| OCR Text |
Show 104 fom 8 move the market ously reduce of rates are when would count and show rate.l mination, the of 25 The $147.10, fair dividends: discounted added be $315.00. to the x cent, total a assumptions or the is aside lIbid., on p. in this in the about the dis validity is which discount them to discounted dividends a we that derived of of only part the market's $59.45 with dividends effect the $147.20 different discount rate, the IBM -found I assumed projection of IBM's = to give similar to us a tt31lt of $168.00 value of and about but with a following results: been discounted $79.14. in answer the total equal Leaving all at 16 per possible concerning the growth rate of dividends, the multiplier 237. of such a a is multiplier analysis obtain the have our $1,842.95, by my rate (10 percent) Continuing summing of Using 31 an with columns this price. of change,' shift a shift present value theory of stock deter sum but for must such This decline illustrate this of seri- profit projections valuation of a effects years a is further the finding the and high for the marked proceed with me present value. equal to stocks. common Foregoing anY,assumptions let for earnings To of are basis expand upon reliability or the times. like to writing value expectations good, supplies prosperous 16 percent, and, consequently, to percent high discount |
