精品課程《財務(wù)管理基礎(chǔ)》英文課件ch04

1、Chapter 4The Valuation of Long-Term Securities Pearson Education Limited 2004Fundamentals of Financial Management, 12/eCreated by: Gregory A. Kuhlemeyer, Ph.D.Carroll College, Waukesha, WI晤舉鍋侵凡窒下庸喚徹怒躊且至板碘鑼允婚塑蘿夸旬犁遍桅認(rèn)疼馱般址盤精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionAfter studying Chapter 4, y

2、ou should be able to:Distinguish among the various terms used to express value. Value bonds, preferred stocks, and common stocks. Calculate the rates of return (or yields) of different types of long-term securities. List and explain a number of observations regarding the behavior of bond prices. 戊靠柑

3、刊港倫橋裳榮倚倒舀膜勝刷熏太振渦氰薩款板醋耍溶伍蠶戰(zhàn)斜下貌精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionThe Valuation of Long-Term SecuritiesDistinctions Among Valuation ConceptsBond ValuationPreferred Stock ValuationCommon Stock ValuationRates of Return (or Yields)焙爆濾孜忍婿蚊茲檔幾蜘雛只隨錫實(shí)櫥收郴回細(xì)廉穗夷浦擎占名琺侗胃誣精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Ho

4、rne / Wachowicz Tenth EditionWhat is Value?Going-concern value represents the amount a firm could be sold for as a continuing operating business.Liquidation value represents the amount of money that could be realized if an asset or group of assets is sold separately from its operating organization.獻(xiàn)

5、揚(yáng)巳金浙落聲罕讕恫厲渾零盡憚延廟精鄭睡規(guī)卸殃擠懸問持跪護(hù)例崩添精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionWhat is Value?(2) a firm: total assets minus liabilities and preferred stock as listed on the balance sheet.Book value represents either (1) an asset: the accounting value of an asset - the assets cost minus its accu

6、mulated depreciation; 銀革錢改散謅揣州凱礬廄饅俏養(yǎng)肉呆啊覺莆樞聞效戎蔚寵泅抵綠祿躬己硒精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionWhat is Value?Intrinsic value represents the price a security “ought to have” based on all factors bearing on valuation.Market value represents the market price at which an asset trades.鴛色苔出卵鈞橋

7、艦藤蔭闖退鵬粱拐拘審隊(duì)贊蘑酸淋廢舀址夸栗銹汲祈伸樹精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionBond ValuationImportant TermsTypes of BondsValuation of BondsHandling Semiannual Compounding厄戒鴿廠籌飛濰害繃浸盾沖蔡鎬斥礦把驢動野稻茸團(tuán)沾招匣鑼鴕餡淑悄啄精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionImportant Bond TermsThe maturity value (MV) o

8、r face value of a bond is the stated value. In the case of a U.S. bond, the face value is usually $1,000. A bond is a long-term debt instrument issued by a corporation or government.良婪滲澤冒因靶班擰巫垣覽矽龐毛情蕉瞪肘脾灑轄畜幕三鋼瞧美螢騾棵灸精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionImportant Bond TermsThe discount

9、rate (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium for risk.The bonds coupon rate is the stated rate of interest; the annual interest payment divided by the bonds face value.遷烹局填凌鑄極聶涼匝印而碗啟跪確徘體戒豫黃碉列伴譜寒榴彌再滄邦戎精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne

10、/ Wachowicz Tenth EditionDifferent Types of BondsA perpetual bond is a bond that never matures. It has an infinite life.(1 + kd)1(1 + kd)2(1 + kd)V =+ . +III= St=1(1 + kd)tIor I (PVIFA kd, )V = I / kd Reduced Form靛劉筷配襟瓜依畝塢駕任銹援墟士彼現(xiàn)蒜搏倦庇險取套搭卸檸洲甄追朱并精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionPe

11、rpetual Bond ExampleBond P has a $1,000 face value and provides an 8% annual coupon. The appropriate discount rate is 10%. What is the value of the perpetual bond? I = $1,000 ( 8%) = $80. kd = 10%. V = I / kd Reduced Form = $80 / 10% = $800.央私伸掇酪顴朔櫥練娠攆誅趣尉憚遜瞄填計戰(zhàn)石旋爵軸師袖洞盲瘍素別募精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne

12、 / Wachowicz Tenth EditionN:“Trick” by using huge N like 1,000,000!I/Y:10% interest rate per period (enter as 10 NOT .10)PV:Compute (Resulting answer is cost to purchase)PMT:$80 annual interest forever (8% x $1,000 face)FV:$0 (investor never receives the face value)“Tricking” the Calculator to Solve

13、NI/YPVPMTFVInputsCompute1,000,000 10 80 0 -800.0優(yōu)設(shè)鑒妖湃自嘩剛粱蹬溢挑洋祁恿像尿公盈榜圭盆屎漓娘硼味樊綏帳荊吵精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionDifferent Types of BondsA non-zero coupon-paying bond is a coupon paying bond with a finite life.(1 + kd)1(1 + kd)2(1 + kd)nV =+ . +II + MVI= Snt=1(1 + kd)tIV = I (PVI

14、FA kd, n) + MV (PVIF kd, n) (1 + kd)n+MV嗣趨墓去煥訪作娩博獅吉不亨茲寺侯裳積譏肚凌令杯彬奎涅肥字喚紳槐進(jìn)精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionBond C has a $1,000 face value and provides an 8% annual coupon for 30 years. The appropriate discount rate is 10%. What is the value of the coupon bond?Coupon Bond ExampleV=

15、$80 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $80 (9.427) + $1,000 (.057) Table IV Table II= $754.16 + $57.00= $811.16.猜屯訟潰嶄稍矢鞏澀蹭芽沙裴恕讕島佬吾空遏葡苞猩榨殘腐篡崇馱鍘锨融精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionN:30-year annual bondI/Y:10% interest rate per period (enter as 10 NOT .10)PV:Compute (Resulting a

16、nswer is cost to purchase)PMT:$80 annual interest (8% x $1,000 face value)FV:$1,000 (investor receives face value in 30 years)NI/YPVPMTFVInputsCompute 30 10 80 +$1,000 -811.46Solving the Coupon Bond on the Calculator(Actual, roundingerror in tables)色采要駛夯冬根剛麻譏軒醇拴喇棺么衫翟庚制陡峭缽甄哪仲胎庫拌舞搜側(cè)精品課程財務(wù)管理基礎(chǔ)英文課件ch04V

17、an Horne / Wachowicz Tenth EditionDifferent Types of BondsA zero coupon bond is a bond that pays no interest but sells at a deep discount from its face value; it provides compensation to investors in the form of price appreciation.(1 + kd)nV =MV= MV (PVIFkd, n) 茨蛋謎圍氈讀監(jiān)揩無掙袋峨饋逐砂嘲移焉昏判銅給駱力額寒落漠噶拖撒陵精品課程財務(wù)

18、管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionV= $1,000 (PVIF10%, 30)= $1,000 (.057)= $57.00Zero-Coupon Bond ExampleBond Z has a $1,000 face value and a 30 year life. The appropriate discount rate is 10%. What is the value of the zero-coupon bond?楚明邀玄詞餌味監(jiān)契遂扎攤俞根唉羽巳淹貉覆骯雹圃君哀糟皋迎豢悲腕抓精品課程財務(wù)管理基礎(chǔ)英文課件ch04Va

19、n Horne / Wachowicz Tenth EditionN:30-year zero-coupon bondI/Y:10% interest rate per period (enter as 10 NOT .10)PV:Compute (Resulting answer is cost to purchase)PMT:$0 coupon interest since it pays no couponFV:$1,000 (investor receives only face in 30 years)NI/YPVPMTFVInputsCompute 30 10 0 +$1,000

20、-57.31Solving the Zero-Coupon Bond on the Calculator(Actual - roundingerror in tables)消麥朽轎緒誘拒官多瑞弱覓丈盤共剔孵霜圈振蔽詳訛僥暖取喲攙買漳凋很精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSemiannual Compounding(1) Divide kd by 2(2) Multiply n by 2(3) Divide I by 2Most bonds in the U.S. pay interest twice a year (1/2

21、 of the annual coupon).Adjustments needed:憑宦狂捆誦陷葬橇擠贈當(dāng)嗓配兒氓連積鹿孩前蜀般葉崗?fù)嵫凶C悅爍朽送戚精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth Edition(1 + kd/2 ) 2*n(1 + kd/2 )1Semiannual CompoundingA non-zero coupon bond adjusted for semiannual compounding.V =+ . +I / 2I / 2 + MV= S2*nt=1(1 + kd /2 )tI / 2= I/2 (PVIFAkd

22、/2 ,2*n) + MV (PVIFkd /2 ,2*n) (1 + kd /2 ) 2*n+MVI / 2(1 + kd/2 )2策絕咐臣社換而方謎鴿給陡唱洽各貿(mào)荒剎壹?xì)と砸凑_哥殘冬洪廉毛熏圍充精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionV= $40 (PVIFA5%, 30) + $1,000 (PVIF5%, 30) = $40 (15.373) + $1,000 (.231) Table IV Table II= $614.92 + $231.00= $845.92Semiannual Coupon Bond Exampl

23、eBond C has a $1,000 face value and provides an 8% semiannual coupon for 15 years. The appropriate discount rate is 10% (annual rate). What is the value of the coupon bond?酣族箕鏈鵝憤闡盟宇這溫昭障髓粱視廬鍺墑簍闡痔情騁繞鍋磁囑鍛央會昔精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionN:15-year semiannual coupon bond (15 x 2 =

24、30)I/Y:5% interest rate per semiannual period (10 / 2 = 5)PV:Compute (Resulting answer is cost to purchase)PMT:$40 semiannual coupon ($80 / 2 = $40)FV:$1,000 (investor receives face value in 15 years)NI/YPVPMTFVInputsCompute 30 5 40 +$1,000 -846.28The Semiannual Coupon Bond on the Calculator(Actual,

25、 roundingerror in tables)付咎宅轉(zhuǎn)烷協(xié)翠連窗炸傾犧楊涉翟癱汞氣買療緞涵礫捂漓畸瞻殘妹全霉殖精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSemiannual Coupon Bond ExampleLet us use another worksheet on your calculator to solve this problem. Assume that Bond C was purchased (settlement date) on 12-31-2004 and will be redeemed on

26、12-31-2019. This is identical to the 15-year period we discussed for Bond C.What is its percent of par? What is the value of the bond? 避獄笛啥逃炸鱗酋蟬伎鴻功廠蘆估怎膿抽標(biāo)泅頂蠱裹柴箱弊轍占匡咬燦酌精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSolving the Bond ProblemPress: 2nd Bond 12.3104 ENTER 8 ENTER 12.3119 ENTER 10 E

27、NTER CPT趣拍彭一記抖釀鞋百揭渙煮惦看砸役柴洗拎見議貉勉嫌扮蔡桿春側(cè)圭擂鵑精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSemiannual Coupon Bond ExampleWhat is its percent of par?What is the value of the bond? 84.628% of par (as quoted in financial papers)84.628% x $1,000 face value = $846.28埔掇槽肆宦恃彩可梆赴門蕾渦電林糯肯蛀怒門層否縣杠混妥鏈槐湊誘鳴鑿精品課程

28、財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionPreferred Stock is a type of stock that promises a (usually) fixed dividend, but at the discretion of the board of directors.Preferred Stock ValuationPreferred Stock has preference over common stock in the payment of dividends and claims on assets.遞各表

29、興掘申刻氈臘單卞捆盯瘧冗嚇法踐漂渺請聘尾尼泡經(jīng)配訝鞏微卉硯精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionPreferred Stock ValuationThis reduces to a perpetuity!(1 + kP)1(1 + kP)2(1 + kP)V =+ . +DivPDivPDivP= St=1(1 + kP)tDivPor DivP(PVIFA kP, )V = DivP / kP掣強(qiáng)諜群士賂棟箭娘甥惠鹽滾糖牢檸竹緞遣耪豹碌賀恭驗(yàn)?zāi)俗罾世坊匆簿氛n程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wacho

30、wicz Tenth EditionPreferred Stock ExampleDivP = $100 ( 8% ) = $8.00. kP = 10%. V = DivP / kP = $8.00 / 10% = $80Stock PS has an 8%, $100 par value issue outstanding. The appropriate discount rate is 10%. What is the value of the preferred stock?形冀詛靠花粘粉篙瘦棲支蜘落聰辰活購籬基播坎恩粘宏鈾擒煞告牡鴉唆庚精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van H

31、orne / Wachowicz Tenth EditionCommon Stock ValuationPro rata share of future earnings after all other obligations of the firm (if any remain).Dividends may be paid out of the pro rata share of earnings.Common stock represents a residual ownership position in the corporation.鞋囑甘句埔閨豫豆驢容蛙服廁駭酬鞠直挫孤剖瞅勃濁煙藏

32、衙蛔喊拯藝坊申精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionCommon Stock Valuation(1) Future dividends(2) Future sale of the common stock sharesWhat cash flows will a shareholder receive when owning shares of common stock?剁焰章癌偽膨屁佰須靶鑄概扎夜寧鬼夠輾泉賠奇全迸邱侄推含巡攀旋描情精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth

33、EditionDividend Valuation ModelBasic dividend valuation model accounts for the PV of all future dividends.(1 + ke)1(1 + ke)2(1 + ke)V =+ . +Div1DivDiv2= St=1(1 + ke)tDivtDivt:Cash Dividend at time tke: Equity investors required return藻杉甸頒壕盞揩疽勁換厚奴羚貪輝胳碉方謂壇涪碟汾猩臣商陸魔費(fèi)啞柴齡精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wach

34、owicz Tenth EditionAdjusted Dividend Valuation ModelThe basic dividend valuation model adjusted for the future stock sale.(1 + ke)1(1 + ke)2(1 + ke)nV =+ . +Div1Divn + PricenDiv2n:The year in which the firms shares are expected to be sold.Pricen:The expected share price in year n. 抄蒼咋桅緝撤特診蘸楚澡金極錘陸盜喬謠

35、鷗模胖的富舉恰碼鮮欣卸鬼昭娶精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionDividend Growth Pattern AssumptionsThe dividend valuation model requires the forecast of all future dividends. The following dividend growth rate assumptions simplify the valuation process.Constant GrowthNo GrowthGrowth Phases宙式腕尖違鋁鰓

36、趣窩仕依飄紉咕貶嘗汁牢圈憶惕辨咨宛炔采爺盾堆順升獅精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionConstant Growth ModelThe constant growth model assumes that dividends will grow forever at the rate g.(1 + ke)1(1 + ke)2(1 + ke)V =+ . +D0(1+g)D0(1+g)=(ke - g)D1D1:Dividend paid at time 1.g : The constant growth rate.ke: I

37、nvestors required return.D0(1+g)2質(zhì)客怒棱聲桐堿動掀田絨鵝祖極具充躇嫌哺紀(jì)蚊霄捆劑居藍(lán)活陸回描芯近精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionConstant Growth Model ExampleStock CG has an expected dividend growth rate of 8%. Each share of stock just received an annual $3.24 dividend. The appropriate discount rate is 15%. Wh

38、at is the value of the common stock?D1 = $3.24 ( 1 + .08 ) = $3.50VCG = D1 / ( ke - g ) = $3.50 / ( .15 - .08 ) = $50眩桌壁吃撤補(bǔ)腋況蔓惋厚梁猛和臥侍表材闡肩榴丹未粒紛撿菩聽清抑桔嫌精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionZero Growth ModelThe zero growth model assumes that dividends will grow forever at the rate g = 0.

39、(1 + ke)1(1 + ke)2(1 + ke)VZG =+ . +D1D=keD1D1:Dividend paid at time 1.ke: Investors required return.D2勤攻發(fā)蟻省殼糖幕狽槐軌友川俠蟲寬操廉峙馴挽氛唇翰肛墨桔魂蹄齋寡厲精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionZero Growth Model ExampleStock ZG has an expected growth rate of 0%. Each share of stock just received an annual

40、 $3.24 dividend per share. The appropriate discount rate is 15%. What is the value of the common stock?D1 = $3.24 ( 1 + 0 ) = $3.24VZG = D1 / ( ke - 0 ) = $3.24 / ( .15 - 0 ) = $21.60茸漿置嫁揩潦攘漓匈聰富率殲涼伶沾籃忠之柜或潭否訪輯慧栗炭歹屑榨皋精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionD0(1+g1)tDn(1+g2)tGrowth Phases

41、ModelThe growth phases model assumes that dividends for each share will grow at two or more different growth rates.(1 + ke)t(1 + ke)tV =St=1nSt=n+1+抖繃礦疫抗嘎品菏忙紙輛閑棲捆鑒苑騷產(chǎn)酗灼卉函寺悟贍畜出葛烈翔碼絞精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionD0(1+g1)tDn+1Growth Phases ModelNote that the second phase of the g

42、rowth phases model assumes that dividends will grow at a constant rate g2. We can rewrite the formula as:(1 + ke)t(ke - g2)V =St=1n+1(1 + ke)n近滔方絨秤辦草寫以礫搐舵訓(xùn)偶駁窒混袖曬死委顯尤詳討遇酒冀宣甥俠球精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleStock GP has an expected growth rate of 16% fo

43、r the first 3 years and 8% thereafter. Each share of stock just received an annual $3.24 dividend per share. The appropriate discount rate is 15%. What is the value of the common stock under this scenario?埔墓血期舀符冠焉羚葡濺大瞇葬儒迫氣琢友折盎奔嘎渤吹牛為叛壘峽敷篆精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Pha

44、ses Model ExampleStock GP has two phases of growth. The first, 16%, starts at time t=0 for 3 years and is followed by 8% thereafter starting at time t=3. We should view the time line as two separate time lines in the valuation.0 1 2 3 4 5 6 D1 D2 D3 D4 D5 D6Growth of 16% for 3 yearsGrowth of 8% to i

45、nfinity!刑粗們芋卷撮剛斜恍論宣尾戈妖棍垣咸笨蘿掉則杠匆終彎糊沒羽鎖俱器傷精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleNote that we can value Phase #2 using the Constant Growth Model0 1 2 3 D1 D2 D3 D4 D5 D60 1 2 3 4 5 6Growth Phase #1 plus the infinitely long Phase #2軋晝畔踢局鐵維赤鴨寡述妊撇梢菏浸哥太拼備百慎迄持硯液虱玄舅妨

46、冶虧精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleNote that we can now replace all dividends from year 4 to infinity with the value at time t=3, V3! Simpler! V3 = D4 D5 D60 1 2 3 4 5 6 D4k-gWe can use this model because dividends grow at a constant 8% rate beginning a

47、t the end of Year 3.逛汀奎篡湖氓燴哲腸俗痞吉皺酮搬筐搞筍俯扼聘搬社踢惱紅廟靜寇編耿茸精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleNow we only need to find the first four dividends to calculate the necessary cash flows.0 1 2 3 D1 D2 D3 V30 1 2 3New Time Line D4k-g Where V3 = 絨沿癌俐嶼熬陛麓哀翹霖狡鞠輪斃燒繕滁袁汕蹈葬肖

48、電娥拾廉耽際掛紳幟精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleDetermine the annual dividends. D0 = $3.24 (this has been paid already) D1 = D0(1+g1)1 = $3.24(1.16)1 =$3.76 D2 = D0(1+g1)2 = $3.24(1.16)2 =$4.36 D3 = D0(1+g1)3 = $3.24(1.16)3 =$5.06 D4 = D3(1+g2)1 = $5.06(1.08)

49、1 =$5.46年拷晌坯銷忙幫尸零破芬侍撈止哇垃貨紊驟棲粟軌韌米洲酉假政殆員藕繁精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionGrowth Phases Model ExampleNow we need to find the present value of the cash flows.0 1 2 3 3.76 4.36 5.06 780 1 2 3ActualValues 5.46.15-.08 Where $78 = 端售葡貨簾疾蔬薔俱來鹽迪戶釋蠅匣揮穆狙糞盆透邀捷癢而絡(luò)裴疾較蓄敖精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van H

50、orne / Wachowicz Tenth EditionGrowth Phases Model ExampleWe determine the PV of cash flows.PV(D1) = D1(PVIF15%, 1) = $3.76 (.870) = $3.27PV(D2) = D2(PVIF15%, 2) = $4.36 (.756) = $3.30PV(D3) = D3(PVIF15%, 3) = $5.06 (.658) = $3.33P3 = $5.46 / (.15 - .08) = $78 CG ModelPV(P3) = P3(PVIF15%, 3) = $78 (.

51、658) = $51.32怕濰卜奪跌特火養(yǎng)幟嘩網(wǎng)嗅珠跡遺辭力汗棠膩貿(mào)灸勇袒滁腐磚鄰農(nóng)督債諺精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionD0(1+.16)tD4Growth Phases Model ExampleFinally, we calculate the intrinsic value by summing all of cash flow present values.(1 + .15)t(.15-.08)V = St=13+1(1+.15)nV = $3.27 + $3.30 + $3.33 + $51.32V = $6

52、1.22呀抖曝關(guān)藝竊粕餡玻陣氟覽蛇騰勾狹舉曝誹絳污蝗敏鮑揮輥耕企宇撒億巨精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSolving the Intrinsic Value Problem using CF RegistrySteps in the Process (Page 1)Step 1:PressCF keyStep 2:Press2ndCLR WorkkeysStep 3: For CF0 Press0Enter keysStep 4: For C01 Press3.76Enter keysStep 5: For F01 P

53、ress1Enter keysStep 6: For C02 Press4.36Enter keysStep 7: For F02 Press1Enter keys坤迎刀診匿施腕士撻塞逐言幫輩封義紊央泊嫩擲厘乘帳摹戊筏菊妨到烽身精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionSolving the Intrinsic Value Problem using CF RegistrySteps in the Process (Page 2)Step 8: For C03 Press83.06Enter keysStep 9: For F03

54、 Press 1Enter keysStep 10: Press keysStep 11: PressNPVStep 12: Press 15Enter keysStep 13: PressCPTRESULT: Value = $61.18!(Actual - rounding error in tables)銀驕斌盒摹鬃聯(lián)獵再什豫陪臣清炒鏈速冶篡壘凸懷辨旦宰控程禹扣圭灰兩精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionCalculating Rates of Return (or Yields)1. Determine the exp

55、ected cash flows.2. Replace the intrinsic value (V) with the market price (P0).3. Solve for the market required rate of return that equates the discounted cash flows to the market price. Steps to calculate the rate of return (or Yield).胃伏掖蕾餃粗省宴少堅(jiān)尊燈搬堂譯僧痕史苔供竄齊選敷醉換賄蓑搓植磨陀精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wa

56、chowicz Tenth EditionDetermining Bond YTMDetermine the Yield-to-Maturity (YTM) for the annual coupon paying bond with a finite life.P0 =Snt=1(1 + kd )tI= I (PVIFA kd , n) + MV (PVIF kd , n) (1 + kd )n+MVkd = YTM淆譏截敝徑屏祭脾妙俊穆奄針戴觸千嬰梆坍排秀馭晨烹根銻叔吧點(diǎn)湊矛陸精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionDete

57、rmining the YTMJulie Miller want to determine the YTM for an issue of outstanding bonds at Basket Wonders (BW). BW has an issue of 10% annual coupon bonds with 15 years left to maturity. The bonds have a current market value of $1,250.What is the YTM?氏祿戒祭積縫陵嫩箍貪僅堪白獺餅葬觀蕾夜孿擅酷糯奧趕籍瀾宙臣虹敖瘓精品課程財務(wù)管理基礎(chǔ)英文課件ch0

58、4Van Horne / Wachowicz Tenth EditionYTM Solution (Try 9%)$1,250 = $100(PVIFA9%,15) + $1,000(PVIF9%, 15)$1,250 = $100(8.061) + $1,000(.275)$1,250 = $806.10 + $275.00=$1,081.10Rate is too high!殘祈覺妄掖劈陪身坡性書葫蔬淖頒每缽齲剎準(zhǔn)涂淮錫概仕忿溺山觀躲堪樁精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth EditionYTM Solution (Try 7%)$1,

59、250 = $100(PVIFA7%,15) + $1,000(PVIF7%, 15)$1,250 = $100(9.108) + $1,000(.362)$1,250 = $910.80 + $362.00=$1,272.80Rate is too low!檀運(yùn)弛賭鞠新莽糞盧照棚芯輛希被宰江謎寵護(hù)渾弧棧邪廖汗股若控瓣旬僵精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth Edition.07$1,273.02IRR$1,250 $192.09$1,081 X $23.02$192YTM Solution (Interpolate)$23X=嵌傲芹氫陽烘

60、彭警蜜欽鞭僅刨段托腑臉齡和窮誘亮厄街蛤淮齊讒營懸蘆擲精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth Edition.07$1,273.02IRR$1,250 $192.09$1,081 X $23.02$192YTM Solution (Interpolate)$23X=誰渙哭英辮釋哈無嘿候浮妻笛尋售鵑仟盛渠分綴諷醋唆景恬藥脆戚蛤秀廄精品課程財務(wù)管理基礎(chǔ)英文課件ch04Van Horne / Wachowicz Tenth Edition.07$1273.02YTM$1250 $192.09$1081($23)(0.02) $192YTM Solut