debt-to-equity ratio is 0.5の場合は
MVCE/(MVD+MVCE)＝1.0/(0.5+1.0)になることに注意（ミスに注意）
Sum-of-the-parts analysis is most useful when valuing a company with segments in different industries that have different valuation characteristics.
Ibbotson–Chen earnings model
Equity risk premium={[(1+EINFL)(1+EGREPS)(1+EGPE)− 1.0]+EINC} −Expected risk-free return
EINFL = 4% per year (long-term forecast of inflation)
EGREPS = 5% per year (growth in real earnings)
EGPE = 1% per year (growth in market P/E)
EINC = 1% per year (dividend yield or the income portion)
Risk-free return = 7% per year (for 10-year maturities)
Total return = Dividend yield + Capital gains yield (i.e., constant growth rate).
P0/E1 = [1/r] + [PVGO/E1],
The return on capital employed (ROCE) is a pre-tax return measure that can be useful in the peer comparison of companies in countries with different tax structures. ROCEは、利息及び税金控除前利益（EBIT /営業利益）を使用資本で割って計算します。ROCEの使用資本とは、有利子負債と自己資本を足したものです。無利子の負債（流動負債）は除きます。
ROIC is an after-tax measure and will increase with earnings growth if additional capital is not contributed. Return on capital employed (ROCE) is the associated pre-tax measure.
The fraction of the company’s value that comes from its growth opportunities = PVGO/PRICE
g = PRAT =
P (Profit margin)
=
NI/Sales
R (Retention)
=
b = (EPS – DPS)/EPS
A (Asset turnover)
=
Sales/Average total assets
T (Leverage)
=
Average total assets/Average shareholders’ equity
