Principles of Finance · 免费预览
不均匀支付流的估值
不均匀的现金流通过将每笔流量贴现后求和来估值；多阶段现金流可拆分为年金部分和终值；同一套方法也可用于对不规则的储蓄计划、不均匀的股息和分阶段的项目进行定价。
1. Flow-by-flow valuation worked
Flow-by-flow valuation worked
2. Two-stage streams and terminal values
Two-stage streams and terminal values
3. Irregular savings patterns
Irregular savings patterns
4. Uneven dividends and the bridge forward
Uneven dividends and the bridge forward
5. Discounting the three-flow stream
A promise pays 1,000 dollars in year one, 2,000 in year two, and 3,000 in year three at 10 percent. What is its present value?
6. The two-stage template
A firm pays individually forecast dividends for five years, then is expected to grow dividends at a constant rate forever. How is its stock value constructed?
7. Why terminal values dominate
Why does the terminal value often account for 70 to 80 percent of a two-stage valuation?
8. Irregular deposits at 6 percent
A saver deposits 2,000 dollars today, 3,000 in one year, and 1,500 in two years, earning 6 percent. What is the fund worth at the end of year two?
9. Why the general method fits dividends
Why is the flow-by-flow method better suited to dividend valuation than the annuity formula?
10. Sign changes in project streams
A project forecasts construction outlays for two years, then operating inflows for eight, then a closure cost. How does the general method handle this mix?
11. The terminal value's formula
At the horizon, the endless tail is priced as a growing perpetuity, first tail flow divided by what spread? Answer with three characters including the minus sign.
12. The irregular stream tool
What five-letter spreadsheet function computes net present value by discounting an entered list of dated flows at one rate? Write the function name.
13. The explicit period's name
In two-stage valuation, what two-word term names the individually forecast years before the terminal value takes over? Answer in lowercase.
14. The stream that does not fit
What three-word payment-stream pattern, level payments for a fixed term, does the general method reduce to when all flows happen to be equal? Answer in lowercase.