【精】lecture5valuingstocks-wenkub
2023-04-01 17:57:30 本頁面
【正文】 Hill Companies, Inc.,2023 5 7 Irwin/McGrawHill Valuing Common Stocks Expected Return The percentage yield that an investor forecasts from a specific investment over a set period of time. Sometimes called the holding period return (HPR). E x p ected R etu rn ? ?? ?rD iv P PP1 1 00169。The McGrawHill Companies, Inc.,2023 5 3 Irwin/McGrawHill Stocks Stock Market Primary Market Place where the sale of new stock first occurs. Initial Public Offering (IPO) First offering of stock to the general public. Seasoned Issue Sale of new shares by a firm that has already been through an IPO 169。169。The McGrawHill Companies, Inc.,2023 5 4 Irwin/McGrawHill Stocks Stock Market Common Stock Ownership shares in a publicly held corporation. Secondary Market market in which already issued securities are traded by investors. Dividend Periodic cash distribution from the firm to the shareholders. P/E Ratio Price per share divided by earnings per share. 169。The McGrawHill Companies, Inc.,2023 5 8 Irwin/McGrawHill Valuing Common Stocks The formula can be broken into two parts. Dividend Yield + Capital Appreciation E x p e c te d R e tu rn ? ? ??rD ivPP PP101 00169。The McGrawHill Companies, Inc.,2023 5 12 Irwin/McGrawHill Valuing Common Stocks If we forecast no growth, and plan to hold out stock indefinitely, we will then value the stock as a PERPETUITY. P e r p e tu ity P D ivror EPSr? ?0 1 1Assumes all earnings are paid to shareholders. 169。The McGrawHill Companies, Inc.,2023 5 16 Irwin/McGrawHill Valuing Common Stocks ?If a firm elects to pay a lower dividend, and reinvest the funds, the stock price may increase because future dividends may be higher. Payout Ratio Fraction of earnings paid out as dividends Pl
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