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],
ノーマライズド・ファイナンシャル・ステートメント（Normalized Financial Statements）とは？企業の決算の実態を把握するために、企業の非経常的な費用や収益を調整することがあります。この調整後の財務諸表が正規化財務諸表と呼ばれるものです。
EV = Market value of debt + Market value of common equity + Market value of preferred equity – Cash and short-term investments.
Return on working capital = 0.08 × US$10,000,000 = US$800,000
Return on fixed assets = 0.12 × US$45,000,000 = US$5,400,000
Return on intangibles = US$35,000,000 – US$800,000 – US$5,400,000 = US$28,800,000
Value of intangibles using CCM = US$28,800,000/(0.20 − 0.06) = US$205.71 million.
The Fed model considers the equity market to be undervalued when the market’s current earnings yield is greater than the 10-year Treasury bond yield. The Yardeni model incorporates the consensus five-year earnings growth rate forecast for the market index, a variable missing in the Fed model.
The harmonic mean is sometimes used to reduce the impact of large outliers
FCFF is preferred over FCFE when a company is leveraged and expecting a change in capital structure. FCFF growth will reflect fundamentals more clearly because FCFE growth will reflect fluctuating amounts of net borrowing. Second, in a forward-looking context, the required return on equity might be expected to be more sensitive to changes in financial leverage than changes in the WACC.
Bond yield plus risk premium cost of equity = Yield to maturity on the company’s long-term debt + Risk premium.
The Fama–French model estimate for return on equity is calculated using the formula
ri=RF+βmktiRMRF+βsizeiSMB+βvalueiHML
ri = Required return on share i
RF = Current expected risk-free return on the short-term government bill
