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02-03 What is a company worth

02-03 What is a company worth

作者: 非常暴龙兽 | 来源:发表于2019-06-06 15:49 被阅读0次

没有02-02

The value of a future dollar

  • present value: P.V.

  • future value: F.V.

  • Interest Rate: IR
    \mathrm{P.V.}=\mathrm{F.V.}/(1+IR)^i

  • Discount Rate: D.R. 贴现率
    Intrinsic Value: 内在价值,公司未来支付全部股息的现值。

\sum _{i=1}^\infty \frac{\mathrm{F.V.}}{n^i} =\frac{\mathrm{F.V.}}{n-1} =\frac{\mathrm{F.V.}}{\mathrm{D.R.}} =\frac{股息}{贴现率}

  • Book Value 账面价值
    Total assets minus intangible and liabilities.
    全部资产减去无形资产和负债。
    intangible: factories, not patents(专利)

  • Market Capitalization 市值
    market cap = # shares * price

  • Why information affects stock price?
    CEO个人/公司所在的soil bad&good/整个市场海平面上升&下降

  • Q: would you buy this stock?
    Intrinsic value, book value(often lowest), market cap

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