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],
Market value added = Market value of company – Accounting book value of total capital
Market value of firm = Market value of debt + Market value of equity
EVA=NOPAT−WACC×Beginning book value of assets
Real required rate of return = Country return ± Industry adjustment ± Size adjustment ± Leverage adjustment
WCInv
=
Increase in accounts receivable + Increase in inventory – Increase in accounts payable – Increase in accrued liabilities
Net borrowing=Increase in notes payable+Increase in long-term debt
