CHUONG 3

[NH GI CHNG
KHON
Nguyn tc djnh gi CK
Chit khu v hin tai tt c cc dng thu nhp trong tuong lai
jnh gi tri phiu
Tri phiu Zero coupon
(ko hung li djnh ky)
t
r
F
PV
) 1 ( +
=
F l gtrj nhn duoc khi do han
Tri phiu coupon hung
li djnh ky, c ky han
t
t
r
F
r
r
C PV
) 1 (
) 1 ( 1
*
+
+

+
=

Tha s li sut hin gi

ca dng tin du
r
r
PVFA
t
t r

+
=
) 1 ( 1
) , (
Tri phiu coupon hung
li djnh ky, di sng vnh
vin
r
C
PV =
jnh gi CPU
Tuong tu nhu Tri phiu coupon hung li djnh ky, di sng vnh vin
P
P
P
r
D
P =
Dp: c tc CPU
r(p): li sut CPU
Thng thung gi CPU khng di theo tgian
jnh gi C phn thung
Tng qut n
r
Pn Dn
r
D
r
D
Po
) 1 (
...
) 1 (
2
) 1 (
1
2
+
+
+ +
+
+
+
=
M hnh Chi tr c tc du
Tuong tu nhu CPU
r
D
P =
0
M hnh Tng trung du
g r
D
Po

=
1
D2 = D1 * (1+g)
Vi g l tc d tng trung (%)
M hnh khng tng trung
Tuong tu nhu chi tr c tc du
Khng tng trung khi ton b thu nhp CPT (EPS) du
chia c tc ht (khng c loi nhun gi lai d ti du tu)
g = 0 nn
r
EPS
r
D
Po = =
1
M hnh tng trung qua
nhiu gdoan
Gi djnh rng t D6 tr v sau tc d tng trung du l g3
6 2
) 1 (
6 6
...
) 1 (
2
) 1 (
1
r
P D
r
D
r
D
Po
+
+
+ +
+
+
+
=
Vi P6 tnh theo m hnh tng trung du
g r
D
P

=
7
6
B sung cng thc
T sut sinh loi trn vn CP
phan co Von
CPT nhap Thu
ROE
_ _
_ _
=
Tc d tng trung g
lai giu nhuan loi le Ty ROE g _ _ _ _ _ * =
TESSUARAI - TCDN - CHUONG 3 - DINH GIA CHUNG KHOAN.mmap - 13/01/2011 -