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金融代写|股权市场代写Equity Market代考|Dividend Ratios: Significance and Trends

Dividend ratios are presented in two logically equivalent forms: Price-to-Dividend (P/D) and Dividend-to-Price (“Dividend Yield”).

Unlike P/E which only measures a “claim” on earnings (without the certainty that the shareholder will directly benefit), Price-to-Dividend and its inverse, Dividend Yield, measure precisely the cost of acquiring $\$ 1.00$ in cash paid out by the company.

Low $\mathrm{P} / \mathrm{D}$ (which equates to high $\mathrm{D} / \mathrm{P}$ or high dividend yield) means that the company’s dividend dollar is “cheap,” just as a low P/E tells us that the “claim” on an earnings dollar is cheap. Since dividends constitute the bulk of the returns from stock ownership, on average, dwarfing capital gains, one would expect that cheap P/D stocks will outperform and they generally do, on average. Low P/D (high yield) is regarded as a strong “value”signal. Many value-investing screens and strategies incorporate dividend-based ratios. ${ }^{56}$ (See Figure 3-6.) Dividend Yield tends to mirror the P/E ratio, ${ }^{57}$ with Low P/E and high Dividend Yield both pointing to undervalued companies and associated with strong future returns. ${ }^{58}$ (See Figure 3-7.)

金融代写|股权市场代写Equity Market代考|EBITDA and EV/EBITDA

One popular measure of Cash Flow for valuation purposes is EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) – which begins with the Net Earnings (the GAAP bottom line) and adds back the four accounts mentioned in its title: Interest and Taxes, considered as unrelated to the operational aspect of the business (as previously mentioned in the discussion of Price-to-Operating Income ratio), and Depreciation and Amortization as two important categories of expenses that are carried over from previous years’ investments or acquisitions and do not correspond to cash outflows in the current period.

EBITDA is used frequently as the denominator in a ratio called EV/EBITDA. It has become the second most popular valuation multiple, after the $\mathrm{P} / \mathrm{E}^{.88}$
$\frac{\text { enterprise value/share }}{\text { EBITDA/share }}$
The numerator – Enterprise Value – is itself a compound construction. It is the sum of the market value of the company’s equity (the market capitalization) and the company’s debt, minus cash on hand (considered an offset to the debt). It often includes further adjustments. ${ }^{.9}$ The underlying principle is that EV represents the cost for an acquirer to obtain a full claim on $100 \%$ of the cash flows generated by the company, including earnings, dividends, and payouts to creditors (bank loans, bondholders). ${ }^{90} \mathrm{Or}$ to state it more simply, it is the price to acquire the company in a debt-free state:

$$
\frac{(\text { market capitalization }+\text { total debt }-\text { cash }) / \text { share }}{\text { EBITDA / share }}
$$
This definition entails certain quirks. First, a company with a large cash balance, and without much debt, has an EV lower than its market cap. On June 1, 2018, Google (Alphabet) had a market cap of $\$ 774 \mathrm{Bn}$, but with $\$ 100 \mathrm{Bn}$ in cash and just $\$ 3 \mathrm{Bn}$ in debt, its EV (with other adjustments) was much lower – about $\$ 650 \mathrm{Bn}$. This is relevant for valuations supporting merger and acquisition analyses, because the company’s cash can effectively be used to partially fund its acquisition, reducing the cost to a potential buyer. Used as a valuation metric in EV/EBITDA, the cash balance is considered in a sense separate from the main business and deducted from its value. (This adjustment for cash holdings is similar in spirit to the Cash-Adjusted $\mathrm{P}$ /E described in a later section of this chapter.)

It also follows, of course, that a heavily indebted company will have a much higher EV than its market price would indicate. Ford had a market cap of $\$ 46 \mathrm{Bn}$ but an EV of $\$ 175 \mathrm{Bn}$.

EV is useful, even necessary, in situations like these. If a company has an unusually large cash balance (and little debt) or a large debt load (and a normal cash balance), EV probably gives a better picture of the value of the business than market capitalization (Price) alone. In such cases, the EV/EBITDA metric may have an edge over P/E, although the question has not been systematically studied.

金融代写|股权市场代写Equity Market代考|FIN203

金融代写|股权市场代写Equity Market代考|Dividend Ratios: Significance and Trends

股息比率以两种逻辑上等价的形式呈现:价格对股息 (P/D) 和股息对价格(“股息收益率”)。

与仅衡量对收益“索取”的市盈率不同(不确定股东是否会直接受益),市盈率及其倒数股息收益率可以精确衡量收购成本$1.00公司支付的现金。

低的磷/D(相当于高D/磷或高股息收益率)意味着公司的股息美元是“便宜的”,正如低市盈率告诉我们对盈利美元的“要求”是便宜的一样。由于股息构成了股票所有权回报的大部分,平均而言,使资本收益相形见绌,人们预计廉价的 P/D 股票将跑赢大盘,而且平均而言它们通常如此。低P/D(高收益)被视为强烈的“价值”信号。许多价值投资筛选和策略都包含基于股息的比率。56(见图 3-6。)股息收益率往往反映市盈率,57低市盈率和高股息收益率都指向被低估的公司,并与强劲的未来回报相关。58(见图 3-7。)

金融代写|股权市场代写Equity Market代考|EBITDA and EV/EBITDA

用于估值目的的一种流行的现金流量衡量标准是 EBITDA (利息、税项、折旧和摊销前利润) 一它从净 收益 (GAAP 底线) 开始,并加上标题中提到的四个账户:利息和税项,被认为与业务的运营方面无关 (如前面在讨论价格与营业收入比率中提到的),以及折旧和摊销作为从前几年的投资或收购结转的两个 重要类别的费用和与本期现金流出不对应。
EBITDA 经常用作 EV/EBITDA 比率的分母。它已成为第二受欢迎的估值倍数,仅次于 $P / E^{.88}$ enterprise value/share
分子一一企业价值一一本身就是一个复合结构。它是公司股权 (市值) 和公司债务的市值之和,减去手头 现金 (被认为是债务的抵消) 。它通常包括进一步的调整。 ${ }^{9}$ 基本原则是 EV 代表收购方获得完全索取权 的成本 $100 \%$ 公司产生的现金流量,包括收益、股息和向债权人 (银行贷款、债券持有人) 支付的款项。 ${ }^{90} \mathrm{Or}$ 更简单地说,这是在无债务状态下收购公司的价格:
$\frac{(\text { market capitalization }+\text { total debt }-\text { cash }) / \text { share }}{\text { EBITDA / share }}$
这个定义包含某些怪癖。首先,一家拥有大量现金余额且没有太多债务的公司,其 EV 低于其市值。2018 年 6 月 1 日,谷歌 (Alphabet) 的市值为 $\$ 774 \mathrm{Bn}$ ,但与 $\$ 100 \mathrm{Bn}$ 现金和公正 $\$ 3 \mathrm{Bn}$ 在债务方面,其 $\mathrm{EV}$ (经过其他调整) 要低得多一一大约 $\$ 650 \mathrm{Bn}$. 这与支持并购分析的估值相关,因为公司的现金可以有效 地用于为其收购提供部分资金,从而降低潜在买家的成本。作为 EV/EBITDA 的估值指标,现金余额在某 种意义上被视为与主营业务分开,并从其价值中扣除。(这种现金持有量的调整在本质上与现金调整后的 P/E在本章后面的部分中描述。)
当然,这也意味着一家负债累細的公司将拥有比其市场价格所显示的高得多的 $\mathrm{EV}$ 。福特的市值为 $\$ 46 \mathrm{Bn}$ 但电动汽车 $\$ 175 \mathrm{Bn}$.
在这样的情况下,EV 是有用的,甚至是必要的。如果一家公司有异常大的现金余额 (和很少的债务) 或 大量的债务负担 (和正常的现金余额) ,EV 可能比单独的市值 (价格) 更能反映企业的价值。在这种情 况下,EV/EBITDA 指标可能优于市盈率,尽管该问题尚末得到系统研究。

金融代写|股权市场代写Equity Market代考

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