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I Trentenni e la pausa pranzo - Duration: 4:37.
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कॉर्न भेळ - Corn Bhel Recipe in Marathi - Kansachi Bhel - Monsoon Special Recipe - Smita Deo - Duration: 3:27.
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"Mrs Bharat Icon 2018" Mein Bollywood Sitare | Archana Kochhar - Duration: 1:35.
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คนญี่ปุ่นคิดยังไงกับ Kaimook BNK48 ? | Special EP.14 - Duration: 12:38.
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Facts About Fostering a Cat! Should You Foster a Cat and Why? - Duration: 5:19.
thanks for watching guys I hope that you found these facts about firtsiffiiatsu
about fostering- BLEH. Hi guys welcome back to the channel and here over in UK
it's pretty hot at the moment so me and Ragsy are here in the summer house to
try and cool off and bring you this week's vlog now this week I'm going to
be telling you some facts about fostering cats now a lot of people like
to foster cats for many different reasons and some people don't even know
what it means so I'm going to give you some facts and some tips about if you're
thinking about fostering first of all what is fostering well fostering is
giving a homeless cat a temporary home until they find their forever home it
might be that the shelter they are at is overbooked and they have no more room
at the inn now this is really important as you have the chance to rehabilitate a cat
and in turn means that they are much more likely to be adopted fostering cats
also frees up space to a shelter so that they can rescue more animals but fostering
also helps with a cat who may not do well in environments such as a shelter
so one with multiple animals or too much noise or too much stress it's a win-win
that sort of situation really number two fostering won't cost you a penny in
most cases if not all the shelter that you're fostering from will cover all
costs in when it comes to your looking after the cat so that means food a
litter tray toys even any medical expenses or anything that they need to
get done at the vet and also transportation well obviously if you
have a cat you're fostering of a few cats you're fostering and you want to
spoil them rotten with toys and treats obviously you can go ahead and do that
but any costs that you incur with fostering an animal it is completely
covered by the shelter so that again is a great thumbs up for fostering a cat
number three it is a good practice so if you are umming and ahhing about getting a
forever pet why not try fostering one not only will this help a shelter out
but it can help you get some experience as a pet owner now this will help you
make a decision if you could commit long-term to a forever cat or if it's
something that you're not sure you're ready for number four fostering it gives
a special needs kitties a chance now there are a few cats in shelters and
quite often people who do foster cats do tend to go towards cats with special
needs or who have had some sort of injury trauma or surgery now a lot of
these cats need extra care extra attention and someone to give them
medication on a regular basis now shelters are absolutely fantastic but if
they are overrun or they are very particular busy they might not have the
time or all the resources to dedicate to that one special cat quite often cats and
kittens who do have special needs are the last to get adopted so a lot of people
who foster full-time do tend to gravitate towards cats who have special needs not
only is this beneficial to the cats they get all the care and attention that they
need but it can be so so rewarding as well and finally almost anyone can
foster now if you are of an adult age or you are a family
you can almost certainly foster if you are an adult or a family you have space
the time the patience and the passion to look after a cat either short-term or
long-term then you can foster a cat there is no upper age limit on fostering
an animal and you can do it on and many of your own terms so you can foster on a
short-term basis a long-term basis multiple cats and a mother cat with
kittens or even a senior kitty-zen there are fostering options to accommodate
almost every setup so if you have any questions regarding that just ask your
local shelter thanks for watching guys I hope that you found these facts about
fostering fun and interesting and if you are thinking about fostering don't
hesitate to get your local shelter and inquire they are screaming out for
people to foster small animals and it is such a rewarding thing to do
now it is probably one of my favorite parts of the video and that is to
announce the winner of our relax my cat t-shirt competition now i will just
remind you of the rules to make sure that you know how you can get a chance
to win your very own t-shirt need to make sure that you are subscribed to the
channel and that you are a member of the notification squad by clicking the bell
button there and that you comment on this video in the first 60 minutes that
it is up if you follow these rules you are
in with the chance of winning your very own relax my cat t-shirt so let's go and
see who has won this week now there are loads of brilliant comments but the
winner this week is Maeve Chewers they are thanking us for the video and
my cat loves to go outside and now worried about this getting here on the
fourth of July so hopefully those tips will help you out now all you need to do
is email us at relaxmycat@gmail.com with your address and your size and
we'll send your t-shirt over to you congratulations once again now if you
did enjoy the video guys you know what to do give it a big thumbs up don't
forget to subscribe and become a member of a notification squad that means that
you will get a notification every time one of our box comes out or any of our
new tracks or TV episodes thanks again for joining us this week I hope that
you're enjoying your summer and Ragsy and I well we'll see you next week bye
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Preparing to Leave Your Dog for Holidays! Tips on How to Prepare to Leave Your Dog for Vacation! - Duration: 5:17.
Hi everybody and welcome back to relax my dog today me and Milo are going to
be talking about what different steps you can take before you go on vacation
if you are wanting to leave your dog at home obviously if you go on a plane etc
it isn't the easiest thing to be able to take a dog away with you so today we're
gonna be talking about what different things you can do
whenever you're wanting to plan on going away so let's get started now before we
begin we absolutely love hearing your guys's ideas here on Relax My Dog so
what I need you to do is go down below to the comments and post a comment about
your favorite holiday you have ever been on we all absolutely love hearing about
the different exotic places you guys are going so definitely do comment down
below your favorite holiday or vacation destination I will probably say that my
favorite holiday destination is Greece because it is absolutely stunning
now it's very very important to spend a lot of time with your dog before you go
away so as you can see my cat is in the corner can you see him I think he's
giving himself a little bit of a bath obviously you want your pet and your dog to
know that you absolutely love them so make sure you are spending as much time
as you can beforehand just so that they know that you've not left them
because you don't like them anymore you don't love them because obviously
you do you getting abit agitated with Rio giving himself a wash
there are many different things that you can do if you are wanting to go on
vacation without your dog the two main ones we're going to talk about today are
very similar the first one is getting a pet sitter in your house and the second
one is boarding or letting your dog go over to the kennels as we sort of say in
the UK so the first we're going to talk about is the pet sitter and this one
it's when they are at your home this one is quite a good one however it can be a
lot more expensive than if you are going to the kennels and you also need to know
the person because otherwise you don't really want somebody that you don't
particularly know living in your house over the period that you are away we've done it
before we've had a family friend come and live in the house and look after the
dog and the cat and that just works best for us but obviously a lot of people might
not have family and friends that live closeby to them to be able to do that
for them and so definitely take into account what sort of things are on offer
to you if they're not on offer to you you can obviously go for the boarding or the
kennels option which will be speaking about a little bit later on so one of
the main top tips that we have if you are getting a pet sitter to come and
live in your house this one is to get your dog into a routine
and make sure that they have a particular time where they have their
dinner they have their breakfast they go out to the toilet they go for a walk
they socialize they whatever you want to do with your dog make sure you do try
and get them into a routine a few days into a week beforehand this will get
your dog prepared for sort of having somebody new in the house but
still sticking to that routine so they know they're going to have breakfast etc
believe me it works a treat as well it also lets the pets sitter know exactly
what you want to happen with your dog when you want them to be fed when you want
them to go for a walk where you want them to go for a walk it really does
help to make sure that everything is done correctly also don't forget to let
your pet sitter know about any social anxiety etc that your dog has and what
sort of things you do to help that whether you watch dogs TV on Relax My Dog
or you listen to the Relax my dog music as well now if you
are wanting your dog to go boarding or to go to the kennels as we say here in
the UK there are a lot of different things that you need to look out for as
well so a good idea for you guys to do beforehand is to get yourself a notebook
and just write everything the kennels or the boarding company need to know about
your dog what sort of food they like what sort of toys they like etc.
just anything that you know about your dog
write it in a notepad and then you can give that to them for them to sort of
look back at also make sure you're telling them any sort of health issues
etc in your book so that everything they need to know is here and you can enjoy
your vacation another one is to make sure that the
kennels or the boarding place is correct make sure you go in there as much as
possible as much as you feel necessary also if you can try and take your dog
there to get them used to the scent and the area so it's not a complete shock
and when you do take them another good tip is to take them with their favorite
toys or blankets etc that you know that they will really really enjoy whether
it's their favorite ball their favorite teddy their favorite blanket etc.
actually take them away with that and just so they feel a little bit still at
home but not it also might be important to let your dog have something of yours
something that smells like you whether it's a sock whether it's I don't know a
t-shirt just something that they can sniff and still feel like they're at
home and our very last tip is it to make sure that you calm your dog down as much
as possible before they go obviously they're going to be around a lot of
other dogs and it might be quite a stressful experience so definitely do
play any relax my dog music etc to get your dog nice and calm and ready for
that trip and that is it for this week's video can I have a kiss
thank you don't forget to give this video a big thumbs up if you did enjoy
this also don't forget to comment down below letting us know what your guys's
favorite vacation or holiday is or was also do forget to subscribe if you
haven't already and don't forget to click the notification bar to be notified
whenever we upload also don't forget we have our t-shirts and giveaway the
t-shirts look like this and they are super super easy to win
all you need to do is pop over to your Instagram post a picture of either you
and your dog or just your dog on their own the funnier the better post that and
tag us on the pictures and the winner will be announced a few days afterwards
thank you to anybody that has entered and has won their very own relax
my dog t-shirt and good luck to anybody that is wanting to win one and
that's it thank you so so much for watching and we'll see you next time bye
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iPhone X 2018 line up EXPOSED : Leak reveals exciting news ahead of release ● Tech News ● #TECH - Duration: 2:18.
The iPhone X 2018 line-up has been the subject of much speculation with insiders predicting
big things from Apple this year.
It's been widely rumoured that Apple is planning on releasing multiple iPhones this
year.
The rumour mill is expecting three iPhones to be announced in September - a 6.5inch iPhone
X Plus, an iPhone X2 and a 6.1inch entry-level iPhone X.
These three phones are all expected to have a notched display while the 6.1inch iPhone
X is expected use an LCD screen to keep costs down.
And now latest leaks appear to back up the many rumours circulating around the iPhone
2018 line-up.
The ever-reliable 9to5Mac have reported on rumoured dummy models of a 6.1inch iPhone
9 and a 6.5inch iPhone X Plus.
A video showing the iPhone 2018 dummies showed the models housed in cases made by accessory
maker Sketch.
This suggests case companies are already busy preparing accessories for the iPhone 2018
models ahead of its release in September.
The dummy models shown are the all-new 6.5inch iPhone X Plus as well as the 6.1inch entry
level iPhone X.
Forbes reported that the dummy units align with schematics they obtained of the iPhone
2018 last month.
These schematics claimed the iPhone X Plus will boast a triple rear camera while the
entry-level iPhone X will have a single camera.
The dummy units back up these rumoured camera setups and give an insight into the design
of the iPhone 2018 line-up.
The flagship dummy indicates Apple are looking to put the 6.5inch display of the iPhone X
Plus into a handset no larger than the 5.5inch iPhone 8 Plus.
Elsewhere, the dummy units appear to show that Apple are not planning on adopting radical
plans to drop the Lightning port this year.
The rumour mill has claimed that Apple may drop the Lightning port in favour of USB-C
for their next line of iPhones.
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காதலனுடன் பேசியதால் மகளை கோடரியால் கொன்ற தந்தை | Latest Tamil News | Kollywood News - Duration: 1:26.
For more infomation >> காதலனுடன் பேசியதால் மகளை கோடரியால் கொன்ற தந்தை | Latest Tamil News | Kollywood News - Duration: 1:26. -------------------------------------------
Kinh Tương Ưng Bộ - Tập 4 THIÊN SÁU XỨ- Chương 1- Tương Ưng Sáu Xứ.12 Phẩm Thế Giới Dục Công Đức - Duration: 35:33.
For more infomation >> Kinh Tương Ưng Bộ - Tập 4 THIÊN SÁU XỨ- Chương 1- Tương Ưng Sáu Xứ.12 Phẩm Thế Giới Dục Công Đức - Duration: 35:33. -------------------------------------------
Antonio Orozco, Karol G - Dicen (Mashup By TMSC) - Duration: 2:53.
For more infomation >> Antonio Orozco, Karol G - Dicen (Mashup By TMSC) - Duration: 2:53. -------------------------------------------
Dividend Discount Model (Formula, Example) | Calculate Stock Value using DDM - Duration: 24:03.
hello everyone hi welcome to the channel of Wallstreetmojo friends today we are
going to discuss a tu-toll on dividend discount model it is it is going to be a
completely a beginners guide now first what is dividend discount model see it
is a way of value a company based on the theory that a stock is worth discounted
sum of all the future dividend payments in other words it is used to evaluate
the stock based on the net present value of all the future dividends see
financial Series theory states that the value of the stock is the worth of all
the future cash flows expected to be generated by the firm discounted by an
appropriate risk just a trade so we can use dividend as a measure of the cash
flow returned to the shareholder I'll give some examples of regular dividend
paying company like McDonald's Procter & Gamble kimberly-clark PepsiCo 3m
coca-cola Johnson & Johnson AT&T Walmart and so on and so forth we can use a
dividend discount model to value this company and let's see that as you can
see over here we have a graph being colored different color having different
companies named ok blue one is T dividend McDonald's for orange and so on
and so forth so basically it's a dividend yield
what is dividend yield it's a percentage how do you find a percentage it's it's do
you dividend per share divided by the price per share see anything when you
divide by price for share becomes your percentage is it it is your dividend Per share
so this is your dividend yield of all the companies that I have mentioned over
here in the graph see this tu-toll is going to be an in depth tu-toll on
dividend discount model and it covers so many other concepts so let's get into it
in by one by one and over we will be going a step by step concept dividend
discount model first is the foundation that we are going to understand see
intrinsic value of the stock is the present value of all the future cash
flows that is generated by the stock for example if you buy a stock and never
intend to sell to the stock like infinite time period what is the future
cash flow that you will receive from the stock dividend right let's see in the
excel and I'll show you some formula for the same see the intrinsic value that is
IV is equal to four if you hold the stock till your lifetime till in
infinity then your answer is going to be all the cash flow that you receive
divided by you say 1+ the discount rate which is known as K
or your weighted average cost of capital and you do raise to t so I'm just
writing small t over here and you do raise to t so that gives you intrinsic
value see here these CF the dividend the cash flow is the dividend so dividend
discount model prices are stock by adding all its future cash flows
discounted by the required rate of return that an investor demands for the
risk of owning the stock however this situation is a bit theoretical as
investors normally invest in stocks for dividend as well for capital
appreciations so capital appreciation is the when is when you sell the stock at a
very higher price then you buy for so in such a case there are two cash flows
first there is future dividend payments and second future selling price so find
the present value of this cash flows and add them together so what do what do you
get so you get as you write IV that is intrinsic value is equal to sum of all
the present value of dividends and you add something called present value of a
stock sale price when you do this you get an IV it is going to be the stock
sale price now or the dividend discount model DDM price is an intrinsic value of
the stock if the dividend stock pays no dividend then the expected future cash
flow will be the sale price of a stock so let us take an example and how to
deal with this let's get into this into and into deep ok assume that you are
considering for the purchase of a stock which will pay you let's say it will pay
you dividend let's say it will pay you or
dividend of let's say $20 ok dividend for the dividend 1 next year and let's
say this is for the year 0 now for the year 1 there will be growth in the dividend
let's say it will pay you 21.6 for the following year so
after receiving the second dividend you plan on selling the stock for let's say
you plan on selling the stock for let's say 333.3
dollars so what is the intrinsic value of the stock if you required return is
15% so the first step is going to you find the present value that
is you will divide 20/1+K that is 15% is of a
discount rate in this particular case so I will show you the whole calculation
how does it first you find the intrinsic value of 20
that is the dividend for the 1st year then the dividend for the 2nd year
and in this example they come out to be around 17.4 and 16.3
for 1st and 2nd year so let's see the calculation how it goes so
as you can see the step one 20/1.15 raised to
1 because that's your 1 2nd is present value for year 2 20/1.15
raised to 2 so in this example they come out to be
close enough to 17.4 and 16.3 this step two is to
find the present value of the future selling price that what we have learned
so 333.33 0.3 is your price divided by the
1+K that is your vac raised to two because at the end of the second year
you're going to sell it off so you are going to receive the price so step three
is going to add the present value of all the dividends in the present value of
the selling price okay once you add both of those things what you get is the
final answer so our final answer is going to be 17.4 16.3
and the final answer is going to be 255. let's
say 255.258 to 85.8 so let's see
this in Excel how it has been work out so the dividend payment has been given
as 20 in the year one okay which makes us in in year two V there is an increase
rise in the dividend by 21.6 we use the present value discounted
at 15% so we get 17.4 and 16.3 the
stock price is three 333.3 so we just have calculate the
details over here and we get intrinsic value as 17.4 268.8
the total intrinsic value comes to 285.8
I hope you have got it now let's get into some of the types of dividend
discount model now that we have understood that the very foundation of
the dividend discount model let's let us move forward and learn about the three
types of dividend discount model first it is called as zero growth the dividend
discount model this model assumes that all the dividends that are paid by this
stock remains one and same forever until infinite second constant growth dividend
discount model this dividend discount model assumes that the dividend grows at
fixed percentage annually so they are not variable
and our constant throughout the third is called variable growth dividend discount
model or it's known as non constant root so this model may divide the growth into
two or three phases the first one will be the fast initial phase then a slower
transition phase and then ultimately ends with a lower rate of infinite rate
so will discuss each one of this in a greater detail now the first one is
going to be the zero growth dividend discount model see zero growth model
assumes that the dividend always stays in the same there is no growth in
dividend therefore the stock price would be equal to the annual dividends by the
required rate of return so the stock price is going to be what the stock
price is going to be the annual dividend divided by the required rate of return
it's like in intrinsic value is going to be dividend divided by just your what we
say as the required rate of return or you can say k so this is basically the
same formula used to calculate the present value of the perpetuity so you
are sending this cash flow to the perpetual level and can be used to price
the preferred stock which pays a dividend that is specified percentage of
its par value a stock based on zero growth model can still change in price
if required rate changes when they reprieve perceived risk change for
instance second is zero growth dividend discount model will take an example and
will try and reach out how things can be worked out in this UVO preferred
let's say for an example for preferred shares of a stock pays less a dividend
of 1.8 ok Per year and the required rate of return for the stock is let's say 8%
ok the required rate of return is our k what is going to be the
intrinsic value so here we use the formula of zero growth model that is
intrinsic value is annual dividends by the discounted rate of return so it's
going to be 1.8 / 0.08 because it's your a percentage so your
intrinsic value is going to be 22.25 this shortcoming of this model above is
that you expected most of the companies to grow over time
now the second constant growth rate DDM model is called Gordon's growth model ok
it's he's very famous guy is his theory still work today the constant growth
dividend discount model the growth the or the known as the Gordon's growth
assumes a dividend growth by a specific percentage each year so can you value on google
Amazon Facebook Twitter using this method of course not as this companies
do not give the dividends more importantly are growing at much faster
rate see constant growth models can be used to value companies that are mature
whose dividends increased steadily over years so let's look at the Walmarts
dividend paying in the last 30 years because walmarts is a mature company
and we note that the dividends have steadily increased over the period the
company can be be a candidate that can be valued using using the Gordon's
growth model let's see a graph of the same and get into the nitty-gritty you
can see that dividends have been paid on a negative scale there is a complete
drop since 1995 till 2015 there is a severe decline in the and in the payment
of dividend right so please note that in Gordon's growth model we do assume that
the growth rate in dividend is constant however the actual dividend outgo
increases each year so the growth rate a dividend is generally denoted as G okay
growth is denoted as G and the required rate of denoted as KE
another important assumptions that you should note is the required rate of
return or K also remains constant every year so the constant growth dividend
discount model or DDM use us the present value of the infinite stream of dividend
that are growing at a very constant rate now let's see the Gordon's growth
formula as per the I mean his theories okay he says the value of stock is equal
to he says as simple as that D0 that means he says dividend at the beginning
of the year you add please add the growth of the current year and divide
this by 1 + KE or no no no it's it's you just have to do KE that is the
weighted average cost of capital or the cost of equity based on what you are
evaluating you will use less the growth so he says that the growth should not be
bigger than KE so it becomes d1 this becomes what d1/d1 divided
by what KE - G this is going to remain the same okay
I hope you have got so we're over here d1 is the value of
the dividends to be received next year these are is the value
the dividend receive this year G is the growth rate of the dividend and kE is the
discount rate okay now let's get into the example of Gordon's growth model I
will take the example no. 1 let's say for stock is spraying a dividend of
let's say 4 per dollar okay and this year I mean if this year and the
dividend has been growing close enough to let's just 6% every year okay
annually then what will be the intrinsic value of the stock assuming the required
rate of return is going to be 12% so the value of the stock is going to be d1
what is going to be a d1 d1 is going to be my 4 that is d0 into the growth is
6% so I'll add in x 1.06
so my next year dividend is going to be how much d1 is going to be 4.24
now ke I'm already given with 12%t right and the growth rate is
how much G is given to me as 6% so once I have all this detail we can
find the intrinsic value of the stock as 4.24 okay divided by 4.24
divided by I'll open the bracket I'll say 12% -6%
and that's it we have the answer 70.66 dollars I hope you have
got it now Gordon's growth model let's take another
example example number two if a stock let's say is selling at let's say around
315 is the price of the stock dollar and the current dividend that has
been paid is 20 so this is the price this is the dividend I'm just writing D over
here and what might be the market assuming that the growth rate of the
dividend for the stock if the rate of required rate of return let's say the ke
what they are given as 15% so you're asking what is what should be the
growth rate just a simple of mathematics in the example will assume that the
market price of the share that is the IV that is the intrinsic value given to us
is 315 so 315 is already given to us what we have found over here it's
already given to us and we just have to find G it is as simple as that 315 is
equal to 20 * 1 + G / 0.15 - G because we don't have the
value of G so if you solve it you get the answer as 8.13%
now third variable growth method okay that's a third method we
are evaluating that's called multistage dividend discount model see variable
growth rate dividend discount model or dividend DDM is much closer to the
reality as compared to the other two types of you can say dividend discount
model see this model solves a problem related to the unsteady dividend by
assuming that the company will experience different growth phases
variable growth rates can take different forms you can even assume that the
growth rates are different for each year however the most common form is the one
assumes three different rates of the growth first an initial high rate of
growth second a transition to slower growth and the third lastly a
sustainable steady rate of growth see primarily the constant growth rate model
is extended with the each phase of growth calculated using the constant
growth model but using different growth rates for the different phases the
present value of each stages added together to derive the intrinsic value
of the stock this can be applied as following let's see how it is applied two
stage dividend discount model now this model is designed to value an equity in
a firm with two stage of growth an initial period of the higher growth and
subsequent period of the stable growth so to state dividend discount model best
suited for the firms paying a residual cash in dividends while having moderate
growth for instances it is more reasonable to assume that a firm growing at 12%
the high-growth period will see its growth rate dropped to 6%
afterwards my take is that the companies with the higher dividend payout ratio
may fit such a model as we note below that such two companies like coca-cola
and PepsiCo both companies continue to pay dividends regularly and the dividend
payout ratios between 70 to 80% in addition this two company showed
relatively stable growth rate let's see what exactly goes around in the chart as
you can see in the graph the high dividend payout ratio of its stable
growth rates details are given for both PepsiCo and coca-cola base of Coca Cola
Company we have we have a couple of assumptions see high growth rate is
expected in the first period this higher growth rate will drop at the end of the
first period to a stable growth rate third the dividend payout ratio is
consistent with the expected growth rate now let's take an example of two state
dividend model example let's say a check might focus that it's it's its dividend
will grow it close enough let's say 20% per year for the next 4 years before
settling down at the constant at 8% forever so the for the 4 years
it's going to 20% and for 8% is going to be
the rest of the years and let's say the dividend currently they are paying is 12
what is going to the ex of lets see if the expected rate of return is let's say 15%
what is the value of the stock now so the first step is you are going to do is
you calculate the dividend for each year till the stable rate is reached so the
first component of the value is the present value of the expected dividend
during the high growth period based upon the current dividend which is given
12% is $12 the expected growth rate is 15 value of dividend dividend
for 1 year dividend for 2nd year dividend for 3rd year can be computed for
each year in the high growth period when the stable growth rate is attitude after
the 4 years hence we can calculate the dividend profile until 2010 let's
see how it is done as you can see for 2016 the dividend was 12 then after for
2017 14.4 so there is a clear you can see the rise of dividend
continuous rise of the dividend for all the rest of the years then there is a
growth rate it is not mentioned for the first year then it is 20%20%
20% in last is 8% forever right and the terminal value is
383.9 so you'll make the present value of all the cash flows and find the
present value of the terminal value so you get the final sum the expected
return is 15% as you know the details around so by first this this was
the this this included everything actually see this
step 2 is apply the dividend discount model to calculate the terminal value
price at the end of the high growth phase so we can use dividend discount
model at the at the point in time here in this example the dividend growth is
constant for first 4 years and it decreases so we can calculate the price
of the stock should sell for the 4 years that is the terminal value at the
end of the high growth phase that is 2020 so this can be assumed in at using
the dividend discount growth method we apply the
formula in Excel and you know below is as you can see is the terminal value at
the end till here 20 and here is the calculation for the terminal value also
I will show you how it is done but can you see how the terminal value has been
calculated the dividend day is 26.9 that is the last year's
dividend you deduct the ke that is the F 95 is going to be the ke less the growth
of the last year so that will give you a perpetual
value okay step three is going to be fine the present value of all the
projector dividends so present value of the dividend during the high growth
period 2017 to 2020 is given and please note that this in the example required
return rate of return is going to be closing out to 15% let's see how things
have been worked out you just saw the same thing it's the same thing we went
through this way before the step four is find the present value of the terminal
value and the present value of the terminal value is close enough 219.5
and the final step final step I will show you the step number
five see all dividends the growth rates is there the terminal the value that we
need to calculate we have the present value of all the cash flows that is
given we have done the present value of the terminal and once we do that with
the help of expected return we get the final answer step 5 is find the fair
value okay the present value the projected dividends and the present
value the terminal value as we already know that the intrinsic value of the
stock is the present value of its future cash flow since we have calculated the
present value of the dividend and present value the terminal value the sum
of the total of both will reflect in the fair value of the stock so the fair
value is the present value of the project at dividends and present value
of the terminal value as you can see the calculation over here we can also find
out the effect of the changes in the expected rate of return to the fair
price of the stock and we note from the from this whole calculation and I will
show you the graph also that the expected rate of return is extremely
sensitive to the required rate of return due care has to be taken to calculate
the required rate of return see required rate of return is professionally
calculated using the CAPM model I will show you the graph and let's let's
understand that so in this graph can you see this the sensitivity of the expected
return as the expected return is you can see it is if it's increasing the stock
price is decreasing so if it is was 10% it was at 1,000 if it goes to 12
the 12% it is significantly dropped like anything and for 14%
and for 16% and so on and so forth you can see the decline so this is of
the sensitivity thing works over here now
three-stage dividend discount model see 1 improve the men that we can make to make
two state dividend is to allow the growth rate to change slowly rather than in
complete instantly so the three state evidence discount
model or DDM is given by the first phase there is one constant growth that is
called g1 with no dividend the second phase there is a gradual dividend
decline to the final level in the third phase there is a constant dividend
growth that is g3 that is the growth company opportunities are over the logic
behind we apply to two state dividend model can be applied to the
three state model in the similar fashion and I'll show you the formula for
applying the three state model let's look into it can you see the formula
over here the d0 1 + g / 1 + k d1 / 1 + K raised to
T + DN + 1 so it's going to go into infinity k - G and 1 + K
raised to N see over here the advice would be not to get you know more
fascinated by the formula just do one thing apply the logic okay that we used
in the two state dividend discount model only change will be that there'll be
only one or one more growth rate in between the high growth phase in the
stable phase for this the growth rate you need to find out the respective
dividend and its present values so if you want to find more example on
dividend stock you can refer to dividend aristocrat list ok this list contains 50
stocks with dividend paying history of the 25 year plus let's look into the
advantage of dividend discount model see the first is sound logic the dividend
discount model tries to value a of the stock based on all the future cash flow
profile near the future cash flow is nothing but the dividend in addition
there is very less subjective in the mathematical model hence many analysts
show faith in this model second mature business the regular payments of the
dividend does imply that the company has matured and there may not be much
volatility associated with the growth rates and earnings this is important for
investors who prefer to invest in stocks that pay regular dividends third
consistency since dividend in most cases is paid by cash company tend to keep
their dividend payments in sync with the business fundamentals this implies that
the company may not want to manipulate the dividend payment as they can
directly lead to the stock price volatility let's look at some of the
limitation of dividend discount model see for understanding the limitation of
dividend discount model let us take the example of
Berkshire Hathaway who doesn't know that see your Warren Buffett mentions that
dividends are almost a last resort for the corporate management suggesting
company should prefer to reinvest in the business and seek projects to become
more efficient expand tentatively extend and improve product lines or to
otherwise violently economic more more separately in the company from its
competitors see by holding on to every dollar the cash possible Berkshire has
been able to reinvest it at a better returns than most of the shareholder
would have earned on their own okay Amazon Google Biogen are other examples
that don't pay dividends and have given some amazing returns to the shareholders
so can only be used to value the mature companies see this model is efficient in
valuing companies that are mature and cannot value high-growth companies like
Facebook Twitter Amazon and others second the sensitivity of the assumption
see as we see as we basically saw earlier fair prices highly sensitive to
the growth rates and required rate of return 1% change 1%
changing this to can affect the values in the company by as much as 20 to
20% third me it may not be related to the earnings so in theory
dividend should be correlated to the earnings of the company
on the contrary companies however try to maintain a stable dividend payout
instead of the variable payout based on the earning in many in many case
companies have even borrowed cash to pay dividend if you have got the best of the
best knowledge you can refer to the other articles also thank everyone this
was the great knowledge for dividend discount model
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