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Financial Management- Theories, Approaches, CoC, Sources Of Finance By:- Assistant Professor(Ms.)Ashima Negi Candidate For Doctorate ( Ph.D.) UGC NET-Management. CA(I), MBA Finance, BBA, PGDM-Materials Management, NCFM, TQM & ISO 9000, QS 9000 & Assurance, CCIBL.
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SECURITIES 1.LIQUIDATION VALUE(LV) VERSUS GOING CONCERN VALUE. 2.BOOK VALUE (BV) VERSES MARKET VALUE (MV). 3.MARKET VALUE(MV) VERSUS INTRINSIC VALUE.
1.LIQUIDATION VALUE(LV) VERSUS GOING CONCERN VALUE. . Money that could be realized if an asset or a group of assets is sold separately from its operating organization. This value is in marked contrast to going concern value of a firm Amount, firm can sell as a continuing operating business. These 2 values are rarely equal.
MARKET VALUE(MV) VERSUS INTRINSIC VALUE. Market value of a security is the market price. e Last reported price at which any part of security is sold, is the market price. (ACTIVE SECURITY) e Estimated market price. (INACTIVE SECURITY) . Intrinsic value of a security is properly priced amount, based on - assets, earnings future prospects.abd management. . Intrinsic value is the Economic value. e If markets are efficient & informed, the current market price of a security should fluctuate closely around intrinsic value.
BOND VALUATION A bond is debt security issued by borrower and subscribed purchased by investor. A long term financing tool. Firm promises to make future cash flows. 1PAR VALUE 2.COUPON RATE 3.MATURITY
PREFERRED STOCK VALUATION Most preferred stock pays a fixed dividend at regular intervals. No stated maturity date. Due to fixed Nature of payments, it is also called PERPETUAL BOND. They have a "CALL" feature , and eventually retired. BOND VALUATION is applied if a preferred stock is expected to be "CALLED". BOND VALUATION here is modified one, due finite maturity, And periodic interest payments replaced eCall price replaces bond maturity value and all Payments are discounted at rate appropriate to by. "periodic preferred dividend". that stock.
COMMON STOCK VALUATION Recent trend - common stock is analyzed in TOTAL PORTFOLIO of common stocks that investor holds. Helps determine required rate of return on a security.
VALUATION OF PREFERENCE SHARES ASSUMPTIONS :- 1. Dividend received once a year, 1st dividend received at end of year 1 from date of acquisition/ purchase. 2.Company intends to pay preference Dividend PV of cash flows expected from company (1) Stream of future Dividends at a fixed rate (I1) Maturity payment time of redemption
VALUATION OF PREFERENCE SHARES REDEEMABLE PREFERENCE SHARES: RREDEEMABLE PREFERENCE SHARES :- Present value(PV) of perpetuity of fixed, dividend on preference shares. Po = D Kp.
VALUATION OF EQUITY SHARES DIFFICULT-(_Rate of dividend not given, (I1) Rate of dividend varies up to sale of equity. ASSUMPTIONS :- (I) No redemption rate. (II) No redemption / liquidation value "(III) Dividend is not guaranteed or compulsory.