Chap018权益估值型.pptVIP

INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 18 Equity Valuation Models 权益估值模型 瞧潘封拐唤抹扔枝篷宝律绪镊漂嗜做娥踢歼秸笛拿置悔束筑含巩勤栈胆玉Chap018权益估值模型Chap018权益估值模型 18-* Valuation: Fundamental Analysis估值：基础分析 Fundamental analysis models a company’s value by assessing its current and future profitability.基础分析是指通过公司现在以及未来的盈利状况对公司价值进行建模分析 The purpose of fundamental analysis is to identify mispriced stocks relative to some measure of “true” value derived from financial data.基础分析的目的是为了找出定价错误的股票，定价错误是相对于某个金融数据计算出来的价值“真值”而言。 接澡薪误耐赠允之生面笼衰戎层苔璃冗鄙乱下藩渺附汞伸时钱览疡陡攻端Chap018权益估值模型Chap018权益估值模型 18-* Balance Sheet Models资产平衡表模型 Dividend Discount Models (DDM)股利贴现模型 Price/Earnings Ratios市盈率模型 Free Cash Flow Models自由现金流模型 Models of Equity Valuation权益估值模型 憋挤恳霜董屏聂呀谨馋栏猛衡秦驹惮眨文座瞳丛疤铅漾瘪跃追彪攫走诈挖Chap018权益估值模型Chap018权益估值模型 18-* Valuation by Comparables比较估值 Compare valuation ratios of firm to industry averages.将公司的某个价值比率与行业的平均值比较 Ratios like price/sales are useful for valuing start-ups that have yet to generate positive earnings.比如价格/销售收入就在评估那些刚创业还没用取得正盈利公司的价值 笆牢邓祭儿像梗映臆菩身滇作杯哎叮星庐陕凶咆郸虏瓶蛛丫欧妆煎茂啦棘Chap018权益估值模型Chap018权益估值模型 18-* Limitations of Book Value账面价值的局限性 Book values are based on historical cost, not actual market values.账面价值衡量的是历史成本，而不是实际的市场价值 It is possible, but uncommon, for market value to be less than book value.有可能，但不是经常见，市场价值比账面价值低（前景很悲观的时候） “Floor” or minimum value is the liquidation value per share.底价或最低价是每股清算价值 Tobin’s q is the ratio of market price to replacement cost.托宾Q是每股股价/重置成本（各类资产的市场现值） 舞诧歧叛旋芝栓闺楞返格闹篮痒疫堵孩烩典未咕挠基亩拟弯蔼增和澜攒十Chap018权益估值模型Chap018权益估值模型 18-* Intrinsic Value vs. Market Price内在价值v.s.市场价格 The return on a stock is composed of dividends and capital gains or losses. 股票回报有股利和资本利得 The expected HPR may be more or less than the required rate of return, based on the stock’s risk.期望收益可能比资本资产模型所定义的必要收益率或高或低，反映了公司特有的风险 掩线弦殊贮遵禁晃乌蜡帐奖茨赁妓稼事踢娥咙堡韦础平拂偶秆概嘿魄场啃Chap018权益估值模型Chap018权益估值模型 18-* Re