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A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS APPROACHES TO EQUITY VALUATION
The calculation of equity value is typically characterized as a projection of future payoffs and a transformation of those payoffs into a present value (price). A good deal of research on pricing models has focused on the specification of risk for the reduction of the payoffs to present value but little attention has been given to the specification of payoffs. It is noncontroversial that equity price is based on future dividends to...
68 p itc 15/01/2013 283 2
Từ khóa: calculation of equity value, equity value, pricing models, cash flow analysis, free cash flows, book values, forecasted earnings and book values
A Comparison Of Dividend Cash Flow And Earnings Approaches To Equity Valuation
Standard formulas for valuing equities require prediction of payoffs "to infinity" for going concerns but a practical analysis requires that they be predicted over finite horizons. This truncation inevitably involves (often troublesome) "terminal value" calculations. This paper contrasts dividend discount techniques, discounted cash flow analysis, and techniques based on accrual earnings when applied to a finite-horizon valuation. Valuations...
68 p itc 08/01/2013 313 2
Từ khóa: comparison of dividend, cash flow, earnings approaches to equity valuation, equity valuation, valuing equities, vốn chủ sở hữu, discounted cash flow analysis
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