Chapter9ChapterOutlineChapterOutlineLearningObjectivesLearningObjectives(cont'd)LearningObjectives(cont'd)9.1StockPrices,Returns,andtheInvestmentHorizon股价、回报率与投资期限9.1StockPrices,Returns,andtheInvestmentHorizon(cont'd)DividendYields,CapitalGains,andTotalReturns红利收益率，资本利得，总回报率Example9.1假设预期龙斯药店来年将发放每股0.56美元红利，年底每股市价45.5美元，如果同等风险投资的期望回报率为6.8%,那么今天龙斯药店股票价格是多少？在这个价格下，红利收益率和资本利得率是多少？Example9.1(cont'd)AMulti-YearInvestor多年期投资者AMulti-YearInvestor(cont'd)AMulti-YearInvestor(cont'd)9.2TheDiscount-DividendModel红利折现模型9.2TheDiscount-DividendModel(cont'd)Example9.2Example9.2(cont'd)DividendsVersusInvestmentandGrowth红利与投资及增长DividendsVersusInvestmentandGrowth(cont'd)DividendsVersusInvestmentandGrowth(cont'd)DividendsVersusInvestmentandGrowth(cont'd)DividendsVersusInvestmentandGrowth(cont'd)DividendsVersusInvestmentandGrowth(cont'd)Example9.3为盈利性增长而削减红利Example9.3(cont'd)Example9.4无价值（没有收益）的增长Example9.4(cont'd)小结：比较例9.3与例9.4翻译轶事ChangingGrowthRates改变增长率ChangingGrowthRates(cont'd)ChangingGrowthRates(cont'd)Example9.5对具有两个不同增长率的公司估值Example9.5(cont'd)LimitationsoftheDividend-DiscountModel红利折现模型的局限性9.3TotalPayoutandFreeCashFlowValuationModels总支付模型和自由现金流估值模型9.3TotalPayoutandFreeCashFlowValuationModels(cont'd)9.3TotalPayoutandFreeCashFlowValuationModels(cont'd)Example9.6Example9.6(cont'd)TheDiscountedFreeCashFlowModel折现自由现金流估值模型TheDiscountedFreeCashFlowModel(cont'd)折现自由现金流模型与红利折现模型的区别：TheDiscountedFreeCashFlowModel(cont'd)TheDiscountedFreeCashFlowModel(cont'd)Example9.7Example9.7(cont'd)TheDiscountedFreeCashFlowModel(cont'd)自由现金流折现模型局限Example9.8Example9.8(cont'd)AComparisonofDiscountedCashFlowModelsofStockValuation股票估值的折现现金流模型的比较9.4ValuationBasedonComparableFirms基于可比公司的估值ValuationMultiples估值乘数市盈率的直观意义：ValuationMultiples(cont'd)ValuationMultiples(cont'd)Example9.9Example9.9(cont'd)ValuationMultiples(cont'd)Example9.10利用公司价值乘数估值Example9.10(cont'd)ValuationMultiples(cont'd)LimitationsofMultiples乘数的局限性68ComparisonwithDiscountedCashFlowMethods与折现现金流法的比较StockValuationTechniques:TheFinalWord股票估值技术