university_of_saskatchewan公司財(cái)務(wù)導(dǎo)論(金融學(xué))(1)(編輯修改稿)
2024-11-14 21:01 本頁面
【文章內(nèi)容簡介】 Required Return, rs 6% 8% 10% 12% 14% 100 90 80 70 60 50 40 Stock price ($) Required return, R D1 = $1 Dividend growth rate, g = 5% 30 20 10 Fall 2021 COMM 203 16 Discussions on the Growth Rate Ea rn i n g sAd d i t i o n t oR e t a i n e d Ea rn i n g sD i v i d e n d sb???1E a r n i n g sD iv id en d s r at i o p a y o u tE a r n i n g sRE to Add .r a t i oplo w bac k ??bFall 2021 COMM 203 17 Discussions on the Growth Rate ? If b is held constant, then ? earnings growth rate = dividend growth rate = g Q. Why? ? Growth rate of stock price = g )1()1)(()1( 00121 gPgk ggkPgk gDgk DP ??? ???? ????Fall 2021 COMM 203 18 The Nonconstant Growth Case ? Two stage growth model 1. Dividends grow at above or below average rate for a number of years 2. Dividend growth rate reverts to a “steady state” rate. ? The fundamental principal of valuation suggests that P0 = PV (dividends in the nonconstant growth period(s)) + PV (dividends in the “steady state” period) Fall 2021 COMM 203 19 Two Stage Growth Model T i m eDividend growth rateg1g2P = PV (dividends in “abnormal” growth periods) + PV (dividends in “steady state” periods) Fall 2021 COMM 203 20 Example: Nonconstant Growth Suppose a stock just paid $2 dividend per share. The dividends are expected to grow at 12% for the next three years and the growth rate slows down to 5% forever thereafter. The required rate of return on the stock is 10%. What is the fair value of the stock? Fall 2021 COMM 203 21 Example: Nonconstant Growth Time Dividend PV@10% 1 2*() 2 2*()2 3 2*()3 Price at time 3=D4/() = $ Sum 4 2*()3*() 5 2*()3*()2 Fall 2021 COMM 203 22 Example: Nonconstant Growth ? In algebraic form $)()(2)1()1(3231043?????????grggDgrDPss$)1()1()1(1 T h e n ,33233332210?????????????ssssrPrDrDrDPFall 2021 COM
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