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4
Contents
Contents
About the Author 7
Corporate Valuation and Takeover: Exercises 8
Part I: An Introduction 8
1 An Overview 9
Introduction 9
Modern Finance: A Review 10
Exercise 1: Corporate Valuation and Takeover: A Review 11
Summary and Conclusions 12
Selected References 14
Part II: Share Valuation Theories 15
2 How to Value a Share 16
Introduction 16
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5
Contents
Exercise 2: The Dividend Yield, Cover and the P/E Ratio 18
Summary and Conclusions 19
Selected Reference 19
3 The Role of Dividend Policy 20
Introduction 20
Exercise 3.1:The Gordon Growth Model 20
Exercise 3.2: Gordon’s ‘Bird in the Hand’ Model 21
Exercise 3.3: Growth Estimates and the Cut-Off Rate 23
Summary and Conclusions 26
Selected References 26
4 Dividend Irrelevancy 27
Introduction 27
Exercise 4.1: Dividend Irrelevancy 28
Exercise 4.2: The MM Dividend Irrelevancy Hypothesis 30
Summary and Conclusions 33
Selected References 34
Part III: A Guide to Stock Market Investment 35
5 Stock Market Dynamics: An Illustration 36
© Deloitte & Touche LLP and affiliated entities.
360° thinking .
Discover the truth at www.deloitte.ca/careers
© Deloitte & Touche LLP and affiliated entities.
360° thinking .
Discover the truth at www.deloitte.ca/careers
© Deloitte & Touche LLP and affiliated entities.
360° thinking .
Discover the truth at www.deloitte.ca/careers
© Deloitte & Touche LLP and affiliated entities.
360° thinking .
Discover the truth at www.deloitte.ca/careers
Download free eBooks at bookboon.com
Click on the ad to read more Corporate Valuation and Takeover: Exercises
6
Contents
Introduction 36
Exercise 5.1: Published Accounting and Stock Market Data 36
Exercise 5.2: “Beating” the Market 38
Summary and Conclusions 41
Selected References 42
Part IV: Valuation and Takeover 43
6 A Stock Exchange Listing 44
Introduction 44
Exercise 6: Coming to the Market 44
Summary and Conclusions 47
Selected References 48
7 Acquisition Pricing Policy 49
Introduction 49
Exercise 7.1: A “Suspect” Takeover Valuation 49
Exercise 7.2: A “Promising” Takeover Valuation 55
Summary and Conclusions 59
Selected References 60
Appendix: Stock Market Ratios 61
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