Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	Brak danych

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	6.0	18.0	1.2
Aeon Co. (M) Bhd.	0.0	15.2	1.0
Mediana / Aeon Co. (M) Bhd.	265.1	1.2	1.2

---

Pozostałe spółki z branzy Department Stores

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Hunan Friendship&Apollo Commercial Co.,Ltd.	002277.SZ	1,170	18.8	1,065.8	1.2	Shenzhen
Xi'an International Medical Investment Company Limited	000516.SZ	1,583	325.9	-45.1	3.2	Shenzhen
Nordstrom, Inc.	0K8J.L	3,821	0.4	13.8	3.6	London Stock Exchange
Chengdu Hongqi Chain Co.,Ltd.	002697.SZ	1,017	11.7	13.9	1.5	Shenzhen
GS Retail Co., Ltd.	007070.KS	919	-1.7	509.7	0.4	KSE
Hefei Department Store Group Co.,Ltd	000417.SZ	611	7.8	27.3	0.9	Shenzhen
Guangzhou Grandbuy Co., Ltd.	002187.SZ	658	24.9	110.6	1.2	Shenzhen
Changsha Tongcheng Holdings Co.Ltd	000419.SZ	427	15.5	25.4	0.9	Shenzhen
Better Life Commercial Chain Share Co.,Ltd	002251.SZ	1,960	4.4	3.3	0.5	Shenzhen
New Hua Du Supercenter Co.,Ltd.	002264.SZ	668	21.1	18.4	2.4	Shenzhen
Maoye International Holdings Limited	0848.HK	90	-7.8	-6.6	0.0	HKSE
Macy's, Inc.	0JXD.L	3,171	-0.7	5.9	0.8	London Stock Exchange
Wing On Company International Limited	0289.HK	457	24.8	-3.9	0.2	HKSE
New World Department Store China Limited	0825.HK	56	-4.8	29.1	0.1	HKSE
Lianhua Supermarket Holdings Co., Ltd.	0980.HK	68	7.3	-1.1	-1.3	HKSE
Easyhome New Retail Group Corporation Limited	000785.SZ	2,707	0.7	30.8	1.0	Shenzhen
Wushang Group Co., Ltd.	000501.SZ	948	0.7	31.0	0.6	Shenzhen
SHINSEGAE Inc.	004170.KS	1,101	-3.4	14.1	0.4	KSE
Beijing Hualian Department Store Co., Ltd	000882.SZ	784	8.4	366.0	0.8	Shenzhen
Ccoop Group Co., Ltd	000564.SZ	5,992	-33.7	-42.5	3.3	Shenzhen
Gwangju Shinsegae. Co. ,Ltd.	037710.KS	158	0.0	4.7	0.3	KSE
Dalian Friendship (Group) Co., Ltd.	000679.SZ	307	-35.1	-28.3	9.1	Shenzhen
Rainbow Digital Commercial Co., Ltd.	002419.SZ	875	-8.9	80.1	1.5	Shenzhen
BGF Co., Ltd.	027410.KS	290	5.3	4.5	0.2	KSE
Henderson Investment Limited	0097.HK	54	2.4	-3.4	0.4	HKSE
Shanghai Xujiahui Commercial Co., Ltd.	002561.SZ	477	141.1	-15,550.0	1.5	Shenzhen
Lotte Shopping Co., Ltd.	023530.KS	1,613	-6.4	-2.2	0.1	KSE
Savezone I&C Corporation	067830.KS	72	6.8	9.9	0.2	KSE
Hyundai Department Store Co. Ltd.	069960.KS	1,136	-1.1	-43.0	0.4	KSE
Zhongxing Shenyang Commercial Building Group Co.,Ltd	000715.SZ	422	21.1	21.7	1.2	Shenzhen
Far Eastern Department Stores, Ltd.	2903.TW	1,082	-1.6	13.9	1.0	Taiwan
J. Front Retailing Co., Ltd.	3086.T	3,579	2.0	12.3	1.2	Tokyo
Isetan Mitsukoshi Holdings Ltd.	3099.T	5,515	7.4	15.2	1.3	Tokyo
World Co., Ltd.	3612.T	595	-0.7	7.9	1.1	Tokyo
Can Do Co., Ltd.	2698.T	389	388.1	-188.1	5.0	Tokyo
Eslite Spectrum Corporation	2926.TWO	74	-4.3	172.1	3.6	Taipei Exchange
Tonlin Department Store Co.,Ltd.	2910.TW	122	2.6	18.3	1.4	Taiwan
Jing-Jan Retail Business Co., Ltd.	2942.TWO	65	-0.7	10.2	1.6	Taipei Exchange
Aeon Kyushu Co., Ltd.	2653.T	619	3.9	14.8	1.6	Tokyo
United Super Markets Holdings Inc.	3222.T	1,243	9.7	156.5	0.6	Tokyo
Lifestyle China Group Limited	2136.HK	119	-15.5	-42.7	0.1	HKSE
Arata Corporation	2733.T	685	4.2	9.6	0.9	Tokyo
Shin Shin Co Ltd.	2901.TW	61	41.3	66.3	2.0	Taiwan
SAN-A CO.,LTD.	2659.T	1,246	10.8	15.7	1.2	Tokyo
Yinchuan Xinhua Commercial (Group) Co., Ltd.	600785.SS	381	2.3	20.9	1.2	Shanghai
Nanning Department Store Co., Ltd.	600712.SS	464	-203.4	-82.4	4.2	Shanghai
Ningbo Zhongbai Co., Ltd.	600857.SS	319	74.1	-354.0	2.8	Shanghai
Taiwan FamilyMart Co., Ltd.	5903.TWO	1,509	1.4	11.4	5.6	Taipei Exchange
Shanghai Yimin Commercial Group Co., Ltd.	600824.SS	626	77.5	271.2	1.8	Shanghai
Xinjiang Youhao(Group)Co.,Ltd	600778.SS	276	9.7	193.2	8.3	Shanghai
Wenfeng Great World Chain Development Corporation	601010.SS	721	21.6	31.8	1.0	Shanghai
Sun Art Retail Group Limited	6808.HK	3,039	11.3	-20.7	1.0	HKSE
Nanjing Central Emporium (Group) Stocks Co., Ltd.	600280.SS	542	-5.1	-21.3	4.8	Shanghai
Hangzhou Jiebai Group Co., Limited	600814.SS	815	17.7	27.3	1.5	Shanghai
Baida Group Co.,Ltd	600865.SS	476	33.6	33.7	1.6	Shanghai
Jiajiayue Group Co., Ltd.	603708.SS	950	8.6	55.4	2.8	Shanghai
Inzone Group Co.,Ltd	600858.SS	408	0.4	60.1	1.1	Shanghai
Wuxi Commercial Mansion Grand Orient Co., Ltd.	600327.SS	582	31.2	75.3	1.3	Shanghai
Jiangxi Guoguang Commercial Chains Co., Ltd.	605188.SS	791	96.7	-2,930.5	5.5	Shanghai
Saudi Marketing Company	4006.SR	219	-2.5	32.3	1.2	Saudi
Gansu Guofang Industry & Trade (Group) Co., Ltd.	601086.SS	1,258	86.2	185.5	6.5	Shanghai
NYOCOR Co., Ltd.	600821.SS	1,516	-7.4	15.8	1.2	Shanghai
Chang Chun Eurasia Group Co., Ltd.	600697.SS	271	-4.0	-55.2	0.9	Shanghai
Shanghai Join Buy Co.,Ltd.	600838.SS	457	82.2	74.3	2.2	Shanghai
Dashang Co., Ltd.	600694.SS	1,031	7.9	12.6	0.8	Shanghai
Liqun Commercial Group Co.,Ltd.	601366.SS	571	-5.2	198.3	0.9	Shanghai
Yonghui Superstores Co., Ltd.	601933.SS	6,283	544.7	-18.2	8.2	Shanghai
Parkson Holdings Berhad	5657.KL	128	-9.6	-2.3	0.2	Kuala Lumpur
Shanghai New World Co., Ltd	600628.SS	663	32.4	68.5	1.0	Shanghai
Wangfujing Group Co., Ltd.	600859.SS	2,169	23.6	119.7	0.7	Shanghai
Beijing Cuiwei Tower Co., Ltd.	603123.SS	1,373	-18.9	-14.9	4.8	Shanghai
Shanghai Yuyuan Tourist Mart (Group) Co., Ltd.	600655.SS	3,070	1.3	-7,210.9	0.6	Shanghai
Maoye Commercial Co., Ltd.	600828.SS	966	4.9	-997.4	1.0	Shanghai
Chongqing Department Store Co.,Ltd.	600729.SS	1,827	7.5	9.7	1.6	Shanghai
Lanzhou Lishang Guochao Industrial Group Co.,Ltd	600738.SS	573	20.9	61.2	2.1	Shanghai
Aeon Co. (M) Bhd.	6599.KL	462	0.0	15.2	1.0	Kuala Lumpur
POYA International Co., Ltd.	5904.TWO	1,736	6.1	18.0	9.4	Taipei Exchange
Xinjiang Winka Times Department Store Co.,Ltd.	603101.SS	568	9.5	53.3	2.9	Shanghai
Fujian Dongbai (Group) Co.,Ltd.	600693.SS	762	1.0	120.7	1.5	Shanghai
Shanghai Bailian (Group) Co., Ltd.	600827.SS	2,211	6.0	10.4	0.8	Shanghai
Nanjing Xinjiekou Department Store Co., Ltd.	600682.SS	1,262	19.3	39.1	0.5	Shanghai
Beijing Urban-Rural Commercial (Group) Co.,Ltd.	600861.SS	1,576	9.0	9.7	1.6	Shanghai
Hanshang Group Co., Ltd.	600774.SS	353	35.7	-105.3	1.6	Shanghai
MINISTOP Co., Ltd.	9946.T	366	-18.4	-7.9	1.6	Tokyo
Aeon Hokkaido Corporation	7512.T	850	5.2	34.1	1.7	Tokyo
Izumi Co., Ltd.	8273.T	1,639	5.1	20.1	0.8	Tokyo
Aeon Co., Ltd.	8267.T	25,979	2.1	130.5	3.6	Tokyo
Axial Retailing Inc.	8255.T	696	6.8	11.3	1.1	Tokyo
ARCS Company Limited	9948.T	1,075	7.8	14.1	0.8	Tokyo
Heiwado Co.,Ltd.	8276.T	1,001	5.4	13.7	0.8	Tokyo
H2O Retailing Corporation	8242.T	1,608	2.9	6.6	0.8	Tokyo
Fuji Co., Ltd.	8278.T	1,204	5.2	45.5	0.8	Tokyo
Ryohin Keikaku Co., Ltd.	7453.T	11,259	17.2	31.8	5.1	Tokyo
Tokyu Corporation	9005.T	6,955	-1.1	12.7	1.2	Tokyo
Kintetsu Department Store Co., Ltd.	8244.T	481	5.8	20.2	1.8	Tokyo
Takashimaya Company, Limited	8233.T	2,300	0.8	8.6	0.7	Tokyo
Valor Holdings Co., Ltd.	9956.T	894	0.5	9.5	0.8	Tokyo
Joshin Denki Co., Ltd.	8173.T	414	1.8	17.7	0.6	Tokyo
Harima-Kyowa Co.,LTD.	7444.T	70	4.8	7.9	0.4	Tokyo
Okuwa Co., Ltd.	8217.T	260	5.7	-15.9	0.5	Tokyo
Matsuya Co., Ltd.	8237.T	395	7.0	23.9	2.0	Tokyo
Aeon Co., Ltd.	AONNF	17,780	1.0	95.4	2.5	Other OTC
Aeon Co., Ltd.	AONNY	26,097	5.1	139.9	3.6	Other OTC
Cencosud S.A.	CENCOSUD.SN	9,729	5.0	30.7	2.0	Santiago
Briscoe Group Limited	BGP.NZ	655	7.4	18.1	3.7	NZSE
Companhia Brasileira de Distribuição	CBDBY	235	-1.3	-1.6	0.4	OTC Markets OTCPK
Grazziotin S.A.	CGRA3.SA	114	2.3	5.5	0.6	São Paulo
Douglas AG	DOU.F	1,439	-0.9	10.2	1.3	Frankfurt
Grazziotin S.A.	CGRA4.SA	99	2.3	5.5	0.6	São Paulo
Central Retail Corporation Public Company Limited	CRC-R.BK	3,539	-0.5	14.2	1.7	Thailand
Douglas AG	DOU.DE	1,439	-0.9	10.5	1.4	XETRA
Central Retail Corporation Public Company Limited	CRC.BK	3,539	-0.5	14.2	1.7	Thailand
Dillard's, Inc.	DDS	6,307	7.4	11.0	2.6	New York Stock Exchange
LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG	ECK.DE	61	-23.7	-23.4	0.9	Frankfurt Stock Exchange
Almacenes Éxito S.A.	EXTO	586	-0.4	5.5	0.0	New York Stock Exchange
Falabella S.A.	FALABELLA.SN	12,556	5.9	19.0	1.7	Santiago
PT Hero Supermarket Tbk	HERO.JK	109	0.3	81.9	1.2	Jakarta Stock Exchange
Grupo Mateus S.A.	GMAT3.SA	3,101	6.4	12.5	1.7	São Paulo
Harvey Norman Holdings Limited	HVN.AX	4,412	6.4	15.8	1.5	Australian Securities Exchange
Isetan Mitsukoshi Holdings Ltd.	IMHDF	7,864	15.9	30.5	2.0	Other OTC
La Comer, S.A.B. de C.V.	LACOMERUBC.MX	2,328	9.8	0.0	0.0	Mexico
Nordstrom, Inc.	JWN	4,124	1.7	10.6	3.6	New York Stock Exchange
La Comer, S.A.B. de C.V.	LCMRF	849	5.6	20.0	1.2	Other OTC
J. Front Retailing Co., Ltd.	JFROF	2,866	1.3	9.0	1.0	Other OTC
Marks and Spencer Group plc	MKS.L	10,047	4.2	14.7	2.4	London Stock Exchange
Lianhua Supermarket Holdings Co., Ltd.	LHUAF	66	-1.8	-0.4	-0.6	Other OTC
PT Multipolar Tbk	MLPL.JK	94	0.6	11.1	0.3	Jakarta Stock Exchange
Moshi Moshi Retail Corporation Public Company Limited	MOSHI.BK	421	12.5	26.6	6.0	Thailand
Lojas Renner S.A.	LREN3.SA	3,204	5.2	14.3	1.8	São Paulo
Kohl's Corporation	KSS	974	-5.1	8.9	0.3	New York Stock Exchange
Marks and Spencer Group plc	MAKSY	10,258	4.1	17.9	2.7	Other OTC
Marks and Spencer Group plc	MAKSF	10,683	4.5	16.3	2.7	Other OTC
Myer Holdings Limited	MYR.AX	775	-0.6	24.5	2.2	Australian Securities Exchange
Macy's, Inc.	M	3,319	-0.7	5.9	0.8	New York Stock Exchange
PT Matahari Department Store Tbk	LPPF.JK	239	1.7	3.4	3.9	Jakarta Stock Exchange
PT. Mitra Adiperkasa Tbk	MAPI.JK	1,311	2.5	11.5	1.7	Jakarta Stock Exchange
Al Meera Consumer Goods Company Q.P.S.C.	MERS.QA	862	7.9	16.3	1.8	Qatar
Pick n Pay Stores Limited	PKPYY	1,006	3.9	-8.6	5.0	Other OTC
Puregold Price Club, Inc.	PGCMF	1,699	0.1	9.1	1.0	Other OTC
Companhia Brasileira de Distribuição	PCAR3.SA	264	-9.9	-0.6	0.5	São Paulo
New World Department Store China Limited	NWRLY	53	-4.8	28.3	0.1	Other OTC
Rusta AB (publ)	RUSTA.ST	1,166	3.3	25.1	5.9	Stockholm Stock Exchange
Pepkor Holdings Limited	PPH.JO	60	7.8	47.1	1.7	Johannesburg
Puuilo Oyj	PUUILO.HE	1,239	8.9	16.6	10.8	Helsinki
Ripley Corp S.A.	RIPLEY.SN	876	0.4	14.9	0.8	Santiago
Ryohin Keikaku Co., Ltd.	RYKKY	9,981	22.9	65.3	5.5	Other OTC
PT Ramayana Lestari Sentosa Tbk	RALS.JK	150	4.4	5.7	0.6	Jakarta Stock Exchange
Robinsons Retail Holdings, Inc.	RRETY	751	0.5	51.5	6.0	Other OTC
PT. Mitra Adiperkasa Tbk	PMDKY	1,690	3.5	15.1	2.2	Other OTC
PT. Mitra Adiperkasa Tbk	PMDKF	1,162	2.3	10.3	1.5	Other OTC
Sonae, SGPS, S.A.	SON.LS	2,805	-0.9	10.6	0.8	Lisbon
Sok Marketler Ticaret A.S.	SOKM.IS	519	1.6	-68.0	0.7	Istanbul Stock Exchange
Shoprite Holdings Limited	SHP.JO	87	5.6	23.4	5.6	Johannesburg
Shoppers Stop Limited	SHOPERSTOP.NS	649	3.9	172.5	21.1	National Stock Exchange of India
Sun Art Retail Group Limited	SURRF	2,290	24.7	211.0	0.7	Other OTC
Sun Art Retail Group Limited	SURRY	2,583	27.1	238.1	0.8	Other OTC
Shoprite Holdings Limited	SRGHY	8,655	7.8	24.6	5.6	Other OTC
Spencer's Retail Limited	SPENCERS.NS	64	-17.5	-2.1	-1.0	National Stock Exchange of India
SMU S.A.	SMU.SN	1,127	2.8	21.4	1.3	Santiago
Organización Soriana, S. A. B. de C. V.	SORIANAB.MX	2,510	2.8	13.2	0.6	Mexico
Shoprite Holdings Limited	SRHGF	8,412	7.4	23.8	5.4	Other OTC
Shoppers Stop Limited	SHOPERSTOP.BO	647	3.9	172.5	21.1	Bombay Stock Exchange
Tokyu Corporation	TOKUF	5,470	-2.8	14.1	1.0	Other OTC
SM Investments Corporation	SVTMF	19,089	3.5	12.8	1.7	Other OTC
Takashimaya Company, Limited	TKSHF	1,684	-0.1	9.6	0.5	Other OTC
Tokyu Corporation	TOKUY	6,856	-1.3	17.5	1.2	Other OTC
V-Mart Retail Limited	VMART.BO	787	14.2	-577.0	9.5	Bombay Stock Exchange
The Warehouse Group Limited	WHGPF	185	-4.3	277.1	1.2	Other OTC
V-Mart Retail Limited	VMART.NS	787	14.2	-577.0	9.5	National Stock Exchange of India
Sonae, SGPS, S.A.	YSON.F	2,814	-0.8	10.7	0.8	Frankfurt
Woolworths Holdings Limited	WLWHY	3,062	8.4	21.1	5.0	Other OTC
The Warehouse Group Limited	WHS.NZ	191	-2.9	-17.3	1.0	NZSE