{"id":140487,"date":"2021-06-07T06:00:00","date_gmt":"2021-06-06T21:00:00","guid":{"rendered":"https:\/\/rmc-oden.com\/blog\/?p=140487"},"modified":"2021-06-07T23:14:30","modified_gmt":"2021-06-07T14:14:30","slug":"%e3%80%90%e3%82%b3%e3%83%b3%e8%ba%ab%e3%80%91%e4%bc%81%e6%a5%ad%e4%be%a1%e5%80%a4%e3%81%a3%e3%81%a6%e3%81%a9%e3%81%86%e3%82%84%e3%81%a3%e3%81%a6%e8%a8%88%e7%ae%97%e3%81%99%e3%82%8b%e3%81%ae%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/rmc-oden.com\/blog\/archives\/140487","title":{"rendered":"\u3010\u30b3\u30f3\u8eab\u3011\u4f01\u696d\u4fa1\u5024\u3063\u3066\u3069\u3046\u3084\u3063\u3066\u8a08\u7b97\u3059\u308b\u306e\uff1f"},"content":{"rendered":"<div class=\"veu_autoEyeCatchBox\"><img loading=\"lazy\" decoding=\"async\" width=\"801\" height=\"656\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024.png\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024.png 801w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024-300x246.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024-768x629.png 768w\" sizes=\"auto, (max-width: 801px) 100vw, 801px\" \/><\/div>\n<div dir=\"auto\">\n<div align=\"center\">\n<div align=\"center\">\n<div align=\"center\">\n<div style=\"text-align: center;\" align=\"center\">\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606<\/div>\n<\/div>\n<div align=\"center\">\u00a0<\/div>\n<div align=\"center\"><strong>\u4e00\u767a\u5408\u683c\u9053\u5834\u30d6\u30ed\u30b0\u3092 <\/strong><\/div>\n<div align=\"center\"><strong>\u3042\u306a\u305f\u306ePC\u30fb\u30b9\u30de\u30db\u306e <\/strong><\/div>\n<div align=\"center\"><strong><span style=\"color: #ff0000;\">\u300c\u304a\u6c17\u306b\u5165\u308a\u300d\u300c\u30d6\u30c3\u30af\u30de\u30fc\u30af\u300d<\/span>\u306b <\/strong><\/div>\n<div align=\"center\"><strong>\u3054\u767b\u9332\u304f\u3060\u3055\u3044\uff01<\/strong><\/div>\n<div align=\"center\">\u00a0<\/div>\n<p>\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: center;\"><a href=\"https:\/\/twitter.com\/shindanshi_dojo\" target=\"_blank\" rel=\"noopener 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class=\"tadv-color\">\u4eca\u3067\u304d\u306a\u3044\u3068\u3053\u308d\u306f\u672c\u756a\u307e\u3067\u306e\u4f38\u3073\u3057\u308d<\/span><\/strong>\u306a\u306e\u3067\u3001\u524d\u5411\u304d\u306b\u3068\u3089\u3048\u3066\u6539\u5584\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\uff01<\/p>\n\n\n\n<p>\u672c\u65e5\u306f\u524d\u56de\u306b\u5f15\u304d\u7d9a\u304d\u30b3\u30f3\u8eab\u30b7\u30ea\u30fc\u30ba\u3092\u304a\u5c4a\u3051\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u8ca1\u52d9\u4f1a\u8a08\u306e\u4f01\u696d\u4fa1\u5024\u8a08\u7b97<\/strong>\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8b\u696d\u627f\u7d99\u3084M&amp;A\u306a\u3069\u3067\u91cd\u8981\u3068\u306a\u308b\u8ad6\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/138645\">\u4ee5\u524d\u306e\u8a18\u4e8b<\/a>\u3067\u767b\u5834\u3057\u305f\u4e5d\u5c3e\u306e\u3053\u3093\u3061\u3083\u3093\u304c\u3001<strong>\u4f01\u696d\u8cb7\u53ce\u306e\u305f\u3081\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3092\u884c\u3046<\/strong>\u30b9\u30c8\u30fc\u30ea\u30fc\u3067\u3059\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-right vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u30ea\u30fc\u30c0\u30fc.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\"><\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span>\n<p>\u8ca9\u8def\u62e1\u5927\u306e\u305f\u3081\u306b\u3001\u4f01\u696d\u8cb7\u53ce\u3092\u691c\u8a0e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5317\u6d77\u9053\u306e\u30ad\u30bf\u30ad\u30c4\u30cd\u5411\u3051\u306e\u98df\u54c1\u4ee3\u7406\u5e97\u300c<strong>\u30ad\u30bf\u30ad\u30c4\u30cdShop<\/strong>\u300d\u3092\u8cb7\u53ce\u306e\u5019\u88dc\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u3053\u308d\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3063\u3066\u3069\u3046\u3084\u3063\u3066\u8a08\u7b97\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n\n\n<\/div><\/div><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d76e6f04fca\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #606060;color:#606060\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #606060;color:#606060\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u30b3\u30f3\u30d3\u30cb\u3067\u58f2\u3063\u3066\u3044\u308b\u30da\u30c3\u30c8\u30dc\u30c8\u30eb\u306e\u666e\u901a\u306e\u30b8\u30e5\u30fc\u30b9\u304c400\u5186\u3060\u3063\u305f\u3089\u3069\u306e\u3088\u3046\u306b\u601d\u3044\u307e\u3059\u304b\uff1f<\/p>\n\n\n\n<p>\u6050\u3089\u304f<strong>\u300c\u306a\u3093\u304b\u9ad8\u304f\u306a\u3044\uff1f\u300d<\/strong>\u3068\u601d\u3046\u4eba\u304c\u591a\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u7121\u610f\u8b58\u306b\u3001\u300c\u901a\u5e38150\u5186\u304f\u3089\u3044\u300d\u3068\u3044\u3046\u3001<strong>\u898b\u6163\u308c\u305f\u4fa1\u683c\u5e2f\u3068\u306e\u6bd4\u8f03\u3067\u9ad8\u4fa1\u306b\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u8cb7\u3046\u306e\u306f\u30b8\u30e5\u30fc\u30b9\u3067\u306f\u306a\u304f\u3001<span style=\"color:#cf2e2e\" class=\"tadv-color\">\u4f01\u696d\u306a\u306e\u3067\u6bd4\u8f03\u4fa1\u683c\u304c\u308f\u304b\u308a\u306b\u304f\u3044<\/span>\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u3093\u306a\u6642\u306b\u5f79\u7acb\u3064\u306e\u304c\u3001\u4eca\u56de\u7d39\u4ecb\u3059\u308b\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8d77\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f<strong><span style=\"color:#0693e3\" class=\"tadv-color\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e3\u3064\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u3092\u8868\u306b\u307e\u3068\u3081\u308b\u3068\u4e0b\u8a18\u306e\u3088\u3046\u306b\u6bd4\u8f03\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"145\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12-1024x145.png\" alt=\"\" class=\"wp-image-140676\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12-1024x145.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12-300x43.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12-768x109.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12-1536x218.png 1536w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u4f01\u696d\u4fa1\u5024\uff12.png 1870w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u3092\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%82%B3%E3%82%B9%E3%83%88%E3%83%BB%E3%82%A2%E3%83%97%E3%83%AD%E3%83%BC%E3%83%81\"><\/span>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u307e\u305a\u306f<strong>\u8cb8\u501f\u5bfe\u7167\u8868\u304b\u3089\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/strong>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u4f01\u696d\u4fa1\u5024\u3092\u3064\u3044\u3066\u898b\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u8a08\u7b97\u3057\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u3001\u4f01\u696d\u306e\u8cc7\u7523\u3092\u6642\u4fa1\u8a55\u4fa1\u3057\u3001\u305d\u3053\u304b\u3089\u8ca0\u50b5\uff08\u6642\u4fa1\uff09\u3092\u5f15\u3044\u305f\u3082\u306e\u3092\u4f01\u696d\u4fa1\u5024\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u8cb7\u53ce\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u6642\u4fa1\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<br><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"908\" height=\"631\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/BS2.png\" alt=\"\" class=\"wp-image-140677\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/BS2.png 908w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/BS2-300x208.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/BS2-768x534.png 768w\" sizes=\"auto, (max-width: 908px) 100vw, 908px\" \/><\/figure>\n\n\n\n<p>\u3053\u306e\u5834\u5408\u3001<strong>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306f200\u767e\u4e07\u5186<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-right vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u30ea\u30fc\u30c0\u30fc.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\">\u4e5d\u5c3e\u306e\u3053\u3093\u3061\u3083\u3093<\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span>\n<p>\u3068\u3066\u3082\u7c21\u5358\u30fb\u660e\u78ba\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u306d\uff01<\/p>\n\n\n\n<p>\u3068\u3053\u308d\u3067\u3001<strong>\u3053\u306e\u4f01\u696d\u3092\u5438\u53ce\u5408\u4f75\u3059\u308b\u3068\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u5229\u76ca\u306e\u5897\u52a0\u304c\u898b\u8fbc\u3081\u308b\u3067\u3057\u3087\u3046\uff1f\uff1f<\/strong><\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-alert alert alert-info\"><p><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><br>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u8cb8\u501f\u5bfe\u7167\u8868\u3092\u3082\u3068\u306b\u7c21\u4fbf\u306b\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u8ab0\u304c\u8a08\u7b97\u3057\u3066\u3082\u7d50\u679c\u306b\u5927\u5dee\u304c\u306a\u304f\u3001\u660e\u78ba\u3067\u7d0d\u5f97\u3057\u3084\u3059\u3044\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002\u4e00\u65b9\u3067\u3001\u4f01\u696d\u3092\u6e05\u7b97\u3059\u308b\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u305f\u8a08\u7b97\u65b9\u6cd5\u3067\u3042\u308a\u3001<strong>\u8cb7\u53ce\u5f8c\u306b\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u3059\u304b\u304c\u8003\u616e\u3055\u308c\u3066\u3044\u306a\u3044<\/strong>\u305f\u3081\u3001\u4f7f\u7528\u983b\u5ea6\u306f\u4f4e\u3044\u3067\u3059\u3002\u8cb7\u53ce\u6642\u306b\u306f\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8868\u308c\u306a\u3044\u3001\u53ce\u76ca\u529b\u7b49\u3092<strong>\u300c\u306e\u308c\u3093\u300d<\/strong>\u3068\u3057\u3066\u542b\u3081\u3066\u51e6\u7406\u3057\u307e\u3059\u3002<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%83%9E%E3%83%BC%E3%82%B1%E3%83%83%E3%83%88%E3%83%BB%E3%82%A2%E3%83%97%E3%83%AD%E3%83%BC%E3%83%81\"><\/span>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f<strong>\u985e\u4f3c\u4f01\u696d\u3068\u6bd4\u8f03\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97<\/strong>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong><span style=\"color:#0693e3\" class=\"tadv-color\">\u5e02\u5834\u682a\u4fa1\u6cd5\uff1a\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u7528\u3044\u308b\u3002\u516c\u958b\u3055\u308c\u3066\u3044\u308b\u682a\u4fa1\u3068\u767a\u884c\u682a\u6570\u304b\u3089\u6642\u4fa1\u7dcf\u984d\u3092\u8a08\u7b97\u3002<\/span><\/strong><\/p>\n\n\n\n<p><strong><span style=\"color:#0693e3\" class=\"tadv-color\">\u985e\u4f3c\u53d6\u5f15\u6cd5\uff1a\u904e\u53bb\u306b\u6210\u7acb\u3057\u305f\u985e\u4f3c\u4f01\u696d\u306eM&amp;A\u306e\u8cb7\u53ce\u984d\u3092\u57fa\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa<\/span><\/strong><\/p>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306f\u500d\u7387\u6cd5\u3001\u4e57\u6570\u6cd5\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u3001<\/p>\n\n\n\n<p>\u985e\u4f3c\u4f01\u696d\u306e\u8a55\u4fa1\u500d\u7387\u304b\u3089\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u500d\u7387\u306fPER\u3001PBR\u3084EBITDA\u30de\u30eb\u30c1\u30d7\u30eb<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u540c\u696d\u754c\u306e\u985e\u4f3c\u4f01\u696d\u306e\u5834\u5408\u3001\u3053\u308c\u3089\u306e\u500d\u7387\u304c\u540c\u3058\u6c34\u6e96\u306b\u306a\u308b\u3068\u3044\u3046\u904e\u7a0b\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-left vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\uff7a\uff9d\uff81\uff6c\uff9d-1.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\">\u3053\u3093\u3061\u3083\u3093<\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent #f5f5f5 transparent transparent\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent #f5f5f5 transparent transparent\"><\/span>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u306b\u3042\u305f\u3063\u3066\u3001\u8cb7\u53ce\u4e88\u5b9a\u306e\u30ad\u30bf\u30ad\u30c4\u30cdShop\u3068\u540c\u3058\u696d\u754c\u306e\u985e\u4f3c\u4f01\u696d\u3092\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u3044\u3067\u3059\u304b\uff1f<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-right vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u30ea\u30fc\u30c0\u30fc.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\">\u4e5d\u5c3e\u306e\u3053\u3093\u3061\u3083\u3093<\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span>\n<p>\u305d\u3046\u3067\u3059\u306d\u3001\u3001\u3001<\/p>\n\n\n\n<p>\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306f\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3059\u304c\u3001<\/p>\n\n\n\n<p>\u540c\u69d8\u306b\u98df\u54c1\u6d41\u901a\u696d\u3092\u884c\u3063\u3066\u3044\u308bKONCHAN\u3092\u985e\u4f3c\u4f01\u696d\u3068\u3057\u3066\u8a08\u7b97\u3057\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/div><\/div>\n\n\n\n<p>\u985e\u4f3c\u4f01\u696d\u306eKONCHAN\u3068\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u306f\u4e0b\u8a18\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\u6307\u6a19<\/td><td><strong>\u3010\u985e\u4f3c\u4f01\u696d\u3011KONCHAN<\/strong><\/td><td><strong>\u3010\u8cb7\u53ce\u5019\u88dc\u3011\u30ad\u30bf\u30ad\u30c4\u30cdShop<\/strong><\/td><\/tr><tr><td>\u6709\u5229\u5b50\u8ca0\u50b5<\/td><td>2,000\u767e\u4e07\u5186<\/td><td>100\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u7d14\u8cc7\u7523<\/td><td>7,000\u767e\u4e07\u5186<\/td><td>200\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca<\/td><td>1,666\u767e\u4e07\u5186<\/td><td>41.6\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u7d14\u5229\u76ca<\/td><td>1,000\u767e\u4e07\u5186<\/td><td>25\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u6e1b\u4fa1\u511f\u5374\u8cbb<\/td><td>50\u767e\u4e07\u5186<\/td><td>10\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u682a\u4fa1<\/td><td>2,000\u5186<\/td><td>&#8211;<\/td><\/tr><tr><td>\u682a\u5f0f\u767a\u884c\u6570<\/td><td>5\u767e\u4e07\u5186<\/td><td>&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>PER\u6cd5\u3067\u306f\u3001\u4e0b\u8a18\u306e\u6d41\u308c\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-step  vk_step\">\n<div class=\"wp-block-vk-blocks-step-item  vk_step_item vk_step_item_lineStyle-default\"><div class=\"vk_step_item_content\">\n<h4 class=\"wp-block-heading\">\u985e\u4f3c\u4f01\u696d\u306ePER\u3092\u8a08\u7b97<\/h4>\n\n\n\n<p><strong>\u25a0PER\uff08Price Earning Ratio\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306e\u8a08\u7b97\u65b9\u6cd5<\/strong><\/p>\n\n\n\n<p><strong><span style=\"color:#0693e3\" class=\"tadv-color\">PER= \u682a\u4fa1\/\u4e00\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca<\/span><\/strong><\/p>\n\n\n\n<p>KONCHAN\uff08\u985e\u4f3c\u4f01\u696d\uff09\u306ePER<\/p>\n\n\n\n<p>1\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca =1000\u767e\u4e07\u5186\u00f75\u767e\u4e07\uff08\u682a\u6570\uff09\uff1d200\u5186<\/p>\n\n\n\n<p>PER\uff1d2000\u5186\uff08\u682a\u4fa1\uff09\/200\u5186\uff081\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca\uff09\uff1d\uff11\uff10\u500d<\/p>\n\n\n\n<p>\u3068\u306a\u308a<strong>PER\u306f10\u500d<\/strong><\/p>\n<\/div><div class=\"vk_step_item_dot vk_step_item_style-default\" style=\"background-color:#337ab7;color:#ffffff\"><div class=\"vk_step_item_dot_caption\">STEP<\/div><div class=\"vk_step_item_dot_num\">1<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-step-item  vk_step_item vk_step_item_lineStyle-default\"><div class=\"vk_step_item_content\">\n<h4 class=\"wp-block-heading\">\u985e\u4f3c\u4f01\u696d\u306ePER\u3092\u57fa\u306b\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97<\/h4>\n\n\n\n<p>\u4eca\u56de\u8cb7\u53ce\u3092\u8003\u3048\u3066\u3044\u308b\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306e\u5f53\u671f\u7d14\u5229\u76ca\u306f25\u767e\u4e07\u5186<\/p>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\uff1d25\u767e\u4e07\u5186\uff08\u5f53\u671f\u7d14\u5229\u76ca\uff09\u00d710\u500d\uff08\u985e\u4f3c\u4f01\u696d\u306ePER\uff09=250\u767e\u4e07\u5186<\/p>\n\n\n\n<p>\u3068\u306a\u308a<strong>PER\u6cd5\u306b\u3088\u308b\u6642\u4fa1\u7dcf\u984d\u306f250\u767e\u4e07\u5186<\/strong><\/p>\n<\/div><div class=\"vk_step_item_dot vk_step_item_style-default\" style=\"background-color:#337ab7;color:#ffffff\"><div class=\"vk_step_item_dot_caption\">STEP<\/div><div class=\"vk_step_item_dot_num\">2<\/div><\/div><\/div>\n<\/div>\n\n\n\n<p>PBR\uff08Price Book-Value Ratio:\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u6cd5\u3082\u540c\u69d8\u306e\u6d41\u308c\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>PBR\u6cd5\u3067\u6c42\u3081\u305f\u6642\u4fa1\u7dcf\u984d\u306f286\u767e\u4e07\u5186<\/strong>\u3068\u306a\u308a\u307e\u3059\u3002\uff08\u985e\u4f3c\u4f01\u696dKONCHAN\u306ePBR\u304c1.42\u500d\u3001\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306e\u7d14\u8cc7\u7523200\u767e\u4e07\u5186\uff09<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306bPER\u6cd5\u306f\u7d14\u5229\u76ca\u3001PBR\u6cd5\u306f\u7d14\u8cc7\u7523\u306e\u5074\u9762\u304b\u3089\u6642\u4fa1\u7dcf\u984d\u3092\u7b97\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-border-box vk_borderBox vk_borderBox-color-red vk_borderBox-background-transparent is-style-vk_borderBox-style-solid-kado-tit-tab\"><div class=\"vk_borderBox_title_container\"><i class=\"\"><\/i><h4 class=\"vk_borderBox_title\"><strong>\u53c2\u8003\uff1aEBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong><\/h4><\/div><div class=\"vk_borderBox_body\">\n<p><strong>EBITDA\u30de\u30eb\u30c1\u30d7\u30eb=EV\/EBIRTDA<\/strong> \u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">EBITDA\uff08\u30a4\u30fc\u30d3\u30c3\u30c0\uff09\u306e\u524d\u534a\u306eEBIT\u3067\u3059\u304c\u3001\u3053\u308c\u306f<strong><span style=\"color:#cf2e2e\" class=\"tadv-color\">E<\/span>arnings\uff08\u5229\u76ca\uff09 <span style=\"color:#cf2e2e\" class=\"tadv-color\">B<\/span>efore <span style=\"color:#cf2e2e\" class=\"tadv-color\">I<\/span>nterest\uff08\u5229\u5b50\uff09<span style=\"color:#cf2e2e\" class=\"tadv-color\">T<\/span>axes\uff08\u7a0e\u91d1\uff09 \u306e\u982d\u6587\u5b57<\/strong>\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3001\u65e5\u672c\u8a9e\u3067\u306f\u300c\u5229\u5b50\u3068\u3001\u7a0e\u91d1\u3092\u5f15\u304f\u524d\u306e\u5229\u76ca\u300d\u3068\u3044\u3046\u3053\u3068\u3067<span style=\"color:#0693e3\" class=\"tadv-color\"><strong>\u55b6\u696d\u5229\u76ca\u306b<\/strong><\/span>\u8fd1\u3044\u5229\u76ca\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">EBITDA\u3067\u306f\u66f4\u306b\u3001<strong><span style=\"color:#cf2e2e\" class=\"tadv-color\">D<\/span>epreciation\uff08\u6e1b\u4fa1\u511f\u5374\u8cbb\uff09 <span style=\"color:#cf2e2e\" class=\"tadv-color\">A<\/span>mortization\uff08\u7121\u5f62\u8cc7\u7523\u511f\u5374\u8cbb\uff09<\/strong>\u304cBefore\u306e\u5f8c\u306b\u8ffd\u52a0\u3055\u308c\u308b\u306e\u3067\u3053\u308c\u3089\u975e\u73fe\u91d1\u652f\u51fa\u3092\u9664\u304b\u306a\u3044\u3001<span style=\"color:#0693e3\" class=\"tadv-color\"><strong>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong><\/span><span style=\"color:#000000\" class=\"tadv-color\">\u306b\u8fd1\u3044<\/span>\u610f\u5473\u5408\u3044\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u307e\u305f\u5206\u5b50\u306eEV\uff08<strong><span style=\"color:#cf2e2e\" class=\"tadv-color\">E<\/span>nterprise <span style=\"color:#cf2e2e\" class=\"tadv-color\">V<\/span>alue<\/strong>\uff09\u306f<strong>\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff08\u682a\u4fa1\u00d7\u767a\u884c\u682a\u5f0f\u6570\uff09\uff0b\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u30fc\u73fe\u9810\u91d1\uff09<\/strong>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u3067\u306fEV\uff08Enterprise Value\uff1a\u4f01\u696d\u4fa1\u5024\uff09\u3092EBITDA\u3067\u5272\u3063\u305f\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u3053\u3053\u3067\u3082\u5148\u307b\u3069\u306ePER\u3001PBR\u3068\u540c\u69d8\u306b\u985e\u4f3c\u4f01\u696d\u306eEBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u8a08\u7b97\u3057\u3001\u305d\u308c\u3092\u5bfe\u8c61\u4f01\u696d\u306eEBITDA\u306b\u4e57\u305a\u308b\u3053\u3068\u3067EV\u3092\u7b97\u51fa\u3057\u3001\u305d\u3053\u304b\u3089\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u9664\u304f\u3053\u3068\u3067\u3001\u6642\u4fa1\u7dcf\u984d\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u4eca\u56de\u306e\u4f8b\u3067\u306fEBITDA\uff1d1,716\u767e\u4e07\u5186\u3001EV\uff1d12,000\u767e\u4e07\u5186\u3088\u308aEBITDA\u30de\u30eb\u30c1\u30d7\u30eb=6.99\u500d<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306eEV\uff1d5166\u767e\u4e07\u5186\u00d76.99=361\u767e\u4e07\u5186<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u305d\u3053\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\u306e100\u767e\u4e07\u5186\u3092\u5f15\u3044\u3066261\u767e\u4e07\u5186\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">\uff08\u7c21\u5358\u306e\u305f\u3081\u73fe\u91d10\u5186\u3068\u3057\u3066\u8a08\u7b97\uff09<\/p>\n\n\n\n<p><span style=\"color: #ff0000;\">*EBIT\u306f\u904e\u53bb\u554f\u3067\u3082\u51fa\u3066\u304d\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u8a00\u8449\u306e\u610f\u5473\u3092\u77e5\u3089\u306a\u304f\u3066\u3082\u89e3\u3051\u308b\u554f\u984c\u3067\u3057\u305f\u3002<\/span><br><span style=\"color: #ff0000;\">\u89e3\u7b54\u306b\u5fc5\u8981\u306a\u5834\u5408\u306f\u89e3\u8aac\u304c\u3064\u304f\u3068\u601d\u3046\u306e\u3067\u3001\u7d30\u304b\u3044\u610f\u5473\u307e\u3067\u306f\u899a\u3048\u306a\u304f\u3066\u3082\u3088\u3044\u3068\u8003\u3048\u307e\u3059\u3002<\/span><br><span style=\"color: #ff0000;\">\uff08\u306a\u306e\u3067\u53c2\u8003\u6271\u3044\u3067\u3059\u3002\uff09<\/span><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-right vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u30ea\u30fc\u30c0\u30fc.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\">\u4e5d\u5c3e\u306e\u3053\u3093\u3061\u3083\u3093<\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span>\n<p>\u682a\u4fa1\u306f\u6295\u8cc7\u5bb6\u306b\u3088\u3063\u3066\u4f01\u696d\u304c\u8a55\u4fa1\u3055\u308c\u305f\u7d50\u679c\u306a\u306e\u3067\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\u3067\u3059\u306d\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u985e\u4f3c\u4f01\u696d\u3068\u3057\u3066\u30011\u793e\u3057\u304b\u6319\u3052\u3066\u307e\u305b\u3093\u304c\u3001\u8907\u6570\u306e\u985e\u4f3c\u4f01\u696d\u3092\u8abf\u67fb\u3057\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u541f\u5473\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-alert alert alert-info\"><p><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7528\u3044\u308b\u3068\u304d\u306e\u6ce8\u610f\u70b9<\/strong><br>PER\u6cd5\u3001PBR\u6cd5\u3082EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3082<strong>\u985e\u4f3c\u4f01\u696d\u306e\u9078\u3073\u65b9\u3067\u7d50\u679c\u304c\u5909\u308f\u308b\u306e\u3067\u3001\u985e\u4f3c\u4f01\u696d\u306e\u9078\u3073\u65b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong><br>\u4eca\u56de\u306f\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u4fa1\u3084\u682a\u5f0f\u767a\u884c\u6570\u304c\u308f\u304b\u3089\u306a\u3044\u3068\u3044\u3046\u8a2d\u5b9a\u3067\u3057\u305f\u304c\u3001\u3053\u308c\u3089\u304c\u308f\u304b\u308b\u3068\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306ePER\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u3092\u985e\u4f3c\u4f01\u696d\u306ePER\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u3001\u682a\u4fa1\u304c\u5b89\u3044\u304b\u3001\u9ad8\u3044\u304b\u306e\u5224\u65ad\u3092\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u682a\u4fa1\u304c\u308f\u304b\u3089\u305a\u3068\u3082\u3001\u4e00\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca\u304c\u308f\u304b\u308b\u3068\u3001\u305d\u308c\u306bPER\u3092\u4e57\u3059\u308b\u3053\u3068\u3067\u7406\u8ad6\u682a\u4fa1\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<br>*\u4f01\u696d\u4fa1\u5024\u3068\u3044\u3046\u3068\u3001\u682a\u4e3b\u4fa1\u5024\uff08\u6642\u4fa1\u7dcf\u984d\uff09\u3068\u50b5\u6a29\u8005\u4fa1\u5024\uff08\u8ca0\u50b5\uff09\u3092\u5408\u308f\u305b\u305f\u3082\u306e\u3067\u3059\u304c\u3001\u3053\u3053\u3067\u306f\u682a\u4e3b\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%82%A4%E3%83%B3%E3%82%AB%E3%83%A0%E3%83%BB%E3%82%A2%E3%83%97%E3%83%AD%E3%83%BC%E3%83%81\"><\/span>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u5c06\u6765\u306e\u53ce\u76ca\u3092\u8003\u616e\u3057\u305f\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u91cd\u8981\u306b\u306a\u308b\u306e\u306f<strong>\u304a\u91d1\u306e\u6642\u9593\u4fa1\u5024<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u3001<span style=\"color:#0693e3\" class=\"tadv-color\">\u4eca\u3082\u3089\u3048\u308b100\u4e07\u5186\u30681\u5e74\u5f8c\u306b\u3082\u3089\u3048\u308b100\u4e07\u5186\u3067\u306f\u3069\u3061\u3089\u306b\u4fa1\u5024\u304c\u3042\u308b\u304b\uff1f<\/span><\/p>\n\n\n\n<p>\u3068\u805e\u304b\u308c\u305f\u3068\u304d\u306b\u3001<\/p>\n\n\n\n<p>\u300c\u540c\u3058100\u4e07\u5186\u3060\u304b\u3089\u3069\u3061\u3089\u3067\u3082\u3088\u3044\uff01\u300d\u3068\u8003\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001<\/p>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u8003\u3048\u308b\u3068\u304d\u306b\u306f2\u3064\u306e\u30dd\u30a4\u30f3\u30c8\u3067<strong>\u4eca\u8cb0\u3048\u308b100\u4e07\u5186\u306e\u307b\u3046\u304c\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p><strong>\uff11\uff0e\u91d1\u5229\u5206\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u308b<\/strong><br>100\u4e07\u5186\u3092\u4eca\u3082\u3089\u3063\u3066\u3001\u8cb8\u3057\u305f\u308a\u3001\u9280\u884c\u306b\u9810\u3051\u308b\u3053\u3068\u3067\u91d1\u5229\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u30021\u5e74\u5f8c\u306b\u3082\u3089\u3063\u3066\u3082\u3001\u305d\u306e1\u5e74\u9593\u306f\u91d1\u5229\u304c\u3064\u304b\u306a\u3044\u306e\u3067\u3000\u3001\u4eca\u8cb0\u3048\u308b100\u4e07\u5186\u306e\u307b\u3046\u304c\u4fa1\u5024\u304c\u9ad8\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong>\uff12.\u4e0d\u78ba\u5b9f\u6027\u304c\u4f4e\u3044\u5206\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u308b<\/strong><br>\u4eca\u306a\u3089\u78ba\u5b9f\u306b\u3082\u3089\u3048\u307e\u3059\u304c\u30011\u5e74\u5f8c\u306f\u72b6\u6cc1\u304c\u5909\u308f\u3063\u3066\u3082\u3089\u3048\u306a\u3044\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u3088\u3046\u306a\u4e0d\u78ba\u5b9f\u6027\u3092\u30ea\u30b9\u30af\u3068\u3082\u8a00\u3044\u307e\u3059\u304c\u30011\u5e74\u5f8c\u3082\u3089\u3048\u308b100\u4e07\u5186\u306f\u305d\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u3092\u542b\u3080\u305f\u3081\u4fa1\u5024\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u4eca\u8cb0\u3048\u308b100\u4e07\u5186\u306e\u307b\u3046\u304c\u4fa1\u5024\u304c\u9ad8\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001<span style=\"color:#0693e3\" class=\"tadv-color\">\u5c06\u6765\u3082\u3089\u3048\u308b\u30fb\u7a3c\u3050\u304a\u91d1\u306f\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u3068\u3001\u5272\u308a\u5f15\u304b\u308c\u3066\u4fa1\u5024\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<p>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u3053\u306e\u70b9\u3092\u8003\u616e\u3057\u3066\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>DCF\u6cd5\u3067\u306f<strong>\u5c06\u6765\u306b\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p>DCF\u6cd5\u3067\u306f\u4e0b\u8a18\u306e\u6d41\u308c\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-step  vk_step\">\n<div class=\"wp-block-vk-blocks-step-item  vk_step_item vk_step_item_lineStyle-default\"><div class=\"vk_step_item_content\">\n<h4 class=\"wp-block-heading\">WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u8a08\u7b97<\/h4>\n\n\n\n<p><strong>\u25a0WACC\u306e\u8a08\u7b97\u5f0f<\/strong><br><strong><span style=\"color:#0693e3\" class=\"tadv-color\">WACC\uff1d\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u00d7\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\uff08\uff11\uff0d\u7a0e\u7387\uff09\uff0b\u682a\u4e3b\u8cc7\u672c\u00d7\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u00f7\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/span><\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306e\u554f\u984c\u3067\u306f\u8ca0\u50b5\u30b3\u30b9\u30c85%\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c813.5%\u3001\u7a0e\u738740%\u3001\u6709\u5229\u5b50\u8ca0\u50b5100\u767e\u4e07\u5186\u3001\u682a\u4e3b\u8cc7\u672c200\u767e\u4e07\u5186\u3088\u308a\u3002<\/p>\n\n\n\n<p>WACC\uff1d\uff08100\u767e\u4e07\u5186\u00d75%\u00d7\uff081-40%\uff09\uff0b200\u767e\u4e07\u5186\u00d713.5%\uff09\u00f7\uff08100\u767e\u4e07\u5186\uff0b200\u767e\u4e07\u5186\uff09=10%<\/p>\n\n\n\n<p><strong>WACC\u304c10%<\/strong>\u3068\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>WACC\u306b\u3064\u3044\u3066\u306f\u4e0b\u8a18\u306e\u8a18\u4e8b\u3082\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p>\u30fb<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/135297\">\u501f\u5165\u3063\u3066\u672c\u5f53\u306b\u60aa\u3044\u3053\u3068\uff1f\uff1f\uff1f\u8ca1\u52d9\u8af8\u8868\u30fbWACC\u3092\u7d61\u3081\u3066\u501f\u5165\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u5fb9\u5e95\u89e3\u8aac\uff01\uff08\u306b\u306e\u307f\uff09<\/a><\/p>\n\n\n\n<p>\u30fb<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/53020\">\u3010\u6e3e\u8eab\u30fb\u8ca1\u52d9\u3011WACC\u3068CAPM\uff08\u307e\u3063\u3059\u30fc\u3055\u3093\uff09<\/a><\/p>\n<\/div><div class=\"vk_step_item_dot vk_step_item_style-default\" style=\"background-color:#337ab7;color:#ffffff\"><div class=\"vk_step_item_dot_caption\">STEP<\/div><div class=\"vk_step_item_dot_num\">1<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-step-item  vk_step_item vk_step_item_lineStyle-default\"><div class=\"vk_step_item_content\">\n<h4 class=\"wp-block-heading\">FCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u8a08\u7b97<\/h4>\n\n\n\n<p><strong>\u25a0FCF\u306e\u8a08\u7b97\u65b9\u6cd5<\/strong><\/p>\n\n\n\n<p><strong><span style=\"color:#0693e3\" class=\"tadv-color\">FCF\uff1d\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308bCF\uff0b\u6295\u8cc7\u6d3b\u52d5\u306b\u3088\u308bCF<\/span><\/strong><br>\u7a4d\u6975\u7684\u306b\u6295\u8cc7\u3092\u884c\u3046\u3068\u6295\u8cc7\u6d3b\u52d5\u306b\u3088\u308bCF\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u307e\u3059<\/p>\n\n\n\n<p><strong>\u25a0\u55b6\u696d\u5229\u76ca\u3092\u7528\u3044\u305f\u7c21\u6613\u7684\u306a\u8a08\u7b97\u624b\u6cd5<\/strong><\/p>\n\n\n\n<p><strong><span style=\"color:#0693e3\" class=\"tadv-color\">FCF=\u55b6\u696d\u5229\u76ca\u00d7\uff08\uff11\uff0d\u7a0e\u7387\uff09\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\uff0d\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff0d\u6295\u8cc7\u984d<\/span><\/strong><br><strong>\u904b\u8ee2\u8cc7\u672c\uff1d\u58f2\u4e0a\u50b5\u6a29\uff0b\u68da\u5378\u8cc7\u7523\uff0d\u4ed5\u5165\u50b5\u52d9<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306e\u30ad\u30bf\u30ad\u30c4\u30cdShop\u306f\u55b6\u696d\u5229\u76ca42\u767e\u4e07\u5186\u3001\u7a0e\u738740%\u3001\u6e1b\u4fa1\u511f\u537410\u767e\u4e07\u5186\u3001\u904b\u8ee2\u8cc7\u672c\u5897\u52a0\u3068\u6295\u8cc7\u984d\u306f\uff10\u3002<\/p>\n\n\n\n<p>FCF=42\u767e\u4e07\u5186\u00d7\uff081-40%\uff09\uff0b10\u767e\u4e07\u5186=35.2\u767e\u4e07\u5186<\/p>\n\n\n\n<p><strong>FCF\u304c35.2\u767e\u4e07\u5186<\/strong>\u3068\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u306f\u4e0b\u8a18\u306e\u8a18\u4e8b\u3082\u3054\u53c2\u7167\u4e0b\u3055\u3044\u3002<\/p>\n\n\n\n<p>\u30fb<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/1413\">\u8ca1\u52d9\u516c\u5f0f\u30b7\u30ea\u30fc\u30ba\uff083\/7\uff09FCF\uff08JC\u3055\u3093\uff09<\/a><\/p>\n\n\n\n<p>\u30fb<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/76507\">10\u5206\u3067\u5206\u304b\u308b\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\uff08\u304a\u3068\u3055\u3093\uff09<\/a><\/p>\n\n\n<\/div><div class=\"vk_step_item_dot vk_step_item_style-default\" style=\"background-color:#337ab7;color:#ffffff\"><div class=\"vk_step_item_dot_caption\">STEP<\/div><div class=\"vk_step_item_dot_num\">2<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-step-item  vk_step_item vk_step_item_lineStyle-default\"><div class=\"vk_step_item_content\">\n<h4 class=\"wp-block-heading\">\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97<\/h4>\n\n\n\n<p>\u25a0<strong>\u30bc\u30ed\u6210\u9577\u30e2\u30c7\u30eb<\/strong><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>\u4f01\u696d\u4fa1\u5024\uff1dFCF\/WACC<\/strong><\/p>\n\n\n\n<p>\u25a0<strong>\u5b9a\u7387\u6210\u9577\u30e2\u30c7\u30eb<\/strong><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>\u4f01\u696d\u4fa1\u5024\uff1dFCF\u00d7\uff08\uff11\uff0b\u6210\u9577\u7387\uff09\/\uff08WACC-\u6210\u9577\u7387\uff09<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306fFCF\u304c\u5e74\u7387\uff11\uff05\u6210\u9577\u3059\u308b\u3068\u3057\u3066\u3001\u4f4e\u7387\u6210\u9577\u30e2\u30c7\u30eb\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\uff1d35.2\u767e\u4e07\u5186\u00d7\uff081+1%\uff09\u00f7\uff0810%-1%\uff09=395\u767e\u4e07\u5186<\/p>\n\n\n\n<p><strong>DFC\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306f395\u767e\u4e07\u5186<\/strong>\u3068\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u5f0f\u306e\u7b97\u51fa\u904e\u7a0b\u306b\u3064\u3044\u3066\u306f\u4e0b\u8a18\u306e\u8a18\u4e8b\u3082\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/rmc-oden.com\/blog\/archives\/124209\">\u30fb\u3010\u6e3e\u8eab\u3011\u306a\u305c\u5272\u5f15\u7387\u304b\u3089\u6210\u9577\u7387\u3092\u5f15\u304f\u306e\u304b\uff1f\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011\uff08Tomatsu\u3055\u3093\uff09<\/a><\/p>\n\n\n<\/div><div class=\"vk_step_item_dot vk_step_item_style-default\" style=\"background-color:#337ab7;color:#ffffff\"><div class=\"vk_step_item_dot_caption\">STEP<\/div><div class=\"vk_step_item_dot_num\">3<\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-balloon vk_balloon vk_balloon-position-right vk_balloon-type-speech vk_balloon-animation-none\"><div class=\"vk_balloon_icon\"><figure><img decoding=\"async\" class=\"vk_balloon_icon_image vk_balloon_icon_image-type-normal \" style=\"border-color:#f5f5f5\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/\u30ea\u30fc\u30c0\u30fc.png\" alt=\"\"\/><figcaption class=\"vk_balloon_icon_name\">\u4e5d\u5c3e\u306e\u3053\u3093\u3061\u3083\u3093<\/figcaption><\/figure><\/div><div class=\"vk_balloon_content_outer\"><div class=\"vk_balloon_content \" style=\"background-color:#f5f5f5;border-color:#f5f5f5\"><span class=\"vk_balloon_content_before\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span><span class=\"vk_balloon_content_after\" style=\"border-color:transparent transparent transparent #f5f5f5\"><\/span>\n<p>DCF\u6cd5\u306f\u8a08\u7b97\u304c\u8907\u96d1\u3067\u3059\u304c\u3001<\/p>\n\n\n\n<p><strong>\u5c06\u6765\u751f\u307f\u51fa\u3059\u4fa1\u5024\u3082\u8003\u616e\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa<\/strong>\u3067\u304d\u305f\u306e\u3067\u3001<\/p>\n\n\n\n<p>\u8cb7\u53ce\u3092\u3059\u308b\u969b\u306e\u4f01\u696d\u4fa1\u5024\u3068\u3057\u3066\u306f\u3057\u3063\u304f\u308a\u304d\u307e\u3059\uff01<\/p>\n\n\n\n<p>\u4eca\u56de3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3067\u304d\u305f\u306e\u3067\u3001\u3053\u306e\u60c5\u5831\u3092\u57fa\u306b\u9069\u5207\u306a\u8cb7\u53ce\u4fa1\u683c\u3092\u691c\u8a0e\u3057\u3066\u307f\u307e\u3059\u3002<\/p>\n\n\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-alert alert alert-info\"><p><strong>DCF\u6cd5\u3068NPV<\/strong><br><strong>\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306b\u7528\u3044\u308bDCF\u6cd5<\/strong>\u3001<strong>NPV\u6cd5\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u6cd5\uff09\u306f\u6295\u8cc7\u306b\u3088\u3063\u3066\u5f97\u3089\u308c\u308b\u4fa1\u5024\u3092\u8a08\u7b97<\/strong>\u3057\u307e\u3059\u3002\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u306f\u540c\u3058\u3067\u3001NPV\u3067\u3082\u6295\u8cc7\u306b\u3088\u308a\u5f97\u3089\u308c\u308bCF\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002<strong>NPV\u306f\u4e8b\u696d\u8a55\u4fa1\u306e\u671f\u9593\u304c\u6c7a\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u3044<\/strong>\u3067\u3059\u304c\u3001DCF\u6cd5\u3067\u306f<strong>\u4f01\u696d\u304c\u6c38\u7d9a\u7684\u306b\u7d99\u7d9a\u3059\u308b\u3068\u3057\u3066\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/strong><\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%81%BE%E3%81%A8%E3%82%81\"><\/span>\u307e\u3068\u3081<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4eca\u56de\u306f\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u30a4\u30e1\u30fc\u30b8\u3057\u3084\u3059\u3044\u3088\u3046\u306b\u5b9f\u969b\u306e\u8a08\u7b97\u4f8b\u3082\u542b\u3081\u3066\u8aac\u660e\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u8a66\u9a13\u5bfe\u7b56\u3068\u3057\u3066\u306f\u3001\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u305d\u308c\u305e\u308c\u3069\u306e\u3088\u3046\u306a\u624b\u6cd5\u3092\u542b\u3093\u3067\u3044\u308b\u306e\u304b\u3092\u307e\u305a\u306f\u6574\u7406\u3057\u3066\u307f\u308b\u3068\u826f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u3067\u306f\uff24\uff23\uff26\u6cd5\u304c\u591a\u304f\u51fa\u984c\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u8a08\u7b97\u306e\u6d41\u308c\u306f\u3057\u3063\u304b\u308a\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\uff01<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-alert alert 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