09年股票估值（中英文）.ppt

Chapter 9;Chapter Outline;Chapter Outline;Learning Objectives;Learning Objectives (contd);Learning Objectives (contd);9.1 Stock Prices, Returns, and the Investment Horizon 股价、回报率与投资期限;9.1 Stock Prices, Returns, and the Investment Horizon (contd);Dividend Yields, Capital Gains, and Total Returns红利收益率，资本利得，总回报率;Example 9.1;假设预期龙斯药店来年将发放每股0.56美元红利，年底每股市价45.5美元，如果同等风险投资的期望回报率为6.8%,那么今天龙斯药店股票价格是多少？在这个价格下，红利收益率和资本利得率是多少？;Example 9.1 (contd);A Multi-Year Investor多年期投资者; ;A Multi-Year Investor (contd);A Multi-Year Investor (contd);9.2 The Discount-Dividend Model 红利折现模型;9.2 The Discount-Dividend Model (contd);Example 9.2;Example 9.2 (contd);Dividends Versus Investment and Growth红利与投资及增长;Dividends Versus Investment and Growth (contd);Dividends Versus Investment and Growth (contd);Dividends Versus Investment and Growth (contd);Dividends Versus Investment and Growth(contd);Dividends Versus Investment and Growth(contd);Example 9.3为盈利性增长而削减红利;Example 9.3 (contd);Example 9.4无价值（没有收益）的增长;Example 9.4 (contd);小结：比较例9.3与例9.4;翻译轶事;Changing Growth Rates改变增长率;Changing Growth Rates (contd);Changing Growth Rates (contd);Example 9.5对具有两个不同增长率的公司估值;Example 9.5 (contd);Limitations of the Dividend-Discount Model红利折现模型的局限性;9.3 Total Payout and Free Cash Flow Valuation Models 总支付模型和自由现金流估值模型;9.3 Total Payout and Free Cash Flow Valuation Models (contd);9.3 Total Payout and Free Cash Flow Valuation Models (contd);Example 9.6;Example 9.6 (contd);The Discounted Free Cash Flow Model折现自由现金流估值模型;The Discounted Free Cash Flow Model (contd);折现自由现金流模型与红利折现模型的区别：;The Discounted Free Cash Flow Model (contd);The Discounted Free Cash Flow Model (contd);Example 9.7;Example 9.7 (contd);The Discounted Free Cash Flow Model (contd);自由现金流折现模型局限;Example 9.8;Example 9.8 (contd);A Comparison of Discounted Cash Flow Models of Stock Valuation 股票估值的折现现金流模型的比较;9.4 Valuation Based on Comparable Firms 基于可比公司的估值;Valuation Multiples 估值乘数;市盈率的直观意义：;Valuation Multiples (contd);Valuation Multip