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1、BondandStockValuationNingyueLiu(劉寧悅)BeijingInstituteofTechnologyEmail:ningyueliu@bit.edu.cnInvestmentProductsBondValuationStockValuationHengtaiAipu(300157)planedtoissueadditional17.82million.Theissuepriceis￥57pershareandthecorrespondingPrice-EaringsRatiois99.9
2、2times.Theestimatedpricerangeofthestockbysecurities：GuotaiJunanSeurity：￥37.2-43.61TebonSecurity：￥52.40-58.95EssenceSecurity：￥65-7831BondsandBondValuation?Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe:–Par(face)value–Couponrate–Coupo
3、npayment–MaturityDateValueofBonds?Bookvalue?Marketvalue?IntrinsicvalueBondValuation?PrimaryPrinciple:–Valueoffinancialsecurities=PVofexpectedfuturecashflows?Bondvalueis,therefore,determinedbythepresentvalueofthecouponpaymentsandparvalue.?Interestratesareinvers
4、elyrelatedtopresent(i.e.,bond)values.TheBond-PricingEquation?1ThenormalBond-ValuationModel–Thevaluationformulaofthebond,whichwithinstallmentinterestpayment,lumpprinciplepaymentandcompoundingmethod.niF?FnIFP???tnP???tnt?1(1??RR)(1)t?1(1??RR)(1)–Acompanyissueda5
5、-yearbondwithaparvalueof￥800,acouponrateof5%,andarequiredyieldof8%,calculatethepriceofthebond?P?8005%??PVIFA?800?PVIF8%,58%,5?8005%3.99278000.6806?????704.19元TheBond-PricingEquation?2Thebondwithone-timedebtserviceandnon-compoundinterest–fomula:F?Fin??P?n(1?R)–
6、FengdaCompanyintendstopurchasethebondissuedbyQimingCompany,withaparvalueof￥1,000,foraperiodof5years,couponinterestrateof8%,non-compoundinterest,thecurrentmarketrateis5%,howmuchshouldFengdaCompanytobuyit?P?(100010008%5)????PVIF?14000.78351096.9??元5%5，TheBond-Pr
7、icingEquation3.ZeroCouponBonds?Makenoperiodicinterestpayments(couponrate=0%)?Theentireyieldtomaturitycomesfromthedifferencebetweenthepurchasepriceandtheparvalue?Cannotsellformorethanparvalue?Sometimescalledzeroes,deepdiscountbonds,ororiginalissuediscountbonds(
8、OIDs)?TreasuryBillsandprincipal-onlyTreasurystripsaregoodexamplesofzeroesPureDiscountBondsInformationneededforvaluingpurediscountbonds:–Timetomaturity(T)=Maturitydate-today’sdate–F
