公司理财-第九章(1).pptVIP

Stock Valuation Key Concepts and Skills Understand how stock prices depend on future dividends and dividend growth Be able to compute stock prices using the dividend growth model Understand how growth opportunities affect stock values Understand the PE ratio Understand how stock markets work Chapter Outline 9.1 The Present Value of Common Stocks 9.2 Estimates of Parameters in the Dividend Discount Model 9.3 Growth Opportunities 9.4 Price-Earnings Ratio 9.5 The Stock Markets 9.1 The PV of Common Stocks The value of any asset is the present value of its expected future cash flows. Stock ow