3.股票估值-英文班.ppt

But what determines the rate of dividend growth? Imagine that the company starts 2011 with book equity of $8.35 per share and earns a return on equity of 11% a year. Then EPS should be ? Ratios: Payout ratio: fraction of earnings paid out as dividends Plowback ratio: fraction of earnings retained by the firm Payout ratio + Plowback ratio=1 Sustainable growth rate: The firm’s growth rate if it plows back a constant fraction of earnings, maintains a constant ROE, and keeps its debt ratio constant. If a company earns a constant return on its equity and plows back a constant proportion of earnings, then the growth rate g is g = sustainable growth rate = return on equity × plowback ratio WHAT WOULD BE THE STOCK PRICE? What if paid out all its forecast earnings and forwent any growth? Or keep to its policy of reinvesting 31.4% of its profits but the forecast return on investments was only 6.8%? Plowing earnings back into new investments may result in growth in earnings and dividends but it does not add to the current stock price if that money is expected to earn only the return that investors require.将利润留存下来用于再投资可能会带来盈利和股利的增长，但如果投资预期只能赚取投资者所要求的收益率水平，那么利润留存和再投资则不会增加当前的股票价格。 Plowing earnings back does add value if investors believe that the reinvested earnings will earn a higher rate of return. 如果投资者认为再投资能获得更高的收益率，则利润留存会增加企业价值。 Present value of growth opportunities (PVGO): net present value of firm’s future investments 增长机会价值：公司未来投资机会的净现值。 Tips：公司股票的总价值等于现有资产价值与增长机会价值之和。 P0=EPS/R+ PVGO Total value of stock=value of assets in place + present value of growth opportunities(PVGO) * * * Chapter 6 Valuing stocks Content Stocks and the stock market Book values, liquidation values, and market values Valuing common stocks Simplifying the dividend discount model Growth stocks and income stocks 7.1 Stocks and the stock market -P.148 The company sold shares of common stock to the public for the first time. Those investors who bought shares in the initial public offering, IPO,