{"id":10840,"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-lm4\/"},"modified":"2026-09-22T07:44:34","modified_gmt":"2026-09-21T22:44:34","slug":"cfa-l2-equity-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Equities LM4\u3011Market-Based Valuation: Price and Enterprise Value Multiples \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u30fb\u6b63\u5f53\u5316P\/E\u30fbP\/B\u30fbP\/S\u30fbPEG\u30ec\u30b7\u30aa\u30fbEV\/EBITDA"},"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 4\u300cMarket-Based Valuation: Price and Enterprise Value Multiples\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u8a55\u4fa1\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387\uff09\u300d\u306f\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u4e88\u60f3\u306b\u57fa\u3065\u304f\u65b9\u6cd5\u3001\u5404\u7a2e\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u3001\u5229\u76ca\u306e\u6b63\u898f\u5316\u3001\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u3001\u6b63\u5f53\u5316\u500d\u7387\u3001PEG\u30ec\u30b7\u30aa\u3001EV\u500d\u7387\u3001\u56fd\u969b\u6bd4\u8f03\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u6307\u6a19\u3001\u500d\u7387\u306e\u5e73\u5747\u306e\u53d6\u308a\u65b9\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>LM4\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\u3002LM4\u306b\u306f18\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u682a\u4fa1\u500d\u7387\u3092\u7528\u3044\u305f\u8a55\u4fa1\u306e2\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3057\u3066\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u304f\u65b9\u6cd5\u3092\u5bfe\u6bd4\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u7d4c\u6e08\u7684\u6839\u62e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">contrast the method of comparables and the method based on forecasted fundamentals as approaches to using price multiples in valuation and explain economic rationales for each approach<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u6b63\u5f53\u5316\u3055\u308c\u308b\u682a\u4fa1\u500d\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret a justified price multiple<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8a55\u4fa1\u306b\u304a\u3044\u3066\u4ee3\u66ff\u7684\u306a\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u3092\u7528\u3044\u308b\u6839\u62e0\u3068\u3001\u8003\u3048\u3089\u308c\u308b\u6b20\u70b9\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe rationales for and possible drawbacks to using alternative price multiples and dividend yield in valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4ee3\u66ff\u7684\u306a\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret alternative price multiples and dividend yield<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u57fa\u790e\u7684\u5229\u76ca\uff08underlying earnings\uff09\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u30011\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u306e\u6b63\u898f\u5316\u306e\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u3001\u6b63\u898f\u5316EPS\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate and interpret underlying earnings, explain methods of normalizing earnings per share (EPS), and calculate normalized EPS<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u76ca\u56de\u308a\uff08E\/P\uff09\u306e\u5229\u7528\u3092\u8aac\u660e\u3057\u3001\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">explain and justify the use of earnings yield (E\/P)<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u4ee3\u66ff\u7684\u306a\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u306b\u5f71\u97ff\u3059\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u8981\u56e0\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe fundamental factors that influence alternative price multiples and dividend yield<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u5bfe\u3059\u308b\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u304b\u3089\u4e88\u6e2cP\/E\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u624b\u6cd5\u306e\u9650\u754c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate and interpret a predicted P\/E, given a cross-sectional regression on fundamentals, and explain limitations to the cross-sectional regression methodology<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u3044\u3066\u3001\u682a\u5f0f\u306e\u6b63\u5f53\u5316P\/E\u3001P\/B\u3001P\/S\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the justified price-to-earnings ratio (P\/E), price-to-book ratio (P\/B), and price-to-sales ratio (P\/S) for a stock, based on forecasted fundamentals<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1aP\/E\u5bfe\u6210\u9577\u7387\uff08PEG\uff09\u30ec\u30b7\u30aa\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u76f8\u5bfe\u8a55\u4fa1\u306b\u304a\u3051\u308b\u305d\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate and interpret the P\/E-to-growth (PEG) ratio and explain its use in relative valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u591a\u6bb5\u968e\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08DCF\uff09\u30e2\u30c7\u30eb\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u682a\u4fa1\u500d\u7387\u306e\u5229\u7528\u3092\u8a08\u7b97\u30fb\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate and explain the use of price multiples in determining terminal value in a multistage discounted cash flow (DCF) model<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u500d\u7387\u306e\u6bd4\u8f03\u306b\u57fa\u3065\u3044\u3066\u3001\u682a\u5f0f\u304c\u904e\u5927\u8a55\u4fa1\u30fb\u9069\u6b63\u8a55\u4fa1\u30fb\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate whether a stock is overvalued, fairly valued, or undervalued based on comparisons of multiples<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306b\u3088\u3063\u3066\u682a\u5f0f\u3092\u8a55\u4fa1\u3057\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3092\u7528\u3044\u308b\u969b\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u91cd\u8981\u6027\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">evaluate a stock by the method of comparables and explain the importance of fundamentals in using the method of comparables<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u682a\u4fa1\u500d\u7387\u304a\u3088\u3073EV\u500d\u7387\u3067\u7528\u3044\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4ee3\u66ff\u7684\u306a\u5b9a\u7fa9\u3092\u8aac\u660e\u3057\u3001\u5404\u5b9a\u7fa9\u306e\u9650\u754c\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">explain alternative definitions of cash flow used in price and enterprise value (EV) multiples and describe limitations of each definition<\/span><\/li>\n<li><span class=\"ja\">LOS 15\uff1aEV\u500d\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001EV\/EBITDA\u306e\u5229\u7528\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">calculate and interpret EV multiples and evaluate the use of EV\/EBITDA<\/span><\/li>\n<li><span class=\"ja\">LOS 16\uff1a\u56fd\u5883\u3092\u8d8a\u3048\u305f\u8a55\u4fa1\u6bd4\u8f03\u306b\u304a\u3051\u308b\u5dee\u7570\u306e\u6e90\u6cc9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain sources of differences in cross-border valuation comparisons<\/span><\/li>\n<li><span class=\"ja\">LOS 17\uff1a\u30e2\u30e1\u30f3\u30bf\u30e0\u6307\u6a19\u3068\u8a55\u4fa1\u306b\u304a\u3051\u308b\u305d\u306e\u5229\u7528\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe momentum indicators and their use in valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 18\uff1a\u4e00\u7fa4\u306e\u500d\u7387\u306e\u4e2d\u5fc3\u50be\u5411\u3092\u8868\u3059\u305f\u3081\u306e\u7b97\u8853\u5e73\u5747\u3001\u8abf\u548c\u5e73\u5747\u3001\u52a0\u91cd\u8abf\u548c\u5e73\u5747\u3001\u4e2d\u592e\u5024\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the use of the arithmetic mean, the harmonic mean, the weighted harmonic mean, and the median to describe the central tendency of a group of multiples<\/span><\/li>\n<\/ol>\n<h2>LM4\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>\u682a\u4fa1\u500d\u7387\u306e\u5229\u7528\u306b\u306f\u3001\u985e\u4f3c\u8cc7\u7523\u306e\u500d\u7387\u3068\u6bd4\u3079\u308b\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u4e88\u60f3\u304b\u3089\u6b63\u5f53\u5316\u500d\u7387\u3092\u5c0e\u304f\u65b9\u6cd5\u306e2\u3064\u304c\u3042\u308b<\/li>\n<li>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u4e00\u7269\u4e00\u4fa1\u306e\u8003\u3048\u65b9\u306b\u57fa\u3065\u304d\u3001\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u304c\u3001\u6bd4\u8f03\u5bfe\u8c61\u5168\u4f53\u306e\u8aa4\u8a55\u4fa1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/li>\n<li>P\/E\u3001P\/B\u3001P\/S\u3001P\/CF\u3001\u914d\u5f53\u5229\u56de\u308a\u306b\u306f\u305d\u308c\u305e\u308c\u6839\u62e0\u3068\u6b20\u70b9\u304c\u3042\u308a\u3001\u5229\u76ca\u306e\u5909\u52d5\u3084\u4f1a\u8a08\u65b9\u91dd\u306e\u9055\u3044\u3078\u306e\u8abf\u6574\u304c\u5fc5\u8981<\/li>\n<li>\u5faa\u74b0\u7684\u306a\u4f01\u696d\u3067\u306f\u3001\u904e\u53bb\u5e73\u5747EPS\u6cd5\u3084\u5e73\u5747ROE\u6cd5\u3067\u5229\u76ca\u3092\u6b63\u898f\u5316\u3059\u308b<\/li>\n<li>\u6b63\u5f53\u5316\u500d\u7387\u306fDDM\u306a\u3069\u304b\u3089\u5c0e\u304b\u308c\u3001\u8981\u6c42\u53ce\u76ca\u7387\u30fb\u6210\u9577\u7387\u30fb\u914d\u5f53\u6027\u5411\u30fbROE\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u6c7a\u307e\u308b<\/li>\n<li>EV\u500d\u7387\u306f\u8cc7\u672c\u69cb\u6210\u306e\u7570\u306a\u308b\u4f01\u696d\u306e\u6bd4\u8f03\u306b\u6709\u7528\u3067\u3001EV\/EBITDA\u304c\u4ee3\u8868\u7684<\/li>\n<li>\u56fd\u969b\u6bd4\u8f03\u3067\u306f\u4f1a\u8a08\u57fa\u6e96\u30fb\u6587\u5316\u30fb\u30ea\u30b9\u30af\u30fb\u6210\u9577\u898b\u901a\u3057\u306e\u9055\u3044\u304c\u500d\u7387\u306e\u5dee\u306e\u8981\u56e0\u3068\u306a\u308b<\/li>\n<li>\u500d\u7387\u7fa4\u306e\u4ee3\u8868\u5024\u3068\u3057\u3066\u3001\u5916\u308c\u5024\u306e\u5f71\u97ff\u3092\u8003\u616e\u3057\u3066\u7b97\u8853\u5e73\u5747\u3001\u8abf\u548c\u5e73\u5747\u3001\u52a0\u91cd\u8abf\u548c\u5e73\u5747\u3001\u4e2d\u592e\u5024\u3092\u4f7f\u3044\u5206\u3051\u308b<\/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\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u304f\u65b9\u6cd5<\/h3>\n<p><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/strong>\u306f\u985e\u4f3c\u4f01\u696d\u306e\u500d\u7387\u3068\u6bd4\u3079\u3066\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u65b9\u6cd5\u3067\u3001<strong>\u4e00\u7269\u4e00\u4fa1\u306e\u6cd5\u5247<\/strong>\u304c\u6839\u62e0\u3067\u3059\u3002<strong>\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u304f\u65b9\u6cd5<\/strong>\u306fDCF\u30e2\u30c7\u30eb\u304b\u3089\u6b63\u5f53\u5316\u500d\u7387\u3092\u5c0e\u304d\u3001\u672c\u6e90\u7684\u4fa1\u5024\u306e\u8003\u3048\u65b9\u3068\u7d50\u3073\u3064\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff1a\u76f8\u5bfe\u8a55\u4fa1\u3001\u4e00\u7269\u4e00\u4fa1<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5\uff1aDCF\u30e2\u30c7\u30eb\u3068\u6574\u5408\u7684\u306a\u6b63\u5f53\u5316\u500d\u7387<\/li>\n<li>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u6bd4\u8f03\u5bfe\u8c61\u7fa4\u5168\u4f53\u306e\u8aa4\u8a55\u4fa1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/li>\n<li>\u6b63\u5f53\u5316\u500d\u7387\u306f\u500d\u7387\u306e\u6c34\u6e96\u3092\u8aac\u660e\u3059\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u6b63\u5f53\u5316\u3055\u308c\u308b\u682a\u4fa1\u500d\u7387<\/h3>\n<p><strong>\u6b63\u5f53\u5316\u500d\u7387<\/strong>\u306f\u3001\u682a\u5f0f\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u5229\u76ca\u3084\u7d14\u8cc7\u7523\u306a\u3069\u3067\u5272\u3063\u305f\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3068\u6574\u5408\u7684\u306a\u500d\u7387\u3067\u3059\u3002\u5b9f\u969b\u306e\u500d\u7387\u3068\u6bd4\u3079\u3066\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6b63\u5f53\u5316P\/E\u3001P\/B\u3001P\/S\u3001P\/CF\u306a\u3069<\/li>\n<li>DDM\u3084RI\u30e2\u30c7\u30eb\u306a\u3069\u304b\u3089\u5c0e\u51fa<\/li>\n<li>\u5b9f\u969b\u306e\u500d\u7387\uff1e\u6b63\u5f53\u5316\u500d\u7387\uff1a\u904e\u5927\u8a55\u4fa1<\/li>\n<li>\u8981\u6c42\u53ce\u76ca\u7387\u30fb\u6210\u9577\u7387\u306e\u4eee\u5b9a\u306b\u4f9d\u5b58<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6b63\u5f53\u5316\u4e88\u60f3P\/E \uff1d\uff081 \u2212 b\uff09\u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 3\uff1a\u5404\u7a2e\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u306e\u6839\u62e0\u3068\u6b20\u70b9<\/h3>\n<p><strong>P\/E<\/strong>\u306f\u53ce\u76ca\u529b\u304c\u4fa1\u5024\u306e\u4e3b\u56e0\u3068\u3044\u3046\u8003\u3048\u306b\u57fa\u3065\u304d\u307e\u3059\u304c\u3001\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u3084\u4e00\u6642\u7684\u306a\u5834\u5408\u306b\u554f\u984c\u3068\u306a\u308a\u307e\u3059\u3002<strong>P\/B<\/strong>\u306f\u7d14\u8cc7\u7523\u304c\u5b89\u5b9a\u7684\u3067\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u306b\u304f\u3044\u4e00\u65b9\u3001\u7121\u5f62\u8cc7\u7523\u3092\u53cd\u6620\u3057\u306b\u304f\u304f\u3001<strong>P\/S<\/strong>\u306f\u58f2\u4e0a\u304c\u64cd\u4f5c\u3055\u308c\u306b\u304f\u3044\u4e00\u65b9\u3001\u8cbb\u7528\u69cb\u9020\u306e\u9055\u3044\u3092\u53cd\u6620\u3057\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>P\/E\uff1a\u5229\u76ca\u306e\u5909\u52d5\u30fb\u30de\u30a4\u30ca\u30b9\u30fb\u4f1a\u8a08\u306e\u88c1\u91cf\u304c\u6b20\u70b9<\/li>\n<li>P\/B\uff1a\u91d1\u878d\u6a5f\u95a2\u306b\u6709\u7528\u3001\u7121\u5f62\u8cc7\u7523\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u4f1a\u8a08\u306e\u9055\u3044\u304c\u6b20\u70b9<\/li>\n<li>P\/S\uff1a\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u306b\u304f\u3044\u3001\u53ce\u76ca\u6027\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n<li>P\/CF\uff1a\u64cd\u4f5c\u3055\u308c\u306b\u304f\u3044\u3001CF\u306e\u5b9a\u7fa9\u304c\u554f\u984c<\/li>\n<li>\u914d\u5f53\u5229\u56de\u308a\uff1a\u30ea\u30bf\u30fc\u30f3\u306e\u4e00\u90e8\u306e\u307f\u3001\u73fe\u5728\u306e\u914d\u5f53\u3068\u5c06\u6765\u306e\u6210\u9577\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u4ee3\u66ff\u7684\u306a\u682a\u4fa1\u500d\u7387\u3068\u914d\u5f53\u5229\u56de\u308a\u306e\u8a08\u7b97<\/h3>\n<p>\u500d\u7387\u306e\u5206\u6bcd\u306b\u306f\u5b9f\u7e3e\u5024\uff08\u30c8\u30ec\u30fc\u30ea\u30f3\u30b0\uff09\u3068\u4e88\u60f3\u5024\uff08\u30ea\u30fc\u30c7\u30a3\u30f3\u30b0\uff09\u304c\u3042\u308a\u307e\u3059\u3002P\/B\u3067\u306f\u306e\u308c\u3093\u306a\u3069\u3092\u9664\u3044\u305f<strong>\u6709\u5f62\u7d14\u8cc7\u7523<\/strong>\u3092\u7528\u3044\u308b\u306a\u3069\u306e\u8abf\u6574\u3092\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5b9f\u7e3eP\/E\uff1a\u682a\u4fa1 \u00f7 \u904e\u53bb4\u56db\u534a\u671f\u306eEPS<\/li>\n<li>\u4e88\u60f3P\/E\uff1a\u682a\u4fa1 \u00f7 \u6b21\u671f\u306e\u4e88\u60f3EPS<\/li>\n<li>P\/B\uff1a\u682a\u4fa1 \u00f7 BVPS\uff08\u512a\u5148\u682a\u3092\u9664\u304f\u666e\u901a\u682a\u4e3b\u8cc7\u672c\uff09<\/li>\n<li>P\/S\uff1a\u682a\u4fa1 \u00f7 1\u682a\u5f53\u305f\u308a\u58f2\u4e0a\u9ad8<\/li>\n<li>\u914d\u5f53\u5229\u56de\u308a\uff1a\u5e74\u9593\u914d\u5f53 \u00f7 \u682a\u4fa1<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u914d\u5f53\u5229\u56de\u308a \uff1d 1\u682a\u5f53\u305f\u308a\u5e74\u9593\u914d\u5f53 \u00f7 \u682a\u4fa1<\/div>\n<h3>LOS 5\uff1a\u57fa\u790e\u7684\u5229\u76ca\u3068EPS\u306e\u6b63\u898f\u5316<\/h3>\n<p><strong>\u57fa\u790e\u7684\u5229\u76ca<\/strong>\u306f\u4e00\u6642\u7684\u30fb\u975e\u7d4c\u5e38\u7684\u306a\u9805\u76ee\u3092\u9664\u3044\u305f\u5229\u76ca\u3067\u3059\u3002\u666f\u6c17\u5faa\u74b0\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u4f01\u696d\u3067\u306f\u3001<strong>\u904e\u53bb\u5e73\u5747EPS\u6cd5<\/strong>\u3084<strong>\u5e73\u5747ROE\u6cd5<\/strong>\u3067\u666f\u6c17\u30b5\u30a4\u30af\u30eb\u4e2d\u7acb\u7684\u306a\u6b63\u898f\u5316EPS\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u975e\u7d4c\u5e38\u9805\u76ee\uff08\u30ea\u30b9\u30c8\u30e9\u8cbb\u7528\u3001\u8cc7\u7523\u58f2\u5374\u76ca\u306a\u3069\uff09\u306e\u9664\u5916<\/li>\n<li>\u904e\u53bb\u5e73\u5747EPS\u6cd5\uff1a\u76f4\u8fd1\u30b5\u30a4\u30af\u30eb\u306eEPS\u5e73\u5747<\/li>\n<li>\u5e73\u5747ROE\u6cd5\uff1a\u30b5\u30a4\u30af\u30eb\u5e73\u5747ROE \u00d7 \u73fe\u5728\u306eBVPS<\/li>\n<li>\u5e73\u5747ROE\u6cd5\u306f\u4f01\u696d\u898f\u6a21\u306e\u5909\u5316\u3092\u53cd\u6620\u3067\u304d\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6b63\u898f\u5316EPS\uff08\u5e73\u5747ROE\u6cd5\uff09\uff1d \u5e73\u5747ROE \u00d7 \u73fe\u5728\u306eBVPS<\/div>\n<h3>LOS 6\uff1a\u76ca\u56de\u308a\uff08E\/P\uff09\u306e\u5229\u7528<\/h3>\n<p>\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u3001P\/E\u306f\u610f\u5473\u3092\u6301\u3061\u307e\u305b\u3093\u304c\u3001<strong>\u76ca\u56de\u308a\uff08E\/P\uff09<\/strong>\u306f\u5229\u76ca\u304c\u8ca0\u3067\u3082\u8a08\u7b97\u3067\u304d\u3001\u9806\u4f4d\u3065\u3051\u306b\u4f7f\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>E\/P\u306f\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3082\u9806\u5e8f\u3065\u3051\u304c\u53ef\u80fd<\/li>\n<li>\u5229\u76ca\u30bc\u30ed\u4ed8\u8fd1\u3067P\/E\u304c\u4e0d\u5b89\u5b9a\u306b\u306a\u308b\u554f\u984c\u3092\u56de\u907f<\/li>\n<li>\u50b5\u5238\u5229\u56de\u308a\u3068\u306e\u6bd4\u8f03\u306b\u3082\u7528\u3044\u3089\u308c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u76ca\u56de\u308a \uff1d EPS \u00f7 \u682a\u4fa1<\/div>\n<h3>LOS 7\uff1a\u500d\u7387\u306b\u5f71\u97ff\u3059\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u8981\u56e0<\/h3>\n<p>\u682a\u4fa1\u500d\u7387\u306f\u3001\u8981\u6c42\u53ce\u76ca\u7387\u304c\u4f4e\u3044\u307b\u3069\u3001\u6210\u9577\u7387\u304c\u9ad8\u3044\u307b\u3069\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002P\/B\u306fROE\u3001P\/S\u306f\u5229\u76ca\u7387\u3001\u914d\u5f53\u5229\u56de\u308a\u306f\u6210\u9577\u7387\u3068\u8981\u6c42\u53ce\u76ca\u7387\u306e\u5dee\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>P\/E\uff1a\u914d\u5f53\u6027\u5411\u3001\u6210\u9577\u7387\u3001\u8981\u6c42\u53ce\u76ca\u7387<\/li>\n<li>P\/B\uff1aROE\u3068\u8981\u6c42\u53ce\u76ca\u7387\u306e\u5dee<\/li>\n<li>P\/S\uff1a\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387<\/li>\n<li>\u914d\u5f53\u5229\u56de\u308a\uff1ar \u2212 g<\/li>\n<li>\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u4f01\u696d\u307b\u3069\u500d\u7387\u306f\u4f4e\u3044<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u306b\u3088\u308b\u4e88\u6e2cP\/E<\/h3>\n<p>\u8907\u6570\u4f01\u696d\u306eP\/E\u3092\u914d\u5f53\u6027\u5411\u30fb\u6210\u9577\u7387\u30fb\u30d9\u30fc\u30bf\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u56de\u5e30\u3057\u3001\u63a8\u5b9a\u3057\u305f\u4fc2\u6570\u304b\u3089\u5bfe\u8c61\u4f01\u696d\u306e<strong>\u4e88\u6e2cP\/E<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8aac\u660e\u5909\u6570\uff1a\u6210\u9577\u7387\u3001\u914d\u5f53\u6027\u5411\u3001\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u306a\u3069<\/li>\n<li>\u4e88\u6e2cP\/E\u3068\u5b9f\u969b\u306eP\/E\u3092\u6bd4\u8f03<\/li>\n<li>\u9650\u754c\uff1a\u30b5\u30f3\u30d7\u30eb\u30fb\u671f\u9593\u306b\u56fa\u6709\u306e\u95a2\u4fc2<\/li>\n<li>\u9650\u754c\uff1a\u8aac\u660e\u5909\u6570\u9593\u306e\u591a\u91cd\u5171\u7dda\u6027<\/li>\n<li>\u9650\u754c\uff1a\u95a2\u4fc2\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u5316<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u6b63\u5f53\u5316P\/E\u30fbP\/B\u30fbP\/S<\/h3>\n<p>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3084\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u304b\u3089\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u304f\u6b63\u5f53\u5316\u500d\u7387\u3092\u5c0e\u304d\u307e\u3059\u3002P\/B\u306fROE\u304c\u8981\u6c42\u53ce\u76ca\u7387\u3092\u4e0a\u56de\u308b\u307b\u3069\u9ad8\u304f\u3001P\/S\u306f\u5229\u76ca\u7387\u304c\u9ad8\u3044\u307b\u3069\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6b63\u5f53\u5316\u4e88\u60f3P\/E \uff1d\uff081 \u2212 b\uff09\u00f7\uff08r \u2212 g\uff09<\/li>\n<li>\u6b63\u5f53\u5316P\/B \uff1d\uff08ROE \u2212 g\uff09\u00f7\uff08r \u2212 g\uff09<\/li>\n<li>\u6b63\u5f53\u5316P\/S \uff1d\uff08E\u2080\/S\u2080\uff09\u00d7\uff081 \u2212 b\uff09\u00d7\uff081 \uff0b g\uff09\u00f7\uff08r \u2212 g\uff09<\/li>\n<li>ROE\uff1er \u306a\u3089 P\/B\uff1e1<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6b63\u5f53\u5316P\/B \uff1d\uff08ROE \u2212 g\uff09\u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 10\uff1aPEG\u30ec\u30b7\u30aa<\/h3>\n<p><strong>PEG\u30ec\u30b7\u30aa<\/strong>\u306fP\/E\u3092\u4e88\u60f3\u6210\u9577\u7387\uff08%\u8868\u793a\uff09\u3067\u5272\u3063\u305f\u6307\u6a19\u3067\u3001\u6210\u9577\u7387\u306e\u9055\u3044\u3092\u8abf\u6574\u3057\u305fP\/E\u306e\u6bd4\u8f03\u306b\u4f7f\u3044\u307e\u3059\u3002PEG\u304c\u4f4e\u3044\u307b\u3069\u5272\u5b89\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>PEG \uff1d P\/E \u00f7 \u4e88\u60f3\u6210\u9577\u7387\uff08%\uff09<\/li>\n<li>\u6210\u9577\u7387\u3068P\/E\u306e\u95a2\u4fc2\u306f\u7dda\u5f62\u3068\u4eee\u5b9a<\/li>\n<li>\u30ea\u30b9\u30af\uff08\u8981\u6c42\u53ce\u76ca\u7387\uff09\u306e\u9055\u3044\u3092\u8003\u616e\u3057\u306a\u3044<\/li>\n<li>\u6210\u9577\u306e\u6301\u7d9a\u671f\u9593\u3092\u8003\u616e\u3057\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">PEG \uff1d\uff08P\/E\uff09\u00f7 g\uff08%\uff09<\/div>\n<h3>LOS 11\uff1a\u30de\u30eb\u30c1\u30d7\u30eb\u306b\u3088\u308b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/h3>\n<p>\u591a\u6bb5\u968eDCF\u30e2\u30c7\u30eb\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306f\u3001\u4e88\u6e2c\u671f\u672b\u306e\u5229\u76ca\u306a\u3069\u306b<strong>\u6b63\u5f53\u5316\u500d\u7387<\/strong>\u307e\u305f\u306f<strong>\u6bd4\u8f03\u500d\u7387<\/strong>\u3092\u639b\u3051\u3066\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>TV\u2099 \uff1d \u6b63\u5f53\u5316\u4e88\u60f3P\/E \u00d7 E\u2099\u208a\u2081<\/li>\n<li>TV\u2099 \uff1d \u5b9f\u7e3eP\/E \u00d7 E\u2099<\/li>\n<li>\u6bd4\u8f03\u500d\u7387\u3092\u4f7f\u3046\u3068\u5e02\u5834\u306e\u8aa4\u8a55\u4fa1\u3092\u53d6\u308a\u8fbc\u3080\u304a\u305d\u308c<\/li>\n<li>\u6b63\u5f53\u5316\u500d\u7387\u306f\u6210\u9577\u7387\u30fb\u5272\u5f15\u7387\u306e\u4eee\u5b9a\u306b\u4f9d\u5b58<\/li>\n<\/ul>\n<div class=\"cfalm-f\">TV\u2099 \uff1d\uff08P\/E\uff09\u00d7 \u4e88\u6e2c\u671f\u672b\u306eEPS<\/div>\n<h3>LOS 12\uff1a\u500d\u7387\u306e\u6bd4\u8f03\u306b\u3088\u308b\u5272\u9ad8\u30fb\u5272\u5b89\u306e\u5224\u5b9a<\/h3>\n<p>\u5bfe\u8c61\u4f01\u696d\u306e\u500d\u7387\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08\u985e\u4f3c\u4f01\u696d\u3001\u696d\u754c\u3001\u5e02\u5834\u3001\u904e\u53bb\u306e\u81ea\u793e\uff09\u306e\u500d\u7387\u3068\u6bd4\u3079\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u5dee\u3092\u8003\u616e\u3057\u3066\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u500d\u7387\uff1c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff1a\u76f8\u5bfe\u7684\u306b\u904e\u5c0f\u8a55\u4fa1<\/li>\n<li>\u500d\u7387\uff1e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff1a\u76f8\u5bfe\u7684\u306b\u904e\u5927\u8a55\u4fa1<\/li>\n<li>\u6210\u9577\u7387\u30fb\u30ea\u30b9\u30af\u306a\u3069\u306e\u5dee\u306e\u8abf\u6574<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u81ea\u4f53\u306e\u8aa4\u8a55\u4fa1\u306b\u6ce8\u610f<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u91cd\u8981\u6027<\/h3>\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u306f\u3001\u696d\u7a2e\u30fb\u898f\u6a21\u30fb\u6210\u9577\u7387\u30fb\u30ea\u30b9\u30af\u306a\u3069\u304c\u4f3c\u305f\u6bd4\u8f03\u5bfe\u8c61\u3092\u9078\u3073\u3001\u500d\u7387\u306e\u5dee\u304c\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u5dee\u3067\u8aac\u660e\u3067\u304d\u308b\u304b\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6bd4\u8f03\u5bfe\u8c61\u306e\u9078\u5b9a\uff08\u696d\u7a2e\u3001\u898f\u6a21\u3001\u4e8b\u696d\u69cb\u6210\uff09<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u500d\u7387\u306e\u4ee3\u8868\u5024\u306e\u9078\u629e<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\uff08\u6210\u9577\u7387\u3001\u30ea\u30b9\u30af\u3001\u53ce\u76ca\u6027\uff09\u306e\u5dee\u306e\u8abf\u6574<\/li>\n<li>\u76f8\u5bfe\u7684\u306a\u8a55\u4fa1\u306b\u3068\u3069\u307e\u308b\u70b9<\/li>\n<\/ul>\n<h3>LOS 14\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4ee3\u66ff\u7684\u306a\u5b9a\u7fa9\u3068\u9650\u754c<\/h3>\n<p>\u500d\u7387\u3067\u4f7f\u3046\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u306f\u3001<strong>\u5229\u76ca\uff0b\u975e\u73fe\u91d1\u8cbb\u7528\uff08CF\uff09<\/strong>\u3001<strong>\u8abf\u6574\u5f8cCFO<\/strong>\u3001<strong>FCFE<\/strong>\u3001<strong>EBITDA<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u904b\u8ee2\u8cc7\u672c\u3084\u8a2d\u5099\u6295\u8cc7\u3001\u8cc7\u672c\u69cb\u6210\u306e\u6271\u3044\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>CF\uff08\u7d14\u5229\u76ca\uff0bD&#038;A\uff09\uff1a\u904b\u8ee2\u8cc7\u672c\u30fb\u975e\u73fe\u91d1\u53ce\u76ca\u3092\u7121\u8996<\/li>\n<li>\u8abf\u6574\u5f8cCFO\uff1a\u975e\u7d4c\u5e38\u9805\u76ee\u3092\u8abf\u6574<\/li>\n<li>FCFE\uff1a\u7406\u8ad6\u7684\u306b\u671b\u307e\u3057\u3044\u304c\u5909\u52d5\u304c\u5927\u304d\u3044\u30fb\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>EBITDA\uff1a\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u5411\u3051\u3001\u8a2d\u5099\u6295\u8cc7\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 15\uff1aEV\u500d\u7387\u3068EV\/EBITDA<\/h3>\n<p><strong>\u4f01\u696d\u4fa1\u5024\uff08EV\uff09<\/strong>\u306f\u666e\u901a\u682a\u30fb\u512a\u5148\u682a\u30fb\u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024\u304b\u3089\u73fe\u91d1\u30fb\u77ed\u671f\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<strong>EV\/EBITDA<\/strong>\u306f\u8cc7\u672c\u69cb\u6210\u306e\u7570\u306a\u308b\u4f01\u696d\u306e\u6bd4\u8f03\u306b\u6709\u7528\u3067\u3001\u6e1b\u4fa1\u511f\u5374\u306e\u591a\u3044\u8cc7\u672c\u96c6\u7d04\u7684\u306a\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>EV \uff1d \u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff0b\u512a\u5148\u682a\uff0b\u8ca0\u50b5\u2212\u73fe\u91d1\u30fb\u6295\u8cc7<\/li>\n<li>\u9577\u6240\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u7570\u306a\u308b\u4f01\u696d\u306e\u6bd4\u8f03\u3001\u7d14\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3082EBITDA\u306f\u30d7\u30e9\u30b9\u306e\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u77ed\u6240\uff1a\u8a2d\u5099\u6295\u8cc7\u30fb\u904b\u8ee2\u8cc7\u672c\u6295\u8cc7\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n<li>EV\/\u58f2\u4e0a\u9ad8\u306a\u3069\u3082\u5229\u7528<\/li>\n<\/ul>\n<div class=\"cfalm-f\">EV \uff1d \u666e\u901a\u682a\u6642\u4fa1\u7dcf\u984d \uff0b \u512a\u5148\u682a \uff0b \u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024 \u2212 \u73fe\u91d1\u30fb\u77ed\u671f\u6295\u8cc7<\/div>\n<h3>LOS 16\uff1a\u56fd\u969b\u6bd4\u8f03\u306b\u304a\u3051\u308b\u5dee\u7570\u306e\u6e90\u6cc9<\/h3>\n<p>\u56fd\u3092\u307e\u305f\u3044\u3060\u500d\u7387\u6bd4\u8f03\u3067\u306f\u3001<strong>\u4f1a\u8a08\u57fa\u6e96<\/strong>\u306e\u9055\u3044\u3001\u6587\u5316\u30fb\u7d4c\u6e08\u306e\u9055\u3044\u3001\u30ea\u30b9\u30af\u3084\u6210\u9577\u898b\u901a\u3057\u306e\u9055\u3044\u304c\u500d\u7387\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f1a\u8a08\u57fa\u6e96\uff08IFRS\u3068\u7c73\u56fd\u57fa\u6e96\u306a\u3069\uff09\u306e\u5dee<\/li>\n<li>\u4f01\u696d\u7d71\u6cbb\u30fb\u6587\u5316\u306e\u9055\u3044<\/li>\n<li>\u56fd\u306e\u30ea\u30b9\u30af\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u6210\u9577\u7387\u306e\u5dee<\/li>\n<li>P\/CFO\u30fbP\/FCFE\u306f\u4f1a\u8a08\u5dee\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u304f\u3001P\/B\u30fbP\/E\u30fbEBITDA\u30d9\u30fc\u30b9\u306e\u500d\u7387\u306f\u53d7\u3051\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 17\uff1a\u30e2\u30e1\u30f3\u30bf\u30e0\u6307\u6a19\u3068\u8a55\u4fa1<\/h3>\n<p>\u30e2\u30e1\u30f3\u30bf\u30e0\u6307\u6a19\u306f\u4fa1\u683c\u3084\u5229\u76ca\u306e\u52d5\u304d\u3068\u904e\u53bb\u306e\u5024\u3084\u4e88\u60f3\u5024\u3092\u6bd4\u8f03\u3059\u308b\u3082\u306e\u3067\u3059\u3002<strong>\u30a2\u30fc\u30cb\u30f3\u30b0\u30b9\u30fb\u30b5\u30d7\u30e9\u30a4\u30ba<\/strong>\u3001<strong>\u6a19\u6e96\u5316\u4e88\u60f3\u5916\u5229\u76ca\uff08SUE\uff09<\/strong>\u3001<strong>\u76f8\u5bfe\u529b<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a2\u30fc\u30cb\u30f3\u30b0\u30b9\u30fb\u30b5\u30d7\u30e9\u30a4\u30ba \uff1d \u5831\u544aEPS \u2212 \u4e88\u60f3EPS<\/li>\n<li>SUE \uff1d \u30b5\u30d7\u30e9\u30a4\u30ba \u00f7 \u904e\u53bb\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\u306e\u6a19\u6e96\u504f\u5dee<\/li>\n<li>\u76f8\u5bfe\u529b\uff1a\u682a\u4fa1\u306e\u76f8\u5bfe\u7684\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/li>\n<li>\u884c\u52d5\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7684\u306a\u6839\u62e0<\/li>\n<\/ul>\n<div class=\"cfalm-f\">SUE \uff1d\uff08\u5831\u544aEPS \u2212 \u4e88\u60f3EPS\uff09\u00f7 \u4e88\u60f3\u8aa4\u5dee\u306e\u6a19\u6e96\u504f\u5dee<\/div>\n<h3>LOS 18\uff1a\u500d\u7387\u7fa4\u306e\u4e2d\u5fc3\u50be\u5411\u306e\u6e2c\u308a\u65b9<\/h3>\n<p>\u500d\u7387\u306e\u4ee3\u8868\u5024\u306b\u306f\u7b97\u8853\u5e73\u5747\u3001\u8abf\u548c\u5e73\u5747\u3001\u52a0\u91cd\u8abf\u548c\u5e73\u5747\u3001\u4e2d\u592e\u5024\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u8abf\u548c\u5e73\u5747<\/strong>\u306f\u5927\u304d\u306a\u5916\u308c\u5024\u306e\u5f71\u97ff\u3092\u6291\u3048\u3001<strong>\u4e2d\u592e\u5024<\/strong>\u306f\u5916\u308c\u5024\u306b\u9811\u5065\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u7b97\u8853\u5e73\u5747\uff1a\u5927\u304d\u306a\u5916\u308c\u5024\u306b\u5f15\u3063\u5f35\u3089\u308c\u308b<\/li>\n<li>\u8abf\u548c\u5e73\u5747\uff1an \u00f7 \u03a3\uff081\/X\u1d62\uff09\u3001\u5927\u304d\u306a\u5916\u308c\u5024\u306e\u5f71\u97ff\u3092\u6291\u3048\u308b\uff08\u5c0f\u3055\u306a\u5916\u308c\u5024\u306f\u5f37\u8abf\uff09<\/li>\n<li>\u52a0\u91cd\u8abf\u548c\u5e73\u5747\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30a6\u30a7\u30a4\u30c8\u3067\u52a0\u91cd\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u500d\u7387\u3068\u4e00\u81f4<\/li>\n<li>\u4e2d\u592e\u5024\uff1a\u5916\u308c\u5024\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u8abf\u548c\u5e73\u5747 \uff1d n \u00f7 \u03a3\uff081 \u00f7 X\u1d62\uff09<\/div>\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\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm3\/\">LM3 Free Cash Flow Valuation\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a55\u4fa1\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm5\/\">LM5 Residual Income Valuation\uff08\u6b8b\u4f59\u5229\u76ca\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 LM4\u300cMarket-Based Valuation: Price and Enterprise Value Multiples\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u8a55\u4fa1\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387\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":11186,"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-10840","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\/10840","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=10840"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10840\/revisions"}],"predecessor-version":[{"id":11354,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10840\/revisions\/11354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11186"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}