臺灣大學財務(wù)廖咸興-valuingstockstraining(編輯修改稿)
2025-03-28 04:50 本頁面
【文章內(nèi)容簡介】 cast 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. Valuing Common Stocks Constant Growth DDM A version of the dividend growth model in which dividends grow at a constant rate (Gordon Growth Model). Given any bination of variables in the equation, you can solve for the unknown variable. PDivr g01??Valuing Common Stocks Example What is the value of a stock that expects to pay a $ dividend next year, and then increase the dividend at a rate of 8% per year, indefinitely? Assume a 12% expected return. PD ivr g01 0012 0800?????$3 .. .$75 .Valuing Common Stocks Example continued If the same stock is selling for $100 in the stock market, what might the market be assuming about the growth in dividends? $100$3 ...???001209ggAnswer The market is assuming the dividend will grow at 9% per year, indefinitely. 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 Plowback Ratio Fraction of earnings retained by the firm. Valuing Common Stocks Growth can be derived from applying the return on equity to the percentage of earnings plowed back into operations. g = return on equity X plowback ratio Valuing Common Stocks Example Our pany
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