公司理财第八章PPT教材.pptxVIP

8-1 Stock Valuation Copyright ? 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 8-2 Chapter Outline Bond and Stock Differences Common Stock Valuation Features of Common Stock Features of Preferred Stock The Stock Markets 8-3 Chapter Outline Bond and Stock Differences Common Stock Valuation Features of Common Stock Features of Preferred Stock The Stock Markets 8-4 Bonds and Stocks: Similarities Both provide long-term funding for the organization Both are future funds that an investor must consider Both have future periodic payments Both can be purchased in a marketplace at a price “today” 8-5 Bonds and Stocks: Differences From the firm’s perspective: a bond is a long-term debt and stock is equity From the firm’s perspective: a bond gets paid off at the maturity date; stock continues indefinitely. We will discuss the mix of bonds (debt) and stock (equity) in a future chapter entitled capital structure 8-6 Bonds and Stocks: Differences A bond has coupon payments and a lump-sum payment; stock has dividend payments forever Coupon payments are fixed; stock dividends change or “grow” over time 8-7 A visual representation of a bond with a coupon payment (C) and a maturity value (M) 8-8 A visual representation of a share of common stock with dividends (D) forever $D1 $D2 $D3 $D4 $D5 $D∞ ∞ 8-9 Comparison Valuations 8-10 Notice these differences: The “C’s” are constant and equal The bond ends (year 5 here) There is a lump sum at the end 8-11 Notice these differences: The dividends are different The stock never ends There is no lump sum $D1 $D2 $D3 $D4 $D5 $D∞ ∞ 8-12 Chapter Outline Bond and Stock Differences Common Stock Valuation Features of Common Stock Features of Preferred Stock The Stock Markets 8-13 Our Task: To value a share of Common Stock 8-14 And how will we accomplish our task? 8-15 B A E F E I P V T Bring All Expected Future Earnings Into Present Value Terms 8-16 BAEFEIPVT Just remember: 8-17 Cash Flows for Stockholders If you buy a s