课程: Financial Modeling Foundations

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Interpreting a DCF model

Interpreting a DCF model - Microsoft Excel教程

课程: Financial Modeling Foundations

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Interpreting a DCF model

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- [Instructor] In addition to financial models built around the three different major financial statements, we'll often to be asked to build financial models around stock price data and the associated financials. Now, two types of models that we might be asked to build are the DDM, or Dividend Discount Model, and the DCF model, or Discounted Cashflow Model. I'm in the 04_04_Begin Excel spreadsheet. Now what we have here is stock price data for Microsoft, along with different financial metrics for the firm, including various multiples and the firm's financials over the last few years. We want to figure out the intrinsic value of Microsoft stock. To do that, we'll use both a DDM and a DCF. To begin with, with the Dividend Discount Model, we're going to assume a payout ratio of 50%. So 50% of the firm's net income will be paid out as a dividend. We look at net income over the last 12 months and divide by the number of shares outstanding, then multiply by the payout ratio. In order to…

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