麦格劳-金融建模chap007.pptx

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麦格劳-金融建模chap007.pptx

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7-1Copyright?2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin

7-2KeyConceptsandSkillsUnderstandhowstockpricesdependonfuturedividendsanddividendgrowthBeabletocomputestockpricesusingthedividendgrowthmodelUnderstandhowcorporatedirectorsareelectedUnderstandhowstockmarketsworkUnderstandhowstockpricesarequoted

7-3ChapterOutline7.1 CommonStockValuation7.2 SomeFeaturesofCommonandPreferredStocks7.3 TheStockMarkets

7-4CashFlowsforStockholdersIfyouownashareofstock,youcanreceivecashintwowaysThecompanypaysdividendsYousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompanyAswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflowsDividends→casheSelling→capitalgains

7-5OnePeriodExampleSupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.Youexpectittopaya$2dividendinoneyearYoubelieveyoucansellthestockfor$14atthattime.Yourequireareturnof20%oninvestmentsofthisriskWhatisthemaximumyouwouldbewillingtopay?

7-6OnePeriodExampleD1=$2dividendexpectedinoneyearR=20%P1=$14CF1=$2+$14=$16ComputethePVoftheexpectedcashflows

7-7TwoPeriodExampleWhatifyoudecidetoholdthestockfortwoyears?D1=$2.00 CF1=$2.00D2=$2.10P2=$14.70Nowhowmuchwouldyoubewillingtopay?CF2=$2.10+$14.70=$16.80

7-8ThreePeriodExampleWhatifyoudecidetoholdthestockforthreeyears?D1=$2.00 CF1=$2.00D2=$2.10 CF2=$2.10D3=$2.205P3=$15.435Nowhowmuchwouldyoubewillingtopay?CF3=$2.205+$15.435=$17.640

7-9ThreePeriodExample

UsingTIBAII+CashFlowWorksheetDisplay YouEnter ‘C00 0!#C01 2!#F01 1!#C02 2.10!#F02 1!#C03 17.64!#F03 1!#(I 20!#NPV %13.33CashFlows:CF0 = 0CF1 = 2.00CF2 = 2.10CF3 = 17.64

7-10DevelopingTheModelYoucouldco