财务管理培训课件0001).ppt

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1、Chapter8StockValuationMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandhowstockpricesdependonfuturedividendsanddividendgrowthBeabletocomputestockpricesusingthedividendgrowthmodelUnderstandhowcorporate

2、directorsareelectedUnderstandhowstockmarketsworkUnderstandhowstockpricesarequoted8-2ChapterOutlineCommonStockValuationSomeFeaturesofCommonandPreferredStocksTheStockMarkets8-3CashFlowsforStockholdersIfyoubuyashareofstock,youcanreceivecashintwowaysThecompanypays

3、dividendsYousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompanyAswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows8-4One-PeriodExampleSupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.Youexpectittopaya$2dividendinoneye

4、ar,andyoubelievethatyoucansellthestockfor$14atthattime.Ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflowsPrice=(14+2)/(1.2)=$13.33OrFV=16;I/Y=20;N=1;CPTPV=-13.338-5Two-PeriodExampleNow,what

5、ifyoudecidetoholdthestockfortwoyears?Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsandastockpriceof$14.70attheendofyear2.Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.338-6Three-PeriodExampleFinally,whatifyoudecidetoh

6、oldthestockforthreeyears?Inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andthestockpriceisexpectedtobe$15.435.Nowhowmuchwouldyoubewillingtopay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.338-7DevelopingTheModel

7、YoucouldcontinuetopushbacktheyearinwhichyouwillsellthestockYouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsSo,howcanweestimateallfuturedividendpayments?8-8EstimatingDividends:SpecialCasesConstantdividendThefirmwillpaya

8、constantdividendforeverThisislikepreferredstockThepriceiscomputedusingtheperpetuityformulaConstantdividendgrowthThefirmwillincreasethedividendbyaconstantpercenteveryperiodThepricei