50. equity valuation
2016-11-13 09:54:10 0 举报AI智能生成
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discount cash flow models
DDM=Div/(1+k) + year-end price/(1+k)
FCFE：如果公司不发div的话
FCFE / (k-g)
Gordon growth model = D./(k-g)
multistage
value = d1/(1+k) + d2/(1+k)^2 + d3/(1+k)^3 + pn/(1+k)^3
上面的例子到^3是4年快速增长，然后转永续
g = (1- payout rate) x ROE
k = Rf + Beta (Rm - Rf)
required rate of return
Preferred stock = Div/ K
disadvantage: sensitive to k-g
multiplier models
P/E = (Div/Earning)/(k-g)
EV/EBITDA
EV = market value of stock and debt - cash and s/t investment
disadvantage: firm size, reflect past, debt is not accurate
asset-based models
(Total asset - total liability) / shares
disadvantage: untangible asset
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