Prepare to explain the implications

Prepare to explain the implications of case Exhibit 1 (Paige Simon’s first task). Based on that exhibit, is terminal value (TV) a material component of firm values? From the exhibit, we can find the PV of five years’ dividends is small part of the market price of the stock. In my opinion, we buy a stock then get dividend periodically, which like buy a bond. The coupon payment is dividend and the face value is terminal value. The bond value is determined by the terminal value mostly. So the stock price is also determined by terminal value. The concept of going concern can explain that Terminal value is often higher than the present value of near term cash flows, which means that a company's long-term cash-flow capacity is more important.

Results (English) 3:

准备解释的影响，案例展览1（西蒙佩姬的第一项任务）。基于这样的展览，是终端价值（电视）的物质成分的公司价值观？从展览中，我们可以发现五年的光伏发电是市场价格的一小部分股票。在我看来，我们买股票然后定期得到股利，这就像买债券一样。票面支付为红利，票面价值为终端价值。债券价值主要由终端价值决定。因此，股票价格也取决于终端价值。关注的概念可以解释，终端价值往往高于目前的价值，短期现金流，这意味着一个公司的长期现金流能力更重要。