{"id":2847,"date":"2026-10-09T11:26:38","date_gmt":"2026-10-09T02:26:38","guid":{"rendered":"https:\/\/www.co-a-rising.com\/?p=2847"},"modified":"2026-10-09T13:17:22","modified_gmt":"2026-10-09T04:17:22","slug":"dcf-tornado-sensitivity-analysis","status":"publish","type":"post","link":"https:\/\/www.co-a-rising.com\/?p=2847","title":{"rendered":"M&amp;A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u611f\u5fdc\u5ea6\u5206\u6790\u2015\u2015\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3092DD\u30fb\u8cb7\u53ce\u5224\u65ad\u306b\u3064\u306a\u3052\u308b"},"content":{"rendered":"\n<!-- \u6295\u7a3f\u30bf\u30a4\u30c8\u30eb\uff1a\nM&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u611f\u5fdc\u5ea6\u5206\u6790\u2015\u2015\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3092DD\u30fb\u8cb7\u53ce\u5224\u65ad\u306b\u3064\u306a\u3052\u308b\n-->\n\n<section class=\"coar-tornado-article\">\n  <style>\n    .coar-tornado-article * {\n      box-sizing: border-box;\n    }\n\n    .coar-tornado-article h2 {\n      margin: 1.6em 0 0.7em;\n    }\n\n    .coar-tornado-article h3 {\n      margin: 1.35em 0 0.55em;\n    }\n\n    .coar-tornado-article p {\n      line-height: 1.9;\n      margin: 0.7em 0;\n    }\n\n    .coar-tornado-article ul {\n      margin: 0.6em 0 0.9em;\n      padding-left: 1.2em;\n    }\n\n    .coar-tornado-article li {\n      margin: 0.35em 0;\n      line-height: 1.8;\n    }\n\n    .coar-tornado-article .coar-note {\n      font-size: 0.95em;\n      line-height: 1.8;\n      padding: 0.95em 1em;\n      border: 1px solid #e6e6e6;\n      border-radius: 12px;\n      margin: 1em 0;\n      background: #fafafa;\n    }\n\n    .coar-tornado-article .coar-note p {\n      margin: 0.2em 0;\n    }\n\n    .coar-tornado-article .coar-note ul {\n      margin: 0.45em 0 0;\n    }\n\n    .coar-tornado-article details.coar-note summary {\n      cursor: pointer;\n      line-height: 1.7;\n    }\n\n    .coar-tornado-article details.coar-note[open] summary {\n      margin-bottom: 0.7em;\n    }\n\n    .coar-tornado-article details.coar-note p + p {\n      margin-top: 0.6em;\n    }\n\n    .coar-tornado-article .coar-inline {\n      margin: 18px 0;\n      padding: 13px 15px;\n      background: #fafafa;\n      border-left: 4px solid #d8d8d8;\n      border-radius: 10px;\n    }\n\n    .coar-tornado-article .coar-inline p {\n      margin: 0;\n    }\n\n    \/* \u8868\u306e\u5171\u901a\u8a2d\u5b9a *\/\n    .coar-tornado-article .coar-table-wrap {\n      overflow-x: auto;\n      max-width: 100%;\n      margin: 1em 0 1.2em;\n    }\n\n    .coar-tornado-article .coar-table-wrap:focus-visible {\n      outline: 2px solid #1f4e79;\n    }\n\n    .coar-tornado-article .coar-compact-wrap {\n      max-width: 680px;\n    }\n\n    .coar-tornado-article table {\n      width: 100%;\n      margin: 0;\n      border-collapse: collapse;\n      table-layout: fixed;\n      font-size: 0.95em;\n    }\n\n    .coar-tornado-article table caption {\n      caption-side: top;\n      text-align: right;\n      padding: 0 0 8px;\n      color: #555;\n      font-size: 13px;\n      line-height: 1.6;\n    }\n\n    .coar-tornado-article table th,\n    .coar-tornado-article table td {\n      border: 1px solid #e2e6ee;\n      padding: 10px 14px;\n      vertical-align: top;\n      line-height: 1.65;\n      overflow-wrap: break-word;\n    }\n\n    .coar-tornado-article table thead th {\n      text-align: center;\n      vertical-align: middle;\n      background: #f3f6fa;\n      font-weight: 700;\n      color: #1f2933;\n    }\n\n    .coar-tornado-article table tbody th {\n      text-align: left;\n      background: #f3f6fa;\n      font-weight: 400;\n      color: #1f2933;\n    }\n\n    .coar-tornado-article table tbody td {\n      text-align: left;\n    }\n\n    .coar-tornado-article table .coar-number {\n      text-align: right;\n      font-variant-numeric: tabular-nums;\n      white-space: nowrap;\n    }\n\n    .coar-tornado-article table tbody tr.coar-total th,\n    .coar-tornado-article table tbody tr.coar-total td {\n      background: #f3f6fa;\n      font-weight: 700;\n    }\n\n    .coar-tornado-article table.coar-compact-table {\n      min-width: 0;\n    }\n\n    .coar-tornado-article table.coar-text-table {\n      min-width: 600px;\n    }\n\n    .coar-tornado-article table.coar-mixed-table {\n      min-width: 820px;\n    }\n\n    .coar-tornado-article table.coar-scenario-table {\n      min-width: 700px;\n    }\n\n    .coar-tornado-article table.coar-matrix-table {\n      min-width: 480px;\n    }\n\n    .coar-tornado-article table.coar-threshold-table {\n      min-width: 400px;\n    }\n\n    .coar-tornado-article .coar-small {\n      font-size: 0.92em;\n      color: #555;\n    }\n\n    .coar-tornado-article .coar-formula {\n      padding: 12px 15px;\n      background: #f3f6fa;\n      border-radius: 10px;\n      line-height: 1.8;\n      overflow-wrap: anywhere;\n    }\n\n    .coar-tornado-article .coar-toc {\n      margin: 20px 0;\n      padding: 18px 22px;\n      background: #fafafa;\n      border: 1px solid #e6e6e6;\n      border-radius: 12px;\n    }\n\n    .coar-tornado-article .coar-toc ol {\n      padding-left: 1.3em;\n      margin: 8px 0 0;\n    }\n\n    .coar-tornado-article .coar-toc li {\n      margin: 0.4em 0;\n    }\n\n    \/* \u30c8\u30eb\u30cd\u30fc\u30c9\u56f3 *\/\n    .coar-tornado-article .coar-chart-wrap {\n      overflow-x: auto;\n      max-width: 900px;\n      border: 1px solid #e6e6e6;\n      border-radius: 12px;\n      padding: 18px 16px;\n      margin: 18px 0;\n    }\n\n    .coar-tornado-article .coar-tornado {\n      min-width: 650px;\n      margin: 0;\n    }\n\n    .coar-tornado-article .coar-tornado figcaption {\n      font-weight: 700;\n      margin-bottom: 12px;\n    }\n\n    .coar-tornado-article .coar-chart-row {\n      display: grid;\n      grid-template-columns: 190px 1fr;\n      gap: 12px;\n      align-items: center;\n      margin: 18px 0;\n    }\n\n    .coar-tornado-article .coar-chart-label {\n      font-size: 0.92em;\n      line-height: 1.6;\n    }\n\n    .coar-tornado-article .coar-chart-track {\n      position: relative;\n      height: 36px;\n      background: #fafafa;\n      border-left: 1px solid #e6e6e6;\n      border-right: 1px solid #e6e6e6;\n    }\n\n    .coar-tornado-article .coar-chart-track::after {\n      content: \"\";\n      position: absolute;\n      top: -8px;\n      bottom: -8px;\n      left: 50%;\n      width: 1px;\n      background: #334155;\n    }\n\n    .coar-tornado-article .coar-bar {\n      position: absolute;\n      top: 4px;\n      height: 28px;\n      display: flex;\n      align-items: center;\n      justify-content: center;\n      color: #fff;\n      font-size: 13px;\n      font-weight: 700;\n      white-space: nowrap;\n    }\n\n    .coar-tornado-article .coar-bar--down {\n      background: #99602f;\n      right: 50%;\n    }\n\n    .coar-tornado-article .coar-bar--up {\n      background: #1f4e79;\n      left: 50%;\n    }\n\n    .coar-tornado-article .coar-bar-value-outside {\n      position: absolute;\n      right: calc(100% + 7px);\n      color: #80502a;\n    }\n\n    .coar-tornado-article .coar-chart-axis {\n      display: grid;\n      grid-template-columns: 190px 1fr;\n      gap: 12px;\n      font-size: 0.85em;\n      color: #555;\n    }\n\n    .coar-tornado-article .coar-chart-ticks {\n      display: flex;\n      justify-content: space-between;\n    }\n\n    .coar-tornado-article .coar-chart-legend {\n      font-size: 0.9em;\n      color: #555;\n      margin-top: 14px;\n      line-height: 1.7;\n    }\n\n    \/* CTA *\/\n    .coar-tornado-article .coar-article-cta {\n      margin: 40px 0 32px;\n      padding: 24px 22px;\n      border: 1px solid #d8dee6;\n      border-radius: 10px;\n      background: #f8fafc;\n    }\n\n    .coar-tornado-article .coar-article-cta__label {\n      margin: 0 0 8px;\n      font-size: 13px;\n      font-weight: 700;\n      letter-spacing: 0.06em;\n      color: #3f5570;\n    }\n\n    .coar-tornado-article .coar-article-cta__title {\n      margin: 0 0 12px;\n      font-size: 20px;\n      line-height: 1.55;\n      font-weight: 700;\n      color: #1f2933;\n    }\n\n    .coar-tornado-article .coar-article-cta__text {\n      margin: 0;\n      font-size: 15px;\n      line-height: 1.9;\n      color: #334155;\n    }\n\n    .coar-tornado-article .coar-article-cta__buttons {\n      display: flex;\n      flex-wrap: wrap;\n      gap: 10px;\n      margin-top: 18px;\n    }\n\n    .coar-tornado-article .coar-article-cta__button {\n      display: inline-block;\n      padding: 10px 18px;\n      border-radius: 999px;\n      font-size: 14px;\n      font-weight: 700;\n      line-height: 1.5;\n      text-decoration: none !important;\n    }\n\n    .coar-tornado-article .coar-article-cta__button--primary {\n      border: 1px solid #1f4e79;\n      background: #1f4e79;\n      color: #fff !important;\n    }\n\n    .coar-tornado-article .coar-article-cta__button--secondary {\n      border: 1px solid #1f4e79;\n      background: #fff;\n      color: #1f4e79 !important;\n    }\n\n    \/* \u95a2\u9023\u30da\u30fc\u30b8 *\/\n    .coar-tornado-article .coar-related-compact {\n      background: #fff;\n      border: 1px solid #e7ecf5;\n      border-left: 4px solid #b00020;\n      border-radius: 12px;\n      padding: 16px;\n      margin: 20px 0;\n    }\n\n    .coar-tornado-article .coar-related-compact h3 {\n      margin: 0 0 6px;\n      font-size: 1.02em;\n    }\n\n    .coar-tornado-article .coar-related-compact p {\n      margin: 0 0 12px;\n      color: #444;\n    }\n\n    .coar-tornado-article .coar-groups {\n      display: grid;\n      grid-template-columns: repeat(2, minmax(0, 1fr));\n      gap: 12px 14px;\n    }\n\n    .coar-tornado-article .coar-group {\n      background: #f8fafc;\n      border: 1px solid #e7ecf5;\n      border-radius: 12px;\n      padding: 12px;\n    }\n\n    .coar-tornado-article .coar-group h4 {\n      margin: 0 0 10px;\n      font-size: 0.98em;\n      color: #222;\n    }\n\n    .coar-tornado-article .coar-pills {\n      display: flex;\n      flex-wrap: wrap;\n      gap: 8px;\n    }\n\n    .coar-tornado-article .coar-pill {\n      display: inline-flex;\n      align-items: center;\n      gap: 6px;\n      max-width: 100%;\n      padding: 7px 10px;\n      border: 1px solid #d3d9e8;\n      border-radius: 999px;\n      background: #fff;\n      text-decoration: none;\n      line-height: 1.5;\n    }\n\n    .coar-tornado-article .coar-pill:hover {\n      border-color: #b00020;\n    }\n\n    .coar-tornado-article .coar-pill .t {\n      display: block;\n      min-width: 0;\n      white-space: normal;\n      overflow-wrap: anywhere;\n    }\n\n    .coar-tornado-article .coar-pill .a {\n      color: #b00020;\n      flex-shrink: 0;\n    }\n\n    @media (max-width: 720px) {\n      .coar-tornado-article .coar-groups {\n        grid-template-columns: 1fr;\n      }\n    }\n\n    @media (max-width: 640px) {\n      .coar-tornado-article table {\n        font-size: 14px;\n      }\n\n      .coar-tornado-article table th,\n      .coar-tornado-article table td {\n        padding: 9px 10px;\n      }\n\n      .coar-tornado-article table.coar-update-table {\n        min-width: 420px;\n      }\n\n      .coar-tornado-article .coar-article-cta {\n        padding: 20px 18px;\n      }\n\n      .coar-tornado-article .coar-article-cta__button {\n        width: 100%;\n        text-align: center;\n      }\n    }\n  <\/style>\n\n  <p>\n    M&amp;A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306f\u3001\u4e8b\u696d\u8a08\u753b\u304b\u3089\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3001DCF\u6cd5\u306a\u3069\u3092\u7528\u3044\u3066\u8a55\u4fa1\u984d\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u8cb7\u624b\u306b\u3088\u308b\u691c\u8a0e\u306b\u969b\u3057\u3066\u306f\u3001\u305d\u306e\u8a55\u4fa1\u984d\u3092\u652f\u3048\u308b\u58f2\u4e0a\u30fb\u5229\u76ca\u7387\u30fb\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u306e\u524d\u63d0\u306b\u3064\u3044\u3066\u3001\u6839\u62e0\u3068\u5b9f\u73fe\u53ef\u80fd\u6027\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u58f2\u4e0a\u306e\u7dad\u6301\u3001\u5229\u76ca\u7387\u306e\u6539\u5584\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u8ca0\u62c5\u306a\u3069\u3001\u524d\u63d0\u306b\u3088\u3063\u3066\u8a55\u4fa1\u984d\u3078\u4e0e\u3048\u308b\u5f71\u97ff\u306e\u5927\u304d\u3055\u306f\u7570\u306a\u308a\u307e\u3059\u3002\n   \u5f71\u97ff\u306e\u5927\u304d\u3044\u524d\u63d0\u3092\u628a\u63e1\u3067\u304d\u308c\u3070\u3001DD\u3067\u91cd\u70b9\u7684\u306b\u78ba\u8a8d\u3059\u308b\u4e8b\u9805\u3092\u6574\u7406\u3057\u3001\u8abf\u67fb\u7d50\u679c\u3092\u8a55\u4fa1\u3068\u8cb7\u53ce\u6761\u4ef6\u306e\u691c\u8a0e\u306b\u53cd\u6620\u3067\u304d\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u305d\u306e\u305f\u3081\u306e\u65b9\u6cd5\u306e\u4e00\u3064\u304c\u3001\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u3059\u3002\n    \u5404\u524d\u63d0\u3092\u52d5\u304b\u3057\u305f\u5834\u5408\u306e\u8a55\u4fa1\u984d\u3078\u306e\u5f71\u97ff\u3092\u6bd4\u8f03\u3057\u3001\u5927\u304d\u3044\u9806\u306b\u4e26\u3079\u308b\u3053\u3068\u3067\u3001\n    \u30e2\u30c7\u30eb\u306e\u3069\u306e\u90e8\u5206\u3092\u691c\u8a3c\u3059\u3079\u304d\u304b\u3092\u6574\u7406\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u672c\u7a3f\u3067\u306f\u3001\u67b6\u7a7a\u306e\u88fd\u9020\u696d\u306e\u6570\u5024\u4f8b\u3092\u7528\u3044\u3001DCF\u30e2\u30c7\u30eb\u306e\u69cb\u7bc9\u304b\u3089\u3001\n    \u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3001DD\u306b\u3088\u308b\u524d\u63d0\u306e\u66f4\u65b0\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3001\n    WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u5206\u6790\u307e\u3067\u3092\u8aac\u660e\u3057\u307e\u3059\u3002\n    \u3055\u3089\u306b\u3001\u78ba\u8a8d\u5f8c\u3082\u6b8b\u308b\u4e0d\u78ba\u5b9f\u6027\u3092\u3001\u8cb7\u53ce\u4fa1\u683c\u3084\u53d6\u5f15\u6761\u4ef6\u306e\u691c\u8a0e\u306b\u3069\u3046\u3064\u306a\u3052\u308b\u304b\u3092\u8003\u3048\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-note\">\n    <p>\u672c\u8a18\u4e8b\u306e\u5bfe\u8c61<\/p>\n    <ul>\n      <li>\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306e\u4e8b\u696d\u8a08\u753b\u3068\u63d0\u793a\u4fa1\u683c\u306e\u59a5\u5f53\u6027\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u69d8<\/li>\n      <li>DCF\u306e\u611f\u5fdc\u5ea6\u5206\u6790\u3092\u3001DD\u306e\u8ad6\u70b9\u6574\u7406\u3084\u793e\u5185\u306e\u6295\u8cc7\u5224\u65ad\u306b\u6d3b\u7528\u3057\u305f\u3044\u62c5\u5f53\u8005\u69d8<\/li>\n      <li>\u58f2\u4e0a\u30fb\u5229\u76ca\u7387\u30fb\u8a2d\u5099\u6295\u8cc7\u306b\u95a2\u3059\u308b\u4e0d\u78ba\u5b9f\u6027\u3092\u3001\u8a55\u4fa1\u3068\u53d6\u5f15\u6761\u4ef6\u306b\u53cd\u6620\u3057\u305f\u3044\u4f01\u696d\u69d8<\/li>\n    <\/ul>\n  <\/div>\n\n  <div class=\"coar-inline\">\n    <p>\n      \u8cb7\u53ce\u691c\u8a0e\u306e\u5168\u4f53\u50cf\u306f\u3001\n      <a href=\"https:\/\/www.co-a-rising.com\/ma-system\/\">\u8cb7\u53ce\u30fb\u8cc7\u672c\u63d0\u643a\u306e\u5b9f\u52d9\u30ac\u30a4\u30c9<\/a>\n      \u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\n    <\/p>\n  <\/div>\n\n  <nav class=\"coar-toc\" aria-label=\"\u8a18\u4e8b\u306e\u76ee\u6b21\">\n    \u76ee\u6b21\n    <ol>\n      <li><a href=\"#coar-analysis\">DCF\u306e\u5404\u7a2e\u5206\u6790\u306f\u3001\u4f55\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u884c\u3046\u306e\u304b<\/a><\/li>\n      <li><a href=\"#coar-model\">\u521d\u671f\u30e2\u30c7\u30eb\u3092\u69cb\u7bc9\u3059\u308b<\/a><\/li>\n      <li><a href=\"#coar-tornado\">\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u3001\u8a55\u4fa1\u984d\u306b\u52b9\u304f\u524d\u63d0\u3092\u78ba\u8a8d\u3059\u308b<\/a><\/li>\n      <li><a href=\"#coar-dd\">\u5f71\u97ff\u5ea6\u3068DD\u306e\u512a\u5148\u9806\u4f4d\u3092\u5206\u3051\u3066\u8003\u3048\u308b<\/a><\/li>\n      <li><a href=\"#coar-update\">DD\u306e\u7d50\u679c\u3092\u30e2\u30c7\u30eb\u306b\u53cd\u6620\u3059\u308b<\/a><\/li>\n      <li><a href=\"#coar-scenario\">\u8907\u6570\u306e\u524d\u63d0\u304c\u5909\u308f\u308b\u30b7\u30ca\u30ea\u30aa\u3092\u6bd4\u8f03\u3059\u308b<\/a><\/li>\n      <li><a href=\"#coar-wacc\">WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u3092\u78ba\u8a8d\u3059\u308b<\/a><\/li>\n      <li><a href=\"#coar-price\">\u63d0\u793a\u4fa1\u683c\u3092\u652f\u3048\u308b\u6761\u4ef6\u306b\u7f6e\u304d\u63db\u3048\u308b<\/a><\/li>\n      <li><a href=\"#coar-monte\">\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u306e\u4f4d\u7f6e\u4ed8\u3051<\/a><\/li>\n      <li><a href=\"#coar-terms\">\u8a55\u4fa1\u30fbDD\u306e\u7d50\u679c\u3092\u8cb7\u53ce\u6761\u4ef6\u306b\u3064\u306a\u3052\u308b<\/a><\/li>\n    <\/ol>\n  <\/nav>\n\n  <h2 id=\"coar-analysis\">1. DCF\u306e\u5404\u7a2e\u5206\u6790\u306f\u3001\u4f55\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u884c\u3046\u306e\u304b<\/h2>\n\n  <p>\n    DCF\u6cd5\u3067\u306f\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u4e88\u6e2c\u3057\u3001\n    WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3067\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304d\u307e\u3059\u3002\n    \u4e88\u6e2c\u671f\u9593\u4ee5\u964d\u306e\u4fa1\u5024\u306f\u3001\u6c38\u4e45\u6210\u9577\u7387\u306a\u3069\u3092\u7528\u3044\u3066\u7d99\u7d9a\u4fa1\u5024\u3068\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    DCF\u30e2\u30c7\u30eb\u3092\u7528\u3044\u305f\u5206\u6790\u306b\u306f\u3001\u4e8b\u696d\u4e0a\u306e\u524d\u63d0\u304c\u8a55\u4fa1\u984d\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u78ba\u8a8d\u3059\u308b\u3082\u306e\u3084\u3001\u8907\u6570\u306e\u524d\u63d0\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u8a55\u4fa1\u30ec\u30f3\u30b8\u3092\u691c\u8a0e\u3059\u308b\u3082\u306e\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u4ee5\u4e0b\u3067\u306f\u3001\u4e3b\u306a\u5206\u6790\u624b\u6cd5\u3068\u3001\u305d\u308c\u305e\u308c\u306e\u7528\u9014\u3092\u6574\u7406\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u5404\u5206\u6790\u306e\u6bd4\u8f03\u8868\">\n    <table class=\"coar-text-table\">\n      <colgroup>\n        <col style=\"width:25%;\">\n        <col style=\"width:40%;\">\n        <col style=\"width:35%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u5206\u6790<\/th>\n          <th scope=\"col\">\u78ba\u8a8d\u3059\u308b\u3053\u3068<\/th>\n          <th scope=\"col\">\u8cb7\u53ce\u691c\u8a0e\u3067\u306e\u7528\u9014<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\">\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790<\/th>\n          <td>\u5404\u524d\u63d0\u3092\u52d5\u304b\u3057\u305f\u5834\u5408\u306e\u8a55\u4fa1\u984d\u3078\u306e\u5f71\u97ff\u306e\u5927\u5c0f<\/td>\n          <td>\u8a55\u4fa1\u3092\u5de6\u53f3\u3059\u308b\u524d\u63d0\u3092\u7279\u5b9a\u3059\u308b<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/th>\n          <td>\u95a2\u9023\u3059\u308b\u8907\u6570\u306e\u524d\u63d0\u304c\u540c\u6642\u306b\u5909\u308f\u308b\u5834\u5408\u306e\u4fa1\u5024<\/td>\n          <td>\u57fa\u672c\u30fb\u4e0b\u632f\u308c\u30fb\u4e0a\u632f\u308c\u306e\u4e8b\u696d\u5c55\u958b\u3092\u6bd4\u8f03\u3059\u308b<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u5206\u6790<\/th>\n          <td>\u540c\u3058\u4e8b\u696d\u8a08\u753b\u306b\u5bfe\u3059\u308b\u3001\u8a55\u4fa1\u6761\u4ef6\u306b\u3088\u308b\u4fa1\u5024\u306e\u5e45<\/td>\n          <td>\u5404\u30e2\u30c7\u30eb\u306e\u8a55\u4fa1\u30ec\u30f3\u30b8\u3092\u78ba\u8a8d\u3059\u308b<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5<\/th>\n          <td>\u8a2d\u5b9a\u3057\u305f\u78ba\u7387\u5206\u5e03\u30fb\u76f8\u95a2\u306e\u4e0b\u3067\u306e\u7d50\u679c\u306e\u5206\u5e03<\/td>\n          <td>\u8907\u6570\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u540c\u6642\u306b\u691c\u8a0e\u3059\u308b<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u521d\u671f\u30e2\u30c7\u30eb\u306e\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u4e3b\u8981\u306a\u5909\u52d5\u8981\u56e0\u3092\u628a\u63e1\u3057\u3001\n    DD\u3067\u305d\u306e\u524d\u63d0\u306e\u6839\u62e0\u3068\u5b9f\u73fe\u53ef\u80fd\u6027\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\n    \u8abf\u67fb\u7d50\u679c\u3092\u57fa\u672c\u30fb\u4e0b\u632f\u308c\u30fb\u4e0a\u632f\u308c\u306e\u5404\u30e2\u30c7\u30eb\u306b\u53cd\u6620\u3057\u305f\u4e0a\u3067\u3001\n    WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u5206\u6790\u3092\u884c\u3044\u3001\u8a55\u4fa1\u30ec\u30f3\u30b8\u3092\u6574\u7406\u3057\u307e\u3059\u3002\n    \u691c\u8a0e\u4e2d\u306b\u65b0\u305f\u306a\u60c5\u5831\u304c\u5f97\u3089\u308c\u305f\u5834\u5408\u306b\u306f\u3001\u524d\u63d0\u3068\u8a55\u4fa1\u3092\u66f4\u65b0\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-model\">2. \u521d\u671f\u30e2\u30c7\u30eb\u3092\u69cb\u7bc9\u3059\u308b\u2015\u2015\u4f01\u696d\u4fa1\u5024\u306f14\u5104\u5186<\/h2>\n\n  <p>\n    \u5bfe\u8c61\u4f1a\u793e\u306f\u58f2\u4e0a\u9ad820\u5104\u5186\u306e\u88fd\u9020\u696d\u3067\u3001\u58f2\u624b\u306e\u5e0c\u671b\u4fa1\u683c\u306f10\u5104\u5186\u3068\u3057\u307e\u3059\u3002\n    \u58f2\u624b\u306e\u8a08\u753b\u3092\u57fa\u306b\u3001\u58f2\u4e0a\u3068\u53ce\u76ca\u6027\u3092\u7dad\u6301\u3059\u308b\u521d\u671f\u30e2\u30c7\u30eb\u3092\u4f5c\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u521d\u671f\u4e8b\u696d\u8a08\u753b\">\n    <table class=\"coar-financial-table coar-compact-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:60%;\">\n        <col style=\"width:40%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u9805\u76ee<\/th>\n          <th scope=\"col\">1\u301c5\u5e74\u76ee\u306e\u5404\u5e74<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><th scope=\"row\">\u58f2\u4e0a\u9ad8<\/th><td class=\"coar-number\">2,000<\/td><\/tr>\n        <tr><th scope=\"row\">EBITDA\u30de\u30fc\u30b8\u30f3<\/th><td class=\"coar-number\">12\uff05<\/td><\/tr>\n        <tr><th scope=\"row\">EBITDA<\/th><td class=\"coar-number\">240<\/td><\/tr>\n        <tr><th scope=\"row\">\u6e1b\u4fa1\u511f\u5374\u8cbb<\/th><td class=\"coar-number\">40<\/td><\/tr>\n        <tr><th scope=\"row\">\u55b6\u696d\u5229\u76ca<\/th><td class=\"coar-number\">200<\/td><\/tr>\n        <tr><th scope=\"row\">\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca<\/th><td class=\"coar-number\">140<\/td><\/tr>\n        <tr><th scope=\"row\">\u8a2d\u5099\u6295\u8cc7<\/th><td class=\"coar-number\">40<\/td><\/tr>\n        <tr><th scope=\"row\">\u904b\u8ee2\u8cc7\u91d1\u5897\u52a0\u984d<\/th><td class=\"coar-number\">0<\/td><\/tr>\n        <tr class=\"coar-total\"><th scope=\"row\">\u5e74\u9593FCF<\/th><td class=\"coar-number\">140<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u7a0e\u7387\u306f30\uff05\u3068\u3057\u3001FCF\u306f\u6b21\u306e\u5f0f\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002\n    EBITDA\u306f\u3001\u672c\u4f8b\u3067\u306f\u55b6\u696d\u5229\u76ca\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u3048\u305f\u91d1\u984d\u3067\u3059\u3002\n  <\/p>\n\n  <p class=\"coar-formula\">\n    FCF\uff1d\u55b6\u696d\u5229\u76ca\u00d7\uff081\u2212\u7a0e\u7387\uff09\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u2212\u8a2d\u5099\u6295\u8cc7\u2212\u904b\u8ee2\u8cc7\u91d1\u5897\u52a0\u984d\n  <\/p>\n\n  <p>\n    \u65e2\u5b58\u306e\u751f\u7523\u80fd\u529b\u3092\u7dad\u6301\u3059\u308b\u8a2d\u5099\u6295\u8cc7\u3068\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u3044\u305a\u308c\u308240\u3068\u3057\u307e\u3059\u3002\n    \u58f2\u4e0a\u306f\u4e00\u5b9a\u3067\u3001\u8ffd\u52a0\u306e\u904b\u8ee2\u8cc7\u91d1\u306f\u767a\u751f\u3057\u306a\u3044\u60f3\u5b9a\u3067\u3059\u3002\n  <\/p>\n\n  <p>\n    WACC\u309210\uff05\u3001\u6c38\u4e45\u6210\u9577\u7387\u30920\uff05\u3068\u3057\u30016\u5e74\u76ee\u4ee5\u964d\u3082\u5e74\u9593140\u306eFCF\u304c\u7d9a\u304f\u3068\u3059\u308b\u3068\u3001\n    \u4f01\u696d\u4fa1\u5024\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u521d\u671fDCF\u8a55\u4fa1\">\n    <table class=\"coar-financial-table coar-compact-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:65%;\">\n        <col style=\"width:35%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u8a55\u4fa1\u306e\u5185\u8a33<\/th>\n          <th scope=\"col\">\u73fe\u5728\u4fa1\u5024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><th scope=\"row\">1\u301c5\u5e74\u76ee\u306eFCF<\/th><td class=\"coar-number\">\u7d04531<\/td><\/tr>\n        <tr><th scope=\"row\">6\u5e74\u76ee\u4ee5\u964d\u306e\u7d99\u7d9a\u4fa1\u5024<\/th><td class=\"coar-number\">\u7d04869<\/td><\/tr>\n        <tr class=\"coar-total\"><th scope=\"row\">\u4f01\u696d\u4fa1\u5024<\/th><td class=\"coar-number\">1,400<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"coar-note\">\n    <p>\n      \u672c\u7a3f\u306e\u300c\u4f01\u696d\u4fa1\u5024\u300d\u306f\u4e8b\u696d\u6d3b\u52d5\u304b\u3089\u5f97\u3089\u308c\u308bFCF\u306b\u57fa\u3065\u304f\u4fa1\u5024\u3092\u6307\u3057\u307e\u3059\u3002\n      \u6709\u5229\u5b50\u8ca0\u50b5\u3001\u4f59\u5270\u73fe\u91d1\u3001\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u7b49\u3092\u30bc\u30ed\u3068\u3057\u3001\u682a\u5f0f\u4fa1\u5024\u308214\u5104\u5186\u3068\u3057\u307e\u3059\u3002\n      \u53d6\u5f15\u8cbb\u7528\u3001\u7d71\u5408\u8cbb\u7528\u3001\u30b7\u30ca\u30b8\u30fc\u306f\u3001\u3053\u306e\u6bb5\u968e\u3067\u306f\u542b\u3081\u3066\u3044\u307e\u305b\u3093\u3002\n    <\/p>\n  <\/div>\n\n  <p>\n    \u8cb7\u53ce\u4fa1\u683c10\u5104\u5186\u3068\u306e\u5dee\u306f4\u5104\u5186\u3067\u3059\u3002\u3053\u3053\u304b\u3089\u3001\u8a55\u4fa1\u3092\u652f\u3048\u308b\u524d\u63d0\u3092\u691c\u8a3c\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-tornado\">3. \u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u3001\u8a55\u4fa1\u984d\u306b\u52b9\u304f\u524d\u63d0\u3092\u78ba\u8a8d\u3059\u308b<\/h2>\n\n  <p>\n    \u521d\u671f\u30e2\u30c7\u30eb\u306e\u5165\u529b\u524d\u63d0\u3092\u4e00\u3064\u305a\u3064\u5909\u66f4\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u518d\u8a08\u7b97\u3057\u307e\u3059\u3002\n    WACC\u306f10\uff05\u3001\u6c38\u4e45\u6210\u9577\u7387\u306f0\uff05\u306b\u56fa\u5b9a\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u58f2\u4e0a\u9ad8\u306f18\u301c22\u5104\u5186\u3001EBITDA\u30de\u30fc\u30b8\u30f3\u306f10\u301c14\uff05\u306e\u7bc4\u56f2\u3067\u691c\u8a3c\u3057\u307e\u3059\u3002\n    \u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306f\u3001\u901a\u5e38\u306e\u7dad\u6301\u66f4\u65b0\u6295\u8cc7\u306b\u52a0\u3048\u3001\n    \u4eca\u5f8c5\u5e74\u9593\u306b\u6bce\u5e740\u301c20\u304c\u5fc5\u8981\u3068\u306a\u308b\u5834\u5408\u3092\u691c\u8a3c\u3057\u307e\u3059\u3002\n    \u3053\u308c\u3089\u306e\u7bc4\u56f2\u306f\u8aac\u660e\u7528\u306e\u4eee\u5b9a\u3067\u3042\u308a\u3001\u5b9f\u6848\u4ef6\u3067\u306f\u5b9f\u7e3e\u3001\u5951\u7d04\u3001\u898b\u7a4d\u308a\u306a\u3069\u304b\u3089\u8a2d\u5b9a\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u306e\u6570\u5024\">\n    <table class=\"coar-mixed-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:22%;\">\n        <col style=\"width:22%;\">\n        <col style=\"width:14%;\">\n        <col style=\"width:14%;\">\n        <col style=\"width:14%;\">\n        <col style=\"width:14%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u52d5\u304b\u3059\u524d\u63d0<\/th>\n          <th scope=\"col\">\u691c\u8a3c\u7bc4\u56f2<\/th>\n          <th scope=\"col\">\u4f01\u696d\u4fa1\u5024\u306e\u4e0b\u9650<\/th>\n          <th scope=\"col\">\u521d\u671f\u8a55\u4fa1<\/th>\n          <th scope=\"col\">\u4f01\u696d\u4fa1\u5024\u306e\u4e0a\u9650<\/th>\n          <th scope=\"col\">\u4e0a\u4e0b\u306e\u5e45<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\">EBITDA\u30de\u30fc\u30b8\u30f3<\/th>\n          <td>10\u301c14\uff05<\/td>\n          <td class=\"coar-number\">1,120<\/td>\n          <td class=\"coar-number\">1,400<\/td>\n          <td class=\"coar-number\">1,680<\/td>\n          <td class=\"coar-number\">560<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u58f2\u4e0a\u9ad8<\/th>\n          <td>1,800\u301c2,200<\/td>\n          <td class=\"coar-number\">1,232<\/td>\n          <td class=\"coar-number\">1,400<\/td>\n          <td class=\"coar-number\">1,568<\/td>\n          <td class=\"coar-number\">336<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u5e74\u9593\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa<\/th>\n          <td>0\u301c20\u3001\u4eca\u5f8c5\u5e74\u9593<\/td>\n          <td class=\"coar-number\">\u7d041,343<\/td>\n          <td class=\"coar-number\">1,400<\/td>\n          <td class=\"coar-number\">1,400<\/td>\n          <td class=\"coar-number\">\u7d0457<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"coar-chart-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u30c8\u30eb\u30cd\u30fc\u30c9\u56f3\u3002\u6a2a\u306b\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059\u3002\">\n    <figure class=\"coar-tornado\">\n      <figcaption>\u521d\u671f\u8a55\u4fa114\u5104\u5186\u304b\u3089\u306e\u5909\u5316\u984d\uff08\u5358\u4f4d\uff1a\u5104\u5186\uff09<\/figcaption>\n\n      <div class=\"coar-chart-row\">\n        <div class=\"coar-chart-label\">\n          EBITDA\u30de\u30fc\u30b8\u30f3<br>10\u301c14\uff05\n        <\/div>\n        <div class=\"coar-chart-track\">\n          <span class=\"coar-bar coar-bar--down\" style=\"width:46.6667%;\">\u22122.80<\/span>\n          <span class=\"coar-bar coar-bar--up\" style=\"width:46.6667%;\">\uff0b2.80<\/span>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-chart-row\">\n        <div class=\"coar-chart-label\">\n          \u58f2\u4e0a\u9ad8<br>18\u301c22\u5104\u5186\n        <\/div>\n        <div class=\"coar-chart-track\">\n          <span class=\"coar-bar coar-bar--down\" style=\"width:28%;\">\u22121.68<\/span>\n          <span class=\"coar-bar coar-bar--up\" style=\"width:28%;\">\uff0b1.68<\/span>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-chart-row\">\n        <div class=\"coar-chart-label\">\n          \u5e74\u9593\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa<br>0\u301c0.2\u5104\u5186\u30fb5\u5e74\u9593\n        <\/div>\n        <div class=\"coar-chart-track\">\n          <span class=\"coar-bar coar-bar--down\" style=\"width:9.4745%;\">\n            <span class=\"coar-bar-value-outside\">\u22120.57<\/span>\n          <\/span>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-chart-axis\">\n        <span><\/span>\n        <div class=\"coar-chart-ticks\">\n          <span>\u22123<\/span>\n          <span>0<\/span>\n          <span>\uff0b3<\/span>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-chart-legend\">\n        \u8336\u8272\uff1a\u4e0b\u632f\u308c \uff0f \u9752\u8272\uff1a\u4e0a\u632f\u308c\u3002\u4e2d\u592e\u306e0\u306f\u8a55\u4fa1\u984d14\u5104\u5186\u3002\n        \u8a2d\u5099\u652f\u51fa\u306f\u8ffd\u52a0\u652f\u51fa\u30bc\u30ed\u304c\u57fa\u672c\u306e\u305f\u3081\u3001\u4e0a\u632f\u308c\u306f0\u3067\u3059\u3002\n      <\/div>\n    <\/figure>\n  <\/div>\n\n  <p>\n    \u8a55\u4fa1\u984d\u306e\u5909\u52d5\u5e45\u304c\u5927\u304d\u3044\u9806\u306b\u6a2a\u68d2\u3067\u4e26\u3079\u305f\u3082\u306e\u304c\u3001\u30c8\u30eb\u30cd\u30fc\u30c9\u56f3\u3067\u3059\u3002\n    \u3053\u306e\u4f8b\u3067\u306f\u3001\u5229\u76ca\u7387\u306e\u5f71\u97ff\u304c\u6700\u3082\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    EBITDA\u30de\u30fc\u30b8\u30f3\u304c12\uff05\u304b\u308910\uff05\u306b\u4f4e\u4e0b\u3059\u308b\u3068\u3001\u5e74\u9593EBITDA\u306f40\u3001\n    \u7a0e\u5f15\u5f8cFCF\u306f28\u6e1b\u5c11\u3057\u307e\u3059\u3002\u3053\u306e\u4f4e\u4e0b\u304c\u5c06\u6765\u3082\u7d9a\u304f\u305f\u3081\u3001\n    \u4f01\u696d\u4fa1\u5024\u306f280\u3001\u3064\u307e\u308a2.8\u5104\u5186\u4e0b\u304c\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u300c\u4e00\u3064\u306e\u524d\u63d0\u3092\u52d5\u304b\u3059\u300d\u3068\u306f\u3001\u305d\u306e\u524d\u63d0\u306b\u4f34\u3046\u8a08\u7b97\u4e0a\u306e\u5f71\u97ff\u307e\u3067\u56fa\u5b9a\u3059\u308b\u610f\u5473\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u58f2\u4e0a\u306e\u5909\u5316\u306b\u9023\u52d5\u3059\u308b\u5909\u52d5\u8cbb\u3084\u904b\u8ee2\u8cc7\u91d1\u6b8b\u9ad8\u3001\u8a2d\u5099\u6295\u8cc7\u306b\u9023\u52d5\u3059\u308b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u306f\u3001\u30e2\u30c7\u30eb\u306e\u69cb\u9020\u306b\u6cbf\u3063\u3066\u5909\u5316\u3055\u305b\u307e\u3059\u3002\u672c\u4f8b\u3067\u306f\u3001\u58f2\u4e0a\u9ad8\u3092\u5909\u66f4\u3057\u3066\u3082EBITDA\u5229\u76ca\u7387\u306f\u4e00\u5b9a\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5404\u30b1\u30fc\u30b9\u306e\u58f2\u4e0a\u9ad8\u3068\u904b\u8ee2\u8cc7\u91d1\u6bd4\u7387\u306f\u6bce\u5e74\u4e00\u5b9a\u3067\u3042\u308b\u305f\u3081\u3001\u904b\u8ee2\u8cc7\u91d1\u6b8b\u9ad8\u306f\u5909\u308f\u3089\u305a\u3001\u5404\u5e74\u306e\u904b\u8ee2\u8cc7\u91d1\u5897\u6e1b\u306f\u30bc\u30ed\u3068\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <details class=\"coar-note\">\n    <summary>\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306e\u8a08\u7b97\u524d\u63d0<\/summary>\n    <p>\n      \u6bce\u5e7420\u30925\u5e74\u9593\u6295\u8cc7\u3057\u3001\u5404\u6295\u8cc7\u3092\u6295\u8cc7\u5e74\u5ea6\u304b\u30895\u5e74\u9593\u3067\u5b9a\u984d\u511f\u5374\u3057\u307e\u3059\u3002\n      \u65e2\u5b58\u8a2d\u5099\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb40\u306b\u8ffd\u52a0\u511f\u5374\u3092\u52a0\u3048\u3001\u7a0e\u52b9\u679c\u3092\u53cd\u6620\u3057\u307e\u3059\u3002\n      \u5341\u5206\u306a\u8ab2\u7a0e\u6240\u5f97\u304c\u3042\u308a\u3001\u7a0e\u52b9\u679c\u3092\u5f53\u671f\u306b\u5229\u7528\u3067\u304d\u308b\u524d\u63d0\u3067\u3059\u3002\n    <\/p>\n    <p>\n      \u521d\u671f\u30e2\u30c7\u30eb\u306b\u5bfe\u3059\u308bFCF\u306e\u5dee\u306f\u30011\u301c5\u5e74\u76ee\u304c\u9806\u306b\n      \u221218.8\u3001\u221217.6\u3001\u221216.4\u3001\u221215.2\u3001\u221214.0\u3001\n      6\u301c9\u5e74\u76ee\u304c\uff0b4.8\u3001\uff0b3.6\u3001\uff0b2.4\u3001\uff0b1.2\u3067\u3059\u3002\n      \u3053\u308c\u3089\u3092WACC10\uff05\u3067\u5272\u308a\u5f15\u3044\u305f\u5408\u8a08\u304c\u7d04\u221256.85\u3067\u3059\u3002\n    <\/p>\n    <p>\n      10\u5e74\u76ee\u4ee5\u964d\u306f\u8ffd\u52a0\u6295\u8cc7\u30fb\u8ffd\u52a0\u511f\u5374\u3068\u3082\u30bc\u30ed\u3068\u3057\u307e\u3059\u3002\n      \u8ffd\u52a0\u6539\u4fee\u306f\u65e2\u5b58\u8a2d\u5099\u306e\u901a\u5e38\u66f4\u65b0\u307e\u3067\u3092\u3064\u306a\u3050\u652f\u51fa\u3068\u3057\u3001\n      \u4ee5\u5f8c\u306e\u7dad\u6301\u66f4\u65b0\u6295\u8cc7\u306f\u901a\u5e38\u520640\u306b\u542b\u307e\u308c\u308b\u4eee\u5b9a\u3067\u3059\u3002\n      \u5b9f\u6848\u4ef6\u3067\u306f\u53d6\u5f97\u6642\u671f\u3001\u8010\u7528\u5e74\u6570\u3001\u9664\u5374\u3001\u518d\u66f4\u65b0\u3082\u8a2d\u5099\u8a08\u753b\u306b\u6cbf\u3063\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\n    <\/p>\n  <\/details>\n\n  <h3>\u5909\u52d5\u5e45\u3068\u7d99\u7d9a\u671f\u9593\u306b\u3088\u3063\u3066\u3001\u9806\u4f4d\u306f\u5909\u308f\u308b<\/h3>\n\n  <p>\n    \u30c8\u30eb\u30cd\u30fc\u30c9\u306e\u9806\u4f4d\u306f\u3001\u8a2d\u5b9a\u3057\u305f\u6761\u4ef6\u306e\u4e0b\u3067\u306e\u9806\u4f4d\u3067\u3059\u3002\n    \u5e74\u9593\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306e\u4e0a\u9650\u309220\u3068\u3057\u307e\u3057\u305f\u304c\u3001\u8a2d\u5099\u306e\u72b6\u614b\u304c\u672a\u78ba\u8a8d\u306a\u3089\u3001\n    \u305d\u306e\u4e0a\u9650\u304c\u59a5\u5f53\u304b\u3082\u8abf\u3079\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\n    \u5b9f\u969b\u306b\u306f50\u304c\u5fc5\u8981\u3067\u3042\u308c\u3070\u3001\u5f71\u97ff\u984d\u306f\u5909\u308f\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u307e\u305f\u3001\u672c\u4f8b\u3067\u306f\u58f2\u4e0a\u3068\u5229\u76ca\u7387\u306e\u5909\u5316\u3092\u6c38\u7d9a\u7684\u306a\u3082\u306e\u3068\u3057\u3001\n    \u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306f5\u5e74\u9593\u306b\u9650\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\n    \u68d2\u306e\u9577\u3055\u306b\u306f\u3001\u5e74\u9593\u306e\u91d1\u984d\u3068\u7d99\u7d9a\u671f\u9593\u306e\u4e21\u65b9\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u4f8b\u3048\u3070\u3001\u5229\u76ca\u7387\u304c12\uff05\u304b\u308910\uff05\u306b\u4e0b\u304c\u308b\u5834\u5408\u3001\u5e74\u9593FCF\u306e\u6e1b\u5c11\u306f28\u3067\u3059\u3002\n    \u3053\u306e\u4f4e\u4e0b\u304c\u6c38\u7d9a\u3059\u308b\u5834\u5408\u306e\u4fa1\u5024\u3078\u306e\u5f71\u97ff\u306f280\u3067\u3059\u304c\u3001\n    \u6700\u521d\u306e2\u5e74\u9593\u3060\u3051\u306a\u3089\u7d0449\u3067\u3059\u3002\n  <\/p>\n\n  <p class=\"coar-formula\">28\u00f71.1\uff0b28\u00f71.1\u00b2\uff1d\u7d0449<\/p>\n\n  <p>\n    \u4e3b\u8981\u9867\u5ba2\u306e\u767a\u6ce8\u6e1b\u5c11\u304c\u4e00\u6642\u7684\u306a\u5728\u5eab\u8abf\u6574\u306a\u306e\u304b\u3001\u88fd\u54c1\u306e\u63a1\u7528\u7d42\u4e86\u306b\u3088\u308b\u3082\u306e\u306a\u306e\u304b\u3002\n    \u539f\u6750\u6599\u4fa1\u683c\u306e\u4e0a\u6607\u3092\u6b21\u56de\u306e\u4fa1\u683c\u6539\u5b9a\u3067\u8ee2\u5ac1\u3067\u304d\u308b\u306e\u304b\u3002\n    \u3053\u3046\u3057\u305f\u78ba\u8a8d\u304c\u3001\u5909\u52d5\u5e45\u3068\u7d99\u7d9a\u671f\u9593\u306e\u6839\u62e0\u306b\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-dd\">4. \u5f71\u97ff\u5ea6\u3068DD\u306e\u512a\u5148\u9806\u4f4d\u3092\u5206\u3051\u3066\u8003\u3048\u308b<\/h2>\n\n  <p>\n    \u672c\u4f8b\u3067\u306f\u5229\u76ca\u7387\u306e\u611f\u5fdc\u5ea6\u304c\u6700\u5927\u3067\u3059\u304c\u3001\n    \u305d\u306e\u9806\u4f4d\u3060\u3051\u3067DD\u306e\u512a\u5148\u9806\u4f4d\u304c\u6c7a\u307e\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n  <\/p>\n\n  <p>\n    \u5229\u76ca\u738712\uff05\u304c\u3001\u65e2\u306b\u5b9f\u65bd\u3057\u305f\u4fa1\u683c\u6539\u5b9a\u306b\u3088\u3063\u3066\u9054\u6210\u3055\u308c\u3001\n    \u5951\u7d04\u3068\u6708\u6b21\u5b9f\u7e3e\u3067\u88cf\u4ed8\u3051\u3089\u308c\u3066\u3044\u308c\u3070\u3001\u78ba\u8a8d\u306f\u6bd4\u8f03\u7684\u9032\u3081\u3084\u3059\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\n    \u4e00\u65b9\u3001\u8a2d\u5099\u66f4\u65b0\u8a08\u753b\u304c\u672a\u6574\u5099\u3067\u3001\u8ffd\u52a0\u6295\u8cc7\u984d\u306e\u4e0a\u9650\u3082\u4e0d\u660e\u306a\u3089\u3001\n    \u73fe\u5730\u8abf\u67fb\u3084\u4fdd\u5168\u8a18\u9332\u306e\u78ba\u8a8d\u3092\u512a\u5148\u3059\u308b\u610f\u5473\u304c\u3042\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"DD\u306e\u512a\u5148\u9806\u4f4d\u306e\u5224\u65ad\u8ef8\">\n    <table class=\"coar-text-table\">\n      <colgroup>\n        <col style=\"width:28%;\">\n        <col style=\"width:72%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u5224\u65ad\u8ef8<\/th>\n          <th scope=\"col\">\u78ba\u8a8d\u3059\u308b\u3053\u3068<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\">\u4fa1\u5024\u3078\u306e\u5f71\u97ff<\/th>\n          <td>\u524d\u63d0\u304c\u5909\u308f\u308b\u3068\u3001\u8a55\u4fa1\u984d\u306f\u3044\u304f\u3089\u52d5\u304f\u304b<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u524d\u63d0\u306e\u4e0d\u78ba\u304b\u3055<\/th>\n          <td>\u5951\u7d04\u3001\u5b9f\u7e3e\u3001\u898b\u7a4d\u308a\u306a\u3069\u3067\u3001\u3069\u3053\u307e\u3067\u88cf\u4ed8\u3051\u3089\u308c\u3066\u3044\u308b\u304b<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u8abf\u67fb\u306b\u3088\u308b\u78ba\u8a8d\u53ef\u80fd\u6027<\/th>\n          <td>\u8ffd\u52a0\u8abf\u67fb\u306b\u3088\u3063\u3066\u3001\u5224\u65ad\u306b\u4f7f\u3048\u308b\u60c5\u5831\u304c\u5f97\u3089\u308c\u308b\u304b<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n   \u521d\u671f\u30e2\u30c7\u30eb\u306e\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u8a55\u4fa1\u984d\u3078\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044\u524d\u63d0\u3092\u628a\u63e1\u3057\u3001DD\u3067\u305d\u306e\u6839\u62e0\u3068\u5b9f\u73fe\u53ef\u80fd\u6027\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u78ba\u8a8d\u7d50\u679c\u306b\u5fdc\u3058\u3066\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3092\u4fee\u6b63\u3057\u3001\u8ffd\u52a0\u3067\u691c\u8a3c\u3059\u3079\u304d\u4e8b\u9805\u3092\u6574\u7406\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u8a31\u8a8d\u53ef\u3084\u91cd\u5927\u306a\u6cd5\u52d9\u554f\u984c\u306a\u3069\u3001\u53d6\u5f15\u6210\u7acb\u3084\u4e8b\u696d\u7d99\u7d9a\u3092\u5de6\u53f3\u3059\u308b\u8ad6\u70b9\u306f\u3001\n    \u91d1\u984d\u611f\u5fdc\u5ea6\u306e\u9806\u4f4d\u3068\u306f\u5225\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-inline\">\n    <p>\n      \u88fd\u54c1\u30fb\u9867\u5ba2\u5225\u306e\u63a1\u7b97\u3084\u6b63\u5e38\u53ce\u76ca\u529b\u3092\u4fa1\u683c\u7b97\u5b9a\u30fbDD\u306b\u53cd\u6620\u3059\u308b\u8003\u3048\u65b9\u306f\u3001\n      <a href=\"https:\/\/www.co-a-rising.com\/ma-management-accounting-profitability\/\">\n        M&amp;A\u3067\u7ba1\u7406\u4f1a\u8a08\u304c\u91cd\u8981\u306b\u306a\u308b\u7406\u7531\n      <\/a>\n      \u3067\u3082\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\n    <\/p>\n  <\/div>\n\n  <h2 id=\"coar-update\">5. DD\u306e\u7d50\u679c\u3092\u30e2\u30c7\u30eb\u306b\u53cd\u6620\u3059\u308b<\/h2>\n\n  <p>\u3053\u3053\u3067\u3001DD\u306b\u3088\u3063\u3066\u4e8c\u3064\u306e\u4e8b\u5b9f\u304c\u5206\u304b\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n\n  <ul>\n    <li>\n      \u5229\u76ca\u738712\uff05\u306e\u4e00\u90e8\u306f\u3001\u4e00\u6642\u7684\u306b\u6709\u5229\u306a\u6761\u4ef6\u3067\u8abf\u9054\u3057\u305f\u539f\u6750\u6599\u306b\u3088\u308b\u3082\u306e\u3067\u3057\u305f\u3002\n      \u901a\u5e38\u306e\u8abf\u9054\u6761\u4ef6\u306b\u623b\u3057\u305f\u5834\u5408\u3001\u6301\u7d9a\u53ef\u80fd\u306aEBITDA\u30de\u30fc\u30b8\u30f3\u306f11\uff05\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\n    <\/li>\n    <li>\n      \u8a2d\u5099\u306e\u72b6\u614b\u3068\u66f4\u65b0\u898b\u7a4d\u308a\u3092\u78ba\u8a8d\u3057\u305f\u7d50\u679c\u3001\u901a\u5e38\u306e\u7dad\u6301\u66f4\u65b0\u6295\u8cc7\u306b\u52a0\u3048\u3001\n      \u4eca\u5f8c5\u5e74\u9593\u306f\u6bce\u5e7420\u306e\u6539\u4fee\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u5206\u304b\u308a\u307e\u3057\u305f\u3002\n    <\/li>\n  <\/ul>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"DD\u5f8c\u306e\u8a55\u4fa1\u66f4\u65b0\">\n    <table class=\"coar-financial-table coar-compact-table coar-update-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:75%;\">\n        <col style=\"width:25%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u8a55\u4fa1\u306e\u66f4\u65b0<\/th>\n          <th scope=\"col\">\u4f01\u696d\u4fa1\u5024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\">\u521d\u671f\u30e2\u30c7\u30eb\uff1a\u5229\u76ca\u738712\uff05\u3001\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306a\u3057<\/th>\n          <td class=\"coar-number\">1,400<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u6301\u7d9a\u53ef\u80fd\u306a\u5229\u76ca\u7387\u309211\uff05\u306b\u4fee\u6b63<\/th>\n          <td class=\"coar-number\">1,260<\/td>\n        <\/tr>\n        <tr class=\"coar-total\">\n          <th scope=\"row\">\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3068\u6e1b\u4fa1\u511f\u5374\u306e\u7a0e\u52b9\u679c\u3092\u53cd\u6620<\/th>\n          <td class=\"coar-number\">\u7d041,203<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u5229\u76ca\u7387\u309211\uff05\u306b\u4fee\u6b63\u3059\u308b\u3068\u3001EBITDA\u306f220\u3001\n    \u65e2\u5b58\u8a2d\u5099\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u63a7\u9664\u5f8c\u306e\u55b6\u696d\u5229\u76ca\u306f180\u3067\u3059\u3002\n    \u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3092\u53cd\u6620\u3059\u308b\u524d\u306e\u5e74\u9593FCF\u306f126\u3068\u306a\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306f12.6\u5104\u5186\u3067\u3059\u3002\n    \u305d\u3053\u304b\u3089\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306e\u5f71\u97ff\u7d0457\u3092\u63a7\u9664\u3057\u3001\n    \u4fee\u6b63\u5f8c\u306e\u4f01\u696d\u4fa1\u5024\u306f\u7d0412.0\u5104\u5186\u3068\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u8ffd\u52a0\u6295\u8cc7\u306b\u4f34\u3046\u6e1b\u4fa1\u511f\u5374\u8cbb\u3082\u5e74\u5ea6\u3054\u3068\u306b\u53cd\u6620\u3057\u307e\u3059\u3002\n    \u4f8b\u3048\u3070\u30011\u5e74\u76ee\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u65e2\u5b58\u520640\u3068\u8ffd\u52a0\u52064\u306e\u8a0844\u3001\u8a2d\u5099\u6295\u8cc7\u306f60\u3067\u3059\u3002\n    FCF\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p class=\"coar-formula\">\uff08220\u221244\uff09\u00d770\uff05\uff0b44\u221260\uff1d107.2<\/p>\n\n  <p>\n    \u521d\u671f\u30e2\u30c7\u30eb\u3067\u306f\u3001\u8cb7\u53ce\u4fa1\u683c10\u5104\u5186\u3068\u8a55\u4fa1\u984d\u306e\u5dee\u304c4\u5104\u5186\u3042\u308a\u307e\u3057\u305f\u3002\n    DD\u5f8c\u3001\u305d\u306e\u5dee\u306f\u7d042\u5104\u5186\u306b\u7e2e\u307e\u3063\u3066\u3044\u307e\u3059\u3002\n    \u4fa1\u683c\u3092\u306a\u304a\u652f\u3048\u308b\u8a55\u4fa1\u3067\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u5f53\u521d\u3068\u540c\u3058\u4f59\u88d5\u304c\u3042\u308b\u3068\u306f\u5224\u65ad\u3067\u304d\u307e\u305b\u3093\u3002\n  <\/p>\n\n  <h2 id=\"coar-scenario\">6. \u8907\u6570\u306e\u524d\u63d0\u304c\u5909\u308f\u308b\u30b7\u30ca\u30ea\u30aa\u3092\u6bd4\u8f03\u3059\u308b<\/h2>\n\n  <p>\u4fee\u6b63\u3057\u305f\u57fa\u672c\u30e2\u30c7\u30eb\u306b\u5bfe\u3057\u3001\u4e0b\u632f\u308c\u30fb\u4e0a\u632f\u308c\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u4f5c\u308a\u307e\u3059\u3002<\/p>\n\n  <p>\n    \u4e0b\u632f\u308c\u3067\u306f\u3001\u4e3b\u8981\u9867\u5ba2\u306e\u767a\u6ce8\u6e1b\u5c11\u306b\u3088\u308a\u58f2\u4e0a\u304c18\u5104\u5186\u306b\u843d\u3061\u3001\n    \u56fa\u5b9a\u8cbb\u8ca0\u62c5\u306e\u5897\u52a0\u306b\u3088\u3063\u3066\u5229\u76ca\u7387\u304c10\uff05\u306b\u306a\u308b\u3068\u3057\u307e\u3059\u3002\n    \u4e0a\u632f\u308c\u3067\u306f\u3001\u65e2\u5b58\u8a2d\u5099\u306e\u80fd\u529b\u5185\u3067\u58f2\u4e0a\u304c22\u5104\u5186\u306b\u5897\u3048\u3001\n    \u5229\u76ca\u7387\u304c14\uff05\u306b\u306a\u308b\u3068\u3057\u307e\u3059\u3002\n    \u58f2\u4e0a\u3068\u5229\u76ca\u7387\u306f1\u5e74\u76ee\u304b\u3089\u5404\u6c34\u6e96\u3068\u306a\u308a\u3001\u5c06\u6765\u3082\u7d9a\u304f\u8a2d\u5b9a\u3067\u3059\u3002\n  <\/p>\n\n  <p>DD\u3067\u78ba\u8a8d\u3057\u305f\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u306f\u3001\u5168\u30b1\u30fc\u30b9\u306b\u5171\u901a\u3057\u3066\u53cd\u6620\u3057\u307e\u3059\u3002<\/p>\n\n  <div class=\"coar-table-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"DD\u5f8c\u306e\u30b7\u30ca\u30ea\u30aa\u6bd4\u8f03\">\n    <table class=\"coar-financial-table coar-scenario-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186\u3002WACC10\uff05\u3001\u6c38\u4e45\u6210\u9577\u73870\uff05<\/caption>\n      <colgroup>\n        <col style=\"width:40%;\">\n        <col style=\"width:20%;\">\n        <col style=\"width:20%;\">\n        <col style=\"width:20%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u9805\u76ee<\/th>\n          <th scope=\"col\">\u4e0b\u632f\u308c<\/th>\n          <th scope=\"col\">\u4fee\u6b63\u5f8c\u306e\u57fa\u672c<\/th>\n          <th scope=\"col\">\u4e0a\u632f\u308c<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\">\u58f2\u4e0a\u9ad8<\/th>\n          <td class=\"coar-number\">1,800<\/td>\n          <td class=\"coar-number\">2,000<\/td>\n          <td class=\"coar-number\">2,200<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">EBITDA\u30de\u30fc\u30b8\u30f3<\/th>\n          <td class=\"coar-number\">10\uff05<\/td>\n          <td class=\"coar-number\">11\uff05<\/td>\n          <td class=\"coar-number\">14\uff05<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">EBITDA<\/th>\n          <td class=\"coar-number\">180<\/td>\n          <td class=\"coar-number\">220<\/td>\n          <td class=\"coar-number\">308<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u53cd\u6620\u524d\u306e\u5e74\u9593FCF<\/th>\n          <td class=\"coar-number\">98<\/td>\n          <td class=\"coar-number\">126<\/td>\n          <td class=\"coar-number\">187.6<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u7b49\u306b\u3088\u308b\u4fa1\u5024\u306e\u6e1b\u5c11<\/th>\n          <td class=\"coar-number\">\u7d0457<\/td>\n          <td class=\"coar-number\">\u7d0457<\/td>\n          <td class=\"coar-number\">\u7d0457<\/td>\n        <\/tr>\n        <tr class=\"coar-total\">\n          <th scope=\"row\">\u4f01\u696d\u4fa1\u5024<\/th>\n          <td class=\"coar-number\">\u7d04923<\/td>\n          <td class=\"coar-number\">\u7d041,203<\/td>\n          <td class=\"coar-number\">\u7d041,819<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\">\u8cb7\u53ce\u4fa1\u683c1,000\u3068\u306e\u5dee<\/th>\n          <td class=\"coar-number\">\u7d04\u25b277<\/td>\n          <td class=\"coar-number\">\u7d04\uff0b203<\/td>\n          <td class=\"coar-number\">\u7d04\uff0b819<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u57fa\u672c\u30b1\u30fc\u30b9\u3067\u306f10\u5104\u5186\u306e\u8cb7\u53ce\u4fa1\u683c\u3092\u652f\u3048\u307e\u3059\u3002\n    \u4e00\u65b9\u3001\u58f2\u4e0a\u3068\u5229\u76ca\u7387\u306e\u60aa\u5316\u304c\u540c\u6642\u306b\u8d77\u3053\u308b\u4e0b\u632f\u308c\u30b1\u30fc\u30b9\u3067\u306f\u3001\n    \u8a55\u4fa1\u984d\u304c\u7d049.2\u5104\u5186\u3068\u306a\u308a\u3001\u8cb7\u53ce\u4fa1\u683c\u3092\u4e0b\u56de\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u4e3b\u8981\u9867\u5ba2\u306e\u767a\u6ce8\u6e1b\u5c11\u304c\u8d77\u3053\u308a\u5f97\u308b\u304b\u3001\u58f2\u4e0a\u6e1b\u5c11\u6642\u306b\u56fa\u5b9a\u8cbb\u3092\u8abf\u6574\u3067\u304d\u308b\u304b\u3001\n    \u305d\u306e\u8abf\u6574\u306b\u6642\u9593\u3068\u8cbb\u7528\u304c\u3069\u306e\u7a0b\u5ea6\u304b\u304b\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u672c\u4f8b\u3067\u306f\u3001\u58f2\u4e0a\u6c34\u6e96\u306e\u5909\u5316\u306b\u4f34\u3046\u904b\u8ee2\u8cc7\u91d1\u5897\u6e1b\u3092\u7701\u7565\u3057\u3066\u3044\u307e\u3059\u3002\n    \u5b9f\u6848\u4ef6\u3067\u306f\u3001\u58f2\u639b\u91d1\u3001\u5728\u5eab\u3001\u8cb7\u639b\u91d1\u306e\u56de\u8ee2\u671f\u9593\u306a\u3069\u3092\u57fa\u306b\u53cd\u6620\u3057\u307e\u3059\u3002\n    \u4e0a\u632f\u308c\u306b\u8ffd\u52a0\u306e\u751f\u7523\u8a2d\u5099\u304c\u5fc5\u8981\u306a\u3089\u3001\u305d\u306e\u6295\u8cc7\u3082\u52a0\u3048\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-wacc\">7. WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u3092\u78ba\u8a8d\u3059\u308b<\/h2>\n\n  <p>\n    \u3053\u3053\u307e\u3067\u306e\u5206\u6790\u3067\u306f\u3001WACC\u3068\u6c38\u4e45\u6210\u9577\u7387\u3092\u56fa\u5b9a\u3057\u3001\u4e8b\u696d\u4e0a\u306e\u524d\u63d0\u3092\u691c\u8a3c\u3057\u307e\u3057\u305f\u3002\n    \u6b21\u306b\u3001\u5404\u30b7\u30ca\u30ea\u30aa\u306b\u3064\u3044\u3066\u8a55\u4fa1\u6761\u4ef6\u3092\u52d5\u304b\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u6c38\u4e45\u6210\u9577\u73870\uff05\u3067WACC\u3092\u5909\u3048\u308b\u3068\u3001\u8a55\u4fa1\u984d\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\n    \u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3068\u7a0e\u52b9\u679c\u3082\u3001\u305d\u308c\u305e\u308c\u306eWACC\u3067\u5272\u308a\u5f15\u304d\u76f4\u3057\u3066\u3044\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u30b7\u30ca\u30ea\u30aa\u5225WACC\u611f\u5fdc\u5ea6\">\n    <table class=\"coar-financial-table coar-compact-table coar-matrix-table\">\n      <caption>\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:22%;\">\n        <col style=\"width:26%;\">\n        <col style=\"width:26%;\">\n        <col style=\"width:26%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">WACC<\/th>\n          <th scope=\"col\">\u4e0b\u632f\u308c<\/th>\n          <th scope=\"col\">\u4fee\u6b63\u5f8c\u306e\u57fa\u672c<\/th>\n          <th scope=\"col\">\u4e0a\u632f\u308c<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">9\uff05<\/th>\n          <td class=\"coar-number\">\u7d041,031<\/td>\n          <td class=\"coar-number\">\u7d041,342<\/td>\n          <td class=\"coar-number\">\u7d042,026<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">10\uff05<\/th>\n          <td class=\"coar-number\">\u7d04923<\/td>\n          <td class=\"coar-number\">\u7d041,203<\/td>\n          <td class=\"coar-number\">\u7d041,819<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">11\uff05<\/th>\n          <td class=\"coar-number\">\u7d04835<\/td>\n          <td class=\"coar-number\">\u7d041,090<\/td>\n          <td class=\"coar-number\">\u7d041,650<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u57fa\u672c\u30b1\u30fc\u30b9\u3067\u306f\u3001WACC\u30929\u301c11\uff05\u306e\u7bc4\u56f2\u3067\u5909\u3048\u3066\u3082\u3001\u8a55\u4fa1\u984d\u306f\u8cb7\u53ce\u4fa1\u683c10\u5104\u5186\u3092\u4e0a\u56de\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u4e0b\u632f\u308c\u30b1\u30fc\u30b9\u3067\u306f\u3001WACC9\uff05\u3067\u306f\u8cb7\u53ce\u4fa1\u683c\u3092\u4e0a\u56de\u308a\u300110\uff05\u30fb11\uff05\u3067\u306f\u4e0b\u56de\u308a\u307e\u3059\u3002\u4e0b\u632f\u308c\u30b1\u30fc\u30b9\u306e\u8a55\u4fa1\u984d\u3068\u8cb7\u53ce\u4fa1\u683c\u306e\u5927\u5c0f\u95a2\u4fc2\u306f\u3001WACC\u306e\u8a2d\u5b9a\u306b\u3088\u3063\u3066\u5909\u308f\u308b\u305f\u3081\u3001\u63a1\u7528\u3059\u308bWACC\u306e\u59a5\u5f53\u6027\u304c\u8cb7\u53ce\u5224\u65ad\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <h3>\u6c38\u4e45\u6210\u9577\u7387\u3092\u5909\u3048\u308b\u5834\u5408\u306f\u3001\u6210\u9577\u306b\u5fc5\u8981\u306a\u518d\u6295\u8cc7\u3082\u53cd\u6620\u3059\u308b<\/h3>\n\n  <p>\n    \u6c38\u4e45\u6210\u9577\u7387\u306b\u3064\u3044\u3066\u3082\u3001\u5404\u30e2\u30c7\u30eb\u3067\u540c\u69d8\u306b\u5206\u6790\u3057\u307e\u3059\u3002\n    \u30d7\u30e9\u30b9\u306e\u6210\u9577\u7387\u3092\u7f6e\u304f\u5834\u5408\u306f\u3001\n    \u305d\u306e\u6210\u9577\u306b\u5fc5\u8981\u306a\u8a2d\u5099\u6295\u8cc7\u3084\u904b\u8ee2\u8cc7\u91d1\u3082\u53cd\u6620\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n   \u3053\u3053\u3067\u306f\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u3092\u793a\u3059\u305f\u3081\u3001DD\u3067\u5224\u660e\u3057\u305f\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3092\u53cd\u6620\u3059\u308b\u524d\u306e\u521d\u671f\u30e2\u30c7\u30eb\u3092\u4f7f\u3044\u307e\u3059\u3002\u3053\u306e\u30e2\u30c7\u30eb\u306b6\u5e74\u76ee\u4ee5\u964d\u306e\u6210\u9577\u3092\u7e54\u308a\u8fbc\u307f\u3001\u6210\u9577\u306b\u5fc5\u8981\u306a\u518d\u6295\u8cc7\u306e\u7a0e\u5f15\u5f8c\u53ce\u76ca\u7387\u309220\uff05\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u5fc5\u8981\u306a\u518d\u6295\u8cc7\u306b\u306f\u8a2d\u5099\u6295\u8cc7\u3068\u904b\u8ee2\u8cc7\u91d1\u306e\u5897\u52a0\u3092\u542b\u3081\u3001\u6b21\u306e\u5f0f\u3067\u53cd\u6620\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p class=\"coar-formula\">\n    6\u5e74\u76eeFCF\uff1d5\u5e74\u76ee\u306e\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u00d7\uff081\uff0b\u6c38\u4e45\u6210\u9577\u7387\uff09\n    \u00d7\uff081\u2212\u6c38\u4e45\u6210\u9577\u7387\u00f7\u8ffd\u52a0\u6295\u8cc7\u53ce\u76ca\u7387\uff09\n  <\/p>\n\n  <p>\n    \u6c38\u4e45\u6210\u9577\u73871\uff05\u306e\u5834\u5408\u30016\u5e74\u76eeFCF\u306f\n    140\u00d71.01\u00d7\uff081\u22121\uff05\u00f720\uff05\uff09\uff1d134.33\u3067\u3059\u3002\n    \u5229\u76ca\u306f\u6210\u9577\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u6210\u9577\u306e\u305f\u3081\u306e\u518d\u6295\u8cc7\u3092\u63a7\u9664\u3059\u308b\u305f\u3081\u3001\n    FCF\u306f\u5358\u7d14\u306b1\uff05\u5897\u3048\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n  <\/p>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u521d\u671f\u30e2\u30c7\u30eb\u306eWACC\u3068\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\">\n    <table class=\"coar-financial-table coar-compact-table coar-matrix-table\">\n      <caption>\u521d\u671f\u30e2\u30c7\u30eb\u30fb\u91d1\u984d\u5358\u4f4d\uff1a\u767e\u4e07\u5186\u3002\u8ffd\u52a0\u6295\u8cc7\u53ce\u76ca\u738720\uff05<\/caption>\n      <colgroup>\n        <col style=\"width:34%;\">\n        <col style=\"width:22%;\">\n        <col style=\"width:22%;\">\n        <col style=\"width:22%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">WACC\uff0f\u6c38\u4e45\u6210\u9577\u7387<\/th>\n          <th scope=\"col\">0\uff05<\/th>\n          <th scope=\"col\">1\uff05<\/th>\n          <th scope=\"col\">2\uff05<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">9\uff05<\/th>\n          <td class=\"coar-number\">\u7d041,556<\/td>\n          <td class=\"coar-number\">\u7d041,636<\/td>\n          <td class=\"coar-number\">\u7d041,738<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">10\uff05<\/th>\n          <td class=\"coar-number\">1,400<\/td>\n          <td class=\"coar-number\">\u7d041,458<\/td>\n          <td class=\"coar-number\">\u7d041,528<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">11\uff05<\/th>\n          <td class=\"coar-number\">\u7d041,273<\/td>\n          <td class=\"coar-number\">\u7d041,315<\/td>\n          <td class=\"coar-number\">\u7d041,365<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u4fee\u6b63\u5f8c\u306e\u30e2\u30c7\u30eb\u3067\u306f\u3001\u8ffd\u52a0\u8a2d\u5099\u306e\u6b8b\u5b58\u511f\u5374\u306e\u5f71\u97ff\u3082\u51e6\u7406\u3057\u305f\u4e0a\u3067\u7d99\u7d9a\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\n    \u5b89\u5b9a\u72b6\u614b\u306b\u81f3\u308b\u307e\u3067\u4e88\u6e2c\u671f\u9593\u3092\u5ef6\u3070\u3059\u65b9\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002\n    \u672c\u4f8b\u306a\u3089\u3001\u8ffd\u52a0\u511f\u5374\u304c\u7d42\u308f\u308b9\u5e74\u76ee\u307e\u3067\u3092\u660e\u793a\u7684\u306b\u4e88\u6e2c\u3057\u3001\n    10\u5e74\u76ee\u304b\u3089\u306e\u7d99\u7d9a\u4fa1\u5024\u3092\u7b97\u5b9a\u3067\u304d\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u4e8b\u696d\u524d\u63d0\u306e\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3001\n    WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u5206\u6790\u3092\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\n    \u8a55\u4fa1\u984d\u306e\u5909\u52d5\u304c\u4f55\u306b\u3088\u3063\u3066\u751f\u3058\u3066\u3044\u308b\u304b\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-price\">8. \u63d0\u793a\u4fa1\u683c\u3092\u652f\u3048\u308b\u6761\u4ef6\u306b\u7f6e\u304d\u63db\u3048\u308b<\/h2>\n\n  <p>\u8a55\u4fa1\u7d50\u679c\u3092\u3001\u4e8b\u696d\u4e0a\u306e\u6761\u4ef6\u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u3082\u6709\u7528\u3067\u3059\u3002<\/p>\n\n  <p>\n    WACC10\uff05\u3001\u6c38\u4e45\u6210\u9577\u73870\uff05\u3068\u3057\u3001DD\u3067\u5224\u660e\u3057\u305f\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3092\u7e54\u308a\u8fbc\u3093\u3060\u4e0a\u3067\u3001\u8a55\u4fa1\u984d\u304c\u8cb7\u53ce\u4fa1\u683c10\u5104\u5186\u306b\u9054\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u5229\u76ca\u6c34\u6e96\u3092\u9006\u7b97\u3057\u307e\u3059\u3002\u8ffd\u52a0\u8a2d\u5099\u652f\u51fa\u3068\u305d\u308c\u306b\u4f34\u3046\u6e1b\u4fa1\u511f\u5374\u306e\u7a0e\u52b9\u679c\u306b\u3088\u3063\u3066\u3001\u8a55\u4fa1\u984d\u306f\u7d0457\u767e\u4e07\u5186\u6e1b\u5c11\u3057\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u901a\u5e38\u306e\u4e8b\u696d\u6d3b\u52d5\u304b\u3089\u751f\u307f\u51fa\u3059\u5e74\u9593FCF\u306b\u306f\u7d04106\u767e\u4e07\u5186\u304c\u5fc5\u8981\u3067\u3059\u3002\u305d\u306eFCF\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306aEBITDA\u306f\u3001\u7d04191\u767e\u4e07\u5186\u3068\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n <p>\u3053\u306eEBITDA\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u5229\u76ca\u7387\u3092\u3001\u58f2\u4e0a\u6c34\u6e96\u3054\u3068\u306b\u793a\u3059\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n  <div class=\"coar-table-wrap coar-compact-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"\u4fa1\u683c\u3092\u652f\u3048\u308b\u5229\u76ca\u7387\">\n    <table class=\"coar-financial-table coar-compact-table coar-threshold-table\">\n      <caption>\u58f2\u4e0a\u9ad8\u306e\u5358\u4f4d\uff1a\u767e\u4e07\u5186<\/caption>\n      <colgroup>\n        <col style=\"width:35%;\">\n        <col style=\"width:65%;\">\n      <\/colgroup>\n      <thead>\n        <tr>\n          <th scope=\"col\">\u58f2\u4e0a\u9ad8<\/th>\n          <th scope=\"col\">10\u5104\u5186\u306e\u4fa1\u5024\u3092\u652f\u3048\u308bEBITDA\u30de\u30fc\u30b8\u30f3<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">2,000<\/th>\n          <td class=\"coar-number\">\u7d049.5\uff05<\/td>\n        <\/tr>\n        <tr>\n          <th scope=\"row\" class=\"coar-number\">1,800<\/th>\n          <td class=\"coar-number\">\u7d0410.6\uff05<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>\n    \u58f2\u4e0a20\u5104\u5186\u3092\u7dad\u6301\u3067\u304d\u308c\u3070\u3001\u5229\u76ca\u7387\u304c\u7d049.5\uff05\u4ee5\u4e0a\u3067\u4fa1\u683c\u3092\u652f\u3048\u308b\u8a08\u7b97\u3067\u3059\u3002\n    \u4e00\u65b9\u3001\u58f2\u4e0a\u304c18\u5104\u5186\u306b\u843d\u3061\u308b\u306a\u3089\u7d0410.6\uff05\u306e\u5229\u76ca\u7387\u304c\u5fc5\u8981\u3067\u3059\u3002\n    \u8868\u793a\u5024\u306f\u4e38\u3081\u305f\u3082\u306e\u3067\u3001\u8a08\u7b97\u4e0a\u306e\u6c34\u6e96\u306f\u305d\u308c\u305e\u308c\u7d049.55\uff05\u3001\u7d0410.61\uff05\u3067\u3059\u3002\n  <\/p>\n\n  <p>\n    \u4fee\u6b63\u5f8c\u306e\u57fa\u672c\u5229\u76ca\u738711\uff05\u306b\u5bfe\u3057\u3001\u58f2\u4e0a\u6e1b\u5c11\u6642\u306b\u5fc5\u8981\u3068\u306a\u308b10.6\uff05\u3068\u306e\u5dee\u306f\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\n    \u58f2\u4e0a\u304c\u843d\u3061\u3066\u3082\u3053\u306e\u5229\u76ca\u7387\u3092\u7dad\u6301\u3067\u304d\u308b\u304b\u304c\u3001\u5224\u65ad\u306e\u7126\u70b9\u306b\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u8a55\u4fa1\u984d\u3068\u4fa1\u683c\u3068\u306e\u5dee\u984d\u304c\u3001\u305d\u306e\u307e\u307e\u8cb7\u624b\u306e\u5229\u76ca\u3084\u8a31\u5bb9\u3067\u304d\u308b\u640d\u5931\u984d\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n    \u53d6\u5f15\u8cbb\u7528\u3001\u7d71\u5408\u8cbb\u7528\u3001\u8cc7\u91d1\u8abf\u9054\u3001\u30b7\u30ca\u30b8\u30fc\u5b9f\u73fe\u8cbb\u7528\u306a\u3069\u3082\u542b\u3081\u3001\n    \u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3044\u307e\u3059\u3002\n  <\/p>\n\n  <h2 id=\"coar-monte\">9. \u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u3067\u3001\u8907\u6570\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u691c\u8a0e\u3059\u308b<\/h2>\n\n  <p>\n    \u8907\u6570\u306e\u524d\u63d0\u304c\u540c\u6642\u306b\u5909\u5316\u3059\u308b\u5834\u5408\u306b\u3064\u3044\u3066\u3001\u8a55\u4fa1\u984d\u3084\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u3092\u691c\u8a0e\u3059\u308b\u306b\u306f\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u3092\u7528\u3044\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u58f2\u4e0a\u3001\u5229\u76ca\u7387\u3001\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u306b\u78ba\u7387\u5206\u5e03\u3092\u8a2d\u5b9a\u3057\u3001\u524d\u63d0\u9593\u306e\u76f8\u95a2\u3082\u8003\u616e\u3057\u3066\u3001\u591a\u6570\u306e\u7d44\u5408\u305b\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8a55\u4fa1\u984d\u304c\u8cb7\u53ce\u4fa1\u683c\u3092\u4e0b\u56de\u308b\u78ba\u7387\u3084\u3001\u8cb7\u53ce\u4fa1\u683c\u3092\u56fa\u5b9a\u3057\u305f\u5834\u5408\u306e\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u306a\u3069\u3092\u3001\u8a2d\u5b9a\u3057\u305f\u4eee\u5b9a\u306e\u4e0b\u3067\u63a8\u8a08\u3067\u304d\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    \u305f\u3060\u3057\u3001\u7d50\u679c\u306f\u8a2d\u5b9a\u3057\u305f\u5206\u5e03\u3084\u76f8\u95a2\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\n    \u8a08\u7b97\u56de\u6570\u3092\u5897\u3084\u3057\u3066\u3082\u3001\u9867\u5ba2\u96e2\u8131\u306e\u78ba\u7387\u3084\u5229\u76ca\u7387\u306e\u5909\u52d5\u5e45\u306b\u3064\u3044\u3066\u306e\n    \u6839\u62e0\u304c\u5f37\u304f\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n  <\/p>\n\n  <p>\n    \u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u3067\u5f71\u97ff\u306e\u5927\u304d\u3044\u524d\u63d0\u3092\u628a\u63e1\u3057\u3001DD\u3067\u691c\u8a3c\u3057\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3067\u8907\u6570\u306e\u4e8b\u696d\u5c55\u958b\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u306f\u3001\u3053\u3046\u3057\u305f\u691c\u8a0e\u3092\u8e0f\u307e\u3048\u3001\u5c11\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u6349\u3048\u304d\u308c\u306a\u3044\u524d\u63d0\u306e\u7d44\u5408\u305b\u306b\u3064\u3044\u3066\u3001\u8a55\u4fa1\u984d\u3084\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u3092\u691c\u8a0e\u3059\u308b\u969b\u306b\u7528\u3044\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-inline\">\n    <p>\n      \u6280\u8853\u958b\u767a\u3084\u4e8b\u696d\u5316\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u5927\u304d\u3044\u6848\u4ef6\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\u3001\n      <a href=\"https:\/\/www.co-a-rising.com\/technology-new-business-ma-valuation\/\">\n        \u6280\u8853\u30fb\u65b0\u898f\u4e8b\u696dM&amp;A\u306e\u4e8b\u696d\u6027\u8a55\u4fa1\n      <\/a>\n      \u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\n    <\/p>\n  <\/div>\n\n  <h2 id=\"coar-terms\">10. \u8a55\u4fa1\u30fbDD\u306e\u7d50\u679c\u3092\u3001\u8cb7\u53ce\u4fa1\u683c\u3068\u53d6\u5f15\u6761\u4ef6\u306b\u3064\u306a\u3052\u308b<\/h2>\n\n  <p>\n    \u672c\u4f8b\u3067\u306f\u3001\u521d\u671f\u8a55\u4fa114\u5104\u5186\u306b\u5bfe\u3057\u3001DD\u3067\u5229\u76ca\u7387\u3068\u8a2d\u5099\u6295\u8cc7\u3092\u898b\u76f4\u3057\u305f\u7d50\u679c\u3001\n    \u57fa\u672c\u8a55\u4fa1\u306f\u7d0412\u5104\u5186\u306b\u4e0b\u304c\u308a\u307e\u3057\u305f\u3002\n    \u3055\u3089\u306b\u3001\u58f2\u4e0a\u3068\u5229\u76ca\u7387\u304c\u540c\u6642\u306b\u60aa\u5316\u3059\u308b\u30b1\u30fc\u30b9\u3067\u306f\u7d049.2\u5104\u5186\u3068\u306a\u308a\u307e\u3057\u305f\u3002\n  <\/p>\n\n  <p>\n   \u8cb7\u624b\u4f01\u696d\u306f\u3001\u66f4\u65b0\u5f8c\u306e\u8a55\u4fa1\u984d\u306b\u52a0\u3048\u3001\u305d\u306e\u5909\u5316\u3092\u751f\u3093\u3060\u4e8b\u5b9f\u3068\u3001\u6b8b\u308b\u4e0d\u78ba\u5b9f\u6027\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u4f8b\u3067\u306f\u3001\u57fa\u672c\u30b1\u30fc\u30b9\u306e\u8a55\u4fa1\u984d\u306f\u8cb7\u53ce\u4fa1\u683c10\u5104\u5186\u3092\u4e0a\u56de\u308a\u307e\u3059\u304c\u3001\u4e3b\u8981\u9867\u5ba2\u306e\u767a\u6ce8\u6e1b\u5c11\u3068\u5229\u76ca\u7387\u4f4e\u4e0b\u304c\u91cd\u306a\u308b\u3068\u4e0b\u56de\u308a\u307e\u3059\u3002\u3053\u3046\u3057\u305f\u4e0b\u632f\u308c\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027\u3068\u3001\u767a\u751f\u6642\u306b\u53d6\u308a\u5f97\u308b\u5bfe\u5fdc\u7b56\u3092\u691c\u8a0e\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u4fa1\u683c\u3084\u53d6\u5f15\u6761\u4ef6\u3092\u898b\u76f4\u3057\u307e\u3059\u3002\n  <\/p>\n\n  <p>\n    DD\u3092\u884c\u3063\u3066\u3082\u3001\u5c06\u6765\u306e\u9867\u5ba2\u7372\u5f97\u3084\u53ce\u76ca\u6539\u5584\u306b\u3064\u3044\u3066\u3001\n    \u58f2\u624b\u3068\u8cb7\u624b\u306e\u898b\u65b9\u304c\u4e00\u81f4\u3057\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\n    \u305d\u306e\u6210\u679c\u3092\u8cb7\u53ce\u5f8c\u306b\u78ba\u8a8d\u3067\u304d\u308b\u5834\u5408\u306b\u306f\u3001\n    \u5f53\u521d\u5bfe\u4fa1\u3068\u6210\u679c\u306b\u5fdc\u3058\u305f\u8ffd\u52a0\u5bfe\u4fa1\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\n    \u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u3082\u3001\u691c\u8a0e\u306e\u9078\u629e\u80a2\u306b\u306a\u308a\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-inline\">\n    <p>\n      \u4ed5\u7d44\u307f\u3068\u5951\u7d04\u8a2d\u8a08\u4e0a\u306e\u8ad6\u70b9\u306f\u3001\n      <a href=\"https:\/\/www.co-a-rising.com\/ma-earnout\/\">\n        M&amp;A\u306e\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u3068\u306f\uff1f\u4ed5\u7d44\u307f\u3068\u4fa1\u683c\u4ea4\u6e09\u30fb\u5951\u7d04\u8a2d\u8a08\u306e\u5b9f\u52d9\n      <\/a>\n      \u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u6761\u4ef6\u306b\u3088\u308b\u652f\u6255\u984d\u306e\u9055\u3044\u306f\u3001\n      <a href=\"https:\/\/www.co-a-rising.com\/earnout-monte-carlo-analysis\/\">\n        \u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u306e\u6761\u4ef6\u8a2d\u8a08\u3068\u652f\u6255\u984d\u306e\u6bd4\u8f03\uff5c\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5\u306e\u6570\u5024\u4f8b\n      <\/a>\n      \u3092\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002\n    <\/p>\n  <\/div>\n\n  <p>\n   \u8cb7\u624b\u4f01\u696d\u306b\u3068\u3063\u3066\u3001\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u306f\u3001\u8a55\u4fa1\u984d\u3092\u5de6\u53f3\u3059\u308b\u524d\u63d0\u3068\u3001DD\u3067\u512a\u5148\u3057\u3066\u78ba\u8a8d\u3059\u3079\u304d\u4e8b\u9805\u3092\u6574\u7406\u3059\u308b\u624b\u639b\u304b\u308a\u306b\u306a\u308a\u307e\u3059\u3002DD\u3067\u5f97\u3089\u308c\u305f\u4e8b\u5b9f\u3092\u30e2\u30c7\u30eb\u306b\u53cd\u6620\u3057\u3001\u78ba\u8a8d\u3067\u304d\u305f\u4e8b\u9805\u3068\u3001\u306a\u304a\u4e0d\u78ba\u5b9f\u6027\u304c\u6b8b\u308b\u524d\u63d0\u3092\u533a\u5225\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u53ce\u4fa1\u683c\u3084\u53d6\u5f15\u6761\u4ef6\u3092\u5177\u4f53\u7684\u306a\u6839\u62e0\u306b\u57fa\u3065\u3044\u3066\u691c\u8a0e\u3067\u304d\u307e\u3059\u3002\n  <\/p>\n\n  <div class=\"coar-note\">\n    <p class=\"coar-small\">\n      \u203b\u6570\u5024\u306f\u67b6\u7a7a\u306e\u4f8b\u3067\u3059\u3002\u8a08\u7b97\u306f\u671f\u672b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u524d\u63d0\u3068\u3057\u3001\n      \u8868\u3067\u306f\u7aef\u6570\u3092\u4e38\u3081\u3066\u3044\u307e\u3059\u3002\u5b9f\u6848\u4ef6\u3067\u306f\u3001\u4e8b\u696d\u7279\u6027\u3001\u7a0e\u52d9\u3001\u8a2d\u5099\u8a08\u753b\u3001\n      \u904b\u8ee2\u8cc7\u91d1\u3001\u8ca1\u52d9\u72b6\u6cc1\u3001\u8cb7\u624b\u306e\u6295\u8cc7\u6761\u4ef6\u306a\u3069\u306b\u5fdc\u3058\u3066\u30e2\u30c7\u30eb\u3092\u69cb\u7bc9\u3057\u307e\u3059\u3002\n      \u672c\u4f8b\u306e\u5909\u52d5\u5e45\u306f\u767a\u751f\u78ba\u7387\u3092\u8868\u3059\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n    <\/p>\n  <\/div>\n\n  <div class=\"coar-article-cta\">\n    <p class=\"coar-article-cta__label\">\u8cb7\u53ce\u30fb\u8cc7\u672c\u63d0\u643a\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u69d8\u3078<\/p>\n    <p class=\"coar-article-cta__title\">\n      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class=\"a\" aria-hidden=\"true\">\u2192<\/span>\n          <\/a>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-group\">\n        <h4>\u53ce\u76ca\u529b\u30fb\u4e8b\u696d\u8a08\u753b\u306e\u691c\u8a3c<\/h4>\n        <div class=\"coar-pills\">\n          <a class=\"coar-pill\" href=\"https:\/\/www.co-a-rising.com\/ma-management-accounting-profitability\/\">\n            <span class=\"t\">M&amp;A\u3067\u7ba1\u7406\u4f1a\u8a08\u304c\u91cd\u8981\u306b\u306a\u308b\u7406\u7531<\/span>\n            <span class=\"a\" aria-hidden=\"true\">\u2192<\/span>\n          <\/a>\n        <\/div>\n      <\/div>\n\n      <div class=\"coar-group\">\n        <h4>\u4e0d\u78ba\u5b9f\u6027\u306e\u5927\u304d\u3044\u4e8b\u696d\u306e\u8a55\u4fa1<\/h4>\n        <div class=\"coar-pills\">\n          <a class=\"coar-pill\" href=\"https:\/\/www.co-a-rising.com\/technology-new-business-ma-valuation\/\">\n            <span 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<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>DCF\u306e\u8a55\u4fa1\u984d\u3092\u652f\u3048\u308b\u4e8b\u696d\u4e0a\u306e\u524d\u63d0\u3092\u3001\u8cb7\u624b\u306f\u3069\u3046\u691c\u8a3c\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002\u67b6\u7a7a\u306e\u88fd\u9020\u696d\u306e\u6570\u5024\u4f8b\u3092\u7528\u3044\u3001\u30c8\u30eb\u30cd\u30fc\u30c9\u5206\u6790\u304b\u3089DD\u306b\u3088\u308b\u30e2\u30c7\u30eb\u66f4\u65b0\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3001WACC\u30fb\u6c38\u4e45\u6210\u9577\u7387\u306e\u611f\u5fdc\u5ea6\u5206\u6790\u307e\u3067\u3092\u89e3\u8aac\u3002\u8a55\u4fa1\u7d50\u679c\u3092\u8cb7\u53ce\u4fa1\u683c\u30fb\u53d6\u5f15\u6761\u4ef6\u306e\u691c\u8a0e\u306b\u3064\u306a\u3052\u308b\u5de5\u7a0b\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[197,200,93,199,183,198,201],"class_list":["post-2847","post","type-post","status-publish","format-standard","hentry","category-valuation","tag-dcf","tag-200","tag-93","tag-199","tag-183","tag-198","tag-fa","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"_links":{"self":[{"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/posts\/2847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2847"}],"version-history":[{"count":23,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/posts\/2847\/revisions"}],"predecessor-version":[{"id":2870,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=\/wp\/v2\/posts\/2847\/revisions\/2870"}],"wp:attachment":[{"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co-a-rising.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}