罗斯公司理财-Chap006.ppt

Stock Valuation;Comprehend that stock prices depend on future dividends and dividend growth Compute stock prices using the dividend growth model Understand how growth opportunities affect stock values Appreciate the PE ratio Know how stock markets work;6.1 The Present Value of Common Stocks 6.2 Estimates of Parameters in the Dividend Discount Model 6.3 Growth Opportunities 6.4 Price-Earnings Ratio 6.5 Some Features of Common and Preferred Stock 6.6 The Stock Markets;The value of any asset is the present value of its expected future cash flows. Stock ownership produces cash flows from: Divide