Class notes

Unit 5b - Share valuation (003).pptx (CFM22A2)

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Course
Accounting 200 (CFM22A2)

Institution
University Of Johannesburg (UJ)

Learning Outcome and Assessment Criteria differentiate between ordinary shares and preference shares, importance of share valuation, distinguish between par value, market value, book value and economic value; and valuation of ordinary and preference shares using: Discounted cash flows Zer...

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Uploaded on May 12, 2022
Number of pages 48
Written in 2015/2016
Type Class notes
Professor(s) M mouton
Contains All classes

cfm
accounting
uj
cost and financial management
notes

R133,00

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M ENT 2A
ANA G E
FI NA N CI A L M
A N D
COST
2016 oza
NTED B
Y: er, R Kh
PRESE , L Pelch
P Ramutumbu
,
L Boyce

, h apt e r 9)
r e valu ation (C
5b : S ha
UNIT

, Learning Outcomes and Assessment Criteria

• differentiate between ordinary shares and preference shares,
• importance of share valuation,
• distinguish between par value, market value, book value and
economic value; and
• valuation of ordinary and preference shares using:
• Discounted cash flows
• Zero dividend growth
• Constant dividend growth
• Variable dividend growth
• Relative valuation techniques (i.e. P/E & price: book ratio)
• distinguish between the expected return and required rate.

UNIT 5b :Share valuation

, Development of stock exchanges

• JSE
• FOUNDED 1887 - Platform for mining & financial companies to raise capital
• 1995 – Deregulated
• 1996 – replaced open cry market (auction) to order driven, centralized, automated trading
system
• 2006 – JSE company lists on the main board
• 2009 – Bond exchange of South Africa becomes wholly owned subsidiary of JSE

UNIT 5b :Share valuation

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