. 9.1 IBM, - .
52 . . . 4,84 , 4,84 . ( ). 1,21 .
9.1. -
Hi 132 1/8
Lo 93 3/8
Stock IBM
Sym IBM
Div 4.84
YId % 4.2
PE 16
Vol 100s 14591
Hi 115
Lo 113
Close 114 3/4
Net Chg + 1 3/8
(dividend yield). , , . / (price/earnings multiple) , ( ).
(Vol) . (round lots) . , (odd lots), . , .
9.2. :
M 9.2
( ) , , , . , (discounted dividend model, DDM), , () .
, .
, , , 5 . (Z>i), (ex-dividend) - 110 . (P1)1.
(market capitalization rate), (risk-adjusted discount rate) , , . 13. k. , k 15% .
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/-,) (D,) (, - ), () . , :
E(r1) = (D1 + P1 P0) / P0 = k (9.1)
0,15 = (5 + 110 - P0) / P0
9.1 : (k). :
P0 =(D1+P0) / (1+k) (9.2)
, , (.. ).
:
P0 =(5 .+110 .) / 1,15 = 100 .
, (,). ? , :
P1 =(D2+P2) / (1+k) (9.3)
(9.4)
, , :
(9.5)
, , .
, , , , , . , , .
9.2.1.
, , 9.5, , . , . :
, (g). , , Steadygrowth Co, 10% . :
D1 | D2 | D3 | .. |
5 . | 5,50 . | 6,05 . | .. |
D1 = D1(1+g)t-1 9.5 , , :
(9.6)
Steadygrowth Co., :
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. , , : - = -
D, k ( ), g, . g . k, ""; .. . , (k). 9.3 , , k.
, , . , , . 9.2, Steadygrowth Co. .
, :
D2 = D1(1+g)1, :
:
9.2. Sfeadygrowth .
( ) | ||||
100 . 100 . 100 . | 5,00 . 5,50 . 6,05 . | 5% 5% 5% | 10% 10% 10% |
, , (g). Steadygrowth Co. 15% 5% 10% .
9.1 |
XYZ 2 . . 6% . , 20 .? |
9.3. :
, , . , , . (dividend policy) . , , - . , , .
, . 2:
t = , , : , , t, & I, t.
, . . , , . , , .
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, , 1 , , ! : , , . , , : , . ; , .
, , : (1) , , , (2) . , . mi :
P0=E1 / k +
, , Nogrowth Co., EPS () ) 15 . ;
, . , - .
, 15%, Nogrowth Co. 100 .:
0 = 15 ./0,15 = 100 .
Growthstok Co. Growthstok Co. , Nogrowth Co., 60% . 20% (.. 5% , , 15%). Growthstok Co. , Nogrowth Co. 15 ., Nogrowth Co., Growthstok Co. 40% 15 . ( 6 . ). 9 . , , 20%- .
Growthstok Co. , ogrowth Co., . Growthstok . , Nogrowth Co. , .
EPS3:
g =
Growthstok Co. :
g= 0,6 0,2 = 0,12 12%
Growthstok Co. :
P0 = 6 / (0,15 0,12) = 6/0,03 = 200 .
Growthstok Co. 100- Nogrowth Co.:
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= 200 . 100 . = 100 .
, , Growthstok Co. Nogrowth Co., , , , , 20% 15% . , , 15% 20%. Normalprofit Co.
Normalprofit Co. 15% , 60% . , 9% :
g =
g= 0,6 0,15 = 0,09, 9%
, , Normalprofit Co. :
P0 = 6 / (0,15 0,09) = 6/0,06 = 100 .
Normalprofit Co. , Nogrowth Co., 9% . , Normalprofit Co. . . 9.3 . 9.1 Normalprofit Co. Nogrowth Co. .
9.3. Nogrowth Co. Hormaiprofft Co.
. Nogrowth .
100,00 . 100,00 . | 15,00 . 15,00 . | 15,00 . 15,00 . | 15% 15% | 0% 0% | |
100,00 . | 15,00 . | 15,00 . | 15% | 0% |
. Normalprofit Co.
1 2 3 | 100,00 . 109,00 . 118,00 . | 15,00 . 16,35 . 17,82 . | 6,00 . 6,54 . 7,13 . | 6% 6% 6% | 9% 9% 9% |
. 9.1.
Normalprofit Co. Nogrowth Co.. , - .
0 = E1/k = 15 ./0,15 = 100 .
, : , . , , , , ( , k). , , k, 0 = E1/k
9.2 |
QRS . , 10 ., 75%, 18% . QRS? ? |
9.4. /:
7 , / ( / ). , , EPS /, . , , .
, :
0 = E1/k + NPV
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, / (k), , .. , , .
, / , , , (growth stocks).
, , / , EPS. 9.3, Normalprofit Co. 9% , /, Nogrowth Co., - . , /. , , , , , k.
, , Digital Biomed Corporation, , . / 15. Digital Biomed Co. 2 . / , Digital Biomed Co. 30 . , , Digital Biomed i Co., 100 . . ?
70 . (100 . - 30 .) , Digital Biomed Co., , , .
/. . /. , .
9.5. ?
(dividend policy) , . , , (.. . . .} , . , . , , , "" .