02-03 What is a company worth

2019-06-06 本文已影响0人非常暴龙兽

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The value of a future dollar

present value: P.V.
future value: F.V.
Interest Rate: IR
$\mathrm{P.V.}=\mathrm{F.V.}/(1+IR)^i$
Discount Rate: D.R. 贴现率
Intrinsic Value: 内在价值，公司未来支付全部股息的现值。

$\sum _{i=1}^\infty \frac{\mathrm{F.V.}}{n^i} =\frac{\mathrm{F.V.}}{n-1} =\frac{\mathrm{F.V.}}{\mathrm{D.R.}} =\frac{股息}{贴现率}$

Book Value 账面价值
Total assets minus intangible and liabilities.
全部资产减去无形资产和负债。
intangible: factories, not patents(专利)
Market Capitalization 市值
market cap = # shares * price
Why information affects stock price?
CEO个人/公司所在的soil bad&good/整个市场海平面上升&下降
Q: would you buy this stock?
Intrinsic value, book value(often lowest), market cap

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