Michigan Business Reports, 42. izdevumsSchool of Business Administration, University of Michigan., 1963 |
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10-Year Growth 10-year period 15-Year Transitional Period 6.5 per cent Annual Dividend Growth annual growth rate Annual Rate Appendix approximately Armco Steel Corporation assumptions average stock Business Machines Corporation common stock current dividend rate December 31 Depressed 0123 dividend growth rate Dividend Projection dividend yield earnings and dividends earnings per share Fitch ratings future discount rates Future Yearly Dividends Group growth in dividends Growth Stock high quality stock increase Industrial Stock Index initial discount rate initial growth rate International Business Machines market price Payout Ratio percentage points Period Price-Dividend Ratios Poor's Index Poor's Industrial Stock present value approach present value theory Present Values Computed price-earnings ratios Profit Index rate of dividend rate of growth Rates Per Cent shown in column shown in Table Sinclair Oil Standard & Poor's Stock Valuation Table 15 thirty stocks Transitional Period Price-Dividend undervalued valuation variable rate method VARIABLE RATE TABLE Yearly Discount Factors
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7. lappuse - transitional" period lasts depends on the company, the industry, product, competition, etc. A guide to follow is to determine the probable position of the company in its life cycle. For example, if a company has been experiencing an abnormally high growth rate, Bauman suggests, ". . . unless there is sufficient evidence to the contrary, the best earnings and dividend projection is probably one based on a decreasing rate of growth," until it eventually approximates the secular growth rate for the...
1. lappuse - John C. Clendenin and Maurice Van Cleave, "Growth and Common Stock Values," Journal of Finance, IX (1954), 365-76.
12. lappuse - since the dividend estimate is subject to greater uncertainty for each succeeding future year, it follows that the future discount rate which is applied to each year's dividend should be higher than the rate applied to the dividend expected in the preceding year.
7. lappuse - ... until it eventually approximates the secular growth rate for the majority of companies in the economy. This secular growth rate of dividends and also earnings plus noncash charges was found to have been about 4 percent during the last 36 years. For reasons of convenience, and for lack of evidence to the contrary, Bauman makes the assumption in his model that the growth rate will decline by equal amounts...
34. lappuse - Inc., in which investment rates of return are computed under varying assumptions for every stock listed on the New York Stock Exchange from 1926 to the present. In an article entitled "A New Tool in Investment Decision- Making," Financial Analysts Journal, XK (May-June, 1963), 55-62, Volkert S.