股票价值,优先股及其计算

D2 (1 ks )2
D3 (1 ks )3
...
D (1 ks )
5-4
Constant（常量）growth stock
A stock whose dividends are expected to grow forever at a constant rate, g.
D1 = D0 (1+g)1 D2 = D0 (1+g)2 Dt = D0 (1+g)t
P0
D1 ks - g
$2.12 0.13 - 0.06
$2.12 0.07
$30.29
5-9
What is the expected market price of the stock, one year from now?
D1 will have been paid out already. So, P1
However, the growth does become constant after 3 years.
5-14
Valuing common stock with nonconstant（非常量）growth
directors （董事） Directors elect management Management’s goal: Maximize the stock
price
5-2
Types of stock market transactions( 交易）
Secondary market（二级市场） Primary market（一级市场） Initial public offering market (“going
Capital gains yield（资产增加率）
= (P1 – P0) / P0 = ($32.10 - $30.29) / $30.29 = 6.0%
Total return (ks)
= Dividend Yield + Capital Gains Yield = 7.0% + 6.0% = 13.0%
public”) （上市）
5-3
Dividend（红利）growth model
Value of a stock is the present value of the future dividends expected to be generated by the stock.
^
P0
D1 (1 ks )1
3
...
2.00
5-13
Supernormal（异常的）growth: What if g = 30% for 3 years before achieving long-run growth of 6%?
Can no longer use just the constant growth model to find stock value.
next 3 years, and their PVs.
0
1
2
g = 6%
D0 = 2.00 1.8761 1.7599 1.6509
2.12
2.247
ks = 13%
3 2.382
5-8
What is the stock’s market value?
Using the constant growth model:
0.25 0
PVD t
(1
Dt k
)t
P0 PVDt
Years (t)
5-6
wk.baidu.com
What happens if g > ks?
If g > ks, the constant growth formula leads to a negative stock price, which does not make sense.
CHAPTER 5 Stocks and Their Valuation
Features(特性）of common stock Determining common stock values Preferred stock（优先股）
5-1
Facts about common stock
Represents ownership Ownership implies control Stockholders（Shareholders) elect
5-12
What would the expected price today be, if g = 0?
The dividend stream would be a perpetuity （终身养老金）.
0
1
2
ks = 13%
2.00
2.00
^ PMT $2.00
P0
k
$15.38
0.13
^
ks
D1
g
P0
5-11
What is the expected dividend yield, capital gains yield, and total return during the first year?
Dividend yield( 红利率）
= D1 / P0 = $2.12 / $30.29 = 7.0%
is the present value (as of year 1) of D2, D3,
D4, etc.
^
P1
D2 ks -
g
$2.247 0.13 - 0.06
$32.10
Could also find expected P1 as:
^
P1 P0 (1.06) $32.10
5-10
Expected rate of return on a constant growth stock
If g is constant, the dividend growth formula converges （收敛) to:
^
P0
D0 (1 g)
D1
ks - g ks - g
5-5
Future dividends and their present values
$
Dt D0 ( 1 g ) t
The constant growth model can only be used if:
ks > g g is expected to be constant forever
5-7
If D0 = $2 and g is a constant 6%, find the expected dividend stream for the