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【正文】 rErEErrErErErErErErEPssssn e wsn e wsssn e wsn e wssss???????????????????????????????Fall 2021 COMM 203 30 Net Present Value of Growth Opportunities (Cont’d) ? In general, the firm may invest in many new projects, the NPVs of which are summarized in NPVGO term N P V G OrE P SPs??0? When should a firm retain some of its earnings and invest them in new projects? when NPV (new project) 0, or ROE r Fall 2021 COMM 203 31 An Example of NPVGO ABC Corporation has earnings per share of $3, all of which are paid out as dividends. The required rate of return on ABC stock is 12% 1. What is the current ABC stock price? 25$ 3$0 ???srE P SPFall 2021 COMM 203 32 An Example of NPVGO (Cont’d) 2. Suppose that ABC has a onetime only investment opportunity. It will retain half of E1 and invest it to earn a 20% rate of return permanently. What are the NPV of this growth opportunity and the price of the share? A. The new investment generates a perpetuity of $*=$ per year from the end of year 2 $$*10 ?????????????N P V G OrE P SPN P V G OsFall 2021 COMM 203 33 An Example of NPVGO (Cont’d) 3. Suppose that it takes three consecutive investments of $ each over three years starting from the end of year 1. Each investment earns 20% return permanently. What are the NPV of the growth opportunity and the share price? A. Consider the NPV generated by each $ investment. They form an annuity of $1 each year over three years. $$$111102?????????? ???PN P V G OFall 2021 COMM 203 34 PriceEarnings Ratio ? Priceearnings ratio of a firm is defined as s ha r ep e r Ea r ni ng s s ha r ep e r P r ic e?EPE P SN P V G OrE P SPN P V G OrE P SPss????1h a ve we , S in c e00? P/E is a reflection of the market optimism concerning a firm’s growth prospects. ? Measured EPS also depends on accounting conventions and rules
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