build-up method=the risk-free rate+ the equity risk premium+the small stock premium+a company-specific risk premium+industry risk premium

The Excess Earnings Method

w:working capital A ×rA
f:fixed assets B × rB
ee:excess earnings = E − w − f

V:value of intangible assets={ee×(1+b)}/(r-g)

firm value = V+working capital+fixed assets

EV = market value of common stock + market value of preferred equity + market value of debt + minority interest – cash and investments

earnings surprise = reported EPS − expected EPS

standardized unexpected ear […]

RI = Earnings(t時) − r × Book(t−1時)

PV of continuing residual income in year T-1
PV  = RI/(1+r−ω)
ω=persistence factor,0≤ω≤1
RIはTの時

The present value of continuing residual income
={(P−B) +RI}/(1+r)

FCFE = NI − [(1 − DR) × (FCInv − Dep)] − [(1 − DR) × WCInv]
DR = target debt-to-asset ratio

Single-Stage FCFF Model
企業価値V […]

割引率
FCFFの場合 ：r =  WACC
FCFEの場合 ：r = required return on equity

公式
FCFF = NI + NCC + [Int × (1 − tax rate)] − FCInv − WCInv
=CFO+Int(1−tax rate)−FCInv
= [EBIT × (1 − tax rate)] + Dep − FCInv − WCInv
= [EBITDA × […]

Unqualified […]

GGM equity risk premium = (1-year forecasted dividend yield on market index) + (consensus long-term earnings growth rate) − (long-term government bond yield)

Macroeconomic model estimates

equity risk p […]

ファイブフォース

Threat of new entrants in the industry：新規参入の脅威
Threat of substitutes. ：代替製品の脅威
Bargaining power of buyers：買い手の交渉力
Bargaining power of suppliers：売り手の交渉力
Rivalry among existing competitors：業界内での競争