罗斯公司理财Chpt005优质PPT.ppt

罗斯公司理财Chpt005优质PPT.ppt

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Estimatefuturecashflows:

Size（howmuch）andTiming（when）Discountfuturecashflowsatanappropriaterate:

Therateshouldbeappropriatetotheriskpresentedbythesecurity.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-35.1DefinitionandExampleofaBondAbondisalegallybindingagreementbetweenaborrowerandalender:

Specifiestheprincipalamountoftheloan.Specifiesthesizeandtimingofthecashflows:

Indollarterms（fixed-rateborrowing）Asaformula（adjustable-rateborrowing）McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-45.1DefinitionandExampleofaBondConsideraU.S.governmentbondlistedas63/8ofDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually（June30andDecember31forthisparticularbond）.Sincethecouponrateis63/8thepaymentis$31.875.OnJanuary1,2002thesizeandtimingofcashflowsare:

McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-55.2HowtoValueBondsIdentifythesizeandtimingofcashflows.Discountatthecorrectdiscountrate.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-6PureDiscountBondsInformationneededforvaluingpurediscountbonds:

Timetomaturity（T）=Maturitydate-todaysdateFacevalue（F）Discountrate（r）Presentvalueofapurediscountbondattime0:

McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-7PureDiscountBonds:

ExampleFindthevalueofa30-yearzero-couponbondwitha$1,000parvalueandadiscountrateof6%.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-8Level-CouponBondsInformationneededtovaluelevel-couponbonds:

Couponpaymentdatesandtimetomaturity（T）Couponpayment（C）perperiodandFacevalue（F）DiscountrateValueofaLevel-couponbond=PVofcouponpaymentannuity+PVoffacevalueMcGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-9Level-CouponBonds:

ExampleFindthepresentvalue（asofJanuary1,2002）,ofa6-3/8couponT-bondwithsemi-annualpayments,andamaturitydateofDecember2009ifthediscountrateis5-percent.OnJanuary1,2002thesizeandtimingofcashflowsare:

McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-145.4ThePresentValueofCommonStocksDividendsversusCapitalGainsValuationofDifferentTypesofStocksZeroGrowthConstantGrowthDifferentialGrowthMcGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-15Case1:

ZeroGrowthAssumethatdividendswillremainatthesamelevelforeverSincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:

McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-16Case2:

ConstantGrowthSincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:

Assumethatdividendswillgrowataconstantrate,g,forever.i.e.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-17Case3:

DifferentialGrowthAssumethatdividendswillgrowatdifferentratesintheforeseeablefutureandthenwillgrowataconstantratethereafter.TovalueaDifferentialGrowthStock,weneedto:

Estimatefuturedividendsintheforeseeablefuture.EstimatethefuturestockpricewhenthestockbecomesaConstantGrowthStock（case2）.Computethetotalpresentvalueoftheestimatedfuturedividendsandfuturestockpriceattheappropriatediscountrate.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-18Case3:

DifferentialGrowthAssumethatdividendswillgrowatrateg1forNyearsandgrowatrateg2thereafter.McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.5-19Case3:

DifferentialGrowthDividendswillgrowatrateg1forNyearsandgrowatrateg2thereafter012NN+1McGraw-Hill/IrwinCopyright2002byTheMcGraw-HillCompanies,I