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	6.1	18.1	1.2
Heiwado Co.,Ltd.	5.4	13.7	0.8
Mediana / Heiwado Co.,Ltd.	1.1	1.3	1.6

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Pozostałe spółki z branży Department Stores

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Hunan Friendship&Apollo Commercial Co.,Ltd.	002277.SZ	1,212	19.4	1,081.8	1.3	Shenzhen
Xi'an International Medical Investment Company Limited	000516.SZ	1,630	324.6	-45.0	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	1,014	11.6	13.5	1.5	Shenzhen
GS Retail Co., Ltd.	007070.KS	1,068	-1.6	555.7	0.4	KSE
Hefei Department Store Group Co.,Ltd	000417.SZ	617	7.8	27.2	0.9	Shenzhen
Guangzhou Grandbuy Co., Ltd.	002187.SZ	643	24.4	108.1	1.2	Shenzhen
Changsha Tongcheng Holdings Co.Ltd	000419.SZ	437	15.4	25.3	0.9	Shenzhen
Better Life Commercial Chain Share Co.,Ltd	002251.SZ	1,846	3.9	3.0	0.5	Shenzhen
New Hua Du Supercenter Co.,Ltd.	002264.SZ	637	20.1	17.2	2.3	Shenzhen
Maoye International Holdings Limited	0848.HK	84	-7.9	-6.3	0.0	HKSE
Macy's, Inc.	0JXD.L	3,305	-0.8	5.2	0.7	London Stock Exchange
Wing On Company International Limited	0289.HK	449	24.3	-3.8	0.2	HKSE
New World Department Store China Limited	0825.HK	60	-4.8	29.7	0.1	HKSE
Lianhua Supermarket Holdings Co., Ltd.	0980.HK	66	7.4	-1.0	-1.2	HKSE
Easyhome New Retail Group Corporation Limited	000785.SZ	2,596	0.3	29.0	0.9	Shenzhen
Wushang Group Co., Ltd.	000501.SZ	909	0.3	29.2	0.6	Shenzhen
SHINSEGAE Inc.	004170.KS	1,248	-3.3	14.9	0.4	KSE
Beijing Hualian Department Store Co., Ltd	000882.SZ	742	7.3	341.3	0.8	Shenzhen
Ccoop Group Co., Ltd	000564.SZ	5,668	-30.7	-39.2	3.1	Shenzhen
Gwangju Shinsegae. Co. ,Ltd.	037710.KS	172	0.2	5.0	0.3	KSE
Dalian Friendship (Group) Co., Ltd.	000679.SZ	317	-35.6	-28.7	9.3	Shenzhen
Rainbow Digital Commercial Co., Ltd.	002419.SZ	877	-9.1	77.8	1.4	Shenzhen
BGF Co., Ltd.	027410.KS	307	5.3	4.4	0.2	KSE
Henderson Investment Limited	0097.HK	54	2.4	-3.4	0.4	HKSE
Shanghai Xujiahui Commercial Co., Ltd.	002561.SZ	490	141.6	-15,606.6	1.6	Shenzhen
Lotte Shopping Co., Ltd.	023530.KS	1,615	-6.5	-2.2	0.1	KSE
Savezone I&C Corporation	067830.KS	76	6.5	9.5	0.2	KSE
Hyundai Department Store Co. Ltd.	069960.KS	1,242	-0.9	-46.8	0.4	KSE
Zhongxing Shenyang Commercial Building Group Co.,Ltd	000715.SZ	433	21.6	22.2	1.2	Shenzhen
Far Eastern Department Stores, Ltd.	2903.TW	1,051	-1.8	12.8	0.9	Taiwan
Eslite Spectrum Corporation	2926.TWO	75	-4.3	168.8	3.5	Taipei Exchange
Tonlin Department Store Co.,Ltd.	2910.TW	132	2.5	18.5	1.4	Taiwan
Jing-Jan Retail Business Co., Ltd.	2942.TWO	66	-0.7	10.3	1.6	Taipei Exchange
Aeon Kyushu Co., Ltd.	2653.T	669	4.2	15.5	1.7	Tokyo
Lifestyle China Group Limited	2136.HK	121	-15.4	-43.3	0.1	HKSE
Arata Corporation	2733.T	701	4.3	9.8	0.9	Tokyo
Shin Shin Co Ltd.	2901.TW	67	42.4	68.6	2.1	Taiwan
SAN-A CO.,LTD.	2659.T	1,277	10.9	15.9	1.2	Tokyo
J. Front Retailing Co., Ltd.	3086.T	3,529	1.8	11.8	1.2	Tokyo
Isetan Mitsukoshi Holdings Ltd.	3099.T	5,450	7.3	15.0	1.3	Tokyo
World Co., Ltd.	3612.T	611	-0.7	7.9	1.1	Tokyo
Can Do Co., Ltd.	2698.T	391	374.1	-181.4	4.8	Tokyo
Saudi Marketing Company	4006.SR	217	-2.9	29.3	1.1	Saudi
United Super Markets Holdings Inc.	3222.T	1,243	9.5	154.3	0.6	Tokyo
Parkson Holdings Berhad	5657.KL	159	-9.1	-2.9	0.2	Kuala Lumpur
Yinchuan Xinhua Commercial (Group) Co., Ltd.	600785.SS	376	1.8	20.0	1.1	Shanghai
Nanning Department Store Co., Ltd.	600712.SS	439	-192.3	-78.1	4.0	Shanghai
Aeon Hokkaido Corporation	7512.T	873	5.2	34.1	1.7	Tokyo
Ningbo Zhongbai Co., Ltd.	600857.SS	325	73.0	-348.1	2.7	Shanghai
Izumi Co., Ltd.	8273.T	1,672	4.9	19.7	0.8	Tokyo
Aeon Co., Ltd.	8267.T	27,025	2.0	127.5	3.5	Tokyo
Taiwan FamilyMart Co., Ltd.	5903.TWO	1,592	1.4	11.6	5.7	Taipei Exchange
Axial Retailing Inc.	8255.T	702	6.7	11.2	1.1	Tokyo
Shanghai Yimin Commercial Group Co., Ltd.	600824.SS	618	75.4	262.9	1.8	Shanghai
Xinjiang Youhao(Group)Co.,Ltd	600778.SS	277	9.4	189.5	8.2	Shanghai
Wenfeng Great World Chain Development Corporation	601010.SS	696	20.8	30.5	0.9	Shanghai
Sun Art Retail Group Limited	6808.HK	2,856	11.5	-21.1	1.0	HKSE
Nanjing Central Emporium (Group) Stocks Co., Ltd.	600280.SS	570	-4.6	-21.8	4.9	Shanghai
Hangzhou Jiebai Group Co., Limited	600814.SS	797	17.4	26.5	1.5	Shanghai
Heiwado Co.,Ltd.	8276.T	985	5.4	13.7	0.8	Tokyo
Baida Group Co.,Ltd	600865.SS	473	33.3	33.4	1.6	Shanghai
Jiajiayue Group Co., Ltd.	603708.SS	898	8.0	52.2	2.6	Shanghai
H2O Retailing Corporation	8242.T	1,652	2.8	6.5	0.7	Tokyo
Inzone Group Co.,Ltd	600858.SS	436	0.6	63.3	1.1	Shanghai
Wuxi Commercial Mansion Grand Orient Co., Ltd.	600327.SS	589	30.5	73.8	1.2	Shanghai
Jiangxi Guoguang Commercial Chains Co., Ltd.	605188.SS	777	92.2	-2,800.2	5.2	Shanghai
Fuji Co., Ltd.	8278.T	1,203	5.1	44.7	0.8	Tokyo
Ryohin Keikaku Co., Ltd.	7453.T	12,793	19.0	35.1	5.6	Tokyo
Gansu Guofang Industry & Trade (Group) Co., Ltd.	601086.SS	1,145	78.7	168.2	5.9	Shanghai
Tokyu Corporation	9005.T	6,812	-1.3	12.2	1.2	Tokyo
Kintetsu Department Store Co., Ltd.	8244.T	471	5.6	19.6	1.8	Tokyo
NYOCOR Co., Ltd.	600821.SS	1,502	-7.6	15.2	1.1	Shanghai
Chang Chun Eurasia Group Co., Ltd.	600697.SS	271	-4.1	-53.9	0.9	Shanghai
Takashimaya Company, Limited	8233.T	2,341	0.8	8.4	0.7	Tokyo
Shanghai Join Buy Co.,Ltd.	600838.SS	454	80.3	72.3	2.1	Shanghai
Dashang Co., Ltd.	600694.SS	903	7.1	10.0	0.7	Shanghai
Liqun Commercial Group Co.,Ltd.	601366.SS	566	-5.4	194.1	0.9	Shanghai
Yonghui Superstores Co., Ltd.	601933.SS	6,017	507.9	-17.3	7.8	Shanghai
Shanghai New World Co., Ltd	600628.SS	663	32.3	68.0	1.0	Shanghai
Wangfujing Group Co., Ltd.	600859.SS	2,165	22.9	116.9	0.7	Shanghai
Beijing Cuiwei Tower Co., Ltd.	603123.SS	1,496	-22.2	-16.6	5.3	Shanghai
Joshin Denki Co., Ltd.	8173.T	431	1.8	17.7	0.6	Tokyo
Shanghai Yuyuan Tourist Mart (Group) Co., Ltd.	600655.SS	2,999	0.8	-6,881.4	0.6	Shanghai
Maoye Commercial Co., Ltd.	600828.SS	938	4.3	-957.6	1.0	Shanghai
Harima-Kyowa Co.,LTD.	7444.T	70	4.8	7.8	0.4	Tokyo
Chongqing Department Store Co.,Ltd.	600729.SS	1,795	7.6	9.8	1.7	Shanghai
Lanzhou Lishang Guochao Industrial Group Co.,Ltd	600738.SS	598	20.8	61.1	2.1	Shanghai
Aeon Co. (M) Bhd.	6599.KL	468	-0.0	15.0	1.0	Kuala Lumpur
POYA International Co., Ltd.	5904.TWO	1,844	6.1	18.1	9.4	Taipei Exchange
Xinjiang Winka Times Department Store Co.,Ltd.	603101.SS	484	6.9	44.3	2.4	Shanghai
Fujian Dongbai (Group) Co.,Ltd.	600693.SS	722	0.5	115.2	1.5	Shanghai
Shanghai Bailian (Group) Co., Ltd.	600827.SS	2,162	6.0	10.2	0.8	Shanghai
Nanjing Xinjiekou Department Store Co., Ltd.	600682.SS	1,246	19.6	38.3	0.5	Shanghai
Okuwa Co., Ltd.	8217.T	275	6.3	-17.2	0.6	Tokyo
Beijing Urban-Rural Commercial (Group) Co.,Ltd.	600861.SS	1,531	8.9	9.4	1.5	Shanghai
Matsuya Co., Ltd.	8237.T	376	6.1	21.8	1.8	Tokyo
Hanshang Group Co., Ltd.	600774.SS	349	33.0	-98.9	1.5	Shanghai
MINISTOP Co., Ltd.	9946.T	370	-18.4	-7.8	1.6	Tokyo
ARCS Company Limited	9948.T	1,125	7.8	14.2	0.9	Tokyo
Valor Holdings Co., Ltd.	9956.T	906	0.5	9.4	0.8	Tokyo
Briscoe Group Limited	BGP.NZ	703	8.4	20.2	4.1	NZSE
Grazziotin S.A.	CGRA3.SA	105	2.4	5.6	0.6	São Paulo
Cencosud S.A.	CENCOSUD.SN	9,741	5.0	30.6	1.9	Santiago
Grazziotin S.A.	CGRA4.SA	108	2.4	5.6	0.6	São Paulo
Central Retail Corporation Public Company Limited	CRC-R.BK	3,395	-0.8	13.1	1.5	Thailand
Central Retail Corporation Public Company Limited	CRC.BK	3,395	-0.8	13.1	1.5	Thailand
Douglas AG	DOU.F	1,350	-1.0	9.3	1.2	Frankfurt
LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG	ECK.DE	62	-23.9	-23.3	0.9	Frankfurt Stock Exchange
Douglas AG	DOU.DE	1,352	-1.1	9.4	1.2	XETRA
Almacenes Éxito S.A.	EXTO	586	-0.4	5.4	0.0	New York Stock Exchange
Dillard's, Inc.	DDS	7,047	7.5	11.2	2.7	New York Stock Exchange
Grupo Mateus S.A.	GMAT3.SA	3,266	6.5	12.6	1.8	São Paulo
Falabella S.A.	FALABELLA.SN	13,337	6.3	20.3	1.8	Santiago
Harvey Norman Holdings Limited	HVN.AX	4,480	6.1	15.2	1.4	Australian Securities Exchange
Nordstrom, Inc.	JWN	4,124	1.7	10.6	3.6	New York Stock Exchange
PT Hero Supermarket Tbk	HERO.JK	97	-0.1	73.1	1.1	Jakarta Stock Exchange
La Comer, S.A.B. de C.V.	LACOMERUBC.MX	2,419	9.5	0.0	0.0	Mexico
Lojas Renner S.A.	LREN3.SA	3,520	5.7	15.7	2.0	São Paulo
Kohl's Corporation	KSS	1,034	-5.3	7.5	0.2	New York Stock Exchange
Macy's, Inc.	M	3,375	-0.8	5.2	0.7	New York Stock Exchange
PT Matahari Department Store Tbk	LPPF.JK	237	1.6	3.3	3.7	Jakarta Stock Exchange
PT. Mitra Adiperkasa Tbk	MAPI.JK	1,278	2.2	10.5	1.6	Jakarta Stock Exchange
Al Meera Consumer Goods Company Q.P.S.C.	MERS.QA	864	7.8	16.1	1.8	Qatar
Marks and Spencer Group plc	MKS.L	9,437	4.0	14.2	2.4	London Stock Exchange
PT Multipolar Tbk	MLPL.JK	89	0.6	10.5	0.3	Jakarta Stock Exchange
Moshi Moshi Retail Corporation Public Company Limited	MOSHI.BK	421	12.1	25.8	5.8	Thailand
Myer Holdings Limited	MYR.AX	717	-1.4	21.5	1.9	Australian Securities Exchange
Pepkor Holdings Limited	PPH.JO	58	7.3	44.6	1.6	Johannesburg
Puuilo Oyj	PUUILO.HE	1,288	8.6	16.2	10.6	Helsinki
Companhia Brasileira de Distribuição	PCAR3.SA	287	-9.8	-0.6	0.5	São Paulo
Shoprite Holdings Limited	SHP.JO	87	5.5	22.8	5.5	Johannesburg
Rusta AB (publ)	RUSTA.ST	1,242	3.2	24.6	5.8	Stockholm Stock Exchange
Shoppers Stop Limited	SHOPERSTOP.NS	659	3.4	503.8	17.1	National Stock Exchange of India
Ripley Corp S.A.	RIPLEY.SN	908	0.3	14.7	0.8	Santiago
PT Ramayana Lestari Sentosa Tbk	RALS.JK	146	4.2	5.5	0.6	Jakarta Stock Exchange
Shoppers Stop Limited	SHOPERSTOP.BO	658	3.4	503.8	17.1	Bombay Stock Exchange
Sok Marketler Ticaret A.S.	SOKM.IS	535	1.5	-65.8	0.6	Istanbul Stock Exchange
Sonae, SGPS, S.A.	SON.LS	2,903	-1.0	10.5	0.8	Lisbon
Spencer's Retail Limited	SPENCERS.NS	66	-16.2	-2.3	-0.9	National Stock Exchange of India
SMU S.A.	SMU.SN	1,029	2.5	20.0	1.2	Santiago
Organización Soriana, S. A. B. de C. V.	SORIANAB.MX	2,525	2.8	13.3	0.6	Mexico
V-Mart Retail Limited	VMART.BO	764	2.6	38.9	2.2	Bombay Stock Exchange
V-Mart Retail Limited	VMART.NS	762	2.6	38.9	2.2	National Stock Exchange of India
The Warehouse Group Limited	WHS.NZ	168	-3.2	-14.8	0.9	NZSE
Sonae, SGPS, S.A.	YSON.F	2,979	-0.9	10.5	0.8	Frankfurt