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【正文】 ar, indefinitely? Assume a 12% expected return. PD ivr g01 0012 0800?????$3 .. .$75 .169。The McGrawHill Companies, Inc.,2023 5 10 Irwin/McGrawHill Valuing Common Stocks Example Current forecasts are for XYZ Company to pay dividends of $3, $, and $ over the next three years, respectively. At the end of three years you anticipate selling your stock at a market price of $. What is the price of the stock given a 12% expected return? 169。The McGrawHill Companies, Inc.,2023 5 6 Irwin/McGrawHill Stocks Stock Market Book Value Net worth of the firm according to the balance sheet. Liquidation Value Net proceeds that would be realized by selling the firm’s assets and paying off its creditors. Market Value Balance Sheet Financial statement that uses market value of assets and liabilities. 169。The McGrawHill Companies, Inc.,2023 5 2 Irwin/McGrawHill Topics Covered ?Stocks and the Stock Market ?Book Values, Liquidation Values and Market Values ?Valuing Common Stocks ?Simplifying the Dividend Discount Model ?Growth Stocks and Ine Stocks 169。The McGrawHill Companies, Inc.,2023 5 1 Irwin/McGrawHill Chapter 5 Fundamentals of Corporate Finance Third Edition Valuing Stocks Brealey Myers Marcus slides by Matthew Will 169。The McGrawHill Companies, Inc.,2023 5 5 Irwin/McGrawHill Stocks Stock Market 5 7 7 7 . 64 4 8 1 . 71 9 8 9 . 51 4 1 4 . 18 9 6 . 11 0 6 7 . 71 3 0 8 . 65 7 0 . 52223 0 5 . 21 4 3 . 201000202330004000500060001997 Trading Value ($bil) NYSENasdaqLondonParisTokyoGermanTaiwanZurichOsakaTorontoAmexSto ck M ar ket169。The McGrawHill Companies, Inc.,2023 5 9
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