投资学,9e,精要版,48772,48760,英文PPT Chap011.ppt

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1、CHAPTER11EquityValuationModels18-2Valuation:FundamentalAnalysisFundamentalanalysismodelsacompany’svaluebyassessingitscurrentandfutureprofitability.Thepurposeoffundamentalanalysisistoidentifymispricedstocksrelativetosomemeasureof“true”valuederivedfromfinancialdata.18-3BalanceSheetModelsDividen

2、dDiscountModels(DDM)Price/EarningsRatiosFreeCashFlowModelsModelsofEquityValuation18-4ValuationbyComparablesComparevaluationratiosoffirmtoindustryaverages.Ratioslikeprice/salesareusefulforvaluingstart-upsthathaveyettogeneratepositiveearnings.18-5LimitationsofBookValueBookvaluesarebasedonhistor

3、icalcost,notactualmarketvalues.Itispossible,butuncommon,formarketvaluetobelessthanbookvalue.“Floor”orminimumvalueistheliquidationvaluepershare.Tobin’sqistheratioofmarketpricetoreplacementcost.18-6IntrinsicValuevs.MarketPriceThereturnonastockiscomposedofdividendsandcapitalgainsorlosses.Theexpe

4、ctedHPRmaybemoreorlessthantherequiredrateofreturn,basedonthestock’srisk.18-7RequiredReturnCAPMgivestherequiredreturn,k:Ifthestockispricedcorrectly,kshouldequalexpectedreturn.kisthemarketcapitalizationrate.18-8Theintrinsicvalue(IV)isthe“true”value,accordingtoamodel.Themarketvalue(MV)istheconse

5、nsusvalueofallmarketparticipantsTradingSignal:IV>MVBuyIV

6、tModels(DDM)18-10ConstantGrowthDDMg=dividendgrowthrate18-11NogrowthcaseValueapreferredstockpayingafixeddividendof$2persharewhenthediscountrateis8%:Example11.1PreferredStockandtheDDM18-12Example11.2ConstantGrowthDDMAstockjustpaidanannualdividendof$3/share.Thedividendisexpectedtogrowat8%indefin

7、itely,andthemarketcapitalizationrate(fromCAPM)is14%.18-13DDMImplicationsTheconstant-growthrateDDMimpliesthatastock’svaluewillbegreater:Thelargeritsexpecteddividendpershare.Thelowerthemarketcapitalizationrate,k.Thehighertheexpectedgrowthrateof