Financial management and analysis phần 3 ppsx

195

■

■
less
()
()

or less

■

■

■
i
i
i i
capitalization rate
()

()

i()

i()

i()

…
i()
∞

i()
t

t
∞
∑
i()
t

t
∞
∑
CF
t
t CF
CF
2
N CF
N
N i
CF CF
CF
CF
CF

i()

CF
i()

CF
i()

…
CF
N
i()
N

CF
t
i()
t

t
N
∑
CF
i()
t

t
N
∑
CF

i()
t

t
N
∑
N
i
■
■
risk averse
CF()
CF
i

market equilib-
rium
Investor uses the discount rate and values the asset as
return
■
■
■
yield
− −
FV
PV
N
i
FV PV N
r

FV PV i
N
i
i
i
i −
internal rate of return
i ⁄
FV
PV


⁄

CF
t
t
i
PV
CF
CF
CF
PV
CF
i()

CF
i()

CF

i()

i()

i()

i()

i
N i
i
i i
Hewlett-Packard
10B
Hewlett-Packard
12C
Hewlett-Packard
17B
Texas Instruments
BA-II Plus
±
±
±
i()
t

t
∑
i()
t

t
∑
i()
t

t
∑
i
i
Hewlett-Packard
10B
Hewlett-Packard
12C
Hewlett-Packard
17B
Texas Instruments
BA-II Plus
±

±
±
↑
↑
↑
↑
↑
i()

i()

i()

i()

i()

effective annual return
FV PV i
N
FV PV N
i
i −
Year Cash Flow Value at the End of the Second Year
Year
Cash
Flow
Value at the End
of the Second Year
←
i()

−
i −
modified internal rate of
return
■
■
Year
Cash

Flow
Value at the End
of the Second Year
←


■
■
■
■
■
■
■
Investment 1:
Investment 2:
Investment 3:
Beginning Price Ending Price Number of Years
Year Cash Flow
211
not
cumulative feature
face value.
Summary of Features of Securities
Security Cash Flow Certainty of Cash Flow Maturity
D
P
r
e
required rate of return
P

()

()

…
P
D
r
e
()

D
r
e
()

…
D
r
e
()
x

P D r
e
P
growing D
g
D
P

D
r
e
()
t

t
∞
∑
P
D g()
r
e
()

D
g()
r
e
()

…
D
g()
∞
r
e
()
∞

P D
g()
r
e
()

g()
r
e
()

…
g()
∞
r
e
()
∞

P D
g()
t
r
e
()
t

t
∞
∑

D
D g D
D g D
Dividend Valuation Model
amount
D
P
Review of Economics and Statistics The Investment
Financing and Valuation of the Corporation
The Theory of Investment Value
P D
g()
r
e
g()

P
D
r
e
g

P
()


P
()

The Price of a Share of Stock with a Current Dividend of $2, a 6%
Growth in Dividends, and a 10% Required Rate of Return
g
r
e
D
g
g
less
decline
D r
e
g −
P
()