公司理財(cái)雙語heValueofCommonSocks

Chapter

5PrinciplesofCorporateFinanceNinth

EditionThe

Value

ofCommon

Stocks5-2Topics

Covered

How

Common

Stocks

are

Traded

How

Common

Stocks

are

Valued5-3Stocks &

Stock

MarketNew

York

Stock

Exchange

(NYSE)Auction

MarketsBroker:

a

broker

matches

buyers

and

sellers.They

perform

the

search

function

for

a

fee(commission).

They

do

not

hold

aninventory

of

securities.5-4NASDAQDealer

Markets

Dealer:

maintains

an

inventory

and

standsready

to

trade

at

quoted

bid

(price

atwhichthey

will

buy)

and

ask

(price

at

which

theywill

sell)

prices.

Make

their

profit

from

thedifference

between

the

bid

and

ask

pricesOver

the

counter5-5Stock Market

ReportingGap

hasbeen

as

highas

$21.89inthe

last

year.Gap

has

been

aslow

as

$9.41inthe

last

year.Gap

pays

adividend

of

34cents/share.Given

thecurrentprice,

thedividendyield

is3.1%.Given

thecurrentprice,

the

PE

ratio

is8

timesearnings.8,829,800

sharestradedhands

in

the

lastday’strading.Gap

ended

trading

at$11.06,

which

is

up

45cents

fromyesterday.5-6Stocks &

Stock

MarketCommon

Stock

-

Ownership

shares

in

apublicly

held

corporation.Primary

market:sales

of

new

shares

to

raisenew

capitalSecondary

Market-

market

in

whichalreadyissued

securities

are

traded

by

investors.Dividend

-

Periodic

cash

distribution

from

thefirm

to

theshareholders.P/E

Ratio

-

Price

per

share

divided

byearnings

pershare.5-7The

PV

of

Common

StocksThe

value

of

any

asset

is

the

presentvalueof

its

expected

future

cash

flows.Stock

ownership

produces

cash

flowsfrom:DividendsCapital

GainsValuation

of

Different

Types

ofStocksZero

GrowthConstant

GrowthDifferential

Growth5-8Valuing

Common

StocksExpected

Return

-

The

percentage

yield

that

aninvestor

forecasts

from

a

specific

investmentovera

set

period

of

time. Sometimes

called

the

marketcapitalization

rate.5-9Valuing

Common

StocksExample: If

GE

is

selling

for

$100

per

sharetodayand

is

expected

to

sell

for

$110

one

year

fromnow,

what

is

the

expected

return

if

thedividendone

year

from

now

is

forecasted

to

be$5.00?5-10Valuing

Common

StocksAnother

Example:

You

purchase

anownershipshare

in

the

Nestlé

for

$50,000.

In

one

year

youexpect

the

Nestlé

pay

you

a

dividend

of

$3,000.You

think

you

will

be

able

to

sell

your

share

for$58,000

at

that

time.

What

is

your

expectedreturn?5-11Valuing

Common

StocksDividend

Discount

Model-

Computation

oftoday’sstock

price

which

states

that

share

value

equals

thepresent

value

of

all

expected

future

dividends.H

-

Time

horizon

for

yourinvestment.5-12Valuing

Common

StocksExampleCurrent

forecasts

are

for

XYZ

Company

to

pay

dividends

of

$3,

$3.24,

and

$3.50

over

the

nextthree

years,respectively. At

the

end

of

threeyearsyou

anticipate

selling

your

stock

at

a

market

priceof

$94.48.

What

is

the

price

of

the

stock

given

a12%

expected

return?5-13Valuing

Common

StocksExampleCurrent

forecasts

are

for

XYZ

Company

to

pay

dividends

of

$3,

$3.24,

and

$3.50

over

the

next

three

years,

respectively.

At

the

end

ofthreeyears

you

anticipate

selling

your

stock

at

a

market

price

of

$94.48.What

is

the

price

of

the

stock

given

a

12%

expected

return?5-14Valuing

Common

Stocks5-15Case

1:

Zero

GrowthAssume

that

dividends

will

remain

at

the

samelevel

forever,

we

will

then

value

the

stock

as

aPERPETUITY.Since

future

cash

flows

are

constant,

the

value

of

a

zerogrowth

stock

is

the

present

value

of

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