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cash flow
PV1000r8n10 FV100010.08 10002.1592159
FV3000r8n5
FV CFtt r n
PV CFtt r n
1+r)
nn-1
Net Present ValueNPV NPVPVPV
I n r B
DIVtt n r Pn
(Gordon Growth Model)
g r(DIV1/P0)g
EPSgGordongEPS(Payout Ratio)DIV1/EPS1(Plowback Ratio)=1Payout Ratio
ROEEPS1/ EPS1= EPS0+ EPS0 EPS1/EPS0=1+ EPS1/EPS0=1+g =ROE 1+g = 1+ gPlowback RatioROE
Brealey and Myers P0EPS1/rPVGO PVGO 1 2NPV
Gordon Growth Model a)ROE8 b)50 c)10 1(plowback ratio)0 EPS0.08504 g0 P0DIV/r4/0.140
260 DIV/Payout RatioROE 0.400.083.20% DIV10.032501.6 gplowback ratioROE0.600.084.8% Gordon Growth Model P0DIV1/(rg)1.6/0.100.048)30.77
8ROE10
3ROE > r ROE12 plowback ratio = 0 P0EPS/rROE/r 50 0.12/0.10 6/0.1060 plowback ratio=60 DIV/Payout RatioROE 0.400.124.8%
DIV10.048502.4 gplowback ratioROE0.600.127.2% Gordon Growth Model P0DIV1/(rg)2.4/0.100.072)85.71 85.716025.71PVGO PVGO25.71
4 P /EPS 0EPS/P EPS1/ P04/400.10r0.10
EPS1/P04/30.770.13 > r0.10
EPS/PPVGO
PVGOPVGO
P0EPS1/rPVGOBubble Bubble Bubble
P0EPS1/rPVGOBubble EPS/r PVGO EPS/r PVGO
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