公司理財雙語heValueofCommonSocks

Chapter5

PrinciplesofCorporateFinanceNinthEditionTheValueofCommonStocksTopicsCoveredHowCommonStocksareTradedHowCommonStocksareValuedStocks&StockMarketNewYorkStockExchange(NYSE)AuctionMarketsBroker:abrokermatchesbuyersandsellers.Theyperformthesearchfunctionforafee(commission).Theydonotholdaninventoryofsecurities.NASDAQDealerMarketsDealer:maintainsaninventoryandstandsreadytotradeatquotedbid(priceatwhichtheywillbuy)andask(priceatwhichtheywillsell)prices.MaketheirprofitfromthedifferencebetweenthebidandaskpricesOverthecounterStockMarketReportingGaphasbeenashighas$21.89inthelastyear.Gaphasbeenaslowas$9.41inthelastyear.Gappaysadividendof34cents/share.Giventhecurrentprice,thedividendyieldis3.1%.Giventhecurrentprice,thePEratiois8timesearnings.8,829,800sharestradedhandsinthelastday’strading.Gapendedtradingat$11.06,whichisup45centsfromyesterday.Stocks&StockMarketCommonStock-Ownershipsharesinapubliclyheldcorporation.Primarymarket:salesofnewsharestoraisenewcapitalSecondaryMarket-marketinwhichalreadyissuedsecuritiesaretradedbyinvestors.Dividend-Periodiccashdistributionfromthefirmtotheshareholders.P/ERatio-Pricepersharedividedbyearningspershare.ThePVofCommonStocksThevalueofanyassetisthepresentvalueofitsexpectedfuturecashflows.Stockownershipproducescashflowsfrom:DividendsCapitalGainsValuationofDifferentTypesofStocksZeroGrowthConstantGrowthDifferentialGrowthValuingCommonStocksExpectedReturn

-Thepercentageyieldthataninvestorforecastsfromaspecificinvestmentoverasetperiodoftime.Sometimescalledthemarketcapitalizationrate.

ValuingCommonStocksExample:IfGEissellingfor$100persharetodayandisexpectedtosellfor$110oneyearfromnow,whatistheexpectedreturnifthedividendoneyearfromnowisforecastedtobe$5.00?ValuingCommonStocksAnotherExample:YoupurchaseanownershipshareintheNestlé

for$50,000.InoneyearyouexpecttheNestlépayyouadividendof$3,000.Youthinkyouwillbeabletosellyoursharefor$58,000atthattime.Whatisyourexpectedreturn?ValuingCommonStocksDividendDiscountModel-Computationoftoday’sstockpricewhichstatesthatsharevalueequalsthepresentvalueofallexpectedfuturedividends.H-Timehorizonforyourinvestment.ValuingCommonStocksExample CurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Whatisthepriceofthestockgivena12%expectedreturn?ValuingCommonStocksExample CurrentforecastsareforXYZCompanytopaydividendsof$3,$3.24,and$3.50overthenextthreeyears,respectively.Attheendofthreeyearsyouanticipatesellingyourstockatamarketpriceof$94.48.Whatisthepriceofthestockgivena12%expectedreturn?ValuingCommonStocksCase1:ZeroGrowthAssumethatdividendswillremainatthesamelevelforever,wewillthenvaluethestockasaPERPETUITY.Sincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:Ca備se穩(wěn)2插:從Co最ns離ta給nt貫G的ro鄙wt魔hCo宜ns返ta息nt梳G毀ro逗wt忽h霉DD閱M-投A知ve族rs松io央n娃of蝦t軍he亂d斤iv惑id桂en寶d汗gr鮮ow藥th削m湯od姐el文i期n雖wh柱ic震h巧di贊vi濁de弱nd塊s液gr勁ow茶a巡壽t維a沫co蘋ns歲ta帳nt驅(qū)r卷at會e(G分or午do諸n屆Gr圖ow糕th媽M舍od帖el劃).Ca苗se笑2矛:交Co演ns否ta驗nt瓶G差ro灑wt廉hSi策nc庭e叉fu葉tu阿re脆c董as某h膽fl閑ow濃s慚gr叛ow澤a就t鍵a亞co址ns窯ta濁nt診r推at綠e瓦fo柔re高ve隨r,獵t攝he嗚v次al辛ue緣瑞o普f申a愛co依ns逼ta州nt逢g彼ro菠wt測h塊st差oc專k藥is趣t倡he級p蓄re沃se造nt此v沫al壓ue窯o瞧f施a被gr輸ow氏in較g兵pe頭rp私et慈ui械ty英:As療su比me雀t飼ha丟t泊di縫vi堵de熔nd香s求wi瓜ll壺g帶ro淘w過at后a靈c它on雅st麗an挨t巧ra楚te郵,g,泄fo林re言ve趴r,i.癥e.這,...Va俗lu突in儲g料Co顆mm埋on澆S刪to胳ck滋sEx進am濁pl促eIf防a碌s穩(wěn)to侍ck候i浙s鑰se造ll賤in煮g充fo支r膜$1顫00真i豈n香th逐e蕉st屈oc妨k打ma古rk揉et冤,尼wh莖at起m不ig掠ht勉t像he鮮m墊ar拿ke陣t謙be蛇a押ss剝um償in愿g亡ab撇ou救t彈th敏e吵gr聰ow扯th疑i題n酷di扣vi獻de頁nd跑s?網(wǎng)i輔tju盟st糟p造ai斯d殘a穩(wěn)di滔vi氏de憤nd勉o剝f吵$.件3.巡壽I尺f謹th賊e睛ma茂rk店et穴r澤eq宿ui倡re扮s黃a寺re劍tu素rn眾o漆f叫12金%若on與a哲ss譯et版s折of銅t彎hi艱s呆ri而sk炎l穿ev蝴elAn逮sw兵erTh再e葵ma漂rk省et香i貨s即as悔su吐mi忌ng建t貢he嶄d頸iv象id殊en巴d刻wi蠢ll喚g徹ro狹w挑at叛9酸%悠pe咳r注ye男ar銜,澆in魄de放fi安ni糟te似ly衰.Co祖ns行ta傳nt介G墨ro旋wt委h然Ex護am穿pl眉eSu第pp涌os歇e礙Bi禿g秘D,挖I搞nc森.,券j竟us竟t刷pa閣id牢a港d棗iv眼id陳en挖d賠of蔽$屠.5州0.喉I捐t填is蒜e啟xp貧ec益te籃d說to趟i湖nc悼re打as像e旗it起s疏di災(zāi)vi昂de占nd瓜b萬y傘2%董p廉er曾y義ea女r.祝I芳f雄th喂e源ma黃rk末et掩r績eq逗ui耕re刻s宿a頸re安tu趴rn基o室f趨15荒%超on毫a黨ss貿(mào)et柔s域of斥t喊hi爐s軋ri篇sk歪l侍ev胳el細,拍ho乒w互mu緞ch憑s魯ho亂ul短d作th夠e蝴st抵oc直k筒be營s們el果li未ng駱f員or筐?P0=域.5確0(再1+彼.0生2)楊/踩(晨.1皆5肚-炕.0臂2)礦=難$大3.蕩92Ca蹲se稱3鏡:童Di伐ff脖er局en賣ti站al壟G墨ro井wt駱hAs吳su計me頃t邊ha御t畜di扎vi偷de稻nd切s緩wi角ll匯g語ro拘w加at恩d靠if焦fe限r(nóng)e涉nt榮r副at君es士i輛n攀th視e秀fo宜re離se禾ea憐bl灰e株fu虛tu錢re鐮a笛nd旅t捕he健n媽wi郵ll域g稠ro顆w繩at暈a迎c招on忠st孕an假t姑ra確te昂t欠he加re寺af遞te賊r.To救v代al脾ue艱a渴D址if僑fe殺re日nt猾ia紐奉l估Gr挎ow場th矮S兵to逝ck各,陷we歡n渠ee過d幕to梅:Es過ti輝ma再te飼f服ut爽ur言e鼓di確vi規(guī)de壓nd兔s邀in粒t格he墳f沫or圾es喝ee侄ab瘋le滲f脖ut零ur嚷e.Es郵ti倦ma掃te罷t殘he塔f娛ut報ur尿e昆st周oc夜k前pr細ic壘e腿wh止en礎(chǔ)t夸he似s泰to島ck艱b壓ec梁om炸es床a法C懂on糊st口an厭t艷Gr哈ow擠th健S明to罩ck菌(魯ca巨se運2栽).Co嬸mp霉ut辰e縮慧th佩e言to聲ta塌l盈pr塔es叛en像t健va黎lu昨e坐of尺t復(fù)he貢e難st鳳im昂at逗ed仆f壓ut引ur羅e變di怨vi盆de旨nd朽s蟲an融d僑fu卷tu覽re講s地to制ck牛p桐ri暢ce煌a款t其th恥e胞ap莊pr弄op版ri零at短e且di汪sc炊ou制nt孫r策at揀e.Va駝lu芬in械g腫Co殿mm均on晝S豪to邊ck塑sVa宋lu之in掌g沈Co共mm俘on邪S泛to鑰ck銜sCo雷ns悲id射er序xy禁z本Co枕mp栽an堵y,岔w用hi功ch寧i美s珠en塘jo跨yi位ng股r嶄ap稠id畫g絞ro會wt振h爐fr蔑om廟t咳he眼i俗nt荒ro揚du劇ct倒io膊n妹of鵝i問ts鉛n渣ew繪b蔽ac毫kr漸ub霉o婦in嫂tm為en南t.懸T敗he宵d陸iv猜id剃en桿d棟fo唯r欄a先sh蜜ar另e器ofxy押z’哨sst劑oc恒k激a尾ye辣ar下f點ro侍m宏to該da德y若wi吼ll腰b況e共$1罰.1絞5.陷D賺ur驕in城g架th臭e濟ne籠xt復(fù)f傲ou稻r絹ye烏ar筍s,辜t嫩he斜d櫻iv渴id槳en叛d箭wi躲ll槽g夢ro練w疫at洋1去5唯pe任rc蠢en持t括pe掏r算ye輪ar影(澡g1詠=琴1墳5%脈).浙A泥ft積er刮t到ha誦t,雞g殺ro幸wt完h緩(g手2)崖w內(nèi)il鈴l漸be芒e匯qu霸al烘t森o漲10稿p堅er鐵ce膊nt塌p斃er越y(tǒng)慰ea畏r.零C努al胡cu殲la宮te田t雙he肌p螺re嬸se冠nt濕v蛇al哥ue法o嘴f腥a率sh拒ar搬e估of斑s鹽to悉ck蹲i甚f侄th頸e話re菠qu嶄ir育ed國r篩et糖ur餡n估(R喇)功is宰1擊5裹pe么rc鼠en堅t.Va呼lu沖in朵g渾Co湯mm居on徐S瞞to撫ck章sWe珍n勺ee利d瘡to棄a霉pp恨ly數(shù)a自t析wo反-s梅te疼p瓣pr顫oc鴉es循s罷to贈d堂is織co孟un軋t岔th漫es紡e聽di計vi鄉(xiāng)豐de腸nd垃s.席W枕e威fi摟rs腳t衣ca償lc章ul副at款e鍬th災(zāi)e廈pr燦es代en饞t對va共lu推e墊of何t毯he檔d示iv夕id辣en霜ds蓮g潮ro懸wi炭ng跳a解t丸15泊p昂er交ce抖nt含p溝er汁a碰nn畝um歉.逃Th有at汽i擦s,緩w峽e而fi膜rs板t腔ca正lc猾ul謊at