Bereken ROE en P/B

Voordat we de relatie tussen ROE en P/B kunnen analyseren, moeten we deze variabelen eerst berekenen. In deze oefening gebruiken we gegevens voor Consumer Discretionary-bedrijven in de S&P 400 Midcap Index, die zijn opgeslagen in het object cons_disc. De waarden voor ltm_eps, bvps en price voor elk bedrijf zijn ook opgeslagen in cons_disc.

Deze oefening maakt deel uit van de cursus

Aandelenwaardering in R

Cursus bekijken

Oefeninstructies

Bereken Return on Equity.
Bereken de Price-to-Book-ratio.
Verwijder ontbrekende waarden uit cons_disc met complete.cases().

Praktische interactieve oefening

Probeer deze oefening eens door deze voorbeeldcode in te vullen.

# Calculate ROE
cons_disc$roe <- ___

# Calculate Price to Book ratio
cons_disc$p_bv <- ___(cons_disc$bvps <= 0, ___, ___)

# Remove NA
cons_disc_no_na <- cons_disc[___, ]
head(cons_disc_no_na)

Code bewerken en uitvoeren

Deze oefening maakt deel uit van de cursus

Aandelenwaardering in R

SkillTag.level.intermediateSkillTag.label

4.9+

Begin de cursus 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: 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: Relatieve waardering Exercise 2: Vergelijkbare bedrijven identificeren Exercise 3: Waarderingsmultiples Exercise 4: Waarderingsmultiples berekenen Exercise 5: Het relevante multiple berekenen Exercise 6: Implied Price Exercise 7: Determinanten van multiples analyseren Exercise 8: Bereken ROE en P/B

Huidige oefening

Exercise 9: P/B plotten vs. ROE Exercise 10: Sterkte van de relatie Exercise 11: Impliciete prijs met regressie Exercise 12: Verschil in impliciete waarden

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!