Equity Valuation Lecture Map Definitions of Value Book value‚ Liquidation value‚ Intrinsic value‚ Market value Dividend discount models Constant-growth Multi-stage growth Value Metrics and Determinants of Value Current earnings and growth P/E Lesmond 1 Book Value of Equity The firm’s equity value‚ or stock value‚ is stated right on the firm’s books This is NOT the market value of equity Book value per share of Equity is the value of common equity on the books‚ divided
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“Poverty is a natural phenomenon-it cannot be eradicated” Poverty dwells amidst the hungry‚ within the homeless‚ dealing with hardships of heat and frost. Poverty is the helplessness felt when the sick are deprived of medical care‚ when the society drowns deeper into the realms of illiteracy‚ when the fear of being unemployed forces one into illegal means like corruption. Poverty swells in the tears of the powerless old‚ reflected in the void eyes of the innocent childhood‚ trapped in the limbs
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Discount atv tires Discount Tire was founded in 1960‚ in Ann Arbor by Bruce T. Halle. It has grown from one operation to the tire and wheel retailer largest independent US. Its growth was mainly due to the company’s focus on affordable‚ customer service‚ and ensure their satisfaction. Halle said that for a company to have the outstanding features in the commodities market‚ product differentiation. However‚ improving the customer experience is an urgent job to be able to enhance the value of the brand
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The straightforward difference between crime as social phenomenon and behavior is that social phenomenon focuses on the crime and social behavior focuses on the offender. Crime research receives important contributions from different disciplines such as anthropology‚ sociology‚ economics‚ criminology‚ psychology‚ among others. All of these are essential in understanding crime in society. When crime is studied as a social phenomenon; investigators want to detect differences and similarities in
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with the following cash flows if the discount rate is 14 percent? [pic] A. -$3‚140.43 B. -$929.90 C. $247.181 D. $1‚027.67 E. $1‚127.08 2. Timothy is considering an investment of $10‚000. This investment is supposedly going to provide him with cash inflows of $2‚500 in the first year and $6‚000 a year for the following 2 years. At a discount rate of zero percent this investment has a net present value (NPV) of _____‚ but at the relevant discount rate of 18 percent the project’s
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NEW NARCISSISM 1) The subject New Narcissism is a modern version of the phenomenon narcissism. This article has brought new narcissism to life/reality. According to the psychologists an enlargement number of people are more narcissistic than ever before. The phenomenon of Narcissus is a creation of the human beings‚ to hide from the real world or in the matter of fact the actual truth. By doing this it creates self-comfort for them without having to worry about what other people believe.
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The ‘Hong Kong Kids’ Phenomenon In recent years it is common to see Hong Kong children accompanied by their domestic helpers everywhere. Some of them just shout at their helpers asking for help in tying their shoelaces and some just open their mouths to wait for spoonfuls of food like little birds in a nest. They have reached the age with the abilities to take care of themselves but they do not do so. As this problem becomes increasingly general‚ it is important to explore its different causes so
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Lorena Gonzalez (Chapter 7) Dr. Kim In-Kyeong Developmental Psychology 11 February 2015 Make Believe Phenomenon Growing up‚ the phenomenon of make believe played a big role in my life. Being the youngest in my family‚ I would most of the time have to play alone because my siblings would go to school. I remember that when I was the age of four‚ I used to pretend that my teddy bear was my best friend. Instead of having an imaginary friend I had a teddy bear friend. I would play with him and talk to
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Natural Phenomenon The global warming subject has been a heated debate for the past few decades. Some scientists are saying this is a completely man made problem. There are two clear sides to this subject and both have evidence‚ but the evidence is stronger on that global warming is just Mother Nature at work. The government has poured hundreds of millions of tax payer dollars into research for manmade global warming. The theory is that humans are causing the “greenhouse effect” and putting too
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|Dividend ‘14 |.15 | |Dividend ‘15 |.17 | |Dividend ‘16 |.18 | .18 - .14 = .04; .04/3 = .0133 In order to calculate Value using the 2 stage Dividend Discount Model we must calculate the market capitalization rate (k)‚ as well as forecast the price of the stock for 2016 (P2016). The market capitalization rate (k) can be calculated using the CAPM formula. K = rf + β(market risk premium) We are
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