17、ject,rD is the required return on the debt Valuation issue: Discount rate rD Valuation issue: Discount rate rD,The Valuation Model: Bonds,The Valuation Model: A Project,is the required return (hurdle rate) for the project,Valuation issues: Forecasting cash flows Discount rate,Value Creation: V0 I0,T 。

18、he Bond (no value created): V0=1,079.85 I0=1,079.85 NPV= 0.00 The Project (value created): V0=1,529.50 I0= 1,200.00 NPV= 329.50,Valuation Models: Going Concerns,The terminal value, TVT is the price payoff, PT when the share is sold Valuation issues : The forecast target: dividends, cash flow, earnin 。

19、gs? The time horizon: T = 5, 10, ? The terminal value The discount rate,Criteria for Practical Valuation,To be practical, we require: 1. Finite horizon forecasting Forecasting over infinite horizons is impractical 2. Validation Whatever we forecast must be observable ex post 3. Parsimony Information 。

20、 gathering & analysis should be straightforward The fewer pieces of information, the better,The Question for Forecasting: What Creates Value in a Firm,Equity Financing Activities ? Share Issues ? Share Repurchases ? Dividends ? Debt Financing Activities ? Investing and Operating Activities? Distingu 。

21、ish anticipated (exante) value in investing activities from realized (expost) value in operations Value is created in product and factor markets,The Dividend Discount Model: Targeting Dividends,DDM: Problems: How far does one project? Does provide a good estimate of VE0? (i) Dividend policy can be a 。

【如何看财务报表|《如何看财务报表》PPT课件】22、rbitrary and not linked to value added. (ii) The firm can borrow to pay dividends yet . does this create value? (iii) Liquidating firms? The dividend irrelevancy concept The dividend conundrum: Equity value is based on future dividends, but forecasting dividends over finite horizons does not give an indication of this value Conclusion: Focus on creation of wealth rather than distribution of wealth,Terminal Values for the DDM,A. Capitalize expected terminal dividends B. Capitalize expected terminal dividends with growth Will it work,Dividend Discount Analysis: Advantages and Disadvantages 。

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标题：如何看财务报表|《如何看财务报表》PPT课件( 二 )