Company stock valuation device, stock valuation method, and stock valuation program

Abstract

Small and medium-sized enterprises and venture companies can easily and quickly calculate the value of their company's stock. [Solution] The stock value calculation device comprises an acquisition unit that acquires financial-related information including financial data, similar company information and calculation index data from a user input unit, a first calculation unit that calculates a first stock value using an income approach based on the financial data and the calculation index data, a second calculation unit that calculates a second stock value using a market approach based on the financial data, similar company information and the calculation index data, a third valuation unit that calculates a third stock value using a net asset approach based on the financial data and the calculation index data, a weighted average calculation unit that weights the first stock value, the second stock value and the third stock value at a predetermined compromise ratio to calculate a weighted average stock value, and an output unit that outputs the first stock value, the second stock value, the third stock value and the weighted average stock value to a display device.

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, advanced expertise is required due to the diversification of valuation methods and parameters related to comparable companies and finances, etc. In addition, when creating a stock valuation report, tens of thousands of calculation formulas may be required, which takes a lot of time and effort to create and increases the risk of input errors, etc.

[0003] In addition, when calculating stock value, it is important to select the valuation approach and valuation method, as well as the method of comprehensive valuation. When selecting a valuation approach, it is necessary to select an appropriate valuation approach and valuation method in consideration of the purpose of the valuation, the environment surrounding the company being evaluated, the characteristics of the valuation approach, the characteristics of the industry, etc., and this requires advanced expertise. In addition, when selecting a method of comprehensive valuation, a single or multiple valuation methods may be adopted, but the factors that form corporate value, etc. vary depending on the company being evaluated, and each valuation method has its own advantages and disadvantages. If an expert determines that the value formation factors of the company being evaluated are simple and a specific valuation method is appropriate as a method of valuation, a single method will be adopted, but if it is determined that this is not the case, multiple valuation methods will be adopted and a comprehensive valuation will be performed using either a combined method or a compromise 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 judge 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 enterprise value using asset ledger data in a computer. [Prior art documents] [Patent documents]

[0006] [Patent Document 1] JP 2018-37048 A 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, in order to increase the reliability of the stock value calculation, 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 the valuation result from a weighted average, but the decision on 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 easily and quickly decide and fine-tune the compromise ratio.

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

[0010] In order to solve the above problems, the stock valuation device of the present disclosure is 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 valuation unit (101) that calculates a first stock value by an income approach based on the financial data and the valuation index data; a second valuation unit (102) that calculates a second stock value by 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 by 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; and 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).

[0011] Furthermore, the stock valuation method of the present disclosure further comprises: A method for valuing a company's stock by applying at least three valuation approaches and calculating the stock value by a weighted average using a compromise method, A step (S10) of acquiring financial-related information including financial data, similar company information, and calculation index data from a user input unit (111) in an acquisition unit (100); A step (S11) of calculating a first stock value by 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 by a market approach in a second valuation unit (102) based on the financial data, the similar company information, and the valuation index data; A step (S13) of calculating a third stock value by 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.

[0012] Furthermore, the stock valuation program disclosed herein is A stock valuation program that applies at least three valuation approaches and calculates the stock value of a company by performing a weighted average using a compromise method, A step (S10) of acquiring financial-related information including financial data, similar company information, and calculation index data from a user input unit (111) in an acquisition unit (100); A step (S11) of calculating a first stock value by 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 by a market approach in a second valuation unit (102) based on the financial data, the similar company information, and the valuation index data; A step (S13) of calculating a third stock value by 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.

[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: the instructions comprising: A step (S10) of acquiring financial-related information including financial data, similar company information, and calculation index data from a user input unit (111) in an acquisition unit (100); A step (S11) of calculating a first stock value by 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 by a market approach in a second valuation unit (102) based on the financial data, the similar company information, and the valuation index data; A step (S13) of calculating a third stock value by 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 In the step of calculating the second stock value (S12), A step (S201) of acquiring financial data of similar companies from an external database (303) using an API in a similar company financial data acquisition unit (301) based on the similar company information; A step (S202) of acquiring stock price information of the similar companies from a stock price database (304) in a stock price information acquisition unit (302) based on the similar company information; A step (S203) of calculating the second stock value in the second valuation unit (102) further based on financial data of the similar companies and stock price information of the similar companies; It further comprises: Effect 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 description of the drawings]

[0015] [Figure 1] FIG. 1 is a block diagram showing an example of the configuration of a stock valuation device according to a first embodiment. [Diagram 2] A flowchart showing the process flow of the stock valuation method according to the first embodiment. [Diagram 3] FIG. 11 is a block diagram showing an example of the operation of a first calculation unit according to the second embodiment. [Figure 4a] FIG. 13 is a diagram showing an example of a financial template according to the second embodiment. [Figure 4b] FIG. 13 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 according to the second embodiment. [Figure 5b] An explanatory diagram for calculating the first stock value using the DCF method according to the second embodiment. [Figure 5c] An explanatory diagram for calculating the first stock value using the DCF method according to the second embodiment. [Figure 6] FIG. 13 is a block diagram showing a configuration example of a second calculation unit according to a third embodiment. [Figure 7] 11 is a flowchart showing a process flow of a second calculation unit according to a third embodiment. [Figure 8a] FIG. 13 is an explanatory diagram for explaining the operation of a second calculation unit according to the third embodiment. [Figure 8b] FIG. 13 is an explanatory diagram for explaining the operation of a second calculation unit according to the third embodiment. [Figure 9] FIG. 13 is a block diagram showing a configuration example of a third calculation unit according to the fourth embodiment. [Figure 10a] FIG. 13 is an explanatory diagram showing the operation of a second calculation unit according to the fourth embodiment. [Figure 10b] FIG. 13 is an explanatory diagram showing the operation of a second calculation unit according to the fourth embodiment. [Figure 11] FIG. 13 is a block diagram showing the configuration of a weighted average calculation unit according to a fifth embodiment. [Figure 12] FIG. 13 is an explanatory diagram for explaining the operation of a weighted average calculation unit according to the fifth embodiment. [Figure 13] FIG. 13 is an explanatory diagram for explaining the operation of a weighted average calculation unit according to the fifth embodiment. [Figure 14a] FIG. 1 shows a display example of a display device / printer according to each embodiment. [Figure 14b] FIG. 1 shows a display example of a display device / printer according to each embodiment. [Figure 15] FIG. 1 is a block diagram showing a configuration of a stock valuation device according to each embodiment. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0016] The present invention is premised on calculating 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 the present invention may be an evaluation approach and an evaluation method that are generally used in corporate valuation and stock valuation. In general, evaluation approaches are mainly classified into three types: the income approach, the market approach, and the net asset approach (also called the cost approach). Examples of the income approach include evaluation methods such as the DCF method and the dividend reduction method. Examples of the market approach include evaluation methods such as the comparable company method and the comparable transaction method. Examples of the net asset approach include evaluation methods such as the book value net asset method and the market value net asset method.

[0018] In the present invention, when calculating a company's stock value, a compromise method is adopted in which at least three valuation approaches are applied, a predetermined compromise ratio is applied to each valuation result, and a valuation result is derived 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. The details of this function will be described in detail 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 A block diagram of the stock value calculation device of this embodiment is shown in Fig. 1. The stock value calculation device 10 includes an acquisition unit 100 that acquires data input by a user from a user input unit 111, a first calculation unit 101 that calculates a first stock value by an income approach method, a second calculation unit 102 that calculates a second stock value by a market approach method, a third calculation unit 103 that calculates a third stock value by a net asset approach method, a weighted average calculation unit 104 that applies a compromise ratio to the first stock value, the second stock value, and the third stock value to calculate a weighted average stock value, and an output unit 105 that outputs the weighted average stock value, which is the first stock value, the second stock value, the third stock value, and the weighted average stock value, to a display device 112.

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

[0023] The "financial data" included in the financial 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 current period, NOPAT, depreciation expenses, 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-related information is data required when calculating stock value using each valuation method, and the data required is predetermined for each valuation method. For example, in the case of valuation using the DCF method, the valuation indicator data includes the discount rate. In addition, in the case of valuation using the multiple method, the valuation indicator data includes the illiquidity discount and adjustment range. In addition, in the case of 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 by the income approach based on the financial data and the 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, the similar company information, and the calculation index data from the acquisition unit 100, and calculates a second stock value by a market approach based on the financial data, the similar company information, and the 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 a 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 an average value, i.e., a weighted average value of one third, as a 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 by the three different evaluation approaches in a balanced manner, a weighted average stock value is calculated as an average value, which simplifies and speeds up the stock value calculation.

[0031] As another example of this embodiment, the eclectic ratio may be changed as needed, instead of being a preset compromise ratio (fixed value). When changing the compromise ratio, there are two patterns: a pre-change method in which the compromise ratio is determined based on information acquired by the acquisition unit 100, and a post-change method in which the compromise ratio is changed (modified) after the first to third calculated stock values ​​are calculated. In the case of the pre-determination method, the financial-related information further includes iv) judgment information on the size and business situation of the company, and the compromise ratio may be determined based on this judgment information. In the post-determination method, the eclectic ratio may be changed or modified based on the first to third calculated stock values ​​output from the output unit 105. Details of the example in which the compromise ratio is made 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 the display device. The display device 112 may include, for example, a device that displays information or data on a screen such as a display, or a printer that prints information or 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. Figures 14(a) and (b) show an example in which the first to third stock values ​​and the weighted average stock value are displayed on the display device. As shown in Figures 14(a) and (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 Figures 14(a) and (b), the compromise ratio is a weighted average value of one-third each.

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

[0034] The acquisition unit 100 acquires financial information including financial data, similar company information, and calculation index data from the user input unit 111 (S10). The first calculation unit 101 calculates a first stock value by an income approach based on the financial data and the calculation index data (S11). The second calculation unit 102 calculates a second stock value by a market approach based on the similar company information and the calculation index data (S12). The third calculation unit 103 calculates a third stock value by 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, and calculates 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 described in sequence in Fig. 2, the order may be changed, and two or three steps of steps S11 to S13 may be performed in parallel.

[0035] (3) Effects of the First Embodiment As described above, according to this embodiment, in the case where at least three evaluation approaches are applied in the calculation of the stock valuation of a company and the compromise method is applied as the comprehensive evaluation method, each evaluation approach is performed based on the financial data, similar company information, and valuation index data included in the financial-related information input by the user, thereby making it possible to simplify and speed up the stock valuation. In addition, by setting the compromise ratio in the compromise method to a fixed value in advance, it is possible to further simplify and speed up the stock valuation. Alternatively, by making the compromise ratio variable before and after the fact, it is possible to increase the reliability of the stock valuation results and realize simplification and speed up the stock valuation.

[0036] 2. Embodiment 2 In this embodiment, the operation of the first calculation unit 101 will be described in detail. In this embodiment, the DCF method is adopted to calculate the first stock value, among the evaluation methods classified as the income approach. The DCF method is an excellent method that can take future cash flows into consideration, but since there are many calculation formulas for the calculation and the calculation contents are complicated, it is difficult for people other than experts to use it. Therefore, in this embodiment, a financial template is used for data required for calculating the stock value by the DCF method, so that the user can easily input the necessary information, and the calculation of the stock value by the DCF method is made easy and quick.

[0037] FIG. 3 is a block diagram showing the operation of the first calculation unit 101 when the financial template of this embodiment is used. In FIG. 3, the same reference numbers are used for configurations and functions that are the same as those disclosed in FIG. 1. In this embodiment, a financial template 201 is used in the user input unit 111. 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 with reference to FIGS. 4(a) and (b).

[0038] FIG. 4(a) shows the financial template 201 before the user inputs data. The financial template 201 includes financial data, and as an example of the financial data, items such as sales, cost of sales, selling expenses, operating profit, corporate tax rate (%), corporate tax, net income for the current term, NOPAT, depreciation, capital investment, accounts receivable, accounts payable, working capital increase, net assets, non-business assets, and interest-bearing liabilities are included, as described above. The financial template 201 may be configured to enter, for example, values ​​for the past three years and the future three years in addition to values ​​for the current term. Since the number of years in the past and future is generally 3 to 5 years, the financial template 201 may be configured to enter values ​​for any number of years. FIG. 4(b) shows an example of the financial template 201 including data actually input by the user. As in this example, various values ​​included in the financial template 201 correspond to financial data showing the financial status of the company. The financial template 201 input 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 numerical values ​​for discount rate 1 and discount rate 2 as one of the calculation index data. The discount rates 1 and 2 are, for example, 14% and 16%, and generally, discount rates are 4 to 18%. The user may directly input the numerical values ​​for discount rates 1 and 2 on a website (or select a numerical value using a pull-down menu or the like). Furthermore, items for discount rates 1 and 2 may be provided in the financial template 201, allowing the user to enter the numerical values ​​for discount rates 1 and 2.

[0040] Based on the financial data in the financial template and the calculation index data of discount rate 1 and discount rate 2, the first stock value is calculated by the DCF method. In this embodiment, the first stock value is calculated as a range of values ​​corresponding to the 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 a business value calculated using the financial data and discount rates 1 and 2 (calculation index data) shown in FIG. 5(a). In FIG. 5(b), the business value is calculated by the DCF method, and the business value is 2,246,635 (thousand yen) in the case of discount rate 1 (16%) and 2,596,921 (thousand yen) in the case of discount rate 2 (14%). FIG. 5(c) is a diagram showing a process of calculating the 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. In the case of a discount rate of 1 (16%), the stock value is 2,246,635 (business value) + 212,000 (non-business assets) - 106,000 (interest-bearing liabilities, etc.) = 2,353,635 (thousand yen), and in the case of a discount rate of 2 (14%), the stock value is 2,596,921 (business value) + 212,000 (non-business assets) - 106,000 (interest-bearing liabilities, etc.) = 2,702,912 (thousand yen). In this way, the first stock value calculated by the DCF method is 2,353,635 (thousand yen) ~ 2,702,912 (thousand yen).

[0041] As described above, according to this embodiment, the first stock value is calculated using the DCF method based on the financial template and discount rates 1 and 2 (calculation index data), allowing the user to easily and quickly calculate the first stock valuation without using advanced specialized knowledge or complex 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 by adopting the multiple method (comparable company comparison method) among the valuation methods classified as market approach. The multiple method is a method of calculating the relative value of the evaluation target company by multiplying indicators such as sales and profits by a multiple (multiple) with reference to the stock prices of listed companies similar to the evaluation target company. If there is a lot of information on companies similar to the evaluation target company, it is possible to eliminate bias toward a specific company, so it is desirable to input at least eight or more similar companies. Therefore, in this embodiment, a method of easily and quickly acquiring information necessary for the multiple method calculation using similar company information such as company names and securities codes, and calculating the second stock value will be described.

[0043] (1) Composition of the Second Calculation Division The configuration and operation of the second valuation unit 102 of this embodiment are shown in FIG. 6. In FIG. 6, the same reference numbers are used for the same configurations and functions as those disclosed in FIG. 1. In FIG. 6, the second valuation unit 102 includes a similar company financial data acquisition unit 301 and a stock price information acquisition unit 302. The acquisition unit 100 acquires similar company information including financial data, the company name or stock code of similar companies, and illiquidity discount and adjustment range (both are calculation index data) from the user input unit 111. In this embodiment, the similar company financial data acquisition unit 301 and the stock price information acquisition unit 302 are used for data required for calculating stock value by the multiple method, thereby making it easy and quick to calculate stock value by the multiple method.

[0044] The similar company financial data acquisition unit 301 acquires financial data (corresponding to the financial data of similar companies) such as the number of issued shares, sales, net income, PSR, and PER of the similar company stored in the external database (DB) 303 based on the company name or stock code included in the similar company information. In this embodiment, a Web API (Application Programming Interface) is used when acquiring the financial data of similar companies from the external database 303. One example of the Web API is the "Buffett Code API" for corporations provided by Buffett Code, Inc. By acquiring the financial data of similar companies from the external database using the API in this way, it is possible to obtain information quickly and accurately.

[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 valuation 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, every day, and holds the latest stock price information. In FIG. 6, the stock price database 304 is located in the second valuation unit 102, but it may be provided in any location of the stock valuation device 10 or may be provided outside the stock valuation device 10.

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

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

[0048] FIG. 8(a) shows financial data of multiple similar companies required for the multiple method. Based on the similar company name or stock code entered by the user, the market capitalization, sales, net income, PSR, and PER values ​​can be obtained. The market capitalization is calculated by the similar company financial data acquisition unit 301 using Buffett Code's Web API to acquire the "number of issued shares (after treasury stock deduction)" of a similar company specified by the company name or stock code from an external database 303, and using the "stock price" information acquired by the stock price information acquisition unit 302, multiplying the "number of issued shares (after treasury stock deduction)" by the "stock price." The sales is calculated by using the Web API to acquire the "sales" of the performance forecast of a similar company specified by the company name or stock code from the external database 303. The net income is calculated by using the Web API to acquire the "net income" of the performance forecast of a similar company specified by the company name or stock code from the external database 303. The PSR indicates the price-to-sales ratio, and is equivalent to "market capitalization / sales." PER indicates how many times the stock value is compared to the net income for the current term, and is equivalent to "market capitalization / net income for the current term." 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 the 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). In addition, the sales revenue and net income of Co. A obtained through API are 22,693 (million yen), 272 (million yen), PSR is 1.29, and PER is 108.04. The financial data of similar companies B to H is calculated in the same way.

[0049] In this embodiment, the "median" of the PER of eight similar companies is calculated, and this median PER is used to calculate the stock value using the multiple method. By using the median instead of the average PER of multiple companies, it is possible to perform calculations that eliminate outliers of specific similar companies. In addition, although the PER is used in this embodiment, for companies for which the PER cannot be used (for example, companies that are in the red or companies with excessive debt), the stock value may be calculated using the multiple method using the PSR. In addition, in this embodiment, for the "sales" and "net income" of similar companies, the company's performance forecast figures are used instead of the final settlement 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 numerical values ​​of the illiquidity discount and adjustment range, which are the calculation index 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 net income of the evaluation target company and taking into account the adjustment range and illiquidity discount. In this case, if the user inputs the selection of illiquidity discount as "30%" and the adjustment range as "1", the lower limit of the second stock value is 0.7 x (median PER - 1) x net income of the evaluation target company, and the upper limit of the second stock value is 0.7 x (median PER + 1) x net income of the evaluation target company. Specifically, the lower limit of the second stock value is 0.7×30.04×220,000=4,626,160 (thousand yen), and the upper limit of the second stock value is 0.7×32.04×220,000=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 similar company names or securities codes, and allows the user to simply and quickly calculate the second stock valuation using the multiple method without using advanced specialized knowledge or complex 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 by adopting the annual purchase method (annual multiple method) among the valuation methods classified as the net asset approach. The annual purchase method is a valuation method in which the operating profit for several years (for example, 1 to 3 years) is added to the current net asset value of the company that is the target of acquisition when calculating the corporate value.

[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). A detailed calculation method will be described with reference to Figs. 10(a) and (b).

[0054] FIG. 10(a) shows the sales, operating profit, net income, and average value of each item for the last three years of the evaluation target company. In this embodiment, the average value of the last three years (average value of the past three years) is used for sales, operating profit, and net income, making it possible to calculate by the annual purchase method based on objective figures without relying on figures for a specific period. As shown in FIG. 10(b), in this embodiment, the calculation period of goodwill (business rights) is set to 1 to 3 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 of goodwill. In this case, the calculation formula for the upper limit of the third stock value is net assets + (average operating profit x goodwill calculation period of three years), and specifically, 1,060,000 (thousand yen) + (291,200 x 3) = 1,933,600 (thousand yen). Similarly, the lower limit of the third stock value corresponds to one year of goodwill. In this case, the formula for calculating the lower limit of the third stock value is net assets + (average operating profit x goodwill calculation period (1 year)), or more 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 is shown in which a weighted average of 1 / 3 is used as the compromise ratio for the calculation results by the three methods. However, in circumstances such as the peculiarities of the industry or business type to which the evaluation target company belongs, the unique circumstances of the evaluation target company (growth stage, business scale, etc.), and the absence of almost any 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 pre-change method and the post-change method. Each method will be described in detail below.

[0057] (Advance change method) A 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 numbers are used for configurations and functions that are the same 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 regarding the size and business condition 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, that its business performance for the past one and / or two years has been in the red, etc.

[0059] In FIG. 11, the acquisition unit 100 acquires financial-related information including judgment information from the user input unit 111. The weighted average calculation 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 calculation units, but 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 (for example, an input screen on a website). For example, judgment table 0 is fixed (default), and the weighting of the first to third stock values ​​is 1 / 3 each, that is, the average value. Judgment table 1 is a table to be selected when the performance of the evaluation target company in the most recent year is good. In this case, the weighting of the first stock value is increased, for example, the weighting of the first stock value is 0.5, the weighting of the second stock value is 0.3, and the weighting of the third stock value is 0.2. Judgment table 2 is an example showing that the weighting of the second stock value is decreased when the evaluation target company has few competitors. Judgment table 3 is an example showing that the weighting of the first and second stock values ​​is decreased when the evaluation target company has been in the red for two consecutive periods. Judgment table 4 is an example showing that the first stock value weighting is increased when the evaluation target company 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 numbers are used for the same process functions 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 changes the compromise ratio based on the check result. After the compromise ratio is changed, the weighted average stock value is calculated with the new compromise ratio (S14). Specifically, when the stock value calculated by the DCF method or the multiple method is a negative value or a clearly abnormal value, the user can manually input a value (corresponding to the judgment information) from the input unit 111 to change the weighting of the corresponding stock value to 0, and the weighted average stock value can be recalculated with a new compromise ratio based on the judgment information. This makes it possible to obtain a more reliable calculation result.

[0061] 5. Summary The features of the stock valuation device, valuation 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 each embodiment, and a plurality of embodiments may be combined.

[0064] The terms used in each embodiment are merely examples and may be replaced with terms having the same meaning or the same 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 and / or software.

[0066] The flows and steps of the flowcharts used in each embodiment may not be executed in the order shown in the drawings. Some flows and steps may be changed in order or executed in parallel, unless otherwise specified.

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

[0068] The present invention may be realized by dedicated hardware having the configuration and functions described in each embodiment. Also, the present invention may 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 having a computing capacity, and its functions may be realized by executing a predetermined stock valuation program in the computer. Also, the stock valuation program of the present invention is a program for performing a predetermined process by a computer or the like, and may have multiple software modules. Each software module is a modularized program for performing a specific process, and is created using, for example, a procedure, a subroutine, a method, a function, and a data structure. The stock valuation program may be recorded on a computer-readable recording medium. An example of the recording medium is a medium such as a hard disk, a flash memory, a magnetic or optical disk, etc., on which the above program is recorded.

[0069] 15, for example, the stock value calculation device of the present invention includes a CPU 1001 and a memory 1002. The memory 1002 may hold a program including instructions for executing the above-mentioned stock value calculation method, 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, a user input unit, a display device, etc. via the communication interface 1003 over a network. [Industrial Applicability]

[0070] The stock value calculation device of the present invention can be used mainly in the field of stock value calculation 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] Reference Signs List 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 valuation device (10, 11) for calculating the current stock value of an unlisted company to be evaluated, comprising: an acquisition unit (100) that acquires financial-related information including financial data of the unlisted company to be evaluated, similar company information regarding listed companies similar to the unlisted company to be evaluated, and calculation index data from a user input unit (111); A first calculation unit (101) that calculates a first stock value by an income approach based on the financial data and the calculation index data; a second valuation unit (102) that calculates a second stock value by 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 by 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); Stock valuation device (10, 11).

2. The financial data is provided by a user using a financial template (201); The first valuation unit (101) calculates the first stock value by the DCF method. The stock valuation device according to claim 1.

3. The second valuation unit (102) includes a similar company financial data acquisition unit (301) and a stock price information acquisition unit (302); The similar company financial data acquisition unit (301) acquires financial data of similar companies from an external database (303) using an API based on the similar company information, The stock price information acquisition unit (302) acquires stock price information of the similar companies from a stock price database (304) based on the similar company information, The second valuation unit (102) calculates the second stock value by a multiples method using financial data and stock price information of the similar companies. The stock valuation device according to claim 1.

4. The third calculation unit (103) calculates the third stock value by the annual purchase method. The stock valuation device according to claim 1.

5. The predetermined compromise ratio is 1 / 3 each for the first to third stock values; The stock valuation device according to claim 1.

6. A method for valuing an unlisted company by applying at least three valuation approaches and calculating a weighted average using a compromise method, comprising: A step (S10) of acquiring, in an acquisition unit (100), financial-related information including financial data of the unlisted evaluation target company, similar company information regarding listed companies similar to the unlisted evaluation target company, and calculation index data from a user input unit (111); A step (S11) of calculating a first stock value by 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 by 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 by 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 by a weighted average calculation unit (104) of 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); A method for valuing stocks, comprising:

7. A stock valuation program that applies at least three valuation approaches and calculates the current stock value of an unlisted company to be evaluated by performing a weighted average using a compromise method, A step (S10) of acquiring, in an acquisition unit (100), financial-related information including financial data of the unlisted evaluation target company, similar company information regarding listed companies similar to the unlisted evaluation target company, and calculation index data from a user input unit (111); A step (S11) of calculating a first stock value by 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 by 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 by 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 by a weighted average calculation unit (104) of 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); A stock valuation program that includes:

8. A stock valuation device for calculating the current stock value of an unlisted company to be evaluated, comprising: A processor (CPU) (1001), at least one memory (1002) storing instructions which, when executed by the processor, cause the stock valuation apparatus to perform the steps of: the instructions comprising: A step (S10) of acquiring, in an acquisition unit (100), financial-related information including financial data of the unlisted evaluation target company, similar company information regarding listed companies similar to the unlisted evaluation target company, and calculation index data from a user input unit (111); A step (S11) of calculating a first stock value by 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 by 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 by 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 by a weighted average calculation unit (104) of 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 In the step of calculating the second stock value (S12), A step (S201) of acquiring financial data of similar companies from an external database (303) using an API in a similar company financial data acquisition unit (301) based on the similar company information; A step (S202) of acquiring stock price information of the similar companies from a stock price database (304) in a stock price information acquisition unit (302) based on the similar company information; A step (S203) of calculating the second stock value in the second valuation unit (102) based on financial data of the similar companies and stock price information of the similar companies; Equipped with Stock valuation device.

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