{"id":11719,"date":"2020-06-20T09:51:24","date_gmt":"2020-06-20T00:51:24","guid":{"rendered":"https:\/\/finance-gfp.com\/?p=11719"},"modified":"2024-07-28T19:23:15","modified_gmt":"2024-07-28T10:23:15","slug":"%e6%a0%aa%e5%bc%8f%e3%83%90%e3%83%aa%e3%83%a5%e3%82%a8%e3%83%bc%e3%82%b7%e3%83%a7%e3%83%b3%e6%8c%87%e6%a8%99%e3%81%ae%e3%81%be%e3%81%a8%e3%82%81%ef%bc%88peg%e3%83%ac%e3%82%b7%e3%82%aa%e3%83%bbpcfr","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=11719","title":{"rendered":"\u682a\u5f0f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u306e\u307e\u3068\u3081\uff08PEG\u30ec\u30b7\u30aa\u30fbPCFR\u30fbPSR\u306a\u3069\u3082\uff09"},"content":{"rendered":"<p><span class=\"ymarker-s\">\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u6570\u591a\u304f\u5b58\u5728\u3059\u308b\u300e\u682a\u4fa1\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u300f\u306e\u4e2d\u3067\u3088\u304f\u4f7f\u308f\u308c\u308b\u3082\u306e\u3092\u30d4\u30c3\u30af\u30a2\u30c3\u30d7\u3057\u3066\u3001\u8a08\u7b97\u65b9\u6cd5\u3084\u305d\u306e\u6307\u6a19\u306e\u8003\u3048\u65b9\u3092\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u6700\u5f8c\u306e\u90e8\u5206\u3067\u306f\u30c8\u30e8\u30bf\u306e\u6c7a\u7b97\u30c7\u30fc\u30bf\u3092\u6d3b\u7528\u3057\u3066\u5177\u4f53\u7684\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u8a08\u7b97\u3082\u884c\u3063\u3066\u3044\u307e\u3059\u306e\u3067\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n<!-- WP QUADS v. 3.0.1  Shortcode Ad -->\n<div class=\"quads-location quads-ad\" id=\"quads-ad\" style=\"float:none;margin:0px 0 0px 0;text-align:center;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30b9\u30bf\u30fc\uff08\u8a18\u4e8b\u4e0a\u30ec\u30b9\u30dd\u30f3\u30b7\u30d6\uff09 -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5603670596158988\"\r\n     data-ad-slot=\"4486034607\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n\n<h2>\u69d8\u3005\u306a\u682a\u5f0f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/h2>\n<p>\u4e0b\u8a18\u3067\u7d39\u4ecb\u3057\u3066\u3044\u308b\u682a\u5f0f\u6307\u6a19\u306e\u4e00\u89a7\u3067\u3059\u3002<\/p>\n<ul>\n<li>PER\uff08Price Earnings Ratio\uff09<\/li>\n<li>PEG\u30ec\u30b7\u30aa\uff08Price Earnings Growth Ratio\uff09<\/li>\n<li>PBR\uff08Price Book-value Ratio\uff09<\/li>\n<li>ROE \uff08Return On Equity\uff09\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=22925\" target=\"_blank\" rel=\"noopener\">ROE\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a><\/li>\n<li>PCFR\uff08Price Cash Flow Ratio\uff09<\/li>\n<li>PSR\uff08Price to Sales Ratio\uff09<\/li>\n<li>EV\/EBITDA\u500d\u7387\uff08Enterprise Value \/ Earning Before Interest Taxes Depreciation and Amortization\uff09<\/li>\n<\/ul>\n<p>\u8a73\u7d30\u306f\u4e0b\u8a18\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3>PER\u306f\u696d\u7a2e\u306b\u6ce8\u610f<\/h3>\n<p>PER\u306f\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u5229\u76ca\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>PER\uff1d\u682a\u4fa1\/1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09<\/li>\n<\/ul>\n<p>\u5206\u5b50\u30fb\u5206\u6bcd\u306b\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3092\u639b\u3051\u308b\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>PER=\u6642\u4fa1\u7dcf\u984d\/\u5f53\u671f\u5229\u76ca<\/li>\n<\/ul>\n<p>100%\u8cb7\u53ce\u3057\u305f\u5834\u5408\u3001\u73fe\u5728\u306e\u5f53\u671f\u5229\u76ca\u306e\u4f55\u5e74\u5206\u3067\u56de\u53ce\u3067\u304d\u308b\u304b\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306bPER\u306f\u4eca\u671f\u306e\u4e88\u60f3\u30d9\u30fc\u30b9\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>PER\u306e\u6ce8\u610f\u70b9\u306f\u5897\u76ca\u7387\u304c\u9ad8\u3044\u4f01\u696d\u3068\u4f4e\u3044\u4f01\u696d\u3067\u76ee\u7dda\u304c\u7570\u306a\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u4f8b\u3048\u3070\u4e88\u60f3PER\u304c10\u500d\u672a\u6e80\u3067\u3042\u308c\u3070\u4e00\u822c\u7684\u306b\u5272\u5b89\u3068\u8a00\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u696d\u7a2e\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u6700\u3082\u5206\u304b\u308a\u3084\u3059\u3044\u4f8b\u304c\u9280\u884c\u3067\u3059\uff61<\/p>\n<p>3\u30e1\u30ac\u3067\u3082\u3053\u3053\u6570\u5e7410\u500d\u3092\u8d85\u3048\u308b\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u9006\u306b\u30cf\u30a4\u30c6\u30af\u95a2\u9023\u306a\u3069\u306f\u5e38\u306b20\u500d\u3092\u8d85\u3048\u3066\u3044\u308b\u9298\u67c4\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3053\u308c\u306f\u5229\u76ca\u306e\u6210\u9577\u7387\u304c\u7570\u306a\u308b\u305f\u3081\u3067\u3001\u682a\u5f0f\u5e02\u5834\u306f\u5c06\u6765\u3092\u4e88\u6e2c\u3057\u3066\u682a\u4fa1\u304c\u5f62\u6210\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u305d\u3053\u3067PER\u306bEPS\uff08\u5f53\u671f\u5229\u76ca\uff09\u6210\u9577\u7387\u3092\u52a0\u5473\u3057\u305f\u300cPEG\u30ec\u30b7\u30aa\u300d\u3092\u6d3b\u7528\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>PEG\u30ec\u30b7\u30aa\u306fPER\u306e\u5f0a\u5bb3\u3092\u4fee\u6b63\u3057\u305f\u6307\u6570<\/h3>\n<p><span class=\"ymarker-s\">PEG\u30ec\u30b7\u30aa\u306fPER\u306bEPS\u6210\u9577\u7387\uff08\u5229\u76ca\u6210\u9577\u7387\uff09\u3092\u8003\u616e\u3057\u305f\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<ul>\n<li>PEG\u30ec\u30b7\u30aa\uff1dPER\/EPS\u6210\u9577\u7387<\/li>\n<\/ul>\n<p><span class=\"ymarker-s\">PER\u304c\u9ad8\u304f\u3066\u3082EPS\u6210\u9577\u7387\u304c\u9ad8\u3051\u308c\u3070PEG\u30ec\u30b7\u30aa\u306f\u4f4e\u304f\u306a\u308a\u3001\u5272\u5b89\u3068\u89e3\u91c8\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p>\u4f8b\u3048\u3070\u300cPER20\u500d\u3001EPS\u6210\u9577\u738725\uff05\u306e\u9298\u67c4A\u300d\u3068\u300cPER8\u500d\u3001EPS\u6210\u9577\u73875\uff05\u306e\u9298\u67c4B\u300d\u306ePEG\u30ec\u30b7\u30aa\u306f\u4e0b\u8a18\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9298\u67c4A\u306ePEG\u30ec\u30b7\u30aa=20\/25=0.8\u500d<\/li>\n<li>\u9298\u67c4B\u306ePEG\u30ec\u30b7\u30aa=8\/5=1.6\u500d<\/li>\n<\/ul>\n<p>\u9298\u67c4A\u306e\u65b9\u304cPER\u306f\u9ad8\u3044\u3067\u3059\u304c\u3001EPS\u6210\u9577\u7387\u3082\u52a0\u5473\u3057\u305fPEG\u30ec\u30b7\u30aa\u3067\u898b\u305f\u5834\u5408\u306f\u5272\u5b89\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>PEG\u30ec\u30b7\u30aa\u306e\u6ce8\u610f\u70b9\u306fEPS\u306e\u6210\u9577\u7387\u306e\u4e88\u60f3\u304c\u96e3\u3057\u3044\u70b9\u3067\u3059\u3002<\/p>\n<p>\u4eca\u671f\u306e\u6210\u9577\u7387\u306f\u4f1a\u793e\u767a\u8868\u3084\u30a2\u30ca\u30ea\u30b9\u30c8\u4e88\u60f3\u3067\u3042\u308b\u7a0b\u5ea6\u898b\u5f53\u304c\u3064\u304d\u307e\u3059\u304c\u3001\u305d\u308c\u304c3\u5e74\u5f8c\u30fb5\u5e74\u5f8c\u3082\u7d9a\u304f\u304b\u5426\u304b\u306f\u5224\u65ad\u304c\u96e3\u3057\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<h3>PBR\u306f\u5186\u9ad8\u306b\u6ce8\u610f<\/h3>\n<p>PBR\u306fPER\u3068\u4e26\u3073\u6700\u3082\u30dd\u30d4\u30e5\u30e9\u30fc\u306a\u682a\u4fa1\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u306e1\u3064\u3067\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u8a00\u3044\u63db\u3048\u308b\u3068PBR\u306f\u682a\u4fa1\u304c\u89e3\u6563\u4fa1\u5024\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3057\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li>PBR\uff1d\u682a\u4fa1\/1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09<\/li>\n<\/ul>\n<p>\u5206\u5b50\u30fb\u5206\u6bcd\u306b\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3092\u639b\u3051\u308b\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>PBR\uff1d\u6642\u4fa1\u7dcf\u984d\/\u7d14\u8cc7\u7523<\/li>\n<\/ul>\n<p>PBR\u306fPER\u3068\u7570\u306a\u308a\u4e88\u60f3\u30d9\u30fc\u30b9\u3067\u306f\u306a\u304f\u3001\u3059\u3067\u306b\u7d42\u308f\u3063\u305f\u671f\u306e\u5b9f\u7e3e\u30d9\u30fc\u30b9\u3067\u8868\u793a\u3055\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>PBR\u304c1\u500d\u3092\u4e0b\u56de\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u7406\u8ad6\u7684\u306b\u306f\u4fdd\u6709\u8cc7\u7523\u3092\u5168\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u5316\u3057\u3066\u5206\u914d\u3057\u305f\u65b9\u304c\u5132\u304b\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u305f\u3060\u3057\u3001\u4f1a\u8a08\u4e0a\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08B\/S\uff09\u3067\u306f\u6642\u4fa1\u4f1a\u8a08\u3055\u308c\u3066\u3044\u306a\u3044\u8cc7\u7523\u304c\u3042\u308b\u3053\u3068\u3084\u3001\u5b9f\u969b\u306b\u4fdd\u6709\u8cc7\u7523\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u5316\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u7c3f\u4fa1\u3088\u308a\u3082\u4f4e\u3044\u4fa1\u683c\u3067\u306e\u51e6\u5206\u3068\u306a\u3063\u305f\u308a\u3001\u9006\u306b\u5229\u76ca\u304c\u51fa\u305f\u5834\u5408\u306f\u8ab2\u7a0e\u3055\u308c\u305f\u308a\u3059\u308b\u3053\u3068\u304b\u3089\u8868\u793a\u4e0a\u306e\u7d14\u8cc7\u7523\u901a\u308a\u306b\u306a\u3089\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e2d\u306b\u306fPBR\u304c0.1\u500d\u3068\u3044\u3063\u305f\u682a\u3082\u5b58\u5728\u3057\u307e\u3059\u304c\u3001\u5c06\u6765\u306e\u4f55\u3089\u304b\u306e\u6e1b\u640d\u30ea\u30b9\u30af\u306a\u3069\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u8d85\u5272\u5b89\u3068\u601d\u3063\u3066\u6295\u8cc7\u3057\u3066\u3082\u3001\u5b9f\u969b\u306b\u306f\u5272\u5b89\u3067\u306f\u306a\u304f\u3001\u2015\u5411\u306b\u682a\u4fa1\u304c\u4e0a\u6607\u3057\u306a\u3044\u300c\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\u300d\u3068\u306a\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\u306fPER\u3067\u3082\u767a\u751f\u3057\u3084\u3059\u304f\u3001\u8d85\u4f4ePER\u30fb\u8d85\u4f4ePBR\u682a\u306b\u3042\u308a\u304c\u3061\u306a\u73fe\u8c61\u3067\u3059\u306e\u3067\u6c17\u3092\u4ed8\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u306a\u3093\u3060\u304b\u3093\u3060\u8a00\u3063\u3066\u3001\u682a\u5f0f\u5e02\u5834\u306f\u5c06\u6765\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<h3>ROE\u304c\u4e0a\u6607\u3059\u308c\u3070\u65e5\u672c\u682a\u3082\u7c73\u56fd\u4e26\u307f\u306e\u9ad8\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u3010PBR=PER\u00d7ROE\u3011<\/h3>\n<p>\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u964d\u3001\u65e5\u672c\u3067\u3082ROE\u7d4c\u55b6\u304c\u6d78\u900f\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>ROE\u306f\u682a\u4e3b\u8cc7\u672c\u5229\u76ca\u7387\uff08Return On Equity\uff09\u306e\u3053\u3068\u3067\u3001\u682a\u4e3b\u8cc7\u672c\u3092\u6d3b\u7528\u3057\u3066\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u4e0a\u3052\u3089\u308c\u3066\u3044\u308b\u304b\u3092\u6e2c\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>ROE\uff1d\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u682a\u4e3b\u8cc7\u672c\uff08\u81ea\u5df1\u8cc7\u672c\u30fb\u7d14\u8cc7\u7523\uff09<\/li>\n<\/ul>\n<p>\u5206\u5b50\u30fb\u5206\u6bcd\u3092\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3067\u5272\u308b\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>ROE=EPS\/BPS<\/li>\n<\/ul>\n<p>\u3061\u306a\u307f\u306b\u4e0a\u8a18\u3067\u7d39\u4ecb\u3057\u305fPER\u3001PBR\u3068\u306e\u95a2\u4fc2\u3067\u306f\u4e0b\u8a18\u306e\u5f0f\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li><span class=\"ymarker-s\">PBR=PER\u00d7ROE<\/span><\/li>\n<\/ul>\n<p><span class=\"ymarker-s\">\u5f93\u6765\u304b\u3089\u65e5\u672c\u682a\u306f\u7c73\u56fd\u682a\u3068\u6bd4\u3079\u3066PBR\u304c\u4f4e\u304f\u3001\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u3064\u304b\u306a\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u306fROE\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u3044\u304b\u3089\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\uff61<\/span><\/p>\n<p>\u4e0a\u8a18\u306e\u5f0f\u3092\u898b\u308b\u3068\u3053\u306e\u8aac\u660e\u304c\u7406\u89e3\u3067\u304d\u307e\u3059<\/p>\n<ul>\n<li>PBR=PER x ROE\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\u3082\u3054\u89a7\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=8351\" target=\"_blank\" rel=\"noopener noreferrer\">\u5186\u9ad8\u3067PBR\u304c\u4e0a\u6607\uff1f \/ \u5186\u9ad8\u306fBPS\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff09\u3092\u4f4e\u4e0b\u3055\u305b\u308b\u306e\u3067\u6ce8\u610f<\/a><\/li>\n<\/ul>\n<h3>PCFR\uff08Price Cash Flow Ratio\uff1a\u682a\u4fa1\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u500d\u7387\uff09<\/h3>\n<p>PCFR\u306f\u3042\u307e\u308a\u306a\u3058\u307f\u306e\u306a\u3044\u65b9\u3082\u591a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>PCFR=\u682a\u4fa1\/1\u682a\u5f53\u305f\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<\/ul>\n<p>\u5206\u5b50\u30fb\u5206\u6bcd\u306b\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3092\u639b\u3051\u308b\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>PCFR\uff1d\u6642\u4fa1\u7dcf\u984d\/\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<\/ul>\n<p>PER\u306f\u682a\u4fa1\u3092\u7d14\u5229\u76ca\u3067\u5272\u3063\u305f\u3082\u306e\u3001PBR\u306f\u682a\u4fa1\u3092\u7d14\u8cc7\u7523\u3067\u5272\u3063\u305f\u3082\u306e\u3001PCFR\u306f\u682a\u4fa1\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u5272\u3063\u305f\u3082\u306e\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>PCFR\u3092\u8a08\u7b97\u3059\u308b\u969b\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u4e00\u822c\u7684\u306b\u300c\u5f53\u671f\u5229\u76ca+\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3064\u307e\u308a\u3001PER\u3068\u306e\u9055\u3044\u306f\u5206\u6bcd\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c\u52a0\u308f\u308b\u3053\u3068\u306e\u307f\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u5272\u5408\u306f\u56fd\u3084\u696d\u7a2e\u306e\u9055\u3044\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u5f53\u671f\u5229\u76ca\u306f\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8cbb\u7528\u3068\u3057\u3066\u63a7\u9664\u3057\u305f\u5f8c\u306e\u5229\u76ca\u3067\u3059\u3002<\/p>\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u5927\u5c0f\u306b\u3088\u3063\u3066\u3001\u5f53\u671f\u5229\u76ca\u3082\u5f71\u97ff\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">PCFR\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u6e1b\u4fa1\u511f\u5374\u65b9\u6cd5\u306e\u7570\u306a\u308b\u4f01\u696d\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u307e\u305f\u3001\u300c\u4f55\u500d\u4ee5\u4e0b\u304c\u5272\u5b89\u300d\u3068\u304b\u300c\u4f55\u500d\u4ee5\u4e0a\u304c\u5272\u9ad8\u300d\u3068\u3044\u3063\u305f\u4f7f\u3044\u65b9\u3088\u308a\u3082\u3001\u3042\u304f\u307e\u3067\u76f8\u5bfe\u6bd4\u8f03\u306e\u6307\u6a19\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<h3>PSR\uff08Price to Sales Ratio\uff09\u306f\u8d64\u5b57\u306e\u65b0\u8208\u4f01\u696d\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19<\/h3>\n<p>PSR\u3082\u3042\u307e\u308a\u306a\u3058\u307f\u306e\u306a\u3044\u6307\u6a19\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u58f2\u4e0a\u9ad8\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>PSR=\u682a\u4fa1\/1\u682a\u5f53\u305f\u308a\u58f2\u4e0a\u9ad8<\/li>\n<\/ul>\n<p>\u5206\u5b50\u30fb\u5206\u6bcd\u306b\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3092\u639b\u3051\u308b\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>PSR=\u6642\u4fa1\u7dcf\u984d\/\u58f2\u4e0a\u9ad8<\/li>\n<\/ul>\n<p>\u3053\u3061\u3089\u306f\u682a\u4fa1\u3092\u58f2\u4e0a\u3067\u5272\u3063\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070PER\u306f\u682a\u4fa1\u3092\u5f53\u671f\u5229\u76ca\u3067\u5272\u308a\u307e\u3059\u306e\u3067\u3001\u8d64\u5b57\u306e\u65b0\u8208\u4f01\u696d\u3067\u306f\u4f7f\u3046\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p><span class=\"ymarker-s\">\u305d\u306e\u70b9\u3001PSR\u3067\u306f\u8d64\u5b57\u3067\u3082\u8a08\u7b97\u3067\u304d\u308b\u70b9\u304c\u30e1\u30ea\u30c3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u7279\u306b\u8a2d\u7acb\u5f8c\u6570\u5e74\u306e\u82e5\u3044\u4f01\u696d\u306f\u3001\u58f2\u4e0a\u9ad8\u306e\u4f38\u3073\u304c\u8d77\u696d\u4fa1\u5024\u306e\u4e0a\u6607\u306b\u76f4\u7d50\u3059\u308b\u305f\u3081PSR\u306b\u3088\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u5206\u6790\u304c\u6709\u52b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001PSR\u306f\u300c20\u500d\u304c\u5272\u9ad8\u300d\u300c0.5\u500d\u304c\u5272\u5b89\u300d\u306a\u3069\u3068\u8a00\u308f\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u500b\u4eba\u7684\u306a\u611f\u899a\u3067\u306f\u57fa\u6e96\u304c\u5b9a\u307e\u3063\u3066\u3044\u306a\u3044\u306e\u3067\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u306b\u3088\u3063\u3066\u76ee\u7dda\u304c\u5909\u5316\u3057\u3084\u3059\u304f\u306a\u3063\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u307e\u3059\uff61<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u9298\u67c4\u9593\u306e\u76f8\u5bfe\u6bd4\u8f03\u306b\u4f7f\u3046\u306e\u304c\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3>EV\/EBITDA\u500d\u7387\u306fM&amp;A\u3067\u3088\u304f\u6d3b\u7528\u3055\u308c\u308b<\/h3>\n<p>EV\/EBITDA\u500d\u7387\u306fEV\uff08Enterprise Value\uff1a\u4f01\u696d\u4fa1\u5024\uff09\u3092EBITDA\uff08Earning Before Interest Taxes Depreciation and Amortization : \u91d1\u5229\u652f\u6255\u3044\u524d\u30fb\u7a0e\u5f15\u304d\u524d\u30fb\u511f\u5374\u524d\u5229\u76ca\uff09\u3067\u5272\u3063\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul>\n<li>EV\uff1d\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d+\u30cd\u30c3\u30c8\u6709\u5229\u5b50\u8ca0\u50b5<\/li>\n<li>EBITDA\uff1d\u5f53\u671f\u5229\u76ca+\u7a0e\u91d1+\u652f\u6255\u5229\u606f+\u6e1b\u4fa1\u511f\u5374\u8cbb+\u306e\u308c\u3093\u511f\u5374\u8cbb<\/li>\n<\/ul>\n<p>\u7a0e\u91d1\u3084\u91d1\u5229\u306e\u6c34\u6e96\u30fb\u6e1b\u4fa1\u511f\u5374\u5236\u5ea6\u306f\u56fd\u3054\u3068\u306b\u7570\u306a\u308a\u307e\u3059\u304c\u3001EV\/EBITDA\u500d\u7387\u3092\u4f7f\u3046\u3053\u3068\u3067\u540c\u3058\u76ee\u7dda\u3067\u306e\u56fd\u969b\u6bd4\u8f03\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u7279\u306bM&amp;A\u306e\u4e16\u754c\u3067\u3088\u304f\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>EV\/EBITDA\u500d\u7387\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=6791\" target=\"_blank\" rel=\"noopener noreferrer\">EV\/EBITDA\u500d\u7387\u306e\u8a73\u3057\u304f\u3066\u5206\u304b\u308a\u3084\u3059\u3044\u8aac\u660e<\/a><\/li>\n<\/ul>\n<h2>\uff84\u30e8\u30bf\u306e\u6c7a\u7b97\u30c7\u30fc\u30bf\u3067\u5404\u7a2e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3092\u8a08\u7b97<\/h2>\n<p>\u3053\u3061\u3089\u3067\u306f\u30c8\u30e8\u30bf\u306e\u6c7a\u7b97\u30c7\u30fc\u30bf\u3092\u4f8b\u306b\u4e0a\u8a18\u3067\u7d39\u4ecb\u3057\u305f\u5404\u7a2e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3092\u8a08\u7b97\u3057\u3066\u307f\u307e\u3059\u3002<\/p>\n<p>\u307e\u305a\u306f\u30c8\u30e8\u30bf\u306e\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\u3068\u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09\u3092\u7c21\u7d20\u5316\u3057\u305f\u3082\u306e\u3092\u63b2\u8f09\u3057\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16583\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_financialdata202108.png\" alt=\"\u30c8\u30e8\u30bf\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\uff08BS\u30fbPL\uff09\" width=\"637\" height=\"656\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_financialdata202108.png 637w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_financialdata202108-291x300.png 291w\" sizes=\"auto, (max-width: 637px) 100vw, 637px\" \/><\/p>\n<p>\u6b21\u306b\u682a\u4fa1\u7b49\u306e\u30c7\u30fc\u30bf\u3067\u3059\u3002<\/p>\n<p>EPS\u30fbBPS\u7b491\u682a\u5f53\u305f\u308a\u306e\u30c7\u30fc\u30bf\u306f\u81ea\u5df1\u682a\u5f0f\u63a7\u9664\u5f8c\u306e\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16584\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_stockdata202108.png\" alt=\"\u30c8\u30e8\u30bf\u306e\u682a\u4fa1\u30c7\u30fc\u30bf\" width=\"477\" height=\"339\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_stockdata202108.png 477w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_stockdata202108-300x213.png 300w\" sizes=\"auto, (max-width: 477px) 100vw, 477px\" \/><\/p>\n<p>\u6b21\u306b\u5404\u7a2e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\uff08\u4e88\u60f3\u30d9\u30fc\u30b9\u30fb\u5b9f\u7e3e\u30d9\u30fc\u30b9\u306f\u305d\u306e\u6642\u3005\u3067\u4f7f\u3044\u65b9\u304c\u5909\u308f\u308a\u307e\u3059\u306e\u3067\u53c2\u8003\u7a0b\u5ea6\u306b\u3054\u89a7\u304f\u3060\u3055\u3044\uff09<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16586\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_valuationdata202108.png\" alt=\"\u30c8\u30e8\u30bf\u306e\u5404\u7a2e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u30c7\u30fc\u30bf\" width=\"841\" height=\"454\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_valuationdata202108.png 841w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_valuationdata202108-300x162.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2020\/06\/valuation_toyota_valuationdata202108-768x415.png 768w\" sizes=\"auto, (max-width: 841px) 100vw, 841px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u6570\u591a\u304f\u5b58\u5728\u3059\u308b\u300e\u682a\u4fa1\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u300f\u306e\u4e2d\u3067\u3088\u304f\u4f7f\u308f\u308c\u308b\u3082\u306e\u3092\u30d4\u30c3\u30af\u30a2\u30c3\u30d7\u3057\u3066 &#8230; 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