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1、十三AssetValuation:EquityInvestments1.A:AnIntroductiontoSecurityValuationa:Explainthetop-downapproachanditsunderlyinglogictothesecurityvaluationprocess.Step1Generaleconomicinfluences:fiscalpolicy:taxcutsencouragespendingandtaxincreasesdiscouragespending.monetarypolicy
2、:arestrictivepolicyreducestheavailabilityoffundsandcausesinterestratestoriseputtingupwardpressuresoncosts.Inadditiontofiscalandmonetaryactionsyoumustalsoconsidertheeconomicconsequencesofpoliticalchangesaroundtheglobe.Fromaglobalportfolioperspectiveyouhavetoconsidert
3、heeconomiceventsinothercountries.Step2Industryinfluences:Thenextstepinthevaluationprocessistoidentifythoseindustriesthatwillprosperorsufferduringthetimeframeofyoureconomicforecast.Youshouldconsiderthecyclicalnatureoftheindustryunderstudy.Someindustriesarecyclical,so
4、mearecontracyclicalandsomearenon-cyclical.Finally,youranalysisshouldalsoaccountforforeigneconomicshifts.Ingeneral,anindustry’sprospectswithintheglobalbusinessenvironmentdeterminehowwellorpoorlyindividualfirmsintheindustrydo.Step3CompanyAnalysis:Afterdeterminingthein
5、dustry’soutlookyoushouldcomparetheindividualfirm’sperformancewithintheentireindustryusingfinancialratiosandcashflowvalues.Yourgoalistoidentifythebestcompanyinapromisingindustry.Thisinvolvesnotonlyexaminingthefirm’spastperformance,butalsoitsfutureprospects.b:Calculat
6、ethevalueofapreferredstock,assumingaperpetualdividend.Valuationofpreferredstockiseasysincethedividendisfixedandthepreferred’slifeisinfinite(it’saperpetuity)appearsintheupperrighthandcorner.Again,theonlyproblemisdeterminingkP.Becauseofdefaultriskfactors,thepreferred’
7、sdiscountrate(kP)shouldbeabovethefirm’sbondrate(kB).Butsincedividendspaidbyonecorporationtoanothercorporationare80%taxexempt,preferredyieldsarebelowthefirm’shighest-gradebondyields.preferredvalue=D+D+...+D=D(1+kp)1(1+kp)2(1+kp)°°kpExample:valuethepreferredofacompany
8、thatpaysa$5annualdividend.Thefirm’sbondsarecurrentlyyielding8.5%andpreferredsharesaresellingtoyieldfiftybasispointsbelowthefirm’sbondyield
