, , . , , , . : , , .
, , , , . , , , .
, , . , , .
, . , , . ,
, () , ( ). , , - . , , ' , .
, , ] , , , . , , . v , .
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9.6 |
, , , ? |
() , .
() , , , ( ), . , .
.
, , , , , .
, , .
, , . , , .
, :
, :
, , t, /, t. (g):
:
g = :
= EJk +
(dividend yield), 307
/ (price/earnings multiple, P/E), 307
, (discounted dividend model), 307
(risk-adjusted discount rate), 307
(market capitalization rate), 307
(growth stocks), 314
(dividend policy), 315
; (cash dividends), 315
(share repurchase), 315
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9.1. XYZ 2 . . 6% . , 20 .?
. k, = D/(k g).
k = DJ + g = 2/20 + 0,06 = 0,16, 16%.
9.2. QRS . ,
10 ., 75% , 18% . QRS? ?
. ( = D,/(k - g).
= 2,50 ./(0,15 - 0,135) = 166,67 .
= Ei/k = 10 ./0,15 = 66,67 .
:
166,67 . 66,67 . = 100,00 .
9.3. , Cashrich Co. 1,5 . 1,5 . .
. ;
(3 .) 20 . 17 . (20 .), < , 750000 425000.
9.4. Cashrich Co. 20% ?
. , , 600000, ;
16,67 .
9.5. & , Cashpoor Co. i 0,25 . , 0,25 . ?
. 0,25 ., .. 1,75 ., 142857 (250000 ./1,75 . ). ] .
9.6. , , ?
. , , , . , ) .
M 9.1-9.4
1. DDM (Do) 2 . . , 5% . , , 13% .
. , ( )?
b. , 20 . :
i. ;
ii. .
2. Rusty Clipper Co. 5 . . , 10% . 25 . . ?
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3. Constant Growth Co. (CGC) (,) 5 . 20% . CGC 15% , ROE 17% . , :
. ?
b. ?
. , ?
d. 50 ., :
i. ROE ;
ii. ;
iii. .
4. Slogro Co. 10 . . 2 . . 60% . , 20% . , .
. , , , , Slogro Co.?
b. , , ?
. Slogro Co., , , 25% ?
d. , Slogro Co. (60% ), , . , 20% . , . ?
5. Amazing-corn Co. 5 . 25% .
. ? .
b. 5 1 . . 20% , 10% , ?
. 100 ., ?
6. Digital Growth Co. 5 . EPS 10 ., . ROE 5 20% , . ROE 15% 40% . . Digital Growth Co. 15% .
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. Digital Growth Co.?
b. , , ? ?
. Digital Growth . , 20% ?
J. 2Stage Co. 2 . . , 25% , 5% . 20% .
. ?
b. , ?
. ? ( ) ?
8. The Simp Stock Guide :
PEG / ( / ) . , PEG
. , , PEG, : (k), (ROE) (b)? ( /, PEG, (Po/E))f
. , ( ) . 0,04, 0,06. PEG , ROE 0,10 , ROE 0,15. , ( 1) ( 0,6)?
. ?