第09股票估值中英文.ppt

Chapter 9 Valuing Stocks 股票估值 Chapter Outline 9.1 Stock Prices, Returns, and the Investment Horizon 9.2 The Dividend-Discount Model 9.3 Total Payout and Free Cash Flow Valuation Models 9.4 Valuation Based on Comparable Firms 9.5 Information, Competition, and Stock Prices Chapter Outline 9.1股价、回报率与投资期限9.2红利折现模型9.3总支付和自由现金流估值模型9.4基于可比公司的估值9.5信息、竞争和股票价格 Learning Objectives Describe, in words, the Law of One Price value for a common stock, including the discount rate that should be used. Calculate the total return of a stock, given the dividend payment, the current price, and the previous price. Use the dividend-discount model to compute the value of a dividend-paying company’s stock, whether the dividends grow at a constant rate starting now or at some time in the future. Discuss the determinants of future dividends and growth rate in dividends, and the sensitivity of the stock price to estimates of those two factors. Learning Objectives (contd) Given the retention rate and the return on new investment, calculate the growth rate in dividends, earnings, and share price. Describe circumstances in which cutting the firm’s dividend will raise the stock price. Assuming a firm has a long-term constant growth rate after time N + 1, use the constant growth model to calculate the terminal value of the stock at time N. Compute the stock value of a firm that pays dividends as well as repurchasing shares. Use the discounted free cash flow model to calculate the value of stock in a company with leverage. Use comparable firm multiples to estimate stock value. Learning Objectives (contd) Explain why several valuation models are required to value a stock. Describe the impact of efficient markets hypothesis on positive-NPV trades by individuals with no inside information. Discuss why investors who identify positive-NPV trades should be skeptical about their findings, unless they have inside information or a competitive advantage. As part of that, describe the return the