{"id":3025,"date":"2025-11-09T14:31:22","date_gmt":"2025-11-09T05:31:22","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=3025"},"modified":"2025-11-09T14:31:22","modified_gmt":"2025-11-09T05:31:22","slug":"comparablecompaniescomparison","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/comparablecompaniescomparison\/","title":{"rendered":"\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u306f\uff1f EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u5f0f"},"content":{"rendered":"\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u3067\u3042\u308a\u3001M&amp;A\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u5f79\u5272\u3092\u62c5\u3063\u3066\u3044\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u76ee\u7684\u3084\u4ed6\u306e\u624b\u6cd5\u3068\u306e\u9055\u3044\u3001\u8a08\u7b97\u65b9\u6cd5\u3084M&amp;A\u4e8b\u4f8b\u306a\u3069\u306e\u60c5\u5831\u3092\u8a73\u3057\u304f\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"450\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-20-3.jpg\" alt=\"\" class=\"wp-image-4081\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"450\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-19-2.jpg\" alt=\"\" class=\"wp-image-4082\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n<div class=\"ark-block-toc\">\n\t\t<div class=\"ark-block-toc__title\">\u76ee\u6b21<\/div>\n\t\t<ol class=\"ark-block-toc__list\" data-level=\"2\"><li><a href=\"#arkb-toc-0\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u3068\u306f<\/a><\/li><li><a href=\"#arkb-toc-1\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u3088\u308b\u8a08\u7b97\u65b9\u6cd5<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-2\" class=\"ark-block-toc__link\">\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1<\/a><\/li><li><a href=\"#arkb-toc-3\" class=\"ark-block-toc__link\">EV\/EBITDA\u500d\u7387\u306b\u3088\u308b\u7b97\u5b9a\u304c\u591a\u3044<\/a><\/li><li><a href=\"#arkb-toc-4\" class=\"ark-block-toc__link\">EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u4f8b<\/a><\/li><li><a href=\"#arkb-toc-5\" class=\"ark-block-toc__link\">\u53c2\u8003\uff1a\u4ed6\u306e\u500d\u7387\u6307\u6a19<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-6\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u3088\u308b\u8a08\u7b97\u306e\u6d41\u308c<\/a><\/li><li><a href=\"#arkb-toc-7\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8<\/a><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u3092\u7528\u3044\u305fM&amp;A\u4e8b\u4f8b\u00a0\u00a0\u00a0\u00a0<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">\u30a4\u30fc\u30b3\u30de\u30fc\u30b9\u00d7\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3EC\u30b5\u30a4\u30c8\u306e\u4e8b\u4f8b<\/a><\/li><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u30a4\u30f3\u30c6\u30ea\u30a2\u00d7\u30db\u30fc\u30e0\u30bb\u30f3\u30bf\u30fc\u306e\u4e8b\u4f8b<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-13\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n<p>\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&amp;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<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-d35281866eb7869a178cb5f67e0a4496\"><a href=\"https:\/\/mitsukijapan.com\/ma\/contact\/\" data-type=\"link\" data-id=\"https:\/\/mitsukijapan.com\/ma\/contact\/\">\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<h2 id=\"arkb-toc-0\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\uff09<strong>\u3068\u306f<\/strong><\/h2>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u3068\u985e\u4f3c\u3057\u305f\u4e0a\u5834\u4f01\u696d\u3092\u9078\u3073\u3001\u305d\u308c\u3089\u306e\u4f01\u696d\u306e\u5229\u76ca\u30fb\u7d14\u8cc7\u7523\u7b49\u306e\u6307\u6a19\u306b\u5bfe\u3059\u308b\u4f01\u696d\u4fa1\u5024\u7b49\u306e\u500d\u7387\uff08\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u304b\u3089\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u300c\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u300d\u3001\u300c\u500d\u7387\u6cd5\u300d\u3001\u300c\u4e57\u6570\u6cd5\u300d\u3001\u300c\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u6cd5\u300d\u306a\u3069\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1280\" height=\"524\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132-1280x524.png\" alt=\"\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u3088\u308b\u8a08\u7b97\u65b9\u6cd5\" class=\"wp-image-4994\" style=\"width:750px;height:auto\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132-1280x524.png 1280w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132-640x262.png 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132-768x314.png 768w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132-1536x629.png 1536w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-132.png 1649w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/figure>\n<\/div>\n\n\n<p>\u4e0a\u56f3\u306f\u500d\u7387\u6307\u6a19\u306bEBITDA\u3092\u63a1\u7528\u3057\u305f\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u56f3\u89e3\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\uff082,000\u4e07\u5186\uff09\u306b\u3001\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u306eEBITDA\u500d\u7387\uff085\u500d\uff09\u3092\u639b\u3051\u3066\u3001\u4f01\u696d\u4fa1\u5024\uff081\u5104\u5186\uff09\u3092\u7b97\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-99c6a151679ae448dcd6826dd6e7aeab\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/valuation\/\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u306f\uff1f\uff5c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u8a08\u7b97\u65b9\u6cd5\u30fbM&amp;A\u682a\u4fa1\u306e\u610f\u5473<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-1\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\uff09\u306b\u3088\u308b\u8a08\u7b97\u65b9\u6cd5<\/strong><\/h2>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306e\u7b97\u5b9a\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-2\" class=\"wp-block-heading\">\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u65b9\u6cd5\u306f\u3001\u4ee5\u4e0b\u306e3\u3064\u306e\u30ab\u30c6\u30b4\u30ea\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u304c\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u305d\u306e\u3046\u3061\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u7d14\u8cc7\u7523\u984d\u3092\u30d9\u30fc\u30b9\u3068\u3059\u308b\u8a55\u4fa1\u6cd5\uff09<\/li>\n\n\n\n<li>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5c06\u6765\u306e\u53ce\u76ca\u6027\u306b\u7126\u70b9\u3092\u3042\u3066\u305f\u8a55\u4fa1\u6cd5\uff09<\/li>\n\n\n\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u985e\u4f3c\u3059\u308b\u4f01\u696d\u3084\u53d6\u5f15\u3092\u53c2\u7167\u3059\u308b\u8a55\u4fa1\u6cd5\uff09<\/li>\n<\/ul>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-6bb5d9027244f8c5cbe7b02208f187a0\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/market-approach\/\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\uff1f\u7a2e\u985e\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-3\" class=\"wp-block-heading\">EV\/EBITDA\u500d\u7387\u306b\u3088\u308b\u7b97\u5b9a\u304c\u591a\u3044<\/h3>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u4f7f\u7528\u3059\u308b\u4e0a\u5834\u4f1a\u793e\u306e\u500d\u7387\u6307\u6a19\u306b\u306f\u3001\u69d8\u3005\u306a\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u4e2d\u3067\u3082\u3088\u304f\u4f7f\u7528\u3055\u308c\u308b\u6307\u6a19\u304cEV\/EBITDA\u500d\u7387\u3067\u3059\u3002\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u306eEV\uff08\u4e8b\u696d\u4fa1\u5024\uff09\u3092EBITDA\uff08\u6982\u306d\u511f\u5374\u524d\u55b6\u696d\u5229\u76ca\uff09\u3067\u5272\u308b\u3053\u3068\u3067\u8a55\u4fa1\u500d\u7387\u3092\u7b97\u51fa\u3057\u3001\u305d\u306e\u8a55\u4fa1\u500d\u7387\u3092\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u306b\u639b\u3051\u308b\u3053\u3068\u3067\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">EBITDA\u3068\u306f<\/h4>\n\n\n\n<p>\u901a\u5e38\u3001EV\u306f\u682a\u5f0f\u4fa1\u5024+\u30cd\u30c3\u30c8\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u304b\u3089\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u3092\u5f15\u3044\u305f\u91d1\u984d\uff09\u3068\u306a\u308a\u307e\u3059\u3002EBITDA\u306f\u7c21\u6613\u7684\u306b\u3001\u55b6\u696d\u5229\u76ca\uff0b\u511f\u5374\u8cbb\u3067\u306e\u7b97\u51fa\u3068\u306a\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002EBITDA\u304c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u8fd1\u3044\u7279\u6027\u3092\u6301\u3063\u3066\u3044\u308b\u3053\u3068\u3001\u7a0e\u5236\u3084\u511f\u5374\u306e\u9055\u3044\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u3053\u3068\u3001\u5229\u6255\u3044\u524d\u306e\u5229\u76ca\u3067\u3042\u308b\u305f\u3081\u8cc7\u672c\u69cb\u6210\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3053\u3068\u3001\u7279\u5225\u640d\u76ca\u306a\u3069\u306e\u4e00\u6642\u7684\u8981\u7d20\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u3053\u3068\u306a\u3069\u304b\u3089\u3001EV\/EBITDA\u500d\u7387\u3092\u7528\u3044\u305f\u8a55\u4fa1\u624b\u6cd5\u306f\u3001\u5ba2\u89b3\u7684\u306b\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u5b9a\u3057\u3088\u3046\u3068\u3059\u308b\u969b\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-fce0cc5d717c2b7057738d23c845448f\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/ma-ebitda-utilization-merit-method-calculation-ebit-difference\/\">EBITDA\u3068\u306f\uff1f\u8aad\u307f\u65b9\u30fb\u610f\u5473\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fbEBIT\u3068\u306e\u9055\u3044\u3092\u89e3\u8aac<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e0a\u5834\u985e\u4f3c\u4f1a\u793e\u306e\u9078\u5b9a<\/h4>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u306b\u304a\u3044\u3066\u306f\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3084\u4e8b\u696d\u898f\u6a21\u3001\u5bfe\u8c61\u9867\u5ba2\u3084\u53d6\u6271\u88fd\u54c1\u7b49\u3092\u57fa\u306b\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306b\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u5b9a\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u5b8c\u5168\u306b\u985e\u4f3c\u3059\u308b\u4f01\u696d\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u3053\u3068\u3082\u591a\u304f\u3001\u4f3c\u901a\u3063\u305f\u8981\u7d20\u3092\u6301\u3064\u8907\u6570\u306e\u4f01\u696d\u3092\u9078\u5b9a\u3057\u3001\u305d\u308c\u3089\u306e\u4f01\u696d\u306b\u304a\u3051\u308b\u5e73\u5747\u5024\u3084\u4e2d\u592e\u5024\u304b\u3089\u7b97\u5b9a\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\"><strong>EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u4f8b<\/h3>\n\n\n\n<p>\u4f8b\u3048\u3070\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u3068\u4e8b\u696d\u5185\u5bb9\u30fb\u898f\u6a21\u304c\u985e\u4f3c\u3057\u305f\u4e0a\u5834\u4f1a\u793e\u30923\u793e\uff08A\u793e\u3001B\u793e\u3001C\u793e\uff09\u9078\u5b9a\u3057\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u304c1\u5104\u5186\u3067\u3042\u3063\u305f\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th><strong>\u985e\u4f3c\u4f1a\u793e<\/strong><\/th><th class=\"has-text-align-right\" data-align=\"right\"><strong>A\u793e<\/strong><\/th><th class=\"has-text-align-right\" data-align=\"right\"><strong>B\u793e<\/strong><\/th><th class=\"has-text-align-right\" data-align=\"right\"><strong>C\u793e<\/strong><\/th><th class=\"has-text-align-right\" data-align=\"right\"><strong>\u5e73\u5747<\/strong><\/th><\/tr><\/thead><tbody><tr><td>\u2460\u6642\u4fa1\u7dcf\u984d<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,500<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u3000<\/td><\/tr><tr><td>\u2461EBITDA<\/td><td class=\"has-text-align-right\" data-align=\"right\">600<\/td><td class=\"has-text-align-right\" data-align=\"right\">500<\/td><td class=\"has-text-align-right\" data-align=\"right\">780<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u3000<\/td><\/tr><tr><td>\u2462\u6709\u5229\u5b50\u8ca0\u50b5\u7b49<\/td><td class=\"has-text-align-right\" data-align=\"right\">100<\/td><td class=\"has-text-align-right\" data-align=\"right\">80<\/td><td class=\"has-text-align-right\" data-align=\"right\">100<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u3000<\/td><\/tr><tr><td>\u2463\u975e\u4e8b\u696d\u7528\u8cc7\u7523<\/td><td class=\"has-text-align-right\" data-align=\"right\">200<\/td><td class=\"has-text-align-right\" data-align=\"right\">150<\/td><td class=\"has-text-align-right\" data-align=\"right\">500<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u3000<\/td><\/tr><tr><td>\u2464\u4e8b\u696d\u4fa1\u5024\uff08EV\uff09\uff08\u2460+\u2462-\u2463<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,900<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,930<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,100<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u3000<\/td><\/tr><tr><td>\u2465EV\/EBITDA\u500d\u7387\uff08\u2464\/\u2461\uff09<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.50<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.86<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.54<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\uff13\u793e\u5e73\u5747\u306eEV\/EBITDA\u500d\u7387\u306f6.3\u500d\u3068\u306a\u308b\u3053\u3068\u304b\u3089\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u4e8b\u696d\u4fa1\u5024\uff08EV\uff09\u306f1\u5104\u5186\u00d76.3\uff1d6.3\u5104\u5186\u3068\u7b97\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-a219d7d876b3bd553e1652d28a6f3e91\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-ev-ebitda-multiple\/\">EV\/EBITDA\u500d\u7387\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u30fb\u696d\u754c\u5e73\u5747\u30fb\u5272\u9ad8\u5272\u5b89\u306e\u76ee\u5b89<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\">\u53c2\u8003\uff1a\u4ed6\u306e\u500d\u7387\u6307\u6a19<\/h3>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u7528\u3044\u3089\u308c\u308b\u4e3b\u306a\u500d\u7387\u6307\u6a19\u3092\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002EV\/EBITDA\u500d\u7387\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u3084\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u4ed6\u306e\u6307\u6a19\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>\u500d\u7387\u6307\u6a19\u306e\u540d\u79f0<\/th><th>\u5229\u70b9<\/th><th>\u6b20\u70b9<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8\u500d\u7387<\/td><td>\u3069\u306e\u4f01\u696d\u306b\u3082\u9069\u7528\u3067\u304d\u3001\u7c21\u5358\u306b\u7b97\u51fa\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u3067\u3059\u3002\u5229\u76ca\u306b\u57fa\u3065\u304f\u6307\u6a19\u3067\u306f\u3001\u8d64\u5b57\u306e\u5834\u5408\u306f\u7b97\u51fa\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u58f2\u4e0a\u9ad8\u3067\u3042\u308c\u3070\u8d64\u5b57\u306e\u72b6\u6cc1\u3067\u3082\u8a08\u7b97\u304c\u53ef\u80fd\u3067\u3059\u3002\u5275\u696d\u671f\u9593\u304c\u77ed\u3044\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306eM&amp;A\u306e\u5834\u5408\u3001\u4ed6\u306e\u60c5\u5831\u304c\u4e0d\u5341\u5206\u3067\u3042\u308b\u305f\u3081\u3001\u58f2\u4e0a\u9ad8\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/td><td>\u58f2\u4e0a\u9ad8\u4ee5\u5916\u306e\u8981\u7d20\u3092\u8003\u616e\u3057\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u8a55\u4fa1\u984d\u306e\u6839\u62e0\u304c\u4e0d\u5341\u5206\u3067\u3042\u308b\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/td><\/tr><tr><td>EBIT\u500d\u7387<\/td><td>\u55b6\u696d\u5229\u76ca\u306b\u8fd1\u3044\u5f62\u3067\u4f01\u696d\u306e\u5b9f\u614b\u3092\u53cd\u6620\u3057\u305f\u6307\u6a19\u3067\u3042\u308b\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u652f\u6255\u5229\u606f\u3092\u8003\u616e\u3057\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u501f\u5165\u304c\u591a\u3044\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u7b49\u306e\u8a55\u4fa1\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/td><td>\u511f\u5374\u8cbb\u304c\u8003\u616e\u3055\u308c\u308b\u305f\u3081\u3001\u6e1b\u4fa1\u511f\u5374\u65b9\u6cd5\u3084\u671f\u9593\u306e\u5dee\u7570\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u6709\u7121\u306b\u5f71\u97ff\u3055\u308c\u308b\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u7814\u7a76\u958b\u767a\u8cbb\u3084\u306e\u308c\u3093\u4ee3\u306e\u511f\u5374\u8cbb\u7b49\u306e\u5f71\u97ff\u3082\u53d7\u3051\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8cbb\u7528\u306f\u4f1a\u8a08\u57fa\u6e96\u306b\u3088\u3063\u3066\u5dee\u7570\u304c\u3042\u308b\u305f\u3081\u3001\u56fd\u3092\u307e\u305f\u3044\u3060\u6bd4\u8f03\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/td><\/tr><tr><td>PER<\/td><td>\u4ed6\u306e\u624b\u6cd5\u306b\u6bd4\u3079\u3066\u8a08\u7b97\u304c\u5bb9\u6613\u3067\u3042\u308b\u3053\u3068\u304c\u5229\u70b9\u3067\u3059\u30021\u682a\u3042\u305f\u308a\u306e\u682a\u4e3b\u4fa1\u5024\u30921\u682a\u3042\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca\u3067\u5272\u3063\u305f\u3082\u306e\u3067\u3001\u682a\u5f0f\u6295\u8cc7\u3067\u682a\u4fa1\u304c\u5272\u5b89\u304b\u5272\u9ad8\u304b\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u4f7f\u7528\u3055\u308c\u308b\u6307\u6a19\u3067\u3059\u3002<\/td><td>\u682a\u5f0f\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u5024\u306b\u5927\u304d\u304f\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u3001\u4e0a\u5834\u671f\u9593\u304c\u77ed\u304f\u5229\u76ca\u304c\u5c11\u306a\u3044\u4f01\u696d\u307b\u3069\u3001PER\u304c\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067PER\u3092\u4f7f\u7528\u3059\u308b\u969b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/td><\/tr><tr><td>PBR<\/td><td>PER\u3068\u540c\u69d8\u306b\u7c21\u5358\u306b\u7b97\u51fa\u3067\u304d\u308b\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u81ea\u5df1\u8cc7\u672c\u3092\u8003\u616e\u3057\u305f\u6307\u6a19\u3067\u3042\u308b\u305f\u3081\u3001\u4ed6\u306e\u624b\u6cd5\u306b\u6bd4\u3079\u3066\u975e\u5e38\u306b\u76f4\u63a5\u7684\u306a\u682a\u4fa1\u7b97\u51fa\u304c\u53ef\u80fd\u3067\u3059\u3002\u682a\u4fa1\u304c1\u682a\u3042\u305f\u308a\u7d14\u8cc7\u7523\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3001\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u3092\u7c3f\u4fa1\u7d14\u8cc7\u7523\u984d\u3067\u5272\u3063\u3066\u6c42\u3081\u307e\u3059\u3002<\/td><td>\u7d14\u8cc7\u7523\u306e\u307f\u3092\u8003\u616e\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u7d99\u7d9a\u6027\u3092\u524d\u63d0\u3068\u3057\u305fM&amp;A\u53d6\u5f15\u3067\u306f\u3001\u8a55\u4fa1\u984d\u3068\u6307\u6a19\u306e\u76f8\u95a2\u6027\u304c\u898b\u3065\u3089\u3044\u3068\u3044\u3046\u70b9\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-413e71d9ab5cca24cb6e1b4050011152\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-depreciation\/\">\u6e1b\u4fa1\u511f\u5374\u3068\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff5cDCF\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u3078\u306e\u5f71\u97ff\u3068M&amp;A<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-6\" class=\"wp-block-heading\"><strong><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/strong><\/strong>\u306b\u3088\u308b\u8a08\u7b97\u306e\u6d41\u308c<\/h2>\n\n\n\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u8a55\u4fa1\u306e\u6d41\u308c\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1280\" height=\"581\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120-1280x581.png\" alt=\"\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\" class=\"wp-image-4967\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120-1280x581.png 1280w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120-640x291.png 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120-768x349.png 768w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120-1536x697.png 1536w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-120.png 1606w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/figure>\n<\/div>\n\n\n<p>\u307e\u305a\u3001\u4e0a\u5834\u985e\u4f3c\u4f1a\u793e\u3092\u9078\u5b9a\u3057\u3001\u305d\u306e\u500d\u7387\u3092\u7b97\u51fa\u3057\u305f\u4e0a\u3067\u3001\u8907\u6570\u306e\u6307\u6a19\u304b\u3089\u63a1\u7528\u3059\u308b\u500d\u7387\u3092\u9078\u5b9a\u3057\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u8ca1\u52d9\u6570\u5024\u3092\u7b97\u51fa\u3057\u3066\u3001\u6700\u7d42\u7684\u306b\u8ca1\u52d9\u6570\u5024\u306b\u500d\u7387\u3092\u4e57\u3058\u3066\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b5\u30b9\u30c6\u30c3\u30d7\u306e\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-luminous-vivid-orange-color has-text-color has-link-color wp-elements-03e39b45cfbadf1a445b13d6219067a7\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4f01\u696d\u4fa1\u5024\u3092\u7121\u6599\u3067\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3059\u308b \uff1e<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-7\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\uff09\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h2>\n\n\n\n<p>\u5b9f\u52d9\u4e0a\u3001\u3088\u304f\u7528\u3044\u3089\u308c\u308b\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\"><strong>\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\u306e<strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u969b\u306e\u5229\u70b9\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u8a08\u7b97\u5f0f\u304c\u6bd4\u8f03\u7684\u7c21\u5358\u3067\u3042\u308b\u3053\u3068<\/strong><\/h4>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u306f\u3001\u57fa\u672c\u7684\u306b\u306f\u985e\u4f3c\u4f1a\u793e\u306e\u30c7\u30fc\u30bf\u306e\u6bd4\u7387\u3092\u7b97\u51fa\u3057\u3001\u305d\u308c\u3092\u5bfe\u8c61\u4f01\u696d\u306b\u9069\u7528\u3059\u308b\u3060\u3051\u3067\u4f01\u696d\u4fa1\u5024\u304c\u5c0e\u304d\u51fa\u305b\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u8907\u96d1\u306a\u6570\u5f0f\u3092\u5fc5\u8981\u3068\u305b\u305a\u3001\u8a08\u7b97\u5f0f\u304c\u6bd4\u8f03\u7684\u7c21\u5358\u3067\u3059\u3002\u985e\u4f3c\u4f1a\u793e\u3092\u3044\u304f\u3064\u304b\u4e0a\u3052\u3001\u305d\u308c\u305e\u308c\u306e\u57fa\u6e96\u5024\u3092\u51fa\u3057\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u306e\u76ee\u5b89\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5e02\u5834\u4fa1\u5024\u3068\u306e\u6bd4\u8f03\u304c\u5bb9\u6613\u3067\u3042\u308b\u3053\u3068<\/strong><\/h4>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u306f\u3001\u8907\u6570\u306e\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u3092\u6bd4\u8f03\u5bfe\u8c61\u3068\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u5e02\u5834\u3067\u306e\u76f8\u5834\u3084\u7b97\u51fa\u3055\u308c\u305f\u4f01\u696d\u4fa1\u5024\u304c\u9069\u5207\u306a\u3082\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u5272\u9ad8\u30fb\u5272\u5b89\u3067\u3042\u308b\u304b\u3092\u5224\u65ad\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-9\" class=\"wp-block-heading\"><strong>\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\u306e<strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u6b20\u70b9\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 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href=\"https:\/\/mitsukijapan.com\/ma\/column\/enterprise-value\/\">\u4f01\u696d\u4fa1\u5024\u3068\u306f\uff5cEV\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u3068\u306e\u9055\u3044\u3001\uff13\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-10\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\uff09\u3092\u7528\u3044\u305fM&amp;A\u4e8b\u4f8b<\/strong><a><strong>\u00a0\u00a0\u00a0\u00a0<\/strong><\/a><\/h2>\n\n\n\n<p>M&amp;A\u306b\u304a\u3044\u3066\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u304c\u7528\u3044\u3089\u308c\u3089\u4e8b\u4f8b\u306e\u5e7e\u3064\u304b\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-11\" class=\"wp-block-heading\">\u30a4\u30fc\u30b3\u30de\u30fc\u30b9\u00d7\u30d5\u30a1\u30c3\u30b7\u30e7\u30f3EC\u30b5\u30a4\u30c8\u306e\u4e8b\u4f8b<\/h3>\n\n\n\n<p>Z\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\u5f53\u6642\u306f\u30e4\u30d5\u30fc\uff09\u306f\u30012019\u5e749\u6708\u306bZOZO\u3092\u8cb7\u53ce\u3059\u308b\u65b9\u91dd\u3092\u767a\u8868\u3057\u3001ZOZO\u306e\u682a\u5f0f\u306e50.1\uff05\u3092\u53d6\u5f97\u3057\u307e\u3057\u305f\u3002\u8cb7\u53ce\u4fa1\u683c\u306f\u7d044,000\u5104\u5186\u3067\u3042\u308a\u3001\u4eca\u56de\u306eTOB\u306b\u304a\u3044\u3066\u306f30.37%\u3092ZOZO\u306e\u5275\u696d\u8005\u3067\u3042\u308b\u524d\u6ca2\u6c0f\u3088\u308a\u53d6\u5f97\u3057\u3001\u6b8b\u308a\u306e\u7d0420%\u3092\u30de\u30fc\u30b1\u30c3\u30c8\u304b\u3089\u8cb7\u3044\u53d6\u308b\u3068\u3044\u3046\u5f62\u306b\u306a\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306eM&amp;A\u4e8b\u4f8b\u306e\u6982\u8981\u3092\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002EC\u4e8b\u696d\u306e\u5f37\u5316\u3068\u5e02\u5834\u30b7\u30a7\u30a2\u62e1\u5927\u3092\u76ee\u7684\u3068\u3057\u305f\u5927\u578b\u8cb7\u53ce\u6848\u4ef6\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table 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id=\"arkb-toc-12\" class=\"wp-block-heading\">\u30a4\u30f3\u30c6\u30ea\u30a2\u00d7\u30db\u30fc\u30e0\u30bb\u30f3\u30bf\u30fc\u306e\u4e8b\u4f8b<\/h3>\n\n\n\n<p>2020\u5e7412\u6708\u3001\u30cb\u30c8\u30ea\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306f\u3001\u30db\u30fc\u30e0\u30bb\u30f3\u30bf\u30fc\u306e\u300c\u5cf6\u5fe0\u300d\u306b\u5bfe\u3057\u3066\u3001\u5b50\u4f1a\u793e\u5316\u3092\u76ee\u6307\u3057\u3066TOB\u3092\u884c\u3046\u3053\u3068\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002TOB\u306f\u6210\u529f\u3057\u3001\u30cb\u30c8\u30ea\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306f\u5cf6\u5fe0\u306e\u682a\u5f0f\u306e77.04\uff05\u3092\u53d6\u5f97\u3057\u3001\u5cf6\u5fe0\u3092\u5b50\u4f1a\u793e\u5316\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306eM&amp;A\u4e8b\u4f8b\u306e\u6982\u8981\u3092\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002\u9996\u90fd\u570f\u306e\u5e97\u8217\u7db2\u3084\u7269\u6d41\u7db2\u306e\u76f8\u4e92\u6d3b\u7528\u3092\u76ee\u7684\u3068\u3057\u305f\u7d4c\u55b6\u7d71\u5408\u6848\u4ef6\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u8a73\u7d30\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u8b72\u6e21\u5074\u4f01\u696d<\/td><td>\u682a\u5f0f\u4f1a\u793e\u5cf6\u5fe0\u306f\u30011890\u5e74\u5275\u696d\u306e\u5cf6\u6751\u7baa\u7b25\u88fd\u9020\u6240\u304c\u524d\u8eab\u3067\u3059\u30021960\u5e74\u306b\u6709\u9650\u4f1a\u793e\u5cf6\u5fe0\u7baa\u7b25\u5e97\u3068\u3057\u3066\u8a2d\u7acb\u3055\u308c\u3001\u305d\u306e\u5f8c\u306e\u7d4c\u7def\u3067\u300c\u682a\u5f0f\u4f1a\u793e\u5bb6\u5177\u306e\u5cf6\u5fe0\u300d\u3001\u3055\u3089\u306b\u300c\u682a\u5f0f\u4f1a\u793e\u5cf6\u5fe0\u300d\u3068\u5546\u53f7\u3092\u5909\u66f4\u3057\u307e\u3057\u305f\u3002\u5bb6\u5177\u3084\u30db\u30fc\u30e0\u30bb\u30f3\u30bf\u30fc\u5546\u54c1\u306e\u5c0f\u58f2\u696d\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002<\/td><\/tr><tr><td>\u8b72\u53d7\u5074\u4f01\u696d<\/td><td>\u682a\u5f0f\u4f1a\u793e\u30cb\u30c8\u30ea\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306f\u3001\u5bb6\u5177\u30fb\u30a4\u30f3\u30c6\u30ea\u30a2\u306e\u88fd\u9020\u30fb\u8ca9\u58f2\u5927\u624b\u3067\u3001\u56fd\u5185\u5916\u306b\u591a\u304f\u306e\u5e97\u8217\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u30cb\u30c8\u30ea\u306f\u624b\u9803\u306a\u4fa1\u683c\u3067\u9ad8\u54c1\u8cea\u306a\u5546\u54c1\u3092\u63d0\u4f9b\u3057\u3001\u81ea\u793e\u30d6\u30e9\u30f3\u30c9\u306e\u5546\u54c1\u3092\u4e3b\u529b\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/td><\/tr><tr><td>M&amp;A\u306e\u76ee\u7684\u30fb\u80cc\u666f<\/td><td>M&amp;A\u306e\u76ee\u7684\u306f\u3001\u5f53\u6642\u8907\u6570\u306e\u4f01\u696d\u304c\u5cf6\u5fe0\u3068\u306eM&amp;A\u3092\u6a21\u7d22\u3057\u3066\u3044\u305f\u4e2d\u3001\u5cf6\u5fe0\u304c\u6709\u3059\u308b\u9996\u90fd\u570f\u306e\u5e97\u8217\u3084\u5546\u54c1\u958b\u767a\u3001\u7269\u6d41\u7db2\u306e\u76f8\u4e92\u6d3b\u7528\u306a\u3069\u3092\u901a\u3058\u3066\u7d4c\u55b6\u7d71\u5408\u3092\u6025\u3050\u305f\u3081\u3067\u3057\u305f\u3002<\/td><\/tr><tr><td>\u5b9f\u884c\u6642\u671f<\/td><td>2020\u5e7412\u6708<\/td><\/tr><tr><td>M&amp;A\u624b\u6cd5<\/td><td>TOB<\/td><\/tr><tr><td>\u6210\u7d04\u7d50\u679c<\/td><td>\u30cb\u30c8\u30ea\u304c\u5cf6\u5fe0\u3092\u5b50\u4f1a\u793e\u5316<\/td><\/tr><tr><td>\u8b72\u6e21\u91d1\u984d<\/td><td>\u7d041,650\u5104\u5186<\/td><\/tr><tr><td>\u682a\u5f0f\u4fa1\u5024\u7b97\u5b9a\u7d50\u679c<\/td><td>\u30cb\u30c8\u30ea\u304c\u7b97\u51fa\u3057\u305f\u5cf6\u5fe0\u306e\u682a\u5f0f\u4fa1\u5024\u306b\u304a\u3044\u3066\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306a\u3069\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u306f\u30012020\u5e7410\u670828\u65e5\u3092\u57fa\u6e96\u65e5\u3068\u3057\u3001\u534a\u5e74\u524d\u307e\u3067\u306e\u682a\u4fa1\u3092\u7528\u3044\u3066\u7b97\u51fa\u3057\u305f\u5e02\u5834\u682a\u4fa1\u6cd5\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u3088\u308a\u3082\u4f4e\u304f\u3001DCF\u6cd5\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u3088\u308a\u3082\u4f4e\u3044\u53d6\u5f15\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-4.jpg\" alt=\"\" class=\"wp-image-3067\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-3.jpg\" alt=\"\" class=\"wp-image-3068\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 id=\"arkb-toc-13\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\uff09\u306e\u307e\u3068\u3081<\/strong><\/h2>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u985e\u4f3c\u3057\u305f\u4e0a\u5834\u4f01\u696d\u306eEV\/EBITDA\u500d\u7387\u306a\u3069\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u7528\u3044\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u304c\u7c21\u5358\u3067\u3001\u5e02\u5834\u4fa1\u5024\u3068\u306e\u6bd4\u8f03\u304c\u5bb9\u6613\u306a\u305f\u3081\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3067\u3082\u3088\u304f\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002\u8a55\u4fa1\u984d\u306e\u59a5\u5f53\u6027\u3092\u5ba2\u89b3\u7684\u306b\u78ba\u8a8d\u3067\u304d\u308b\u70b9\u304c\u5927\u304d\u306a\u5229\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u3001\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&amp;A\u4ef2\u4ecb\u4f1a\u793e\u3068\u3057\u3066\u3001\u4e2d\u5c0f\u4f01\u696dM&amp;A\u306b\u7279\u5316\u3057\u305f\u8c4a\u5bcc\u306a\u5b9f\u7e3e\u3092\u6301\u3064\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304c\u591a\u6570\u5728\u7c4d\u3057\u3066\u3044\u307e\u3059\u3002\u7a0e\u52d9\u9762\u3084\u6cd5\u5f8b\u9762\u306e\u30b5\u30dd\u30fc\u30c8\u3082\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u3067\u5bfe\u5fdc\u53ef\u80fd\u3067\u3059\u3002M&amp;A\u3092\u3054\u691c\u8a0e\u306e\u969b\u306f\u3001\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-35d6ba0785dbc0629f8ad4f810c4ee46\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u5b8c\u5168\u6210\u529f\u5831\u916c\u306eM&amp;A\u4ef2\u4ecb\u4f1a\u793e\u306a\u3089\u3001\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3078 \uff1e<\/mark><\/a><\/p>\n\n\n<div class=\"cta-btns\">\n    <div class=\"contact-btn\">\n        <div class=\"micro-copy\">\u3054\u8b72\u6e21\u3092\u691c\u8a0e\u3055\u308c\u308b\u65b9<\/div>\n        <a href=\"\/ma\/contact\/\">\u4eca\u3059\u3050\u7121\u6599\u76f8\u8ac7\u3059\u308b<\/a>\n    <\/div>\n    <div>\n        <div class=\"download-btn\">\n            <div class=\"micro-copy\">M&#038;A\u306e\u91cd\u8981\u30dd\u30a4\u30f3\u30c8\u8cc7\u6599<\/div>\n            <a href=\"\/ma\/document-request\/\">\u7121\u6599\u3067\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3059\u308b<\/a>\n        <\/div>\n    <\/div>\n<\/div>","protected":false},"author":8,"featured_media":3026,"template":"","meta":{"cybocfi_hide_featured_image":"yes"},"class_list":["post-3025","column","type-column","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/column\/3025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/column"}],"about":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/types\/column"}],"author":[{"embeddable":true,"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/users\/8"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/media\/3026"}],"wp:attachment":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/media?parent=3025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}