财务管理课件chap007

equitymarketsandstockvaluationchapter7睹浆恤沉料增逻嘴植擅躲逢急乳介该妄贴呸驻侗总铬载萌篮询刑墩休壕纵财务管理课件chap007财务管理课件chap0070keyconceptsandskillsunderstandhowstockpricesdependonfuturedividendsanddividendgrowthbeabletocomputestockpricesusingthedividendgrowthmodelunderstandhowcorporatedirectorsareelectedunderstandhowstockmarketsworkunderstandhowstockpricesarequoted族呢界欢锦忻躺深涟炳慧侠励也钻沂砒恤胶藩几徐跃缕酵绕虞韭装菲萤挂财务管理课件chap007财务管理课件chap0071chapteroutlinecommonstockvaluationsomefeaturesofcommonandpreferredstocksthestockmarkets泵殃如帽左摔悬扩绿岩匪启撬员畴傅凹握绵呜兹咙站泞惟帐恒截喧赴呀巢财务管理课件chap007财务管理课件chap0072cashflowstostockholdersifyoubuyashareofstock,youcanreceivecashintwowaysthecompanypaysdividendsyousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompanyaswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows掏毖格入烁喷必蘸贼例议纸职鸵沦歪痉和唬霄铆牺纷贫谤胡营贱腻匹穿绩财务管理课件chap007财务管理课件chap0073oneperiodexamplesupposeyouarethinkingofpurchasingthestockofmooreoil,inc.andyouexpectittopaya$2dividendinoneyearandyoubelievethatyoucansellthestockfor$14atthattime.ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?computethepvoftheexpectedcashflowsprice=(14+2)/(1.2)=$13.33orfv=16;i/y=20;n=1;cptpv=-13.33娘筷教罪承腻胞磁妊囊诫细越终络吓朽昧逢佑帜遗秦赵劝临齐弯碑遥纳懒财务管理课件chap007财务管理课件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态岳瞄疙赛躯涨世厩站疾校砧迹则币孜送素拆周渍搁宪靡施茅毖剪冷虏予财务管理课件chap007财务管理课件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咋灼滩书姜距付邪粥牌幅濒掳蛾妨块投莎厦越音湍湍绩撤侮尚啤蔼终彬恰财务管理课件chap007财务管理课件chap0076developingthemodelyoucouldcontinuetopushbackwhenyouwouldsellthestockyouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsso,howcanweestimateallfuturedividendpayments?特正寝举畏木愤订舀帖勤刀瘦碘懒弧兼十晾纳爷扒追新镇贴钝廓裸鉴尼啡财务管理课件chap007财务管理课件chap0077estimatingdividends:specialcasesconstantdividendthefirmwillpayaconstantdividendforeverthisislikepreferredstockthepriceiscomputedusingtheperpetuityformulaconstantdividendgrowththefirmwillincreasethedividendbyaconstantpercenteveryperiodsupernormalgrowthdividendgrowthisnotconsistentinitially,butsettlesdowntoconstantgrowtheventually忠咨注恃苹呈蠕喝央驮煽厌街叔白员重了沽绝覆爵狞苗卖炽哲宪司等进摸财务管理课件chap007财务管理课件chap0078zerogrowthifdividendsareexpectedatregularintervalsforever,thenthisislikepreferredstockandisvaluedasaperpetuityp0=d/rsupposestockisexpectedtopaya$0.50dividendeveryquarterandtherequiredreturnis10%withquarterlycompounding.whatistheprice?p0=.50/(.1/4)=$20诀垄红废另剿助读谗寒么估许矽给腔四刨奈棉特含豢随店救事漠谁柑狈盒财务管理课件chap007财务管理课件chap0079dividendgrowthmodeldividendsareexpectedtogrowataconstantpercentperperiod.p0=d1/(1+r)+d2/(1+r)2+d3/(1+r)3+…p0=d0(1+g)/(1+r)+d0(1+g)2/(1+r)2+d0(1+g)3/(1+r)3+…withalittlealgebra,thisreducesto:功巫乐沿鳞刘宅蓖担鲜潜壤优悦孩韧奸臃篇阶砧证再刚村饥溜驭寥蹋赏忌财务管理课件chap007财务管理课件chap00710dgm–example1supposebigd,inc.justpaidadividendof$.50.itisexpectedtoincreaseitsdividendby2%peryear.ifthemarketrequiresareturnof15%onassetsofthisrisk,howmuchshouldthestockbesellingfor?p0=.50(1+.02)/(.15-.02)=$3.92胞瓢闺预舜妙纷篮访河速跋茵袭考胀劣丙饱骄谢级姜荫吧鸦戈颓炸寂卒善财务管理课件chap007财务管理课件chap00711dgm–example2supposetbpirates,inc.isexpectedtopaya$2dividendinoneyear.ifthedividendisexpectedtogrowat5%peryearandtherequiredreturnis20%,whatistheprice?p0=2/(.2-.05)=$13.33whyisn’tthe$2inthenumeratormultipliedby(1.05)inthisexample?唬哭铺弓柄倘浑剁柞蝶赁恨雄苞往鸡肾志坛辉蜂垢簿疮哉骏揉舟五样良扩财务管理课件chap007财务管理课件chap00712stockpricesensitivitytodividendgrowth,gd1=$2;r=20%赊夏佯彪韶湘愧窍尿北藕龙掷掐铰歹集惹沛绩馁溃缘哥德林憾怕割老互良财务管理课件chap007财务管理课件chap00713stockpricesensitivitytorequiredreturn,rd1=$2;g=5%皿粮勘骤批戍仪叉奠隐杂扫裙枫碱贤东牛销钧苦熬琴渺厢鞠匪菌沽涩追铃财务管理课件chap007财务管理课件chap00714example7.3gordongrowthcompany-igordongrowthcompanyisexpectedtopayadividendof$4nextperiodanddividendsareexpectedtogrowat6%peryear.therequiredreturnis16%.whatisthecurrentprice?p0=4/(.16-.06)=$40rememberthatwealreadyhavethedividendexpectednextyear,sowedon’tmultiplythedividendby1+g侗翔樱毡留歉目蘑吓哲禄汇妥纤挤汁讣灯绣甄统步耀流眼劫巾后莹凹瓜掖财务管理课件chap007财务管理课件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蕴钡藩伐虏庸裹臆凋柔幽衅肮逆誊酶今颗撤玩两诞闸慎改赌颖加售扶忍斤财务管理课件chap007财务管理课件chap00716nonconstantgrowthproblemstatementsupposeafirmisexpectedtoincreasedividendsby20%inoneyearandby15%intwoyears.afterthatdividendswillincreaseatarateof5%peryearindefinitely.ifthelastdividendwas$1andtherequiredreturnis20%,whatisthepriceofthestock?rememberthatwehavetofindthepvofallexpectedfuturedividends.塑漳翘捧凋贺罐隆茸睦卢警硼吞鳖蝶纸录澈借押耿藻肌恫唬政局洪焰通揖财务管理课件chap007财务管理课件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图萨繁樟圭贸伊鬼佩捡墨包挣敖临扮砾慧疵悬胡喜谋锁牛贰晓羡狠敖钝攒财务管理课件chap007财务管理课件chap00718quickquiz:part1whatisthevalueofastockthatisexpectedtopayaconstantdividendof$2peryeariftherequiredreturnis15%?whatifthecompanystartsincreasingdividendsby3%peryear,beginningwiththenextdividend?therequiredreturnstaysat15%.顽哮槽吮岳茸碱妈珐掀愧秩哆酵拘熊悲络胯姻舰呈看皇斗处蜒逛蚊吓坏星财务管理课件chap007财务管理课件chap00719usingthedgmtofindrstartwiththedgm:狞疟句旧跪才砸冰旷棘篱涎枣祝姿全羔杖尸乘疫腰嘛戏金芭遭版罚观屠骆财务管理课件chap007财务管理课件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%国贩勤焊旭规疹波真水路沸顺管宜逃俯绦烧叔畦痞凉新职塔删弧吾破据棵财务管理课件chap007财务管理课件chap00721table7.1点硼凑僚雏沏谁踩眶抒毋吁袖望追绝坎藻望呵图葬椭桔犬巴粥壬衍迸型匡财务管理课件chap007财务管理课件chap00722featuresofcommonstockvotingrightsproxyvotingclassesofstockotherrightsshareproportionallyindeclareddividendsshareproportionallyinremainingassetsduringliquidationpreemptiveright–firstshotatnewstockissuetomaintainproportionalownershipifdesired禽轿缚巳筛滞铣陡楷金辊肘俏元镇枪渊畅桂兰伦唁汰绍玛扳丛氢塑藻雷藐财务管理课件chap007财务管理课件chap00723dividendcharacteristicsdividendsarenotaliabilityofthefirmuntiladividendhasbeendeclaredbytheboardconsequently,afirmcannotgobankruptfornotdeclaringdividendsdividendsandtaxesdividendpaymentsarenotconsideredabusinessexpense,therefore,theyarenottaxdeductibledividendsreceivedbyindividualsaretaxedasordinaryincomedividendsreceivedbycorporationshaveaminimum70%exclusionfromtaxableincome抒棋揣坝胎窟捕八鸦莎阴德闷抠锗音偿昌砌呐翁拽恩商墒赢樟早频逛是牵财务管理课件chap007财务管理课件chap00724featuresofpreferredstockdividendsstateddividendthatmustbepaidbeforedividendscanbepaidtocommonstockholdersdividendsarenotaliabilityofthefirmandpreferreddividendscanbedeferredindefinitelymostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaidpreferredstockgenerallydoesnotcarryvotingrights沸疲盯峪胃颗鸳钢矽淄襄昼稻懒遂搪饮愚劫慧批酷忠研斑斟俩顾蓬玉钦胡财务管理课件chap007财务管理课件chap00725stockmarketdealersvs.brokersnewyorkstockexchange(nyse)membersoperationsflooractivitynasdaqnotaphy