{"id":11280,"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-lm8\/"},"modified":"2026-09-22T07:13:39","modified_gmt":"2026-09-21T22:13:39","slug":"cfa-l1-equity-lm8","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm8\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM8\u3011Financial Statement Forecasting in Equity Valuation \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u5206\u89e3\u578b\u8a55\u4fa1\u30e2\u30c7\u30eb\u30fb\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u30fb\u8ca1\u52d9\u56f0\u96e3\u30fb\u30b7\u30ca\u30ea\u30aa\u5206\u6790"},"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 8\u300cFinancial Statement Forecasting in Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u306e\u305f\u3081\u306e\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\uff09\u300d\u306f\u3001\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u30e2\u30c7\u30eb\uff08\u5206\u89e3\u578b\u8a55\u4fa1\u30e2\u30c7\u30eb\uff09\u306e\u610f\u7fa9\u30fb\u69cb\u7bc9\u65b9\u6cd5\u30fb\u7528\u9014\u3001\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u6bb5\u968e\u3084\u682a\u4e3b\u306b\u3088\u308b\u652f\u914d\u306a\u3069\u4f01\u696d\u306e\u7279\u6027\u306b\u5fdc\u3058\u305f\u30e2\u30c7\u30eb\u69cb\u7bc9\u3001\u305d\u3057\u3066\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u51fa\u529b\u306b\u57fa\u3065\u304f\u682a\u5f0f\u4fa1\u5024\u306e\u63a8\u5b9a\u3068\u89e3\u91c8\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>LM8\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\u3002LM8\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u8ad6\u62e0\u3001\u69cb\u7bc9\u3001\u7528\u9014\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the rationale, construction, and uses of financial statement forecast models in equity valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u306b\u57fa\u3065\u3044\u3066\u682a\u5f0f\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u69cb\u7bc9\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the construction of an equity valuation model based on characteristics of the subject company<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u51fa\u529b\u306b\u57fa\u3065\u3044\u3066\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">estimate and interpret the value of an equity security based on the outputs of a financial statement forecast model<\/span><\/li>\n<\/ol>\n<h2>LM8\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>\u5206\u89e3\u578b\u8a55\u4fa1\u30e2\u30c7\u30eb\u3067\u306f\u3001\u58f2\u4e0a\u9ad8\u30fb\u53ce\u76ca\u6027\u30fb\u6295\u8cc7\u30fb\u8cc7\u91d1\u8abf\u9054\u306e\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u3054\u3068\u306e\u524d\u63d0\u3092\u901a\u3058\u3066\u3001\u8a55\u4fa1\u306e\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u4f1d\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/li>\n<li>\u58f2\u4e0a\u9ad8\u30fb\u8cbb\u7528\u30fb\u8cc7\u7523\u306e\u5206\u89e3\u578b\u30e2\u30c7\u30eb\u306f\u904e\u53bb\u306e\u60c5\u5831\u306b\u4f9d\u62e0\u3059\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u306e\u4f5c\u6210\u306b\u306f\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u3068\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308b<\/li>\n<li>\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u5206\u89e3\u306e\u7a0b\u5ea6\u306f\u4f01\u696d\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u3068\u3068\u3082\u306b\u5909\u308f\u308a\u3001\u6bb5\u968e\u306b\u5fdc\u3058\u3066\u7570\u306a\u308b\u4e88\u6e2c\u6307\u6a19\u3067\u8a55\u4fa1\u3055\u308c\u308b<\/li>\n<li>\u5c06\u6765\u306e\u8ca1\u52d9\u56f0\u96e3\u306e\u53ef\u80fd\u6027\u306f\u3001\u7d99\u7d9a\u4f01\u696d\u3068\u3057\u3066\u306e\u8a55\u4fa1\u3068\u7834\u7523\u30fb\u6e05\u7b97\u6642\u306e\u8a55\u4fa1\u306e\u78ba\u7387\u52a0\u91cd\u5e73\u5747\u3067\u53cd\u6620\u3067\u304d\u308b<\/li>\n<li>\u57fa\u672c\u7684\u306a\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u2460\u904e\u53bb\u306e\u8ca1\u52d9\u8af8\u8868\u306e\u53ce\u96c6\u3001\u2461\u5c06\u6765\u306e\u8ca1\u52d9\u8af8\u8868\u306e\u4e88\u6e2c\u3001\u2462\u4e88\u6e2c\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7b97\u51fa\u3001\u2463\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u63a8\u5b9a\u3001\u2464\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306e\u7b97\u5b9a\u3001\u306e5\u6bb5\u968e<\/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\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u610f\u7fa9\u3068\u69cb\u7bc9<\/h3>\n<p><strong>\u5206\u89e3\u578b\u8a55\u4fa1\u30e2\u30c7\u30eb\uff08disaggregated model\uff09<\/strong>\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5168\u4f53\u306e\u6210\u9577\u7387\u3092\u76f4\u63a5\u4eee\u5b9a\u3059\u308b\u4ee3\u308f\u308a\u306b\u3001\u58f2\u4e0a\u9ad8\u30fb\u8cbb\u7528\u30fb\u8cc7\u7523\u30fb\u8cc7\u91d1\u8abf\u9054\u3092\u500b\u5225\u306b\u4e88\u6e2c\u3057\u3001\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5c0e\u304d\u307e\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u69cb\u6210\u8981\u7d20\u304c\u7570\u306a\u308b\u901f\u5ea6\u3067\u5909\u5316\u3059\u308b\u3068\u898b\u8fbc\u307e\u308c\u308b\u5834\u5408\u306b\u9069\u3057\u3066\u304a\u308a\u3001\u8a55\u4fa1\u306e\u524d\u63d0\u3068\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u660e\u78ba\u306b\u4f1d\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>4\u3064\u306e\u4e88\u6e2c\u9818\u57df\uff1a\u58f2\u4e0a\u9ad8\u3001\u8cbb\u7528\uff08\u5229\u76ca\u7387\uff09\u3001\u8cc7\u7523\u306e\u6210\u9577\u3068\u52b9\u7387\u3001\u8cc7\u91d1\u8abf\u9054<\/li>\n<li>\u58f2\u4e0a\u9ad8\u30e2\u30c7\u30eb\uff1a\u904e\u53bb\u5b9f\u7e3e\u30d9\u30fc\u30b9\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff08\u6570\u91cf\u30fb\u4fa1\u683c\u30fb\u30bb\u30b0\u30e1\u30f3\u30c8\u306a\u3069\uff09\u3001\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff08\u5e02\u5834\u898f\u6a21 \u00d7 \u30b7\u30a7\u30a2\uff09<\/li>\n<li>NOPAT \uff1d\uff08\u58f2\u4e0a\u9ad8 \u2212 \u58f2\u4e0a\u539f\u4fa1 \u2212 \u8ca9\u7ba1\u8cbb \u2212 \u6e1b\u4fa1\u511f\u5374\u8cbb\uff09\u00d7\uff081 \u2212 t\uff09<\/li>\n<li>\u7d14\u6295\u8cc7\uff1d\u0394\u904b\u8ee2\u8cc7\u672c\uff0b\u0394\u7d14\u9577\u671f\u8cc7\u7523\u3001FCFF\uff1dNOPAT \u2212 \u7d14\u6295\u8cc7<\/li>\n<li>\u8cc7\u91d1\u8abf\u9054\u30e2\u30c7\u30eb\uff1a\u8cc7\u91d1\u9700\u8981\u3092\u8ca0\u50b5\u30fb\u682a\u5f0f\u30fb\u73fe\u91d1\u306e\u3069\u308c\u3067\u8cc4\u3046\u304b\u304cFCFE\u306b\u5f71\u97ff<\/li>\n<li>\u7528\u9014\uff1a\u65b0\u60c5\u5831\u306b\u5fdc\u3058\u305f\u4fa1\u5024\u306e\u66f4\u65b0\u3001what-if\u5206\u6790\u3001\u5b9a\u671f\u7684\u306a\u958b\u793a\u306e\u5909\u5316\u3068\u682a\u4fa1\u306e\u6bd4\u8f03<\/li>\n<\/ul>\n<div class=\"cfalm-f\">FCFF \uff1d NOPAT \u2212 \u7d14\u6295\u8cc7\uff08NOPAT \uff1d\uff08\u58f2\u4e0a\u9ad8 \u2212 \u58f2\u4e0a\u539f\u4fa1 \u2212 \u8ca9\u7ba1\u8cbb \u2212 \u6e1b\u4fa1\u511f\u5374\u8cbb\uff09\u00d7\uff081 \u2212 t\uff09\uff09<\/div>\n<h3>LOS 2\uff1a\u4f01\u696d\u7279\u6027\u306b\u5fdc\u3058\u305f\u30e2\u30c7\u30eb\u69cb\u7bc9<\/h3>\n<p>\u4e88\u6e2c\u306e\u5206\u89e3\u306e\u7a0b\u5ea6\u3084\u91cd\u8996\u3059\u308b\u6307\u6a19\u306f<strong>\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u6bb5\u968e<\/strong>\u306b\u3088\u3063\u3066\u5909\u308f\u308a\u307e\u3059\u3002\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u5c06\u6765\u306e\u58f2\u4e0a\u9ad8\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3001\u6210\u9577\u4f01\u696d\u306f\u58f2\u4e0a\u9ad8\u3068\u5229\u76ca\u306e\u8a73\u7d30\u306a\u4e88\u6e2c\u3001\u8870\u9000\u4f01\u696d\u306f\u8ca1\u52d9\u56f0\u96e3\u306e\u53ef\u80fd\u6027\u3092\u91cd\u8996\u3057\u3001<strong>\u652f\u914d\u6a29\u3092\u6301\u3064\u6295\u8cc7\u5bb6<\/strong>\u306e\u767b\u5834\u3082\u4e88\u6e2c\u306b\u53cd\u6620\u3055\u305b\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\uff1a\u8db3\u5143\u306eCF\u4e88\u6e2c\u306f\u884c\u308f\u305a\u3001\u5c06\u6765\u58f2\u4e0a\u9ad8 \u00d7 P\/S\u306b\u3088\u308b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3092\u76ee\u6a19ROI\uff08\u6295\u8cc7\u500d\u7387\uff09\u3067\u5272\u308a\u5f15\u304f<\/li>\n<li>\u30d7\u30ec\u30de\u30cd\u30fc\u8a55\u4fa1\uff1d\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1 \u2212 \u65b0\u898f\u51fa\u8cc7\u984d\u3001\u6301\u5206\u6bd4\u7387\uff1d\u65b0\u898f\u51fa\u8cc7\u984d \u00f7 \u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1<\/li>\n<li>\u6210\u9577\u6bb5\u968e\uff1a\u58f2\u4e0a\u9ad8\u3068\u5229\u76ca\u7387\u306e\u8a73\u7d30\u306a\u4e88\u6e2c\u3001\u5229\u76ca\u30d9\u30fc\u30b9\u306e\u500d\u7387\u3067\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/li>\n<li>\u8870\u9000\u4f01\u696d\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8abf\u6574\u3001\u5272\u5f15\u7387\u306e\u63a8\u5b9a\u306e\u96e3\u3057\u3055\u3001\u7d99\u7d9a\u4f01\u696d\u306e\u524d\u63d0\u3068\u30d4\u30a2\u306e\u500d\u7387\u306b\u3088\u308b\u6b6a\u307f<\/li>\n<li>\u8ca1\u52d9\u56f0\u96e3\u306e\u53cd\u6620\uff1a\u4fa1\u5024\uff1d\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024 \u00d7\uff081 \u2212 \u56f0\u96e3\u78ba\u7387\uff09\uff0b \u56f0\u96e3\u6642\u306e\u58f2\u5374\u4fa1\u5024 \u00d7 \u56f0\u96e3\u78ba\u7387<\/li>\n<li>\u6226\u7565\u7684\u6295\u8cc7\u5bb6\u30fb\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\uff1a\u63d0\u6848\u3055\u308c\u305f\u4e8b\u696d\u30fb\u6295\u8cc7\u30fb\u8ca1\u52d9\u306e\u5909\u66f4\u3092\u30b7\u30ca\u30ea\u30aa\u3068\u3057\u3066\u4e88\u6e2c\u306b\u53cd\u6620<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u672c\u6e90\u7684\u4fa1\u5024 \uff1d \u7d99\u7d9a\u4f01\u696d\u4fa1\u5024 \u00d7\uff081 \u2212 \u56f0\u96e3\u78ba\u7387\uff09\uff0b \u56f0\u96e3\u6642\u306e\u58f2\u5374\u4fa1\u5024 \u00d7 \u56f0\u96e3\u78ba\u7387<\/div>\n<h3>LOS 3\uff1a\u4e88\u6e2c\u30e2\u30c7\u30eb\u306e\u51fa\u529b\u306b\u3088\u308b\u4fa1\u5024\u63a8\u5b9a<\/h3>\n<p>\u4e88\u6e2c\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7b97\u51fa\u3057\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3092\u63a8\u5b9a\u3057\u3066\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u3053\u3068\u3067\u672c\u6e90\u7684\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002\u524d\u63d0\u3092\u5909\u3048\u305f\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u7d50\u679c\u3092\u6bd4\u3079\u308b\u3053\u3068\u3067\u3001\u4fa1\u5024\u306e\u5e45\u3068\u4e3b\u8981\u30c9\u30e9\u30a4\u30d0\u30fc\u3092\u89e3\u91c8\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>5\u6bb5\u968e\uff1a\u904e\u53bb\u306e\u8ca1\u52d9\u8af8\u8868\u306e\u53ce\u96c6 \u2192 \u8ca1\u52d9\u8af8\u8868\u306e\u4e88\u6e2c \u2192 FCF\u306e\u7b97\u51fa \u2192 \u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc \u2192 \u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff1a\u5b9a\u7387\u6210\u9577\u306e\u4eee\u5b9a\u3001\u307e\u305f\u306f\u30d4\u30a2\u306e\u500d\u7387\u3092\u4e88\u6e2c\u5024\u306b\u9069\u7528<\/li>\n<li>FCFF\u3092WACC\u3067\u5272\u308a\u5f15\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u3001\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u4e3b\u4fa1\u5024\u3092\u5f97\u308b<\/li>\n<li>\u30b7\u30ca\u30ea\u30aa\u5206\u6790\uff1a\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u30fb\u5229\u76ca\u7387\u30fb\u6295\u8cc7\u30fb\u8cc7\u91d1\u8abf\u9054\u306e\u524d\u63d0\u5909\u66f4\u306b\u3088\u308b\u4fa1\u5024\u306e\u5909\u5316<\/li>\n<li>\u30b7\u30ca\u30ea\u30aa\u306e\u7d50\u679c\u3092\u78ba\u7387\u3067\u52a0\u91cd\u3057\u30011\u3064\u306e\u63a8\u5b9a\u5024\u306b\u307e\u3068\u3081\u308b\u3053\u3068\u3082\u3067\u304d\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d \u03a3 FCFF\u209c \u00f7\uff081 \uff0b WACC\uff09\u1d57 \uff0b TV\u2099 \u00f7\uff081 \uff0b WACC\uff09\u207f<\/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-lm7\/\">LM7 Relative Value Equity Valuation Approaches\uff08\u76f8\u5bfe\u4fa1\u5024\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm9\/\">LM9 Industry and Competitive Analysis\uff08\u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\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 LM8\u300cFinancial Statement Forecasting in Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u306e\u305f\u3081\u306e\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\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":11281,"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-11280","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\/11280","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=11280"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11280\/revisions"}],"predecessor-version":[{"id":11282,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11280\/revisions\/11282"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11281"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}