公司金融分析CFA 25410 Lect 07 equity valuation 2概要1.pptx

Equity Valuation 2;Lecture 8 - Equity Valuation 2;Topics: Market based valuation;Overview ;Market Multiples;Value-to-Book Ratio;VB Example;Why would VB ratio differ from 1?;Tutorial Question 1;Topics: Market based valuation;Market-to-Book Ratio;Empirical Data on M/B Ratios;Empirical Research on the Predictive Power of M/B Ratios;Topics: Market based valuation;P/E Ratios;What is P/E Ratio?;Tutorial Question 2;How to Improve P/E Ratios;Why Use P/E if No New Information?;P/E as a Perpetuity;P/E as a Perpetuity Continued;What Factors Cause the P/E Ratio to Differ Across Firms?;What Factors Cause the P/E Ratio to Differ Across Firms?;Topics: Market based valuation;Perpetuity with Growth Approach;Price-Earnings-Growth Approach;PEG Example;Tutorial Question 3;Price/Earnings to Growth and Dividend Yield;P/E Ratio Measurement Issues;Topics: Market based valuation;SP Core Earnings;Standard Poor’s Core Earnings Defined;Earnings Measures Compared;Empirical Properties of P/E Ratios;Applications of Market Multiples;Price Differential Identification;Academic Research and the Financial Analyst;Valuation Summary