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1、19878_05_c05_p151-187.qxd2/22/069:39AMPage151CHAPTER5BasicStockValuationInChapter4weexaminedbonds.Wenowturntocommonandpreferredstock,beginningwithsomeimportantbackgroundmaterialthathelpsestablishaframeworkforvaluingthesesecurities.Whileitisgenerallyeasytopredictthecash
2、flowsreceivedTheThomsonNOWWebsitecontainsanfrombonds,forecastingthecashflowsoncommonstocksisExcelfilethatwillguideyouthroughthemuchmoredifficult.However,twofairlystraightforwardmodelschapter’scalculations.Thefileforthiscanbeusedtohelpestimatethe“true,”orintrinsic,value
3、ofachapterisIFM9Ch05ToolKit.xls;andcommonstock:(1)thedividendgrowthmodel,whichwedescribeweencourageyoutoopenthefileandinthischapter,and(2)thetotalcorporatevaluemodel,whichfollowalongasyoureadthechapter.weexplaininChapter11.Theconceptsandmodelsdevelopedherewillalsobeuse
4、dwhenweestimatethecostofcapitalinChapter10.Insubse-quentchapters,wedemonstratehowthecostofcapitalisusedtohelpmakemanyimportantdecisions,especiallythedecisiontoinvestornotinvestinnewassets.Consequently,itiscriticallyimportantthatyouunderstandthebasicsofstockvaluation.TO
5、DISCCOLLECTIONIMAGE:©GETTYIMAGES,INC.,PHO15119878_05_c05_p151-187.qxd2/22/069:39AMPage152BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyouwould3.Howcouldyouusethenonconstantgrowthanswerthefollowingquestions.Youshouldnotmodeltofindthevalueofthestock?Herene
6、cessarilybeabletoanswerthequestionsbeforeyoucanassumethattheexpectedgrowthyoureadthechapter.Rather,youshoulduseratestartsatahighlevel,thendeclinesforthemtogetasenseoftheissuescoveredintheseveralyears,andfinallyreachesasteadychapter.Afterreadingthechapter,youshouldstate
7、wheregrowthisconstant.beabletogiveatleastpartialanswerstothe4.Supposeyouwereofferedachancetobuyaquestions,andyoushouldbeabletogivebetterstockataspecifiedprice.Thestockpaidadiv-answersafterthechapterhasbeendiscussedinidendlastyear,andthedividendisexpectedclass.Note,too,
8、thatitisoftenuseful,whentogrowataveryhighrateforseveralyears,answeringconceptualquestions,tousehypo-atamoderateratefo
