                                  __   559

   ,      
.



       Cooper.    -
     $1,80  . ,   -
       5%  .  ,   
   2),  D^    $1,89 [$1,80  (1 + 0,05)]  $1,985
[$1,89  (1 + 0,05)] .      
 ,        ,   -
    t = \   $1,985.  ,  
    ?= 1   $33,08 [$1,985/(0,11 - 0,05)]. 
   Cooper       -
    , = $1,89  ^ = $33,08.  
(18.30)  ,     11%,  , 
$31,50 [($1,89 + $33,08)/(1 + Oil)]. ,       ,
          
    : V= D^/(k  g) = 1,89/(0,11  0,05) = $31,50.

18.6

,    -

   DDM,     
     .    
     ?,,    (  -) 
   (price-earnings ratio)    .
           
        ,   -
       :

(P^-P)+D,
  = ,               (18.32)

 , = (,/,)  ,.

    ,     
      ,  -
     .    
,      ,    
 -   .   -
  10.

   ,    (18.7),  
  . ,       ^  
     ,    (payout ratio)  ():

D,=pE,                              (18.33)

 ,     -   , 
      .

   (18.33),   
DDM  ,        -
   .  ;>  D^    
(18.7).          -
   :