{"id":10837,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm1\/"},"modified":"2026-09-22T07:06:19","modified_gmt":"2026-09-21T22:06:19","slug":"cfa-l2-equity-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Equities LM1\u3011Equity Valuation: Applications and Processes \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u672c\u6e90\u7684\u4fa1\u5024\u30fb\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\u3068\u6e05\u7b97\u4fa1\u5024\u30fb\u7d76\u5bfe\u8a55\u4fa1\u3068\u76f8\u5bfe\u8a55\u4fa1\u30fbSOTP\u8a55\u4fa1"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 1\u300cEquity Valuation: Applications and Processes\uff08\u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9\uff09\u300d\u306f\u3001\u8a55\u4fa1\u3068\u672c\u6e90\u7684\u4fa1\u5024\u306e\u5b9a\u7fa9\u3001\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306e\u6e90\u6cc9\u3001\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\u3068\u6e05\u7b97\u4fa1\u5024\u3001\u4fa1\u5024\u306e\u5b9a\u7fa9\u3001\u682a\u5f0f\u8a55\u4fa1\u306e\u7528\u9014\u3001\u7523\u696d\u30fb\u7af6\u4e89\u5206\u6790\u3001\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3068\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3001\u90e8\u5206\u306e\u5408\u8a08\u306b\u3088\u308b\u8a55\u4fa1\u3001\u8a55\u4fa1\u624b\u6cd5\u306e\u9078\u629e\u57fa\u6e96\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM1\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM1\u306b\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8a55\u4fa1\u3068\u672c\u6e90\u7684\u4fa1\u5024\u3092\u5b9a\u7fa9\u3057\u3001\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u3068\u8a8d\u8b58\u3055\u308c\u308b\u3082\u306e\u306e\u6e90\u6cc9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">define valuation and intrinsic value and explain sources of perceived mispricing<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u7d99\u7d9a\u4f01\u696d\u306e\u524d\u63d0\u3092\u8aac\u660e\u3057\u3001\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\u3068\u6e05\u7b97\u4fa1\u5024\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">explain the going concern assumption and contrast a going concern value to a liquidation value<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4fa1\u5024\u306e\u8af8\u5b9a\u7fa9\u3092\u8a18\u8ff0\u3057\u3001\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u6700\u3082\u95a2\u9023\u3059\u308b\u4fa1\u5024\u306e\u5b9a\u7fa9\u3092\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">describe definitions of value and justify which definition of value is most relevant to public company valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u682a\u5f0f\u8a55\u4fa1\u306e\u7528\u9014\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe applications of equity valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u7523\u696d\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\u3092\u884c\u3046\u969b\u306b\u691c\u8a0e\u3059\u3079\u304d\u554f\u3044\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe questions that should be addressed in conducting an industry and competitive analysis<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3068\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3092\u5bfe\u6bd4\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u4f8b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">contrast absolute and relative valuation models and describe examples of each type of model<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u90e8\u5206\u306e\u5408\u8a08\uff08sum-of-the-parts\uff09\u8a55\u4fa1\u3068\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe sum-of-the-parts valuation and conglomerate discounts<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u3042\u308b\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u306e\u306b\u9069\u5207\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u9078\u3076\u305f\u3081\u306e\u5927\u307e\u304b\u306a\u57fa\u6e96\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain broad criteria for choosing an appropriate approach for valuing a given company<\/span><\/li>\n<\/ol>\n<h2>LM1\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u8a55\u4fa1\u3068\u306f\u3001\u5c06\u6765\u306e\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306b\u95a2\u4fc2\u3059\u308b\u5909\u6570\u3084\u3001\u985e\u4f3c\u8cc7\u7523\u3068\u306e\u6bd4\u8f03\u306b\u57fa\u3065\u3044\u3066\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u3053\u3068<\/li>\n<li>\u672c\u6e90\u7684\u4fa1\u5024\u306f\u8cc7\u7523\u306e\u6295\u8cc7\u7279\u6027\u3092\u5b8c\u5168\u306b\u7406\u89e3\u3057\u305f\u3068\u4eee\u5b9a\u3057\u305f\u3068\u304d\u306e\u4fa1\u5024\u3067\u3001\u5e02\u5834\u4fa1\u683c\u304c\u672c\u6e90\u7684\u4fa1\u5024\u304b\u3089\u4e56\u96e2\u3057\u5f97\u308b\u3068\u3044\u3046\u524d\u63d0\u304c\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3092\u652f\u3048\u308b<\/li>\n<li>\u672c\u6e90\u7684\u4fa1\u5024\u306f\u7d99\u7d9a\u4f01\u696d\u306e\u524d\u63d0\u306b\u7acb\u3064\u4e00\u65b9\u3001\u6e05\u7b97\u4fa1\u5024\u306f\u4f1a\u793e\u3092\u89e3\u6563\u3057\u8cc7\u7523\u3092\u500b\u5225\u306b\u58f2\u5374\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024<\/li>\n<li>\u516c\u6b63\u4fa1\u5024\u306f\u3001\u5f37\u5236\u3055\u308c\u306a\u3044\u5341\u5206\u306a\u60c5\u5831\u3092\u6301\u3064\u5f53\u4e8b\u8005\u9593\u3067\u8cc7\u7523\u304c\u53d6\u5f15\u3055\u308c\u308b\u4fa1\u683c<\/li>\n<li>\u8a55\u4fa1\u306f\u9298\u67c4\u9078\u629e\u306e\u307b\u304b\u3001\u5e02\u5834\u306e\u671f\u5f85\u306e\u63a8\u6e2c\u3001\u4f01\u696d\u30a4\u30d9\u30f3\u30c8\u306e\u8a55\u4fa1\u3001\u30d5\u30a7\u30a2\u30cd\u30b9\u30fb\u30aa\u30d4\u30cb\u30aa\u30f3\u3001\u4e8b\u696d\u6226\u7565\u306e\u8a55\u4fa1\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u4e8b\u696d\u306e\u7406\u89e3\u3001\u696d\u7e3e\u4e88\u60f3\u3001\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u9078\u629e\u3001\u4e88\u60f3\u306e\u8a55\u4fa1\u984d\u3078\u306e\u5909\u63db\u3001\u7d50\u8ad6\u3068\u63a8\u5968\u306e5\u30b9\u30c6\u30c3\u30d7<\/li>\n<li>\u8a55\u4fa1\u30e2\u30c7\u30eb\u306f\u3001\u672c\u6e90\u7684\u4fa1\u5024\u3092\u76f4\u63a5\u6c42\u3081\u308b\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3068\u3001\u985e\u4f3c\u8cc7\u7523\u3068\u6bd4\u3079\u308b\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u306b\u5927\u5225\u3055\u308c\u308b<\/li>\n<li>\u8a55\u4fa1\u624b\u6cd5\u306f\u3001\u4f01\u696d\u306e\u7279\u5fb4\u3001\u30c7\u30fc\u30bf\u306e\u5165\u624b\u53ef\u80fd\u6027\u3068\u8cea\u3001\u8a55\u4fa1\u76ee\u7684\u3068\u8996\u70b9\u306b\u6574\u5408\u3059\u308b\u3082\u306e\u3092\u9078\u3076<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u8a55\u4fa1\u30fb\u672c\u6e90\u7684\u4fa1\u5024\u3068\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306e\u6e90\u6cc9<\/h3>\n<p><strong>\u672c\u6e90\u7684\u4fa1\u5024<\/strong>\u306f\u8cc7\u7523\u306e\u6295\u8cc7\u7279\u6027\u3092\u5b8c\u5168\u306b\u7406\u89e3\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3067\u3059\u3002\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u8a8d\u8b58\u3059\u308b\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\uff08\u672c\u6e90\u7684\u4fa1\u5024\u306e\u63a8\u5b9a\u5024\u2212\u5e02\u5834\u4fa1\u683c\uff09\u306f\u3001<strong>\u771f\u306e\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0<\/strong>\u3068<strong>\u672c\u6e90\u7684\u4fa1\u5024\u306e\u63a8\u5b9a\u8aa4\u5dee<\/strong>\u306e\u548c\u3068\u3057\u3066\u5206\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8a55\u4fa1\uff1a\u5c06\u6765\u30ea\u30bf\u30fc\u30f3\u95a2\u9023\u5909\u6570\u3084\u985e\u4f3c\u8cc7\u7523\u6bd4\u8f03\u306b\u3088\u308b\u4fa1\u5024\u63a8\u5b9a<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u524d\u63d0\uff1a\u4fa1\u683c\u3068\u672c\u6e90\u7684\u4fa1\u5024\u306e\u4e56\u96e2<\/li>\n<li>\u63a8\u5b9a\u8aa4\u5dee\u306e\u53ef\u80fd\u6027\u3092\u5e38\u306b\u8003\u616e<\/li>\n<li>\u4fa1\u683c\u304c\u672c\u6e90\u7684\u4fa1\u5024\u3078\u53ce\u675f\u3059\u308b\u5951\u6a5f\uff08\u30ab\u30bf\u30ea\u30b9\u30c8\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">IV_\u30a2\u30ca\u30ea\u30b9\u30c8 \u2212 \u4fa1\u683c \uff1d\uff08IV_\u771f \u2212 \u4fa1\u683c\uff09\uff0b\uff08IV_\u30a2\u30ca\u30ea\u30b9\u30c8 \u2212 IV_\u771f\uff09<\/div>\n<h3>LOS 2\uff1a\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\u3068\u6e05\u7b97\u4fa1\u5024<\/h3>\n<p><strong>\u7d99\u7d9a\u4f01\u696d\u306e\u524d\u63d0<\/strong>\u306f\u3001\u4f01\u696d\u304c\u4e88\u898b\u53ef\u80fd\u306a\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u4e8b\u696d\u3092\u7d9a\u3051\u308b\u3068\u3044\u3046\u4eee\u5b9a\u3067\u3059\u3002<strong>\u6e05\u7b97\u4fa1\u5024<\/strong>\u306f\u4f01\u696d\u3092\u89e3\u6563\u3057\u3066\u8cc7\u7523\u3092\u500b\u5225\u306b\u58f2\u5374\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3067\u3001\u79e9\u5e8f\u3042\u308b\u6e05\u7b97\u304b\u6295\u3052\u58f2\u308a\u304b\u3067\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\uff1a\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u57fa\u3065\u304f<\/li>\n<li>\u6e05\u7b97\u4fa1\u5024\uff1a\u8cc7\u7523\u306e\u500b\u5225\u58f2\u5374\u4fa1\u5024<\/li>\n<li>\u6e05\u7b97\u4fa1\u5024\u304c\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\u3092\u4e0a\u56de\u308b\u5834\u5408\u306f\u89e3\u6563\u304c\u5408\u7406\u7684<\/li>\n<li>\u79e9\u5e8f\u3042\u308b\u6e05\u7b97\u3068\u5f37\u5236\u7684\u306a\u6e05\u7b97\u306e\u9055\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u4fa1\u5024\u306e\u5b9a\u7fa9\u3068\u4e0a\u5834\u4f01\u696d\u8a55\u4fa1<\/h3>\n<p>\u4fa1\u5024\u306b\u306f<strong>\u672c\u6e90\u7684\u4fa1\u5024<\/strong>\u3001<strong>\u516c\u6b63\u5e02\u5834\u4fa1\u5024<\/strong>\u3001<strong>\u516c\u6b63\u4fa1\u5024<\/strong>\uff08\u8ca1\u52d9\u5831\u544a\u76ee\u7684\uff09\u3001<strong>\u6295\u8cc7\u4fa1\u5024<\/strong>\uff08\u7279\u5b9a\u306e\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\uff09\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u5834\u4f01\u696d\u306e\u9298\u67c4\u9078\u629e\u3067\u306f\u672c\u6e90\u7684\u4fa1\u5024\u304c\u6700\u3082\u95a2\u9023\u304c\u6df1\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u516c\u6b63\u5e02\u5834\u4fa1\u5024\uff1a\u5f37\u5236\u3055\u308c\u306a\u3044\u60c5\u5831\u3092\u6301\u3064\u5f53\u4e8b\u8005\u9593\u306e\u53d6\u5f15\u4fa1\u683c<\/li>\n<li>\u6295\u8cc7\u4fa1\u5024\uff1a\u30b7\u30ca\u30b8\u30fc\u306a\u3069\u7279\u5b9a\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024<\/li>\n<li>\u516c\u6b63\u4fa1\u5024\uff1a\u4f1a\u8a08\u30fb\u6cd5\u7684\u306a\u6587\u8108\u3067\u4f7f\u7528<\/li>\n<li>\u4e0a\u5834\u682a\u5f0f\u306e\u5206\u6790\u3067\u306f\u672c\u6e90\u7684\u4fa1\u5024\u304c\u4e2d\u5fc3<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u682a\u5f0f\u8a55\u4fa1\u306e\u7528\u9014<\/h3>\n<p>\u682a\u5f0f\u8a55\u4fa1\u306f\u9298\u67c4\u9078\u629e\u3060\u3051\u3067\u306a\u304f\u3001\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u305f<strong>\u5e02\u5834\u306e\u671f\u5f85\u306e\u63a8\u6e2c<\/strong>\u3001M&#038;A\u306a\u3069\u306e\u4f01\u696d\u30a4\u30d9\u30f3\u30c8\u306e\u8a55\u4fa1\u3001\u30d5\u30a7\u30a2\u30cd\u30b9\u30fb\u30aa\u30d4\u30cb\u30aa\u30f3\u3001\u4e8b\u696d\u6226\u7565\u306e\u8a55\u4fa1\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306a\u3069\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9298\u67c4\u9078\u629e<\/li>\n<li>\u5e02\u5834\u306e\u671f\u5f85\u306e\u63a8\u6e2c\uff08\u9006\u7b97\uff09<\/li>\n<li>\u4f01\u696d\u30a4\u30d9\u30f3\u30c8\uff08M&#038;A\u3001\u5206\u5272\u3001LBO\uff09\u306e\u8a55\u4fa1<\/li>\n<li>\u30d5\u30a7\u30a2\u30cd\u30b9\u30fb\u30aa\u30d4\u30cb\u30aa\u30f3<\/li>\n<li>\u4e8b\u696d\u6226\u7565\u30fb\u30e2\u30c7\u30eb\u306e\u8a55\u4fa1<\/li>\n<li>\u975e\u4e0a\u5834\u4f01\u696d\u30fb\u682a\u5f0f\u5831\u916c\u306e\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u7523\u696d\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\u3067\u691c\u8a0e\u3059\u3079\u304d\u554f\u3044<\/h3>\n<p>\u4e8b\u696d\u306e\u7406\u89e3\u3067\u306f\u3001\u7523\u696d\u306e\u9b45\u529b\u5ea6\u3001\u4f01\u696d\u306e\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u3001\u4f01\u696d\u6226\u7565\u3068\u305d\u306e\u5b9f\u884c\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002\u30dd\u30fc\u30bf\u30fc\u306e\u30d5\u30a1\u30a4\u30d6\u30fb\u30d5\u30a9\u30fc\u30b9\u306a\u3069\u3067<strong>\u7523\u696d\u306e\u53ce\u76ca\u6027<\/strong>\u3092\u3001\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u3084\u5dee\u5225\u5316\u306a\u3069\u3067<strong>\u7af6\u4e89\u6226\u7565<\/strong>\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7523\u696d\u306e\u898b\u901a\u3057\u3068\u69cb\u9020\uff08\u30d5\u30a1\u30a4\u30d6\u30fb\u30d5\u30a9\u30fc\u30b9\uff09<\/li>\n<li>\u4f01\u696d\u306e\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u3001\u5dee\u5225\u5316\u3001\u96c6\u4e2d\uff09<\/li>\n<li>\u6226\u7565\u306e\u5b9f\u884c\u529b\u3068\u904e\u53bb\u306e\u5b9f\u7e3e<\/li>\n<li>\u8ca1\u52d9\u5831\u544a\u306e\u5206\u6790\u3068\u5229\u76ca\u306e\u8cea\u306e\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb\u3068\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/strong>\u306f\u8cc7\u7523\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u76f4\u63a5\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3001\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30e2\u30c7\u30eb\u3084\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u8a55\u4fa1\u304c\u4ee3\u8868\u4f8b\u3067\u3059\u3002<strong>\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/strong>\u306f\u682a\u4fa1\u500d\u7387\u306a\u3069\u3092\u985e\u4f3c\u4f01\u696d\u3068\u6bd4\u8f03\u3057\u3066\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d76\u5bfe\u8a55\u4fa1\uff1aDDM\u3001FCF\u30e2\u30c7\u30eb\u3001\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u3001\u8cc7\u7523\u30d9\u30fc\u30b9\u8a55\u4fa1<\/li>\n<li>\u76f8\u5bfe\u8a55\u4fa1\uff1aP\/E\u3001P\/B\u3001EV\/EBITDA\u306a\u3069\u306e\u30de\u30eb\u30c1\u30d7\u30eb<\/li>\n<li>\u76f8\u5bfe\u8a55\u4fa1\u306f\u6bd4\u8f03\u5bfe\u8c61\u5168\u4f53\u306e\u8aa4\u8a55\u4fa1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/li>\n<li>\u4e21\u8005\u3092\u4f75\u7528\u3057\u3066\u7d50\u8ad6\u306e\u9811\u5065\u6027\u3092\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u90e8\u5206\u306e\u5408\u8a08\u8a55\u4fa1\u3068\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/h3>\n<p><strong>\u90e8\u5206\u306e\u5408\u8a08\uff08SOTP\uff09\u8a55\u4fa1<\/strong>\u306f\u4e8b\u696d\u90e8\u9580\u3054\u3068\u306b\u4fa1\u5024\u3092\u8a55\u4fa1\u3057\u3066\u5408\u7b97\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u5e02\u5834\u4fa1\u683c\u304cSOTP\u4fa1\u5024\u3092\u4e0b\u56de\u308b\u72b6\u614b\u3092<strong>\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/strong>\u3068\u547c\u3073\u3001\u305d\u306e\u539f\u56e0\u3068\u3057\u3066\u5185\u90e8\u8cc7\u672c\u5e02\u5834\u306e\u975e\u52b9\u7387\u3001\u5206\u6790\u306e\u96e3\u3057\u3055\u3001\u6e2c\u5b9a\u4e0a\u306e\u554f\u984c\u306a\u3069\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e8b\u696d\u90e8\u9580\u3054\u3068\u306b\u8a55\u4fa1\u3057\u3066\u5408\u7b97<\/li>\n<li>\u5206\u5272\u8a55\u4fa1\u5024\uff1a\u90e8\u9580\u3092\u72ec\u7acb\u4f01\u696d\u3068\u307f\u306a\u3057\u305f\u4fa1\u5024<\/li>\n<li>\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u8aac\u660e\uff1a\u5185\u90e8\u8cc7\u672c\u5e02\u5834\u306e\u975e\u52b9\u7387\u3001\u5185\u751f\u7684\u8981\u56e0\u3001\u8abf\u67fb\u4e0a\u306e\u6e2c\u5b9a\u8aa4\u5dee<\/li>\n<li>\u5206\u5272\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5\u306e\u4fa1\u5024\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u6709\u7528<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1\u9078\u629e\u306e\u57fa\u6e96<\/h3>\n<p>\u8a55\u4fa1\u30e2\u30c7\u30eb\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u5fb4\u3001\u30c7\u30fc\u30bf\u306e\u5165\u624b\u53ef\u80fd\u6027\u3068\u8cea\u3001\u8a55\u4fa1\u306e\u76ee\u7684\u3068\u8996\u70b9\uff08\u5c11\u6570\u682a\u4e3b\u304b\u652f\u914d\u682a\u4e3b\u304b\uff09\u306b\u6574\u5408\u3059\u308b\u3082\u306e\u3092\u9078\u3073\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f01\u696d\u306e\u7279\u5fb4\u3068\u306e\u6574\u5408\uff08\u914d\u5f53\u306e\u6709\u7121\u3001\u8cc7\u7523\u306e\u6027\u8cea\u3001\u6210\u9577\u6bb5\u968e\uff09<\/li>\n<li>\u30c7\u30fc\u30bf\u306e\u5165\u624b\u53ef\u80fd\u6027\u3068\u8cea<\/li>\n<li>\u8a55\u4fa1\u76ee\u7684\u30fb\u8996\u70b9\u3068\u306e\u6574\u5408<\/li>\n<li>\u8907\u6570\u30e2\u30c7\u30eb\u306e\u4f75\u7528\u3068\u611f\u5fdc\u5ea6\u5206\u6790<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm2\/\">LM2 Discounted Dividend Valuation\uff08\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Equities LM1\u300cEquity Valuation: Applications and Processes\uff08\u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10837"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10837\/revisions"}],"predecessor-version":[{"id":11010,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10837\/revisions\/11010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11183"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}