{"id":3482,"date":"2025-01-16T06:00:00","date_gmt":"2025-01-15T21:00:00","guid":{"rendered":"https:\/\/rad-st.jp\/?p=3482"},"modified":"2024-10-29T08:24:34","modified_gmt":"2024-10-28T23:24:34","slug":"%e4%ba%8b%e6%a5%ad%e6%89%bf%e7%b6%99%e3%83%bbma%e3%81%ab%e3%81%8a%e3%81%91%e3%82%8b%e3%80%8cev%ef%bc%88enterprise-value%ef%bc%89%e4%ba%8b%e6%a5%ad%e4%be%a1%e5%80%a4%e3%80%8d%e3%81%ae%e7%ae%97","status":"publish","type":"post","link":"https:\/\/rad-st.jp\/?p=3482","title":{"rendered":"\u4e8b\u696d\u627f\u7d99\u30fbM&amp;A\u306b\u304a\u3051\u308b\u300cEV\uff08Enterprise Value\uff09\u4e8b\u696d\u4fa1\u5024\u300d\u306e\u7b97\u51fa\u65b9\u6cd5\u3068\u306f\uff1f"},"content":{"rendered":"\n\n\n<p>\u4e8b\u696d\u627f\u7d99\u3084M&amp;A\u3092\u691c\u8a0e\u3059\u308b\u969b\u306b\u3001\u4f01\u696d\u306e\u9069\u6b63\u306a\u4e8b\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u306f\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002\u7279\u306b\u300cEV\uff08Enterprise Value\uff09\u300d\u306f\u3001\u8cb7\u53ce\u8005\u304c\u4f01\u696d\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u542b\u3081\u305f\u7dcf\u5408\u7684\u306a\u4fa1\u5024\u3092\u77e5\u308b\u4e0a\u3067\u6b20\u304b\u305b\u306a\u3044\u6982\u5ff5\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u3053\u306eEV\u306e\u6982\u5ff5\u3084\u7b97\u51fa\u65b9\u6cd5\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h4>EV\uff08Enterprise Value\uff09\u3068\u306f\uff1f<\/h4>\n<p>EV\uff08\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u30fb\u30d0\u30ea\u30e5\u30fc\uff09\u306f\u3001\u65e5\u672c\u8a9e\u3067\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3068\u3082\u8a33\u3055\u308c\u3001\u8cb7\u53ce\u8005\u304c\u8ca0\u50b5\u3092\u542b\u3080\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u5229\u7528\u3059\u308b\u6307\u6a19\u3067\u3059\u3002EV\u306e\u8a55\u4fa1\u306f\u3001\u682a\u4e3b\u4fa1\u5024\uff08Equity Value\uff09\u306b\u5bfe\u3057\u3066\u5305\u62ec\u7684\u306a\u898b\u65b9\u3092\u63d0\u4f9b\u3057\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u7684\u5b89\u5b9a\u6027\u3084\u7d4c\u6e08\u7684\u306a\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3092\u7dcf\u5408\u7684\u306b\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>EV\u306f\u3001\u4f01\u696d\u304c\u4fdd\u6709\u3059\u308b\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u306b\u52a0\u3048\u3001\u300c\u8ca0\u50b5\u300d\u3084\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u300d\u306a\u3069\u306e\u8981\u7d20\u3092\u53d6\u308a\u8fbc\u3080\u305f\u3081\u3001\u5b9f\u969b\u306b\u8cb7\u53ce\u3092\u884c\u3046\u969b\u306e\u30b3\u30b9\u30c8\u3082\u628a\u63e1\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7b97\u51fa\u5f0f\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n<hr \/>\n<h4>EV\u306e\u7b97\u51fa\u5f0f<\/h4>\n<p>EV\u306e\u57fa\u672c\u7684\u306a\u7b97\u51fa\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>EV\uff08\u4e8b\u696d\u4fa1\u5024\uff09 = \u682a\u5f0f\u4fa1\u5024 + \u6709\u5229\u5b50\u8ca0\u50b5 &#8211; \u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/strong><\/p>\n<p>\u3053\u3053\u3067\u3001\u5404\u9805\u76ee\u306e\u5b9a\u7fa9\u3092\u78ba\u8a8d\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<ol>\n<li>\n<p><strong>\u682a\u5f0f\u4fa1\u5024\uff08Equity Value\uff09<\/strong>\uff1a\u4f01\u696d\u306e\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u3068\u682a\u4fa1\u306e\u639b\u3051\u7b97\u306b\u3088\u3063\u3066\u8a08\u7b97\u3055\u308c\u3001\u4f01\u696d\u306e\u7d14\u7c8b\u306a\u300c\u682a\u4e3b\u4fa1\u5024\u300d\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u6709\u5229\u5b50\u8ca0\u50b5<\/strong>\uff1a\u77ed\u671f\u304a\u3088\u3073\u9577\u671f\u306e\u501f\u5165\u91d1\u3084\u793e\u50b5\u306a\u3069\u3001\u5229\u606f\u3092\u4f34\u3046\u8ca0\u50b5\u306e\u7dcf\u984d\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cb7\u53ce\u5074\u306f\u65e2\u5b58\u306e\u8ca0\u50b5\u3092\u80a9\u4ee3\u308f\u308a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/strong>\uff1a\u4f01\u696d\u304c\u4fdd\u6709\u3059\u308b\u73fe\u91d1\u3084\u7c21\u5358\u306b\u63db\u91d1\u53ef\u80fd\u306a\u8cc7\u7523\u3067\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8abf\u6574\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002\u8ca0\u50b5\u306e\u80a9\u4ee3\u308f\u308a\u3068\u540c\u69d8\u306b\u3001\u73fe\u91d1\u306f\u7d14\u4fa1\u5024\u304b\u3089\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<hr \/>\n<h4>EV\u306e\u7b97\u51fa\u306b\u304a\u3051\u308b\u6ce8\u610f\u70b9<\/h4>\n<p>EV\u306f\u3042\u304f\u307e\u3067\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3067\u3042\u308a\u3001M&amp;A\u306e\u5834\u9762\u3067\u306f\u5b9f\u969b\u306e\u4ea4\u6e09\u3084\u5e02\u5834\u6761\u4ef6\u306b\u3088\u3063\u3066\u6700\u7d42\u7684\u306a\u8cb7\u53ce\u4fa1\u683c\u304c\u5909\u52d5\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3088\u3063\u3066\u3001\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u306b\u304a\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u70b9\u3092\u8003\u616e\u3059\u308b\u3068\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<ul>\n<li>\n<p><strong>EBITDA\u500d\u7387\u306e\u5229\u7528<\/strong>\uff1aM&amp;A\u306e\u4fa1\u683c\u4ea4\u6e09\u3067\u306f\u3001EV\u3092EBITDA\uff08\u5229\u606f\u30fb\u7a0e\u91d1\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u5229\u76ca\uff09\u3067\u5272\u3063\u305f\u300cEV\/EBITDA\u500d\u7387\u300d\u304c\u4e00\u822c\u7684\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u53ce\u76ca\u6027\u3068\u8ca1\u52d9\u5b89\u5b9a\u6027\u3092\u6307\u6a19\u306b\u3059\u308b\u305f\u3081\u306e\u4fbf\u5229\u306a\u624b\u6cd5\u3067\u3042\u308a\u3001\u696d\u7a2e\u3054\u3068\u306e\u6a19\u6e96\u500d\u7387\u3068\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\u3092\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff08Net Debt\uff09\u306e\u8abf\u6574<\/strong>\uff1a\u7279\u5b9a\u306e\u30b1\u30fc\u30b9\u3067\u306f\u3001\u4e8b\u696d\u4fa1\u5024\u306b\u542b\u307e\u308c\u308b\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u7dcf\u8ca0\u50b5\u304b\u3089\u73fe\u91d1\u3092\u5f15\u3044\u305f\u984d\uff09\u3092\u8abf\u6574\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4f01\u696d\u304c\u6301\u3064\u8ca0\u50b5\u306e\u7d14\u7c8b\u306a\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u78ba\u8a8d<\/strong>\uff1a\u4e8b\u696d\u306e\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3092\u8003\u616e\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u4f01\u696d\u306e\u30ea\u30b9\u30af\u3068\u5c06\u6765\u7684\u306a\u5229\u76ca\u3092\u53cd\u6620\u3055\u305b\u305f\u3082\u306e\u3067\u3042\u308a\u3001EV\u306b\u5bfe\u3059\u308b\u5f71\u97ff\u304c\u5927\u304d\u3044\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr \/>\n<h4>EV\u3092\u7528\u3044\u305f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5b9f\u4f8b<\/h4>\n<p>\u3053\u3053\u3067\u306f\u3001\u4eee\u306bA\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u3001\u682a\u5f0f\u4fa1\u5024\u3084\u6709\u5229\u5b50\u8ca0\u50b5\u3001\u73fe\u91d1\u3092\u7528\u3044\u3066EV\u3092\u7b97\u51fa\u3059\u308b\u4f8b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>\u682a\u5f0f\u4fa1\u5024<\/strong>\uff1a50\u5104\u5186\uff08\u682a\u4fa1\u3068\u767a\u884c\u6e08\u682a\u5f0f\u6570\u304b\u3089\u7b97\u51fa\uff09<\/li>\n<li><strong>\u6709\u5229\u5b50\u8ca0\u50b5<\/strong>\uff1a20\u5104\u5186<\/li>\n<li><strong>\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/strong>\uff1a5\u5104\u5186<\/li>\n<\/ul>\n<p>\u3053\u306e\u5834\u5408\u3001A\u793e\u306eEV\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>EV = 50\u5104\u5186 + 20\u5104\u5186 &#8211; 5\u5104\u5186 = 65\u5104\u5186<\/strong><\/p>\n<hr \/>\n<h4>EV\u3068\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u6307\u6a19\u3068\u306e\u6bd4\u8f03<\/h4>\n<p>EV\u306f\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u4e0a\u3067\u4fbf\u5229\u3067\u3059\u304c\u3001\u4ed6\u306e\u6307\u6a19\u3082\u691c\u8a0e\u3059\u308b\u3053\u3068\u3067\u3055\u3089\u306b\u7cbe\u5ea6\u306e\u9ad8\u3044\u5224\u65ad\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<ul>\n<li>\n<p><strong>PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/strong>\uff1aPBR\u306f\u682a\u4fa1\u3068\u7d14\u8cc7\u7523\u306e\u6bd4\u7387\u3067\u3001\u4f01\u696d\u304c\u5e02\u5834\u3067\u3069\u308c\u3060\u3051\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u4e8b\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u969b\u306fEV\u3068\u4f75\u305b\u3066\u691c\u8a0e\u3059\u308b\u3053\u3068\u3067\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306e\u898b\u65b9\u3092\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/strong>\uff1aPER\u306f\u3001\u4f01\u696d\u306e\u53ce\u76ca\u529b\u3068\u6295\u8cc7\u5bb6\u306e\u8a55\u4fa1\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002EV\/EBITDA\u500d\u7387\u3068\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u5305\u62ec\u7684\u306a\u4f01\u696d\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>DCF\u6cd5\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09<\/strong>\uff1a\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3001\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u65b9\u6cd5\u3067\u3059\u3002\u7279\u306b\u4e8b\u696d\u627f\u7d99\u3084\u9577\u671f\u7684\u306a\u4e8b\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr 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