公司理财精要版原书第12版英文版最新精品课件Ross-12e-PPT-Ch08

STOCKVALUATIONCHAPTER8Copyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-2•Explainhowstockpricesdependonfuturedividendsanddividendgrowth•Showhowtovaluestocksusingmultiples•Layoutthedifferentwayscorporatedirectorsareelectedtooffice•DefinehowthestockmarketsworkKEYCONCEPTSANDSKILLSCopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-3•CommonStockValuation•SomeFeaturesofCommonandPreferredStocks•TheStockMarketsCHAPTEROUTLINECopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-4•Ifyoubuyashareofstock,youcanreceivecashintwoways:Thecompanypaysdividends.Yousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompany.•Aswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows.CASHFLOWSFORSTOCKHOLDERSCopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-5•SupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.•Youexpectittopaya$2dividendinoneyear,andyoubelievethatyoucansellthestockfor$14atthattime.•Ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflows.Price=(14+2)/(1.2)=$13.33OrFV=16;I/Y=20;N=1;CPTPV=-13.33ONE-PERIODEXAMPLECopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-6•Now,whatifyoudecidetoholdthestockfortwoyears?•Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsandastockpriceof$14.70attheendofyear2.•Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.33TWO-PERIODEXAMPLECopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-7•Finally,whatifyoudecidetoholdthestockforthreeyears?•Inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andthestockpriceisexpectedtobe$15.435.•Nowhowmuchwouldyoubewillingtopay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.33THREE-PERIODEXAMPLECopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-8•Youcouldcontinuetopushbacktheyearinwhichyouwillsellthestock.•Youwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividends.•So,howcanweestimateallfuturedividendpayments?DEVELOPINGTHEMODELCopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-9•Constantdividend(i.e.,zerogrowth)Thefirmwillpayaconstantdividendforever.Thisislikepreferredstock.Thepriceiscomputedusingtheperpetuityformula.•ConstantdividendgrowthThefirmwillincreasethedividendbyaconstantpercenteveryperiod.Thepriceiscomputedusingthegrowingperpetuitymodel.•SupernormalgrowthDividendgrowthisnotconsistentinitially,butsettlesdowntoconstantgrowtheventually.Thepriceiscomputedusingamultistagemodel.ESTIMATINGDIVIDENDS:SPECIALCASESCopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-10•Ifdividendsareexpectedatregularintervalsforever,thenthisisaperpetuity,andthepresentvalueofexpectedfuturedividendscanbefoundusingtheperpetuityformula.P0=D/R•Supposeastockisexpectedtopaya$0.50dividendeveryquarterandtherequiredreturnis10%withquarterlycompounding.Whatistheprice?P0=.50/(.1/4)=$20ZEROGROWTHCopyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-11•Dividendsareexpectedtogrowataconstantpercentperperiod.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+…•Withalittlealgebraandsomeserieswork,thisreducesto:DIVIDENDGROWTHMODELg-RDg-Rg)1(DP100Copyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-12•SupposeBigD,Inc.,justpaidadividendof$0.50pershare.•Itisexpectedtoincreaseitsdividendby2%peryear.•Ifthemarketrequiresareturnof15%onassetsofthisrisk,howmuchshouldthestockbesellingfor?•P0=.50(1+.02)/(.15-.02)=$3.92DGM–EXAMPLE1Copyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-13•SupposeTBPirates,Inc.,isexpectedtopaya$2dividendinoneyear.•Ifthedividendisexpectedtogrowat5%peryearandtherequiredreturnis20%,whatistheprice?P0=2/(.2-.05)=$13.33Whyisn’tthe$2inthenumeratormultipliedby(1.05)inthisexample?DGM–EXAMPLE2Copyright©2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-14STOCKPRICESENSITIVITYTODIVIDENDGROWTH,G05010015020025000.050.10.150.2StockPriceGrowthRateD1=$2;R=20%Copyright©2019McGraw-HillEducati