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5-0CHAPTERHowtoValueBondsandStocks5-1ChapterOutline5.15.1DefinitionDefinitionandandExampleExampleofofaaBondBond5.25.2HowHowtotoValueValueBondsBonds5.35.3BondBondConceptsConcepts5.45.4TheThePresentPresentValueValueofofCommonCommonStocksStocks5.55.5EstimatesEstimatesofofParametersParametersininthetheDividend-DiscountDividend-DiscountModelModel5.65.6GrowthGrowthOpportunitiesOpportunities5.75.7TheTheDividendDividendGrowthGrowthModelModelandandthetheNPVGONPVGOModelModel(Advanced)(Advanced)5.85.8PricePriceEarningsEarningsRatioRatio5.95.9StockStockMarketMarketReportingReporting5.105.10SummarySummaryandandConclusionsConclusions5-2ValuationofBondsandStockFirstFirstPrinciples:Principles:ValueValueofoffinancialfinancialsecuritiessecurities==PVPVofofexpectedexpectedfuturefuturecashcashflowsflowsToTovaluevaluebondsbondsandandstocksstocksweweneedneedto:to:EstimateEstimatefuturefuturecashcashflows:flows:SizeSize(how(howmuch)much)andandTimingTiming(when)(when)DiscountDiscountfuturefuturecashcashflowflowssatatananappropriateappropriaterate:rate:TheTheraterateshouldshouldbebeappropriateappropriatetotothetheriskriskpresentedpresentedbybythethesecurity.security.5-35.1DefinitionandExampleofaBondAAbondbondisisaalegallylegallybindingbindingagreementagreementbetweenbetweenaaborrowerborrowerandandaalender:lender:SpecifiesSpecifiesthetheprincipalprincipalamountamountofofthetheloan.loan.SpecifiesSpecifiesthethesizesizeandandtimitimingngofofthethecashcashflows:flows:InIndollardollartermsterms(fixed-rate(fixed-rateborrowing)borrowing)AsAsaaformulaformula(adjustable-rate(adjustable-rateborrowing)borrowing)5-45.1DefinitionandExampleofaBondConsiderConsideraaU.S.U.S.governmentgovernmentbondbondlistedlistedasas663/83/8ofofDecemberDecember2009.2009.TheTheParParValueValueofofthethebondbondisis$1,000.$1,000.CouponCouponpaymentspaymentsarearemademadesemi-annuallysemi-annually(June(June3030andandDecemberDecember3131forforthisthisparticularparticularb
