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2<\/p>\n<p>FCF\u306f\u3001\u6700\u7d42\u7684\u306b\u624b\u5143\u306b\u6b8b\u308b\u304a\u91d1\u3067\u3059\u3002<\/p>\n<h4>\u53ce\u76ca\u9084\u5143\u6cd5<\/h4>\n<p><strong>\u53ce\u76ca\u9084\u5143\u6cd5<\/strong>\u3068\u306f\u3001\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059FCF\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5909\u3048\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u5f0f\u3067\u8868\u3059\u3068\u3010\u4f01\u696d\u8a55\u4fa1\uff1d\u5e73\u5747\u53ce\u76ca\u00f7\u8cc7\u672c\u9084\u5143\u7387\u3011\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8cc7\u672c\u9084\u5143\u7387\u3068\u306f\u3001\u8cc7\u672c\u91d1\u5229\u304a\u3088\u3073\u9577\u671f\u7684\u306a\u56fd\u50b5\u306e\u5229\u56de\u308a\u306b\u4f1a\u793e\u306e\u7d4c\u55b6\u72b6\u614b\u3084\u898f\u6a21\u306a\u3069\u304b\u3089\u5224\u65ad\u3057\u305f\u30ea\u30b9\u30af\u3092\u52a0\u5473\u3057\u305f\u3082\u306e\u3002<\/p>\n<p>\u53ce\u76ca\u9084\u5143\u6cd5\u306f\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u3088\u3046\u306a<strong>\u53ce\u76ca\u306e\u5909\u5316\u304c\u6fc0\u3057\u3044\u4f1a\u793e\u306b\u306f\u9069\u7528\u3057\u306b\u304f\u3044<\/strong>\u3067\u3059\u3002<\/p>\n<h4>\u914d\u5f53\u9084\u5143\u6cd5<\/h4>\n<p><strong>\u914d\u5f53\u9084\u5143\u6cd5<\/strong>\u3068\u306f\u3001\u5c06\u6765\u306e\u914d\u5f53\u984d\u306e\u4e88\u6e2c\u3092\u57fa\u6e96\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u6c42\u3081\u65b9\u306f\u3001\u914d\u5f53\u984d\u3092\u5229\u7387\u3067\u5272\u308a\u3001\u5143\u672c\u306e\u682a\u5f0f\u3092\u6c42\u3081\u308b\u3053\u3068\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p>\u914d\u5f53\u984d\u306f\u3001\u4f01\u696d\u304c\u8a2d\u5b9a\u3059\u308b\u914d\u5f53\u653f\u7b56\u306b\u3088\u3063\u3066\u5909\u5316\u3059\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<p>\u975e\u4e0a\u5834\u4f01\u696d\u3084\u682a\u4e3b\u304c\u5c11\u306a\u3044\u4f01\u696d\u306f\u914d\u5f53\u653f\u7b56\u304c\u5909\u5316\u3057\u306b\u304f\u3044\u305f\u3081\u3001\u914d\u5f53\u9084\u5143\u6cd5\u304c\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u53cd\u5bfe\u306b\u3001<strong>\u5927\u4f01\u696d\u306eM&amp;A<\/strong>\u3067\u306f\u914d\u5f53\u984d\u306e\u78ba\u5b9a\u984d\u3092\u51fa\u3059\u3053\u3068\u304c\u96e3\u3057\u3044\u305f\u3081\u3001\u914d\u5f53\u9084\u5143\u6cd5\u306f\u3042\u307e\u308a\u5229\u7528\u3055\u308c\u307e\u305b\u3093\u3002<\/p>\n<h3>3.\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>3\u3064\u76ee\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\u3001<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3067\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u3084\u696d\u754c\u3092\u57fa\u6e96\u306b\u5e02\u5834\u53d6\u5f15\u306e\u89b3\u70b9\u304b\u3089\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001<strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u30fb\u5e02\u5834\u682a\u4fa1\u6cd5<\/strong>\u306e2\u3064\u306e\u7b97\u5b9a\u65b9\u6cd5\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<h4>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/h4>\n<p><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/strong>\u3068\u306f\u3001\u4e8b\u696d\u5185\u5bb9\u304c\u4f3c\u3066\u3044\u308b\u4e0a\u5834\u4f01\u696d\u306e\u8ca1\u52d9\u72b6\u6cc1\u306a\u3069\u3092\u57fa\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u4e8b\u696d\u5185\u5bb9\u304c\u4f3c\u3066\u3044\u308b\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u500d\u7387\u3092\u57fa\u306b\u8a08\u7b97\u3092\u304a\u3053\u306a\u3046\u305f\u3081\u3001\u30de\u30eb\u30c1\u30d6\u30eb\uff08\u500d\u6570\uff09\u6cd5\u3068\u3082\u3044\u3044\u307e\u3059\u3002<\/p>\n<h4>\u5e02\u5834\u682a\u4fa1\u6cd5<\/h4>\n<p><strong>\u5e02\u5834\u682a\u4fa1\u6cd5<\/strong>\u3068\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u683c\u3092\u57fa\u6e96\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u304c\u516c\u958b\u3055\u308c\u3066\u3044\u308b<strong>\u4e0a\u5834\u4f01\u696d\u306e\u6bd4\u8f03\u3067\u306e\u307f\u4f7f\u7528<\/strong>\u3057\u307e\u3059\u3002<\/p>\n<h2>EV\u3092\u4f7f\u3063\u305f\u30b3\u30b9\u30c8\u56de\u53ce\u5e74\u6570\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n<img decoding=\"async\" class=\"aligncenter wp-image-788 size-full\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/360235_s.jpg\" alt=\"\" width=\"640\" height=\"480\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/360235_s.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/360235_s-300x225.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><strong>EV\/EBITDA\u500d\u7387\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u53ce\u76ca\u529b\u306e\u95a2\u4fc2\u3092\u793a\u3059\u6307\u6a19\u3067\u3042\u308a\u3001M&amp;A\u306b\u304a\u3044\u3066\u306f\u6295\u8cc7\u984d\u306e\u56de\u53ce\u671f\u9593\u306e\u76ee\u5b89\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/strong><\/p>\n<p>\u305f\u3060\u3057\u3001\u53b3\u5bc6\u306a\u56de\u53ce\u5e74\u6570\u3092\u793a\u3059\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u3042\u304f\u307e\u3067\u8a55\u4fa1\u6307\u6a19\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<p>EV\/EBITDA\u500d\u7387\u3068\u306f\u3001EV\u304cEBITDA\u306e\u4f55\u500d\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<p>EBITDA\u306f\u300cEarnings Before Interest,Taxes,Depreciation and Amortization\u300d\u306e\u7565\u3067\u3042\u308a\u3001\u652f\u6255\u5229\u606f\u30fb\u7a0e\u91d1\u30fb\u511f\u5374\u8cbb\u63a7\u9664\u524d\u306e\u5229\u76ca\u3092\u610f\u5473\u3057\u307e\u3059\u3002<br \/>\n\u4f01\u696d\u306e\u672c\u696d\u306e\u53ce\u76ca\u529b\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>EV\/EBITDA\u500d\u7387\u306e\u6c42\u3081\u65b9\u306e\u5f0f\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>EV\/EBITDA\u500d\u7387\uff1dEV \u00f7 EBITDA<\/li>\n<li>EV\uff1d\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\uff0d\u73fe\u91d1\u7b49\uff0b\u5c11\u6570\u682a\u4e3b\u6301\u5206<\/li>\n<li>EBITDA\uff1d\u7a0e\u5f15\u524d\u5229\u76ca\uff0b\u652f\u6255\u5229\u606f\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb<\/li>\n<\/ul>\n<p>\u53c2\u8003\uff1a<a href=\"https:\/\/www.ycg-advisory.jp\/knowledge\/glossary\/ev_ebitda_ratio\/\" target=\"_blank\" rel=\"noopener\">EV\/EBITDA\u500d\u7387\u3068\u306f\uff5c\u5c71\u7530\u30b3\u30f3\u30b5\u30eb\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30b0\u30eb\u30fc\u30d7<\/a><\/p>\n<p>\u5b9f\u52d9\u4e0a\u306e\u7c21\u4fbf\u5f0f\u3068\u3057\u3066\u300c\u55b6\u696d\u5229\u76ca\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d\u3067\u8a08\u7b97\u3055\u308c\u308b\u3053\u3068\u3082\u591a\u3044\u3067\u3059\u304c\u3001\u53b3\u5bc6\u306b\u306f\u652f\u6255\u5229\u606f\u304a\u3088\u3073\u7a0e\u91d1\u3092\u9664\u304f\u524d\u306e\u5229\u76ca\u3067\u3042\u308b\u70b9\u306b\u6ce8\u610f\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u3053\u306e\u6307\u6a19\u306f\u3001<strong>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u306e\u975e\u73fe\u91d1\u8cbb\u7528\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u304f\u56fd\u3084\u4f1a\u8a08\u57fa\u6e96\u304c\u7570\u306a\u308b\u4f01\u696d\u540c\u58eb\u3067\u3082\u6bd4\u8f03\u3057\u3084\u3059\u3044\u3068\u3044\u3046\u70b9\u304c\u7279\u5fb4<\/strong>\u3067\u3059\u3002<\/p>\n<p>\u6d77\u5916\u4f01\u696d\u3068\u306e\u53ce\u76ca\u6027\u6bd4\u8f03\u306b\u3082\u9069\u3057\u305f\u6307\u6a19\u3068\u3057\u3066\u5e83\u304f\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u6b63\u78ba\u306b\u8a55\u4fa1\u3059\u308b\u3084\u308a\u65b9\u3092\u8a73\u3057\u304f\u77e5\u308a\u305f\u3044\u65b9\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<br \/>\n<a href=\"https:\/\/paradigm-shift.co.jp\/media\/ebitda-multiple\/\" target=\"_blank\" rel=\"noopener\">EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u3068\u306f\uff1f\u30e1\u30ea\u30c3\u30c8\u3084EV\/EBITDA\u500d\u7387\u3001\u8a55\u4fa1\u30b9\u30c6\u30c3\u30d7\u306a\u3069\u3092\u89e3\u8aac<\/a><\/p>\n<h2>\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3068\u5f97\u3089\u308c\u308b\u30e1\u30ea\u30c3\u30c8<\/h2>\n<img decoding=\"async\" class=\"aligncenter wp-image-789 size-full\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/5000956_s.jpg\" alt=\"\" width=\"640\" height=\"453\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/5000956_s.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/06\/5000956_s-300x212.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" 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