{"id":3480,"date":"2025-01-15T06:15:00","date_gmt":"2025-01-14T21:15:00","guid":{"rendered":"https:\/\/rad-st.jp\/?p=3480"},"modified":"2024-10-29T08:20:25","modified_gmt":"2024-10-28T23:20:25","slug":"%e4%ba%8b%e6%a5%ad%e6%89%bf%e7%b6%99%e3%83%bbma%e3%81%a7%e6%b4%bb%e7%94%a8%e3%81%99%e3%82%8b%e3%83%9e%e3%83%ab%e3%83%81%e3%83%97%e3%83%ab%e5%80%8d%e7%8e%87%e6%b3%95%e3%81%a8%e3%81%af%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/rad-st.jp\/?p=3480","title":{"rendered":"\u4e8b\u696d\u627f\u7d99\u30fbM&amp;A\u3067\u6d3b\u7528\u3059\u308b\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u3068\u306f\uff1f\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3068\u8a08\u7b97\u65b9\u6cd5\u3092\u89e3\u8aac"},"content":{"rendered":"\n<h2>\u4e8b\u696d\u627f\u7d99\u30fbM&amp;A\u306b\u304a\u3051\u308b\u300c\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u300d\u306b\u3064\u3044\u3066<\/h2>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u3001\u7279\u306b\u4e8b\u696d\u627f\u7d99\u3084M&amp;A\u306e\u5834\u9762\u3067\u3088\u304f\u7528\u3044\u3089\u308c\u308b\u306e\u304c\u300c\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u300d\u3067\u3059\u3002\u3053\u306e\u624b\u6cd5\u306f\u3001\u30b7\u30f3\u30d7\u30eb\u304b\u3064\u52b9\u679c\u7684\u306b\u4f01\u696d\u306e\u4fa1\u5024\u3092\u793a\u3059\u6307\u6a19\u3067\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u5229\u76ca\u3084\u58f2\u4e0a\u306b\u7279\u5b9a\u306e\u500d\u7387\u3092\u639b\u3051\u5408\u308f\u305b\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306e\u6982\u8981\u3001\u7b97\u51fa\u65b9\u6cd5\u3001\u6ce8\u610f\u70b9\u3092\u4e2d\u5fc3\u306b\u3001\u305d\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u3064\u3044\u3066\u3082\u89e3\u8aac\u3057\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306b\u95a2\u3059\u308b\u7406\u89e3\u3092\u6df1\u3081\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<hr \/>\n<h3>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u3068\u306f\uff1f<\/h3>\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306f\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304d\u3001\u3042\u308b\u7279\u5b9a\u306e\u6307\u6a19\uff08\u58f2\u4e0a\u3084\u5229\u76ca\uff09\u306b\u500d\u7387\uff08\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u3092\u639b\u3051\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3092\u30b7\u30f3\u30d7\u30eb\u306b\u8a08\u7b97\u3067\u304d\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3001\u696d\u754c\u306e\u52d5\u5411\u3084\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u306b\u5fdc\u3058\u3066\u67d4\u8edf\u306b\u9069\u7528\u3067\u304d\u307e\u3059\u3002<\/p>\n<h4>\u4ee3\u8868\u7684\u306a\u6307\u6a19<\/h4>\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u3067\u3088\u304f\u4f7f\u7528\u3055\u308c\u308b\u6307\u6a19\u3068\u3057\u3066\u4ee5\u4e0b\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<ol>\n<li><strong>EBITDA\uff08\u5229\u6255\u3044\u524d\u30fb\u7a0e\u5f15\u524d\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u5229\u76ca\uff09<\/strong><\/li>\n<li><strong>EBIT\uff08\u5229\u6255\u3044\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff09<\/strong><\/li>\n<li><strong>\u58f2\u4e0a\u9ad8<\/strong><\/li>\n<li><strong>\u7d14\u5229\u76ca<\/strong><\/li>\n<\/ol>\n<p>\u4f8b\u3048\u3070\u3001\u4e8b\u696d\u627f\u7d99\u3084M&amp;A\u306e\u5834\u9762\u3067\u5bfe\u8c61\u4f01\u696d\u306eEBITDA\u304c2\u5104\u5186\u3001\u696d\u754c\u5e73\u5747\u306e\u500d\u7387\u304c6\u500d\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u4f01\u696d\u4fa1\u5024\u306f\u6b21\u306e\u3088\u3046\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n<div class=\"contain-inline-size rounded-md border-[0.5px] border-token-border-medium relative bg-token-sidebar-surface-primary dark:bg-gray-950\">\n<div class=\"overflow-y-auto p-4\" dir=\"ltr\"><code class=\"!whitespace-pre hljs\">\u4f01\u696d\u4fa1\u5024 = EBITDA \u00d7 \u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\n\u4f01\u696d\u4fa1\u5024 = 2\u5104\u5186 \u00d7 6\u500d = 12\u5104\u5186\n<\/code><\/div>\n<\/div>\n<hr \/>\n<h3>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306e\u7a2e\u985e<\/h3>\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u3001\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u6307\u6a19\u3084\u500d\u7387\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<h4>1. <strong>PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/strong><\/h4>\n<ul>\n<li>\u682a\u4fa1\u30681\u682a\u3042\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u3092\u7528\u3044\u305f\u500d\u7387\u3067\u3059\u3002\u4f01\u696d\u304c\u3069\u306e\u7a0b\u5ea6\u5229\u76ca\u3092\u4e0a\u3052\u3089\u308c\u308b\u304b\u306b\u6ce8\u76ee\u3059\u308b\u65b9\u6cd5\u3067\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306e\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u516c\u958b\u4f01\u696d\u306b\u591a\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/li>\n<li><strong>\u8a08\u7b97\u5f0f<\/strong>: \u4f01\u696d\u4fa1\u5024 = \u7d14\u5229\u76ca \u00d7 PER<\/li>\n<\/ul>\n<h4>2. <strong>PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/strong><\/h4>\n<ul>\n<li>\u7d14\u8cc7\u7523\u3092\u57fa\u306b\u3057\u305f\u500d\u7387\u3067\u3001\u4f01\u696d\u306e\u7d14\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u5e02\u5834\u4fa1\u5024\u3092\u793a\u3057\u307e\u3059\u3002\u7279\u306b\u8cc7\u7523\u306e\u591a\u3044\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li><strong>\u8a08\u7b97\u5f0f<\/strong>: \u4f01\u696d\u4fa1\u5024 = \u7d14\u8cc7\u7523 \u00d7 PBR<\/li>\n<\/ul>\n<h4>3. <strong>EV\/EBITDA\uff08\u4f01\u696d\u4fa1\u5024\u500d\u7387\uff09<\/strong><\/h4>\n<ul>\n<li>\u4f01\u696d\u4fa1\u5024\uff08EV\uff09\u3068EBITDA\u3092\u57fa\u306b\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3001\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u751f\u6210\u529b\u306b\u7740\u76ee\u3059\u308b\u305f\u3081\u3001\u6bd4\u8f03\u7684\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u3092\u6301\u3064\u4f01\u696d\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li><strong>\u8a08\u7b97\u5f0f<\/strong>: \u4f01\u696d\u4fa1\u5024 = EBITDA \u00d7 EV\/EBITDA<\/li>\n<\/ul>\n<h4>4. <strong>\u58f2\u4e0a\u9ad8\u500d\u7387\u6cd5<\/strong><\/h4>\n<ul>\n<li>\u58f2\u4e0a\u9ad8\u3092\u57fa\u306b\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3001\u7279\u306b\u5229\u76ca\u304c\u307e\u3060\u5b89\u5b9a\u3057\u3066\u3044\u306a\u3044\u6210\u9577\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li><strong>\u8a08\u7b97\u5f0f<\/strong>: \u4f01\u696d\u4fa1\u5024 = \u58f2\u4e0a\u9ad8 \u00d7 \u58f2\u4e0a\u9ad8\u500d\u7387<\/li>\n<\/ul>\n<hr \/>\n<h3>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u306e\u8a2d\u5b9a\u65b9\u6cd5<\/h3>\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u306e\u8a2d\u5b9a\u306f\u3001\u696d\u754c\u306e\u52d5\u5411\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u3001\u5e02\u5834\u306e\u8a55\u4fa1\u306a\u3069\u3001\u8907\u6570\u306e\u8981\u56e0\u3092\u8003\u616e\u3057\u3066\u884c\u308f\u308c\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u624b\u9806\u3067\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u8a2d\u5b9a\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<ol>\n<li>\n<p><strong>\u696d\u754c\u306e\u5e73\u5747\u500d\u7387\u306e\u78ba\u8a8d<\/strong><br \/>\u696d\u754c\u5185\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u540c\u898f\u6a21\u306e\u4f01\u696d\u3084\u540c\u696d\u8005\u306e\u500d\u7387\u3092\u53c2\u8003\u306b\u3057\u307e\u3059\u3002\u591a\u304f\u306e\u5834\u5408\u3001\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u3084\u30de\u30fc\u30b1\u30c3\u30c8\u30c7\u30fc\u30bf\u304c\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u306e\u8003\u616e<\/strong><br \/>\u5bfe\u8c61\u4f01\u696d\u304c\u6301\u3064\u72ec\u81ea\u306e\u5f37\u307f\u3084\u5e02\u5834\u306b\u304a\u3051\u308b\u5730\u4f4d\u306a\u3069\u3092\u53cd\u6620\u3055\u305b\u3066\u8abf\u6574\u3057\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u304c\u9ad8\u3044\u5834\u5408\u3001\u4ed6\u4f01\u696d\u3088\u308a\u3082\u9ad8\u3081\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u7d4c\u6e08\u74b0\u5883\u306e\u5f71\u97ff<\/strong><br \/>\u7d4c\u6e08\u306e\u52d5\u5411\u304c\u4e0d\u5b89\u5b9a\u306a\u6642\u671f\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u614e\u91cd\u306b\u306a\u308b\u305f\u3081\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u4f4e\u4e0b\u3059\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u9006\u306b\u597d\u8abf\u306a\u5e02\u5834\u3067\u306f\u500d\u7387\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<hr \/>\n<h3>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8<\/h3>\n<ol>\n<li>\n<p><strong>\u30b7\u30f3\u30d7\u30eb\u3067\u8fc5\u901f\u306a\u8a55\u4fa1<\/strong><br \/>\u5229\u76ca\u3084\u58f2\u4e0a\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u639b\u3051\u308b\u3060\u3051\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3067\u304d\u308b\u305f\u3081\u3001\u30b7\u30f3\u30d7\u30eb\u3067\u8fc5\u901f\u306a\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002\u7279\u306b\u591a\u6570\u306e\u4f01\u696d\u3092\u4e00\u5ea6\u306b\u8a55\u4fa1\u3059\u308b\u969b\u306b\u4fbf\u5229\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u696d\u754c\u6c34\u6e96\u306b\u57fa\u3065\u304f\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1<\/strong><br \/>\u696d\u754c\u5e73\u5747\u306e\u500d\u7387\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u5ba2\u89b3\u7684\u306a\u57fa\u6e96\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u8abf\u6574\u304c\u5bb9\u6613<\/strong><br \/>\u696d\u754c\u306e\u72b6\u6cc1\u3084\u4f01\u696d\u306e\u7279\u6027\u306b\u5fdc\u3058\u3066\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u67d4\u8edf\u306b\u8abf\u6574\u3067\u304d\u3001\u904e\u5c0f\u8a55\u4fa1\u3084\u904e\u5927\u8a55\u4fa1\u306e\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<hr \/>\n<h3>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u6ce8\u610f\u70b9<\/h3>\n<ol>\n<li>\n<p><strong>\u5e02\u6cc1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044<\/strong><br \/>\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u306f\u5e02\u5834\u306e\u52d5\u5411\u306b\u5de6\u53f3\u3055\u308c\u308b\u305f\u3081\u3001\u7d4c\u6e08\u4e0d\u6cc1\u3084\u696d\u754c\u306e\u6210\u9577\u505c\u6ede\u6642\u306b\u306f\u904e\u5c0f\u8a55\u4fa1\u306e\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002\u9006\u306b\u30d0\u30d6\u30eb\u6642\u306b\u306f\u904e\u5927\u8a55\u4fa1\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5bfe\u8c61\u4f01\u696d\u306e\u500b\u5225\u4e8b\u60c5\u3092\u53cd\u6620\u3057\u306b\u304f\u3044<\/strong><br 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<strong>M&amp;A\u306e\u969b\u306e\u30b1\u30fc\u30b9<\/strong><\/h4>\n<ul>\n<li>M&amp;A\u3067\u4ed6\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u969b\u3001\u8fc5\u901f\u306b\u8907\u6570\u306e\u5019\u88dc\u4f01\u696d\u306e\u8a55\u4fa1\u3092\u884c\u3046\u305f\u3081\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u6cd5\u304c\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u7279\u306b\u4e0a\u5834\u4f01\u696d\u306b\u5bfe\u3057\u3066\u306e\u8a55\u4fa1\u304c\u7c21\u5358\u3067\u3059\u3002<\/li>\n<\/ul>\n<hr 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