梅ヶ枝中央会計 -...

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ファイナンス論(12) 企業(事業)価値評価1 事業会社投資…DCF 梅ヶ枝中央会計 2019716梅ヶ枝中央会計株式会社 代表取締役/公認会計士 前田 信二

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  • (12)()1DCF

    2019716

    /

  • No

    1 4/9

    2 4/23 1

    3 5/14 2

    4 5/21 3

    5 5/28 4

    6 6/4 5

    7 6/11 1

    8 6/18 2 VC

    9 6/25 3

    10 7/2 4 VC

    11 7/9 5

    12 7/16 ()1 DCF

    13 7/23 ()2

    14 7/30 ()3

  • 12.()1DCFWACCCAPMPOWER

  • DCF

    4

    32 19 16 25

    DCF

    PERVCIRRVC

  • 3

    5

    ()

    26

  • DCF

    6

  • (DCF)

    7

    ()(ke

    CAPM(Capital Asset Pricing Model)(8.(1))

    (kw)(5.(1))

    WACC

    VE0FCFttwTV()

    kwEDkekd(1)

    V0FCF1

    FCF2

    FCFn

    TV

    (1kw) (1kw)2 (1kw)n (1kw)n

    kwE

    keD

    kd(1)ED ED

    kerf(rrf)

    kerfr

    ()Vo(5.(1))

    FCF

  • 8

    10%100101100110%(1r)1102110110%(1r)121100(1r)2

    3121110%(1r)133.1100(1r)3

    10100(1r)10

    10%10100100(1r)10

    1001(1r)10

    POWER(1,10)1+r10

    10%100100100(1r)100(1r)2100(1r)

    100r10010%1,000108%12.55%20

    DCF(

  • FCF

    (5.(1))

    (1)t()M&A!?6

    ()

    (H27// (H28//

    ~12/31) ~12/31)

    486,543 486,566

    71,523 62,208

    233,501 302,046

    857 921

    82,146 188,201

    54,007 34,181

    46,262 24,422

    506,123 492,611

    232,270 264,591

    3,197 2,655

    270,656 230,675

    20,983 24,953

    2,826

    38,130 30,377

    9,708 10,150

    24,549 64,487

    5,444 5,749

    13,955 17,152

    73,971 104,240

  • 10

    (8.(1))

    http://www.nikkeimm.co.jp/profile/ibbotsondata/index.html

    or

    5%8%

    http://www.nikkeimm.co.jp/profile/ibbotsondata/index.html
  • 1/2

    11

    1.

    TOPIX HP http://takanawa-audit.com/%E6%B8%9B%E6%90%8D%E4%BC%9A%E8%A8%88/206/#rf-25

    A B C

    54,000 0 7,000

    74,000 29,000 20,000

    D/E (a/b) 0.73 0 0.35

    1.46 1.06 1.55

    40% 40% 40%

    (1+(1-))

    1.02 1.06 1.28

    1.12

    http://takanawa-audit.com/%E6%B8%9B%E6%90%8D%E4%BC%9A%E8%A8%88/206/#rf-2
  • 2/2

    12

    1.12

    DE 0.5

    40%

    (1+(1-)) 1.45

    8.(1)

    *x

    xLBO

  • ()FCF

    1 2 34

    r 7.1% 10,000 10,000 10,000 10,000 rf 0.1% 30% 3,000 3,000 3,000 3,000 rm-rf 7.0% 7,000 7,000 7,000 7,000 1.00 1,000 1,000 1,000 1,000 ke kerf(rrf) 0 0 0 0 7.1%

    FCF 8,000 8,000 8,000 8,000 (WACC)r(WACC) 6.60% E 90%(1+r) 106.6% 113.6% 121.1% D 10%1) 93.8% 88.0% 82.6% 30% kd 3.0%

    kd(1) 2.1%

    kw(WACC) 6.60%

    E/(D+E)keD/(D+E)kd(1-t)

    r(WACC) 6.6%A 4FCF 8,000BBA 121,212BA 82.6%

    DCF

    (DCF)()

    13

  • ()FCF

    1 2 34

    r 7.1% 10,000 10,000 10,000 10,000 rf 0.1% 30% 3,000 3,000 3,000 3,000 rm-rf 7.0% 7,000 7,000 7,000 7,000 1.00 1,000 1,000 1,000 1,000 ke kerf(rrf) 0 0 0 0 7.1%

    FCF 8,000 8,000 8,000 8,000 (WACC)r(WACC) 6.60% E 90%(1+r) 106.6% 113.6% 121.1% D 10%1) 93.8% 88.0% 82.6% 30% 7,504 7,040 6,608 21,152 kd 3.0%

    kd(1) 2.1%

    kw(WACC) 6.60%

    E/(D+E)keD/(D+E)kd(1-t)

    r(WACC) 6.6%A 4FCF 8,000BBA 121,212BA 82.6%

    100,121DCF

    121,273

    (DCF)()

    14

  • [email protected]

    www.umegae.co.jp

    15