《投资分析与组合管理 Frank K. Reilly》ch15.pptVIP

Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 15 - Company Analysis and Stock Valuation Questions to be answered: Why is it important to differentiate between company analysis and stock valuation? What is the difference between a growth company and a growth stock? How do we apply the two valuation approaches and the several valuation techniques to Walgreen? Chapter 15 - Company Analysis and Stock Valuation What techniques are useful when estimating the inputs to alternative valuation models? What techniques aid estimating company sales? How do we estimate the profit margins and earnings per share for a company? Chapter 15 - Company Analysis and Stock Valuation What factors are considered when estimating the earnings multiplier for a firm? What two specific competitive strategies can a firm use to cope with the competitive environment in its industry? Chapter 15 - Company Analysis and Stock Valuation In addition to the earnings multiplier, what are some other relative valuation ratios? How do you apply the several present value of cash models to the valuation of a company? What value-added measures are available to evaluate the performance of a firm? Chapter 15 - Company Analysis and Stock Valuation How do we compute economic value-added (EVA), market value-added (MVA), and the franchise value for a firm? What is the relationship between these value-added measures and changes in the market value of firms? Chapter 15 - Company Analysis and Stock Valuation When should we consider selling a stock? What is meant by a true growth company? What is the relationship between positive EVA and a growth company? Chapter 15 - Company Analysis and Stock Valuation Why is it inappropriate to use the standard dividend discount model to value a true growth company? What is the difference between no growth, simple growth, and dynamic growth? What is the growth duration model and wha