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Relevant bibliographies by topics / Discounted dividend flows

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Academic literature on the topic 'Discounted dividend flows'

Author: Grafiati

Published: 4 June 2021

Last updated: 5 February 2022

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Journal articles on the topic "Discounted dividend flows"

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BRODY, DORJE C., LANE P. HUGHSTON, and ANDREA MACRINA. "INFORMATION-BASED ASSET PRICING." International Journal of Theoretical and Applied Finance 11, no. 01 (2008): 107–42. http://dx.doi.org/10.1142/s0219024908004749.

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A new framework for asset price dynamics is introduced in which the concept of noisy information about future cash flows is used to derive the corresponding price processes. In this framework an asset is defined by its cash-flow structure. Each cash flow is modelled by a random variable that can be expressed as a function of a collection of independent random variables called market factors. With each such "X-factor" we associate a market information process, the values of which we assume are accessible to market participants. Each information process consists of a sum of two terms; one contai

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Ivanovski, Zoran, Zoran Narasanov, and Nadica Ivanovska. "Performance Evaluation of Stocks’ Valuation Models at MSE." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 11, no. 2 (2018): 7–23. http://dx.doi.org/10.2478/ers-2018-0011.

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Abstract Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valua

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Garrett, Ian, and Richard Priestley. "Dividend Growth, Cash Flow, and Discount Rate News." Journal of Financial and Quantitative Analysis 47, no. 5 (2012): 1003–28. http://dx.doi.org/10.1017/s0022109012000427.

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AbstractUsing a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained by noise betas. We also find that the relative importance of cash flow news in explaining recent stock price run-ups and subsequent declines increases when cash flow news is estimated directly.

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Silva, Joao Marques, and Jose Azevedo Pereira. "Over-Valuation: Avoid Double Counting when Retaining Dividends in the FCFE Valuation." International Journal of Financial Research 8, no. 4 (2017): 107. http://dx.doi.org/10.5430/ijfr.v8n4p107.

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Valuation based on DCF (Discounted Cash Flow) has been the dominant valuation procedure during the last decades. In spite of this dominance, enterprise valuation using the discounted FCF (Free Cash Flow) model has some practical drawbacks, since there is often some confusion on how to effectively use it. Commonly, the valuation procedures start by estimating future FCF figures from historical data, such as mean FCF, growth and retention ratio, alongside many other variables. These FCF forecasts are discounted at the cost of equity (FCFE – FCF to Equity) or the Weighted Average Cost of Capital

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Visconti, Roberto Moro. "Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows." International Journal of Economics, Finance and Management Sciences 1, no. 1 (2013): 9. http://dx.doi.org/10.11648/j.ijefm.20130101.12.

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Ferraro, Olga. "A Brief Overview of the IPO Valuation Methods." International Journal of Business and Management 15, no. 12 (2020): 41. http://dx.doi.org/10.5539/ijbm.v15n12p41.

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The method adopted for pricing in an Initial Public Offering is a key issue in the studies on business valuation. In particular, various researches sought to verify which valuation methodologies are preferable in the context of an initial public offering.   The review of the main literature shows that Discounted Cash Flow, Market Multiples, Dividend Discount Model and, even if just to some degree, Economic Value Added are the most popular methodologies in the valuation practice.   The comparison among different valuation methods, proposed in the literature and variously

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Rasheed, Abdul, Muhammad Khalid Sohail, Shahab-Ud Din, and Muhammad Ijaz. "How Do Investment Banks Price Initial Public Offerings? An Empirical Analysis of Emerging Market." International Journal of Financial Studies 6, no. 3 (2018): 77. http://dx.doi.org/10.3390/ijfs6030077.

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This study investigates that how investment banks select alternative valuation models to price Initial Public Offerings (IPOs) and examine the value-relevance of each valuation model using the data of 88 IPOs listed on the Pakistan Stock Exchange (PSX) during 2000–2016. This study investigates that investment banks used Dividend Discount Model (DDM), Discounted Cash Flow (DCF) and comparable multiples valuation models on the basis of firm-specific characteristics, aggregate stock market returns and volatility before the IPOs. In this study, a binary logit regression model is used to estimate t

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Hong, Kim, and Fakhruddin Nasution. "PENILAIAN HARGA SAHAM PERUSAHAAN PEMBIAYAAN DI BURSA EFEK INDONESIA." Media Riset Akuntansi, Auditing dan Informasi 12, no. 1 (2012): 87. http://dx.doi.org/10.25105/mraai.v12i1.589.

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<span>The purpose of multi finance companies’ stock price valuation is to know their intrinsic <span>values by performing fundamental analysis using dividend discount model, free cash flow to the firm model, free cash flow to equity model, and residual income model. Research data uses secondary data in the period of 2006-2010 which consists of Indonesian Stock Price Composite Index (IHSG), and multi finance companies’ stock prices taken from Yahoo Finance; multi finance companies’ financial statements taken from Indonesian Stock Exchange (BEI) reports; multi finance industry data t

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Grabowski, Roger J., and Anas Aboulamer. "Total Beta—Where Does It Fit in Valuation Theory." Business Valuation Review 39, no. 1 (2020): 14–25. http://dx.doi.org/10.5791/20-00005.1.

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The valuation of any company by the discounted cash flow method is divided into two different tasks: forecasting cash flows and discounting these same cash flows using the appropriate discount rate. The latter requires a good understanding of the risks faced by the subject company's cash flows to be able to determine the appropriate risk premia to compensate a typical willing buyer and satisfy a typical willing seller. There is a high level of ambiguity and dispersion of opinions about how to quantify these risks especially when valuing closely held companies. To avoid dealing with the task of

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Nogueira Reis, Pedro M., and Marion Gomes Augusto. "Determinants Of Firm Terminal Value: The Perspective Of North American And European Financial Analysts." International Business & Economics Research Journal (IBER) 13, no. 4 (2014): 793. http://dx.doi.org/10.19030/iber.v13i4.8687.

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Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Model (DDM), the Discount Cash Flow (DCF), or RIM (Residual Income Models) group, discount one attribute (dividends, free cash flow, or results) to a given discount rate. This discount rate, obtained in most cases by the CAPM (Capital asset pricing model

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Dissertations / Theses on the topic "Discounted dividend flows"

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Cordeiro, Filho Mário. "Avaliação de empresas de concessões de rodovias no Brasil." Pontifícia Universidade Católica de São Paulo, 2009. https://tede2.pucsp.br/handle/handle/1736.

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Made available in DSpace on 2016-04-25T18:40:39Z (GMT). No. of bitstreams: 1 Mario Cordeiro Filho.pdf: 9981225 bytes, checksum: 565a2d3dad4737a7a20f562e323becab (MD5) Previous issue date: 2009-06-18<br>The purpose of this dissertation this to the study the problems related to applying valuation methods for highway concessions companies in Brazil. It is justified by the economic importance that this sector is assuming in Brazil with respect to investments in infrastructure that have already been and are going to be made. The highway concession segment in Brazil has expanded since the second

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Reis, Tomé Alexandre Torres dos. "Equity research - Kering S.A." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19999.

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Mestrado em Finanças<br>Equity research a Kering S.A com o intuito de determinar um determinado price target para o valores das acções da Kering S.A a 31 de Dezembro de 2019. No processo para determinar o price target foram utilizados 3 modelos de avaliação distintos, Discounted Cash Flow Model, Dividend Discount Model e Multiples Valuation dos quais se obteve um price target de 576.44 EUR representando um upside de 8.9% face ao preço base utilizado para esta analise de 520.10 EUR de 1 de Julho de 2019.<br>This project is mainly comprised on an Equity Research of Kering S.A. to determine a ce

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Stoffers, Rickard, and Deibrant Helena Eriksson. "Business Valuation : A study of the accuracy of the free cash flow to equity approach and the dividend discount model." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-43883.

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Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to

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Freitas, Carolina Filipa Abreu. "Equity research Corticeira Amorim SGPS SA : dividend policy under a family-owned company." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19115.

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Mestrado em Finanças<br>Este projeto contém uma análise financeira exaustiva da Corticeira Amorim S.G.P.S., S.A. (COR). Foi desenvolvido de acordo com as diretivas do trabalho final do Mestrado em Finanças do ISEG e elaborado de acordo com a estrutura recomendada pelo CFA Institute Research Challenge. A COR é uma produtora portuguesa de cortiça, com um foco na produção de rolhas. Esta empresa familiar é líder incontestável de mercado há quase 150 anos, com uma quota de mercado no sector das rolhas de 44% em 2018. Utilizou se o modelo DCF para obter uma recomendação de COMPRA com um preço alvo

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Lehmann, Christopher, and Alexander Alfredsson. "Intrinsic Equity Valuation : An Emprical Assessment of Model Accuracy." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30377.

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The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each m

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Marcos, Francisco de Jesus. "Equity research - Daimler Group." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20731.

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Mestrado em Finanças<br>Daimler AG é uma empresa alemã centenária, que apresenta um vasto portefólio de produtos e serviços, provenientes das suas três subsidiárias - Mercedes-Benz Cars and Vans, Daimler Trucks AG e Daimler Mobility AG. O Grupo segue uma sólida e bem estruturada estratégia focada nos seus consumidores, que permitiu à empresa manter-se na vanguarda desde a sua existência, com uma presença mundial e uma forte reputação no mercado. Em 2019, a Daimler AG vendeu mais de 3.35 milhões de unidades, apresentando uma quota de mercado de 3.7%. A estrutura deste projeto baseia-se nas rec

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Josefsson, Niklas, and Anders Karlsson. "Stock Price Valuation : A Case study in Dividend Discount models & Free Cash Flow to Equity models." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-16794.

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Carneiro, Duarte Maria Filipe. "Equity research - Airbus SE." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20702.

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Mestrado em Finanças<br>O seguinte Relatório de Equity Research da Airbus foi escrito em conformidade com o formato recomendado pelo Instituto CFA, e reflecte a informação pública da empresa publicada até 30 de Junho de 2020. O projecto começa com uma descrição empresarial da empresa, incluindo uma introdução à sua história, uma análise detalhada a cada segmento operacional, e as estratégias concebidas para o futuro. Além disso, o ESG é também destacado no presente relatório. Além disso, uma análise aprofundada da Indústria menciona as tendências A&D, as perspectivas económicas, o modelo PES

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Claesson, Gustav. "Firm Valuation : Which model gives me the most accurate share price, the Dividend Discount Model or the Free Cash Flow to Equity model?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15647.

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Purpose: The purpose of this thesis is to investigate the applicability of the Free Cash Flow to Equity Model and the Dividend Discount Model on ten large cap firms on the Stockholm Stock Exchange. Moreover the author intends to examine whether these valuation methods differs in regards of the companies’ operational segment, business cycle and turnover. The target prices will hereafter be benchmarked with actual closing prices and professional analysts to observe similarities and deviations. Method: The focus lies on Swedish companies listed on Nasdaq OMX Stockholm’s Large Cap list. The compan

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Blomberg, Albin. "Market valuation : Observed differences in valuation between small and large cap stocks, when Dividend Discount Model and Free Cash Flow to Equity is applied in the Swedish stock market." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Center for Finance and Governance (CFG), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48686.

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Purpose:This thesis is examining two of the most common valuation methods put into practice on firms of different sizes in order to see if the market capitalization has any impact on said valuations. Relevance: Despite the widespread use of the intrinsic valuation methods both in academia and the professional world the amount of coverage concerning real life usage and analysis seems to be somewhat lacking. The numerous studies that cover the pros and cons of different valuation models and their supposed accuracy towards current stock prices. The studies rarely try to analyze whether or not the

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Conference papers on the topic "Discounted dividend flows"

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Kydyraliev, Syrgak, and Anarkül Urdaletova. "Stock Valuation: Dividend Discount Models." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00370.

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One of the most widespread problems on a securities market is the problem of definition of an estimated stock value. It is necessary to note, that the stock price as well as the price of any good in the market is defined as the result of supply and demand interaction. Our task is to offer the mechanism, which allows making decision on purchase or sale. For this purpose the method of asset estimation by future cash flows will be used – i.e. we believe that the estimated value of an asset is equal to present value of the future cash flows which are provided by the asset. In our paper we will int

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