2

(Dividend Discounted Model : DDM)

(Relative Method

(Dividend Discounted Model : DDM)

(Discount Rate)

(P0)

(Going Concern)

(Zero Growth Dividend)
(Constant Growth Dividend)

(Zero Growth Dividend)

ABC 1.15 .
13.4% ABC .

P = D
ks

= 1.15
0.134

= 8.58

2


ABC 8.58
8.20 .
ABC

(Constant Growth Dividend)

XYZ 2
8% .
10% XYZ .

P = D0(1 + g)1
(1 + ks)1

= 2 x (1 + 0.08)
0.10 - 0.08
= 2.16
0.02

= 108
Dividend Discount Model

(Relative Method)

...

3

(Price to Earnings Ratio : P/E Ratio)

...

P/E P/E

GTO 1.5 GTO

20 P/E Ratio GTO 13.33 (20 / 1.5)
P/E Ratio P/E Ratio
P/E Ratio (Benchmark P/E) P/E P/E
P/E

P/E Ratio Benchmark P/E

P/E Ratio Benchmark P/E

P/E Ratio 13.33 Benchmark P/E 10

GTO?

GTO
GTO

4

(Price to Book Value : P/BV Ratio)

P/BV

(P/BV )

P/BV

GTO 20
GTO 10 P/BV Ratio GTO 2 (20 / 10)

P/E Ratio
P/BV Ratio
P/BV Ratio (Benchmark P/BV) P/BV P/BV
P/BV

P/BV Ratio Benchmark P/BV

P/BV Ratio Benchmark P/BV

5

(Intrinsic Value)
(Market Price)
Overvalue Undervalue

Overvalue

Undervalue