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剩余收益模型培训课件
Chapter 5;Chapter5 ;Chapter5 结构;本章重要专业英文词汇;P/B ratio;剩余收益模型(简单);Example:Valuing a One-Period Project (1);Example:Valuing a One-Period Project (2);Example:Valuing a Savings Account;The Normal Price-to-Book Ratio;Lessons from the Savings Account;Example: a Simple Model;剩余收益模型(复杂); We calculate the intrinsic premium over book value, ,as the present value of forecasted residual income.This premium is the missing value in the balance sheet.
P/B与RE的关系(见下表)
High P/B firms pay high RE,on average,while low P/B firms pay low RE.
;Relation Between P/B Ratios and Subsequent RE(有问题);Alternative Measure of Residual Earnings;剩余收益模型的驱动因素Drivers of Residual Earnings;P/B, ROCE and Growth in Book Value;ROCE and P/B Ratios: SP 500 Firms;Ingredients of the Model;Steps in Applying the Model;How the Residual Earnings Model Works ; 剩余收益模型的应用------Equities Case 1: Zero RE after T ;Case 1: Zero RE after T----Continuing Value ;Case 2: Constant RE after T; RE is forecasted to be constant in perpetuity at the horizon
So
;Case 3: Growing RE after T;Case 3: Growing RE after T-----Continuing Value;Forecasting Target Prices;剩余收益模型应用------Project ;剩余收益模型应用------Strategy Evaluation;Residual Earnings Model and DCF Approach(!!!);剩余收益模型的优点、缺点;剩余收益模型对投资者的提醒:(1)Protection from Paying Too Much for Earnings Generated by Investment;剩余收益模型对投资者的提醒:(2)Protection from Paying Too Much for Earnings Created by the Accounting: the Simple Example;剩余收益模型对投资者的提醒:(3)Capturing Value Not on the Balance Sheet----for All Accounting Methods;剩余收益模型对投资者的提醒:(4)Residual Earnings Are not Affected by Dividengds,Share Issues,or Share Repurchases;Summary
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