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],
Normalized EPS is the level of earnings per share that the company could currently achieve under mid-cyclical conditions.
FCFE=Net income−(1−DR)(FCInv−Depreciation) −(1−DR)(WCInv),
FCFE=Net income−(1−DR)(FCInv−Depreciation+WCInv)
=Net income−(1−DR)(Net investment in operating assets).
