university_of_Saskatchewan公司财务导论(金融学)8汇.pptVIP

university_of_Saskatchewan公司财务导论(金融学)8汇.ppt

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university_of_Saskatchewan公司财务导论(金融学)8汇

Fall 2003 COMM 203 Stock Valuation Features of Common Stock Features of Common Stock The right to vote - including major events like takeovers The right to share proportionally in dividends paid The right to share proportionally in assets remaining after liabilities have been paid, in event of a liquidation The preemptive right Features of Common Stock Dividends Not a liability until declared by the Board of Directors Unlike interest on debt, dividends are not tax deductible to the firm However, shareholder receipt of dividends does have preferential tax treatment (See Chapter 2) Features of Common Stock (Cont’d) Classes of Stock Dual Class shares are becoming more commonplace Usually classes divide into voting and non-voting shares “Coattail” provisionally invoked at the time of a takeover Some dual class shares allow foreign investment without foreign control Features of Preferred Stock Preferences over common stock - dividends, liquidation Dividend arrearages Cumulative and non-cumulative Stated/liquidating value Is preferred stock really debt? Preferred stock and taxes Tax treatment differs from debt Differential tax treatment suggests a preferred stock clientele Fundamental Principle of Valuation The value today of any financial asset equals the present value of all of its future cash flows. Dividend Discount Model (DDM) Cash flows from holding a share: dividends share price when sell the share. If hold the share for 1 period, Dividend Discount Model (Cont’d) The value of a share at any time equals the present value of all future dividends. Zero Dividend Growth Example: Zero Dividend Growth Cooper, Inc. common stock currently pays a $1.00 dividend, which is expected to remain constant forever. Q. If the required return on Cooper stock is 10%, what should the stock sell for today? P0 = $1/.10 = $10. Given no change in the variables, what will the stock be worth in one year? P1 = D2/rs = $1/.10 = $10. Zero Dividend Growth In the absence of any change

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