公司理财第八章教材.pptVIP

公司理财第八章教材;Chapter Outline;Chapter Outline;Bonds and Stocks: Similarities;Bonds and Stocks: Differences;Bonds and Stocks: Differences;A visual representation of a bond with a coupon payment (C) and a maturity value (M);A visual representation of a share of common stock with dividends (D) forever;Comparison Valuations;Notice these differences: The “C’s” are constant and equal The bond ends (year 5 here) There is a lump sum at the end;Notice these differences: The dividends are different The stock never ends There is no lump sum;Chapter Outline;Our Task: To value a share of Common Stock;And how will we accomplish our task?;B A E F E I P V T;BAEFEIPVT;Cash Flows for Stockholders;One-Period Example;One-Period Example;Visually this would look like:;Compute the Present Value;;$14 = FV;Two Period Example;Visually this would look like:;Compute the Present Value;What is the Observed Pattern?;Future Dividends;So how do you compute the future dividends?;So how do you compute the future dividends?;1. Constant Dividend – Zero Growth;So how do you compute the future dividends?;2. Constant Growth Rate of Dividends;2. Constant Growth Rate of Dividends;2. Constant Growth Rate of Dividends;Dividend Growth Model (DGM) Assumptions;DGM – Example 1;DGM – Example 1 Solution;DGM – Example 2;DGM – Example 2 Solution;So how do you compute the future dividends?;3. Unusual Growth;Then Constant Growth;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Non-constant Growth Problem Statement;Stock Price Sensitivity to Dividend Growth, g;Stock Price Sensitivity to Required Return, R;Using the DGM to Find R;Finding the Required Return - Example;Stock Valuation Alternative;Valuation Using Multiples;Stock Valuation Summary;Chapt