TAILIEUCHUNG - Financial Management - Chapter 8

In general, the intrinsic value of an asset = the present value of the stream of expected cash flows discounted at an appropriate required rate of return. it’s like common stock - no fixed maturity. technically, it’s part of equity capital. it’s like debt - preferred dividends are fixed. missing a preferred dividend does not constitute default, but preferred dividends are cumulative. | 2002, Prentice Hall, Inc. Ch. 8: Stock Valuation Security Valuation In general, the intrinsic value of an asset = the present value of the stream of expected cash flows discounted at an appropriate required rate of return. Preferred Stock A hybrid security: it’s like common stock - no fixed maturity. Preferred Stock A hybrid security: it’s like common stock - no fixed maturity. technically, it’s part of equity capital. Preferred Stock A hybrid security: it’s like common stock - no fixed maturity. technically, it’s part of equity capital. it’s like debt - preferred dividends are fixed. Preferred Stock A hybrid security: it’s like common stock - no fixed maturity. technically, it’s part of equity capital. it’s like debt - preferred dividends are fixed. missing a preferred dividend does not constitute default, but preferred dividends are cumulative. Usually sold for $25, $50, or $100 per share. Dividends are fixed either as a dollar amount or as a percentage of par value. Example: In 1988, Xerox issued $75 million of preferred stock at $50 per share. $ is the fixed, annual dividend per share. Preferred Stock Firms may have multiple classes of preferreds, each with different features. Priority: lower than debt, higher than common stock. Cumulative feature: all past unpaid preferred stock dividends must be paid before any common stock dividends are declared. Preferred Stock Features Protective provisions are common. Convertibility: many preferreds are convertible into common shares. Adjustable rate preferreds have dividends tied to interest rates. Participation: some (very few) preferreds have dividends tied to the firm’s earnings. Preferred Stock Features PIK Preferred: Pay-in-kind preferred stocks pay additional preferred shares to investors rather than cash dividends. Retirement: Most preferreds are callable, and many include a sinking fund provision to set cash aside for the purpose of retiring preferred shares. Preferred Stock Features Preferred Stock

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