繫̳ ܵ Ʈ, 츮 ý SECOM ִ. 1977 ѱ Ǿ 1980 Ϻ SECOMκ ý Ͽ 25 ̸, ô ξü ڸű ϰ ִ.
߿伺 , δ ̴ٸ ݿ SECOM ϰ ų ִ. SECOM ϴ ͺ ξ ϸ, Ѵٴ ִ.
ǰ̳ Ĵ°, ƴϸ ݰ ǰ̳ Ĵ°?
ý ð ڰ dz ڰ Ͻ. Ʈũ ߿ ̱ , ϰ ִ ξü , , ŷڵ 鿡 ϴ. Ӱ ϰ ϴ ڴ å 쿡 ͼ , Ѵ.
̷ Ӽ ұϰ, ֱ KT ȸ KTĿ ڷİ ȭϸ, ؿ Ұ Ḧ ϰ ִ. Ȱ õ ̹Ƿ ̿ ̵ , ¿ . Ͽ δ. ̴.
, ̷ ȯ ܱ ̽ ĥ ̸, Ȳ ұϰڼ ̰ ϰ ǰ ִٴ Ѵ.
ǰ̳ ִ°?
, 繫, ý ϸ, ǰ Ǹϰ ִ. ϻ Ȱ Ƿ ذ Ͻ.
繫 ΰ?
2005 1б ä 43% 濵 ̸, ݼ ڻ 700 ̸ ִ. , 繫 ſ ̶ ִ.
ͷ ϰ ̸ ̰ ִ°?
15Ⱓ ڷḦ , ͷ ̸ Ȯ ִ.
Ը Ȯ ͷ 97 Ͽ, 14% ̻ ͷ ְ ִ. 90 37% Ͽ 578 ̸ ִ.
ɷ ȿ ں ġϰ ִ°?
Ÿ Ȳ 캸, ť̴(53.6%), Ͽ츮(5.2%), ̱۷ťƼ(16.7%) Ȯ ִ. ̵ ü ó â ִ ü Ǵܵȴ. , Ȯ þü ڿ ϰ ִٰ ִ. , Ͽ츮 ֱ 濵 ̸ Ƽ̴.
ڻָ ϴ°?
2005 1б⸻ ֽļ 7.6% شϴ ڻָ ϰ ִ. ̴ 2003⸻ ι ̻ þ ̸, ְġ 뿡 Ȱϰ ִٰ Ǵܵȴ.
濵 Ȱؼ ִ ̰ ְġ Ű ִ°?
2000 2004 ִ 5,025̸, 5,025 1.431 ݹ ֿ ־, 3,594 ߴ. Ⱓ ִ 492 1,598 1,106 ߴ.
1,106 ִ Ⱓ 3,594 Ǹϰ 濵 ɷ¿ ̴. 3,594 1,106 ߰ Ƿ 30.77% ̸.
ROE ̻ΰ?
÷̼ǿ Ӱ ø ִ°?
3Ⱓ ؿ, ֱٿ з¿ ϰ ִ. , Ͽ ұϰ ͷ Ȥ , ͷ ̻ ϰ ִ.
¿ λ ̷ ϰ ִ ƽ, Ը Ȯ ȭ ͼ ϰ ִٴ ̴.
̳ 踦 ֽŽ ϱ Ը ں ʿѰ?
2004 580 ں ־. ̴ õ ý ġ ̵忡 ҿǴ ̸, 帧 â DZ ڿʹ ٸ. , Ը ȸϴ ؿ ̷ ִ.
Free Cash Flow(Ȥ , ) ϰ CAPEX Ͽ 캸, Ը ں θ Ѽϴ ƴ Ȯ ִ.
Ž۾ : ȣҸ ΰ?
ݺм : ְ żص Ǵ°?
: ̷ ǻ ҰϹǷ, Ǵ ͷ Ǵ ٰŰ .
1) ʱ ͷ ä ġ ̿
츮 10⸸ ä ͷ 4.55% ϰ ִ. 2005 ִ ǻ ϸ 2,300 ȴ. 2,300 4.55% 밡ġ 50,549 ´. ̰ ֽĿ 50,549 ϸ ä ͷ ȴٴ ̴. 2005 6 17 42,500 ֽ ٸ, ʱͷ äͷ 5.4% ȴ. ϴ.
4.55% ͷ ä 42,500ġ ϴ ڴ°? ƴϸ, ʱͷ 5.4% ų 10%̻ Ǵ ֽ ڴ°? ( 15Ⱓ ִ 37% ؿ, 10% Ѵ.)
2) äǼ ֽμ ֽ
2005 ִڻ ġ 8,810̾. 10Ⱓ 17% ROE ְ, 60% Ѵٰ ϸ, ִڻ 10.2% 10 2015 23,269 ȴ.
2015 17% ROE ٸ, ִ 3,956̴. , 2015 2004⸻ PER 18迡 ŷȴٸ, ְ 71,200 ̸, ϰ 5.3% ͷ ø Ǵ ̴.
3) ִ ġ ̿
ִ 15Ⱓ 37% ִ. 10 15% Ѵٰ ϸ, 2015 ִ 9,300 ȴ. 2015 2004⸻ PER 18迡 ŷȴٸ ְ 167,400 ǰ, ͷ 11.4%̴.
̵ ϰ ־µ, ڼ Ȱ ؼ мϼ̳.
.
ϰ ܿ ٴ м Ѱ ֽϴ/.
å ƽ ϴ κԴϴ.
Ÿ µ ̵ ø ˷ ֽø ϰڽϴ.
ٴ Ͽ PER 8 ~ 10 ?
2) ä ֽ 31,648 ~ 39,560, 3) ִ 74,400 ~ 93,000.
ְ ȭų 3) ݿ
ڹ ȸ縦 ϴ ̹Ƿ 2)ä ֽĿ
° ϴٰ ϱ 2) ϴ.
ٸ 10 ROE ϰ ֿ켱 å
شٸ 3) ϰ.
δ 2) ݰ 3) ̰ ̰ ְ
м ϴ.
ߴ Դϴ.
10Ⱓ Ŀ ̶ ؼ.
ü κ ̾ δ Ʈ, ұԸ ý ȭ ˴ϴ.
GDP Ŀ ȸ δ ȭ ۿ ( ΰ װ å Ȱ ִ 帣 Ұ) ȸ Ҿ ߵ ̹Ƿ, ڱ Ŀ ϴ.
ѷ, ű Ʈ(Ư, 귣尡 ִ ߴԸ ) ü ̿մϴ.( Ʈ Ҿƹ δ Ͱ ) , ݶ ٴ ұԸ 귣峪 ĸ ϴ.
ֱٿ ĸ Ư .
忡 ؼ ,
1. ε
2. CAESAR Ͻ ó PER
ؼ ھ.
, per 强 ݿϱ⺸ٴ '强+BM++...' ƿ츥ٴ , Ѵٴ ʿ ʿ ִ ϴ.