Valuasi dengan Asumsi Tanpa Dividen pada Beberapa Tahun Pertama

Meskipun sebuah perusahaan tidak membayar dividen saat ini, kita dapat berharap perusahaan tersebut akan membayar dividen di masa mendatang ketika perusahaan semakin matang. Karena itu, kita tetap dapat menggunakan dividend discount model. Gagasannya adalah Anda mendiskontokan arus kas yang tersedia bagi pemegang saham saat arus kas tersebut tersedia. Misalkan perusahaan yang sama tidak membayar dividen hingga Tahun 5 (lima tahun tanpa arus kas yang diharapkan), tetapi Anda memperkirakan pada Tahun 6 perusahaan akan mulai membayar dividen (yaitu, Anda menerima arus kas mulai Tahun 6 dan seterusnya).

Untuk menilai perusahaan, kita akan menggunakan prosedur dua langkah. Pertama, gunakan rumus yang sama untuk menilai saham preferen dari latihan sebelumnya untuk menilai saham preferen ketika mulai membayar dividen di masa depan. Perhatikan bahwa dengan menggunakan rumus pada latihan sebelumnya, ketika arus kas dimulai pada Tahun 6, Anda pada akhirnya menghitung nilai kini per akhir Tahun 5. Kedua, dari tanggal di masa depan tersebut (Tahun 5), kita mendiskontokan nilai saham preferen kembali ke saat ini.

Dengan asumsi Anda memiliki saham preferen dengan nilai nominal (stated_value) sebesar $25, tingkat dividen (div_rate) yang dimulai pada Tahun 6 sebesar 5%, dan biaya ekuitas preferen (kp) sebesar 10%, berapakah nilai saham preferen tersebut hari ini?

Latihan ini adalah bagian dari kursus

Penilaian Ekuitas di R

Petunjuk latihan

Hitung nilai saham pada Tahun 5.
Diskontokan nilai Tahun 5 ke nilai saat ini.

Latihan interaktif praktis

Cobalah latihan ini dengan menyelesaikan kode contoh berikut.

# Value of Preferred if dividends start five years from now
pref_value_yr5 <- (___) / ___
pref_value_yr5

# Value discounted to present
pref_value <- ___ / ___
pref_value

Edit dan Jalankan Kode

Latihan ini adalah bagian dari kursus

Penilaian Ekuitas di R

SkillTag.level.intermediateSkillTag.label

4.9+

Mulai Kursus Gratis

Many individuals and institutions invest in equities. To do so effectively, the investor must have a solid understanding of how the value of the equity compares to the stock price. In this course, we focus on fundamental concepts of equity valuation. We begin with a discussion of time value of money and then move on to the first of two discounted cash flow methods we will discuss - the free cash flow to equity valuation model.

Exercise 1: Course Intro and Fundamental Valuation Exercise 2: Time Value of Money Exercise 3: Difference Between Valuing Enterprise and Equity Cash Flows Exercise 4: The Free Cash Flow to Equity Model Exercise 5: Calculating Operating Profit Exercise 6: Calculate Free Cash Flow to Equity Exercise 7: Calculating Terminal Value Exercise 8: Calculating Equity Value Exercise 9: Calculating Present Value of Free Cash Flow to Equity Exercise 10: Calculate Present Value of Terminal Value Exercise 11: Calculate Equity Value

One of the critical components of free cash flow to equity valuation is using reliable projections. In the first part of this chapter, we will discuss ways to analyze the projections to help us identify the right questions to ask. In the second part of this chapter, we will go through the second of our discounted cash flow models - the dividend discount model. In this approach, we discount expected dividends instead of free cash flows.

Exercise 1: Menganalisis Proyeksi Exercise 2: Analisis Tren Pendapatan - Diagram Batang Exercise 3: Analisis Tren Pendapatan - Regresi Exercise 4: Tingkat Pertumbuhan Perpetuitas Exercise 5: Hitung Retention Ratio Exercise 6: Perhitungan Tingkat Pertumbuhan Perpetuitas Exercise 7: Model Diskonto Dividen Exercise 8: Menilai Saham Preferen Exercise 9: Valuasi dengan Asumsi Tanpa Dividen pada Beberapa Tahun Pertama

Latihan Saat Ini

Exercise 10: Valuasi dengan Asumsi 2 Tahap Dividen

To be able to discount cash flows, we need a discount rate. For the free cash flow to equity and dividend discount model, the cost of equity is the appropriate discount rate. In this chapter, we will discuss how each of the components of the cost of equity are calculated.

Exercise 1: What is a discount rate?Exercise 2: Risk and Return Exercise 3: Calculating Returns Exercise 4: Estimating Beta Exercise 5: Unlevering Betas Exercise 6: Hamada vs. Fernandez Formula Exercise 7: Beta Unlevering Exercise Exercise 8: Beta Relevering Exercise Exercise 9: Risk-Free Rate and Equity Risk Premium Exercise 10: Obtain Risk-Free Rate Data Exercise 11: Calculate Historical Equity Risk Premium Exercise 12: Calculate the Cost of Equity

Relative valuation allows us to use the valuation of comparable companies to infer the value of our subject firm. In this chapter, we discuss how to identify comparable companies and how to calculate valuation multiples. We also show how to analyze the determinants of multiples.

Exercise 1: Relative Valuation Exercise 2: Identifying Comparable Firms Exercise 3: Valuation Multiples Exercise 4: Calculating Valuation Multiples Exercise 5: Calculating the Relevant Multiple Exercise 6: Implied Price Exercise 7: Analyzing Determinants of Multiples Exercise 8: Calculate ROE and P/B Exercise 9: Plot P/B vs. ROE Exercise 10: Strength of Relationship Exercise 11: Implied Price Using Regression Exercise 12: Difference in Implied Values

This chapter combines the lessons from Chapters 1 to 4 in a series of exercises. You will be asked to inspect the data and to value the firm using discounted cash flow and relative valuation approaches. At the end, you will combine the results in a summary table.

Exercise 1: Fundamental Valuation: Analyzing Projections Exercise 2: Visually Inspecting the Data Exercise 3: Using Regression to Test the Projections Exercise 4: Fundamental Valuation: Implementation Exercise 5: Cost of Equity Exercise 6: Calculate Value During Projection Period Exercise 7: Calculate the Terminal Value Exercise 8: Equity Value Per Free Cash Flow to Equity Model Exercise 9: Equity Value per Dividend Discount Model Exercise 10: Relative Valuation Exercise 11: Equity Value Per Price-to-Earnings Multiples Exercise 12: Combine valuation into a summary table Exercise 13: Congratulations!