{"id":3025,"date":"2026-06-03T15:22:11","date_gmt":"2026-06-03T06:22:11","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=3025"},"modified":"2026-06-03T22:06:45","modified_gmt":"2026-06-03T13:06:45","slug":"comparable-ma-value","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/comparable-ma-value\/","title":{"rendered":"\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff5c\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u898f\u6a21\u88dc\u6b63\u306e\u5b9f\u52d9"},"content":{"rendered":"\n

\u81ea\u793e\u306f\u3044\u304f\u3089\u3067\u58f2\u308c\u308b\u306e\u304b\u3002\u4e0a\u5834\u4f01\u696d\u306e\u500d\u7387\u3092\u305d\u306e\u307e\u307e\u5f53\u3066\u306f\u3081\u3066\u3088\u3044\u306e\u304b\u3002\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3092\u4f7f\u3046\u3068\u304d\u306f\u3001\u898f\u6a21\u3084\u6d41\u52d5\u6027\u306e\u5dee\u3092\u3069\u3046\u88dc\u6b63\u3057\u3001\u5f79\u54e1\u5831\u916c\u3092\u3069\u3046\u8abf\u6574\u3059\u308b\u304b\u3067\u8a55\u4fa1\u984d\u304c\u52d5\u304d\u307e\u3059\u3002\u7b97\u5b9a\u306e\u6d41\u308c\u3001\u4ed6\u306e\u624b\u6cd5\u3068\u306e\u4f75\u305b\u65b9\u3001\u8b72\u6e21\u91d1\u984d\u3078\u306e\u5f71\u97ff\u307e\u3067\u3092\u5b9f\u52d9\u76ee\u7dda\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

\n
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\"\"<\/a><\/figure>\n<\/div>\n\n\n\n
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\"\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. \u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u304c\u62c5\u3046\u5f79\u5272<\/a>
    1. \u8b72\u6e21\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u76ee\u5b89\u306e\u3072\u3068\u3064<\/a><\/li>
    2. \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u306e\u4f75\u7528\u304c\u571f\u53f0\u306b\u306a\u308b<\/a><\/li><\/ol><\/li>
    3. \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u57fa\u790e\u3092\u304a\u3055\u3089\u3044<\/a>
      1. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u4f4d\u7f6e\u3065\u304f\u8a55\u4fa1\u6cd5<\/a><\/li>
      2. EV\/EBITDA\u500d\u7387\u304c\u3088\u304f\u4f7f\u308f\u308c\u308b\u7406\u7531<\/a><\/li>
      3. \u500d\u7387\u6307\u6a19\u306f\u4f1a\u793e\u306e\u7279\u6027\u3067\u9078\u3076<\/a><\/li><\/ol><\/li>
      4. \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306e\u8a08\u7b97\u306e\u6d41\u308c\u3068\u5177\u4f53\u4f8b<\/a>
        1. \u7b97\u5b9a\u306f5\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u9032\u3080<\/a><\/li>
        2. EV\/EBITDA\u500d\u7387\u306b\u3088\u308b\u8a08\u7b97\u4f8b<\/a><\/li><\/ol><\/li>
        3. \u4e0a\u5834\u500d\u7387\u3092\u4e2d\u5c0f\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u304d\u306e\u88dc\u6b63<\/a>
          1. \u898f\u6a21\u3068\u6d41\u52d5\u6027\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u5272\u308a\u5f15\u304f<\/a><\/li>
          2. \u5f79\u54e1\u5831\u916c\u3068\u30aa\u30fc\u30ca\u30fc\u7d4c\u8cbb\u3092\u30ce\u30fc\u30de\u30e9\u30a4\u30ba\u3059\u308b<\/a><\/li>
          3. \u696d\u7a2e\u5225\u500d\u7387\u3092\u9d5c\u5451\u307f\u306b\u3057\u306a\u3044<\/a><\/li>
          4. \u4e2d\u5c0fM&A\u3067\u4f7f\u3046\u524d\u306e\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/a><\/li><\/ol><\/li>
          5. \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u4f7f\u3046\u3068\u304d\u306e\u6ce8\u610f<\/a>
            1. \u30e1\u30ea\u30c3\u30c8<\/a><\/li>
            2. \u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u6ce8\u610f\u70b9<\/a><\/li><\/ol><\/li>
            3. \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
            4. \u4e2d\u5c0f\u4f01\u696dM&A\u306b\u304a\u3051\u308b\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

              \u300c\u3046\u3061\u306e\u4f1a\u793e\u3067\u3082\u58f2\u5374\u3067\u304d\u308b\u3060\u308d\u3046\u304b\u2026\u300d\u3001\u300c\u4f55\u304b\u3089\u59cb\u3081\u308c\u3070\u3044\u3044\u3093\u3060\u308d\u3046\u2026\u300d\u3002\u305d\u306e\u3088\u3046\u306a\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u4e0d\u5b89\u306b\u3001\u4e2d\u5c0f\u4f01\u696d\u5411\u3051M&A\u4ef2\u4ecb\u4f1a\u793e\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u300120\u5e74\u9593\u30fb500\u4ef6\u4ee5\u4e0a\u306e\u652f\u63f4\u5b9f\u7e3e\u306b\u57fa\u3065\u304d\u3001\u304a\u5fdc\u3048\u3057\u307e\u3059\u3002\u672c\u683c\u691c\u8a0e\u524d\u306e\u60c5\u5831\u53ce\u96c6\u3068\u3057\u3066\u3001\u307e\u305a\u306f\u304a\u8a71\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

              \uff1e \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306b\u7121\u6599\u76f8\u8ac7\u3059\u308b\uff5c\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7<\/a><\/p>\n\n\n\n

              \u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u304c\u62c5\u3046\u5f79\u5272<\/h2>\n\n\n\n

              \u300c\u3046\u3061\u306e\u898f\u6a21\u3067\u3001\u4e0a\u5834\u4f01\u696d\u306e\u500d\u7387\u3092\u305d\u306e\u307e\u307e\u5f53\u3066\u306f\u3081\u3066\u3044\u3044\u306e\u304b\u300d\u3002\u4fa1\u5024\u8a55\u4fa1\u306e\u76f8\u8ac7\u3067\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u8a0a\u304b\u308c\u308b\u7591\u554f\u3067\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/mark><\/a>\u306b\u5c5e\u3059\u308b\u8a55\u4fa1\u6cd5\u3067\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u3082\u9854\u3092\u51fa\u3057\u307e\u3059\u3002\u305f\u3060\u3001\u305d\u306e\u5f79\u5272\u306f\u5927\u4f01\u696d\u306e\u6848\u4ef6\u3068\u306f\u5c11\u3057\u9055\u3044\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/mark><\/a>\u306e\u4e2d\u3067\u306e\u7acb\u3061\u4f4d\u7f6e\u304b\u3089\u62bc\u3055\u3048\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

              \u8b72\u6e21\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u76ee\u5b89\u306e\u3072\u3068\u3064<\/h3>\n\n\n\n

              \u4e2d\u5c0f\u4f01\u696d\u5e81\u306f\u3001\u4f01\u696d\u3084\u4e8b\u696d\u306e\u4fa1\u5024\u3092\u5b9a\u91cf\u7684\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3092\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u547c\u3073\u3001\u305d\u306e\u8a55\u4fa1\u984d\u3092\u8b72\u6e21\u984d\u306e\u76ee\u5b89\u306e\u4e00\u3064\u3068\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0fM&A\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\uff08\u7b2c3\u7248\uff09<\/mark><\/a>\u3067\u3082\u3001\u8a55\u4fa1\u624b\u6cd5\u306f\u8907\u6570\u3042\u308a\u3001\u4f1a\u793e\u306e\u5b9f\u614b\u3084\u4e8b\u696d\u7279\u6027\u306b\u5fdc\u3058\u3066\u9078\u3070\u308c\u308b\u3068\u6574\u7406\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u305d\u306e\u9078\u629e\u80a2\u306e\u3072\u3068\u3064\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u6700\u7d42\u7684\u306a\u91d1\u984d\u306f\u3001\u5f53\u4e8b\u8005\u306e\u4ea4\u6e09\u3067\u56fa\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u306e\u4f75\u7528\u304c\u571f\u53f0\u306b\u306a\u308b<\/h3>\n\n\n\n

              \u4e2d\u5c0fM&A\u306e\u73fe\u5834\u3067\u4fa1\u683c\u306e\u571f\u53f0\u306b\u306a\u308a\u3084\u3059\u3044\u306e\u306f\u3001\u6642\u4fa1\u7d14\u8cc7\u7523\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5<\/mark><\/a>\u306b\u6570\u5e74\u5206\u306e\u5229\u76ca\u3092\u4e0a\u4e57\u305b\u3059\u308b\u8003\u3048\u65b9\u3067\u3059\u3002\u540c\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3067\u3082\u3001\u7d14\u8cc7\u7523\u306b1\u5e74\u304b\u30893\u5e74\u307b\u3069\u306e\u5229\u76ca\u3092\u52a0\u3048\u308b\u7b97\u5b9a\u304c\u7d39\u4ecb\u3055\u308c\u3001\u52a0\u3048\u308b\u5229\u76ca\u306e\u7a2e\u985e\u3084\u5e74\u6570\u306f\u4ea4\u6e09\u3067\u6c7a\u307e\u308b\u3068\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              \u3053\u306e\u4e0a\u4e57\u305b\u306f\u5e74\u8cb7\u6cd5\u306b\u3088\u308b\u306e\u308c\u3093\u306e\u8a08\u7b97<\/mark><\/a>\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u3053\u306e\u571f\u53f0\u304c\u5e02\u5834\u306e\u611f\u899a\u3068\u5927\u304d\u304f\u305a\u308c\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u304b\u3081\u308b\u53c2\u8003\u5024\u3068\u3057\u3066\u52b9\u304f\u3053\u3068\u304c\u591a\u3044\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u57fa\u790e\u3092\u304a\u3055\u3089\u3044<\/h2>\n\n\n\n

              \u5f79\u5272\u304c\u898b\u3048\u305f\u3068\u3053\u308d\u3067\u3001\u8a08\u7b97\u306e\u3057\u304f\u307f\u306b\u623b\u308a\u307e\u3059\u3002\u96e3\u3057\u304f\u805e\u3053\u3048\u307e\u3059\u304c\u3001\u8003\u3048\u65b9\u305d\u306e\u3082\u306e\u306f\uff08\u4f8b\u3048\u306f\u60aa\u3044\u3067\u3059\u304c\uff09\u4e2d\u53e4\u8eca\u306e\u5024\u3065\u3051\u306b\u8fd1\u3044\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u4f3c\u305f\u8eca\u7a2e\u306e\u76f8\u5834\u3092\u8abf\u3079\u3001\u8d70\u884c\u8ddd\u96e2\u3084\u72b6\u614b\u3067\u8abf\u6574\u3059\u308b\u3002\u305d\u308c\u3092\u4f1a\u793e\u306b\u7f6e\u304d\u63db\u3048\u305f\u3060\u3051\u3001\u3068\u6349\u3048\u308b\u3068\u5165\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u4f4d\u7f6e\u3065\u304f\u8a55\u4fa1\u6cd5<\/h3>\n\n\n\n

              \u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306f\u3001\u7d14\u8cc7\u7523\u3092\u3082\u3068\u306b\u3059\u308b\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u5c06\u6765\u306e\u7a3c\u3050\u529b\u3092\u3082\u3068\u306b\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u5e02\u5834\u306e\u53d6\u5f15\u3092\u53c2\u7167\u3059\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e3\u3064\u306b\u5927\u304d\u304f\u5206\u304b\u308c\u307e\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f3\u756a\u76ee\u306b\u5f53\u305f\u308a\u307e\u3059\u3002\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u3068\u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u4f3c\u305f\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u3073\u3001\u305d\u306e\u8ca1\u52d9\u6307\u6a19\u306b\u5bfe\u3059\u308b\u500d\u7387\uff08\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u3092\u501f\u308a\u3066\u304f\u308b\u3001\u3068\u3044\u3046\u306e\u304c\u6838\u5fc3\u3067\u3059\u3002<\/p>\n\n\n\n

              EV\/EBITDA\u500d\u7387\u304c\u3088\u304f\u4f7f\u308f\u308c\u308b\u7406\u7531<\/h3>\n\n\n\n

              \u500d\u7387\u306b\u306f\u3044\u304f\u3064\u304b\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u304c\u3001M&A\u306e\u73fe\u5834\u3067\u3088\u304f\u767b\u5834\u3059\u308b\u306e\u304cEV\/EBITDA\u500d\u7387\u3067\u3059\u3002\u306a\u305c\u3053\u308c\u304c\u597d\u307e\u308c\u308b\u306e\u304b\u3001\u7528\u8a9e\u306e\u610f\u5473\u304b\u3089\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              EBITDA\u3068\u306f\u4f55\u304b<\/h4>\n\n\n\n

              EBITDA\u306f\u3001\u7c21\u4fbf\u306b\u306f\u55b6\u696d\u5229\u76ca\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u623b\u3057\u305f\u5229\u76ca\u3092\u6307\u3057\u307e\u3059\u3002\u501f\u5165\u306e\u591a\u5be1\u3084\u7a0e\u5236\u3001\u511f\u5374\u65b9\u6cd5\u306e\u9055\u3044\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u304f\u3001\u4f1a\u793e\u304c\u672c\u696d\u3067\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u529b\u306b\u8fd1\u3044\u6570\u5b57\u3067\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u6761\u4ef6\u306e\u7570\u306a\u308b\u4f1a\u793e\u540c\u58eb\u3092\u4e26\u3079\u3066\u6bd4\u3079\u308b\u7269\u5dee\u3057\u3068\u3057\u3066\u5411\u3044\u3066\u3044\u307e\u3059\u3002\u8a73\u3057\u304f\u306fEBITDA\u306e\u8a08\u7b97\u3068\u610f\u5473<\/mark><\/a>\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

              \u500d\u7387\u3092\u51fa\u3057\u3066\u5bfe\u8c61\u4f1a\u793e\u306b\u5f53\u3066\u306f\u3081\u308b<\/h4>\n\n\n\n

              EV\u306f\u4e8b\u696d\u4fa1\u5024\uff08\u306a\u3044\u3057\u4f01\u696d\u4fa1\u5024\uff09\u3092\u8868\u3057\u3001\u682a\u5f0f\u4fa1\u5024\u306b\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u52a0\u3048\u3066\u6c42\u3081\u307e\u3059\u3002\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u306eEV\u3092EBITDA\u3067\u5272\u308c\u3070\u8a55\u4fa1\u500d\u7387\u304c\u51fa\u307e\u3059\u3002\u3053\u308c\u3092\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u306b\u639b\u3051\u308b\u3068\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u304c\u7b97\u5b9a\u3067\u304d\u308b\u6d41\u308c\u3067\u3059\u3002\u500d\u7387\u306e\u6c34\u6e96\u611f\u306fEV\/EBITDA\u500d\u7387\u306e\u696d\u754c\u5e73\u5747<\/mark><\/a>\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \"\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u3088\u308b\u8a08\u7b97\u65b9\u6cd5\"<\/figure>\n\n\n\n

              \u306a\u304a\u3001EV\uff08\u4e8b\u696d\u4fa1\u5024\uff09\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u95a2\u4fc2\u306b\u8ff7\u3063\u305f\u3089\u3001EV\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044<\/mark><\/a>\u3092\u78ba\u304b\u3081\u3066\u304a\u304f\u3068\u7406\u89e3\u304c\u9032\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

              \u500d\u7387\u6307\u6a19\u306f\u4f1a\u793e\u306e\u7279\u6027\u3067\u9078\u3076<\/h3>\n\n\n\n

              \u500d\u7387\u306fEV\/EBITDA\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8d64\u5b57\u3067\u3082\u7b97\u5b9a\u3067\u304d\u308b\u3082\u306e\u3001\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3059\u308b\u3082\u306e\u306a\u3069\u3001\u4f1a\u793e\u306e\u72b6\u6cc1\u306b\u3088\u3063\u3066\u5411\u304d\u4e0d\u5411\u304d\u304c\u3042\u308a\u307e\u3059\u3002\u4e0b\u8868\u306b\u4e3b\u306a\u6307\u6a19\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

              \u500d\u7387\u6307\u6a19<\/th>\u3082\u3068\u306b\u3059\u308b\u6570\u5024<\/th>\u4e2d\u5c0fM&A\u3067\u306e\u5411\u304d\u4e0d\u5411\u304d<\/th><\/tr><\/thead>
              EV\/EBITDA\u500d\u7387<\/strong><\/td>\u511f\u5374\u524d\u306e\u55b6\u696d\u5229\u76ca<\/td>\u8cc7\u672c\u69cb\u6210\u3084\u511f\u5374\u306e\u5dee\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u304f\u3001\u6c4e\u7528\u7684\u306b\u4f7f\u3048\u308b<\/td><\/tr>
              EBIT\u500d\u7387<\/strong><\/td>\u55b6\u696d\u5229\u76ca<\/td>\u511f\u5374\u65b9\u6cd5\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u5dee\u3092\u53d7\u3051\u3084\u3059\u304f\u3001\u6bd4\u8f03\u6642\u306b\u8abf\u6574\u304c\u8981\u308b<\/td><\/tr>
              PER<\/strong><\/td>\u5f53\u671f\u7d14\u5229\u76ca<\/td>\u682a\u5f0f\u4fa1\u5024\u3092\u76f4\u63a5\u898b\u3089\u308c\u308b\u304c\u3001\u5e02\u5834\u306e\u671f\u5f85\u306b\u632f\u3089\u308c\u3084\u3059\u3044<\/td><\/tr>
              PBR<\/strong><\/td>\u7d14\u8cc7\u7523<\/td>\u8cc7\u7523\u3092\u591a\u304f\u6301\u3064\u4f1a\u793e\u5411\u304d\u3002\u7d99\u7d9a\u524d\u63d0\u306e\u53d6\u5f15\u3068\u306f\u76f8\u95a2\u304c\u898b\u3048\u306b\u304f\u3044<\/td><\/tr>
              PSR<\/strong><\/td>\u58f2\u4e0a\u9ad8<\/td>\u8d64\u5b57\u3067\u3082\u8a08\u7b97\u3067\u304d\u308b\u3002\u5229\u76ca\u3092\u898b\u306a\u3044\u5206\u3001\u6839\u62e0\u306f\u5f31\u304f\u306a\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              PER\u306e\u5272\u5b89\u5272\u9ad8\u306e\u898b\u65b9<\/mark><\/a>\u3082\u3042\u308f\u305b\u3066\u62bc\u3055\u3048\u308b\u3068\u3001\u6307\u6a19\u9078\u3073\u306e\u5e45\u304c\u5e83\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306e\u8a08\u7b97\u306e\u6d41\u308c\u3068\u5177\u4f53\u4f8b<\/h2>\n\n\n\n

              \u8a00\u8449\u306e\u6574\u7406\u304c\u6e08\u3093\u3060\u3089\u3001\u624b\u3092\u52d5\u304b\u3059\u6bb5\u306b\u5165\u308a\u307e\u3059\u3002\u6d41\u308c\u3068\u6570\u5b57\u3092\u4e00\u5ea6\u901a\u3057\u3067\u898b\u3066\u304a\u304f\u3068\u3001\u5c02\u9580\u5bb6\u304b\u3089\u63d0\u793a\u3055\u308c\u305f\u8cc7\u6599\u3082\u8aad\u307f\u89e3\u304d\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u7b97\u5b9a\u306f5\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u9032\u3080<\/h3>\n\n\n\n

              \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u8a55\u4fa1\u306f\u3001\u304a\u304a\u3080\u306d\u6b21\u306e\u9806\u5e8f\u3067\u9032\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

              \"\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u3088\u308b\u4fa1\u5024\u8a55\u4fa1\u306e\u8a08\u7b97\u306e\u6d41\u308c\"<\/figure>\n\n\n\n
                \n
              1. \u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u4f3c\u305f\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u3076<\/li>\n\n\n\n
              2. \u9078\u3093\u3060\u4e0a\u5834\u4f1a\u793e\u306e\u500d\u7387\uff08\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u3092\u7b97\u51fa\u3059\u308b<\/li>\n\n\n\n
              3. \u8907\u6570\u306e\u6307\u6a19\u304b\u3089\u63a1\u7528\u3059\u308b\u500d\u7387\u3092\u7d5e\u308a\u8fbc\u3080<\/li>\n\n\n\n
              4. \u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u8ca1\u52d9\u6570\u5024\u3092\u78ba\u5b9a\u3059\u308b<\/li>\n\n\n\n
              5. \u8ca1\u52d9\u6570\u5024\u306b\u500d\u7387\u3092\u639b\u3051\u3066\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b<\/li>\n<\/ol>\n\n\n\n

                EV\/EBITDA\u500d\u7387\u306b\u3088\u308b\u8a08\u7b97\u4f8b<\/h3>\n\n\n\n

                \u5b9f\u969b\u306e\u6570\u5b57\u3067\u8ffd\u3063\u3066\u307f\u307e\u3059\u3002\u4e0b\u8868\u306f\u4e8b\u696d\u5185\u5bb9\u3068\u898f\u6a21\u304c\u8fd1\u3044\u4e0a\u5834\u4f1a\u793e\u30923\u793e\u9078\u3093\u3060\u4f8b\u3067\u3059\u3002\u5358\u4f4d\u306f\u767e\u4e07\u5186\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u985e\u4f3c\u4f1a\u793e<\/th>A\u793e<\/th>B\u793e<\/th>C\u793e<\/th>\u5e73\u5747<\/th><\/tr><\/thead>
                \u2460\u6642\u4fa1\u7dcf\u984d<\/strong><\/td>4,000<\/td>3,000<\/td>5,500<\/td><\/td><\/tr>
                \u2461EBITDA<\/strong><\/td>600<\/td>500<\/td>780<\/td><\/td><\/tr>
                \u2462\u6709\u5229\u5b50\u8ca0\u50b5\u7b49<\/strong><\/td>100<\/td>80<\/td>100<\/td><\/td><\/tr>
                \u2463\u975e\u4e8b\u696d\u7528\u8cc7\u7523<\/strong><\/td>200<\/td>150<\/td>500<\/td><\/td><\/tr>
                \u2464\u4e8b\u696d\u4fa1\u5024\uff08\u2460\uff0b\u2462\uff0d\u2463\uff09<\/strong><\/td>3,900<\/td>2,930<\/td>5,100<\/td><\/td><\/tr>
                \u2465EV\/EBITDA\u500d\u7387\uff08\u2464\u00f7\u2461\uff09<\/strong><\/td>6.50<\/td>5.86<\/td>6.54<\/td>6.30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                3\u793e\u5e73\u5747\u306eEV\/EBITDA\u500d\u7387\u306f6.3\u500d\u3067\u3057\u305f\u3002\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u30921\u5104\u5186\u3068\u3059\u308b\u3068\u3001\u4e8b\u696d\u4fa1\u5024\u306f1\u5104\u5186\u00d76.3\uff1d6.3\u5104\u5186\u3068\u7b97\u5b9a\u3055\u308c\u307e\u3059\u3002\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u304c\u3001\u3053\u3053\u306b\u4e2d\u5c0f\u4f01\u696d\u306a\u3089\u3067\u306f\u306e\u843d\u3068\u3057\u7a74\u304c\u6f5c\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

                \u4e0a\u5834\u500d\u7387\u3092\u4e2d\u5c0f\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u304d\u306e\u88dc\u6b63<\/h2>\n\n\n\n

                \u8a08\u7b97\u5f0f\u306e\u624b\u8efd\u3055\u306b\u6bd4\u3079\u3001\u4e2d\u5c0f\u4f01\u696d\u3078\u306e\u9069\u7528\u306f\u4e00\u7b4b\u7e04\u3067\u306f\u3044\u304d\u307e\u305b\u3093\u3002\u4e0a\u5834\u4f1a\u793e\u306e\u500d\u7387\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3068\u3001\u8a55\u4fa1\u984d\u304c\u5b9f\u614b\u3088\u308a\u81a8\u3089\u307f\u304c\u3061\u3067\u3059\u3002\u652f\u63f4\u73fe\u5834\u3067\u5fc5\u305a\u78ba\u8a8d\u3059\u308b\u88dc\u6b63\u306e\u52d8\u3069\u3053\u308d\u30923\u3064\u6319\u3052\u307e\u3059\u3002<\/p>\n\n\n\n

                \u898f\u6a21\u3068\u6d41\u52d5\u6027\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u5272\u308a\u5f15\u304f<\/h3>\n\n\n\n

                \u6bd4\u8f03\u5148\u306f\u4e0a\u5834\u4f1a\u793e\u3067\u3059\u3002\u8cc7\u91d1\u8abf\u9054\u529b\u3082\u682a\u5f0f\u306e\u58f2\u308a\u3084\u3059\u3055\u3082\u3001\u4e2d\u5c0f\u4f01\u696d\u3068\u306f\u5dee\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5dee\u3092\u8003\u3048\u305a\u500d\u7387\u3092\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u904e\u5927\u8a55\u4fa1\u306b\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u5f71\u97ff<\/mark><\/a>\u3092\u7e54\u308a\u8fbc\u307f\u3001\u898f\u6a21\u88dc\u6b63\u3092\u65bd\u3057\u3066\u6c34\u6e96\u3092\u5f15\u304d\u4e0b\u3052\u307e\u3059\u3002\u3069\u306e\u7a0b\u5ea6\u5272\u308a\u5f15\u304f\u304b\u306f\u3001\u696d\u7a2e\u3084\u53ce\u76ca\u306e\u5b89\u5b9a\u6027\u3057\u3060\u3044\u3067\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u5f79\u54e1\u5831\u916c\u3068\u30aa\u30fc\u30ca\u30fc\u7d4c\u8cbb\u3092\u30ce\u30fc\u30de\u30e9\u30a4\u30ba\u3059\u308b<\/h3>\n\n\n\n

                \u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u5f79\u54e1\u5831\u916c\u304c\u76f8\u5834\u3088\u308a\u9ad8\u3044\u3001\u3042\u308b\u3044\u306f\u4f4e\u3044\u8a2d\u5b9a\u306b\u306a\u3063\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002\u79c1\u7684\u306a\u8cbb\u7528\u304c\u7d4c\u8cbb\u306b\u6df7\u3056\u3063\u3066\u3044\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u3089\u3092\u9069\u6b63\u6c34\u6e96\u306b\u76f4\u3057\u3066\u304b\u3089EBITDA\u3092\u8a08\u7b97\u3057\u306a\u3044\u3068\u3001\u500d\u7387\u3092\u639b\u3051\u305f\u77ac\u9593\u306b\u8a55\u4fa1\u984d\u304c\u3076\u308c\u307e\u3059\u3002\u6559\u79d1\u66f8\u306b\u306f\u8f09\u308a\u306b\u304f\u3044\u3082\u306e\u306e\u3001\u73fe\u5834\u3067\u306f\u5916\u305b\u306a\u3044\u8abf\u6574\u3067\u3059\u3002\u6c7a\u7b97\u66f8\u306e\u6570\u5b57\u3092\u305d\u306e\u307e\u307e\u4f7f\u308f\u306a\u3044\u3001\u3068\u899a\u3048\u3066\u304a\u304f\u3068\u5b89\u5168\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

                \u696d\u7a2e\u5225\u500d\u7387\u3092\u9d5c\u5451\u307f\u306b\u3057\u306a\u3044<\/h3>\n\n\n\n

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