【精品】investments 投资学 (博迪bodie, kane, marcuschap018 equity valuation models精品ppt课件.ppt
《【精品】investments 投资学 (博迪bodie, kane, marcuschap018 equity valuation models精品ppt课件.ppt》由会员分享,可在线阅读,更多相关《【精品】investments 投资学 (博迪bodie, kane, marcuschap018 equity valuation models精品ppt课件.ppt(38页珍藏版)》请在得力文库 - 分享文档赚钱的网站上搜索。
1、INVESTMENTS 投资学(博迪BODIE,KANE,MARCUS)Chap018 Equity Valuation ModelsINVESTMENTS|BODIE,KANE,MARCUSValuation:Fundamental AnalysisFundamental analysis models a companys value by assessing its current and future profitability.The purpose of fundamental analysis is to identify mispriced stocks relative to
2、 some measure of“true”value derived from financial data.INVESTMENTS|BODIE,KANE,MARCUSBalance Sheet ModelsDividend Discount Models(DDM)Price/Earnings RatiosFree Cash Flow ModelsModels of Equity ValuationINVESTMENTS|BODIE,KANE,MARCUSValuation by ComparablesCompare valuation ratios of firm to industry
3、averages.Ratios like price/sales are useful for valuing start-ups that have yet to generate positive earnings.INVESTMENTS|BODIE,KANE,MARCUSLimitations of Book ValueBook values are based on historical cost,not actual market values.It is possible,but uncommon,for market value to be less than book valu
4、e.“Floor”or minimum value is the liquidation value per share.Tobins q is the ratio of market price to replacement cost.INVESTMENTS|BODIE,KANE,MARCUSINVESTMENTS|BODIE,KANE,MARCUSINVESTMENTS|BODIE,KANE,MARCUSThe intrinsic value(IV)is the“true”value,according to a model.The market value(MV)is the conse
5、nsus value of all market participantsTrading Signal:IV MV BuyIV kINVESTMENTS|BODIE,KANE,MARCUSTable 18.3 Effect of ROE and Plowback on Growth and the P/E RatioINVESTMENTS|BODIE,KANE,MARCUSP/E and Growth RateWall Street rule of thumb:The growth rate is roughly equal to the P/E ratio.“If the P/E ratio
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 精品 【精品】investments 投资学 博迪bodie kane marcuschap018 equity valuation models精品ppt课件 investments 投资 博迪
链接地址:https://www.deliwenku.com/p-71301626.html
限制150内