{"id":260,"date":"2018-09-23T19:48:37","date_gmt":"2018-09-23T10:48:37","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2018\/09\/23\/2018-09-23-194837\/"},"modified":"2024-08-03T22:24:43","modified_gmt":"2024-08-03T13:24:43","slug":"terminal-value","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/terminal-value\/","title":{"rendered":"\u6b8b\u5b58\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u3068\u306f\u3010\u8a08\u7b97\u5f0f\u3068\u3042\u308f\u305b\u3066\u89e3\u8aac\u3011"},"content":{"rendered":"<p>\u6b8b\u5b58\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u3068\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u3067\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3092\u3059\u308b\u3068\u304d\u306b\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc (FCF) 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href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u306b\u3088\u308b\u6c38\u4e45\u9084\u5143\u65b9\u5f0f\u306e\u6d3b\u7528\uff09<\/li>\n<li>\u6e05\u7b97\u4fa1\u5024\u306b\u3088\u308b\u7b97\u51fa\uff08\u8cc7\u7523\u4fa1\u5024\u306e\u91d1\u984d\u63db\u7b97\uff09<\/li>\n<li>\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306b\u3088\u308b\u7b97\u51fa\uff08<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/per\/\">PER<\/a>\u3084<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/ebitda\/\">EV\uff0fEBITDA\u500d\u7387<\/a>\u306e\u6d3b\u7528\uff09<\/li>\n<\/ol>\n<\/div>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/finance-index\/\">\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u624b\u6cd5<\/a>\u3092\u4f7f\u3063\u305f\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u3084\u8a2d\u5099\u6295\u8cc7\u8a08\u753b\u3092\u4f5c\u308b\u969b\u306b\u91cd\u8981\u3068\u306a\u308b\u6b8b\u5b58\u4fa1\u5024\u306b\u3064\u3044\u3066\u30013\u3064\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-1287305545\" 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>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5\uff11\uff1a\u7d99\u7d9a\u4fa1\u5024\u306b\u3088\u308b\u7b97\u51fa<\/h2>\n<p>\u6b8b\u5b58\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u306e\u3072\u3068\u3064\u306b\u3001\u7d99\u7d9a\u4fa1\u5024\uff08\u6c38\u7d9a\u4fa1\u5024\uff09\u3067\u306e\u8a08\u7b97\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u3001\u4e8b\u696d\u304c\u672a\u6765\u6c38\u52ab\u7d9a\u304f\u3053\u3068\u3092\u524d\u63d0\u306b\u3057\u305f\u6b8b\u5b58\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<h3>\u7d99\u7d9a\u4fa1\u5024\u306e\u5f0f<\/h3>\n<p>\u4e8b\u696d\u304c\u672a\u6765\u6c38\u52ab\u7d9a\u304f\u3068\u3044\u3046\u524d\u63d0\u3060\u3068\u3001\u6b8b\u5b58\u4fa1\u5024\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\uff08\u203bCF\u3068\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u3053\u3068\u3067\u3059\uff09<\/p>\n<p><strong>\u6700\u7d42\u5e74\u5ea6\u306e\u6b21\u5e74\u5ea6\u4ee5\u964dCF\u304c\u4e00\u5b9a\u306e\u5834\u5408<\/strong><\/p>\n<div 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class=\"simple-box3\">\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000<\/strong><\/p>\n<p><strong>\uff1d\u3000\uff3b\u6700\u7d42\u5e74\u5ea6\u306e\u6b21\u5e74\u5ea6\u306eCF\uff0f\uff08\u5272\u5f15\u7387\uff0d\u6210\u9577\u7387\uff09\uff3d<\/strong><\/p>\n<\/div>\n<p>\u4e00\u822c\u7684\u306b\u7d99\u7d9a\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u5834\u5408\u306e\u6210\u9577\u7387\u306f\u3001\u305d\u306e\u4f1a\u793e\u304c\u5c5e\u3059\u308b\u7523\u696d\u306e\u6210\u9577\u7387\u3084\u3001\u540d\u76eeGDP\u306e\u6210\u9577\u7387\u306a\u3069\u3001\u30de\u30af\u30ed\u306a\u6210\u9577\u7387\u6307\u6a19\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u4e0a\u306f\u3001\u3053\u306e\u6b8b\u5b58\u4fa1\u5024\u3092\u6700\u7d42\u5e74\u5ea6\u306e\u73fe\u4fa1\u4fc2\u6570\u3067\u5272\u3063\u3066\u3001\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u300110\u5e74\u76ee\u307e\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3066\u300111\u5e74\u76ee\u4ee5\u964d\u306f\u6b8b\u5b58\u4fa1\u5024\u3092\u7528\u3044\u308b\u5834\u5408\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div 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bgcolor=\"#fceaa0\">\n<tbody>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\"><\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">1\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">2\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">3\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">4\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">5\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u7d99\u7d9a\u4fa1\u5024<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u73fe\u5728\u4fa1\u5024<br \/>\n\u306e\u7d2f\u8a08<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\">FCF<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,300<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,630<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,993<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">4,392<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">4,831<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">69,021<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u73fe\u5728\u4fa1\u5024<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,084<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,170<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,259<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,351<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,445<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">49,212<\/td>\n<td align=\"center\" valign=\"middle\" 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bgcolor=\"#fceaa0\">\n<tbody>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\"><\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">1\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">2\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">3\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">4\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">5\u5e74\u5f8c<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u7d99\u7d9a\u4fa1\u5024<\/td>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u73fe\u5728\u4fa1\u5024<br \/>\n\u306e\u7d2f\u8a08<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\">FCF<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,300<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,630<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,993<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">4,392<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">4,831<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">124,412<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"middle\" width=\"55\">\u73fe\u5728\u4fa1\u5024<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,084<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,170<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,259<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,351<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">3,445<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#ffffff\" width=\"55\">88,704<\/td>\n<td align=\"center\" valign=\"middle\" bgcolor=\"#80ffff\" width=\"55\">105,014<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u3053\u306e\u30b1\u30fc\u30b9\u3060\u3068\u73fe\u5728\u4fa1\u5024\u7d2f\u8a08\u306e\u7d0485%\u304c\u3001\u7d99\u7d9a\u4fa1\u5024\u304b\u3089\u3082\u305f\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3084\u6295\u8cc7\u306e\u4fa1\u5024\u3092\u5224\u65ad\u3059\u308b\u3068\u304d\u306b\u7d99\u7d9a\u4fa1\u5024\u3092\u7528\u3044\u308b\u5834\u5408\u306f\u3001\u7d0d\u5f97\u6027\u306e\u9ad8\u3044\u30ed\u30b8\u30c3\u30af\u3092\u7d44\u3093\u3067\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3082\u3057\u3001\u660e\u78ba\u306a\u30ed\u30b8\u30c3\u30af\u304c\u7d44\u3081\u306a\u3044\u5834\u5408\u306f\u3001\u3042\u308a\u5f97\u308b\u7bc4\u56f2\u306e\u4e2d\u3067\u3044\u304f\u3064\u304b\u30d1\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u3066\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u7d99\u7d9a\u4fa1\u5024\u306e\u8a08\u7b97\u5f0f\u306e\u8a3c\u660e<\/h3>\n<p>\u4e0a\u8ff0\u3057\u305f\u7d99\u7d9a\u4fa1\u5024\u306e\u8a08\u7b97\u5f0f\u5c0e\u51fa\u904e\u7a0b\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<p>\u521d\u671f\u6295\u8cc7\u984d\u3092I\u3001\u6bce\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092CF\u3001\u5272\u5f15\u7387\u3092r\u3068\u3059\u308b\u3068\u30014\u5e74\u76ee\u3067\u306e\u6b8b\u5b58\u4fa1\u5024\u3092R\u3068\u3059\u308b\u3068\u3001\u6bce\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u3001\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13293\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2018\/09\/terminal-value001.jpg\" alt=\"\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u56f3\u89e3\" width=\"707\" height=\"292\" \/>\n<p>\u3082\u30575\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304cCF5\u3067\u4e00\u5b9a\u3060\u3063\u305f\u5834\u5408\u3001R\u306f\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>R\u3000\uff1d\u3000CF5\uff0f(1+r)^5\u3000\uff0b\u3000CF5\uff0f\uff081+\uff52\uff09^6\u3000\uff0b\u3000\u30fb\u30fb\u30fb\u3000\uff0b\u3000CF5\uff0f\uff081+\uff52\uff09^n<\/p>\n<p>\u672a\u6765\u6c38\u52ab\u4e8b\u696d\u304c\u7d9a\u304f\u3068\u8003\u3048\u308b\u3068\u3001\u3053\u306en\u306f\u7121\u9650\u5927\u307e\u3067\u7d9a\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u3001\u4e21\u8fba\u306b1+r\u3092\u639b\u3051\u308b\u3068\u5f0f\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\uff081+\uff52\uff09R\u3000\uff1d\u3000CF5\uff0f(1+r)^4\u3000\uff0b\u3000CF5\uff0f\uff081+\uff52\uff09^5\u3000\uff0b\u3000\u30fb\u30fb\u30fb\u3000\uff0b\u3000CF5\uff0f\uff081+\uff52\uff09^n<br \/>\n\uff08n\u306f\u7121\u9650\u5927\u307e\u3067\u7d9a\u304f\u306e\u3067\u30011+r\u3092\u639b\u3051\u3066\u3082\u7d42\u70b9\u306f\u3084\u306f\u308a\u7121\u9650\u5927\u3067\u3059\uff09<\/p>\n<p>\u3053\u306e\u5f0f\u3068\u3001\u5148\u307b\u3069\u306e\u5f0f\u306e\u5dee\u3092\u3068\u308b\u3068\u3001\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\uff52R\u3000\uff1d\u3000CF5\uff0f\uff081+\uff52\uff09^4<br \/>\nR\u3000\u3000\uff1d\u3000\uff3bCF5\uff0f\uff52\uff3d\u3000\/\u3000\uff081+\uff52\uff09^4<\/strong><\/p>\n<\/div>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u3053\u306e\u5834\u5408\u306e\u6b8b\u5b58\u4fa1\u5024\u306f\u30015\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15\u7387r\u3067\u5272\u3063\u305f\u3082\u306e\u306b\u30014\u5e74\u76ee\u306e\u6e1b\u4fa1\u4fc2\u6570\u3092\u4e57\u3058\u308b\u5f62\u3067\u7b97\u51fa\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u3088\u3046\u306b\u3001\u7d99\u7d9a\u4fa1\u5024\u306f\u6700\u7d42\u5e74\u5ea6\u306e\u6b21\u5e74\u5ea6\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08CF5\uff09\u3092\u5272\u5f15\u7387\uff08\uff52\uff09\u3067\u5272\u3063\u305f\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u65b9\u6cd52\uff1a\u6e05\u7b97\u4fa1\u5024\u306b\u3088\u308b\u7b97\u51fa<\/h2>\n<p>\u6b8b\u5b58\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u306b\u306f\u3001\u3082\u3046\u3072\u3068\u3064\u4f01\u696d\uff08\u3042\u308b\u3044\u306f\u8a2d\u5099\uff09\u3092\u6e05\u7b97\u3057\u305f\u5834\u5408\u306e\u8a08\u7b97\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u4e0a\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u5168\u3066\u7c3f\u4fa1\u3067\u6e05\u7b97\u3057\u305f\u3068\u3044\u3046\u524d\u63d0\u3067\u306e\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u6e05\u7b97\u4fa1\u5024\u306b\u3088\u308b\u6b8b\u5b58\u4fa1\u5024\u306f\u6b21\u5f0f\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000<\/strong><\/p>\n<p><strong>\uff1d\u3000\u305d\u306e\u5e74\u5ea6\u306b\u304a\u3051\u308b\u8cc7\u7523\u306e\u6642\u4fa1\uff0d\u8ca0\u50b5\u306e\u7c3f\u4fa1<\/strong><\/p>\n<\/div>\n<p>\u6e05\u7b97\u4fa1\u5024\u306b\u3088\u308b\u8a08\u7b97\u3067\u306f\u3001\u6642\u4fa1\u3092\u7528\u3044\u308b\u306e\u304c\u6b63\u3057\u3044\u306e\u3067\u3059\u304c\u3001\u6b8b\u5b58\u4fa1\u5024\u3092\u8003\u3048\u306a\u3044\u3068\u3044\u3051\u306a\u3044\u3088\u3046\u306a\u4f55\u5e74\u304b\u5148\u306e\u6642\u4fa1\u3092\u6c42\u3081\u308b\u306e\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u305f\u3081\u7c3f\u4fa1\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<p>\u6e05\u7b97\u4fa1\u5024\u306f\u3001\u4f01\u696d\u3084\u4e8b\u696d\u306e\u6b8b\u5b58\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u306b\u306f\u4e0d\u5411\u304d\u3067\u3001\u671f\u9593\u304c\u9650\u3089\u308c\u3066\u3044\u308b\u8a2d\u5099\u3084\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8a55\u4fa1\u306b\u304a\u3051\u308b\u6b8b\u5b58\u4fa1\u5024\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<h3>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u304a\u3051\u308b\u6b8b\u5b58\u4fa1\u5024<\/h3>\n<p>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u652f\u8a08\u7b97\u306b\u7279\u5316\u3057\u305f\u4fa1\u5024\u8a08\u7b97\u3092\u3059\u308b\u5834\u5408\u3001\u6b8b\u5b58\u4fa1\u5024\u306e\u5bfe\u8c61\u3068\u3057\u3066\u4e00\u822c\u7684\u306b\u8003\u3048\u3089\u308c\u308b\u3082\u306e\u306f\u3001\u4ee5\u4e0b\u306e2\u3064\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u3057\u305f\u8a2d\u5099<\/li>\n<li>\u5897\u52a0\u3057\u305f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/working-capital\/\">\u904b\u8ee2\u8cc7\u672c<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u5834\u5408\u3001\u6b8b\u5b58\u4fa1\u5024\u306f\u6e05\u7b97\u4fa1\u5024\u3068\u3057\u3066\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000<\/strong><\/p>\n<p>\uff1d\u3000\u4e88\u6e2c\u6700\u7d42\u5e74\u5ea6\u306e\u8a2d\u5099\u306e\u4fa1\u5024\u3000\uff0b\u3000\u4e88\u6e2c\u6700\u7d42\u5e74\u5ea6\u306e\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u5206<\/p>\n<p><strong>\uff1d\u3000\uff08<\/strong><strong>\u8a2d\u5099\u6295\u8cc7\u984d \u30fc \u4e88\u6e2c\u6700\u7d42\u5e74\u5ea6\u306e\u6e1b\u4fa1\u511f\u5374\u306e\u7d2f\u8a08\uff09 \uff0b \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u5206<\/strong><\/p>\n<\/div>\n<p>\u6295\u8cc7\u3057\u305f\u8a2d\u5099\u306b\u306f\u3001\u7cbe\u7b97\u3057\u3066\u58f2\u5374\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5ec3\u68c4\u3068\u3044\u3046\u9078\u629e\u80a2\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u6b8b\u5b58\u4fa1\u5024\u306f\u30bc\u30ed\u3068\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u8a2d\u5099\u3092\u5ec3\u68c4\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u4e0a\u306e\u56fa\u5b9a\u8cc7\u7523\u3092\u6e1b\u3089\u3059\u3053\u3068\u306b\u306a\u308a\u3001\u305d\u306e\u6e1b\u5c11\u5206\u306f\u640d\u76ca\u8a08\u7b97\u66f8\u4e0a\u306b\u306f\u7279\u5225\u640d\u5931\u304c\u8a08\u4e0a\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u640d\u5931\u3092\u8a08\u4e0a\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u305d\u306e\u5206\u3060\u3051\u7a0e\u91d1\u3092\u7bc0\u7d04\u3067\u304d\u308b\u306e\u3067\u3001\u7bc0\u7a0e\u5206\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30a4\u30f3\u3092\u6700\u7d42\u5e74\u5ea6\u3067\u898b\u8fbc\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u3001\u6b8b\u5b58\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\u6b8b\u5b58\u4fa1\u5024\u3000<\/strong><\/p>\n<p><strong>\uff1d\u3000\uff08\u8a2d\u5099\u6295\u8cc7\u984d \u30fc \u4e88\u6e2c\u6700\u7d42\u5e74\u5ea6\u306e\u6e1b\u4fa1\u511f\u5374\u306e\u7d2f\u8a08\uff09\u00d7\u7a0e\u7387<\/strong><\/p>\n<p><strong> \uff0b 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id=\"nsspi-3133658487\" 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 || 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href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/ebitda\/\">EBITDA\u500d\u7387<\/a>\u306a\u3069\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u3001\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u6642\u70b9\u306b\u304a\u3051\u308b\u3001\u5229\u76ca\uff08PER\u306e\u5834\u5408\uff1a\u7d14\u5229\u76ca\u3001EBITDA\u500d\u7387\u306e\u5834\u5408\uff1a\u511f\u5374\u8cbb\u3092\u5dee\u3057\u623b\u3057\u305f\u5f8c\u306e\u55b6\u696d\u5229\u76ca\uff09\u3092\u4e88\u6e2c\u3057\u3001\u59a5\u5f53\u306aPER\u3082\u3057\u304f\u306fEBITDA\u500d\u7387\u3092\u639b\u3051\u5408\u308f\u305b\u3066\u305d\u3053\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u4e3b\u306e\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h3>PER\u3092\u4f7f\u3046\u5834\u5408<\/h3>\n<p><a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/per\/\">PER<\/a>\u3092\u7528\u3044\u308b\u5834\u5408\u3001\u6700\u7d42\u5e74\u5ea6\u306e\u682a\u4e3b\u4fa1\u5024\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p><strong>\u4e88\u6e2c\u6700\u7d42\u6642\u70b9\u306e\u682a\u4e3b\u4fa1\u5024<\/strong><br \/>\n<strong>\uff1d\u3000\u4e88\u6e2c\u6700\u7d42\u6642\u70b9\u306e\u7d14\u5229\u76ca\u3000\u00d7\u3000\u59a5\u5f53\u306aPER<\/strong><\/p>\n<\/div>\n<p>\u59a5\u5f53PER\u3068\u3057\u3066\u306f\u3001\u73fe\u5728\u306e\u696d\u754c\u306ePER\u3092\u7528\u3044\u305f\u308a\u3001\u904e\u53bb\u306ePER\u6c34\u6e96\u304b\u3089\u63a8\u5b9a\u3059\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002\uff08\u305f\u3068\u3048\u307010\uff5e20\u500d\u306e\u30ec\u30f3\u30b8\u3067\u8003\u3048\u308b\u306a\u3069\uff09<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/per\/<\/p>\n<h3>EBITDA\u500d\u7387\u3092\u4f7f\u3046\u5834\u5408<\/h3>\n<p><a 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href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/per\/\">PER<\/a>\u304b<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/ebitda\/\">EBITDA\u500d\u7387<\/a>\u304c\u3088\u304f\u4f7f\u308f\u308c\u308b\u3002<\/li>\n<\/ul>\n<\/div>\n<p><a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/finance-index\/\"><strong>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u77e5\u8b58\u306e\u7fd2\u5f97\u306b\u5f79\u7acb\u3064\u8a18\u4e8b\u306f\u3053\u3061\u3089\uff1e\uff1e\uff1e<\/strong><\/a><\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/books-for-finance\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6b8b\u5b58\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u3068\u306f\u3001DCF\u6cd5\u3067\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3092\u3059\u308b\u3068\u304d\u306b\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc (FCF) 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