BAB 7 : EQUITY MARKETS AND STOCK VALUATION

*Preferred Stock Vauaton (Penaan Saham Preferen)

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