Corporate equity value calculation apparatus, equity value calculation method, and equity value calculation program

Abstract

To allow small and medium-sized enterprises or startup companies to simply and quickly calculate their equity values.SOLUTION: An equity value calculation apparatus includes: an acquisition unit which acquires financial information including financial data, similar-company information and calculation indicator data; a first calculation unit which calculates, based on the financial data and the calculation indicator data, first equity value through Income Approach; a second calculation unit which calculates, based on the financial data, the similar-company information, and the calculation indicator data, second equity value through Market Approach; a third calculation unit which calculates, based on the financial data and the calculation indicator data, third equity value through Net Asset Approach; a weighted average calculation unit which calculates a weighted average of the first, second and third equity values at a predetermined compromise ratio, to calculate a weighted averaged equity value; and an output unit which outputs, to a display device, the first, second and third equity values and the weighted averaged equity value. The predetermined compromise ratio is a fixed value set in advance, or variable based on the financial information acquired by the acquisition unit.SELECTED DRAWING: Figure 1

Description

[Technical Field]

[0001] The present invention relates to a stock valuation device, a stock valuation method, and a stock valuation program for calculating the stock value of a company to be evaluated based on accounting information. [Background technology]

[0002] In recent years, when calculating the stock value of listed and unlisted companies, a high level of specialized knowledge is required due to the diversification of valuation methods and parameters related to comparable companies and finances. In addition, creating a stock valuation report can require tens of thousands of calculation formulas, which takes a great deal of time and effort to create and increases the risk of input errors.

[0003] In addition, when calculating stock value, selecting the valuation approach and method, as well as the comprehensive valuation method, are important. However, selecting a valuation approach requires taking into account the purpose of the valuation, the environment surrounding the company being valued, the characteristics of the valuation approach, and the characteristics of the industry, and requires advanced expertise to select the appropriate valuation approach and method. Furthermore, when selecting a comprehensive valuation method, a single or multiple valuation methods may be used. However, the factors that create corporate value vary depending on the company being valued, and each valuation method has its own advantages and disadvantages. If an expert determines that the value-creating factors of the company being valued are simple and a specific valuation method is appropriate, a single method will be used. However, if this is not the case, multiple valuation methods will be used and a comprehensive valuation will be performed using either a combined method or an eclectic method.

[0004] However, for small and medium-sized enterprises and venture companies, consulting with experts such as consulting firms, tax accountants, and certified public accountants to calculate stock value is a high hurdle in terms of cost and expertise. Therefore, there is a need for a simple and quick calculation of the value of a company's stock, either as a guide before consulting an expert or as a guide to determine the validity of the expert's calculation results.

[0005] In view of such problems, for example, Patent Document 1 discloses an invention relating to an apparatus for calculating a company's value using asset ledger data in a computer. [Prior art documents] [Patent documents]

[0006] [Patent Document 1] Japanese Patent Application Publication No. 2018-37048 Summary of the Invention [Problem to be solved by the invention]

[0007] However, the invention described in Patent Document 1 requires a wide range of items to be considered when inputting data, and furthermore calculates enterprise value rather than stock value, so it still cannot meet the needs of small and medium-sized enterprises and venture companies who want to calculate the stock value of their own company easily and quickly.

[0008] In addition, to increase the reliability of stock value calculations, it is desirable to adopt a compromise method, which involves applying multiple valuation methods as a comprehensive evaluation method, applying a certain compromise ratio to each valuation result, and deriving a valuation result from a weighted average. However, determining the compromise ratio is important and requires advanced expertise. Therefore, when small and medium-sized enterprises and venture companies want to calculate their own stock value simply and quickly, it is difficult to determine and fine-tune the compromise ratio easily and quickly.

[0009] Therefore, the present invention aims to simplify and speed up the calculation of a company's stock value when at least three valuation methods are applied and the eclectic method is used as the comprehensive valuation method. [Means for solving the problem]

[0010] In order to solve the above problems, the stock valuation device of the present disclosure includes: an acquisition unit (100) that acquires financial-related information including financial data, comparable company information, and calculation index data from a user input unit (111); a first calculation unit (101) that calculates a first stock value using an income approach based on the financial data and the calculation index data; a second valuation unit (102) that calculates a second stock value using a market approach based on the financial data, the similar company information, and the valuation index data; a third valuation unit (103) that calculates a third stock value using a net asset approach based on the financial data and the valuation index data; a weighted average calculation unit (104) that calculates a weighted average stock value by weighting the first stock value, the second stock value, and the third stock value at a predetermined compromise ratio; an output unit (105) that outputs the first stock price, the second stock price, the third stock price, and the weighted average stock price to a display device (112); The predetermined compromise ratio is a fixed value set in advance, or is variable based on the financial-related information acquired by the acquisition unit (100).

[0011] In addition, in the stock value calculation device of the present disclosure, the predetermined compromise ratio is changed based on judgment information included in the financial-related information.

[0012] In addition, in the stock value calculation device of the present disclosure, the predetermined compromise ratio is changed based on the output first stock value, the second stock value, the third stock value, and the weighted average stock value.

[0013] In another aspect, the stock valuation device of the present disclosure includes: A processor (CPU) (1001), at least one memory (1002) storing instructions that, when executed by the processor, cause the stock valuation apparatus to perform the steps of: wherein the instructions An acquisition unit (100) acquires financial-related information including financial data, similar company information, and calculation index data from a user input unit (111) (S10); A step (S11) of calculating a first stock value using an income approach in a first calculation unit (101) based on the financial data and the calculation index data; A step (S12) of calculating a second stock value using a market approach in a second calculation unit (102) based on the financial data, the similar company information, and the calculation index data; A step (S13) of calculating a third stock value using a net asset approach in a third calculation unit (103) based on the financial data and the calculation index data; a step (S14) of calculating a weighted average stock value in a weighted average calculation unit (104) by weighting the first stock value calculated by the first calculation unit (101), the second stock value calculated by the second calculation unit (102), and the third stock value calculated by the third calculation unit (103); a step (S15) of outputting the first stock value calculated by the first calculation unit (101), the second stock value calculated by the second calculation unit (102), the third stock value calculated by the third calculation unit (103), and the weighted average stock value calculated by the weighted average calculation unit (104) from an output unit (105) to a display device (112); Equipped with The predetermined compromise ratio is a fixed value set in advance, or is variable based on the financial-related information acquired by the acquisition unit (100). [Effects of the Invention]

[0014] With the above-described configuration, the stock valuation device, stock valuation method, and stock valuation program disclosed herein can simplify and speed up stock valuation while maintaining the reliability of the calculation of a company's stock value. [Brief explanation of the drawings]

[0015] [Figure 1] 1 is a block diagram showing an example of the configuration of a stock valuation device according to a first embodiment; [Figure 2] 1 is a flowchart showing the processing flow of a stock valuation method according to the first embodiment. [Figure 3] FIG. 10 is a block diagram showing an example of the operation of a first calculation unit according to a second embodiment. [Figure 4a] FIG. 10 is a diagram showing an example of a financial template according to the second embodiment. [Figure 4b] FIG. 10 is a diagram showing an example of a financial template according to the second embodiment. [Figure 5a] An explanatory diagram for calculating the first stock value using the DCF method in the second embodiment. [Figure 5b] An explanatory diagram for calculating the first stock value using the DCF method in the second embodiment. [Figure 5c] An explanatory diagram for calculating the first stock value using the DCF method in the second embodiment. [Figure 6] 10 is a block diagram showing an example of the configuration of a second calculation unit according to a third embodiment. [Figure 7] 10 is a flowchart showing the processing flow of the second calculation unit of the third embodiment. [Figure 8a] FIG. 10 is an explanatory diagram illustrating the operation of a second calculation unit according to the third embodiment. [Figure 8b] FIG. 10 is an explanatory diagram illustrating the operation of a second calculation unit according to the third embodiment. [Figure 9] 10 is a block diagram showing a configuration example of a third calculation unit according to a fourth embodiment. [Figure 10a] FIG. 10 is an explanatory diagram illustrating the operation of a second calculation unit according to the fourth embodiment. [Figure 10b] FIG. 10 is an explanatory diagram illustrating the operation of a second calculation unit according to the fourth embodiment. [Figure 11] 10 is a block diagram showing the configuration of a weighted average calculation unit according to a fifth embodiment. [Figure 12] FIG. 10 is an explanatory diagram illustrating the operation of a weighted average calculation unit according to the fifth embodiment. [Figure 13] FIG. 10 is an explanatory diagram illustrating the operation of a weighted average calculation unit according to the fifth embodiment. [Figure 14a] 10A and 10B are diagrams illustrating examples of displays on a display device / printing device according to each embodiment. [Figure 14b] 10A and 10B are diagrams illustrating examples of displays on a display device / printing device according to each embodiment. [Figure 15] A block diagram showing the configuration of a stock valuation device according to each embodiment. DETAILED DESCRIPTION OF THE INVENTION

[0016] The premise of this invention is to calculate the stock value of the company being evaluated, not the business value or enterprise value. Therefore, depending on the valuation method, the stock value is calculated taking into account the non-business assets (financial assets, real estate) and interest-bearing liabilities of the company being evaluated.

[0017] The "valuation approach" and "valuation method" in this invention may be any valuation approach and method commonly used in corporate valuation and stock valuation. Generally, valuation approaches are mainly classified into three categories: the income approach, the market approach, and the net asset approach (also known as the cost approach). Examples of the income approach include valuation methods such as the DCF method and the dividend reduction method. Examples of the market approach include valuation methods such as the comparable company method and the comparable transaction method. Examples of the net asset approach include valuation methods such as the book value net asset method and the market value net asset method.

[0018] In the present invention, when calculating the stock value of a company, a compromise method is adopted, which applies at least three valuation approaches, applies a predetermined compromise ratio to each valuation result, and derives the valuation result from a weighted average.

[0019] The stock value calculation device of the present invention has a function of executing a process for calculating the stock value of a company. Details of this function will be described in the following embodiments.

[0020] Hereinafter, embodiments of the present invention will be described with reference to the drawings.

[0021] 1. Embodiment 1 (1) Configuration of the stock valuation device 1 shows a block diagram of a stock value calculation device according to this embodiment. The stock value calculation device 10 includes an acquisition unit 100 that acquires user-entered data from a user input unit 111, a first calculation unit 101 that calculates a first stock value using the income approach method, a second calculation unit 102 that calculates a second stock value using the market approach method, a third calculation unit 103 that calculates a third stock value using the net asset approach method, a weighted average calculation unit 104 that calculates a weighted average stock value by applying a compromise ratio to the first, second, and third stock values, and an output unit 105 that outputs the weighted average stock value, which is the first, second, third, and weighted average stock value, to a display device 112.

[0022] The acquisition unit 100 acquires financial-related information input by a user via the user input unit 111 (e.g., a common data input device such as a keyboard, touch panel, mouse, or touch pen). The financial-related information includes at least i) financial data, ii) comparable company information, and iii) calculation index data. As will be described later, a financial template may be used to input part of the financial-related information, particularly financial data.

[0023] The "financial data" included in financial-related information refers to various data that show the financial status of the company being evaluated. Examples of financial data include sales, cost of sales, selling expenses, operating profit, corporate tax rate (%), corporate tax, net income for the period, NOPAT, depreciation, capital investment, accounts receivable, accounts payable, increase in working capital, net assets, non-business assets, and interest-bearing liabilities.

[0024] The "similar company information" included in the financial-related information may be any information that can identify companies similar to the company being evaluated, such as company names and stock codes (unique numbers and symbols assigned to each listed company).

[0025] The "valuation indicator data" included in the financial information is the data required to calculate the stock value using each valuation method, and the required data is predetermined for each valuation method. For example, in the case of a valuation using the DCF method, the valuation indicator data includes the discount rate. In addition, in the case of a valuation using the multiple method, the valuation indicator data includes the illiquidity discount and adjustment range. In addition, in the case of a valuation using the annual purchase method, the valuation indicator data includes the goodwill calculation period.

[0026] The first calculation unit 101 acquires financial data and calculation index data from the acquisition unit 100, and calculates a first stock value using the income approach based on the financial data and calculation index data. The first stock value calculated by the first calculation unit 101 is output to the weighted average calculation unit 104 and the output unit 105, respectively.

[0027] The second calculation unit 102 acquires the financial data, similar company information, and calculation index data from the acquisition unit 100, and calculates a second stock value by a market approach based on the financial data, similar company information, and calculation index data. The second stock value calculated by the second calculation unit 102 is output to the weighted average calculation unit 104 and the output unit 105, respectively.

[0028] The third calculation unit 103 acquires the financial data and the calculation index data from the acquisition unit 100, and calculates a third stock value by the net asset approach based on the financial data and the calculation index data. The third stock value calculated by the third calculation unit 103 is output to the weighted average calculation unit 104 and the output unit 105, respectively.

[0029] The weighted average calculation unit 104 applies a predetermined compromise ratio to the first to third stock values ​​calculated by the first to third calculation units, calculates a weighted average stock value, and outputs the weighted average stock value to the output unit 105.

[0030] As an example of this embodiment, a weighted average stock value may be calculated by taking the average value, i.e., a weighted average value of one-third, as the predetermined compromise ratio. In this case, the compromise ratio may be a preset compromise ratio (fixed value). By taking into account the stock values ​​calculated using the three different valuation approaches in a balanced manner, a weighted average stock value can be calculated as the average value, thereby simplifying and speeding up the stock value calculation.

[0031] As another example of this embodiment, the compromise ratio may be changed as needed, rather than being set in advance (a fixed value). The compromise ratio can be changed in two ways: a pre-determining method in which the compromise ratio is determined based on information acquired by the acquisition unit 100; and a post-determining method in which the compromise ratio is changed (corrected) after the first to third calculated stock values ​​are calculated. In the pre-determining method, the financial-related information may further include iv) judgment information regarding the size and business status of the company, and the compromise ratio may be determined based on this judgment information. In the post-determining method, the compromise ratio may be changed or corrected based on the first to third calculated stock values ​​output from the output unit 105. Details of this example in which the compromise ratio is variable rather than fixed will be described later in the fifth embodiment.

[0032] The output unit 105 outputs the first to third stock values ​​output from the first to third calculation units and the weighted average stock value output from the weighted average calculation unit 104 to a display device. The display device 112 may include, for example, a device that displays information and data on a screen such as a display, or a printer that prints information and data. The display device 112 may be provided inside the stock value calculation device 10, or may be provided outside the stock value calculation device 10 as shown in the figure. FIGS. 14(a) and 14(b) show examples of displaying the first to third stock values ​​and the weighted average stock value on a display device. As shown in FIGS. 14(a) and 14(b), the first to third stock values ​​and the weighted average stock value are shown as numerical values ​​having a certain range. In the example shown in FIGS. 14(a) and 14(b), the compromise ratio is a weighted average of one-third each.

[0033] (2) Flow of stock valuation method FIG. 2 shows a flowchart including the processing flow of the stock valuation method of this embodiment.

[0034] The acquisition unit 100 acquires financial-related information, including financial data, comparable company information, and calculation index data, from the user input unit 111 (S10). The first calculation unit 101 calculates a first stock value using an income approach based on the financial data and the calculation index data (S11). The second calculation unit 102 calculates a second stock value using a market approach based on the comparable company information and the calculation index data (S12). The third calculation unit 103 calculates a third stock value using a net asset approach based on the financial data and the calculation index data (S13). The weighted average calculation unit 104 applies a preset compromise ratio or a compromise ratio based on company size data to the first to third stock values ​​calculated by the first to third calculation units, thereby calculating a weighted average stock value (S14). The output unit 105 outputs the weighted average stock value and the first to third stock values ​​to the display device 112. Although steps S11 to S13 are shown in a permutation in Fig. 2, the order may be reversed, and two or three of steps S11 to S13 may be performed in parallel.

[0035] (3) Effects of the First Embodiment As described above, according to this embodiment, when at least three valuation approaches are applied to the valuation of a company's stock, and when the eclectic method is applied as the comprehensive valuation method, each valuation approach is performed based on financial data, comparable company information, and valuation index data included in the financial-related information entered by the user, thereby simplifying and speeding up the valuation of the stock. Furthermore, by setting the compromise ratio for the eclectic method to a fixed value in advance, the valuation of the stock can be further simplified and speeded up. Alternatively, by making the compromise ratio variable before and after the fact, the reliability of the valuation results can be improved while simplifying and speeding up the valuation.

[0036] 2. Embodiment 2 In this embodiment, the operation of the first valuation unit 101 will be described in detail. In this embodiment, the DCF method, which is one of the valuation methods classified as the income approach, is adopted to calculate the first stock value. The DCF method is an excellent method that can take future cash flows into account, but it requires many calculation formulas and the calculation content is complicated, making it difficult for anyone other than experts to use. Therefore, in this embodiment, a financial template is used to provide the data required to calculate stock value using the DCF method, allowing the user to easily input the necessary information, making it easy and quick to calculate stock value using the DCF method.

[0037] FIG. 3 is a block diagram showing the operation of the first calculation unit 101 when using the financial template of this embodiment. In FIG. 3, the same reference numerals are used for the same components and functions as those disclosed in FIG. 1. In this embodiment, the user input unit 111 uses a financial template 201. The acquisition unit 100 acquires the financial template 201 (finance-related information) and discount rate 1 and discount rate 2 (calculation index data) from the user input unit 111. Details of the financial template 201 will be described using FIGS. 4(a) and (b).

[0038] FIG. 4(a) shows the financial template 201 before the user enters data. The financial template 201 includes financial data, such as sales, cost of sales, selling expenses, operating profit, corporate tax rate (%), corporate tax, net income, NOPAT, depreciation, capital investment, accounts receivable, accounts payable, working capital increase, net assets, non-business assets, and interest-bearing liabilities, as described above. The financial template 201 may also be configured to allow the user to enter values ​​for the past three years and the future three years, in addition to the current fiscal year. Since the past and future years are typically three to five years, the template may also be configured to allow the user to enter values ​​for any number of years. FIG. 4(b) shows an example of the financial template 201 including data actually entered by the user. The various values ​​included in the financial template 201, as in this example, correspond to financial data indicating the company's financial status. The financial template 201 entered by the user in the user input unit is stored in the memory of the acquisition unit 100, and the respective information and values ​​are used in various subsequent steps.

[0039] Furthermore, in this embodiment, in order to calculate the stock value using the DCF method, the user inputs the numerical values ​​of discount rate 1 and discount rate 2 as one of the calculation index data. These discount rates 1 and 2 are, for example, 14% and 16%, and discount rates generally fall within the range of 4 to 18%. The user may directly input the numerical values ​​of discount rates 1 and 2 on a website (or select numerical values ​​using a pull-down menu, etc.). Furthermore, items for discount rates 1 and 2 may be provided in the financial template 201, allowing the user to enter the numerical values ​​of discount rates 1 and 2.

[0040] A first stock value is calculated using the DCF method based on the financial data in the financial template and the calculation indicator data, discount rate 1 and discount rate 2. In this embodiment, the first stock value is calculated as a range of values ​​corresponding to discount rates 1 and 2. FIG. 5(a) is a diagram showing an example of financial data extracted from the financial-related information included in the financial template shown in FIG. 4(b). FIG. 5(b) is a diagram showing business value calculated using the financial data and discount rates 1 and 2 (calculation indicator data) shown in FIG. 5(a). In FIG. 5(b), the business value is calculated using the DCF method, and the business value is 2,246,635 (thousand yen) when discount rate 1 (16%) is used and 2,596,921 (thousand yen) when discount rate 2 (14%) is used. FIG. 5(c) is a diagram showing a process for calculating stock value by adding "non-business assets" and deducting "interest-bearing liabilities" to the business value calculated in FIG. 5(b). As mentioned above, non-business assets and interest-bearing liabilities are included in the financial data. At a discount rate of 1 (16%), the equity value is 2,246,635 (business value) + 212,000 (non-business assets) - 106,000 (interest-bearing liabilities, etc.) = 2,353,635 (thousand yen). At a discount rate of 2 (14%), the equity value is 2,596,921 (business value) + 212,000 (non-business assets) - 106,000 (interest-bearing liabilities, etc.) = 2,702,912 (thousand yen). Thus, the first equity value calculated using the DCF method is 2,353,635 (thousand yen) - 2,702,912 (thousand yen).

[0041] As described above, according to this embodiment, by calculating the first stock value using the DCF method based on the financial template and discount rate 1 and discount rate 2 (calculation indicator data), the user can easily and quickly calculate the first stock valuation without using advanced specialized knowledge or complex calculation formulas.

[0042] 3. Embodiment 3 In this embodiment, the configuration and operation of the second valuation unit 102 will be described in detail. In this embodiment, the second stock value is calculated using the multiple method (comparable company comparison method), which is one of the valuation methods classified as the market approach. The multiple method is a method for calculating the relative value of a company to be valued by multiplying indicators such as sales and profits by a factor (multiple) based on the stock prices of listed companies similar to the company to be valued. Having more information on companies similar to the company to be valued helps eliminate bias toward a specific company, so it is desirable to input at least eight similar companies. Therefore, in this embodiment, a method for easily and quickly obtaining the information necessary for the multiple method calculation and calculating the second stock value using similar company information such as company names and securities codes will be described.

[0043] (1) Composition of the Second Calculation Department The configuration and operation of the second valuation unit 102 of this embodiment are shown in FIG. 6. In FIG. 6, the same reference numerals are used for the same components and functions as those disclosed in FIG. 1. In FIG. 6, the second valuation unit 102 includes a comparable company financial data acquisition unit 301 and a stock price information acquisition unit 302. The acquisition unit 100 also acquires, from the user input unit 111, financial data, comparable company information including the company names or stock codes of comparable companies, and an illiquidity discount and adjustment range (all of which are calculation index data). In this embodiment, the comparable company financial data acquisition unit 301 and the stock price information acquisition unit 302 are used to obtain data required for calculating stock value using the multiples method, thereby making it easier and faster to calculate stock value using the multiples method.

[0044] The comparable company financial data acquisition unit 301 acquires financial data (equivalent to the financial data of comparable companies) such as the number of issued shares, sales, net income, PSR, and PER of the comparable companies stored in the external database (DB) 303 based on the company name or stock code included in the comparable company information. In this embodiment, a Web API (application programming interface) is used to acquire the financial data of comparable companies from the external database 303. An example of a Web API is the "Buffett Code API" for corporations provided by Buffett Code, Inc. By using an API in this way to acquire financial data of comparable companies from an external database, it is possible to obtain accurate information quickly.

[0045] The stock price information acquisition unit 302 acquires stock price information from a stock price database 304 provided inside or outside the stock value calculation device 10, based on the company name or securities code included in the similar company information. The stock price database 304 updates the stock price information, for example, daily, and stores the latest stock price information. In FIG. 6, the stock price database 304 is located inside the second calculation unit 102, but it may be located anywhere in the stock calculation device 10 or outside the stock calculation device 10.

[0046] (2) Flow of calculation method of the Second Calculation Department FIG. 7 is a flowchart showing the processing flow of the second stock value calculation method of the second calculation unit of this embodiment.

[0047] In this embodiment, the step (12) of calculating the second stock value further includes three substeps. The comparable company financial data acquisition unit (301) acquires financial data of comparable companies from an external database (303) using an API based on the comparable company information input by the user (S201). The stock price information acquisition unit (302) acquires stock price information of comparable companies from a stock price database (304) based on the comparable company information input by the user (S202). Finally, the second calculation unit 102 calculates the second stock value using the multiples method based on the financial data of comparable companies acquired by the comparable company financial data acquisition unit (301) and the stock price information of comparable companies acquired by the stock price information acquisition unit (302) (S203). Note that, although steps S201 and S202 are listed in a permutation in FIG. 7, the order may be reversed, or steps S201 and S202 may be performed in parallel.

[0048] Figure 8(a) shows the financial data of multiple comparable companies required for the multiple method. Based on the comparable company name or security code entered by the user, market capitalization, sales, net income, PSR, and PER figures can be obtained. Market capitalization is calculated by multiplying the number of issued shares (excluding treasury stock) of comparable companies identified by company name or security code by the comparable company financial data acquisition unit 301, using Buffett Code's web API, by multiplying the number of issued shares (excluding treasury stock) by the stock price using the stock price information acquired by the stock price information acquisition unit 302. Sales are calculated by multiplying the sales figures of the performance forecasts of comparable companies identified by company name or security code by the external database 303 using the web API. Net income is calculated by multiplying the net income figures of the performance forecasts of comparable companies identified by company name or security code by the external database 303 using the web API. PSR indicates the price-to-sales ratio, which is equivalent to market capitalization / sales. PER indicates how many times the stock value is compared to net income for the current period, and is equivalent to "market capitalization / net income for the current period." For example, for a similar company A, the number of issued shares of Co. A obtained through API is 7,794,995, and the closing price of Co. A on January X, 2024, stored in a stock price database is 3,770 yen. The market capitalization is calculated as "number of issued shares (excluding treasury stock)" x "stock price" to be 29,387 million yen. Furthermore, Co. A's sales and net income, obtained through API, are 22,693 million yen and 272 million yen, respectively, and the PSR is calculated to be 1.29 and the PER to be 108.04. Similarly, the financial data of similar companies B through H can be calculated.

[0049] In this embodiment, the "median" of the PERs of eight similar companies is calculated, and this median PER is used to calculate stock value using the multiple method. By using the median rather than the average PER of multiple companies, it is possible to perform calculations that eliminate outliers for specific similar companies. Furthermore, although the PER is used in this embodiment, for companies for which the PER cannot be used (e.g., companies reporting losses or companies with excessive debt), the stock value may be calculated using the multiple method using the PSR. Furthermore, in this embodiment, for the "sales" and "net income" of similar companies, the company's performance forecast figures are used rather than the final financial results figures, and the aforementioned "market capitalization" is also characterized in that it is an evaluation based on the performance forecast.

[0050] FIG. 8(b) shows that the second stock value is calculated by the multiple method using the median PER of similar companies calculated as described above and the illiquidity discount and adjustment range, which are calculation indicator data acquired by the acquisition unit 100. In this embodiment, the second stock value of the evaluation target company is calculated by multiplying the PER by the evaluation target company's net income and taking into account the adjustment range and illiquidity discount. In this case, if the user selects "30%" for the illiquidity discount and "1" for the adjustment range, the lower limit of the second stock value is 0.7 × (median PER - 1) × the evaluation target company's net income, and the upper limit of the second stock value is 0.7 × (median PER + 1) × the evaluation target company's net income. Specifically, the lower limit of the second stock value is 0.7 x 30.04 x 220,000 = 4,626,160 (thousand yen), and the upper limit of the second stock value is 0.7 x 32.04 x 220,000 = 4,934,160 (thousand yen). Generally, the illiquidity discount rate is 20% to 30%, and the adjustment range is 1 to 2, but these values ​​can be set or changed as desired by the user, and are input as one of the calculation index data from the user input unit 111.

[0051] As described above, according to this embodiment, the second valuation unit 102 has a similar company financial data acquisition unit 301 and a stock price information acquisition unit 302, and the similar company financial data acquisition unit 301 acquires financial data of similar companies from an external database 303 using a Web API, and the stock price information acquisition unit 302 acquires stock price information from a stock price database 304.This allows the user to easily calculate the PER, etc. of multiple similar companies simply by inputting the names or securities codes of similar companies, and allows the user to simply and quickly calculate the second stock valuation using the multiple method without using advanced specialized knowledge or complex calculation formulas.

[0052] 4. Embodiment 4 In this embodiment, the configuration and operation of the third valuation unit 103 will be described in detail. In this embodiment, the third stock value is calculated using the annual purchase method (annual multiple method), which is one of the valuation methods classified as the net asset approach. The annual purchase method is a valuation method that calculates corporate value by adding several years' worth of operating profits (for example, 1 to 3 years' worth) to the current net asset value of the company being acquired.

[0053] FIG. 9 is a block diagram showing the configuration and operation of the third identification unit 103 of this embodiment. The acquisition unit 100 acquires financial data including sales, operating profit, net income, and net assets, and a goodwill calculation period (calculation index data) from the user input unit 111. The third calculation unit 103 calculates a third stock value by the annual purchase method using the sales, operating profit, net income, net assets, and goodwill calculation period (for example, 1 to 3 years). The detailed calculation method will be described with reference to FIGS. 10(a) and 10(b).

[0054] Figure 10(a) shows the sales, operating profit, and net income of the company being evaluated for the most recent three years, as well as the average value for each item for the most recent three years. In this embodiment, by using the average values ​​for the most recent three years (average values ​​for the past three years) for sales, operating profit, and net income, calculations can be performed using the annual purchase method based on objective figures without relying on figures for a specific period. As shown in Figure 10(b), in this embodiment, the calculation period for goodwill (goodwill) is set to one to three years, and the upper and lower limits of the third stock value are calculated. The upper limit of the third stock value corresponds to three years' worth of goodwill. In this case, the calculation formula for the upper limit of the third stock value is net assets + (average operating profit × three-year goodwill calculation period), specifically 1,060,000 (thousand yen) + (291,200 × 3) = 1,933,600 (thousand yen). Similarly, the lower limit of the third stock value corresponds to one year's worth of goodwill. In this case, the formula for calculating the third lower limit of the stock value is net assets + (average operating profit x goodwill calculation period (1 year)), or specifically, 1,060,000 (thousand yen) + (291,200 x 1) = 1,351,200 (thousand yen).

[0055] As described above, according to this embodiment, by acquiring financial data including sales, operating profit, net income, and net assets input by the user, as well as the goodwill calculation period (calculation indicator data) from the acquisition unit 100, the user can easily and quickly calculate the third stock valuation using the annual purchase method without using advanced specialized knowledge or complex calculation formulas.

[0056] 5. Embodiment 5 In the first embodiment, an example was shown in which a weighted average of 1 / 3 each was used as the compromise ratio for the calculation results obtained by the three methods. However, in situations such as the particularities of the industry or business type to which the company being evaluated belongs, the unique circumstances of the company being evaluated (such as its growth stage or business scale), or when there are few competitors, it is desirable to change the compromise ratio (by changing the weighting ratio of the weighted average) to calculate the stock value. As mentioned above, there are two possible methods for changing the compromise ratio: the ex-ante change method and the ex-post change method. Each method will be described in detail below.

[0057] (Advance change method) The method for pre-changing the compromise ratio of the stock value calculation device 11 of this embodiment will be described with reference to Figures 11 and 12. In Figure 11, the same reference numerals are used for the same components and functions as those disclosed in Figure 1. The financial-related information input by the user in the user input unit 111 includes judgment information as described above.

[0058] The "judgment information" included in the financial-related information may be information about the size and business status of the company being evaluated, such as information that identifies it as a newly established venture company, that it is in an industry with few competitors, or that its business status has been in the red for the past one and / or two years.

[0059] In FIG. 11, the acquiring unit 100 acquires financial-related information including judgment information from the user input unit 111. The weighted average calculating unit 104 calculates a weighted average stock value by applying a predetermined compromise ratio to the first to third stock values ​​calculated by the first to third calculating units. In this embodiment, this predetermined compromise ratio can be changed in advance based on the judgment information. For example, as an example of judgment information, judgment tables 0 to 4 as shown in FIG. 12 may be provided, and the user may change the compromise ratio (weighting) by selecting a judgment table in a pull-down format on the input unit 111 (e.g., an input screen on a website). For example, judgment table 0 is fixed (default), and the weightings of the first to third stock values ​​are 1 / 3 each, i.e., the average value. Judgment Table 1 is a table to be selected when the performance of the company to be evaluated over the past year has been good. In this case, the weighting of the first stock value is increased, for example, the weighting of the first stock value is set to 0.5, the weighting of the second stock value to 0.3, and the weighting of the third stock value to 0.2. Judgment Table 2 is an example showing that the weighting of the second stock value is decreased when the company to be evaluated has few competitors. Judgment Table 3 is an example showing that the weighting of the first and second stock values ​​is decreased when the company to be evaluated has been in the red for two consecutive periods. Judgment Table 4 is an example showing that the weighting of the first stock value is increased when the company to be evaluated is a venture company.

[0060] (Post-change method) In the case of the ex-post determination method, the compromise ratio is revised ex-post based on the calculated amounts of the first to third stock values ​​output from the output unit 105. A detailed process of this ex-post determination method will be described with reference to FIG. 13. In FIG. 13, the same reference numerals are used for processes and functions that are the same as those disclosed in FIG. 2. The ex-post modification method of this embodiment further includes a step (S301) in which the user checks the output first to third stock values ​​and the weighted average stock value on the display device 112 and modifies the compromise ratio based on the check results. After modifying the compromise ratio, the weighted average stock value is calculated using the new compromise ratio (S14). Specifically, if the stock value calculated by the DCF method or the multiple method is a negative number or an obviously abnormal number, the user can manually input a number (corresponding to judgment information) from the input unit 111 to change the weighting of the relevant stock value to 0, and the weighted average stock value can be recalculated with a new compromise ratio based on the judgment information. This allows for more reliable calculation results.

[0061] 5. Summary The features of the stock value calculation device, calculation method, etc. in each embodiment of the present invention have been described above.

[0062] The present invention is not limited to the above-described embodiment, and various modifications may be made within the scope of the configurations described in the claims.

[0063] The present invention is not limited to the configurations disclosed in the respective embodiments, and a plurality of embodiments may be combined.

[0064] The terms used in each embodiment are merely examples and may be replaced with synonymous terms or terms having synonymous functions.

[0065] The block diagrams used in each embodiment classify the configuration of the device by function, and each block is realized by any combination of hardware or software.

[0066] The flows and steps of the flowcharts used in each embodiment do not have to be executed in the order shown in the drawings. Unless otherwise specified, some flows and steps may be executed in a different order or in parallel.

[0067] The terms first, second, third, ..., Nth used in the embodiments and claims do not limit the order, but are used to distinguish between similar configurations or methods.

[0068] The present invention may be realized by dedicated hardware having the configuration and functions described in each embodiment. It may also be realized as a combination of the stock valuation program of the present invention and general-purpose hardware having an executable CPU, memory, etc. For example, the stock valuation device of the present invention may be configured by a computer with processing capabilities, and its functions may be realized by executing a predetermined stock valuation program on the computer. The stock valuation program of the present invention is a program for performing predetermined processing by a computer, etc., and may include multiple software modules. Each software module is a modularized program for executing a specific process, and is created using, for example, procedures, subroutines, methods, functions, data structures, etc. The stock valuation program may be recorded on a computer-readable recording medium. Examples of recording media include a hard disk, flash memory, magnetic or optical disk, etc., on which the program is recorded.

[0069] 15, the stock valuation device of the present invention includes a CPU 1001 and a memory 1002. The memory 1002 may store a program including instructions for executing the stock valuation method described above, and the CPU 1001 may execute the method. The device may also include a communication interface 1003, and data may be exchanged with an external database, user input unit, display device, etc. via the communication interface 1003 over a network. [Industrial Applicability]

[0070] The stock valuation device of the present invention can be used mainly in the field of stock valuation devices for small and medium-sized enterprises and venture companies to easily and quickly calculate the value of their own stocks. [Explanation of symbols]

[0071] 10, 11...Stock value calculation device, 100...Acquisition unit, 101...First calculation unit, 102...Second calculation unit, 103...Third calculation unit, 104...Weighted average calculation unit, 105...Output unit, 111...User input unit, 112...Display device / printer, 201...Financial template, 301...Comparable company financial data acquisition unit, 302...Stock price information acquisition unit, 1001...CPU, 1002...Memory, 1003...Communication interface

Claims

1. A stock value calculation device (10, 11) that calculates the stock value of a company to be evaluated, an acquisition unit (100) that acquires financial-related information including financial data, similar company information, and calculation index data from a user input unit (111); a first calculation unit (101) that calculates a first stock value using an income approach based on the financial data and the calculation index data; a second valuation unit (102) that calculates a second stock value using a market approach based on the financial data, the similar company information, and the valuation index data; a third valuation unit (103) that calculates a third stock value using a net asset approach based on the financial data and the valuation index data; a weighted average calculation unit (104) that calculates a weighted average stock value by weighting the first stock value, the second stock value, and the third stock value at a predetermined compromise ratio; an output unit (105) that outputs the first stock value, the second stock value, the third stock value, and the weighted average stock value to a display device (112); Equipped with The predetermined compromise ratio is a preset fixed value or is variable based on the financial-related information acquired by the acquisition unit (100). Stock valuation device (10, 11).

2. The predetermined compromise ratio is changed based on determination information included in the financial-related information. The stock valuation device according to claim 1.

3. the predetermined compromise ratio is changed based on the output first stock value, the second stock value, the third stock value, and the weighted average stock value; The stock valuation device according to claim 1.

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