{"id":180,"date":"2018-09-24T21:47:44","date_gmt":"2018-09-24T12:47:44","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2018\/09\/24\/2018-09-24-214744\/"},"modified":"2023-09-25T13:56:24","modified_gmt":"2023-09-25T04:56:24","slug":"dcf-examples","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf-examples\/","title":{"rendered":"DCF\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u30fb\u8a08\u7b97\u65b9\u6cd5\u30007\u3064\u306e\u30b9\u30c6\u30c3\u30d7"},"content":{"rendered":"<p>\u4ee5\u4e0b\u306e\u7406\u8ad6\u682a\u4fa1\u306e\u89e3\u8aac\u8a18\u4e8b\u3067\u3001DCF\u6cd5\u3067\u306e\u7406\u8ad6\u682a\u4fa1\u306f\u30011\u682a\u3042\u305f\u308aFCF\uff0f\uff08\u30ea\u30b9\u30af\uff0d\u6210\u9577\u7387\uff09\u3067\u8868\u3055\u308c\u308b\u3053\u3068\u3092\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/<\/p>\n<p>\u3057\u304b\u3057\u3001DCF\u6cd5\u3092\u4f7f\u3046\u3068\u3088\u308a\u7cbe\u7dfb\u306b\u524d\u63d0\u6761\u4ef6\u3092\u7f6e\u3044\u3066\u7406\u8ad6\u682a\u4fa1\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u3092\u4f7f\u3063\u305f\u3088\u308a\u7cbe\u7dfb\u306a\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3084\u611f\u5ea6\u5206\u6790\u307e\u3067\u53ef\u80fd\u306a\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u30e2\u30c7\u30eb\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-850413608\" class=\"nsspi-toc nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- responsive -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"5736131584\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>DCF\u6cd5\u306b\u3088\u308b\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u306e\u57fa\u672c\u6982\u5ff5<\/h2>\n<p>\u4f01\u696d\u306e\u7406\u8ad6\u682a\u4fa1\u306f\u3001\u305d\u306e\u4f01\u696d\u304c\u6301\u3064\u682a\u4e3b\u4fa1\u5024\u304b\u3089\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u682a\u4e3b\u4fa1\u5024\u3068\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u306e\u6642\u4fa1\u306b\u76f8\u5f53\u3059\u308b\u3082\u306e\u3067\u3001\u682a\u4e3b\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u306b\u306f\u8cc7\u7523\u306e\u6642\u4fa1\uff08\u4f01\u696d\u4fa1\u5024\uff09\u3092\u6c42\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u4f01\u696d\u4fa1\u5024\u3068\u682a\u4e3b\u4fa1\u5024\u306e\u95a2\u4fc2<\/strong><\/p>\n<img decoding=\"async\" class=\"hatena-fotolife\" src=\"https:\/\/nsspirt-cashf2.com\/wp-content\/uploads\/2018\/12\/20181202170039.png\" alt=\"\u4f01\u696d\u4fa1\u5024\u3068\u682a\u4e3b\u4fa1\u5024\" \/>\n<p>\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8\uff1d\u6709\u5229\u5b50\u8ca0\u50b5\uff0d\u91d1\u878d\u8cc7\u7523\uff08\u73fe\u9810\u91d1\u30fb\u6709\u4fa1\u8a3c\u5238\u30fb\u904a\u4f11\u4e0d\u52d5\u7523\u306a\u3069\uff09<\/p>\n<p><strong>DCF\u6cd5\u3068\u4f01\u696d\u4fa1\u5024\u306e\u95a2\u4fc2\uff08\u30a4\u30e1\u30fc\u30b8\uff09<\/strong><\/p>\n<img decoding=\"async\" class=\"hatena-fotolife\" src=\"https:\/\/nsspirt-cashf2.com\/wp-content\/uploads\/2018\/12\/20181202165340.png\" alt=\"DCF\u6cd5\u3068\u4f01\u696d\u4fa1\u5024\" \/>\n<p>\u4f01\u696d\u4fa1\u5024\u304b\u3089\u6c42\u3081\u305f\u682a\u4e3b\u4fa1\u5024\u3092\u767a\u884c\u682a\u5f0f\u6570\u3067\u5272\u308b\u3068\u7406\u8ad6\u682a\u4fa1\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p><strong>\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u306e\u4f8b\u3000\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u682a\u4fa1\u7b97\u51fa<\/strong><br \/>\n\u3053\u308c\u306f\u3001\u79c1\u304c\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u3044\u308b\u7406\u8ad6\u682a\u4fa1\u306e\u7b97\u51fa\u30b7\u30fc\u30c8\u3067\u3059\u3002\u904e\u53bb\u306e\u8ca1\u52d9\u8af8\u8868\u3092\u6574\u7406\u3057\u3066\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u672a\u6765\u306e\u8ca1\u52d9\u8af8\u8868\u3092\u60f3\u5b9a\u3057\u307e\u3059\u3002\uff08\u3053\u3053\u3067\u306f\u82b1\u738b\u3092\u4f8b\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u9805\u76ee\u306f\u5fc5\u8981\u6700\u5c0f\u9650\u306b\u3068\u3069\u3081\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u306f\u4e88\u6e2c\u8ca1\u52d9\u8af8\u8868\u3092\u3057\u3063\u304b\u308a\u4f5c\u3063\u305f\u307b\u3046\u304c\u3088\u308a\u7d4c\u55b6\u306e\u5b9f\u614b\u3092\u8003\u3048\u306a\u304c\u3089\u682a\u4fa1\u306e\u7b97\u51fa\u3092\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\uff09<\/p>\n<p>\uff08\u5358\u4f4d\u306f\u767e\u4e07\u5186\u3002\u305f\u3060\u3057\u682a\u4fa1\u306f\u5186\uff09<\/p>\n<img decoding=\"async\" class=\"hatena-fotolife\" src=\"https:\/\/nsspirt-cashf2.com\/wp-content\/uploads\/2018\/12\/20181202165408.png\" alt=\"\u7406\u8ad6\u682a\u4fa1\" \/>\n<p>\u3053\u306e\u5834\u5408\u3001\u7406\u8ad6\u682a\u4fa1\u306f2536\u5186\u3068\u7b97\u51fa\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/forecast-financial-statements\/<\/p>\n<h2>STEP1\u3000FCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3092\u7b97\u51fa\u3059\u308b<\/h2>\n<p>\u7406\u8ad6\u682a\u4fa1\u306e\u7b97\u51fa\u306b\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u4f01\u696d\u4fa1\u5024\u3000\uff1d\u3000\u4e8b\u696d\u4fa1\u5024\uff08\u5c06\u6765\u7372\u5f97\u3059\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7dcf\u548c\uff09<br \/>\n\uff0b\u3000\u91d1\u878d\u8cc7\u7523<\/strong><\/p>\n<p>\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u306b\u304a\u3044\u3066\u306f\u3001\u307e\u305a\u306f\u3058\u3081\u306b\u5c06\u6765\u7372\u5f97\u3059\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>FCF\u3068\u306f\u4f01\u696d\u304c\u81ea\u7531\u306b\u4f7f\u3046\u3053\u3068\u304c\u3067\u304d\u308b\u304a\u91d1\u3067\u3059\u3002\u305d\u306e\u305f\u3081FCF\u306f\u672c\u696d\u306e\u5132\u3051\uff08EBIT\uff09\u304b\u3089\u6b21\u306e\u9805\u76ee\u3092\u52a0\u6e1b\u3057\u3066\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>FCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u5f0f\u3067\u8868\u3059\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u3000FCF\u3000\uff1d\u3000NOPAT\uff08\u7a0e\u5f15\u304d\u5f8c\u5229\u76ca\uff09\u3000\uff0d\u3000\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b<br \/>\n\uff0d\u3000\u8a2d\u5099\u6295\u8cc7\u984d\u3000\uff0b\u3000\u6e1b\u4fa1\u511f\u5374\u8cbb<\/strong><\/p>\n<p><span style=\"font-family: \uff2d\uff33 \u30b4\u30b7\u30c3\u30af;\">\u00a0<\/span><\/p>\n<h3>NOPAT\uff08\u7a0e\u5f15\u304d\u5f8c\u5229\u76ca\uff09\u3092\u6c42\u3081\u308b<\/h3>\n<p>FCF\u3092\u7b97\u51fa\u3059\u308b\u305f\u3081\u306b\u3001NOPAT\uff08\u7a0e\u5f15\u304d\u5f8c\u5229\u76ca\uff09\u3092\u6c42\u3081\u307e\u3059\u3002NOPAT\u306f\u3001EBIT\uff08\u91d1\u878d\u53ce\u652f\u7d4c\u5e38\u5229\u76ca\uff09\u3092\u4f7f\u3046\u3068\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p><strong>\u3000NOPAT\u3000\uff1d\u3000EBIT\u3000\u00d7\u3000\uff08\u30001\u3000\uff0d\u3000\u5b9f\u52b9\u7a0e\u7387\u3000\uff09<\/strong><br \/>\n<strong>\u3000\uff08EBIT\u3000\uff1d\u3000\u7d4c\u5e38\u5229\u76ca\u3000\uff0d\u3000\u53d7\u53d6\u5229\u606f\u3000\uff0b\u3000\u652f\u6255\u5229\u606f\uff09<\/strong><\/p>\n<p>\u5c06\u6765\u306eNOPAT\u3092\u6c42\u3081\u308b\u306b\u306f\u3001\u5c06\u6765\u306eEBIT\u3068\u5b9f\u52b9\u7a0e\u7387\u3092\u6c42\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5c06\u6765\u306eEBIT\u306f\u3001\u7c21\u6613\u7684\u306b\u6c42\u3081\u308b\u305f\u3081\u306b\u3001\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308bEBIT\uff08\u58f2\u4e0a\u9ad8EBIT\u7387\uff09\u3092\u7b97\u51fa\u3057\u3066\u3001\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u305d\u306e\u5272\u5408\u304c\u5909\u308f\u3089\u306a\u3044\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u3000\u58f2\u4e0a\u9ad8EBIT\u7387\u3000\uff1d\u3000EBIT\uff0f\u58f2\u4e0a\u9ad8<\/strong><\/p>\n<p>\u5c06\u6765\u306e\u5b9f\u52b9\u7a0e\u7387\u306f\u3001\u5404\u56fd\u306e\u7406\u8ad6\u4e0a\u306e\u5b9f\u52b9\u7a0e\u7387\u304b\u3001\u6cd5\u4eba\u7a0e\u7b49\u652f\u6255\u984d\u3000\uff0f\u3000EBIT\u306a\u3069\u3067\u8a08\u7b97\u3057\u305f\u3082\u306e\u3067\u3088\u308a\u5b9f\u614b\u306b\u8fd1\u3044\u3082\u306e\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<h3>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3092\u6c42\u3081\u308b<\/h3>\n<p>FCF\u7b97\u51fa\u306e\u305f\u3081\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p><strong>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3000\uff1d\u3000\u4eca\u671f\u306e\u904b\u8ee2\u8cc7\u672c\u3000\uff0d\u3000\u524d\u671f\u306e\u904b\u8ee2\u8cc7\u672c<\/strong><br \/>\n<strong>\u904b\u8ee2\u8cc7\u672c\u3000\uff1d\u3000\uff08\u58f2\u4e0a\u50b5\u6a29\u3000\uff0b\u3000\u68da\u5378\u8cc7\u7523\u3000\uff0d\u3000\u8cb7\u5165\u50b5\u52d9\uff09<\/strong><\/p>\n<p>\u5c06\u6765\u306e\u904b\u8ee2\u8cc7\u672c\u306e\u5404\u9805\u76ee\u306f\u3001\u904e\u53bb\u306e\u56de\u8ee2\u6708\u6570\uff081\u6708\u3042\u305f\u308a\u306e\u58f2\u4e0a\u9ad8\u307e\u305f\u306f\u58f2\u4e0a\u539f\u4fa1\u306b\u5bfe\u3059\u308b\u6bd4\uff09\u306e\u5b9f\u7e3e\u3092\u53c2\u8003\u306b\u8a2d\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u3000\u58f2\u4e0a\u50b5\u6a29\uff1d\uff08\u58f2\u4e0a\u9ad8\u00d7\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u6708\u6570\uff0f12\uff09<br \/>\n\u68da\u5378\u8cc7\u7523\uff1d\uff08\u58f2\u4e0a\u539f\u4fa1\u00d7\u68da\u5378\u8cc7\u7523\u56de\u8ee2\u6708\u6570\uff0f12\uff09<br \/>\n\u8cb7\u5165\u50b5\u52d9\uff1d\uff08\u58f2\u4e0a\u539f\u4fa1\u00d7\u8cb7\u5165\u50b5\u52d9\u56de\u8ee2\u6708\u6570\uff0f12\uff09<\/strong><\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/working-capital\/<\/p>\n<h3>\u8a2d\u5099\u6295\u8cc7\u7387\u3092\u6c42\u3081\u308b<\/h3>\n<p>\u8a2d\u5099\u6295\u8cc7\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6295\u8cc7\u3067\u3059\u3002\u8a2d\u5099\u6295\u8cc7\u306f\u3001\u904e\u53bb\u306e\u5206\u3067\u3082\u5916\u90e8\u304b\u3089\u53b3\u5bc6\u306b\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u56f0\u96e3\u306a\u306e\u3067\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u60c5\u5831\u3092\u4f7f\u3063\u3066\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p><strong> \u3000\u8a2d\u5099\u6295\u8cc7\u3000\uff1d\u3000\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u53d6\u5f97\u984d<\/strong><\/p>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u304b\u3089\u60c5\u5831\u3092\u5165\u624b\u3067\u304d\u306a\u3044\u5834\u5408\u306f\u3001\u6b21\u306e\u3088\u3046\u306a\u6c42\u3081\u65b9\u3092\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u8a2d\u5099\u6295\u8cc7\u3000\uff1d\u3000\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u5897\u5206\u3000\uff0b\u3000\u6e1b\u4fa1\u511f\u5374\u8cbb<\/strong><\/p>\n<p>\u5c06\u6765\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306f\u3001\u904e\u53bb\u306e\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u8a2d\u5099\u6295\u8cc7\u984d\uff08\u8a2d\u5099\u6295\u8cc7\u7387\uff09\u3092\u53c2\u8003\u306b\u3059\u308b\u3053\u3068\u3067\u7c21\u6613\u7684\u306b\u8a2d\u5b9a\u3067\u304d\u307e\u3059\u3002<\/p>\n<p><strong>\u8a2d\u5099\u6295\u8cc7\u7387\u3000\uff1d\u3000\u8a2d\u5099\u6295\u8cc7\u3000\uff0f\u3000\u58f2\u4e0a\u9ad8<br \/>\n<\/strong><br \/>\n\u53b3\u5bc6\u306b\u306f\u4f01\u696d\u306e\u6295\u8cc7\u8a08\u753b\u306b\u57fa\u3065\u3044\u3066\u7b97\u51fa\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u6c42\u3081\u308b<\/h3>\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u30c0\u30a4\u30ec\u30af\u30c8\u306b\u6c42\u3081\u3089\u308b\u9805\u76ee\u3067\u3059\u3002<\/p>\n<p>\u5c06\u6765\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u904e\u53bb\u306e\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u6bd4\u7387\u304b\u3089\u4eee\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p><strong>\u3000\u58f2\u4e0a\u9ad8\u511f\u5374\u8cbb\u7387\uff1d\u6e1b\u4fa1\u511f\u5374\u8cbb\uff0f\u58f2\u4e0a\u9ad8<\/strong><\/p>\n<p>\u8a2d\u5099\u6295\u8cc7\u984d\u3068\u540c\u69d8\u306b\u3001\u53b3\u5bc6\u306b\u306f\u4f01\u696d\u306e\u6295\u8cc7\u8a08\u753b\u306b\u57fa\u3065\u3044\u3066\u7b97\u51fa\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/depreciation\/<\/p>\n<div id=\"nsspi-4283516333\" class=\"nsspi-h2-2 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>STEP2\u3000\u5272\u5f15\u7387\u3092\u7b97\u51fa\u3059\u308b<\/h2>\n<p>\u5404\u5e74\u5ea6\u306eFCF\u3092\u7b97\u51fa\u3057\u305f\u5f8c\u306b\u3001\u5404\u5e74\u5ea6\u306eFCF\u3092\u5272\u5f15\u3044\u3066\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u5408\u8a08\u3059\u308b\u3068\u4e8b\u696d\u4fa1\u5024\u306b\u306a\u308a\u307e\u3059\u3002\u5c06\u6765\u306eFCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u5f15\u304f\u969b\u306e\u5272\u5f15\u7387\u306b\u306f\u3001WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/<\/p>\n<h2>STEP3\u3000\u6b8b\u5b58\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b<\/h2>\n<p>\u4e8b\u696d\u4fa1\u5024\u8a08\u7b97\u306b\u304a\u3051\u308b\u6b8b\u5b58\u4fa1\u5024\u3068\u306f\u3001\u4e00\u822c\u7684\u306b\u4f01\u696d\u304c\u6c38\u4e45\u7684\u306b\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u5408\u8a08\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<p>\u901a\u5e38\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001\u3042\u308b\u5e74\u5ea6\u307e\u3067\u306f\u3001FCF\u3092\u4f01\u696d\u306e\u8ca1\u52d9\u69cb\u9020\u3084\u4e8b\u696d\u5c55\u958b\u306b\u57fa\u3065\u3044\u3066\u8a2d\u5b9a\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u4ee5\u964d\u306eFCF\u306f\u4e00\u5b9a\u3068\u898b\u306a\u3059\u304b\u3001\u4e00\u5b9a\u5272\u5408\u3067\u6210\u9577\u3059\u308b\u3068\u898b\u306a\u3057\u3066\u3001\u6c38\u4e45\u7684\u306bFCF\u3092\u751f\u307f\u51fa\u3059\u3082\u306e\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u306eFCF\u306e\u7d2f\u8a08\u3092\u6b8b\u5b58\u4fa1\u5024\u3068\u3044\u3044\u307e\u3059\u3002<\/p>\n<p>FCF\u304c\u5909\u5316\u3057\u306a\u3044\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u3001\u6b8b\u5b58\u4fa1\u5024\u306f\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000\uff1d\u3000FCF\u3000\uff0f\u3000\uff52<br \/>\n\uff08\uff52\u3000\uff1d\u3000\u5272\u5f15\u7387\uff09<\/strong><\/p>\n<p>\u3053\u308c\u306flim(x\u2192\u221e\uff09\u03a3\uff08FCF\uff0f\uff081+\uff52\uff09x\uff09\u3092\u8a08\u7b97\u3059\u308b\u3068\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u4e00\u5b9a\u306e\u6210\u9577\u7387\uff47\u3067\u3001FCF\u304c\u6210\u9577\u3057\u3066\u3044\u304f\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u3001\u4f01\u696d\u304c\u6c38\u4e45\u7684\u306b\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u5408\u8a08\u306f\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000\uff1d\u3000FCF\u3000\uff0f\u3000\uff08\uff52\u3000\uff0d\u3000g\uff09<\/strong><\/p>\n<p>\u6b8b\u5b58\u4fa1\u5024\u304c\u3001\u5c06\u6765\u306e\u3042\u308b\u6642\u70b9\u3067\u5f97\u3089\u308c\u305f\u5834\u5408\u3001\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\uff4e\u5e74\u76ee\u4ee5\u964dFCF\u304c\u4e00\u5b9a\u3068\u306a\u308b\u3068\u3057\u3066\u3001\u6b8b\u5b58\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u305f\u5834\u5408\u3001\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u3068\u304d\u306b\uff4e\uff0d\uff11\u5e74\u76ee\u306e\u5272\u5f15\u7387\uff08\u73fe\u4fa1\u4fc2\u6570\uff09\u3092\u7528\u3044\u308b\u306e\u3067\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\uff08\u305f\u3068\u3048\u3070\u30015\u5e74\u76ee\u307e\u3067\u306f\u3001\u4f55\uff05\u304b\u306e\u6210\u9577\u3092\u898b\u8fbc\u3093\u3067\u30016\u5e74\u76ee\u4ee5\u964d\u306eFCF\u304c\u4e00\u5b9a\u3068\u8a2d\u5b9a\u3059\u308b\u5834\u5408\u306f\u3001\u6b8b\u5b58\u4fa1\u5024\u30925\u5e74\u76ee\u306e\u5272\u5f15\u7387\uff08\u73fe\u4fa1\u4fc2\u6570\uff09\u3067\u73fe\u5728\u4fa1\u5024\u306b\u3057\u307e\u3059\u3002\uff09<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/terminal-value\/<\/p>\n<h2>STEP4\u3000\u91d1\u878d\u8cc7\u7523\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b<\/h2>\n<p>\u4f01\u696d\u306e\u91d1\u878d\u8cc7\u7523\u3068\u306f\u3001\u4e3b\u306b\u73fe\u91d1\u30fb\u9810\u91d1\u30fb\u6709\u4fa1\u8a3c\u5238\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3001FCF\u3092\u751f\u307f\u51fa\u3059\u539f\u52d5\u529b\u306b\u306f\u306a\u3089\u306a\u3044\u306e\u3067\u3001\u5c06\u6765\u306eFCF\u7d2f\u8a08\u306e\u73fe\u5728\u4fa1\u5024\uff08\uff1d\u4e8b\u696d\u4fa1\u5024\uff09\u3068\u306f\u3001\u5225\u306b\u8003\u3048\u307e\u3059\u3002<\/p>\n<p><strong>\u91d1\u878d\u8cc7\u7523\u3000\uff1d\u3000\u73fe\u91d1\u30fb\u9810\u91d1\u3000\uff0b\u3000\u6709\u4fa1\u8a3c\u5238<\/strong><\/p>\n<p>\u4e8b\u696d\u4fa1\u5024\u304c\u308f\u304b\u308a\u3001\u91d1\u878d\u8cc7\u7523\u4fa1\u5024\u304c\u308f\u304b\u308c\u3070\u3001\u4ee5\u4e0b\u306e\u5f0f\u304b\u3089\u4f01\u696d\u4fa1\u5024\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u3000\u4f01\u696d\u4fa1\u5024\u3000\uff1d\u3000\u4e8b\u696d\u4fa1\u5024\uff08\u5c06\u6765\u7372\u5f97\u3059\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7dcf\u548c\uff09<br 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id=\"nsspi-1970086349\" class=\"nsspi-h2-4 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u307e\u3068\u3081<\/h2>\n<p>\u4ee5\u4e0a\u304c<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u3092\u6d3b\u7528\u3057\u305f\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<div 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https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/ \u3057\u304b\u3057\u3001DCF\u6cd5\u3092\u4f7f\u3046<\/p>\n","protected":false},"author":1,"featured_media":10493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/comments?post=180"}],"version-history":[{"count":0,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media\/10493"}],"wp:attachment":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media?parent=180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/categories?post=180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/tags?post=180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}