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Equity Valuation Models
Chapter 18
Models of Equity Valuation
Basic Types of Models Balance Sheet Models Dividend Discount Models Price/Earning Ratios
Estimating Growth Rates and Opportunities
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Intrinsic Value and Market Price
Intrinsic Value
Self assigned Value
Variety of models are used for estimation Market Price
Consensus value of all potential traders Trading Signal
IV > MP Buy
IV < MP Sell or Short Sell
IV = MP Hold or Fairly Priced
1183
Dividend Discount Models: General Model
Vo
t 1
Dt
(1 k)t
V0 = Value of Stock Dt = Dividend
k = required return
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No Growth Model
Vo
D
k
Stocks that have earnings and dividends that are expected to remain constant.
Preferred Stock
1185
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