台湾大学财务廖咸兴-ValuingStocksTraining

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1、Chapter5FundamentalsofCorporateFinanceThirdEditionValuingStocksBrealeyMyersMarcusslidesbyMatthewWillIrwin/McGraw-HillTopicsCoveredStocksandtheStockMarketBookValues,LiquidationValuesandMarketValuesValuingCommonStocksSimplifyingtheDividendDiscountModelGrowthStocksandIncomeStocks

2、Stocks&StockMarketPrimaryMarket-Placewherethesaleofnewstockfirstoccurs.InitialPublicOffering(IPO)-Firstofferingofstocktothegeneralpublic.SeasonedIssue-SaleofnewsharesbyafirmthathasalreadybeenthroughanIPOStocks&StockMarketCommonStock-Ownershipsharesinapubliclyhe

3、ldcorporation.SecondaryMarket-marketinwhichalreadyissuedsecuritiesaretradedbyinvestors.Dividend-Periodiccashdistributionfromthefirmtotheshareholders.P/ERatio-Pricepersharedividedbyearningspershare.Stocks&StockMarketStocks&StockMarketBookValue-Networthofthefirma

4、ccordingtothebalancesheet.LiquidationValue-Netproceedsthatwouldberealizedbysellingthefirm’sassetsandpayingoffitscreditors.MarketValueBalanceSheet-Financialstatementthatusesmarketvalueofassetsandliabilities.ValuingCommonStocksExpectedReturn-Thepercentageyieldthataninvestorforec

5、astsfromaspecificinvestmentoverasetperiodoftime.Sometimescalledtheholdingperiodreturn(HPR).ValuingCommonStocksTheformulacanbebrokenintotwoparts.DividendYield+CapitalAppreciationValuingCommonStocksDividendDiscountModel-Computationoftoday’sstockpricewhichstatesthatsharevalueequa

6、lsthepresentvalueofallexpectedfuturedividends.H-Timehorizonforyourinvestment.ValuingCommonStocksExampleCurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Wh

7、atisthepriceofthestockgivena12%expectedreturn?ValuingCommonStocksExampleCurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Whatisthepriceofthestockgivena12%

8、expectedreturn?ValuingCommonStocksIfweforecastnogrowth,andplantoholdoutstockindefinitely,we