August 2013
Beginner
432 pages
9h 51m
English
Content preview from Financial Times Guide to Understanding Finance, The, 2nd Edition
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13
Stocks I: The dividend discount model
- First things first
- Discounted cash flow models
- The dividend discount model: Theory
- The dividend discount model: Versions
- The dividend discount model: An example
- The big picture
There are many models of equity valuation, some based on discounted cash flow and others based on various ratios. Many academics and practitioners portray the dividend discount model as the simplest of the discounted cash flow models. That’s a mistake. If you learn one thing from this chapter, let it be this: The dividend discount model is far from simple, it can easily be misused, and its implementation is much more difficult than is usually believed.
First things first
There are three distinctions to keep in mind when discussing ...
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