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MessageArr=[new Message("83404","0","דיבידנד - כל מה שרצית לשאול ","21/11/06 00:11","אוראל סרור","אבל לא ידעת מה בדיוק!
חישוב תקבולים :
יום ה CUM - יום המסחר האחרון אשר בו ני"ע כולל ההטבות דיבידנד ריבית.
יום ה EX - ביום זה ני"ע נסחר ללא ההטבה דיבידנד ריבית
דיבידנד:שער המניה EX דיבידנד = שער מניה CUM פחות סכום הדיבידנד ברוטו למניה באגורות כפול (1 פחות המס %.)
זאת נוסחא לחישוב שער הבסיס למניה אקס דיבידנד.
עצות:
חשב את סך הדיבידנד ברוטו
חלק את סך הדיבידנד להון המניות בנות 1 ערך נקוב.
הצב את הדיבידנד למניה בנוסחא שכתבתי למעלה.
אם מחלקים דיבידנד ומניות הטבה סימולטנית יהיה EX כפול. לא משנה סדר הפועלות מחשבים EX דיבידנד ואח"כ מחשבים EX הטבה או להיפך.
התוצאה חייבת להיות זהה.
שיערו המס על דיבידנד הינו 20% ונתון לשינויים עתידים.
אם נתון שווי השוק של חברה ונתון מחיר המניה ניתן לחשב את כמות המניות של החברה
שווי שוק = מחיר מניה X כמות המניות של החברה.
מחזיקי אופציות :לא זכאים לחלוקת דיבידנד. חלוקת הדיבידנד " מייקרת" את הפרמיה להמרה ופוגעת באטרקטיביות של האופציה.
מחזיקי אג"ח להמרה:לא זכאים לדיבידנד אך מקבלים ריבית.
מחזיקי מניות הטבה:לא מקבלים אבל יש תיקון ביחס ההמרה.
מחזיקי זכויות:מתבצע תיקון ביחס ההמרה.יחס ההמרה CUM מחולק ביחס שבין שער המניה CUM לשער המניה EX