{"id":42,"date":"2026-09-20T17:42:50","date_gmt":"2026-09-20T08:42:50","guid":{"rendered":"https:\/\/triumphmind.com\/gaimu\/?p=42"},"modified":"2026-09-24T05:05:12","modified_gmt":"2026-09-23T20:05:12","slug":"kabushiki-keisan","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/gaimu\/2026\/09\/20\/kabushiki-keisan\/","title":{"rendered":"\u682a\u5f0f\u696d\u52d9\u2462\u8a3c\u5238\u6295\u8cc7\u8a08\u7b97(PER\u30fbPBR\u30fbROE\u30fb\u53d7\u6e21\u91d1\u984d)|\u5916\u52d9\u54e1\u8a66\u9a13\u306e\u8981\u70b9"},"content":{"rendered":"<p><!-- \u682a\u5f0f\u696d\u52d9\u2462\u8a3c\u5238\u6295\u8cc7\u8a08\u7b97(PER\u30fbPBR\u30fbROE\u30fb\u53d7\u6e21\u91d1\u984d) \/ slug: kabushiki-keisan \/ \u4e00\u6b21\u8cc7\u6599\u78ba\u8a8d\u65e5: 2026-09-20(\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u300c\u58f2\u8cb7\u306e\u7a2e\u985e\u300d\u300c\u59d4\u8a17\u4fdd\u8a3c\u91d1\u300d\u300c\u59d4\u8a17\u4fdd\u8a3c\u91d1\u7dad\u6301\u7387\u300d\u300c\u4ee3\u7528\u6709\u4fa1\u8a3c\u5238\u300d(\u7528\u8a9e\u96c6)\u3001\u540d\u53e4\u5c4b\u8a3c\u5238\u53d6\u5f15\u6240\u300c\u53d7\u8a17\u5951\u7d04\u6e96\u5247\u300d\u3002\u6307\u6a19\u306e\u516c\u5f0f\u306f\u4e00\u822c\u7684\u306a\u5b9a\u7fa9\u306b\u3082\u3068\u3065\u304d\u81ea\u4f5c\u306e\u6570\u5024\u4f8b\u3067\u89e3\u8aac) --><\/p>\n<style>.gm-art .gm-lead{background:#f1f7f3;border-left:6px solid #1B5E3F;padding:16px 18px;margin:0 0 24px;border-radius:4px}.gm-art .gm-lead p{margin:0 0 6px}.gm-art .gm-lead ul{margin:6px 0 0;padding-left:1.2em}.gm-art .gm-badge1{display:inline-block;background:#FFC845;color:#3a2e00;font-size:12px;font-weight:700;padding:1px 8px;border-radius:10px;margin-left:4px;vertical-align:middle;white-space:nowrap}.gm-art table.gm-tbl{width:100%;border-collapse:collapse;margin:12px 0 24px;font-size:15px}.gm-art table.gm-tbl th,.gm-art table.gm-tbl td{border:1px solid #d3e3d8;padding:10px 12px;vertical-align:top;text-align:left}.gm-art table.gm-tbl thead th{background:#1B5E3F;color:#fff;font-weight:700}.gm-art table.gm-tbl tbody th{background:#e8f2eb;font-weight:700;white-space:nowrap}.gm-art .gm-qa{border:1px solid #d3e3d8;border-radius:6px;padding:14px 16px;margin:0 0 14px}.gm-art .gm-qa p{margin:0 0 6px}.gm-art .gm-qa .gm-q{font-weight:700;color:#1B5E3F}.gm-art .gm-ox{background:#fffaf0;border:1px solid #ffe3a3;border-radius:6px;padding:12px 16px;margin:0 0 12px}.gm-art .gm-ox p{margin:0 0 4px}.gm-art .gm-calc{background:#f4f8ff;border:1px solid #cfe0f5;border-radius:6px;padding:12px 16px;margin:0 0 16px}.gm-art .gm-calc p{margin:0 0 6px}.gm-art .gm-next{background:#f7f7f7;border-radius:6px;padding:16px 18px;margin:8px 0 24px}.gm-art .gm-src{font-size:13px;color:#555}.gm-art .gm-lead p,.gm-art .gm-ox p,.gm-art .gm-qa p,.gm-art .gm-next p,.gm-art .gm-calc p{padding-bottom:0}.gm-art .gm-ox p:last-child,.gm-art .gm-qa p:last-child,.gm-art .gm-next p:last-child,.gm-art .gm-calc p:last-child{margin-bottom:0}.gm-art .gm-next p+p{margin-top:12px}.gm-art .gm-badge2{display:inline-block;background:#fff;color:#1B5E3F;border:1px solid #1B5E3F;font-size:12px;font-weight:700;padding:0 8px;border-radius:10px;margin-left:4px;vertical-align:middle;white-space:nowrap}.gm-art .gm-scope{border:2px solid #1B5E3F;border-radius:6px;padding:12px 16px;margin:0 0 24px;background:#fff}.gm-art .gm-scope p{margin:0 0 6px;padding-bottom:0}.gm-art .gm-scope p:last-child{margin-bottom:0}.gm-art .gm-scope-h{font-weight:700;color:#1B5E3F}.gm-art .gm-scope-k{display:inline-block;font-weight:700;margin:0 6px 4px 0}.gm-art .gm-chip{display:inline-block;font-size:13px;font-weight:700;padding:2px 10px;border-radius:12px;margin:0 16px 4px 0;white-space:nowrap}.gm-art .gm-chip-y{background:#1B5E3F;color:#fff}.gm-art .gm-chip-p{background:#fff;color:#1B5E3F;border:1px solid #1B5E3F}.gm-art .gm-chip-n{background:#eee;color:#777}.gm-art .gm-scope-note{font-size:12px;color:#555;margin:0 16px 4px -12px}.gm-art .gm-scope-vol{display:inline-block;font-size:12px;color:#555;background:#f1f7f3;padding:2px 8px;border-radius:4px}@media (max-width:640px){.gm-art table.gm-tbl thead{display:none}.gm-art table.gm-tbl,.gm-art table.gm-tbl tbody,.gm-art table.gm-tbl tr,.gm-art table.gm-tbl th,.gm-art table.gm-tbl td{display:block;width:100%;box-sizing:border-box}.gm-art table.gm-tbl tr{margin:0 0 12px;border:1px solid #d3e3d8;border-radius:6px;overflow:hidden}.gm-art table.gm-tbl th,.gm-art table.gm-tbl td{border:none;border-top:1px solid #e1ede4}.gm-art table.gm-tbl tbody th{background:#1B5E3F;color:#fff;border-top:none;white-space:normal}.gm-art table.gm-tbl td[data-label]::before{content:attr(data-label);display:block;font-size:12px;font-weight:700;color:#1B5E3F;margin-bottom:2px}}\n.gm-art table.gm-tbl{table-layout:fixed}.gm-art table.gm-tbl th,.gm-art table.gm-tbl td{overflow-wrap:anywhere}.gm-art table.gm-tbl tbody th{white-space:normal}@media (max-width:640px){.gm-art table.gm-tbl colgroup{display:none}}\n<\/style>\n<div class=\"gm-art\">\n<div class=\"gm-lead\">\n<p><strong>\u7d50\u8ad6:\u8a3c\u5238\u6295\u8cc7\u8a08\u7b97\u306f\u300c\u5206\u5b50\u3068\u5206\u6bcd\u3092\u6b63\u3057\u304f\u899a\u3048\u308b\u300d\u3060\u3051\u3067\u53d6\u308c\u308b\u5206\u91ce\u3067\u3059\u3002\u516c\u5f0f\u306f10\u672c\u307b\u3069\u3001\u8a08\u7b97\u306f\u56db\u5247\u6f14\u7b97\u3060\u3051\u3067\u3059\u3002<\/strong><\/p>\n<ul>\n<li>\u682a\u4fa1\u306e\u5272\u5b89\u5ea6\u306f<strong>PER=\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u5229\u76ca<\/strong>\u3001<strong>PBR=\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523<\/strong>\u3002\u3069\u3061\u3089\u3082<strong>\u4f4e\u3044\u307b\u3069\u5272\u5b89<\/strong><\/li>\n<li>\u7a3c\u3050\u529b\u306f<strong>ROE=\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c<\/strong>\u3001<strong>ROA=\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u7dcf\u8cc7\u7523<\/strong>\u3002ROE=ROA\u00d7\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/li>\n<li><strong>\u682a\u5f0f\u76ca\u56de\u308a=1\u00f7PER<\/strong>\u3002<strong>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9=\u9577\u671f\u91d1\u5229\u2212\u682a\u5f0f\u76ca\u56de\u308a<\/strong><\/li>\n<li>\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306f<strong>(\u6a29\u5229\u4ed8\u682a\u4fa1+\u6255\u8fbc\u91d1\u984d\u00d7\u5272\u5f53\u7387)\u00f7(1+\u5272\u5f53\u7387)<\/strong><\/li>\n<li>\u53d7\u6e21\u91d1\u984d\u306f\u3001\u8cb7\u3044\u306a\u3089<strong>\u7d04\u5b9a\u4ee3\u91d1+\u624b\u6570\u6599+\u6d88\u8cbb\u7a0e<\/strong>\u3001\u58f2\u308a\u306a\u3089<strong>\u7d04\u5b9a\u4ee3\u91d1\u2212(\u624b\u6570\u6599+\u6d88\u8cbb\u7a0e)<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"gm-scope\">\n<p class=\"gm-scope-h\">\u4e00\u7a2e\u30fb\u4e8c\u7a2e\u306e\u51fa\u984c\u7bc4\u56f2<\/p>\n<p><span class=\"gm-scope-k\">\u4e00\u7a2e<\/span><span class=\"gm-chip gm-chip-y\">\u25ef \u51fa\u984c\u7bc4\u56f2<\/span><span class=\"gm-scope-k\">\u4e8c\u7a2e<\/span><span class=\"gm-chip gm-chip-y\">\u25ef \u51fa\u984c\u7bc4\u56f2<\/span><span class=\"gm-scope-vol\">\u5916\u52d9\u54e1\u5fc5\u643a \u7b2c2\u5dfb<\/span><\/p>\n<p>\u3053\u306e\u7ae0\u306f\u4e00\u7a2e\u30fb\u4e8c\u7a2e\u3067\u7bc4\u56f2\u304c\u540c\u3058\u3067\u3059\u3002\u6700\u5f8c\u306e\u300c\u59d4\u8a17\u4fdd\u8a3c\u91d1\u3068\u7dad\u6301\u7387\u306e\u8a08\u7b97\u300d\u306f\u4fe1\u7528\u53d6\u5f15\u306e\u57fa\u790e\u3068\u3057\u3066\u4e8c\u7a2e\u3067\u3082\u51fa\u984c\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-video\" style=\"margin:28px 0 32px;padding:16px;border:1px solid #d3e3d8;border-radius:8px;background:#f1f7f3\">\n<p style=\"margin:0 0 10px;padding-bottom:0;font-weight:700;color:#1B5E3F\">\u25b6 \u3053\u306e\u7ae0\u306e\u89e3\u8aac\u52d5\u753b<\/p>\n<div style=\"position:relative;width:100%;aspect-ratio:16\/9;background:#000;border-radius:6px;overflow:hidden\"><iframe src=\"https:\/\/www.youtube-nocookie.com\/embed\/RK0GKd6QgPs\" title=\"\u682a\u5f0f\u696d\u52d9\u2462\u8a3c\u5238\u6295\u8cc7\u8a08\u7b97(PER\u30fbPBR\u30fbROE\u30fb\u53d7\u6e21\u91d1\u984d)(\u89e3\u8aac\u52d5\u753b)\" loading=\"lazy\" style=\"position:absolute;inset:0;width:100%;height:100%;border:0\" allow=\"accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p style=\"margin:10px 0 0;padding-bottom:0;font-size:.9em\">\u52d5\u753b\u3067\u8981\u70b9\u3092\u78ba\u8a8d\u3057\u3066\u304b\u3089\u3001\u4e0b\u306e\u672c\u6587\u3067\u6570\u5b57\u3068\u3072\u3063\u304b\u3051\u3092\u62bc\u3055\u3048\u307e\u3057\u3087\u3046\u3002\u307b\u304b\u306e\u7ae0\u306e\u52d5\u753b\u306f YouTube\u300c<a href=\"https:\/\/www.youtube.com\/channel\/UC0a9-BlZk2QMZg-MZYLblNw\" target=\"_blank\" rel=\"noopener\">\u8a3c\u5238\u5916\u52d9\u54e1\u30a2\u30ab\u30c7\u30df\u30fc<\/a>\u300d\u306b\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div>\n<p>\u5916\u52d9\u54e1\u5fc5\u643a\u306e\u7ae0\u5225\u8a18\u4e8b\u306e\u4e00\u89a7\u306f<a href=\"https:\/\/triumphmind.com\/gaimu\/2026\/09\/20\/gaimuin-hikkei-matome\/\">\u5916\u52d9\u54e1\u5fc5\u643a\u306e\u7ae0\u5225\u307e\u3068\u3081<\/a>\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u516c\u5f0f\u4e00\u89a7(\u307e\u305a\u3053\u3053\u3092\u6697\u8a18)<\/h2>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:33.33%\">\n<col style=\"width:33.33%\">\n<col style=\"width:33.33%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u6307\u6a19<\/th>\n<th scope=\"col\">\u516c\u5f0f<\/th>\n<th scope=\"col\">\u8aad\u307f\u65b9<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u914d\u5f53\u5229\u56de\u308a<\/th>\n<td data-label=\"\u516c\u5f0f\">1\u682a\u5f53\u305f\u308a\u5e74\u9593\u914d\u5f53\u91d1\u00f7\u682a\u4fa1\u00d7100(%)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u9ad8\u3044\u307b\u3069\u682a\u4fa1\u306b\u5bfe\u3057\u3066\u914d\u5f53\u304c\u591a\u3044<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u914d\u5f53\u6027\u5411<\/th>\n<td data-label=\"\u516c\u5f0f\">1\u682a\u5f53\u305f\u308a\u914d\u5f53\u91d1\u00f71\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u00d7100(%)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u5229\u76ca\u306e\u3046\u3061\u914d\u5f53\u306b\u56de\u3057\u305f\u5272\u5408<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">EPS(1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">PER\u306e\u5206\u6bcd<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">PER(\u682a\u4fa1\u53ce\u76ca\u7387)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u682a\u4fa1\u00f7EPS(\u500d)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u4f4e\u3044\u307b\u3069\u5229\u76ca\u306b\u5bfe\u3057\u3066\u5272\u5b89<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">PCFR(\u682a\u4fa1\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u500d\u7387)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(\u500d)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc=\u5f53\u671f\u7d14\u5229\u76ca+\u6e1b\u4fa1\u511f\u5374\u8cbb<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">BPS(1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u7d14\u8cc7\u7523(\u81ea\u5df1\u8cc7\u672c)\u00f7\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">PBR\u306e\u5206\u6bcd<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">PBR(\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u682a\u4fa1\u00f7BPS(\u500d)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">1\u500d\u3092\u4e0b\u56de\u308b\u3068\u3001\u682a\u4fa1\u304c\u89e3\u6563\u4fa1\u5024\u3092\u4e0b\u56de\u308b<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">ROE(\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c\u00d7100(%)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u682a\u4e3b\u306e\u8cc7\u672c\u3067\u3069\u308c\u3060\u3051\u7a3c\u3044\u3060\u304b<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">ROA(\u7dcf\u8cc7\u7523\u5229\u76ca\u7387)<\/th>\n<td data-label=\"\u516c\u5f0f\">\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u7dcf\u8cc7\u7523\u00d7100(%)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u4f1a\u793e\u306e\u5168\u8cc7\u7523\u3067\u3069\u308c\u3060\u3051\u7a3c\u3044\u3060\u304b<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u682a\u5f0f\u76ca\u56de\u308a<\/th>\n<td data-label=\"\u516c\u5f0f\">EPS\u00f7\u682a\u4fa1\u00d7100(%)=1\u00f7PER<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">PER\u306e\u9006\u6570<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9<\/th>\n<td data-label=\"\u516c\u5f0f\">\u9577\u671f\u50b5\u5229\u56de\u308a\u2212\u682a\u5f0f\u76ca\u56de\u308a<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u5927\u304d\u3044\u307b\u3069\u682a\u5f0f\u304c\u5272\u9ad8(\u50b5\u5238\u304c\u6709\u5229)<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">EV\/EBITDA\u500d\u7387<\/th>\n<td data-label=\"\u516c\u5f0f\">EV\u00f7EBITDA(\u500d)<\/td>\n<td data-label=\"\u8aad\u307f\u65b9\">\u4f4e\u3044\u307b\u3069\u5272\u5b89\u3002\u8cb7\u53ce\u4fa1\u683c\u306e\u76ee\u5b89\u306b\u3082\u4f7f\u3046<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>PER\u30fbPBR\u30fbPCFR\u306f\u300c\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u306e\u4f55\u304b\u300d\u3001ROE\u30fbROA\u306f\u300c\u5229\u76ca\u00f7\u8cc7\u672c\u30fb\u8cc7\u7523\u300d\u3067\u3059\u3002<strong>\u300c\u500d\u300d\u3067\u8868\u3059\u3082\u306e\u306f\u682a\u4fa1\u304c\u5206\u5b50<\/strong>\u3001<strong>\u300c%\u300d\u3067\u8868\u3059\u3082\u306e\u306f\u5229\u76ca\u304c\u5206\u5b50<\/strong>\u3068\u899a\u3048\u308b\u3068\u6df7\u4e71\u3057\u307e\u305b\u3093\u3002\u4f01\u696d\u5206\u6790\u306e\u7ae0\u3067\u3082\u540c\u3058\u6307\u6a19\u304c\u51fa\u3066\u304f\u308b\u306e\u3067\u3001\u8ca1\u52d9\u8af8\u8868\u5074\u304b\u3089\u306e\u898b\u65b9\u306f<a href=\"https:\/\/triumphmind.com\/gaimu\/2026\/09\/20\/kigyo-bunseki\/\">\u4f01\u696d\u5206\u6790(\u53ce\u76ca\u6027\u30fb\u5b89\u5168\u6027\u30fb\u640d\u76ca\u5206\u5c90\u70b9\u30fb\u6210\u9577\u6027)<\/a>\u3067\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h2>\u914d\u5f53\u5229\u56de\u308a\u3068\u6a29\u5229\u843d<\/h2>\n<h3>\u914d\u5f53\u5229\u56de\u308a\u3068\u914d\u5f53\u6027\u5411<\/h3>\n<p>\u3069\u3061\u3089\u3082\u914d\u5f53\u306e\u591a\u3055\u3092\u898b\u308b\u6307\u6a19\u3067\u3059\u304c\u3001\u898b\u3066\u3044\u308b\u89d2\u5ea6\u304c\u9055\u3044\u307e\u3059\u3002\u914d\u5f53\u5229\u56de\u308a\u306f\u300c\u682a\u4fa1\u306b\u5bfe\u3057\u30661\u5e74\u9593\u306b\u3044\u304f\u3089\u914d\u5f53\u304c\u3042\u308b\u304b\u300d\u3001\u914d\u5f53\u6027\u5411\u306f\u300c\u5229\u76ca\u306e\u3046\u3061\u4f55%\u3092\u914d\u5f53\u306b\u56de\u3057\u305f\u304b\u300d\u3067\u3059\u3002\u5206\u6bcd\u304c<strong>\u682a\u4fa1<\/strong>\u304b<strong>\u5229\u76ca<\/strong>\u304b\u3092\u53d6\u308a\u9055\u3048\u306a\u3044\u3088\u3046\u306b\u3057\u307e\u3059\u3002<\/p>\n<h3>\u6a29\u5229\u4ed8\u6700\u7d42\u65e5\u3068\u6a29\u5229\u843d\u65e5<\/h3>\n<p>\u914d\u5f53\u3084\u682a\u4e3b\u5272\u5f53\u306e\u6a29\u5229\u3092\u5f97\u308b\u306b\u306f\u3001\u4f1a\u793e\u304c\u5b9a\u3081\u308b<strong>\u6a29\u5229\u78ba\u5b9a\u65e5(\u57fa\u6e96\u65e5)<\/strong>\u306b\u682a\u4e3b\u540d\u7c3f\u306b\u8f09\u3063\u3066\u3044\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u666e\u901a\u53d6\u5f15\u306e\u53d7\u6e21\u3057\u306fT+2\u306a\u306e\u3067\u3001\u6a29\u5229\u78ba\u5b9a\u65e5\u306e<strong>2\u55b6\u696d\u65e5\u524d<\/strong>\u307e\u3067\u306b\u8cb7\u3048\u3070\u6a29\u5229\u3092\u5f97\u3089\u308c\u307e\u3059\u3002\u3053\u306e\u65e5\u304c<strong>\u6a29\u5229\u4ed8\u6700\u7d42\u65e5<\/strong>\u3001\u305d\u306e\u7fcc\u55b6\u696d\u65e5\u304c<strong>\u6a29\u5229\u843d\u65e5<\/strong>\u3067\u3059\u3002<\/p>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:20%\">\n<col style=\"width:40%\">\n<col style=\"width:40%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u65e5<\/th>\n<th scope=\"col\">\u6a29\u5229\u78ba\u5b9a\u65e5\u3068\u306e\u95a2\u4fc2<\/th>\n<th scope=\"col\">\u4f8b(\u78ba\u5b9a\u65e5\u304c\u91d1\u66dc\u3067\u4f11\u65e5\u306a\u3057)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u6a29\u5229\u4ed8\u6700\u7d42\u65e5<\/th>\n<td data-label=\"\u6a29\u5229\u78ba\u5b9a\u65e5\u3068\u306e\u95a2\u4fc2\">\u6a29\u5229\u78ba\u5b9a\u65e5\u306e2\u55b6\u696d\u65e5\u524d<\/td>\n<td data-label=\"\u4f8b(\u78ba\u5b9a\u65e5\u304c\u91d1\u66dc\u3067\u4f11\u65e5\u306a\u3057)\">\u6c34\u66dc<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u6a29\u5229\u843d\u65e5<\/th>\n<td data-label=\"\u6a29\u5229\u78ba\u5b9a\u65e5\u3068\u306e\u95a2\u4fc2\">\u6a29\u5229\u78ba\u5b9a\u65e5\u306e\u524d\u55b6\u696d\u65e5<\/td>\n<td data-label=\"\u4f8b(\u78ba\u5b9a\u65e5\u304c\u91d1\u66dc\u3067\u4f11\u65e5\u306a\u3057)\">\u6728\u66dc<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u6a29\u5229\u78ba\u5b9a\u65e5<\/th>\n<td data-label=\"\u6a29\u5229\u78ba\u5b9a\u65e5\u3068\u306e\u95a2\u4fc2\">\u57fa\u6e96\u65e5<\/td>\n<td data-label=\"\u4f8b(\u78ba\u5b9a\u65e5\u304c\u91d1\u66dc\u3067\u4f11\u65e5\u306a\u3057)\">\u91d1\u66dc<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5<\/h3>\n<p>\u682a\u5f0f\u5206\u5272\u3084\u682a\u4e3b\u5272\u5f53\u5897\u8cc7\u304c\u3042\u308b\u3068\u3001\u6a29\u5229\u843d\u65e5\u306b\u682a\u4fa1\u306f\u7406\u8ad6\u4e0a\u305d\u306e\u5206\u3060\u3051\u4e0b\u304c\u308a\u307e\u3059\u3002<\/p>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:30%\">\n<col style=\"width:70%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u5834\u9762<\/th>\n<th scope=\"col\">\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306e\u5f0f<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u682a\u5f0f\u5206\u5272\u30fb\u7121\u511f\u5272\u5f53<\/th>\n<td data-label=\"\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306e\u5f0f\">\u6a29\u5229\u4ed8\u682a\u4fa1\u00f7(1+\u5272\u5f53\u7387)<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u6709\u511f\u306e\u682a\u4e3b\u5272\u5f53<\/th>\n<td data-label=\"\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306e\u5f0f\">(\u6a29\u5229\u4ed8\u682a\u4fa1+\u6255\u8fbc\u91d1\u984d\u00d7\u5272\u5f53\u7387)\u00f7(1+\u5272\u5f53\u7387)<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u6709\u511f\u3068\u7121\u511f\u306e\u540c\u6642\u5b9f\u65bd<\/th>\n<td data-label=\"\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306e\u5f0f\">(\u6a29\u5229\u4ed8\u682a\u4fa1+\u6255\u8fbc\u91d1\u984d\u00d7\u6709\u511f\u5272\u5f53\u7387)\u00f7(1+\u6709\u511f\u5272\u5f53\u7387+\u7121\u511f\u5272\u5f53\u7387)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"gm-calc\">\n<p><strong>\u4f8b\u984c1(\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5):<\/strong>\u6a29\u5229\u4ed8\u682a\u4fa1960\u5186\u306e\u9298\u67c4\u304c\u30011\u682a\u306b\u3064\u304d0.2\u682a\u3092\u6255\u8fbc\u91d1\u984d600\u5186\u3067\u682a\u4e3b\u5272\u5f53\u3059\u308b\u3002\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306f?<\/p>\n<p>\u2460 \u5206\u5b50=960\u5186+600\u5186\u00d70.2=960\u5186+120\u5186=1,080\u5186<\/p>\n<p>\u2461 \u5206\u6bcd=1+0.2=1.2<\/p>\n<p>\u2462 1,080\u5186\u00f71.2=900\u5186<\/p>\n<p><strong>\u7b54\u3048:900\u5186<\/strong>(\u540c\u3058\u6a29\u5229\u4ed8\u682a\u4fa1\u30671\u682a\u30921.2\u682a\u306b\u5206\u5272\u3059\u308b\u5834\u5408\u306f\u3001960\u5186\u00f71.2=800\u5186)<\/p>\n<\/div>\n<h2>PER\u30fbPCFR\u30fbPBR\u3068\u682a\u5f0f\u76ca\u56de\u308a<\/h2>\n<p>PER\u306f\u5229\u76ca\u3001PCFR\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001PBR\u306f\u7d14\u8cc7\u7523\u3092\u57fa\u6e96\u306b\u3001\u682a\u4fa1\u304c\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002PER\u304c\u696d\u754c\u5e73\u5747\u3088\u308a\u4f4e\u3051\u308c\u3070\u300c\u5229\u76ca\u306b\u6bd4\u3079\u3066\u5272\u5b89\u300d\u3068\u5224\u65ad\u3059\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002PBR\u304c1\u500d\u3092\u4e0b\u56de\u308b\u3068\u3001\u7406\u8ad6\u4e0a\u306f\u4f1a\u793e\u3092\u89e3\u6563\u3057\u3066\u7d14\u8cc7\u7523\u3092\u5206\u3051\u305f\u984d\u3088\u308a\u682a\u4fa1\u304c\u5b89\u3044\u72b6\u614b\u3067\u3059\u3002<\/p>\n<div class=\"gm-calc\">\n<p><strong>\u4f8b\u984c2(\u682a\u4fa1\u6307\u6a19\u306e\u4e00\u62ec\u8a08\u7b97):<\/strong>\u682a\u4fa12,400\u5186\u3001\u5f53\u671f\u7d14\u5229\u76ca80\u5104\u5186\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb40\u5104\u5186\u3001\u7d14\u8cc7\u7523800\u5104\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u65705,000\u4e07\u682a\u30011\u682a\u5f53\u305f\u308a\u5e74\u9593\u914d\u5f53\u91d160\u5186\u3002PER\u30fbPCFR\u30fbPBR\u30fb\u914d\u5f53\u5229\u56de\u308a\u30fb\u914d\u5f53\u6027\u5411\u30fb\u682a\u5f0f\u76ca\u56de\u308a\u306f?<\/p>\n<p>\u2460 EPS=80\u5104\u5186\u00f75,000\u4e07\u682a=160\u5186 \u2192 PER=2,400\u00f7160=<strong>15\u500d<\/strong><\/p>\n<p>\u2461 1\u682a\u5f53\u305f\u308aCF=(80\u5104\u5186+40\u5104\u5186)\u00f75,000\u4e07\u682a=240\u5186 \u2192 PCFR=2,400\u00f7240=<strong>10\u500d<\/strong><\/p>\n<p>\u2462 BPS=800\u5104\u5186\u00f75,000\u4e07\u682a=1,600\u5186 \u2192 PBR=2,400\u00f71,600=<strong>1.5\u500d<\/strong><\/p>\n<p>\u2463 \u914d\u5f53\u5229\u56de\u308a=60\u00f72,400\u00d7100=<strong>2.5%<\/strong><\/p>\n<p>\u2464 \u914d\u5f53\u6027\u5411=60\u00f7160\u00d7100=<strong>37.5%<\/strong><\/p>\n<p>\u2465 \u682a\u5f0f\u76ca\u56de\u308a=160\u00f72,400\u00d7100\u2252<strong>6.67%<\/strong>(=1\u00f715)<\/p>\n<p>\u2466 \u9577\u671f\u56fd\u50b5\u5229\u56de\u308a\u30922.0%\u3068\u3059\u308b\u3068\u3001\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9=2.0%\u22126.67%\u2252<strong>\u22124.67%<\/strong><\/p>\n<p><strong>\u7b54\u3048:PER15\u500d\u3001PCFR10\u500d\u3001PBR1.5\u500d\u3001\u914d\u5f53\u5229\u56de\u308a2.5%\u3001\u914d\u5f53\u6027\u541137.5%\u3001\u682a\u5f0f\u76ca\u56de\u308a\u7d046.67%\u3001\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u7d04\u22124.67%<\/strong>(\u9577\u671f\u91d1\u5229\u306a\u3069\u306e\u6570\u5024\u306f\u8aac\u660e\u7528\u306e\u4eee\u5b9a)<\/p>\n<\/div>\n<p>\u3053\u306e\u6570\u5024\u4f8b\u3067\u306f\u3001ROE=80\u5104\u5186\u00f7800\u5104\u5186=10%\u306b\u306a\u308a\u307e\u3059\u3002\u5b9f\u306f<strong>PBR=PER\u00d7ROE<\/strong>(1.5=15\u00d70.1)\u306e\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u9078\u629e\u80a2\u306e\u691c\u7b97\u306b\u4f7f\u3048\u307e\u3059\u3002<\/p>\n<h2>ROE\u30fbROA\u3068\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/h2>\n<p>ROE\u306f\u682a\u4e3b\u304c\u51fa\u3057\u305f\u8cc7\u672c(\u81ea\u5df1\u8cc7\u672c)\u306b\u5bfe\u3059\u308b\u5229\u76ca\u7387\u3001ROA\u306f\u4f1a\u793e\u304c\u4f7f\u3063\u3066\u3044\u308b\u5168\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u5229\u76ca\u7387\u3067\u3059\u3002\u4e21\u8005\u306f\u6b21\u306e\u5f0f\u3067\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>ROE=ROA\u00d7\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/strong>(\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8=\u7dcf\u8cc7\u7523\u00f7\u81ea\u5df1\u8cc7\u672c)<\/li>\n<li><strong>ROE=\u58f2\u4e0a\u9ad8\u5f53\u671f\u7d14\u5229\u76ca\u7387\u00d7\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u00d7\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/strong>(\u30c7\u30e5\u30dd\u30f3\u5206\u89e3)<\/li>\n<\/ul>\n<p>\u501f\u5165\u308c\u3092\u5897\u3084\u3057\u3066\u81ea\u5df1\u8cc7\u672c\u306e\u6bd4\u7387\u3092\u4e0b\u3052\u308b\u3068\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u4e0a\u304c\u3063\u3066ROE\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002ROE\u304c\u9ad8\u304f\u3066\u3082\u3001\u501f\u5165\u308c\u983c\u307f\u3067\u5b89\u5168\u6027\u304c\u4f4e\u3044\u5834\u5408\u304c\u3042\u308b\u306e\u3067\u3001ROA\u3084\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3068\u5408\u308f\u305b\u3066\u898b\u307e\u3059\u3002<\/p>\n<div class=\"gm-calc\">\n<p><strong>\u4f8b\u984c3(ROE\u306e\u5206\u89e3\u3068EV\/EBITDA):<\/strong>\u58f2\u4e0a\u9ad8600\u5104\u5186\u3001\u5f53\u671f\u7d14\u5229\u76ca30\u5104\u5186\u3001\u7dcf\u8cc7\u7523750\u5104\u5186\u3001\u81ea\u5df1\u8cc7\u672c250\u5104\u5186\u3002\u307e\u305f\u3001\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d800\u5104\u5186\u3001\u6709\u5229\u5b50\u8ca0\u50b5300\u5104\u5186\u3001\u73fe\u9810\u91d1100\u5104\u5186\u3001\u55b6\u696d\u5229\u76ca150\u5104\u5186\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb50\u5104\u5186\u3068\u3059\u308b\u3002ROA\u30fbROE(\u30c7\u30e5\u30dd\u30f3\u5206\u89e3)\u3068EV\/EBITDA\u500d\u7387\u306f?<\/p>\n<p>\u2460 ROA=30\u00f7750\u00d7100=<strong>4%<\/strong><\/p>\n<p>\u2461 ROE=30\u00f7250\u00d7100=<strong>12%<\/strong><\/p>\n<p>\u2462 \u58f2\u4e0a\u9ad8\u5f53\u671f\u7d14\u5229\u76ca\u7387=30\u00f7600=5%\u3001\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387=600\u00f7750=0.8\u56de\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8=750\u00f7250=3\u500d<\/p>\n<p>\u2463 \u691c\u7b97:5%\u00d70.8\u00d73=12%\u3001ROA4%\u00d73\u500d=12%<\/p>\n<p>\u2464 EV=800\u5104\u5186+300\u5104\u5186\u2212100\u5104\u5186=1,000\u5104\u5186\u3001EBITDA=150\u5104\u5186+50\u5104\u5186=200\u5104\u5186<\/p>\n<p>\u2465 EV\/EBITDA=1,000\u00f7200=<strong>5\u500d<\/strong><\/p>\n<p><strong>\u7b54\u3048:ROA4%\u3001ROE12%(=5%\u00d70.8\u56de\u00d73\u500d)\u3001EV\/EBITDA\u500d\u73875\u500d<\/strong><\/p>\n<\/div>\n<h2>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068EV\/EBITDA<\/h2>\n<h3>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9<\/h3>\n<p>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u9577\u671f\u50b5(10\u5e74\u56fd\u50b5\u306a\u3069)\u306e\u5229\u56de\u308a\u304b\u3089\u682a\u5f0f\u76ca\u56de\u308a\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002\u682a\u5f0f\u3068\u50b5\u5238\u306e\u3069\u3061\u3089\u304c\u5272\u5b89\u304b\u3092\u6bd4\u3079\u308b\u6307\u6a19\u3067\u3001<strong>\u5024\u304c\u5927\u304d\u3044\u307b\u3069\u682a\u5f0f\u304c\u5272\u9ad8<\/strong>(\u50b5\u5238\u304c\u6709\u5229)\u3001\u5c0f\u3055\u3044\u307b\u3069\u682a\u5f0f\u304c\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<h3>EV\/EBITDA\u500d\u7387<\/h3>\n<p><strong>EV<\/strong>(\u4f01\u696d\u4fa1\u5024)\u306f\u3001\u4f1a\u793e\u3092\u4e38\u3054\u3068\u8cb7\u3046\u3068\u304d\u306b\u304b\u304b\u308b\u304a\u91d1\u306e\u76ee\u5b89\u3067\u3001<strong>\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d+\u6709\u5229\u5b50\u8ca0\u50b5\u2212\u73fe\u9810\u91d1\u306a\u3069<\/strong>\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<strong>EBITDA<\/strong>\u306f\u3001\u5229\u6255\u3044\u30fb\u7a0e\u91d1\u30fb\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca\u3067\u3001\u7c21\u4fbf\u306b\u306f<strong>\u55b6\u696d\u5229\u76ca+\u6e1b\u4fa1\u511f\u5374\u8cbb<\/strong>\u3067\u6c42\u3081\u307e\u3059\u3002\u6e1b\u4fa1\u511f\u5374\u306e\u65b9\u6cd5\u3084\u91d1\u5229\u30fb\u7a0e\u5236\u306e\u9055\u3044\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u306e\u3067\u3001\u56fd\u969b\u6bd4\u8f03\u3084M&#038;A\u306e\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d800\u5104\u5186\u3001\u6709\u5229\u5b50\u8ca0\u50b5300\u5104\u5186\u3001\u73fe\u9810\u91d1100\u5104\u5186\u306a\u3089EV\u306f1,000\u5104\u5186\u3067\u3059\u3002\u55b6\u696d\u5229\u76ca150\u5104\u5186\u30fb\u6e1b\u4fa1\u511f\u5374\u8cbb50\u5104\u5186\u306a\u3089EBITDA\u306f200\u5104\u5186\u3067\u3001EV\/EBITDA\u500d\u7387\u306f5\u500d\u306b\u306a\u308a\u307e\u3059(\u524d\u306e\u4f8b\u984c3\u3067\u540c\u3058\u6570\u5024\u3092\u4f7f\u3063\u3066\u8a08\u7b97\u3057\u3066\u3044\u307e\u3059)\u3002PER\u3068\u9055\u3063\u3066\u6709\u5229\u5b50\u8ca0\u50b5\u307e\u3067\u542b\u3081\u3066\u8a55\u4fa1\u3059\u308b\u306e\u3067\u3001\u501f\u5165\u308c\u306e\u591a\u3044\u4f1a\u793e\u3068\u5c11\u306a\u3044\u4f1a\u793e\u3092\u540c\u3058\u571f\u4ff5\u3067\u6bd4\u3079\u3084\u3059\u3044\u306e\u304c\u5229\u70b9\u3067\u3059\u3002<\/p>\n<h2>\u5e73\u5747\u682a\u4fa1\u3068\u682a\u4fa1\u6307\u6570<\/h2>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:30%\">\n<col style=\"width:35%\">\n<col style=\"width:35%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u6307\u6570<\/th>\n<th scope=\"col\">\u8a08\u7b97\u306e\u8003\u3048\u65b9<\/th>\n<th scope=\"col\">\u7279\u5fb4<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1<\/th>\n<td data-label=\"\u8a08\u7b97\u306e\u8003\u3048\u65b9\">\u6771\u8a3c\u30d7\u30e9\u30a4\u30e0\u5e02\u5834\u304b\u3089\u9078\u3093\u3060225\u9298\u67c4\u306e\u682a\u4fa1\u3092\u3082\u3068\u306b\u3057\u305f<strong>\u682a\u4fa1\u5e73\u5747\u578b<\/strong>\u3002\u5206\u5272\u306a\u3069\u304c\u3042\u3063\u3066\u3082\u9023\u7d9a\u6027\u3092\u4fdd\u3064\u3088\u3046<strong>\u9664\u6570<\/strong>\u3092\u4fee\u6b63\u3059\u308b<\/td>\n<td data-label=\"\u7279\u5fb4\">\u682a\u4fa1\u306e\u9ad8\u3044(\u5024\u304c\u3055)\u9298\u67c4\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">TOPIX(\u6771\u8a3c\u682a\u4fa1\u6307\u6570)<\/th>\n<td data-label=\"\u8a08\u7b97\u306e\u8003\u3048\u65b9\">\u6d6e\u52d5\u682a(\u6d41\u901a\u682a\u5f0f)\u30d9\u30fc\u30b9\u306e<strong>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u578b<\/strong>\u3002\u57fa\u6e96\u65e5(1968\u5e741\u67084\u65e5)\u306e\u6642\u4fa1\u7dcf\u984d\u3092100\u3068\u3057\u3066\u6307\u6570\u5316<\/td>\n<td data-label=\"\u7279\u5fb4\">\u6642\u4fa1\u7dcf\u984d\u306e\u5927\u304d\u3044\u9298\u67c4\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u5358\u7d14\u5e73\u5747\u682a\u4fa1<\/th>\n<td data-label=\"\u8a08\u7b97\u306e\u8003\u3048\u65b9\">\u5bfe\u8c61\u9298\u67c4\u306e\u682a\u4fa1\u306e\u5408\u8a08\u00f7\u9298\u67c4\u6570(\u4fee\u6b63\u304c\u306a\u3051\u308c\u3070)<\/td>\n<td data-label=\"\u7279\u5fb4\">\u8a08\u7b97\u306f\u7c21\u5358\u3060\u304c\u3001\u682a\u5f0f\u5206\u5272\u306a\u3069\u3067\u9023\u7d9a\u6027\u304c\u5931\u308f\u308c\u308b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u682a\u5f0f\u5206\u5272\u306a\u3069\u3067\u682a\u4fa1\u304c\u7406\u8ad6\u7684\u306b\u4e0b\u304c\u3063\u305f\u3068\u304d\u3001\u305d\u306e\u307e\u307e\u3067\u306f\u5e73\u5747\u682a\u4fa1\u304c\u4e0d\u9023\u7d9a\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u3053\u3067<strong>\u65b0\u3057\u3044\u9664\u6570=\u65e7\u9664\u6570\u00d7(\u4fee\u6b63\u5f8c\u306e\u682a\u4fa1\u5408\u8a08\u00f7\u4fee\u6b63\u524d\u306e\u682a\u4fa1\u5408\u8a08)<\/strong>\u3068\u3057\u3066\u3001\u6307\u6570\u306e\u9023\u7d9a\u6027\u3092\u4fdd\u3061\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070A300\u5186\u30fbB500\u5186\u30fbC1,000\u5186\u306e3\u9298\u67c4(\u9664\u65703)\u306e\u5e73\u5747\u682a\u4fa1\u306f600\u5186\u3067\u3059\u3002C\u304c1\u682a\u30922\u682a\u306b\u5206\u5272\u3057\u3066\u7406\u8ad6\u5024\u6bb5\u304c500\u5186\u306b\u306a\u308b\u3068\u3001\u682a\u4fa1\u5408\u8a08\u306f1,300\u5186\u306b\u306a\u308a\u307e\u3059\u3002\u65b0\u3057\u3044\u9664\u6570\u306f3\u00d71,300\u00f71,800\u22522.167\u3068\u306a\u308a\u30011,300\u00f72.167\u2252600\u5186\u3067\u5e73\u5747\u682a\u4fa1\u306e\u9023\u7d9a\u6027\u304c\u4fdd\u305f\u308c\u307e\u3059\u3002<\/p>\n<h2>\u53d7\u6e21\u91d1\u984d\u306e\u8a08\u7b97<\/h2>\n<p>\u682a\u5f0f\u3092\u58f2\u8cb7\u3057\u305f\u3068\u304d\u306e\u53d7\u6e21\u91d1\u984d\u306f\u3001\u7d04\u5b9a\u4ee3\u91d1\u306b\u59d4\u8a17\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e(10%)\u3092\u52a0\u6e1b\u3057\u3066\u6c42\u3081\u307e\u3059\u3002<strong>\u8cb7\u3044\u306f\u8db3\u3059\u3001\u58f2\u308a\u306f\u5f15\u304f<\/strong>\u3067\u3059\u3002\u59d4\u8a17\u624b\u6570\u6599\u306f\u81ea\u7531\u5316\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u8a66\u9a13\u3067\u306f\u554f\u984c\u6587\u3067\u624b\u6570\u6599\u7387\u304c\u4e0e\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:16%\">\n<col style=\"width:84%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u53d6\u5f15<\/th>\n<th scope=\"col\">\u53d7\u6e21\u91d1\u984d<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u8cb7\u4ed8\u3051<\/th>\n<td data-label=\"\u53d7\u6e21\u91d1\u984d\">\u7d04\u5b9a\u4ee3\u91d1+\u59d4\u8a17\u624b\u6570\u6599+\u6d88\u8cbb\u7a0e(\u624b\u6570\u6599\u00d710%)<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u58f2\u4ed8\u3051<\/th>\n<td data-label=\"\u53d7\u6e21\u91d1\u984d\">\u7d04\u5b9a\u4ee3\u91d1\u2212(\u59d4\u8a17\u624b\u6570\u6599+\u6d88\u8cbb\u7a0e)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"gm-calc\">\n<p><strong>\u4f8b\u984c4(\u53d7\u6e21\u91d1\u984d):<\/strong>\u59d4\u8a17\u624b\u6570\u6599\u306f\u7d04\u5b9a\u4ee3\u91d1\u306e0.8%(\u7a0e\u629c)\u3001\u6d88\u8cbb\u7a0e10%\u3068\u3059\u308b\u3002(1)\u682a\u4fa11,250\u5186\u30671,000\u682a\u3092\u8cb7\u3044\u4ed8\u3051\u305f\u5834\u5408\u3001(2)\u682a\u4fa13,000\u5186\u3067500\u682a\u3092\u58f2\u308a\u4ed8\u3051\u305f\u5834\u5408\u306e\u53d7\u6e21\u91d1\u984d\u306f?<\/p>\n<p>(1) \u7d04\u5b9a\u4ee3\u91d1=1,250\u5186\u00d71,000\u682a=1,250,000\u5186\/\u624b\u6570\u6599=1,250,000\u00d70.8%=10,000\u5186\/\u6d88\u8cbb\u7a0e=1,000\u5186<\/p>\n<p>\u53d7\u6e21\u91d1\u984d=1,250,000+10,000+1,000=<strong>1,261,000\u5186<\/strong>(\u9867\u5ba2\u304c\u652f\u6255\u3046)<\/p>\n<p>(2) \u7d04\u5b9a\u4ee3\u91d1=3,000\u5186\u00d7500\u682a=1,500,000\u5186\/\u624b\u6570\u6599=1,500,000\u00d70.8%=12,000\u5186\/\u6d88\u8cbb\u7a0e=1,200\u5186<\/p>\n<p>\u53d7\u6e21\u91d1\u984d=1,500,000\u2212(12,000+1,200)=<strong>1,486,800\u5186<\/strong>(\u9867\u5ba2\u304c\u53d7\u3051\u53d6\u308b)<\/p>\n<p><strong>\u7b54\u3048:(1)1,261,000\u5186 (2)1,486,800\u5186<\/strong><\/p>\n<\/div>\n<h2>\u59d4\u8a17\u4fdd\u8a3c\u91d1\u3068\u7dad\u6301\u7387\u306e\u8a08\u7b97<\/h2>\n<p>\u4fe1\u7528\u53d6\u5f15\u306e\u8a08\u7b97\u306f\u3001\u4e8c\u7a2e\u3067\u3082\u57fa\u790e\u3068\u3057\u3066\u51fa\u984c\u3055\u308c\u307e\u3059\u3002\u4f7f\u3046\u6570\u5b57\u306f<strong>\u59d4\u8a17\u4fdd\u8a3c\u91d130%(\u6700\u4f4e30\u4e07\u5186)<\/strong>\u3001<strong>\u7dad\u6301\u738720%<\/strong>\u3001<strong>\u4ee3\u7528\u639b\u76ee(\u682a\u523880%\u306a\u3069)<\/strong>\u306e3\u3064\u3067\u3059\u3002<\/p>\n<table class=\"gm-tbl\">\n<colgroup>\n<col style=\"width:30%\">\n<col style=\"width:70%\"><\/colgroup>\n<thead>\n<tr>\n<th scope=\"col\">\u8a08\u7b97<\/th>\n<th scope=\"col\">\u5f0f<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">\u5fc5\u8981\u306a\u59d4\u8a17\u4fdd\u8a3c\u91d1<\/th>\n<td data-label=\"\u5f0f\">\u7d04\u5b9a\u4fa1\u984d\u00d730%(30\u4e07\u5186\u672a\u6e80\u306a\u308930\u4e07\u5186)<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u4ee3\u7528\u6709\u4fa1\u8a3c\u5238\u306e\u8a55\u4fa1\u984d<\/th>\n<td data-label=\"\u5f0f\">\u524d\u65e5\u306e\u6642\u4fa1\u00d7\u639b\u76ee<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u53d7\u5165\u4fdd\u8a3c\u91d1<\/th>\n<td data-label=\"\u5f0f\">\u73fe\u91d1+\u4ee3\u7528\u8a55\u4fa1\u984d\u2212\u5efa\u7389\u306e\u8a55\u4fa1\u640d\u2212\u8af8\u7d4c\u8cbb<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u7dad\u6301\u3059\u3079\u304d\u984d<\/th>\n<td data-label=\"\u5f0f\">\u7d04\u5b9a\u4fa1\u984d\u00d720%<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">\u8ffd\u8a3c<\/th>\n<td data-label=\"\u5f0f\">\u7dad\u6301\u3059\u3079\u304d\u984d\u2212\u53d7\u5165\u4fdd\u8a3c\u91d1(\u30d7\u30e9\u30b9\u306e\u3068\u304d)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u4fe1\u7528\u58f2\u308a\u306e\u5834\u5408\u3082\u8003\u3048\u65b9\u306f\u540c\u3058\u3067\u3001\u682a\u4fa1\u304c<strong>\u4e0a\u304c\u308b<\/strong>\u3068\u8a55\u4fa1\u640d\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070800\u5186\u30675,000\u682a\u3092\u4fe1\u7528\u58f2\u308a\u3057(\u7d04\u5b9a\u4fa1\u984d400\u4e07\u5186)\u3001\u73fe\u91d1120\u4e07\u5186\u3092\u5dee\u3057\u5165\u308c\u305f\u3068\u3057\u307e\u3059\u3002\u682a\u4fa1\u304c1,000\u5186\u306b\u4e0a\u304c\u308b\u3068\u8a55\u4fa1\u640d\u306f100\u4e07\u5186\u3067\u3001\u53d7\u5165\u4fdd\u8a3c\u91d1\u306f20\u4e07\u5186\u306b\u6e1b\u308a\u307e\u3059\u3002\u7dad\u6301\u3059\u3079\u304d\u984d\u306f400\u4e07\u5186\u00d720%=80\u4e07\u5186\u306a\u306e\u3067\u3001\u4e0d\u8db3\u3059\u308b<strong>60\u4e07\u5186<\/strong>\u304c\u8ffd\u8a3c\u3067\u3059\u3002<\/p>\n<p>\u4ee3\u7528\u6709\u4fa1\u8a3c\u5238\u304c\u5024\u4e0b\u304c\u308a\u3059\u308b\u30b1\u30fc\u30b9\u3084\u3001\u5236\u5ea6\u4fe1\u7528\u30fb\u4e00\u822c\u4fe1\u7528\u306e\u9055\u3044\u306f<a href=\"https:\/\/triumphmind.com\/gaimu\/2026\/09\/20\/shinyo-gaikoku-kabu\/\">\u682a\u5f0f\u696d\u52d9\u2461\u4fe1\u7528\u53d6\u5f15\u30fb\u5916\u56fd\u682a\u5f0f\u306e\u53d6\u5f15<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u8a66\u9a13\u306b\u51fa\u308b\u3072\u3063\u304b\u3051(\u25cb\u00d7\u554f\u984c)<\/h2>\n<div class=\"gm-ox\">\n<p><strong>\u554f1.<\/strong> PER\u306f\u30011\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u3092\u682a\u4fa1\u3067\u5272\u3063\u3066\u6c42\u3081\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u00d7<\/strong> PER=\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u3067\u3059\u3002\u9006\u306b\u3059\u308b\u3068\u682a\u5f0f\u76ca\u56de\u308a\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f2.<\/strong> \u682a\u5f0f\u76ca\u56de\u308a\u306fPER\u306e\u9006\u6570\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u25cb<\/strong> PER15\u500d\u306a\u3089\u682a\u5f0f\u76ca\u56de\u308a\u306f\u7d046.67%\u3067\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f3.<\/strong> \u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u682a\u5f0f\u306f\u50b5\u5238\u306b\u6bd4\u3079\u3066\u5272\u5b89\u3068\u5224\u65ad\u3055\u308c\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u00d7<\/strong> \u9577\u671f\u91d1\u5229\u2212\u682a\u5f0f\u76ca\u56de\u308a\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u682a\u5f0f\u306f\u5272\u9ad8\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f4.<\/strong> ROE\u306f\u3001ROA\u306b\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8(\u7dcf\u8cc7\u7523\u00f7\u81ea\u5df1\u8cc7\u672c)\u3092\u639b\u3051\u305f\u3082\u306e\u306b\u7b49\u3057\u3044\u3002<\/p>\n<p><strong>\u7b54\u3048:\u25cb<\/strong> ROA4%\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b83\u500d\u306a\u3089ROE\u306f12%\u3067\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f5.<\/strong> \u682a\u4fa11,500\u5186\u306e\u9298\u67c4\u304c1\u682a\u30921.5\u682a\u306b\u5206\u5272\u3059\u308b\u3068\u304d\u3001\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u306f1,000\u5186\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u25cb<\/strong> 1,500\u5186\u00f71.5=1,000\u5186\u3067\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f6.<\/strong> \u682a\u5f0f\u306e\u58f2\u4ed8\u3051\u306e\u53d7\u6e21\u91d1\u984d\u306f\u3001\u7d04\u5b9a\u4ee3\u91d1\u306b\u59d4\u8a17\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u52a0\u3048\u305f\u984d\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u00d7<\/strong> \u58f2\u4ed8\u3051\u306f\u7d04\u5b9a\u4ee3\u91d1\u304b\u3089\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002\u52a0\u3048\u308b\u306e\u306f\u8cb7\u4ed8\u3051\u3067\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-ox\">\n<p><strong>\u554f7.<\/strong> PCFR\u306e\u8a08\u7b97\u306b\u4f7f\u30461\u682a\u5f53\u305f\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u5f53\u671f\u7d14\u5229\u76ca\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u3048\u3066\u6c42\u3081\u308b\u3002<\/p>\n<p><strong>\u7b54\u3048:\u25cb<\/strong> \u7c21\u4fbf\u6cd5\u3067\u306f\u5f53\u671f\u7d14\u5229\u76ca+\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u3057\u307e\u3059\u3002<\/p>\n<\/div>\n<p>\u3053\u306e\u7ae0\u306e\u8ad6\u70b9\u306f<a href=\"https:\/\/triumphmind.com\/gaimu\/mogi\/\">\u5916\u52d9\u54e1\u8a66\u9a13\u306e\u6a21\u64ec\u8a66\u9a13<\/a>(\u4e00\u7a2e\u30fb\u4e8c\u7a2e \u54043\u56de\u5206\u30fb\u5168\u554f\u89e3\u7b54\u89e3\u8aac\u3064\u304d)\u3067\u3082\u51fa\u984c\u3057\u3066\u3044\u307e\u3059\u3002\u8981\u70b9\u3092\u8aad\u3093\u3060\u3089\u3001\u672c\u756a\u5f62\u5f0f\u306e\u554f\u984c\u3067\u7406\u89e3\u3092\u78ba\u304b\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h2>\u5916\u52d9\u54e1\u306e\u6b21\u306b\u53d6\u308b\u8cc7\u683c<\/h2>\n<p>PER\u30fbPBR\u30fbROE\u30fbEV\/EBITDA\u306f\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u6bce\u65e5\u4f7f\u3046\u9053\u5177\u305d\u306e\u3082\u306e\u3067\u3059\u3002\u5916\u52d9\u54e1\u8a66\u9a13\u3067\u306f\u516c\u5f0f\u3092\u5f53\u3066\u306f\u3081\u308b\u3060\u3051\u3067\u3059\u304c\u3001\u300c\u306a\u305c\u3053\u306e\u500d\u7387\u304c\u59a5\u5f53\u304b\u300d\u307e\u3067\u8e0f\u307f\u8fbc\u3080\u306e\u304c<strong>\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8(CMA)<\/strong>\u3084<strong>CFA\u00ae<\/strong>\u306e\u682a\u5f0f\u8a55\u4fa1\u3067\u3059\u3002\u8a08\u7b97\u304c\u5f97\u610f\u3060\u3068\u611f\u3058\u305f\u4eba\u306b\u306f\u76f8\u6027\u306e\u3088\u3044\u6b21\u306e\u4e00\u6b69\u3067\u3059\u3002<\/p>\n<div class=\"gm-next\">\n<p>\u91d1\u878d\u6a5f\u95a2\u3067\u50cd\u304f\u4eba\u304cCFA\u00ae\u8a66\u9a13\u306b\u6311\u3080\u7406\u7531\u306f\u3001\u3053\u3061\u3089\u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<br \/><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/18\/kinyukikan-cfa\/\">\u3010\u91d1\u878d\u6a5f\u95a2\u00d7CFA\u3011\u9280\u884c\u30fb\u8a3c\u5238\u30fb\u4fdd\u967a\u30fb\u30a2\u30bb\u30de\u30cd\u52e4\u52d9\u306e\u65b9\u304cCFA\u00ae\u8a66\u9a13\u306b\u6311\u3080\u7406\u7531<\/a><\/p>\n<\/div>\n<h2>\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n<div class=\"gm-qa\">\n<p class=\"gm-q\">Q. PER\u3068PBR\u306f\u3069\u3046\u4f7f\u3044\u5206\u3051\u307e\u3059\u304b?<\/p>\n<p>A. PER\u306f\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u3067\u5272\u3063\u305f\u500d\u7387\u3067\u3001\u5229\u76ca\u306b\u5bfe\u3059\u308b\u5272\u5b89\u5ea6\u3092\u898b\u307e\u3059\u3002PBR\u306f\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u3067\u5272\u3063\u305f\u500d\u7387\u3067\u3001\u7d14\u8cc7\u7523(\u89e3\u6563\u4fa1\u5024)\u306b\u5bfe\u3059\u308b\u5272\u5b89\u5ea6\u3092\u898b\u307e\u3059\u3002\u3069\u3061\u3089\u3082\u4f4e\u3044\u307b\u3069\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-qa\">\n<p class=\"gm-q\">Q. \u6a29\u5229\u4ed8\u6700\u7d42\u65e5\u306f\u3044\u3064\u3067\u3059\u304b?<\/p>\n<p>A. \u666e\u901a\u53d6\u5f15\u306e\u53d7\u6e21\u3057\u304cT+2\u306a\u306e\u3067\u3001\u6a29\u5229\u78ba\u5b9a\u65e5(\u57fa\u6e96\u65e5)\u306e2\u55b6\u696d\u65e5\u524d\u304c\u6a29\u5229\u4ed8\u6700\u7d42\u65e5\u3067\u3059\u3002\u305d\u306e\u7fcc\u55b6\u696d\u65e5\u304c\u6a29\u5229\u843d\u65e5\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-qa\">\n<p class=\"gm-q\">Q. \u53d7\u6e21\u91d1\u984d\u306e\u8a08\u7b97\u3067\u6d88\u8cbb\u7a0e\u306f\u3069\u3053\u306b\u304b\u304b\u308a\u307e\u3059\u304b?<\/p>\n<p>A. \u59d4\u8a17\u624b\u6570\u6599\u306b10%\u304b\u304b\u308a\u307e\u3059\u3002\u7d04\u5b9a\u4ee3\u91d1\u306b\u306f\u304b\u304b\u308a\u307e\u305b\u3093\u3002\u8cb7\u4ed8\u3051\u306f\u7d04\u5b9a\u4ee3\u91d1\u306b\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u52a0\u3048\u3001\u58f2\u4ed8\u3051\u306f\u7d04\u5b9a\u4ee3\u91d1\u304b\u3089\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002<\/p>\n<\/div>\n<div class=\"gm-qa\">\n<p class=\"gm-q\">Q. \u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3069\u3046\u8a08\u7b97\u3057\u3001\u3069\u3046\u8aad\u307f\u307e\u3059\u304b?<\/p>\n<p>A. \u9577\u671f\u50b5\u5229\u56de\u308a\u304b\u3089\u682a\u5f0f\u76ca\u56de\u308a(1\u00f7PER)\u3092\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002\u5024\u304c\u5927\u304d\u3044\u307b\u3069\u682a\u5f0f\u304c\u50b5\u5238\u306b\u6bd4\u3079\u3066\u5272\u9ad8\u3001\u5c0f\u3055\u3044\u307b\u3069\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<\/div>\n<p class=\"gm-src\">\u53c2\u8003(2026\u5e749\u6708\u78ba\u8a8d):\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u300c\u58f2\u8cb7\u306e\u7a2e\u985e\u300d\u3001\u7528\u8a9e\u96c6\u300c\u59d4\u8a17\u4fdd\u8a3c\u91d1\u300d\u300c\u59d4\u8a17\u4fdd\u8a3c\u91d1\u7dad\u6301\u7387\u300d\u300c\u4ee3\u7528\u6709\u4fa1\u8a3c\u5238\u300d\u3001\u540d\u53e4\u5c4b\u8a3c\u5238\u53d6\u5f15\u6240\u300c\u53d7\u8a17\u5951\u7d04\u6e96\u5247\u300d\u3002PER\u30fbPBR\u30fbROE\u7b49\u306e\u516c\u5f0f\u306f\u4e00\u822c\u7684\u306a\u5b9a\u7fa9\u306b\u3082\u3068\u3065\u304d\u3001\u4f8b\u984c\u306e\u6570\u5024\u306f\u3059\u3079\u3066\u8aac\u660e\u7528\u306e\u4eee\u5b9a\u3067\u3059\u3002<\/p>\n<\/div>\n<p><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"PER\u3068PBR\u306f\u3069\u3046\u4f7f\u3044\u5206\u3051\u307e\u3059\u304b?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"PER\u306f\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u3067\u5272\u3063\u305f\u500d\u7387\u3067\u3001\u5229\u76ca\u306b\u5bfe\u3059\u308b\u5272\u5b89\u5ea6\u3092\u898b\u307e\u3059\u3002PBR\u306f\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u3067\u5272\u3063\u305f\u500d\u7387\u3067\u3001\u7d14\u8cc7\u7523(\u89e3\u6563\u4fa1\u5024)\u306b\u5bfe\u3059\u308b\u5272\u5b89\u5ea6\u3092\u898b\u307e\u3059\u3002\u3069\u3061\u3089\u3082\u4f4e\u3044\u307b\u3069\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\"}}, {\"@type\": \"Question\", \"name\": \"\u6a29\u5229\u4ed8\u6700\u7d42\u65e5\u306f\u3044\u3064\u3067\u3059\u304b?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u666e\u901a\u53d6\u5f15\u306e\u53d7\u6e21\u3057\u304cT+2\u306a\u306e\u3067\u3001\u6a29\u5229\u78ba\u5b9a\u65e5(\u57fa\u6e96\u65e5)\u306e2\u55b6\u696d\u65e5\u524d\u304c\u6a29\u5229\u4ed8\u6700\u7d42\u65e5\u3067\u3059\u3002\u305d\u306e\u7fcc\u55b6\u696d\u65e5\u304c\u6a29\u5229\u843d\u65e5\u306b\u306a\u308a\u307e\u3059\u3002\"}}, {\"@type\": \"Question\", \"name\": \"\u53d7\u6e21\u91d1\u984d\u306e\u8a08\u7b97\u3067\u6d88\u8cbb\u7a0e\u306f\u3069\u3053\u306b\u304b\u304b\u308a\u307e\u3059\u304b?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u59d4\u8a17\u624b\u6570\u6599\u306b10%\u304b\u304b\u308a\u307e\u3059\u3002\u7d04\u5b9a\u4ee3\u91d1\u306b\u306f\u304b\u304b\u308a\u307e\u305b\u3093\u3002\u8cb7\u4ed8\u3051\u306f\u7d04\u5b9a\u4ee3\u91d1\u306b\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u52a0\u3048\u3001\u58f2\u4ed8\u3051\u306f\u7d04\u5b9a\u4ee3\u91d1\u304b\u3089\u624b\u6570\u6599\u3068\u6d88\u8cbb\u7a0e\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002\"}}, {\"@type\": \"Question\", \"name\": \"\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3069\u3046\u8a08\u7b97\u3057\u3001\u3069\u3046\u8aad\u307f\u307e\u3059\u304b?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u9577\u671f\u50b5\u5229\u56de\u308a\u304b\u3089\u682a\u5f0f\u76ca\u56de\u308a(1\u00f7PER)\u3092\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002\u5024\u304c\u5927\u304d\u3044\u307b\u3069\u682a\u5f0f\u304c\u50b5\u5238\u306b\u6bd4\u3079\u3066\u5272\u9ad8\u3001\u5c0f\u3055\u3044\u307b\u3069\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\"}}]}<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5916\u52d9\u54e1\u8a66\u9a13\u306e\u8a3c\u5238\u6295\u8cc7\u8a08\u7b97\u3092\u516c\u5f0f\u4e00\u89a7\u3068\u4f8b\u984c\u3067\u6574\u7406\u3002\u914d\u5f53\u5229\u56de\u308a\u3001\u7406\u8ad6\u6a29\u5229\u843d\u5024\u6bb5\u3001PER\u30fbPCFR\u30fbPBR\u3001ROE\u30fbROA\u3068\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3001\u682a\u5f0f\u76ca\u56de\u308a\u3001\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3001EV\/EBITDA\u3001\u5e73\u5747\u682a\u4fa1\u306e\u9664\u6570\u3001\u53d7\u6e21\u91d1\u984d\u3001\u7dad\u6301\u7387\u306e\u8a08\u7b97\u307e\u3067\u3002<\/p>\n","protected":false},"author":1,"featured_media":100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-42","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-products"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/posts\/42","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/comments?post=42"}],"version-history":[{"count":8,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/posts\/42\/revisions"}],"predecessor-version":[{"id":425,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/posts\/42\/revisions\/425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/media\/100"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/media?parent=42"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/categories?post=42"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/gaimu\/wp-json\/wp\/v2\/tags?post=42"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}