Route · 10 · 4 terms

Stocks

Shareholder rights, dividends, dilution and total return.

Path goal: Distinguish shareholder rights from promises of future return.

Reading sequence

This editorial sequence preserves the Russian curriculum order and uses the existing translated guides.

Core explanations: start here if the topic is new.

Shares: an interest in a business, rights and uncertain returns
How to distinguish shareholder rights from return expectations, read a worked result and avoid treating a dividend as a guarantee.
Depositary receipts: underlying shares, ratio and additional risks
How a receipt relates to an underlying share, what determines payments, and why a convenient trading form does not remove currency or infrastructure risk.
Dividends and total return: do not count the payment apart from price
How to include price change, payments, expenses and reinvestment over a comparable period.

Additional concepts and practical connections after the foundation.

Gordon model: which dividends and growth belong in the formula
Derive D1/(ke−g), test payout sustainability and identify the limits of dividend valuation.
Dividend policy, resolutions and entitlement: not one promise
Separate a profit-distribution policy, a decision for a particular period, the conditions for identifying a recipient and the actual receipt of money.
From EV to shareholders: debt, available cash and non-controlling interests
Valuing the operating business is not the same as valuing the parent company’s shares.
Stock splits and reverse splits: what changes in the units of account
How to recalculate quantity and comparable price, separate a corporate action from return and check fractional remnants.

Specialised models and limitations: check assumptions against the foundation.

Buyback: why higher earnings per share is not automatically value creation
A buyback uses company cash; the smaller denominator cannot be analysed apart from changed resources.
Common and preferred shares: compare rights, not names
Treat voting, distribution priority and residual assets as separate terms of the specific share class.
New share issuance: when ownership falls but value does not necessarily
Ownership dilution, new cash received and the change in value per share must be calculated separately.

A security representing an ownership interest in a company and the rights connected with that interest.

A distribution of company funds to shareholders under a corporate decision and the terms of the relevant share rights.

An analytical EPS estimate on a recurring or otherwise explicitly defined basis, rather than a separate published fact.

Profit attributable to ordinary shareholders, calculated per weighted-average number of shares.

Calculate total change and annual growth.

Compare P/E and EV/EBITDA assumptions.