Financial Management -stock valuation

 

 

 

Financial Management -stock valuation

재무관리 주식 평가

 

 

8-(1)

1. value of common stock

 

따라서 채권 평가하는 거보다 주식 평가하는 게 더 어려움

 

하지만 주식평가를 해본다면,

 

stocks= Infiintie dividens & time

 

special case 로 4가지

1. No Growth

2. Constant Growth

3. Non-constant Growth

4. Two-Stage Growth

 

첫번째

1. No Growth: company pays constant dividends forever

->perpetuty

 

두번째

2. Constant Growth: dividend grows at a constant rate

mature firm-> Growing perpetuty

 

 

세번째

3. Non-constant Growth

-firm's growth rates usually change over time.

-rapid growth at the beginning, but slow growth as the firm matures.

-firm may not pay divideds right away

ㄴidentify cash flow ->summarize to p9

->simplify timeline to single cash flow problem-> PV

valuation blasic: If  you know timeline, Future cash flow, proper discount rate