财务管理基础第五章模型要点分析.pptVIP

Stocks and Their Valuation ---第十组 The dividend growth model The total corporate value model What is Dividend Growth Model and Total corporate value model Dividend Growth Model Dividend Growth Model is also called the Gordon Dividend Growth Model, the model determine the intrinsic value of the stock by calculating the dividend present value that the company pay for the shareholders in the future . It is equal to the sustainable inflows of the future dividends. Dividend Growth Model reveal the relationship between the price of the stock、the expected base dividend 、 the discount Rate and the dividend growth rate of fixed . The specific formula But in our country ，the model is not use because the assumptions of dividend Growth Model dividends is that the dividends growth at the same growth rate，this is not feasible in our immature stock market. The feasibility in china In fact ,the Corporate value model is free cash flow to firm discount model ,this model is used to predicte the future free cash flow ,and the enterprise is positive corelation with enterprise free cash flow, so we can use the model to assess the value of a company ,this is why we call it the Total company model(Corporate value model) Corporate value model In theory , the results of the two model are the same, but in fact,the results are usually not the same. The cash flow can’t pay as dividends at all,so the results of the second model is higher than the first . Compare the two model a)Constant growth model 稳定增长模型 Equation 5-1 is a generalized stock valuation model in the sense that the time pattern of Dt can be anything : Dt can be rising , falling , fluctuating randomly , or it can even be zero for several years and Equation 5-1 will still hold. A .The dividend growth model In many cases , the stream of dividends is expected to grow at a constant rate. If this is the case , Equation 5-1 may be rewritten as follows: The last term of Equation 5-2 is called the constant gro