{"id":10709,"date":"2026-09-19T23:56:40","date_gmt":"2026-09-19T14:56:40","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-cf-06\/"},"modified":"2026-09-20T00:19:05","modified_gmt":"2026-09-19T15:19:05","slug":"g2-cf-06","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-cf-06\/","title":{"rendered":"\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3068\u306f\uff1f\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u308b\u30dd\u30a4\u30f3\u30c8\uff5c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9"},"content":{"rendered":"<style>.cma-tbl{margin:1.2em 0 1.6em;overflow-x:auto;-webkit-overflow-scrolling:touch;border-radius:8px;box-shadow:0 1px 4px rgba(34,0,94,.12);}.cma-tbl 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kv\">\n<table>\n<tbody>\n<tr>\n<th>\u5206\u91ce<\/th>\n<td>2\u6b21 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u4f01\u696d\u5206\u6790\uff0f\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/td>\n<\/tr>\n<tr>\n<th>\u5927\u5206\u985e<\/th>\n<td>(4) \u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(FCF)\u306e\u4e88\u6e2c\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u65b9\u6cd5\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>FCF\u306e\u4e88\u6e2c\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3068\u306f<\/h2>\n<p>\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u305d\u306e\u4e8b\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059FCF\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3067\u3059\u3002\u3053\u3053\u3067\u3044\u3046FCF\u306f\u3001\u682a\u4e3b\u3060\u3051\u3067\u306a\u304f\u50b5\u6a29\u8005\u3082\u542b\u3081\u305f<strong>\u3059\u3079\u3066\u306e\u8cc7\u91d1\u63d0\u4f9b\u8005<\/strong>\u306b\u5e30\u5c5e\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\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\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u5272\u5f15\u7387\u306b\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f<strong>WACC<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<h3>FCF\u306e\u7d44\u307f\u7acb\u3066\u65b9<\/h3>\n<p>\u51fa\u767a\u70b9\u306f<strong>\u55b6\u696d\u5229\u76ca\uff08EBIT\uff09<\/strong>\u3067\u3059\u3002\u652f\u6255\u5229\u606f\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca\u3092\u4f7f\u3046\u306e\u306f\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\uff08\u8ca0\u50b5\u304b\u682a\u5f0f\u304b\uff09\u306e\u5f71\u97ff\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u5207\u308a\u96e2\u3059\u305f\u3081\u3067\u3059\u3002\u3053\u308c\u306b\u300c\u8ca0\u50b5\u304c\u306a\u3044\u3068\u3057\u305f\u5834\u5408\u306e\u7a0e\u91d1\u300d\u3092\u304b\u3051\u3066<strong>\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u306fWACC\u306e\u4e2d\u3067\u8003\u616e\u3059\u308b\u306e\u3067\u3001FCF\u306b\u306f\u542b\u3081\u307e\u305b\u3093\u3002<\/p>\n<p>\u6b21\u306b\u3001\u73fe\u91d1\u306e\u652f\u51fa\u3092\u4f34\u308f\u306a\u3044<strong>\u6e1b\u4fa1\u511f\u5374\u8cbb<\/strong>\u3092\u8db3\u3057\u623b\u3057\u3001\u5c06\u6765\u306e\u4e8b\u696d\u306e\u305f\u3081\u306b\u5fc5\u8981\u306a<strong>\u8a2d\u5099\u6295\u8cc7<\/strong>\u3068<strong>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0<\/strong>\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002\u6210\u9577\u3059\u308b\u4f01\u696d\u3067\u306f\u58f2\u4e0a\u306e\u5897\u52a0\u306b\u4f34\u3063\u3066\u58f2\u639b\u91d1\u3084\u5728\u5eab\u304c\u5897\u3048\u308b\u305f\u3081\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u304c\u73fe\u91d1\u306e\u6d41\u51fa\u306b\u306a\u308b\u70b9\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u4e88\u6e2c\u306e\u624b\u9806\u3068\u4e8b\u696d\u4fa1\u5024<\/h3>\n<p>\u4e00\u822c\u7684\u306b\u306f\u3001\u58f2\u4e0a\u9ad8\u306e\u4e88\u6e2c\u304b\u3089\u59cb\u3081\u3001\u5229\u76ca\u7387\u3001\u8a2d\u5099\u6295\u8cc7\u3068\u6e1b\u4fa1\u511f\u5374\u306e\u95a2\u4fc2\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u56de\u8ee2\u671f\u9593\u306a\u3069\u306e\u524d\u63d0\u3092\u7f6e\u3044\u3066\u30015\u301c10\u5e74\u7a0b\u5ea6\u306e\u4e88\u6e2c\u671f\u9593\u306eFCF\u3092\u898b\u7a4d\u3082\u308a\u307e\u3059\u3002\u4e88\u6e2c\u671f\u9593\u3088\u308a\u5148\u306f\u3001\u4e00\u5b9a\u306e\u6210\u9577\u304c\u7d9a\u304f\u3068\u4eee\u5b9a\u3057\u305f\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u7d99\u7d9a\u4fa1\u5024\uff09\u3067\u307e\u3068\u3081\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u3053\u3046\u3057\u3066\u6c42\u3081\u305f\u4e8b\u696d\u4fa1\u5024\u306b\u3001\u4e8b\u696d\u306b\u4f7f\u3063\u3066\u3044\u306a\u3044\u73fe\u9810\u91d1\u3084\u6295\u8cc7\u6709\u4fa1\u8a3c\u5238\u306a\u3069\u306e<strong>\u975e\u4e8b\u696d\u8cc7\u7523<\/strong>\u3092\u52a0\u3048\u308b\u3068\u4f01\u696d\u4fa1\u5024\u306b\u306a\u308a\u3001\u305d\u3053\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\u306a\u3069\u3092\u5dee\u3057\u5f15\u304f\u3068<strong>\u682a\u4e3b\u4fa1\u5024<\/strong>\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">FCF \uff1d EBIT \u00d7 (1 \u2212 t) \uff0b \u6e1b\u4fa1\u511f\u5374\u8cbb \u2212 \u8a2d\u5099\u6295\u8cc7 \u2212 \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0<small>EBIT\u00d7(1\u2212t)\u304c\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09<\/small><\/div>\n<div class=\"cma-formula\">\u4e8b\u696d\u4fa1\u5024 \uff1d \u03a3 FCF<sub>t<\/sub> \u00f7 (1 \uff0b WACC)<sup>t<\/sup> \uff0b TV<sub>n<\/sub> \u00f7 (1 \uff0b WACC)<sup>n<\/sup><small>t\uff1d1\u301cn\u304c\u4e88\u6e2c\u671f\u9593<\/small><\/div>\n<div class=\"cma-formula\">TV<sub>n<\/sub> \uff1d FCF<sub>n\uff0b1<\/sub> \u00f7 (WACC \u2212 g)<small>\u5b9a\u7387\u6210\u9577\u3092\u4eee\u5b9a\u3057\u305f\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff08WACC\uff1eg\u304c\u524d\u63d0\uff09<\/small><\/div>\n<div class=\"cma-tbl two\">\n<table>\n<thead>\n<tr>\n<th>\u8a18\u53f7<\/th>\n<th>\u610f\u5473<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EBIT<\/td>\n<td>\u55b6\u696d\u5229\u76ca\uff08\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u306e\u5229\u76ca\uff09<\/td>\n<\/tr>\n<tr>\n<td>t<\/td>\n<td>\u6cd5\u4eba\u7a0e\u7387\uff08\u5b9f\u52b9\u7a0e\u7387\uff09<\/td>\n<\/tr>\n<tr>\n<td>WACC<\/td>\n<td>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8<\/td>\n<\/tr>\n<tr>\n<td>TV<sub>n<\/sub><\/td>\n<td>\u4e88\u6e2c\u6700\u7d42\u5e74\u5ea6n\u6642\u70b9\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/td>\n<\/tr>\n<tr>\n<td>g<\/td>\n<td>\u4e88\u6e2c\u671f\u9593\u5f8c\u306e\u6c38\u4e45\u6210\u9577\u7387<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<h3>\u30b9\u30c6\u30c3\u30d71\uff1a1\u5e74\u76ee\u306eFCF<\/h3>\n<p>\u55b6\u696d\u5229\u76ca200\u3001\u7a0e\u738730\uff05\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb50\u3001\u8a2d\u5099\u6295\u8cc770\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a020\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>NOPAT\uff1a200 \u00d7 (1 \u2212 0.3) \uff1d 140<\/li>\n<li>FCF\uff1a140 \uff0b 50 \u2212 70 \u2212 20 \uff1d <strong>100<\/strong><\/li>\n<\/ol>\n<h3>\u30b9\u30c6\u30c3\u30d72\uff1a\u4e8b\u696d\u4fa1\u5024<\/h3>\n<p>FCF\u304c1\u5e74\u76ee100\u30012\u5e74\u76ee105\u30013\u5e74\u76ee110\u30014\u5e74\u76ee\u4ee5\u964d\u306f2\uff05\u3067\u6210\u9577\u3057\u3001WACC\u306f7\uff05\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u4e88\u6e2c\u671f\u9593\u306eFCF\u306e\u73fe\u5728\u4fa1\u5024\uff1a100 \u00f7 1.07 \uff0b 105 \u00f7 1.07<sup>2<\/sup> \uff0b 110 \u00f7 1.07<sup>3<\/sup> \u2252 93.46 \uff0b 91.71 \uff0b 89.79 \u2252 274.96<\/li>\n<li>3\u5e74\u76ee\u672b\u306eTV\uff1a110 \u00d7 1.02 \u00f7 (0.07 \u2212 0.02) \uff1d 2,244<\/li>\n<li>TV\u306e\u73fe\u5728\u4fa1\u5024\uff1a2,244 \u00f7 1.07<sup>3<\/sup> \u2252 1,831.77<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\uff1a274.96 \uff0b 1,831.77 \u2252 <strong>2,106.73<\/strong><\/li>\n<\/ol>\n<p>\u4e8b\u696d\u4fa1\u5024\u306e\u7d0487\uff05\u3092\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u304c\u5360\u3081\u3066\u304a\u308a\u3001\u9577\u671f\u306e\u524d\u63d0\u304c\u8a55\u4fa1\u7d50\u679c\u3092\u5927\u304d\u304f\u5de6\u53f3\u3059\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<div class=\"cma-exam\">\n<p class=\"cma-exam-title\">\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8<\/p>\n<ul>\n<li>FCF\u306e\u8a08\u7b97\u5f0f\uff08<strong>NOPAT\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u2212\u8a2d\u5099\u6295\u8cc7\u2212\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0<\/strong>\uff09\u3068\u3001\u5404\u9805\u76ee\u306e\u7b26\u53f7\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u7a0e\u91d1\u306f<strong>EBIT\u306b\u5bfe\u3057\u3066<\/strong>\u8a08\u7b97\u3057\u3001\u652f\u6255\u5229\u606f\u3084\u7bc0\u7a0e\u52b9\u679c\u306fFCF\u306b\u5165\u308c\u306a\u3044\uff08WACC\u3067\u8003\u616e\u3059\u308b\uff09\u70b9\u304c\u3072\u3063\u304b\u3051\u306b\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u306f\u300c\u6b8b\u9ad8\u300d\u3067\u306f\u306a\u304f<strong>\u5897\u52a0\u984d<\/strong>\u3092\u5dee\u3057\u5f15\u304f\u70b9\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\u2192\u4f01\u696d\u4fa1\u5024\uff08\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u7b97\uff09\u2192\u682a\u4e3b\u4fa1\u5024\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u63a7\u9664\uff09\u3068\u3044\u3046<strong>\u6d41\u308c<\/strong>\u3092\u62bc\u3055\u3048\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u8a18\u8ff0\u5f0f\u3067\u306f\u3001\u4e88\u6e2c\u8868\u3092\u4e0e\u3048\u3089\u308c\u3066FCF\u3068\u4e8b\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3055\u305b\u3001<strong>\u8a08\u7b97\u904e\u7a0b<\/strong>\u3092\u793a\u3055\u305b\u308b\u5f62\u3084\u3001TV\u306e\u6bd4\u91cd\u304c\u5927\u304d\u3044\u3053\u3068\u306e\u554f\u984c\u70b9\u3092\u8aac\u660e\u3055\u305b\u308b\u5f62\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>FCF\u306f\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u4e21\u65b9\u306b\u5206\u914d\u53ef\u80fd\u306a\u73fe\u91d1\u3067\u3001WACC\u3067\u5272\u308a\u5f15\u304f<\/li>\n<li>FCF\uff1dEBIT\u00d7(1\u2212t)\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u2212\u8a2d\u5099\u6295\u8cc7\u2212\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\uff1d\u4e88\u6e2c\u671f\u9593\u306eFCF\u306e\u73fe\u5728\u4fa1\u5024\uff0bTV\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u3048\u3066\u4f01\u696d\u4fa1\u5024\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5f15\u3044\u3066\u682a\u4e3b\u4fa1\u5024<\/li>\n<\/ul>\n<div class=\"cma-link-box\">\n<p class=\"cma-link-box-title\">\u25b6 \u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/cma2-corporate-finance\/\">\u3010\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u3011\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3067\u5b66\u3076\u5185\u5bb9\u306e\u4e00\u89a7\u306b\u623b\u308b<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-33\/\">DCF\u6cd5<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-34\/\">\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-cf-07\/\">\u611f\u5fdc\u5ea6\u5206\u6790\u30fb\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/a><\/p>\n<\/div>\n<p>\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u30a2\u30ab\u30c7\u30df\u30fc\u306eYouTube\uff08<a href=\"https:\/\/www.youtube.com\/@cma-fa-academy\" target=\"_blank\" rel=\"noopener\">@cma-fa-academy<\/a>\uff09\u3067\u306f\u3001\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306b\u6cbf\u3063\u3066\u8ad6\u70b9\u30921\u3064\u305a\u3064\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><a href=\"https:\/\/utage-system.com\/page\/98Nqc5o0yBvT\" target=\"_blank\" rel=\"noopener\">\u25b6 \u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30fc\u306b\u53c2\u52a0\u3059\u308b<\/a><\/p>\n<p 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