{"id":11274,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm6\/"},"modified":"2026-09-22T07:44:16","modified_gmt":"2026-09-21T22:44:16","slug":"cfa-l1-equity-lm6","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm6\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM6\u3011Discounted Cash Flow (DCF) and Growth Models \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u30fbFCFE\u30fbFCFF\u30fb\u512a\u5148\u682a\u5f0f\u306e\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 6\u300cDiscounted Cash Flow (DCF) and Growth Models\uff08DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb\uff09\u300d\u306f\u3001\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3001FCFE\u30e2\u30c7\u30eb\u3001FCFF\u30e2\u30c7\u30eb\u3001\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u306e\u9055\u3044\u3068\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u3001\u5b9a\u7387\u6210\u9577\u30fb\u591a\u6bb5\u968e\u6210\u9577\u30e2\u30c7\u30eb\u306b\u3088\u308b\u672c\u6e90\u7684\u4fa1\u5024\u306e\u8a08\u7b97\u3068\u305d\u306e\u9650\u754c\u3001\u305d\u3057\u3066\u512a\u5148\u682a\u5f0f\u306e\u8a55\u4fa1\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>LM6\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\u3002LM6\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30c8\u30a5\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff08FCFE\uff09\u30e2\u30c7\u30eb\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30c8\u30a5\u30fb\u30b6\u30fb\u30d5\u30a1\u30fc\u30e0\uff08FCFF\uff09\u30e2\u30c7\u30eb\u3001\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u3067\u7528\u3044\u308b\u30a4\u30f3\u30d7\u30c3\u30c8\u3092\u5bfe\u6bd4\u3057\u3001\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u682a\u5f0f\u3092\u8a55\u4fa1\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">contrast the inputs used in dividend discount, free cash flow to equity (FCFE), free cash flow to the firm (FCFF), and residual income models, and explain the process for using present value models to value equity<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5b9a\u7387\u6210\u9577\u307e\u305f\u306f\u591a\u6bb5\u968e\u6210\u9577\u3092\u4eee\u5b9a\u3059\u308b\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306b\u57fa\u3065\u3044\u3066\u3001\u682a\u5f0f\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the intrinsic value of an equity security based on present value models that assume constant cash flow growth or multistage cash flow growth<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306b\u304a\u3051\u308b\u5b9a\u7387\u6210\u9577\u304a\u3088\u3073\u591a\u6bb5\u968e\u6210\u9577\u306e\u4eee\u5b9a\u306e\u6b20\u70b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the shortcomings of constant and multistage cash flow growth assumptions in present value models<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30b3\u30fc\u30eb\u6761\u9805\u3082\u8ee2\u63db\u6a29\u3082\u306a\u3044\u512a\u5148\u682a\u5f0f\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u6761\u4ef6\u4ed8\u304d\u6761\u9805\u304c\u672c\u6e90\u7684\u4fa1\u5024\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate the intrinsic value of a non-callable, non-convertible preferred stock and describe how contingency features affect intrinsic value<\/span><\/li>\n<\/ol>\n<h2>LM6\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>DCF\u30e2\u30c7\u30eb\u306f\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u304c\u5c06\u6765\u671f\u5f85\u3055\u308c\u308b\u30a4\u30f3\u30ab\u30e0\u3068\u5024\u4e0a\u304c\u308a\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u306b\u7b49\u3057\u3044\u3068\u8003\u3048\u308b<\/li>\n<li>DCF\u306b\u3088\u308b\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u9069\u5207\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6307\u6a19\u306e\u9078\u629e\u3068\u4e88\u6e2c\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u8a2d\u5b9a\u3001\u9069\u5207\u306a\u5272\u5f15\u7387\u306b\u3088\u308b\u73fe\u5728\u4fa1\u5024\u306e\u7b97\u5b9a\u304b\u3089\u6210\u308b<\/li>\n<li>\u914d\u5f53\u306b\u57fa\u3065\u304f\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306f\u3001\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u304c\u4e3b\u306b\u5c06\u6765\u306e\u914d\u5f53\u304b\u3089\u751f\u3058\u308b\u4f01\u696d\u306b\u9069\u7528\u3055\u308c\u308b<\/li>\n<li>\u682a\u4e3b\u304c\u53d7\u3051\u53d6\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFE\uff09\u3084\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u304c\u53d7\u3051\u53d6\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFF\uff09\u306b\u57fa\u3065\u304f\u30e2\u30c7\u30eb\u306f\u3001\u5206\u914d\u65b9\u91dd\u3084\u8cc7\u672c\u69cb\u6210\u304c\u7570\u306a\u308b\u4f01\u696d\u306b\u5e45\u5e83\u304f\u4f7f\u3048\u308b<\/li>\n<li>\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u306f\u3001\u4f01\u696d\u304c\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u3092\u4e0a\u56de\u3063\u3066\u751f\u307f\u51fa\u3059\u4fa1\u5024\u3092\u6e2c\u308d\u3046\u3068\u3059\u308b\u3082\u306e<\/li>\n<li>\u4f01\u696d\u56fa\u6709\uff08\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff09\u8981\u56e0\u306b\u57fa\u3065\u304f\u30e2\u30c7\u30eb\u306e\u6b20\u70b9\u306f\u3001\u57fa\u6e96\u5e74\u306e\u9078\u629e\u306e\u96e3\u3057\u3055\u3068\u3001\u4e88\u6e2c\u671f\u9593\u4e2d\u306e\u4fa1\u5024\u30c9\u30e9\u30a4\u30d0\u30fc\u3092\u56fa\u5b9a\u3059\u308b\u9759\u7684\u306a\u4eee\u5b9a\u3002\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u8981\u56e0\u3067\u306f\u3001\u5909\u5316\u3059\u308b\u30de\u30af\u30ed\u74b0\u5883\u306e\u4e2d\u3067\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u3092\u63a8\u5b9a\u3059\u308b\u96e3\u3057\u3055\u304c\u3042\u308b<\/li>\n<li>\u30b3\u30fc\u30eb\u6761\u9805\u3082\u8ee2\u63db\u6a29\u3082\u306a\u3044\u512a\u5148\u682a\u5f0f\u306f\u3001\u6210\u9577\u7387\u30bc\u30ed\u3068\u3057\u3066\u512a\u5148\u914d\u5f53\u3068\u984d\u9762\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u8a55\u4fa1\u3059\u308b<\/li>\n<li>\u767a\u884c\u4f53\u306b\u6709\u5229\u306a\u6761\u4ef6\u4ed8\u304d\u6761\u9805\u306f\u540c\u7a2e\u306e\u512a\u5148\u682a\u5f0f\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u4e0b\u3052\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u4fa1\u5024\u3042\u308b\u6761\u9805\u306f\u672c\u6e90\u7684\u4fa1\u5024\u3092\u4e0a\u3052\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\u5404\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u3068\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9<\/h3>\n<p>\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306f\u3001\u5206\u5b50\u306e<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6307\u6a19<\/strong>\uff08\u914d\u5f53\u3001FCFE\u3001FCFF\u3001\u6b8b\u4f59\u5229\u76ca\uff09\u3068\u3001\u305d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u53d7\u3051\u53d6\u308b\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u5bfe\u5fdc\u3059\u308b<strong>\u5272\u5f15\u7387<\/strong>\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u307e\u305f\u306fWACC\uff09\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002FCFF\u3092WACC\u3067\u5272\u308a\u5f15\u304f\u3068\u4f01\u696d\u4fa1\u5024\u304c\u6c42\u307e\u308a\u3001\u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u4e3b\u4fa1\u5024\u3092\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\uff1a\u5b89\u5b9a\u3057\u3066\u914d\u5f53\u3092\u652f\u6255\u3046\u4f01\u696d\u5411\u3051\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u5272\u5f15<\/li>\n<li>FCFE\uff1d\u55b6\u696dCF \u2212 \u8a2d\u5099\u6295\u8cc7\uff0b\u7d14\u501f\u5165\uff08\u76ee\u6a19\u8ca0\u50b5\u6bd4\u7387DR\u3092\u4eee\u5b9a\u3059\u308b\u3068 \u7d14\u5229\u76ca \u2212\uff081 \u2212 DR\uff09\u00d7 \u7d14\u6295\u8cc7\uff09\u3002\u914d\u5f53\u65b9\u91dd\u306b\u5de6\u53f3\u3055\u308c\u306a\u3044<\/li>\n<li>FCFF\uff1d\u55b6\u696dCF\uff0b\u652f\u6255\u5229\u606f \u00d7\uff081 \u2212 \u7a0e\u7387\uff09\u2212 \u8a2d\u5099\u6295\u8cc7\u3002WACC\u3067\u5272\u308a\u5f15\u304d\u3001\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u5f0f\u4fa1\u5024<\/li>\n<li>\u6b8b\u4f59\u5229\u76ca\uff1dEPS \u2212 \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8 \u00d7 \u671f\u99961\u682a\u5f53\u305f\u308a\u7c3f\u4fa1\u3002\u4fa1\u5024\uff1d\u7c3f\u4fa1\uff0b\u5c06\u6765\u306e\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>EBITDA\u306f\u8a2d\u5099\u6295\u8cc7\u30fb\u904b\u8ee2\u8cc7\u672c\u6295\u8cc7\u30fb\u7a0e\u3092\u8003\u616e\u3057\u306a\u3044\u305f\u3081\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u7570\u306a\u308b<\/li>\n<li>\u30d7\u30ed\u30bb\u30b9\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6307\u6a19\u306e\u9078\u629e\u3068\u4e88\u6e2c \u2192 \u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u8a2d\u5b9a \u2192 \u5272\u5f15\u7387\u306e\u6c7a\u5b9a \u2192 \u73fe\u5728\u4fa1\u5024\u306e\u7b97\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">FCFE \uff1d \u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc \u2212 \u8a2d\u5099\u6295\u8cc7 \uff0b \u7d14\u501f\u5165\uff08\u501f\u5165 \u2212 \u8fd4\u6e08\uff09<\/div>\n<h3>LOS 2\uff1a\u5b9a\u7387\u6210\u9577\u30fb\u591a\u6bb5\u968e\u6210\u9577\u30e2\u30c7\u30eb\u306b\u3088\u308b\u672c\u6e90\u7684\u4fa1\u5024<\/h3>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e00\u5b9a\u7387 g \u3067\u6c38\u7d9a\u7684\u306b\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u672c\u6e90\u7684\u4fa1\u5024\u306f<strong>\u7fcc\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc \u00f7\uff08r \u2212 g\uff09<\/strong>\u3067\u6c42\u307e\u308a\u307e\u3059\u3002\u9ad8\u6210\u9577\u671f\u306e\u5f8c\u306b\u5b89\u5b9a\u6210\u9577\u3078\u79fb\u308b\u5834\u5408\u306f<strong>2\u6bb5\u968e\u6210\u9577\u30e2\u30c7\u30eb<\/strong>\u3092\u7528\u3044\u3001\u9ad8\u6210\u9577\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5408\u8a08\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5b9a\u7387\u6210\u9577\u30e2\u30c7\u30eb\uff1ag \uff1c r \u304c\u5fc5\u8981\u3067\u3001\u4fa1\u5024\u306f g \u306e\u9078\u3073\u65b9\u306b\u975e\u5e38\u306b\u654f\u611f<\/li>\n<li>\u6c38\u7d9a\u7684\u306a\u6210\u9577\u7387\u306f\u3001\u9577\u671f\u7684\u306b\u7d4c\u6e08\u5168\u4f53\u306e\u6210\u9577\u7387\u3092\u4e0a\u56de\u308b\u3079\u304d\u3067\u306f\u306a\u3044<\/li>\n<li>\u5e02\u5834\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u305f\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u6210\u9577\u7387\u3067\u3001\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u671f\u5f85\u3092\u628a\u63e1<\/li>\n<li>2\u6bb5\u968e\u30e2\u30c7\u30eb\uff1an\u671f\u307e\u3067\u9ad8\u6210\u9577\u3001\u4ee5\u964d\u306f\u5b89\u5b9a\u6210\u9577\u3002\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff1dCF\u2099\u208a\u2081 \u00f7\uff08r \u2212 \u9577\u671f\u6210\u9577\u7387\uff09<\/li>\n<li>\u6301\u7d9a\u53ef\u80fd\u6210\u9577\u7387\uff1d\uff081 \u2212 \u914d\u5f53\u6027\u5411\uff09\u00d7 ROE\uff08\u5185\u90e8\u7559\u4fdd\u7387 \u00d7 ROE\uff09<\/li>\n<li>\u5272\u5f15\u7387\u306e\u6574\u5408\u6027\uff1aFCFF\u306fWACC\u3001\u914d\u5f53\u30fbFCFE\u30fb\u6b8b\u4f59\u5229\u76ca\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC \uff1c \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d D\u2081 \u00f7\uff08r \u2212 g\uff09\uff08D\u2081 \uff1d D\u2080 \u00d7\uff081 \uff0b g\uff09\uff09<\/div>\n<h3>LOS 3\uff1a\u6210\u9577\u4eee\u5b9a\u306e\u9650\u754c<\/h3>\n<p>\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306b\u306f\u3001\u4f01\u696d\u56fa\u6709\uff08\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff09\u8981\u56e0\u3068\u30de\u30af\u30ed\uff08\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff09\u8981\u56e0\u306e\u4e21\u9762\u3067\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002\u5358\u4e00\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6307\u6a19\u3084\u57fa\u6e96\u5e74\u306e\u6b6a\u307f\u3001\u4fa1\u5024\u30c9\u30e9\u30a4\u30d0\u30fc\u3092\u56fa\u5b9a\u3059\u308b\u9759\u7684\u306a\u4eee\u5b9a\u306f\u3001\u5909\u9769\u671f\u3084\u8870\u9000\u671f\u306e\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8aa4\u3089\u305b\u3084\u3059\u304f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u3082\u5e02\u5834\u74b0\u5883\u3068\u3068\u3082\u306b\u5909\u5316\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u306f\u682a\u4e3b\u3078\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e00\u90e8\u3057\u304b\u6349\u3048\u305a\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n<li>FCFE\u30fbFCFF\u306b\u3082\u57fa\u6e96\u5e74\u52b9\u679c\u3001\u4e00\u5b9a\u306e\u8ca0\u50b5\u6bd4\u7387\u306e\u4eee\u5b9a\u3001\u5229\u76ca\u30fb\u6295\u8cc7\u306e\u5b9a\u7fa9\u306e\u96e3\u3057\u3055\u304c\u3042\u308b<\/li>\n<li>\u6210\u9577\u30e2\u30c7\u30eb\u306f\u6210\u719f\u4f01\u696d\u306b\u6700\u3082\u9069\u3057\u3001\u6025\u6210\u9577\u30fb\u4e8b\u696d\u5909\u9769\u30fb\u8870\u9000\u306e\u5c40\u9762\u306f\u6349\u3048\u306b\u304f\u3044<\/li>\n<li>\u7d99\u7d9a\u4f01\u696d\u3092\u524d\u63d0\u3068\u3059\u308b\u305f\u3081\u3001\u8ca1\u52d9\u56f0\u96e3\u306e\u53ef\u80fd\u6027\u306f\u30b7\u30ca\u30ea\u30aa\u5206\u6790\uff08\u78ba\u7387\u52a0\u91cd\uff09\u3067\u660e\u793a\u7684\u306b\u53cd\u6620<\/li>\n<li>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306a\u3069\u306e\u5909\u5316\u306b\u3088\u308b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5909\u52d5\u306f\u4fa1\u5024\u306b\u5927\u304d\u304f\u5f71\u97ff\u3002\u65b0\u8208\u5e02\u5834\u3067\u306f\u63a8\u5b9a\u304c\u3055\u3089\u306b\u96e3\u3057\u3044<\/li>\n<li>\u8907\u6570\u306e\u30e2\u30c7\u30eb\u3092\u4f75\u7528\u3057\u3066\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u306e\u304c\u4e00\u822c\u7684<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u512a\u5148\u682a\u5f0f\u306e\u8a55\u4fa1\u3068\u6761\u4ef6\u4ed8\u304d\u6761\u9805<\/h3>\n<p>\u30b3\u30fc\u30eb\u6761\u9805\u3082\u8ee2\u63db\u6a29\u3082\u306a\u3044\u512a\u5148\u682a\u5f0f\u306f\u3001\u6210\u9577\u7387\u30bc\u30ed\u3068\u3057\u3066<strong>\u56fa\u5b9a\u306e\u512a\u5148\u914d\u5f53\u3068\u984d\u9762<\/strong>\u3092\u512a\u5148\u682a\u5f0f\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3067\u5272\u308a\u5f15\u3044\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u6c38\u4e45\u512a\u5148\u682a\u306a\u3089<strong>D \u00f7 r_p<\/strong>\u3067\u3059\u3002\u30b3\u30fc\u30eb\u6761\u9805\u306e\u3088\u3046\u306b\u767a\u884c\u4f53\u306b\u6709\u5229\u306a\u6761\u9805\u306f\u4fa1\u5024\u3092\u4e0b\u3052\u3001\u30d7\u30c3\u30c8\u6761\u9805\u3084\u8ee2\u63db\u6a29\u306e\u3088\u3046\u306b\u6295\u8cc7\u5bb6\u306b\u6709\u5229\u306a\u6761\u9805\u306f\u4fa1\u5024\u3092\u4e0a\u3052\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6e80\u671f\u306e\u3042\u308b\u512a\u5148\u682a\u5f0f\uff1a\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\uff0b\u984d\u9762\u306e\u73fe\u5728\u4fa1\u5024\uff08\u50b5\u5238\u3068\u540c\u69d8\u306e\u8a08\u7b97\uff09<\/li>\n<li>\u6c38\u4e45\u512a\u5148\u682a\u5f0f\uff1aV\u2080 \uff1d D \u00f7 r_p<\/li>\n<li>\u512a\u5148\u682a\u5f0f\u306e\u8981\u6c42\u53ce\u76ca\u7387\u306f\u666e\u901a\u682a\u5f0f\u3088\u308a\u4f4e\u3044\uff08r_p \uff1c r_e\uff09<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\uff1a\u767a\u884c\u4f53\u306e\u6a29\u5229 \u2192 \u4fa1\u5024\u306f\u4f4e\u4e0b\uff08\u540c\u7a0b\u5ea6\u306e\u4fa1\u5024\u306b\u306f\u3088\u308a\u9ad8\u3044\u914d\u5f53\u7387\u304c\u5fc5\u8981\uff09<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u30fb\u8ee2\u63db\u53ef\u80fd\uff1a\u6295\u8cc7\u5bb6\u306e\u6a29\u5229 \u2192 \u4fa1\u5024\u306f\u4e0a\u6607\uff08\u914d\u5f53\u7387\u306f\u4f4e\u304f\u3066\u3088\u3044\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6c38\u4e45\u512a\u5148\u682a\u5f0f\u306e\u4fa1\u5024 V\u2080 \uff1d D \u00f7 r_p<\/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\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \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-l1-equity-lm5\/\">LM5 Introduction to Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u5165\u9580\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm7\/\">LM7 Relative Value Equity Valuation Approaches\uff08\u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Equities LM6\u300cDiscounted Cash Flow (DCF) and Growth Models\uff08DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb\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":11275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-11274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11274","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=11274"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11274\/revisions"}],"predecessor-version":[{"id":11315,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11274\/revisions\/11315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11275"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}