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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Earnings growth ： ウィキペディア英語版 Earnings growth Earnings growth is the annual rate of growth of earnings from investments. ==Overview== Generally, the greater the earnings growth, the better. When the dividend payout ratio is the same, the dividend growth rate is equal to the earnings growth rate. Earnings growth rate is a key value that is needed when the DCF model, or the Gordon's model is used for stock valuation. The present value of stock is given by :$P\; =\; D\backslash cdot\backslash sum\_^\backslash left(\backslash frac\backslash right)^$ . where P = the present value, k = discount rate, D = current dividend and $g\_i$ is the revenue growth rate for period i. If the growth rate is constant for $i=n$ to $\backslash infty$, then, :$P\; =\; D\backslash cdot\backslash frac\; +\; D\backslash cdot(\backslash frac)^2\; +...+\; D\backslash cdot(\backslash frac)^n+\; D\backslash cdot\backslash sum\_^\backslash left(\backslash frac\backslash right)^$ The last term corresponts to the terminal case. When the growth rate is always the same for perpetuity, the Gordon's model results: $P\; =\; D\backslash times\backslash frac$. As the Gordon's model suggests, the valuation is very sensitive to the value of g used.〔http://www.investopedia.com/university/dcf/dcf6.asp DCF Analysis: Pros & Cons Of DCF 〕 Note that part of the earnings is paid out as dividends and part of it is retained to fund growth, as given by the payout ratio and the plowback ratio. Thus the growth rate is given by $g\; =\; \backslash times$. Note that for S&P500, the return on equity has ranged between 10 to 15% during the 20th century, the plowback ratio has ranged from 10 to 67% (see payout ratio). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Earnings growth」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.