W
2、esley.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
3、 beused.Calculatethetotalreturnofastock,giventhedividendpayment,thecurrentprice,andthepreviousprice.Usethedividend-discountmodeltocomputethevalueofadividend-payingcompany’sstock,whetherthedividendsgrowataconstantratestartingnoworatsometimeinthefuture.Discussthede
4、terminantsoffuturedividendsandgrowthrateindividends,andthesensitivityofthestockpricetoestimatesofthosetwofactors.4Copyright©2007PearsonAddison-Wesley.Allrightsreserved.LearningObjectives(cont'd)Giventheretentionrateandthereturnonnewinvestment,calculatethegrowthra
5、teindividends,earnings,andshareprice.Describecircumstancesinwhichcuttingthefirm’sdividendwillraisethestockprice.Assumingafirmhasalong-termconstantgrowthrateaftertimeN+1,usetheconstantgrowthmodeltocalculatetheterminalvalueofthestockattimeN.Computethestockvalueofaf
6、irmthatpaysdividendsaswellasrepurchasingshares.Usethediscountedfreecashflowmodeltocalculatethevalueofstockinacompanywithleverage.Usecomparablefirmmultiplestoestimatestockvalue.5Copyright©2007PearsonAddison-Wesley.Allrightsreserved.LearningObjectives(cont'd)Explai
7、nwhyseveralvaluationmodelsarerequiredtovalueastock.Describetheimpactofefficientmarketshypothesis onpositive-NPVtradesbyindividualswithno insideinformation.Discusswhyinvestorswhoidentifypositive-NPVtradesshouldbeskepticalabouttheirfindings,unlesstheyhaveinsideinfo
8、rmationoracompetitiveadvantage.Aspartofthat,describethereturntheaverageinvestorshouldexpecttoget.Assesstheimpactofstockvaluationonrecommendedmanagerialactions.
