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Chapter9 Valuation of Common Stocks(Finance -东北财经大学).pdf

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Chapter 9: Valuation of Chapter 9: Valuation of Common Stocks Common Stocks Objective Explain equity evaluation using discounting Cash flow techniques 1 Copyright © Prentice Hall Inc. 2000. Author: Nick Bagley, bdellaSoft, Inc. Chapter 9 Contents Chapter 9 Contents 9.1 the discounted dividend model 9.1 the discounted dividend model 9.2 earning and investment opportunity 9.2 earning and investment opportunity 9.3 A reconsideration of the price multiple 9.3 A reconsideration of the price multiple approach approach 2 9.1 The Discounted Dividend 9.1 The Discounted Dividend Model Model • Why a stock has value? • Why a stock has value? • How to compute the value of stock? • How to compute the value of stock? – Discounts the expected cash flow – Discounts the expected cash flow – Net cash flow from operation or – Net cash flow from operation or – Cash dividend – Cash dividend • DDM model • DDM model 3 Expected Rate of Return Expected Rate of Return • Expected rate of return • Expected rate of return • Required rate of return • Required rate of return • The expected rate of return in any period • The expected rate of return in any period equals the market capitalization equals the market capitalization rate(required rate of return), if the rate(required rate of return), if the market is in equilibrium market is in equilibrium