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《equity valuation models》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、Chapter18:EquityValuationModelsChapterOpenerPART??Vp.583ASOURDISCUSSIONofmarketefficiencyindicated,findingundervaluedsecuritiesishardlyeasy.Atthesametime,thereareenoughchinksinthearmoroftheefficientmarkethypothesisthatthesearchforsuchsecuritiesshouldnotbedismissedou
2、tofhand.Moreover,itistheongoingsearchformispricedsecuritiesthatmaintainsanearlyefficientmarket.Evenminormispricingwouldallowastockmarketanalysttoearnhissalary.???Thischapterdescribesthevaluationmodelsthatstockmarketanalystsusetouncovermispricedsecurities.Themodelspr
3、esentedarethoseusedbyfundamentalanalysts,thoseanalystswhouseinformationconcerningthecurrentandprospectiveprofitabilityofacompanytoassessitsfairmarketvalue.Westartwithadiscussionofalternativemeasuresofthevalueofacompany.Fromthere,weprogresstoquantitativetoolscalleddi
4、videnddiscountmodels,whichsecurityanalystscommonlyusetomeasurethevalueofafirmasanongoingconcern.Nextweturntoprice–earnings,orP/E,ratios,explainingwhytheyareofsuchinteresttoanalystsbutalsohighlightingsomeoftheirshortcomings.WeexplainhowP/Eratiosaretiedtodividendvalua
5、tionmodelsand,moregenerally,tothegrowthprospectsofthefirm.???Weclosethechapterwithadiscussionandextendedexampleoffreecashflowmodelsusedbyanalyststovaluefirmsbasedonforecastsofthecashflowsthatwillbegeneratedfromthefirms'businessendeavors.Finally,weapplytheseveralvalu
6、ationtoolscoveredinthechaptertoarealfirmandfindsomedisparityintheirconclusions—aconundrumthatwillconfrontanysecurityanalyst—andconsiderreasonsforthesediscrepancies.Chapter18:EquityValuationModels18.1ValuationbyComparablesThepurposeoffundamentalanalysisistoidentifyst
7、ocksthataremispricedrelativetosomemeasureof“true”valuethatcanbederivedfromobservablefinancialdata.Therearemanyconvenientsourcesofsuchdata.ForU.S.companies,theSecuritiesandExchangeCommissionprovidesinformationatitsEDGARWebsite,www.sec.gov/edgar.shtml.TheSECrequiresal
8、lpubliccompanies(exceptforeigncompaniesandcompanieswithlessthan$10millioninassetsand500shareholders)tofileregistrationstatements,periodicr
