Nilai Waktu Uang

Premis dasar nilai waktu uang adalah bahwa Anda lebih memilih menerima $1 hari ini daripada $1 besok. Karena itu, untuk menunda menerima $1 hari ini, Anda harus diberi kompensasi dengan menerima lebih dari $1 di masa depan. Berapa tambahan yang membuat Anda tidak membedakan antara menerima $1 sekarang dan menunggu? Misalkan Anda memperkirakan memperoleh imbal hasil tahunan 5% pada investasi sebanding; kita dapat menggunakan tingkat tersebut untuk menghitung nilai hari ini dari menerima $1 satu tahun dari sekarang. Kita kemudian dapat dengan mudah memperluas perhitungan ini untuk menerima $1 dua tahun dari sekarang, dan seterusnya. Untuk latihan ini, variabel nilai masa depan fv, yang bernilai $100, dan imbal hasil yang diharapkan r, yang bernilai 5%, sudah disimpan dalam memori. Gunakan variabel ini untuk menghitung nilai sekarang dari $100 satu tahun dari sekarang dan $100 dua tahun dari sekarang. Anda akan melihat bahwa semakin jauh ke depan, $100 yang sama nilainya semakin kecil hari ini.

Latihan ini adalah bagian dari kursus

Penilaian Ekuitas di R

Petunjuk latihan

Hitung nilai sekarang dari $100 satu tahun dari sekarang.
Hitung nilai sekarang dari $100 dua tahun dari sekarang.

Latihan interaktif praktis

Cobalah latihan ini dengan menyelesaikan kode contoh berikut.

# Calculate PV of $100 one year from now
pv_1 <- ___
pv_1

# Calculate PV of $100 two years from now
pv_2 <- ___
pv_2

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: Pengantar Kursus dan Penilaian Fundamental Exercise 2: Nilai Waktu Uang

Latihan Saat Ini

Exercise 3: Perbedaan dalam Menilai Arus Kas Perusahaan dan Ekuitas Exercise 4: Model Free Cash Flow to Equity Exercise 5: Menghitung Laba Operasi Exercise 6: Hitung Free Cash Flow to Equity Exercise 7: Menghitung Nilai Terminal Exercise 8: Menghitung Nilai Ekuitas Exercise 9: Menghitung Nilai Kini Free Cash Flow to Equity Exercise 10: Hitung Nilai Sekarang dari Nilai Terminal Exercise 11: Hitung Nilai Ekuitas

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: Analyzing the Projections Exercise 2: Analyze Revenue Trends - Bar Chart Exercise 3: Analyze Revenue Trends - Regression Exercise 4: Perpetuity Growth Rate Exercise 5: Calculate Retention Ratio Exercise 6: Perpetuity Growth Rate Calculation Exercise 7: Dividend Discount Model Exercise 8: Valuing Preferred Stock Exercise 9: Valuation Assuming No Dividends For First Few Years Exercise 10: Valuation Assuming 2-Stages of Dividends

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!