Getirileri Hesaplama

Diyelim ki bir sağlık şirketini değerliyorsun ve firmanın betasını benzer şirketleri kullanarak belirlemen gerekiyor. Belirlediğin benzer şirketlerden biri, küresel bir sağlık şirketi olan Mylan (myl). Bu egzersizde, Mylan'ın ve S&P 500 ETF'sinin son beş yıla ait aylık getirilerini hesaplaman isteniyor. myl ve spy için beş yıllık aylık fiyatlar prices içinde saklanıyor.

Getirileri hesaplamak için Delt() fonksiyonunu kullan. Delt() fonksiyonu quantmod paketinden gelir ve bu paket belleğe yüklenmiş durumda. Delt() fonksiyonunun bir getiri hesaplamak için iki gözleme ihtiyaç duyduğunu unutma; bu nedenle elimizdeki zaman serisi verilerinde ilk gözlem için değer eksik olacak. Bu yüzden, kalan tarihler için getirileri hesapladıktan sonra, verilerden ilk gözlemi (yani getirisi eksik olan gözlemi) silmek istiyoruz.

Bu egzersiz

R ile Hisse Değerleme

kursunun bir parçasıdır

Kursu Görüntüle

Egzersiz talimatları

Fiyatların ilk altı gözlemini göster.
MYL ve SPY için aylık getirileri hesapla.
İlk değişkenin etiketini "myl" olarak değiştir.
Eksik değer olan ilk gözlemi kaldır.

Uygulamalı interaktif egzersiz

Bu örnek kodu tamamlayarak bu egzersizi bitirin.

# Show first six observations of prices
___

# Calculate MYL monthly return
rets <- ___

# Calculate SPY monthly return
rets$spy <- ___

# Change label of first variable
___

# Remove first observation - NA
rets <- ___

Kodu Düzenle ve Çalıştır

Bu egzersiz

R ile Hisse Değerleme

kursunun bir parçasıdır

IntermediárioNível de habilidade

4.9+

Kursa Ücretsiz Başlayın

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: İskonto oranı nedir?Exercise 2: Risk ve Getiri Exercise 3: Getirileri Hesaplama

Geçerli Egzersiz

Exercise 4: Beta'nın Tahmini Exercise 5: Beta'nın Kaldıraçtan Arındırılması Exercise 6: Hamada vs. Fernandez Formülü Exercise 7: Beta Kaldıraçsızlaştırma Egzersizi Exercise 8: Beta Yeniden Kaldıraçlama Egzersizi Exercise 9: Risksiz Getiri Oranı ve Hisse Senedi Risk Primi Exercise 10: Risksiz Faiz Oranı Verisini Elde Et Exercise 11: Tarihsel Hisse Senedi Risk Primi Hesaplama Exercise 12: Özsermaye Maliyetini Hesapla

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!