金融学英文课件：Chapter09 Valuation of Common Stocks

Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall1ObjectiveExplain equity evaluation using discountingDividend policy and wealth Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall2Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall3Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall4Yr HiYr LoStockSym123 1/8 93 1/8IBMIBMDivYld%PEVol 1004.844.21614591Day HiDay LoCloseNet Chg115113114 3/4+1 3/8Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall5Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall6Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall7Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall8Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall9Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall10Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall11Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall12 00111111113423121114433221101111.111111.1111PPPDkkPDPkkDkDkDkDkkDkDkDkDkDPCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall130011PPPDkCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall14001010011PPPPDPPPDkCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall15kPDP1110Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall16Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall17Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall18Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall19RgDRDp)1(1 nominalreal0Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall20 gkDgkDgkgDRgDp1111011111)1()1(Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall21gpDkgkDp0110Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall220010010101&PPPgPPPPDkgpDkCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall23Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall24Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall25Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall26Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall27Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall28Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall29Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall301110111tttttttttkIkEkDpCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall31Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall32Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall33Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall34Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall35Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall36Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall37Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall38Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall39(.)*0.8 (0.4*0.8 (0.4*0.8 (0.4*100wealth(.)*6080*0.6 (0.4*6080*0.6 (0.4*6080*0.6 (0.4*100wealthOriginal wealthKeptReinvestedWealth MultiplierCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall40200$0.8-11*0.4*100.)0.8 0.8 0.8(1*0.4*100wealth(.)*0.8 (1*0.8 (1*0.8(1*0.4*100(.)*0.8 (0.4*0.8 (0.4*0.8(0.4*100wealth32aaaa11.132Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall42Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall43Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall44Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall45100$15.0*6.015.06PriceRetention RatioGrowth RateCost of CapitalCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall46Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall47Nogrowth andNormalprofitCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall48Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall49Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall50investmentfurure111NPVkEkPgkEPgkEPoooCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall51Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall52Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall53Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall54AssetsLiabEquCash 2Debt 2Other10Equity10Total12Total12Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall55Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall56AssetsLiabEquCash 1Debt 2Other10Equity 9Total11Total11Was 2Was 10Were 12Were 12Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall57Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall58Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall59AssetsLiabEquCash 2Debt 2Other10Equity10Total12Total12Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall60Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall61Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall62AssetsLiabEquCash 1Debt 2Other10Equity 9Total11Total11Was 2Was 10Were 12Were 12Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall63Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall64Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall65Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall66Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall67Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall68Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall69