... 4... 4... 5... 7... 8... 8 (1)... 8 (2)... 8 (3)... 8... 9 (1)... 9 (2)... 10 (3) DCF... 12 (4)... 13... 13 (1)... 14 (2)... 14 (3)... 14... 14 (1)... 14 (2)... 15 (3)... 15... 15 1
(1)... 15 (2)... 17 (3)... 18... 18... 19 (1) DCF... 19 (2)... 21... 21 (1)... 21 (2)... 22 (3)... 22... 22 (1)... 22 (2)... 22 (3)... 22... 22... 24... 24 (1)... 24 (2)... 26 (3)... 27... 27... 27... 28... 30 2
... 31... 33 3
4 2 4 1 2 7 9 1 20 33 2
5 21 16 2 5
6 2 (3)
7 (1) (3) 1 1 (3)
8 (1) (2) (3)
9 FCF FCF DCF 3 (1) DCF FCF DCF FCF 3 DCF FCF FCF FCF FCF FCF DCF
10 (2) 35 15 3 5 2.(3) FCF (3) Weighted Average Cost of Capital WACC WACC WACC
11 u e u e 40% 42% 4 4 Bloomberg
12 Ibbotson Associates 5 6 (3) DCF FCF DCF FCF FCF 35 FCF FCF 20 3 14 1.(10) FCF FCF FCF 5 Ibbotson Associates 6 Ibbotson Associates Morning Star
13 20 3 14 18 4 1.875 Ibbotson Associates 30 17 8.5% (4) (2) (1)
14 (1) (2) (3) (1) (1) (2) (3) (1) 7 7 85 246 2 3
15 (2) (1) (3) (2) (3) (1) 178 179
1 180 2 185 ( ) ( ) 179 (2) 90% 10% ( ) 75% 25% 60% 40% 50% 16
17 1 10 1882 1 10 50 2 50 2 50 6 (2) 36 2 1 59 2335 94 1 596 178 1897 50% 50%
18 (3) 9113 6 1 9 114 178 1897 50% 50%
19 (1) DCF FCF DCF FCF FCF FCF FCF 5 3,000 12,000 3,000 12,000 FCF
20 FCF ( ) WACC DCF WACC 15 3 5 2.63 4.21 2.63 1.58% 6.84 ( ) WACC WACC (2) 40% 42%
21 (2) (1)
22 (2) (3) (1) ( ) ( ) ( ) (2) (3) ( ) ( ) ( ) ()
23 12 11 22 249 718 JASDAQ DCF JASDAQ
24 DCF DCF (1) 8 8 10 20
1 2 3 4 11% 62.5.18 40% ( ) 16% 100% 62.6.3 ( ) 20% 20% 20% 63.1.21 3.3% 30% 63.12.12 70% ( ) 30% ( ) 22.1% 30% ( ) 5 6 7 8 9 10 0.06% 1.3.28 0.26% 2.85% 1.5.23 3.3% 0.16% 2.6.15 10% 3.9.26 6.56% 16.4.12 20% ( ) 30% ( ) 50% ( ) 25% ( ) 4% 100% 20.3.14 (DCF) 100% ( ) 20% 60% 80% 70% 20% 50% 50% 25% 25
26 11 20.4.4 40% 100% (2) 1 4.9.1 62.5% () 100% ( ) 70% ( ) 2 11.6.17 20% () 33% ( ) 66% ( ) 3 15.3.5 3% 66% ( ) 33%
27 (3) 1 6.3.28 16.6% () 100% ( ) (1) (2) 6
28 9 10 2335 9 9113 9 17 10 12 7 6 6 125 97 10 15 2 26 1888 71 253 9292
29
30 4 1 2 1 1
1. 80 20 2.500 1.280 50 1.500 5.000 40 2. u e { 1(1t) D E } 0.800 1.280 { 1(10.4) 100 } e 1.280 D/ E 100 D/E t 40 D/ E 50 50 100 e u { 1(1t) D E } 0.920 0.800 { 1(10.4) 25 } 31
u 0.800 D/ E 25 D/E t 40 D/ E 20 80 25 r e Rf 1 {E(R m )Rf 2 } 6.100 1.500 0.920 5.000 Rf 1 1.500 0.920 {E(R m )Rf 2 } 5.000 3. r r e E r d 1t D E+D E+D 5.180 6.100 80 2.500 (10.4) 20 r e E E+D r d t 6.100 80 2.500 40 32
(1) 62 5 18 1247 13 778 41 51 1 1000 5 0245 8940 110 11% 60 9 20 115 60 5 24 1 43 5225 20% 11 60 5 24 1 43 5225 2111 (2) 62 6 3 1271 136 11 33
34 18 59 6 30 8970 6248 3 16% 59 10 2 29 1 1095 53 (3) 63 1 21 662 207 1201 26 788 13 26 38 2 35 2000 329 1 7600
35 640700 1 1727 3.3% 204 4 2 1 1 1
61 2 3 1 3 6.23% 59 10% 3 65 1043 3 1 2325 3 2 (4) 63 12 12 820 32 44 6 24 1 3000 6000 1000 500 30 2 92 6000 3000 61 12 15 9000 90% 19 36
37 1 15 7 3 29 1970 2000 6968 16 2190 1000 1 1 12 2812 92 6000 1 10% 1 926 3 1 6 0372 (5) 3 28 1324 140 712 229
825 18 38 2 375 7050 18 7852 5000 60 3 31 457 7300 59 4 1 21 8500 55 4300 60 11 30 2069 8.43% 24.81% 12.74% 23.63% 21.07% 1.93% 0.41% 6.98% 238 0.06% 8725 0.23% 9771 0.26%60 10 11 204 42 1 38
39 39 4 25 56 204 42 1 12 13 12 13
40 (1) i= r= b= D=1 r b (2) ( ) r 1 r r ( ) i 50% 10% 14 10% 1.815 1.65 1.65 6 10 6.22% (6) 5 23 1318 125 731 220 827 22 14
41 47 1 21 1 0500 57 7 61 7 63 74 5000 2 9000 1 61 7 18 1530 1 9000 9% 61 5 23 9% 1 204 2
6 2 (7) 2 6 15 853 30 26 11 27 7 18 4800 20% 9240 58 6 14 8200 3400 1000 300 0.16% 1 3 59 11 3760 1 700 15 58 6 30 26.4% 20.5% 14.1% 7% 4.9% 52 20.1% 18 4800 300 0.16% 15 42
7 3 1 (8) 3 9 26 1412 140 773 246 48 8 10 4000 3 31 1 4075 0566 61 3 63 3 15%1 75 61 3 17 4000 4300 62 3 21 7500 6000 63 3 30 5000 8100 1 0400 10% 12 15 43
44 16 (1) (2) 3 10% 78 16
45 10% 57 4 62 3 5 4000 2 3000 1 600 2 1 500 204 4 4
46 (1) (2) (9) 16 4 12 1216 274 4 34 8000 16 5 3500 94% 5 1300 3 5700 1 0500 12%1 60 1 0500 6.56% 14 1 28 (1)
47 1 2 3 4 (2) DCF (3) (4) (5) 10
48 1 1 1 0.250.250.5 2 (1)
600 6 10% 500 1 50 (2) (3) DCF (10) 20 3 14 1266 120 2 2641 5057 3000 3000 1 1513 1500 1 17 6 13 HP 3 18 4 14 HP 534 4% (1) 49
50 (2) DCF DCF DCF DCF (3) ( )( ) ( ( ) ( )( ) ( ) (2) (3) 2181 4229 677 100 145 3100
51 3 1500 ( )b 1 162 1 360 2 ( ) 1 350 9998 5000 (2) (4) DCF DCF DCF
52 17 (1) DCF DCF ( ) 1 ( ) ( ) 18 1 ( ) 19 FCF ( ) ( ) 3 FCF ( ) FCF ( ) FCF ( ) ( ) 17 18 19
53 18 4 13 278 1.875% ( ) HP 3 0.677HP 0.598 0.521 ( ) 1952 27 1955 30 2005 17 8.50% ( ) 20 ( ) 7.63%HP 6.96% 6.30% ( ) 1.875% 3.23% 40.69% 3.03% 20
54 ( ) ( ) 5.105% 6.66% HP 6.55% 6.06% ( ) ( ) (11) 20 4 4 1295 49 12 2 8 6000 2400 3600 2400 19 3 22 6000 (1) 3600 2400 40%
(2) (3) 18 3 19 3 (1) 4 9 1 1463 154 831 202 927 9 900 18 61 10 13 30 50 30 280 2 2 1 8 1 9300 10.7% 4% 1() 280 2 1 8 2 55
56 () 1 60 6 61 11 50 40% () 21 21
57 (1) 50 1 50 50 50 (2) 50 43 20 (3) (4) () ()
58 1 70% (2) 11 6 17 1717 144 1088 38 33 6500 10 61 8 20 1 1000 2 () (1) (2) (3) (4)
() (1) 59 9 3 26 1 3907 (2) 61 3 28 1 2617 (3) 59 3 1 9023 ( )( ) (4) () 61 3 1 2617 1 9023 2 1 1 4752 (3) 15 3 5 1833 146 1152 247 1172 51 8 9660 193 2000 285 5 8000 3% 10 9794 1 1 8930 ( ) 2 1 59
2 1 ( ) 1 1 8857 ( ) 1 5494 DCF 1 22 1 1 5 375.8 10 5 14 2.63% 4.21% 2.63% 1.58% 6.84% (1) 6 3 28 1496 123 872 276 122 168 29 5 100 279 5 3 412 40 1 1 60 6 1 26 20 1 1 7000 20 3 7 22 60
61 13.1% () RKB 1 5600 () 51%
62 7 5 3 2700 400 5 () () 204 4 2 M&A
63 () % ()
64
65
66