İmtiyazlı Hissenin Değerlemesi

Belirtilen değeri (stated_value) 25 $, temettü oranı (div_rate) %5 ve imtiyazlı özsermaye maliyeti (kp) %10 olan bir imtiyazlı hisseye yatırım yapmayı düşündüğünü varsayalım. İmtiyazlı özsermaye maliyeti, imtiyazlı hisse tarafından üretilen nakit akışlarını iskonto etmek için kullanılan orandır. İmtiyazlı temettülerin büyüme oranının sıfır olduğunu varsayarsak, imtiyazlı hissenin değeri nedir?

Not: stated value, div_rate ve kp değişkenleri bellekte kayıtlıdır.

Bu egzersiz

R ile Hisse Değerleme

kursunun bir parçasıdır

Kursu Görüntüle

Egzersiz talimatları

İmtiyazlı temettü tutarını hesapla.
İmtiyazlı temettülerde büyüme olmadığını varsayarak imtiyazlı hissenin değerini hesapla.

Uygulamalı interaktif egzersiz

Bu örnek kodu tamamlayarak bu egzersizi bitirin.

# Calculate dividend of preferred stock
div <- ___
div

# Calculate value of preferred stock
pref_value <- ___
pref_value

Kodu Düzenle ve Çalıştır

Bu egzersiz

R ile Hisse Değerleme

kursunun bir parçasıdır

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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: Projeksiyonları Analiz Etme Exercise 2: Gelir Eğilimlerini Analiz Et - Çubuk Grafik Exercise 3: Gelir Eğilimlerini Analiz Et - Regresyon Exercise 4: Sonsuz Büyüme Oranı Exercise 5: Tutma Oranını Hesapla Exercise 6: Sonsuza Kadar Büyüme Oranı Hesabı Exercise 7: Temettü İskonto Modeli Exercise 8: İmtiyazlı Hissenin Değerlemesi

Geçerli Egzersiz

Exercise 9: İlk Birkaç Yıl Temettü Olmadığını Varsayarak Değerleme Exercise 10: 2 Aşamalı Temettü Varsayımıyla Değerleme

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!