{"id":11277,"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-lm7\/"},"modified":"2026-09-22T07:44:16","modified_gmt":"2026-09-21T22:44:16","slug":"cfa-l1-equity-lm7","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm7\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM7\u3011Relative Value Equity Valuation Approaches \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u682a\u4fa1\u500d\u7387\u30fbEV\u500d\u7387\u30fb\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u30fb\u6b63\u5f53\u5316\u500d\u7387"},"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 7\u300cRelative Value Equity Valuation Approaches\uff08\u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\uff09\u300d\u306f\u3001\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u3068\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5\u306b\u3088\u308b\u500d\u7387\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\u3001\u682a\u4fa1\u500d\u7387\u3068\u4f01\u696d\u4fa1\u5024\uff08EV\uff09\u500d\u7387\u306e\u8a08\u7b97\u3068\u7528\u9014\u3001\u696d\u7a2e\u5206\u985e\u3084\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u30c9\u30e9\u30a4\u30d0\u30fc\u306b\u57fa\u3065\u304f\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u9078\u5b9a\u3001\u305d\u3057\u3066\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765\u306e\u5024\u306b\u57fa\u3065\u304f\u500d\u7387\u306e\u4f7f\u3044\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>LM7\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\u3002LM7\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u3068\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5\u306b\u57fa\u3065\u304d\u3001\u500d\u7387\u3092\u7528\u3044\u3066\u682a\u5f0f\u3092\u8a55\u4fa1\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the process for using multiples to value equity based on the method of comparables and the method of forecasted fundamentals<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u682a\u4fa1\u500d\u7387\u3068\u4f01\u696d\u4fa1\u5024\u500d\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u305d\u306e\u9069\u5207\u306a\u7528\u9014\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate and interpret price and enterprise value multiples, and describe their appropriate uses<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4f01\u696d\u306e\u696d\u7a2e\u5206\u985e\u307e\u305f\u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u7279\u5b9a\u306e\u30c9\u30e9\u30a4\u30d0\u30fc\u306b\u57fa\u3065\u3044\u3066\u3001\u500d\u7387\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\u306e\u305f\u3081\u306e\u6f5c\u5728\u7684\u306a\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u3092\u6c7a\u5b9a\u3059\u308b<\/span><span class=\"en\">determine a potential peer group for multiples-based equity valuation based on a company\u2019s industry classification or specific drivers of expected return<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u4e88\u60f3\u5c06\u6765\u306e\u5024\u306b\u57fa\u3065\u304f\u500d\u7387\u3092\u682a\u5f0f\u4fa1\u5024\u306e\u63a8\u5b9a\u306b\u7528\u3044\u308b\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the use of multiples based on past, current, and projected future values in estimating equity value<\/span><\/li>\n<\/ol>\n<h2>LM7\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>\u76f8\u5bfe\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u9069\u5207\u306a\u500d\u7387\u306e\u9078\u629e\u3001\u4ee3\u8868\u7684\u306a\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u8a2d\u5b9a\u3001\u5bfe\u8c61\u4f01\u696d\u3068\u30d4\u30a2\u306e\u500d\u7387\u306e\u8a08\u7b97\u3068\u89e3\u91c8\u304b\u3089\u6210\u308a\u3001\u305d\u306e\u7d50\u679c\u3092\u7528\u3044\u3066\u672c\u6e90\u7684\u4fa1\u5024\u3068\u5e02\u5834\u4fa1\u683c\u3092\u6bd4\u3079\u308b<\/li>\n<li>\u7279\u6027\u306e\u4f3c\u305f\u4f01\u696d\u9593\u306e\u500d\u7387\u306e\u9055\u3044\u306f\u3001\u53ce\u76ca\u6027\u3001\u6210\u9577\u6027\u3001\u5229\u76ca\u306e\u518d\u6295\u8cc7\u306a\u3069\u3001\u4fa1\u5024\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u306a\u30c9\u30e9\u30a4\u30d0\u30fc\u306e\u9055\u3044\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u306f\u305a<\/li>\n<li>\u500d\u7387\u306e\u5206\u5b50\u306f\u682a\u5f0f\u4fa1\u5024\u307e\u305f\u306f\u4f01\u696d\u4fa1\u5024\u3067\u3001\u5206\u6bcd\u306b\u306f\u540c\u3058\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u5e30\u5c5e\u3059\u308b\u640d\u76ca\u8a08\u7b97\u66f8\u30fb\u8cb8\u501f\u5bfe\u7167\u8868\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6307\u6a19\u3092\u7528\u3044\u308b<\/li>\n<li>\u500d\u7387\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u6210\u9577\u306e\u7279\u5fb4\u306b\u3088\u3063\u3066\u30d4\u30a2\u4f01\u696d\u9593\u3067\u5927\u304d\u304f\u7570\u306a\u308a\u5f97\u308b<\/li>\n<li>\u6bd4\u8f03\u4f01\u696d\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u3068\u540c\u3058\u696d\u7a2e\u30fb\u56fd\u30fb\u5730\u57df\u5e02\u5834\u306b\u5c5e\u3057\u3001\u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u4f3c\u305f\u4f01\u696d\u304b\u3089\u9078\u3070\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u3068\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u95a2\u4fc2\u306a\u3069\u3001\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8aac\u660e\u3059\u308b\u7d71\u8a08\u7684\u7279\u6027\u3084\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u9078\u3076\u3053\u3068\u3082\u3067\u304d\u308b<\/li>\n<li>\u904e\u53bb\u306e\u500d\u7387\u306f\u3001\u4f01\u696d\u306e\u30d7\u30e9\u30b9\u30fb\u30de\u30a4\u30ca\u30b9\u306e\u30c8\u30ec\u30f3\u30c9\u3084\u3001\u696d\u754c\u30fb\u5e02\u5834\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u5bfe\u3059\u308b\u500d\u7387\u306e\u63a8\u79fb\u3092\u628a\u63e1\u3059\u308b\u306e\u306b\u4f7f\u3048\u308b<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a\u5024\u306f\u3001\u6697\u9ed9\u7684\u307e\u305f\u306f\u660e\u793a\u7684\u306b\u5c06\u6765\u306e\u671f\u5f85\u500d\u7387\u3092\u53cd\u6620\u3057\u3066\u304a\u308a\u3001\u76f8\u5bfe\u8a55\u4fa1\u306f\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a\u306b\u3082\u4f7f\u3048\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\u4f01\u696d\u6bd4\u8f03\u6cd5\u3068\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5<\/h3>\n<p><strong>\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/strong>\u306f\u3001\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u3092\u8a2d\u5b9a\u3057\u3001\u9069\u5207\u306a\u500d\u7387\u3092\u9078\u3073\u3001\u5bfe\u8c61\u4f01\u696d\u3068\u6bd4\u8f03\u4f01\u696d\u306e\u500d\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3066\u5272\u5b89\u30fb\u5272\u9ad8\u3092\u5224\u65ad\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<strong>\u4e88\u60f3\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u6cd5<\/strong>\u306f\u3001\u5b9a\u7387\u6210\u9577\u30e2\u30c7\u30eb\u306a\u3069\u304b\u3089\u500d\u7387\u3092ROE\u30fb\u6210\u9577\u7387\u30fb\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u8868\u3057\u305f<strong>\u6b63\u5f53\u5316\u500d\u7387<\/strong>\u3092\u6c42\u3081\u3001\u5b9f\u969b\u306e\u500d\u7387\u3068\u6bd4\u3079\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u306e\u8003\u3048\u65b9\uff1a\u4f3c\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u3080\u4f3c\u305f\u4f01\u696d\u306f\u4f3c\u305f\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u308b\u3079\u304d<\/li>\n<li>\u500d\u7387\u306e\u5dee\u306f\u53ce\u76ca\u6027\u30fb\u6210\u9577\u6027\u30fb\u5229\u76ca\u306e\u518d\u6295\u8cc7\u306a\u3069\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u9055\u3044\u3067\u8aac\u660e\u3055\u308c\u308b\u3079\u304d<\/li>\n<li>\u6b63\u5f53\u5316P\/B \uff1d\uff08ROE \u2212 g\uff09\u00f7\uff08r \u2212 g\uff09\uff1aROE\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5dee\u304c\u500d\u7387\u3092\u6c7a\u3081\u308b<\/li>\n<li>PEG\u30ec\u30b7\u30aa\uff1dP\/E \u00f7 \u4e88\u60f3EPS\u6210\u9577\u7387\uff1a\u6210\u9577\u7387\u306e\u9055\u3044\u3092\u8abf\u6574\u3002\u9ad8\u3044\u307b\u3069\u5272\u9ad8\u306e\u53ef\u80fd\u6027<\/li>\n<li>\u500d\u7387\u3092ROE\u30fb\u6210\u9577\u7387\u30fb\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u56de\u5e30\u3057\u3066\u95a2\u4fc2\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308b<\/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 2\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387<\/h3>\n<p>\u500d\u7387\u306e\u5206\u5b50\u306b\u306f<strong>\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u5024\uff08\u682a\u4fa1\uff09<\/strong>\u304b<strong>\u4f01\u696d\u4fa1\u5024\uff08EV\uff09<\/strong>\u3092\u4f7f\u3044\u3001\u5206\u6bcd\u306b\u306f\u540c\u3058\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u5e30\u5c5e\u3059\u308b\u640d\u76ca\u8a08\u7b97\u66f8\u30fb\u8cb8\u501f\u5bfe\u7167\u8868\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u6307\u6a19\u3092\u7528\u3044\u307e\u3059\u3002\u682a\u4fa1\u500d\u7387\u306fP\/E\u30fbP\/B\u30fbP\/S\u30fb\u914d\u5f53\u5229\u56de\u308a\u306a\u3069\u3001EV\u500d\u7387\u306fEV\/EBITDA\u30fbEV\/\u58f2\u4e0a\u9ad8\u30fbEV\/\u6295\u4e0b\u8cc7\u672c\u306a\u3069\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5206\u5b50\u3068\u5206\u6bcd\u306e\u6574\u5408\u6027\uff1a\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u6307\u6a19\uff08\u7d14\u5229\u76ca\u30fb\u7c3f\u4fa1\uff09\u306b\u306f\u682a\u4fa1\u3001\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u5e30\u5c5e\u3059\u308b\u6307\u6a19\uff08EBITDA\u30fbEBIT\u30fb\u58f2\u4e0a\u9ad8\uff09\u306b\u306fEV<\/li>\n<li>P\/E\uff1a\u5b9f\u7e3e\uff08trailing\uff09\u3068\u4e88\u60f3\uff08forward\uff09\u3002\u76ca\u5229\u56de\u308a E\/P \u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304b\u3089\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09\u3092\u63a8\u5b9a<\/li>\n<li>\u6b63\u5f53\u5316\u5b9f\u7e3eP\/E\uff1d\u914d\u5f53\u6027\u5411 \u00d7\uff081 \uff0b g\uff09\u00f7\uff08r \u2212 g\uff09\u3001\u6b63\u5f53\u5316P\/S\u306f\u3053\u308c\u306b\u7d14\u5229\u76ca\u7387\u3092\u639b\u3051\u308b<\/li>\n<li>EV\/EBITDA\uff1a\u8cc7\u672c\u69cb\u6210\u3084\u7a0e\u30fb\u6e1b\u4fa1\u511f\u5374\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u6291\u3048\u3066\u6bd4\u8f03\u3067\u304d\u3001\u7d14\u640d\u5931\u306e\u4f01\u696d\u306b\u3082\u4f7f\u3048\u308b<\/li>\n<li>EV\/\u6295\u4e0b\u8cc7\u672c\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u304f\u3001P\/B\u306e\u4ee3\u308f\u308a\u306b\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u914d\u5f53\u5229\u56de\u308a\u306f\u914d\u5f53\u6027\u5411\u3068\u76ca\u5229\u56de\u308a\u306e\u7a4d\u3067\u8868\u305b\u3001\u4e88\u60f3\u914d\u5f53\u5229\u56de\u308a\u306f r \u2212 g \u306b\u7b49\u3057\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6b63\u5f53\u5316\u5b9f\u7e3eP\/E \uff1d \u914d\u5f53\u6027\u5411 \u00d7\uff081 \uff0b g\uff09\u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 3\uff1a\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u6c7a\u5b9a<\/h3>\n<p>\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u306f\u3001<strong>\u540c\u3058\u4e3b\u8981\u4e8b\u696d\u3092\u55b6\u3080\u4f01\u696d\uff08\u696d\u7a2e\u30d9\u30fc\u30b9\uff09<\/strong>\u304b\u3001<strong>\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u8aac\u660e\u3059\u308b\u7d71\u8a08\u7684\u7279\u6027\u3084\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff09<\/strong>\u3067\u9078\u3073\u307e\u3059\u3002\u696d\u7a2e\u30d9\u30fc\u30b9\u306f\u76f4\u611f\u7684\u3067\u3059\u304c\u3001\u6bd4\u8f03\u53ef\u80fd\u306a\u4f01\u696d\u304c\u5c11\u306a\u3044\u5834\u5408\u3084\u8907\u6570\u696d\u7a2e\u306b\u307e\u305f\u304c\u308b\u4f01\u696d\u3067\u306f\u5de5\u592b\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u696d\u7a2e\u30d9\u30fc\u30b9\uff1a\u540c\u3058\u696d\u7a2e\u30fb\u56fd\u30fb\u5730\u57df\u3067\u3001\u4e8b\u696d\u5185\u5bb9\u3068\u898f\u6a21\u304c\u8fd1\u3044\u4f01\u696d<\/li>\n<li>\u696d\u7a2e\u30d9\u30fc\u30b9\u306e\u8ab2\u984c\uff1a\u96c6\u4e2d\u3057\u305f\u696d\u7a2e\u3084\u72ec\u81ea\u6027\u306e\u5f37\u3044\u4f01\u696d\u3001\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u6bb5\u968e\u306e\u3070\u3089\u3064\u304d\u3001\u6cd5\u57df\u306e\u9055\u3044\uff08\u898f\u5236\u30fb\u7a0e\uff09\u3001\u8907\u6570\u696d\u7a2e\u306b\u307e\u305f\u304c\u308b\u4f01\u696d<\/li>\n<li>\u5bfe\u5fdc\uff1a\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u3092\u91cd\u8996\u3001\u6bb5\u968e\u306e\u7570\u306a\u308b\u4f01\u696d\u306e\u9664\u5916\u3001\u4e8b\u696d\u3054\u3068\u306e\u500d\u7387\u3092\u58f2\u4e0a\u9ad8\u30fb\u5229\u76ca\u30fb\u8cc7\u7523\u306e\u69cb\u6210\u6bd4\u3067\u52a0\u91cd\u5e73\u5747<\/li>\n<li>\u5916\u308c\u5024\u306f\u9664\u5916\u3001\u4e2d\u592e\u5024\u306e\u5229\u7528\u3001\u975e\u7d4c\u5e38\u9805\u76ee\u306e\u8abf\u6574\u3067\u5bfe\u51e6<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff1aCAPM\u306e\u30d9\u30fc\u30bf\u306a\u3069\u304c\u8fd1\u3044\u4f01\u696d\u3092\u6bd4\u8f03\u3002\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u304c\u4f3c\u305f\u4f01\u696d\u7fa4\u3092\u57fa\u6e96\u306b\u3067\u304d\u3001\u696d\u7a2e\u30d9\u30fc\u30b9\u306e\u5236\u7d04\u3092\u88dc\u3046<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u6b20\u70b9\uff1a\u30e2\u30c7\u30eb\u306e\u8aa4\u8a2d\u5b9a\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u9577\u671f\u7684\u306a\u4e0d\u632f\u3084\u5faa\u74b0\u6027<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765\u306e\u5024\u306b\u57fa\u3065\u304f\u500d\u7387<\/h3>\n<p><strong>\u73fe\u5728\u306e\u500d\u7387<\/strong>\u306f\u76f4\u8fd1\u306e\u5229\u76ca\u306a\u3069\u3092\u4f7f\u3046\u305f\u3081\u3001\u975e\u7d4c\u5e38\u9805\u76ee\u3084\u4f1a\u8a08\u65b9\u91dd\u3001\u666f\u6c17\u5faa\u74b0\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<strong>\u904e\u53bb\u306e\u500d\u7387<\/strong>\u306f\u81ea\u793e\u306e\u63a8\u79fb\u3084\u540c\u696d\u306e\u904e\u53bb\u5e73\u5747\u3068\u306e\u6bd4\u8f03\u3067\u30c8\u30ec\u30f3\u30c9\u3092\u628a\u63e1\u3057\u3001<strong>\u5c06\u6765\u306e\u4e88\u60f3\u5024\u306b\u57fa\u3065\u304f\u500d\u7387<\/strong>\u306f\u4e88\u60f3P\/E\u306a\u3069\u3067\u6bd4\u8f03\u3059\u308b\u3068\u3068\u3082\u306b\u3001\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a\u306b\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u81ea\u4f53\u304c\u9069\u6b63\u306b\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u3068\u306f\u9650\u3089\u306a\u3044\uff08\u696d\u754c\u3084\u5e02\u5834\u5168\u4f53\u304c\u5272\u9ad8\u306a\u53ef\u80fd\u6027\uff09<\/li>\n<li>\u76f8\u5bfe\u8a55\u4fa1\u306f\u73fe\u5728\u4fa1\u5024\u30e2\u30c7\u30eb\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u4f7f\u3046\u306e\u304c\u671b\u307e\u3057\u3044<\/li>\n<li>\u904e\u53bb\u306e\u500d\u7387\u306e2\u3064\u306e\u4f7f\u3044\u65b9\uff1a\u81ea\u793e\u306e\u904e\u53bb\u3068\u306e\u6bd4\u8f03\u3001\u540c\u696d\u4ed6\u793e\u306e\u904e\u53bb\u5e73\u5747\u3068\u306e\u6bd4\u8f03<\/li>\n<li>\u5c06\u6765\u306e\u500d\u7387\uff1a\u4e88\u60f3\u5229\u76ca\u3092\u5206\u6bcd\u306b\u4f7f\u3044\u3001\u8db3\u5143\u304c\u8d64\u5b57\u3067\u3082\u610f\u5473\u306e\u3042\u308b\u500d\u7387\u304c\u5f97\u3089\u308c\u308b\u5834\u5408\u304c\u3042\u308b<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff1d\u4e88\u60f3\u3055\u308c\u308b\u5c06\u6765\u306e\u500d\u7387 \u00d7 \u5c06\u6765\u306e\u6307\u6a19<\/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\/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-lm6\/\">LM6 Discounted Cash Flow (DCF) and Growth Models\uff08DCF\u3068\u6210\u9577\u30e2\u30c7\u30eb\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm8\/\">LM8 Financial Statement Forecasting in Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\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 LM7\u300cRelative Value Equity Valuation 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