公司理财精要版原书第12版英文版最新精品课件ppt.pptx
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1、STOCK VALUATIONCHAPTER 8Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-2 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Explain how stock prices depend on future dividends and dividend growthShow h
2、ow to value stocks using multiplesLay out the different ways corporate directors are elected to officeDefine how the stock markets workKEY CONCEPTS AND SKILLSCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-3 烧伤病人的治
3、疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Common Stock ValuationSome Features of Common and Preferred StocksThe Stock MarketsCHAPTER OUTLINECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-4 烧伤病人的治疗通常
4、是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人If you buy a share of stock,you can receive cash in two ways:The company pays dividends.You sell your shares,either to another investor in the market or back to the company.As with bonds,the price of the stock is the present value of these expect
5、ed cash flows.CASH FLOWS FOR STOCKHOLDERSCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-5 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Suppose you are thinking of purchasing the stock of Moore Oi
6、l,Inc.You expect it to pay a$2 dividend in one year,and you believe that you can sell the stock for$14 at that time.If you require a return of 20%on investments of this risk,what is the maximum you would be willing to pay?Compute the PV of the expected cash flows.Price=(14+2)/(1.2)=$13.33Or FV=16;I/
7、Y=20;N=1;CPT PV=-13.33ONE-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-6 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Now,what if you decide to hold the stock for two years?In add
8、ition to the dividend in one year,you expect a dividend of$2.10 in two years and a stock price of$14.70 at the end of year 2.Now how much would you be willing to pay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.33TWO-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistribution
9、withoutthepriorwrittenconsentofMcGraw-HillEducation.8-7 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Finally,what if you decide to hold the stock for three years?In addition to the dividends at the end of years 1 and 2,you expect to receive a dividend of$2.205 at the end of year 3
10、and the stock price is expected to be$15.435.Now how much would you be willing to pay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.33THREE-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-8 烧伤病人的治疗通常是
11、取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人You could continue to push back the year in which you will sell the stock.You would find that the price of the stock is really just the present value of all expected future dividends.So,how can we estimate all future dividend payments?DEVELOPING T
12、HE MODELCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-9 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Constant dividend(i.e.,zero growth)The firm will pay a constant dividend forever.This is like
13、 preferred stock.The price is computed using the perpetuity formula.Constant dividend growthThe firm will increase the dividend by a constant percent every period.The price is computed using the growing perpetuity model.Supernormal growthDividend growth is not consistent initially,but settles down t
14、o constant growth eventually.The price is computed using a multistage model.ESTIMATING DIVIDENDS:SPECIAL CASESCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-10 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想
15、一想如何来治疗该病人If dividends are expected at regular intervals forever,then this is a perpetuity,and the present value of expected future dividends can be found using the perpetuity formula.P0=D/RSuppose a stock is expected to pay a$0.50 dividend every quarter and the required return is 10%with quarterly
16、compounding.What is the price?P0=.50/(.1/4)=$20ZERO GROWTHCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-11 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Dividends are expected to grow at a consta
17、nt percent per period.P0=D1/(1+R)+D2/(1+R)2+D3/(1+R)3+P0=D0(1+g)/(1+R)+D0(1+g)2/(1+R)2+D0(1+g)3/(1+R)3+With a little algebra and some series work,this reduces to:DIVIDEND GROWTH MODELCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw
18、-HillEducation.8-12 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Suppose Big D,Inc.,just paid a dividend of$0.50 per share.It is expected to increase its dividend by 2%per year.If the market requires a return of 15%on assets of this risk,how much should the stock be selling for?P0=
19、.50(1+.02)/(.15-.02)=$3.92DGM EXAMPLE 1Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-13 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Suppose TB Pirates,Inc.,is expected to pay a$2 dividend in on
20、e year.If the dividend is expected to grow at 5%per year and the required return is 20%,what is the price?P0=2/(.2-.05)=$13.33Why isnt the$2 in the numerator multiplied by(1.05)in this example?DGM EXAMPLE 2Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithouttheprio
21、rwrittenconsentofMcGraw-HillEducation.8-14 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人STOCK PRICE SENSITIVITY TO DIVIDEND GROWTH,GGrowth RateStock Price00.050.10.150.2050100150200250D1=$2;R=20%Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithout
22、thepriorwrittenconsentofMcGraw-HillEducation.8-15 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人STOCK PRICE SENSITIVITY TO REQUIRED RETURN,RGrowth RateStock Price00.050.10.150.20.250.3050100150200250D1=$2;g=5%Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistri
23、butionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-16 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人Gordon Growth Company is expected to pay a dividend of$4 next period,and dividends are expected to grow at 6%per year.The required return is 16%.What is the current price?P0=
24、4/(.16-.06)=$40Remember that we already have the dividend expected next year,so we dont multiply the dividend by 1+g.EXAMPLE 8.3:GORDON GROWTH COMPANY-ICopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-17 烧伤病人的治疗通常是取
25、烧伤病人的健康皮肤进行自体移植,但对于大面积烧伤病人来讲,健康皮肤很有限,请同学们想一想如何来治疗该病人What is the price expected to be in year 4?P4=D4(1+g)/(R g)=D5/(R g)P4=4(1+.06)4/(.16-.06)=50.50What is the implied return given the change in price during the four year period?50.50=40(1+return)4;return=6%PV=-40;FV=50.50;N=4;CPT I/Y=6%The price is
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