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1、1 Chapter9 ValuationofCommonStocks Copyright PrenticeHallInc 2000 Author NickBagley bdellaSoft Inc ObjectiveExplainequityevaluationusingdiscountingDividendpolicyandwealth 2 Chapter9Contents 9 1Readingstocklistings9 2Thediscounteddividendmodel9 3Earningandinvestmentopportunity9 4Areconsiderationofthe
2、pricemultipleapproach9 5Doesdividendpolicyaffectshareholderwealth 3 ReadingStockListings 4 PresentValueofDividends 5 ExpectedRateofReturn Thepriceanddividendnextyearareexpectedprices soTheexpectedrateofreturninanyperiodequalsthemarketcapitalizationrate k 6 RateRelationship Thisrelationshiptellsyouth
3、atnextyear sexpecteddividendyield theexpectedcapitalgainyieldisequaltotherequiredrateofreturn 7 Price0IsDiscountedExpected Dividend1 Price1 Priceisthepresentvalueoftheexpecteddividendplustheend of yearpricediscountedattherequiredrateofreturn 8 EaseofUse Recallfromchapter4that foraperpetuity theprese
4、ntvalueistherealvalueofthefirstcashflowdividedbytherealrate 9 PuttingThisTogether 10 SolvingforK 11 G CapitalGainsYield Comparingpriorresults 12 EarningandInvestmentOpportunity Tosimplifytheanalysis supposethatnonewsharesareissues andnotaxesDividends earnings netnewinvestment D E I Theformulaforvalu
5、ingstockis 13 GrowthStock 14 GrowthStock 15 Generalize LettheV valueoftheshareswithoutreinvestmentG thegrowthfromnewinvestmentR retentionratioM wealthmultiplier g iWealthg wealth0 1 r 1 w r 16 ReinvestmentUnderNormalGrowth 17 Illustration Dividends 18 Illustration DividendPayment 19 Illustration ShareRepurchase 20 Illustration ShareRepurchase
