(幫幫忙!!!20點!!) 問「內在價值」的計算方法

計算股份內在價值


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由於金錢包含了時間價值 (Time Value) ，即一年後所獲得的 100 元價值較今天的 100 元為低。所以，我們必須把投資於一隻股份預期將來所獲得的收入 (股息及賣出股份的價值) 折現為今天的價值，才可作出比較。

計算股票的價值可以參考以下公式：

　　　　　　　　　　　　　PV = D/(1+r) + P1/1+r


PV = 股票現值

D　= 持有一年的股息

P1 = 估計一年後沽出的價格

r 　= 巿場利率 (以每年計算)

例子：

如某隻股份的全年派息估計為 $ 0.6 ，而一年後的賣價估計為 $ 12 ，巿場利率為 10 % ，則該股之現在實際價值為：

　　　　　　　　　　　　　PV = 0.6/(1+0.1) + 12/(1+0.1)

　　　　　　　　　　　　　PV = $11.45


若股份的實際價值較現在的股價為高，該股便值得買入。

Intrinsic Value

The Intrinsic Value is the true value of your investment. If in financial term, usually talking about warrants or options.

The intrinsic value of an option is the value of the option if it is exercised immediately. It is equal to the difference between the current price of the underlying asset and the strike price. Intrinsic value cannot be less than zero, since an option will not be exercised if it is not profitable to do so.

The intrinsic value of a call option equals the price of the underlying asset, S, minus the strike price, K, and can be represented as:
Max(S-K , 0)

For example, if the price of the underlying asset is at 120 and the call strike price is 100, then the intrinsic value of the option is 20. If the price of the underlying asset falls to 95, the intrinsic value is zero (not - 5, since an option cannot have negative intrinsic value).

Similarly, the intrinsic value of a put option equals the strike price minus the price of the underlying asset and can be represented as:
Max(K-S , 0)

If an option has intrinsic value, then it is called an in-the-money (ITM) option. Therefore, a call option with a strike price lower than the price of the underlying asset, or a put option with a strike price greater than the underlying asset, would be referred to as 'in-the-money'. If an ITM option were to be immediately exercised, it would generate a profit for the holder.

If the strike price is higher in the case of a call option or lower in the case of a put option than the underlying asset price, it is called an out-of-the-money (OTM) option. An OTM option has zero intrinsic value, as it is not profitable to exercise the option.

If the strike price is equal to the underlying asset price, it is called an at-the-money (ATM) option. An ATM option also has zero intrinsic value, as it is not profitable to exercise the option