【精】lecture5valuingstocks-文庫吧資料
2025-03-17 17:57本頁面
【正文】 Plowback Ratio Fraction of earnings retained by the firm. 169。The McGrawHill Companies, Inc.,2023 5 14 Irwin/McGrawHill 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 .169。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 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 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 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 4 Irwin/McGrawHill Stocks Stock Market Common Stock Ownership shares in a publicly held corporation. Seconda
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