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],
EEM では、運転資金、固定資産、無形資産を異なる割引率で評価することができる。EEMが民間企業全体の価格決定に用いられることはまれである
Generally, the EEM is used to value intangible assets and very small businesses when other such market approach methods are not feasible, and the EEM is rarely used in pricing entire private businesses.
EEM = The return required for working capital is $2,000,000 × 5.0% = $100,000, and the return required for fixed assets is $5,500,000 × 8.0% = $440,000, or $540,000 in total.
The residual income for intangible assets =(the normalized earnings – required return for working capital and fixed assets)×long-term growth rate of residual income/(15.0% discount rate for intangibles less 5.0% long-term growth rate of residual income).
The excess earnings consist of any remaining income after returns to working capital and fixed assets are considered. Fair value estimates and rate of return requirements for working capital and fixed assets are provided. The return required for working capital is $2,000,000 × 5.0% = $100,000, and the return required for fixed assets is $5,500,000 × 8.0% = $440,000, or $540,000 in total.
The market value of invested capital is the total of the values of working capital, fixed assets, and intangible assets. This value is $2,000,000 + $5,500,000 + $4,830,000 = $12,330,000.
Required rate of ROE=r
