Constant growth stock valuation example

Constant growth stock valuation example. We can use the Wells Fargo Nov 20, 2023 · Using these input values, we can calculate the intrinsic value using the dividend discount model: $1 dividend ÷ (10% cost of capital - 5% dividend growth rate) = $20. growth rate year 2 is 0%. g Button - Press to calculate the Dividend Growth Rate. pay the same dividend each year, year after year. 50 / (0. Financial managers also know that the rate of growth on a fixed-rate preferred stock is zero, and thus is constant through time. 99 ÷ (0. 2. Jul 12, 2023 · The Gordon Growth Model is a financial valuation tool that focuses on dividends and their growth rates to estimate the intrinsic value of a stock. It implies that the stocks grow at a faster pace than the average stock in the market. Company A’s share is trading at $53 per share. 07=0. 10) Value of Stock = $1. My definition of a fast grower (growth stock) is one that has consistently compounded earnings at 15% per annum or better over extended periods of time. 2%. Suppose that Company A has a current stock price of $100. 75), and it should continue to grow at a constant rate of 10% a year. To determine whether to buy the stock, the investor can use the Gordon Growth Model: Jul 20, 2022 · The Gordon growth model (GGM) is used to determine the intrinsic value of a stock based on a future series of dividends that grow at a constant rate. Further, trying to evaluate the PV Oct 11, 2012 · Study with Quizlet and memorize flashcards containing terms like True or False: An example of a primary market transaction is buying 100 shares of Wal-Mart stock from your uncle. The formula is: P0 = D/ke. As a result, various techniques were developed for the same. Company X's stocks are valued at $200 per share and pay a $2 annual dividend per share. Calculate the cost of new common stock. 00 DPS / (10% Required Rate of Return – 5% Annual Growth Rate) Value Per Share = $80. You will need to (1) estimate Beta in order to calculate the required return for MSFT; (2) estimate dividend growth rate; and (3) estimate future dividends. Since the current stock price is $41 and the intrinsic value is $48. e. 68. It is calculated as a stock’s expected annual dividend in 1 year. Examples from student-produced stock valuation reports highlight these issues from an individual financial management perspective. 5%. = $400. This type of valuation model can be used to value companies where the first stage has a finite, unstable/unsustainable growth rate and the second stage has an infinite, stable/sustainable growth rate. Constant-growth model. Therefore, according to the About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright b) The constant growth model cannot be used for a zero growth stock, where the dividend is expected to remain constant over time. = PV of dividends in high-growth phase + PV of terminal value. 08) P0 = 2 / 0. Assuming this as the constant dividend for the rest of the company’s life, we arrive at the present values as follows: P 0 = D / (i – g) Where P 0 = Value of the stock/equity Stock Valuation. 075) = $43. 00 0. If Value of Stock = D1/(k-g) Value of Stock = 3. Sep 17, 2021 · The Constant Growth Model of Share Valuation - The Constant Growth Model is a way of share evaluation. 10 = $30). Here’s how to solve this problem. It assumes that dividends, or the shareholder payments the public company provides, grow at a constant rate forever and that the company in We can calculate the growth based on the retention model ratio as the rate of return multiplied by the percentage of the profits retained and not distributed. value of stock using the constant growth valuation. Jul 31, 2023 · Value of stock= $2 / (9% – 6%) Value of stock = 66. Pmt = Dividend at the end of the first year (Periodic payment) i = Rate of return for equity investors (Discount rate) g = Dividend growth rate. An investor with a required rate of return of 5% wants to know the fair value of the stock. 31 + $39. 16666667 as the PV of stock with constant growth. Define Dividend Growth Model: DGM is a valuation method that investors use to determine an investment’s value by analyzing the dividend rate. 265 million) and you come to $6. An example would be if Bill expects a The Gordon Growth Model (GGM) is a stock valuation method that is used to determine the intrinsic value of a stock, considering the sum of the present value of the future dividend payments. It is a popular and straightforward May 8, 2024 · g: expected dividend growth rate (assumed to be constant) Examples. Stock Valuation: Choose a stock that currently pays a dividend (you can find this on yahoo finance - called Forward Dividend & Yield. Bottom-line earnings are a critical factor in valuing common stock. The Gordon Growth Model is used to calculate the intrinsic value of a dividend stock. As you can see, the only cash flow variable that's used in this model is the fixed annual dividend. Example Gordon Growth Model in Excel. Assuming a constant growth in future dividends, the formula for the price of stock today is: P 0 = D 1 r − g. 3268. Based on this information, we can calculate the intrinsic value of XYZ’s stock using the Gordon Growth Model formula. 1. Classes are offered at the authors’ respective institutions in which students manage actual securities portfolios worth over $150,000 each. P0Button - Press to calculate the Stock Price. That can be estimated using the constant-growth dividend discount model formula: – Sep 29, 2023 · Dividend Discount Model - DDM: The dividend discount model (DDM) is a procedure for valuing the price of a stock by using the predicted dividends and discounting them back to the present value. = $9. two-stage growth model. May 11, 2022 · The formula is: PV of Stock with Constant Growth = Estimated Dividend for the Next Period / (Required Rate of Return – Growth Rate) Here is the workout: PV of Stock with Constant Growth = 1000000 / (0. 07 = 0. 75 million. It compares the current price to the actual price of the stock. The Gordon Growth Model calculates a stock’s intrinsic value based on the following formula: Let’s examine what each element represents: Stock Price (P): The fair or The following timeline summarizes the change in growth rates for this stock. Gordon Growth Model (GGM) Defined: Example and Formula. Common Stock Valuation: The Zero Growth Model. Constant Growth Dividend Valuation Model Apr 12, 2016 · Finding the intrinsic value of a dividend-paying firm with non-constant dividend growth. Problem 6. It consists of calculating the present value of all future dividends from the stock. Essentially, the P/E ratio is representative of the price an investor must pay for every unit of current (or future) corporate earnings. Aug 12, 2022 · The fundamental concept of the Gordon Growth method calculates a company’s fair Value per share, assuming that the dividends continue to grow indefinitely at a constant rate, independent of market conditions. High growth rate. 3. Zero Growth Dividend Valuation Model. 10 – 0. If our required rate of return were 6% (0. Aug 18, 2023 · The Gordon Growth Model (GGM) is one of the most popular versions of the DDM. will pay a $5 dividend next year, which is expected to grow at 3% yearly. 8/ (1+10%)^5 = $39. , True or False: Two firms with the same dividend and growth rate must also have the same stock price. Mar 12, 2021 · 1) Understand the business and its maturity. It means ABC stock is currently undervalued with its current dividend growth rate and shareholder expected rate of return. Essentially, the model states that the intrinsic value of the company’s stock price equals the present value of the company’s Jul 8, 2023 · Using the Gordon growth model to find intrinsic value is fairly simple to calculate in Microsoft Excel . 60 (1. May 20, 2024 · Gordon Growth Model Example. Divided by the difference between an investor’s desired rate of return and the stock’s expected dividend growth rate. Stock Valuation. Valuation of a constant growth stock A stock is expected to pay a dividend of $2. Its investors require a 12 W rate of return on Brooks Corporation stock (WACC = 12%6). 25), and it should continue to grow at a constant rate of 7% a year. Summary Definition. However, assuming that a company currently enjoying supernormal growth will eventually slow down and become a constant growth stock, we can combine Equations 5-1 and 5-2 to form a new formula, Equation 5-5, for valuing it. If its re; What is the estimated cost of common equity using the DCF approach given the data below? Price $50 Current dividend $4. The purpose of this analysis is to find an intrinsic value for Microsoft (MSFT) using the both the Constant Dividend Discount Model (DDM) and the Non-constant DDM. As we mentioned above, the constant growth model has some assumptions. 00 (1. 50 per share, the required rate of return is 8%, and the growth rate is 3%. The Value per share (P) is calculated by dividing the expected dividends per share (D1) next year by the difference between the rate of The growth rate used for calculating the present value of a stock with constant growth can be estimated as. 71 + 2. 1- Preferred stock value2- common stock value zero growth model, constant Jan 1, 1999 · An applied example from portfolio management class. 05 Price = $2 $40. 05 Price/Earnings (P/E) Ratio Example JPMorgan Chase Co. For example, if ABC Company is set to pay a $1. VALUATION OF A CONSTANT GROWTH STOCK Investors require a 15% rate of return on This video explained how to find the preferred stock value and common stock value. Stock valuation is the method of calculating theoretical values of companies and their stocks. If the valuation exceeds the price of a stock, the stock is undervalued. and more. As such, it is advisable to purchase the stock of ABC Ltd as the market value is expected to go up to its intrinsic value. Current valuation would increase. can be paid to common stock shareholders Valuation of preferred stock Intrinsic value = Vp = Dp / rp and Expected return = P P P P D r ^ Example: if a preferred stock pays $2 per share annual dividend and has a required rate of return of 10%, then the fair value of the stock should be $20 The efficient market hypothesis (EMH) Aug 6, 2020 · (Where D0 = current value of the stock, D1 = expected dividend payment, r = cost of equity, and g = constant growth rate) For example, if a company lists its stock price at $50, has a required rate of return at 15% (r), pays a dividend of $1 per share you own, and has a constant growth rate of 6% then how would you calculate the stock value? Feb 19, 2024 · 1. Assume that the company has announced a dividend payout for the next year for $5. 15 – 0. 11. 53 and a P/E ratio of 13. 3. 5 2. 25/ (10% – 5%) = 3. z. It is important to note that in practice, growth can not be infinitely negative nor can it exceed the Feb 20, 2023 · XYZ’s required return rate is 15%, and its expected dividend growth rate is 10%. Calculate the intrinsic value of Company A’s stock using the Gordon y. Question: 5. (JPM) has earnings per share of $3. It is important to keep in mind that there are shortcomings in the a) Since we are already given the next dividend as $2 per share, we will not multiply D1 with (1 + g) as it is given as $2. 1 - 0. Therefore, the stock is overvalued. 61 = $47. 1 = 10%. Example. If the required rate of return (r) is 10%, what is the constant growth rate? Based on the formula: Nov 22, 2023 · Stock Value = Dividend per Share / (Required Rate of Return – Growth Rate) Calculating the Required Rate of Return. Stock Valuation: Declining and Constant Growth Stock . 73 + 2. One of the ways to value the share price of a stock is using the dividend valuation model. The model can be used to estimate the value of a stock for which dividend payments are expected to remain constant for a long period in the future. For an example, let’s assume that a slow-growth company has been paying $3 of dividends per share for many years and we believe it will continue to do so in the future. 81. Buy the stock. Valuations rely heavily on the expected growth rate of a company; the past growth rate of sales and income provide insight into future growth. 2 of the textbook. Based on this analysis, that’s the intrinsic value of the company. The current selection in the pop-up in the Dividend Field determines which value is calculated. P0 = $33. 14 – 0. Low or zero dividends. Jan 6, 2024 · Example of Constant Growth Model Calculator. It helps investors determine the fair price to pay for a stock today based on future dividend pa. 06. 50. Do you agree with the valuation in comparison to where the stock is currently trading? It generally assumes that the company being evaluated possesses a constant and stable business model and that the growth of the company occurs at a constant rate over time. Mar 8, 2024 · Calculating the dividend growth rate is essential for investors employing the dividend discount model to assess the fair value of a stock. $400 million. share of stock would equal the present value of a perpetuity. 03 + 1 * 0. The formula of the constant growth model is: Value of Stock (P0) = D1 / (rs - g) To unlock this lesson you must be a Study. It pays a $1 dividend per share, which is expected to increase by 10% per year. 41 million. As their name suggests, growth stocks tend to show a significantly higher growth rate than the average market growth rate. Growth stocks usually pay either low dividends or zero May 14, 2024 · The model seeks to find the intrinsic value of the stock by adding its current per-share book value with its discounted residual income. To find the intrinsic value per share, divide total equity value by total number of shares of common stock outstanding: Intrinsic Value per Share =. We cannot use the constant dividend growth model to value a stock if the growth rate is not constant. of D1 dollars discounted at a rate rs. It represents the minimum return an investor expects from investing in a particular stock. 30) = $2. Ideally, the portion of the earnings not paid to investors is left for investment to Div Button - Press to calculate the Current Dividend (D0) or the Next Dividend (D1). Firm Value (or Stock Price) Field - The Firm Value (or stock price) is displayed in this field. The equation shows that with zero growth, the value of a. The DDM is based on the assumption that the company’s dividends represent the company’s cash flows to its shareholders. Dividend Growth Valuation Model – Dividend Grows at Rate g If the dividend grows at the rate of g annually, valuation is () (1 ) 0 k g g D − + V= 6 Notations: V May 11, 2023 · For example, if a stock paid a (constant) dividend of $3 a share and you wanted to earn 10% on your investment, the value of the stock would be $30 a share ($3/0. 265 million. 6*0. Jun 29, 2023 · The Gordon Growth Model (GGM) is a method of determining the intrinsic value of a stock, rather than relying on its market value, or the price at which a single share trades on a public stock exchange. Having said this, the dividend growth formula we will use is: P0 = D1 / (r – g) P0 = 2 / (0. Nov 7, 2020 · In FCFE valuation model, we need to discount the free cash flow to equity at the cost of equity (k e ): Total Equity Value =. Finally, this allows us to calculate the present value according to the dividend discount model: present stock value = $6. Dec 29, 2021 · If you take this payment and find the present value of the perpetuity, you will find the implied value of the stock. 2256 / (0. By using the formula mentioned earlier, the PV of the stock can be May 6, 2024 · In this example, the dividend growth is constant for the first four years, then decreases. When to Use Gordon’s Constant Growth Model. 19 Constant growth rate 5% Practice: Non-Constant Growth Model. com Member Feb 19, 2022 · The Gordon Growth Model (GGM) is widely used to determine the intrinsic value of a stock based on a future series of dividends that grow at a constant rate. 098 – 0. where D1 is the annual dividend expected to be paid next Compare and contrast constant growth model and zero growth model in stock valuation. The required rate of return is a critical factor in determining the value of a stock using the Constant Growth Model. Support your answer with examples. Aug 30, 2023 · Value Per Share = $4. For a zero growth rate on common stock Jul 29, 2023 · If you hope to value a growth stock with the dividend discount model, Enter "constant growth rate" in cell A5. In the constant growth valuation , we found Duchess Corporation’s cost of common stock equity Ks to be 13%, using the following value : an expected dividend D1 of $4; a current market price , P0, of $50and an expected growth rate of dividends , g of 5%. To get started, set up the following in an Excel spreadsheet: Enter "stock price" into cell The 2-stage valuation models utilize different growth rates in a presupposed “high growth” period and a “stable” period. Firm value = FCFF 1 WACC − g = FCFF 0 (1 + g) WACC − g. , the terminal value at the end of the high growth phase (2020). growth rate year 1 is -10%. The P/E ratio is extremely useful to analysts in that it shows the expectations of the market. , D1 = $0. Value of Stock = D1 / (r-g) Value of Stock = $0. The nonconstant growth valuation method considers the change in price if the dividends change over time, and the investor continues to hold onto the stock. A common stock in a company with a constant dividend is much like a share of preferred stock because the dividend payout does not change. Classic Gordon Growth Model Dec 11, 2019 · Summary. So, we can calculate the price that a stock should sell for in four years, i. growth rate year 5 is 150%. 45 dividend during the next Dec 11, 2023 · Growth Stock: A growth stock is a share in a company whose earnings are expected to grow at an above-average rate relative to the market. Hence, it is an excellent valuation method for valuing dividend growth stocks. Constant Growth Valuation. It has paid out a dividend of $2 per share in the current financial year and the expected dividend growth rate is 5% every year. 04 This valuation for Microsoft is signifi cantly higher than the current stock price of $36. 04) Commuting the above formula, we will have Rs. The price Jul 16, 2019 · Stock Valuation Formula. Step 2: Calculate the value of the stock at the beginning of the constant growth period. Financial Terms By: c. 60 D2 = D1 (1 + g) = $2. Do not round your The formula for the no-growth model is: P0 = D/k P 0 = D / k. Sep 27, 2019 · Using the Gordon (constant) growth dividend discount model and assuming that r > g > 1%, what would be the effect of a 1% decrease in both the required rate of return and the constant growth rate on the stock’s current valuation? Assume there is no change to current dividend payment (D 0). 04 = $6. If its required return is 12%, what is the stock's expected price 5 years from today? Round your answer to two decimal places. Let us assume that ABC Co. growth rate years 6 through infinity is 3%. r Button - Press to calculate the Required Return on the Stock. 25/5% = $65. growth rates years 3-4 are 20%. 30) = $3. Also known as Gordon Growth Model, it assumes that the dividends paid by the company will continue to go up at a constant growth rate indefinitely. This model is used when a company’s dividend payments are expected to remain constant. The value of the firm if FCFF is growing at a constant rate is. 67; Therefore, the intrinsic value of the stock is higher than the market value of the stock. Also called the Gordon-Shapiro model, an application of the dividend discount model that assumes (1) a fixed growth rate for future dividends Dec 14, 2020 · The model’s most significant flaws are the assumption for a constant growth rate and the high sensitivity towards small changes in growth rate and discount factor. VALUATION OF A CONSTANT GROWTH STOCK A stock is expected to pay a dividend of $0. The calculator uses the present value of a growing perpetuity formula as shown below: PV = Stock Price = Pmt / (i - g) Variables used in the formula. ) Required Return Field - Enter the Required Return in this field. , D1 = $2. For example, young firms often have very high initial earnings growth rates. Short the stock. required return is 15%. Step 1 The Constant Growth Model is commonly known as the Gordon Growth model that is used to calculate the intrinsic value of the stock on the basis of future dividends that would grow at a Feb 22, 2024 · In the next step is to calculate the dividend discount model cost of equity: cost of equity = 0. b) Since we already know the dividend in one year, the dividend in four years is equal to: This video explains the third type of dividend discount model called the non-constant growth model and one of its subtypes i. Valuation metrics such as P/E (price/earnings) or PEG (price/earnings to growth) can be completely useless - even on a forward basis - if you are Dec 12, 2023 · Because Equation 5-2 requires a constant growth rate, we obviously cannot use it to value stocks that have nonconstant growth. 00; In our example, the share price of the company is overpriced by 25% ($100 vs $85). Apr 1, 2024 · Stock valuation refers to the valuation method that uses different formulas to estimate the stock price. The zero dividend growth model assumes that the stock will. GGM ignores the state of the market at the present time and focuses on determining the intrinsic value of the stock, assuming a constant rate of growth for Characteristics of Growth Stocks 1. , True or False: The constant growth model takes into consideration the capital gains earned on a stock. where: R e = cost of equity; D 0 = most recent dividend payment; G = constant growth rate in dividends; P 0 = current stock price; Here's an example of the Gordon Growth DDM formula: Jul 14, 2023 · P = D1 / (r - g) Where, P = stock price, D1 = dividend at year 1 (next year), r = cost of equity, g = dividend growth rate, constant. Constant growth rate model c Price =Constant dividend interestrate Example: Dividend = $2. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged undervalued (with respect to their theoretical value) are bought, while stocks that are judged overvalued are sold, in the Feb 9, 2024 · Price-Earnings Ratio - P/E Ratio: The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. A no-growth company would be expected to return high dividends under traditional finance theory. With the FCFE valuation approach, the value of equity can be found by discounting FCFE at the required rate of return on equity, r: Equity value = ∑ t = 1 ∞ FCFE t (1 + r) t. 25 at the end of the year (i. Gordon Growth Model Formula – Example #2 Constant FCF Growth Valuation Brook Corporation's free cash flow for the current vear ( FC F 0 ) was $2. = $48. Price a supernormal (nonconstant) growth stock with the following information: Current Dividend (D0) is $1. Investors expect a minimum of 8% return every year from the company. 0835 x 1. The concept was first pioneered by Harvard professor John Burr Williams in 1938. calculated stock price of Microsoft using the constant growth model is: = $0. When stocks are only viewed from The growth rate in the context of stock valuation is the rate at which the dividend is expected to grow or decline for a particular stock and when the stock valuation is done using the constant growth model, the growth rate is assumed to be constant to perpetuity and not only the dividends but also the stock price is assumed to grow at the Feb 23, 2024 · Preferred Stock Valuation Preferred stock pays constant dividend so the growth rate is zero. 75 at the end of the year (i. 86 + 2. May 25, 2022 · Once you have all these values, plug them into the constant growth rate formula. Step 1: Calculate the value of dividends in the non-constant growth period. Mathematically, the model is expressed in the following way: Where: V 0 – The current fair value of a stock; D 1 – The dividend payment in one period from now Oct 24, 2015 · PV at t=0 = $62. The model allows investors to determine the intrinsic value of a stock based on the relationship of the dividend growth rate and the required rate of return. The fair value of the stock = 2. Ocram Group will pay a $4 per share dividend next year. This means that XYZ’s stock is worth $1 per share. Jun 2, 2022 · The second stage has a growth rate of 4%, so the dividend value after the 4 th year will be $6. 0376) ≈ $99. Calculate the stock valuation based on the Constant Growth Formula found on page 273 example 9. 73 + 36. It just announced that it will grow its dividends by 8% until year 5, then it will increase dividends by 10% per year until year 10 before decreasing the growth rate to 3% indefinitely thereafter. 56, leading to the assumption that Microsoft shares may be undervalued. 00 Interest rate = 0. 38. Par value is the value stated on the stock certificate and is essentially a meaningless number. The GGM is also a rather straightforward spin on the DDM since it assumes a stock will pay dividends at a constant rate into perpetuity. Here’s the best way to solve it. What is t estimated value of operations if investors expect FCF to grow at a constant annual rate of (1) − 5%, (2) 0%, (3) 3%, or (4) 11%? Do Jan 10, 2021 · Gordon Growth Model Example. . They have a hypothetical cost of equity equivalent to 5% and a perpetual dividend growth rate of 2. more Dividend Discount Model (DDM) Formula Feb 25, 2016 · Subscription Support: 1-347-509-6837. $30 million. To reach the net present value, take the sum of these discounted cash flows ($909,000+$867,700+$828,300+$792,800+$754,900+$2. This model assumes that the present stock price is undervalued if the estimated future dividends, discounted by the excess of internal growth over the company’s estimated dividend growth rate, exceed the current stock price. For example, if a company distributes 40% of its profits and retains 60% while projects the company runs yield a 7% rate of return, the growth of the dividends is 0. 33. Nov 1, 2019 · The Gordon Growth Model provides a relatively quick and simple way of determining stock valuation with only knowledge of the expected dividend rate expressed as dividends per share, an expected or required rate of return, and the expected dividend growth rate. Nov 13, 2023 · This model simplifies the dividend discount approach by assuming a constant growth rate in dividends, as shown in the formula below: R e = [(D 0 * (1 + G)) / P 0] + G. The formula for the constant growth model is: P0 = D1/(k − g) P 0 = D 1 / ( k − g) Question 2. This can either lessen the book value or increase it Dec 11, 2022 · Terminal value will be 3 times the final Year 5 value, which comes to $2. Intrinsic value of the stock. = $400 million. During this period of high growth, these firms often retain 100% of their earnings to exploit profitable investment opportunities. To solidify the gained knowledge, let us set up a sample Gordon Growth Model in Excel. Feb 25, 2023 · Value of Stock = ——————————————————————— Required Rate of Return . Get formulas and expert advice on using them. 77, Maybe you feel a little bit overwhelmed by all those calculations Nov 20, 2023 · Learn to calculate the intrinsic value of a stock with the dividend growth model and its several variant versions. Multiplying the retention ratio by the return on equity can then be reduced to retained earnings divided average stockholder's equity. By making key assumptions about constant dividend growth rates, discount rates, and dividend payout ratios, the model provides a straightforward method for evaluating stocks, particularly those of The dividend discount model is one of the most basic techniques of absolute stock valuation. 64. (For example if the FCFs began growing at a constant rate in year 4 then the constant growth rate would be entered in the row for year four and the remaining rows would be left blank. The stock currently trades at $54. It is named after American economist Myron Gordon, who first developed the valuation technique. DCF Terminal Value Calculation – Growth in Perpetuity Approach One of the most common methods is the constant growth model. 13% − 5. Let us consider the examples below to understand how to calculate the stock value using Gordon Growth Model equation: Example 1. Let's consider an example to better understand the application of the Constant Growth Model Calculator: Suppose a company pays an annual dividend of $2. 042 or 4. If the valuation is less than the price, the stock is overvalued. 06), the formula Aug 17, 2023 · Breaking Down the Formula. 3, AH Venture should keep invested in the company because it has upward potential. D1 = D0 (1 + g) = $2. zn gt yj ut tu az ts ip si vm