equity valuation models

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1、Chapter18:EquityValuationModelsChapterOpenerPART  Vp.583ASOURDISCUSSIONofmarketefficiencyindicated,findingundervaluedsecuritiesishardlyeasy.Atthesametime,thereareenoughchinksinthearmoroftheefficientmarkethypothesisthatthesearchforsuchsecuritiesshouldnotbedismissedou

2、tofhand.Moreover,itistheongoingsearchformispricedsecuritiesthatmaintainsanearlyefficientmarket.Evenminormispricingwouldallowastockmarketanalysttoearnhissalary.   Thischapterdescribesthevaluationmodelsthatstockmarketanalystsusetouncovermispricedsecurities.Themodelspr

3、esentedarethoseusedbyfundamentalanalysts,thoseanalystswhouseinformationconcerningthecurrentandprospectiveprofitabilityofacompanytoassessitsfairmarketvalue.Westartwithadiscussionofalternativemeasuresofthevalueofacompany.Fromthere,weprogresstoquantitativetoolscalleddi

4、videnddiscountmodels,whichsecurityanalystscommonlyusetomeasurethevalueofafirmasanongoingconcern.Nextweturntoprice–earnings,orP/E,ratios,explainingwhytheyareofsuchinteresttoanalystsbutalsohighlightingsomeoftheirshortcomings.WeexplainhowP/Eratiosaretiedtodividendvalua

5、tionmodelsand,moregenerally,tothegrowthprospectsofthefirm.   Weclosethechapterwithadiscussionandextendedexampleoffreecashflowmodelsusedbyanalyststovaluefirmsbasedonforecastsofthecashflowsthatwillbegeneratedfromthefirms'businessendeavors.Finally,weapplytheseveralvalu

6、ationtoolscoveredinthechaptertoarealfirmandfindsomedisparityintheirconclusions—aconundrumthatwillconfrontanysecurityanalyst—andconsiderreasonsforthesediscrepancies.Chapter18:EquityValuationModels18.1ValuationbyComparablesThepurposeoffundamentalanalysisistoidentifyst

7、ocksthataremispricedrelativetosomemeasureof“true”valuethatcanbederivedfromobservablefinancialdata.Therearemanyconvenientsourcesofsuchdata.ForU.S.companies,theSecuritiesandExchangeCommissionprovidesinformationatitsEDGARWebsite,www.sec.gov/edgar.shtml.TheSECrequiresal

8、lpubliccompanies(exceptforeigncompaniesandcompanieswithlessthan$10millioninassetsand500shareholders)tofileregistrationstatements,periodicr