# ŷ , ̾, ᰡ ʰ(ڰɼ ), ŷµ
EV/EBITA Ǻм ó ġ ̷ ʾ ϴ. ̾,°, ϰ, ȸ̴ϱ..
ȸ IRϽô , ôϽô ڱȸ ְ ߸ô .. ü.. ֳ 簡 峻ż ִ ̳...
- Ա , ݼڻ ðѾ 80%ȸ (̱ 20% Ѿ 췮 )
- per, pbr, EV/Ebita, 2000% ( ð 5%ٴ ϸ .. ۳ 155 3% ؿ)
=> Ƶ ȸ簡 ȸ Ȯϳ..
** м 帧(Freen Cash Flow) мϴ ε..ٷӱ ..EV/evita ε 帧 м.
Ϸܰ.. , Ա , äȸⰣ ª, ڻ , ڻ ũ .. EV/EBITA 2 ȵǴ .. Ư . (ֱ ְ ֵ κ 5 Ѿ 6-7ε..)
(049830)
1. : 1978 , ĵ ü ( 1), KOSDAQ Ϲ(: ݼ)
2. ֽĿ
(1) ðѾ : 216 (ְ:5300) [ڻ 430, ݼڻ 180 ]
(2) 2005 ִ EPS : 900 (PER 5.7, PBR 0.45)
: ִ EPS : 2002 714=>2003 872=>2004 923=>2005 900
=> 2004 뵿 պ ֽ þ鼭 2005 ִEPS
(3) : 2004 155 (ð 2002 3.6%, 2003 5.1%, 2004 5.1%)
(4) : ֵ 64%, ڻ 6% : ֽ4,061õ(ڱֽ 3,791)
=> 밡ֽ1,200,000
3. ֽĿ Ǵ : ðѾ 400-500
(1) ӵ ΰ : 1978 , ü, ߱ ĵ
(2) ΰ : , ̶ о߿ ȮϿ 60%̻ , źź 繫 ǽ 濵 å ϰ ǽϰ . ڻ갡ġ Ͱġ, 帧 پ ǥ PER, PBR, EV/EBITA, ֽ
(3) ֽ ġ
1) ڻ갡ġ : ڻ 430 => ڻ갡ġ : ܻ 130 80% , ڻ 55 70% , 80% Ϸ, ǹ ΰ 18 10︸ ϴ..ڻ ġ ݼ ֱ.. ڻ ġ 430 Ÿ.
(.. 繫ǥ ǵ ڻ ݿ ʾҰ, ȸ äǵ ⸦ ,,ο , ǰ̶ ڻ ġ M&A Ѵٸ.. ڻ갡ġ 500 + ǰġ @ ؾ..)
2) Ͱġ : ų 30-40 ( 3б 22 ϸ 帧 40-50 ..ֽĽ忡 220 ȸ縦 ° ٸ 5 ȸ)
4. μ
(1) پ 繫 : 濵 , , ܱǰ ݾ 180 ̸ (ðѾ 220 )=> ȸ top over the top , 2000%
*缺 鼭.. ȸ 平(ex] Ե 㲿ó ؿԱ )
(2) Ϸܰ 80% ̷ ϶ ( Ͱ ̷)
(3) پ 帧 : ϰ, ä ª, ̱ 帧 پ. EV/EVITA м ..1 ȵ
(4)߰δ : 60-70% => پ âɷ ( ijī . ߰ ؿܽ ҵ 밡)
(4)簣 ó : ¾, 켺 Ưȭ ְ, ó . Ư κп ź ¾̶ 췮 ó ִ ͵ . => պɼ
(5) ż : â к Ȳ ¾ ϰ . ֱ ¾ ֽ , ֽ 峻ż. ¾ 켺 鵵 ֽ 峻ż Ͽ.=> ǥ̻簡 10 濵 ..Ư .. ( )
(6) : Ư , ϶ ϶ 缺 ̰ . ( , Ŀ 찡 ), ȸó (ڻ갡ġ ǰ ð ϸ, ġ ΰ ƺ, ӿ ó Ư)
5. ڴμ
(1) ŷ : ɸ ֽ 1,200,000..̸ ڼ տ ܰ ־..ֽ => : or ڻ ó(뷮 ʿ)
(2) ȯ漺 Һ ȭ Ѹ ҵǾ ־ پ .. => ..Ŀ, ٸ . Ư ű ܳ ֱ Ⱑ ʰܿ ϸ鼭 ڸƮ.. ȸ
(3) ¾ Ͱ : ¾ Ա , ʿ췮 繫 ȸ Ҵ Ͻ , ȭ ū . 100%̰, ֱ Ϻ Ⱑ ȸ . ö غ ϶ .
(4) ĵ, , ĵ 귮 ٰ ( ) => κп ο ü ̴ (۳ պ ȿ Ÿ )
(5) Ӱ ̾, 强 . ÷ܱ ƴϴ => ʳⰣ ؿ ִ ijī ȸ . ̱ ǰ ص 䱸. ̳ ĸ 峪 빰 е ƽǰ̴ϴ. ڻ귣 ġ DZ , ҷδ ҷ ٽ .
(6) ߱ => ȭ ӡ ̶߱.. ƴϴ. ѹα ǰ . ̷ .. ̴. .. ΰǺ ϴ Ǵ..ѹα ̳ ĵ ȸ鵵 ؾ ұ? ĵ ȸ 귣 ġ ִ. ٰ 峪..̰ ȸ縦 ϴ ƴ϶ ,lg ̴.
## P.S
ôµ.. pert ε..
̰ ù° , Է ΰ Իϰ, ũ, ΰ ū ۰ . 鿡.. Ի е ݸ.. Ȱ . ϰ ְ λ ƴ϶ EBITA Ѵٸ..ϴٰ
(* 30-35 ϴµ.. ݱ 22̴..Է ΰ ,, ұ ñ..ֱ űڸ ʿ䵵 ̰)
..ݺ, ä, , 췮 Ի..(Ư ð ϴ ݼ ڻ..2000% ̸ ..濵, ȸó е)
Ư Ա ..ϼ Ͱġٴ ڻ갡ġ ġ ξ Ѵٴ ..
(ִ Ͻϰ, ڰ ..ȹǿ ȸ翡 亯 ̰ negative )
(5) ½ϴ....ε ġ̶ űԾü ٰ ؾ ´° ϴ......... ĵü ϴ.....
(6)ܱ ȭǰ ȸ鵵 κ ߱ oem ϰ ֽϴ....߱ ǰ ʴٰ մϴ....
...Ư е ....ųʸ ۷ιԴϴ....̷ ٴϴ ȸ ְͽϴ...
=> ôµ.. pert ε..
̰ ù° , Է ΰ Իϰ, ũ, ΰ ū ۰ . 鿡.. Ի е ݸ.. Ȱ . ϰ ְ λ ƴ϶ EBITA Ѵٸ..ϴٰ
(* 30-35 ϴµ.. ݱ 22̴..Է ΰ ,, ұ ñ..ֱ űڸ ʿ䵵 ̰)
..ݺ, ä, , 췮 Ի..Ư Ա ..ϼ Ͱġٴ ڻ갡ġ ġ ξ Ѵٴ ..
(ִ Ͻϰ, ڰ ..ȹǿ ȸ翡 亯 ̰ negative )
2
ƴϰ, , ȸ翡 Ϻ̳ Ѵٰ , ֱٿ ôµ..ؿ̽ö..ȸ ӿ ǰ ȽԴٴ ƴµ..
ǰó ٱ ̸..Ի ¾ ְڳ
߱ؼ ѱ ݵü, ڵ, , Ϻit ..Ȱ̳ ǰ ߱ .. .. ϴ.
ϳ Ұϰ ϴ ƹ ٰ ' ġ' .
̳...^^
̸ ָϰ ̸ ؾ߰ڽϴ.