Actividad Capítulo 9

Dividend paid $ 3.
20
Dividend growth rate 4%
Required return 10.5%
Year for price 0
Year for price 3
Year for price 15
Price in 0 years $ 240.00
P0 DIVIDENDO*(1+TASA_CRECIMIENTO)^(YEAR+1))/(TASA_RENDIMIENTO-TA
SA_RENDIMIENTO-TASA_CRECIMIENTO)
Dividend paid $ 1.87
Dividend growth rate 4.3%
Stock price $ 37.00
Dividend yield 5.05%

Capital gains yield 4.30%
Dividend next year $ 3.04
Required return 11%
Price $ 41.93
Dividend yield 5.3%
Required return 0 8.70%
Stock price $ 78.00
Dividend yield 5.45% 50%
Next year's dividend $ 4.25
Current dividend $ 4.03

Years until dividend ceases 13
Share price $ 64.76
Earnings $ 19,200,000
ROE 12%
Retention ratio 80%
Growth rate 9.60%
Next year's earnings $ 21,043,200

Required return for first 3 years 15%

Required return for second 3 years 13%
Final required return 11%
Precio Dividendo a partir año 7 inicio año 7 $ 49.05
Precio Dividendo final inicio año 4 $ 34.00
Precio Dividendo Año 6 inicio año 4 $ 2.50
Precio Dividendo inicio año 4 $ 42.21
Current stock price $ 34.93

Future dividend $ 14.00
Years until first dividend 10
Stock price at constant growth $ 184.21
Share price $ 69.16

Dividend one $ 15.00
Dividend two $ 11.00
Dividend three $ 9.00
Dividend four $ 2.95
Dividend growth rate 4%
Price after Year 4 dividend $ 48.70
Year Cash flow
1 $ 15.00
2 11.00
3 9.00
4 51.65
Share price $ 64.24
Dividend growth rate - period 1 30%
Dividend growth rate - period 2 4%
Required return 10%
Dividend $ 2.65
Price at end of high growth $ 100.92
Year Cash flow
1 $ 3.45
2 4.48
3 106.74
Share price $ 87.03

Dividend growth rate -4%
Price $ 88.18
Years until dividend begins 20
Share price at Year 19 $ 370.37
Share price $ 136.35

Net income $ 25,000,000
Payout ratio 40%
Shares of stock outstanding 2,900,000
Stock price $ 109.00
ROE 11%
Growth rate 6.60%
Current dividends per share $ 3.45
Dividend next year $ 3.68

Current earnings $ 790,000
Required return 11%
Additional earnings $ 175,000

Additional earnings $ 350,000
Value of company's stock =UTILIDAD_NETA_25/TASA_RETORNO_25
P/E ratio =VALOR_ACCIONES_A/UTILIDAD_NETA_25
Value of company's stock =(UTILIDAD_NETA_25+GANANCIAS_PROYECTO_B)/TASA_RETORNO_25
P/E ratio =VALOR_ACCIONES_B/UTILIDAD_NETA_25
Value of company's stock =(UTILIDAD_NETA_25+GANANCIAS_PROYECTO_C)/TASA_RETORNO_2
P/E ratio =VALOR_ACCIONES_C/UTILIDAD_NETA_25
B)/TASA_RETORNO_25
C)/TASA_RETORNO_25
EPS $ 4.05
Benchmark PE 21
Earnings growth rate 4.9%
a. Current stock price $ 85.05
b. Next year's EPS $ 4.25
Target stock price next year $ 89.22
c. Implicit return 4.90%
Notice that the return is the same as the growth rate in earnings. Assuming a stock pays no dividends and
is constant, this will always be true when using price ratios to evaluate the price of a share of stock.
ock pays no dividends and the PE ratio
of a share of stock.
Sales $ 43,000,000
Costs $ 14,000,000
Debt $ 58,000,000
Cash $ 19,000,000
EV/EBITDA multiple 6.4
Shares outstanding 1,850,000
Sales $ 43,000,000
Costs 14,000,000
EBITDA $ 29,000,000
Enterprise value (EV) $ 185,600,000
Equity value $ 146,600,000
Share price $ 79.24
Sales $ 95,000,000
Costs $ 52,000,000
Net investment $ 9,000,000
Year 1 Year 2 Year 3 Year 4

Revenue, cost, and investment growth 14% 12% 10% 8%
Terminal growth rate 5%

Shares outstanding 6,500,000
Required return 13%
Tax rate 21%
Terminal PE ratio 11
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Sales $ 95,000,000 $ 108,300,000 $ 121,296,000 $ 133,425,600 $ 144,099,648 $ 151,304,630
Costs 52,000,000 59,280,000 66,393,600 73,032,960 78,875,597 82,819,377
Pretax profit $ 43,000,000 $ 49,020,000 $ 54,902,400 $ 60,392,640 $ 65,224,051 $ 68,485,254
Taxes 9,030,000 10,294,200 11,529,504 12,682,454 13,697,051 14,381,903
Net income $ 33,970,000 $ 38,725,800 $ 43,372,896 $ 47,710,186 $ 51,527,000 $ 54,103,350
Net investment 9,000,000 10,260,000 11,491,200 12,640,320 13,651,546 14,334,123
Cash flow $ 24,970,000 $ 28,465,800 $ 31,881,696 $ 35,069,866 $ 37,875,455 $ 39,769,228
Year 7 cash flow $ 41,757,689
Terminal value in Year 6 $ 521,971,112
Value of company today $ 378,366,434
Price per share $ 58.21
Year 6 teminal value $ 595,136,855
Value of company today $ 413,509,296
Price per share $ 63.62

Actividad Capítulo 9

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Dividend paid $ 3.

Dividend yield 5.05%

Next year's dividend $ 4.25

Current dividend $ 4.03

Next year's earnings $ 21,043,200

Required return for first 3 years 15%

Current stock price $ 34.93

Share price $ 69.16

Share price $ 87.03

Share price $ 136.35

Current dividends per share $ 3.45

Dividend next year $ 3.68

Required return 9.97%

Additional earnings $ 175,000

Year 1 Year 2 Year 3 Year 4

Terminal growth rate 5%

Year 7 cash flow $ 41,757,689

Terminal value in Year 6 $ 521,971,112

Value of company today $ 378,366,434

Price per share $ 58.21

Year 6 teminal value $ 595,136,855

Value of company today $ 413,509,296

Price per share $ 63.62

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