ConfirmedUser, Student, Bürokraten, Administratoren
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== | == Present values, perpetuities and annuities == | ||
'''Present value PV:''' value of a future payment C<sub>t</sub> (in year t), discounted to year 0: [[Datei:Form_FV.png]] | '''Present value PV:''' value of a future payment C<sub>t</sub> (in year t), discounted to year 0: [[Datei:Form_FV.png]] | ||
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'''Annual percentage rate (APR) or simple rate:''' annualized rate of shorter period interest rates (monthly, daily rates) using simple interest. | '''Annual percentage rate (APR) or simple rate:''' annualized rate of shorter period interest rates (monthly, daily rates) using simple interest. | ||
:- APR for a monthly rate m: APR = 12 m | :- APR for a monthly rate m: APR = 12 * m | ||
Given an annual percentage rate (APR) of r, the corresponding EAR with respect to n shorter periods of equal length is: | Given an annual percentage rate (APR) of r, the corresponding EAR with respect to n shorter periods of equal length is: [[Datei:Form_EAR.png]] | ||
'''Effective annual rate with continuous compounding:''' effective annual rate for n → ∞ shorter periods | '''Effective annual rate with continuous compounding:''' effective annual rate for n → ∞ shorter periods: [[Datei:Form_EAR_cc.png]] (being r the simple annual rate) | ||
(being r the simple annual rate) | |||
'''Real rate of return:''' rate of return adjusted for inflation | '''Real rate of return:''' rate of return adjusted for inflation: [[Datei:Form_Real_Int_1.png]] | ||
→ | → [[Datei:Form_Real_Int_2.png]] (being i the inflation rate) | ||
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== Valuing bonds == | == Valuing bonds == | ||
'''Price of a bond:''' | '''Price of a bond:''' [[Datei:Form_PV_Bond.png]] | ||
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: N maturity<br/> | : N maturity<br/> | ||
'''Duration of a bond with maturity N:''' weighted average period of bond payments. | '''Duration of a bond with maturity N:''' weighted average period of bond payments: [[Datei:Form_Duration.png]] | ||
'''Modified duration:''' a measure of volatility (elasticity) of bond prices: | '''Modified duration:''' a measure of volatility (elasticity) of bond prices: [[Datei:Form_Mod_Duration.png]] | ||
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== Valuing stocks == | == Valuing stocks == | ||
'''(Expected) [[Wertpapierrendite|Stock return r]] (equity cost of capital):''' | '''(Expected) [[Wertpapierrendite|Stock return r]] (equity cost of capital):''' [[Datei:Form_Stock_Return.png]] | ||
'''Stock price P<sub>0</sub> in the single-period case:''' | '''Stock price P<sub>0</sub> in the single-period case:''' [[Datei:Form_P0_einperiodig.png]] | ||
'''Dividend discount model''' for the stock price P0 in the multi-period case until time horizon H: | '''Dividend discount model''' for the stock price P0 in the multi-period case until time horizon H: [[Datei:Form_P0_mehrperiodig.png]] | ||
'''Stock price P<sub>0</sub>''' with specific dividends until time horizon H and growing dividends after H: | '''Stock price P<sub>0</sub>''' with specific dividends until time horizon H and growing dividends after H: [[Datei:Form_P0_growth.png]] | ||
'''Stock price for a perpetual stream of dividends:''' | '''Stock price for a perpetual stream of dividends:''' [[Datei:Form_P0_perpetual.png]] | ||
'''Stock price for a perpetual stream of growing dividends:''' | '''Stock price for a perpetual stream of growing dividends:''' [[Datei:Form_P0_perp_growth.png]] | ||
'''Return (Equity cost of capital) of a perpetual stream of dividends with growth:''' | '''Return (Equity cost of capital) of a perpetual stream of dividends with growth:''' [[Datei:Form_RoE_growth.png]] | ||
'''Return on Equity with market values:''' | '''Return on Equity with market values:''' [[Datei:Form_RoE.png]] | ||
'''Payout ratio:''' fraction of earnings paid out as dividends: | '''Payout ratio:''' fraction of earnings paid out as dividends: [[Datei:Form_Payout.png]] | ||
'''Plowback ratio:''' fraction of earnings retained by the firm: | '''Plowback ratio:''' fraction of earnings retained by the firm: [[Datei:Form_Plowback.png]] | ||
'''Present value of growth opportunities (PVGO):''' net present value of a firm's future investments | '''Present value of growth opportunities (PVGO):''' net present value of a firm's future investments. | ||
'''Sustainable growth rate:''' rate at which a firm can steadily grow: | '''Sustainable growth rate:''' rate at which a firm can steadily grow: [[Datei:Form_Sustainable.png]] | ||
'''Discounted cash flow (DCF):''' value of the free cash flows that are available to investors plus company value at the planning horizon, all discounted to present: | '''Discounted cash flow (DCF):''' value of the free cash flows that are available to investors plus company value at the planning horizon, all discounted to present: [[Datei:Form_DCF.png]] | ||
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== | == Capital Structure and Return == | ||
'''[[Rentabilität|Rates of return]]:''' | '''[[Rentabilität|Rates of return]]:''' |