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# CHAPTER 9

Stocks and Their Valuation

Price

(Figure 1-1)

#  Using the multiples of comparable firms

Dividend growth model

# r )

### •

Constant growth stock

present values
\$
D
= D
( 1 + g )
t
0
D
0.25
t
PVD =
t
t
( 1
+
r )
P = PVD
0
t
0

# If r RF= 7%, r M= 12%, and b = 1.2, what is the required rate of return

on the firm’s stock?

their PVs.
0
1
2
3
g = 6%

r s = 13%

# What are the expected dividend yield, capital gains yield, and total

return during the first year?

# What would the expected

price today be, if g = 0?

r s = 13%
...
2.00
2.00
2.00

# What if g = 30% for 3 years before

achieving long-run growth of 6%?

# Valuing common stock with

nonconstant growth
0
1
2
3
4
r
= 13%
s
...
g = 30%
g = 30%
g = 30%
g = 6%
D 0 = 2.00
2.600
3.380
4.394
4.658
2.301
2.647
3.045
4.658
46.114
P
=
= \$66.54
3
0.13
0.06
^
54.107
=
P 0

fourth years.

# What if g = 0% for 3 years before

long-run growth of 6%?
0
1
2
3
4
r
= 13%
s
...
g = 0%
g = 0%
g = 0%
g = 6%
D 0 = 2.00
2.00
2.00
2.00
2.12
1.77
1.57
1.39
2.12
20.99
=
= \$30.29
P  3
0.13
0.06
^
25.72
=
P 0

fourth years.

# Find expected annual dividend

and capital gains yields.

# gains.

## 9-22

Corporate value model

# Issues regarding the

corporate value model

intrinsic value.
0
1
2
3
4
r = 10%
...
g = 6%
-5
10
20
21.20
-4.545
8.264
15.026
21.20
398.197
530 =
= TV 3
0.10
-
0.06
416.942

share?

# = \$37.69

Firm multiples method

# price.

## 9-28

What is market equilibrium?

# )b

Market equilibrium

established?

# How are the equilibrium

values determined?

Preferred stock

return?