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### "04-1618_Equity_handout

Course: MGMT 411, Winter 2011
School: Purdue
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Word Count: 262

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Topics Special III: Equity - Continued Macroeconomic/Industry Analysis Equity Valuation Chapters: 12-13 (8th edition of BKM) Solutions to examples [discussed in slides] will be posted on Katalyst 11 - Overview Lecture Outline: - Macroeconomic and Industry Analysis - Fundamental Analysis - Continued 22 Equity: Valuation via PriceRatios P/E Ratio = price paid for a share relative to the annual net...

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Topics Special III: Equity - Continued Macroeconomic/Industry Analysis Equity Valuation Chapters: 12-13 (8th edition of BKM) Solutions to examples [discussed in slides] will be posted on Katalyst 11 - Overview Lecture Outline: - Macroeconomic and Industry Analysis - Fundamental Analysis - Continued 22 Equity: Valuation via PriceRatios P/E Ratio = price paid for a share relative to the annual net income per share If a company were currently trading at a P/E Ratio of 20, an investor is P/E Ratio Valuation Approach: Use appropriate P/E Ratio to get right price: P = E * appropriate P/E How do you find the appropriate P/E? And why do the P/E-Ratios differ so much across companies 33 anyway??? Equity: Stock Prices and Investment Opportunities Consider two firms: IU E(EPS1)1 Discount Rate \$5 12.5% Purdue \$5 12.5% IU is inferior to Purdue in the sense you that expect Purdues EPS to grow at a faster rate than IUs. 1 EPS=earnings-per-share 44 Equity: Stock Prices and Risk Consider two firms: IU E(EPS1)1 Discount Rate \$5 20.0% Purdue \$5 12.5% You expect IUs and Purdues EPS to grow at the same rate. Which one do you think has a higher P/E-ratio? 1 EPS=earnings-per-share 55 Equity: Valuation via PriceRatios So when choosing the appropriate P/E-ratio, make sure its from a company/industry with similar growth opportunities and similar discount rate (i.e., similar level of risk)! 66 Equity: Valuation Note that your estimates are highly sensitive to changes in your inputs! e.g., constant dividend-discount-model with E(D1)=\$1 discount rate 5% growth rate 6% 7% 8% \$ 33.33 \$ 50.00 \$ 100.00 9% \$ 25.00 \$ 33.33 \$ 50.00 10% \$ 20.00 \$ 25.00 \$ 33.33 11% \$ 16.67 \$ 20.00 \$ 25.00 12% \$ 14.29 \$ 16.67 \$ 20.00 77
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