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- いちえい みやのじょう
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4 1 M&A M&A 1 CFO 3
5 M&A M&A M&A M&A M&A M&A 1 BS 1-1 M&A 2 M&A 4
6 2 PLAN-DO-SEE PLAN-DO-SEE 1-2 SEE PLAN DO 5
7 Coffee Break M&A FMV Fair Market Value C PLAN-DO-SEE 6
8
9 t M&A DCF 2-2 = BS DCF 8
10 DCF BS 9
11 EBIT Earnings Before Interest,Taxes) 2-3 PL EBIT(Earnings Before Interest,Taxes) CF FCF CF= FCF= DCF 10
12 11 1 DCF DCF M&A DCF DCF M&A DCF 1-1
13 DCF M&A DCF 1-2 DCF M&A DCF DCF 12
14 2 DCF 1 DCF DCF DCF M&A DCF M&A DCF DCF DCF 2-1 M&A 13
15 DCF DCF M&A 35 DCF WACC web web P Terminal value) DCF 2-2 DCF 14
16 15 DCF M&A DCF DCF M&A 2-3 DCF
17 DCF % 6% DCF FCF DCF 1 FCF r (1+r) 2 WACC r; ) + DCF M&A DCF DCF WACC DCF 16
18 3 2 DCF M&A M&A DCF 1 M&A 1 CFO CFO DCF CFO CFO 17
19 DCF M&A
20 A 3 A 1 DCF BS PL A B A 1 A 2 A 3 19
21 20 Market Capitalization PER PBR
22 PER PBR
23 22 5 CFO CF CF CF PER PBR CF PER PBR
24 1 4 PLAN- DO-SEE PLAN DO) SEE SEE EVA PLANDO BPR SCMCRM CFO 23
25 1-1 PLAN-DO-SEE 2 24
26 2 25
27 2-1 26
28 27
29 2-2 28
30 3 29
31 30 3-1
32 3-2 31
33 Coffee Break M&A B C D E IT E B E E 9 F B 55 B
34 DCF P WACC WACC + 502% 306% + 3.5% FCF 1 FCF r (1+r) 2 FCF 3 (1+r) 3 FCF (1+r) 4 FCF 5 (1+r) ( ) 2 ( ) ( ) 4 ( )
35 P CF 34
36
37
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Page Page 1 3 4 M&A DCF NPV 1-1 BIS 1-3 1-2 5 6 1-3 2 2 0 200 010 2-1 A B B A B 7 8 Coffee Break CAPM Capital Asset Pricing model 3 IRR NPV EVA BS PL 9 2 ROA 3-1 EBIT Earnings Before Interest,Taxes) 3-2
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キャッシュ・フロー経営とキャッシュ・フロー計算書
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Taro10-最終報告書本文編.jtd
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