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Chapter v

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Equity Valuation
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object]
[object Object]
[object Object]
 
[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object]
Where x1, x2……. are the annual returns for the respective years.
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
t n − t 0 = 2007 - 2004 = 3 Calculating CAGR gives: Year 2004 2005 2006 2007 Revenues 100 115 150 200
[object Object]
[object Object],[object Object]
[object Object],[object Object],Total value of a two-stage growth stock
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
D 1 = (1 –b ) E 1 (where b is the retention rate and E 1 is the earnings per share in time 1)
[object Object],Growth potential ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
 

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Chapter v

  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.  
  • 8.
  • 9.
  • 10. Where x1, x2……. are the annual returns for the respective years.
  • 11.
  • 12.
  • 13. t n − t 0 = 2007 - 2004 = 3 Calculating CAGR gives: Year 2004 2005 2006 2007 Revenues 100 115 150 200
  • 14.
  • 15.
  • 16.
  • 17.
  • 18. D 1 = (1 –b ) E 1 (where b is the retention rate and E 1 is the earnings per share in time 1)
  • 19.
  • 20.
  • 21.