mar文档新ketanalysis(投资解析跟投资组合管理).ppt

LecturePresentationSoftwarepanyInvestmentAnalysisandPortfolioManagementSeventhEditionby&StockMarketAnalysisQuestionstobeanswered:Howdoweapplythebasicreducedformdividenddiscountmodel(DDM)tothevaluationoftheaggregatestockmarket?WhatwouldbetheprevailingvalueofthemarketaspresentedbytheS&P400baseduponthereducedformDDM?Whatwouldbetheprevailingvalueofthemarket(S&P400)baseduponthevalueoffreecashflowtoequity(FCFE)model?Chapter13ponentsinvolvedinthetwo-partvaluationprocedure?ponentsinthevaluationprocedure,whichismorevolatile?Whatstepsareinvolvedinestimatingtheearningspershareforanaggregatemarketseries?Whatvariablesaffecttheaggregateoperatingprofitmarginandhowdotheyaffectit?Chapter13helevelandchangesinthemarketearningsmultiplier?Howdoyouarriveatanexpectedmarketvalueandanexpectedrateofreturnforthestockmarket?Whathashappenedtothevaluesfortheotherrelativevaluationratios-.,theP/BV,P/CF,andP/Sratios?Chapter13StockMarketAnalysisWhatadditionalfactorsmustbeconsideredwhenyouapplythismicroanalysisapproachtothevaluationofstockmarketsaroundtheworld??ApplyingtheDDMValuationModeltotheMarketThestreamofexpectedreturnsThetimepatternofexpectedreturnsTherequiredrateofreturnontheinvestmentApplyingtheDDMValuationModeltotheMarketDeterminantsoftheEarningsMultiplier:-freerateTheequityriskpremiumThecurrentestimateofRiskPremiumandkEstimatingthegrowthrateofdividends(g)g=f(b,ROE)e/EquityEstimatingGrowthRateGrowthrateofdividendsisequaltoRetentionrate-theproportionofearningsretainedandreinvestedReturnonequity(ROE)–rateofreturnearnedoninvestmentAnincreaseineitherorbothofthesevariablescausesanincreaseintheexpectedgrowthrate(g)andanincreaseintheearningsmultiplierReturnonEquity