Po = D/(1+r) 1 + D/(1+r) 2 + D/(1+r) 3 + .. Rumus : Po = D/ r Po = Na Saham Preferen = Harga Pasar yang Seayaknya D = Dvden Saham Preferen (tetap tap tahun) r = Rate of Return = Tngkat bunga yang beraku *Common Stock Vauaton (Penaan Saham Basa) |ka g = growth = tngkat pertumbuhan devdennya no (Zero Growth), Rumus : Po = D/(1+r) 1 + D/(1+r) 2 +. Po = D/r Po = Na Saham Basa = Harga Pasar yang Seayaknya D = dvden tetap tap tahun karena g = 0 |ka n dketahu dan g konstan Bag nvestor yg membe saham dg tu|uan memperoeh dvden dan capta gan (sesh harga ), Rumus : Po = D 1 /(1+r) 1 + D 2 /(1+r) 2 + ..+D n /(1+r) n + P n /(1+r) n Po = Na Saham Basa = Harga Pasar yang Seayaknya P n = Harga pasar saham basa tahun ke n D 1 = D 0 (1+g) 1 g = growth = tngkat pertumbuhan dvden
D 2 = D 1 (1+g) 1 atau D 2 = D 0 (1+g) 2 D n = D 0 (1+g) n |ka g nya yang dcar maka : g = ( n vD n /D 0 ) - 1 |ka n = tak terhngga dan g konstan Bag nvestor yg membe saham dg tu|uan memk perusahaan turut daam keb|akan perusahaan (tdak mengharapkan capta gan), Rumus : Po = D 1 /(1+r) 1 + D 2 /(1+r) 2 + ..+D-/(1+r) - Po = D 1 /(r - g) MODEL GORDON *Contoh Mode Gordon HAL 207 *Contoh Nonconstant Growth HAL 208 - 209 Features of Common Stock Votng Rghts Proxy votng Casses of stock Other Rghts Share proportonay n decared dvdends Share proportonay n remanng assets durng qudaton Preemptve rght - rst shot at new stock ssue to mantan proportona ownershp f desred Dvdend Characterstcs Dvdends are not a abty of the rm unt a dvdend has been decared by the Board Consequenty, a rm cannot go bankrupt for not decarng dvdends Dvdends and Taxes Dvdend payments are not consdered a busness expense; therefore, they are not tax deductbe The taxaton of dvdends receved by ndvduas depends on the hodng perod Dvdends receved by corporatons have a mnmum 70% excuson Features of Preferred Stock Dvdends Stated dvdend that must be pad before dvdends can be pad to common stockhoders Dvdends are not a abty of the rm and preferred dvdends can be deferred ndentey Most preferred dvdends are cumuatve - any mssed preferred dvdends have to be pad before common dvdends can be pad Preferred stock generay does not carry votng rghts Stock Market Deaers vs. Brokers New York Stock Exchange (NYSE) Largest stock market n the word Members Own seats on the exchange Commsson brokers Specasts Foor brokers Foor traders Operatons Foor actvty Nasdaq Not a physca exchange - computer-based quotaton system Mutpe market makers Eectronc Communcatons Networks Three eves of nformaton Leve 1 - medan quotes, regstered representatves Leve 2 - vew quotes, brokers & deaers Leve 3 - vew and update quotes, deaers ony Large porton of technoogy stocks