財(cái)務(wù)管理課件chap007

equitymarketsandstockvaluationchapter7睹漿恤沉料增邏嘴植擅躲逢急乳介該妄貼呸駐侗總鉻載萌籃詢刑墩休壕縱財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0070keyconceptsandskillsunderstandhowstockpricesdependonfuturedividendsanddividendgrowthbeabletocomputestockpricesusingthedividendgrowthmodelunderstandhowcorporatedirectorsareelectedunderstandhowstockmarketsworkunderstandhowstockpricesarequoted族呢界歡錦忻躺深漣炳慧俠勵(lì)也鉆沂砒恤膠藩幾徐躍縷酵繞虞韭裝菲螢掛財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0071chapteroutlinecommonstockvaluationsomefeaturesofcommonandpreferredstocksthestockmarkets泵殃如帽左摔懸擴(kuò)綠巖匪啟撬員疇傅凹握綿嗚茲嚨站濘惟帳恒截喧赴呀巢財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0072cashflowstostockholdersifyoubuyashareofstock,youcanreceivecashintwowaysthecompanypaysdividendsyousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompanyaswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows掏毖格入爍噴必蘸賊例議紙職鴕淪歪痙和唬霄鉚犧紛貧謗胡營賤膩匹穿績財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0073oneperiodexamplesupposeyouarethinkingofpurchasingthestockofmooreoil,inc.andyouexpectittopaya$2dividendinoneyearandyoubelievethatyoucansellthestockfor$14atthattime.ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?computethepvoftheexpectedcashflowsprice=(14+2)/(1.2)=$13.33orfv=16;i/y=20;n=1;cptpv=-13.33娘筷教罪承膩胞磁妊囊誡細(xì)越終絡(luò)嚇朽昧逢佑幟遺秦趙勸臨齊彎碑遙納懶財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0074twoperiodexamplenowwhatifyoudecidetoholdthestockfortwoyears?inadditiontothedividendinoneyear,youexpectadividendof$2.10inandastockpriceof$14.70attheendofyear2.nowhowmuchwouldyoubewillingtopay?pv=2/(1.2)+(2.10+14.70)/(1.2)2=13.33orcf0=0;c01=2;f01=1;c02=16.80;f02=1;npv;i=20;cptnpv=13.33態(tài)岳瞄疙賽軀漲世廄站疾校砧跡則幣孜送素拆周漬擱憲靡施茅毖剪冷虜予財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0075threeperiodexamplefinally,whatifyoudecidetoholdthestockforthreeperiods?inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andastockpriceof$15.435.nowhowmuchwouldyoubewillingtopay?pv=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.33orcf0=0;c01=2;f01=1;c02=2.10;f02=1;c03=17.64;f03=1;npv;i=20;cptnpv=13.33咋灼灘書姜距付邪粥牌幅瀕擄蛾妨塊投莎廈越音湍湍績撤侮尚啤藹終彬恰財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0076developingthemodelyoucouldcontinuetopushbackwhenyouwouldsellthestockyouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsso,howcanweestimateallfuturedividendpayments?特正寢舉畏木憤訂舀帖勤刀瘦碘懶弧兼十晾納爺扒追新鎮(zhèn)貼鈍廓裸鑒尼啡財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0077estimatingdividends:specialcasesconstantdividendthefirmwillpayaconstantdividendforeverthisislikepreferredstockthepriceiscomputedusingtheperpetuityformulaconstantdividendgrowththefirmwillincreasethedividendbyaconstantpercenteveryperiodsupernormalgrowthdividendgrowthisnotconsistentinitially,butsettlesdowntoconstantgrowtheventually忠咨注恃蘋呈蠕喝央馱煽厭街叔白員重了沽絕覆爵獰苗賣熾哲憲司等進(jìn)摸財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0078zerogrowthifdividendsareexpectedatregularintervalsforever,thenthisislikepreferredstockandisvaluedasaperpetuityp0=d/rsupposestockisexpectedtopaya$0.50dividendeveryquarterandtherequiredreturnis10%withquarterlycompounding.whatistheprice?p0=.50/(.1/4)=$20訣壟紅廢另剿助讀讒寒么估許矽給腔四刨奈棉特含豢隨店救事漠誰柑狽盒財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap0079dividendgrowthmodeldividendsareexpectedtogrowataconstantpercentperperiod.p0=d1/(1+r)+d2/(1+r)2+d3/(1+r)3+…p0=d0(1+g)/(1+r)+d0(1+g)2/(1+r)2+d0(1+g)3/(1+r)3+…withalittlealgebra,thisreducesto:功巫樂沿鱗劉宅蓖擔(dān)鮮潛壤優(yōu)悅孩韌奸臃篇階砧證再剛村饑溜馭寥蹋賞忌財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00710dgm–example1supposebigd,inc.justpaidadividendof$.50.itisexpectedtoincreaseitsdividendby2%peryear.ifthemarketrequiresareturnof15%onassetsofthisrisk,howmuchshouldthestockbesellingfor?p0=.50(1+.02)/(.15-.02)=$3.92胞瓢閨預(yù)舜妙紛籃訪河速跋茵襲考脹劣丙飽驕謝級(jí)姜蔭吧鴉戈頹炸寂卒善財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00711dgm–example2supposetbpirates,inc.isexpectedtopaya$2dividendinoneyear.ifthedividendisexpectedtogrowat5%peryearandtherequiredreturnis20%,whatistheprice?p0=2/(.2-.05)=$13.33whyisn’tthe$2inthenumeratormultipliedby(1.05)inthisexample??？掬伖葴喍缱醯U恨雄苞往雞腎志壇輝蜂垢簿瘡哉駿揉舟五樣良擴(kuò)財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00712stockpricesensitivitytodividendgrowth,gd1=$2;r=20%賒夏佯彪韶湘愧竅尿北藕龍擲掐鉸歹集惹沛績餒潰緣哥德林憾怕割老互良財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00713stockpricesensitivitytorequiredreturn,rd1=$2;g=5%皿糧勘驟批戍儀叉奠隱雜掃裙楓堿賢東牛銷鈞苦熬琴渺廂鞠匪菌沽澀追鈴財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00714example7.3gordongrowthcompany-igordongrowthcompanyisexpectedtopayadividendof$4nextperiodanddividendsareexpectedtogrowat6%peryear.therequiredreturnis16%.whatisthecurrentprice?p0=4/(.16-.06)=$40rememberthatwealreadyhavethedividendexpectednextyear,sowedon’tmultiplythedividendby1+g侗翔櫻氈留歉目蘑嚇哲祿匯妥纖擠汁訃燈繡甄統(tǒng)步耀流眼劫巾后瑩凹瓜掖財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00715example7.3–gordongrowthcompanyiiwhatisthepriceexpectedtobeinyear4?p4=d4(1+g)/(r–g)=d5/(r–g)p4=4(1+.06)4/(.16-.06)=50.50whatistheimpliedreturngiventhechangeinpriceduringthefouryearperiod?50.50=40(1+return)4;return=6%pv=-40;fv=50.50;n=4;cpti/y=6%thepricegrowsatthesamerateasthedividends蘊(yùn)鋇藩伐虜庸裹臆凋柔幽釁骯逆謄酶今顆撤玩兩誕閘慎改賭穎加售扶忍斤財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00716nonconstantgrowthproblemstatementsupposeafirmisexpectedtoincreasedividendsby20%inoneyearandby15%intwoyears.afterthatdividendswillincreaseatarateof5%peryearindefinitely.ifthelastdividendwas$1andtherequiredreturnis20%,whatisthepriceofthestock?rememberthatwehavetofindthepvofallexpectedfuturedividends.塑漳翹捧凋賀罐隆茸睦盧警硼吞鱉蝶紙錄澈借押耿藻肌恫唬政局洪焰通揖財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00717nonconstantgrowth–examplesolutioncomputethedividendsuntilgrowthlevelsoffd1=1(1.2)=$1.20d2=1.20(1.15)=$1.38d3=1.38(1.05)=$1.449findtheexpectedfuturepricep2=d3/(r–g)=1.449/(.2-.05)=9.66findthepresentvalueoftheexpectedfuturecashflowsp0=1.20/(1.2)+(1.38+9.66)/(1.2)2=8.67圖薩繁樟圭貿(mào)伊鬼佩撿墨包掙敖臨扮礫慧疵懸胡喜謀鎖牛貳曉羨狠敖鈍攢財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00718quickquiz:part1whatisthevalueofastockthatisexpectedtopayaconstantdividendof$2peryeariftherequiredreturnis15%?whatifthecompanystartsincreasingdividendsby3%peryear,beginningwiththenextdividend?therequiredreturnstaysat15%.頑哮槽吮岳茸堿媽琺掀愧秩哆酵拘熊悲絡(luò)胯姻艦呈看皇斗處蜒逛蚊嚇壞星財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00719usingthedgmtofindrstartwiththedgm:獰瘧句舊跪才砸冰曠棘籬涎棗祝姿全羔杖尸乘疫腰嘛戲金芭遭版罰觀屠駱財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00720findingtherequiredreturn-examplesupposeafirm’sstockissellingfor$10.50.theyjustpaida$1dividendanddividendsareexpectedtogrowat5%peryear.whatistherequiredreturn?r=[1(1.05)/10.50]+.05=15%whatisthedividendyield?1(1.05)/10.50=10%whatisthecapitalgainsyield?g=5%國販勤焊旭規(guī)疹波真水路沸順管宜逃俯絳燒叔畦痞涼新職塔刪弧吾破據(jù)棵財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00721table7.1點(diǎn)硼湊僚雛沏誰踩眶抒毋吁袖望追絕坎藻望呵圖葬橢桔犬巴粥壬衍迸型匡財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00722featuresofcommonstockvotingrightsproxyvotingclassesofstockotherrightsshareproportionallyindeclareddividendsshareproportionallyinremainingassetsduringliquidationpreemptiveright–firstshotatnewstockissuetomaintainproportionalownershipifdesired禽轎縛巳篩滯銑陡楷金輥肘俏元鎮(zhèn)槍淵暢桂蘭倫唁汰紹瑪扳叢氫塑藻雷藐財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00723dividendcharacteristicsdividendsarenotaliabilityofthefirmuntiladividendhasbeendeclaredbytheboardconsequently,afirmcannotgobankruptfornotdeclaringdividendsdividendsandtaxesdividendpaymentsarenotconsideredabusinessexpense,therefore,theyarenottaxdeductibledividendsreceivedbyindividualsaretaxedasordinaryincomedividendsreceivedbycorporationshaveaminimum70%exclusionfromtaxableincome抒棋揣壩胎窟捕八鴉莎陰德悶摳鍺音償昌砌吶翁拽恩商墑贏樟早頻逛是牽財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00724featuresofpreferredstockdividendsstateddividendthatmustbepaidbeforedividendscanbepaidtocommonstockholdersdividendsarenotaliabilityofthefirmandpreferreddividendscanbedeferredindefinitelymostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaidpreferredstockgenerallydoesnotcarryvotingrights沸疲盯峪胃顆鴛鋼矽淄襄晝稻懶遂搪飲愚劫慧批酷忠研斑斟倆顧蓬玉欽胡財(cái)務(wù)管理課件chap007財(cái)務(wù)管理課件chap00725stockmarketdealersvs.brokersnewyorkstockexchange(nyse)membersoperationsflooractivitynasdaqnotaphy