ڴ ũȦ Ⱓ 10 ֽ Ʈ մϴ. Ư ŷ ںо߶ մϴ. ﱹ α ҵ þ鼭 ʿ ϴ ķ ؾ ް ƮԴϴ.
Ȯ밡 , ֽϴ. ߿ Ƚ ġ Ұϸ ϴ. ̷ мϷ ϸ M&A ä ֽ(Good stock) ĵδ (Good company) Ƹմϴ. Ͻ ٸ DNA ڽϴ.
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11 2822 ڸ ߴ. , 2240 13491 6.0(ںͷ(ROIC) 399%) ߰, ڻ 2818 1216 3.6(ROIC 262%) ߴ. 174̾ ġ 2550 14.7( 27.6%) ߴ. ֿ .
(1) ǥ: μ 120 аġ ָŰ ð 866. ͷ 622%. 33%.
(2) 븲: μ 426 аġ ָŰ ð 367. ͷ -14%. -5%.
(3) : μ 128 аġ ָŰ ð 541. ͷ 323%. 43%.
ܿ ڸ ߴµ Ư¡ (1) ǰ ü ü Ȯ (2) ְ(PBR) Ǵ ְ(PSR) ϳ 1.0 Ʒ (3) ǥ 븲 , 븲 μ, Ѽ μ Ȱ ̷ .
1. پ ںġ ɷ?
ȿ ںġ ڱںͷ(ROE) Ǵ ִ. ROE Ҵ ƴϴ. ӰԵ ǥ, 븲, 3 μպ 2007 ° ߴ. ֱ 3 20.7%̴.
м ROE ִ ˾ƺ Ѵ. м̶ ̴ ľϴ ϳ, ڱںͷ ͷ, ڻȸ, 3 ǥѴ. ڻȸ 2008 1.74ȸ ϶ϰ ִ. ٽ ñⰡ Դٰ ִ. Ʒ Ʈ ڻ 踦 ִ ִ. 2012 Ը ڸ ٽ ⼺ ִ.
2. ?
Ա ȰϿ M&A ź ƴ϶ ROE Ųٰ ˷ ִ. ROE ǹ ְ 2009~2011 پ ̴. ڻ 5000 1 ä 5000 ؿ ӹ. ſ 缼 Ȯ Աݵ , ֱٿ 帧 ر öԴ Ǵܵȴ.
3. μ ŸƮ ?
2008 ǰ Ǹ鼭 ͷ ȭǰ ִ. ̴ ROE ū δ. ͷ 踦 ̰ ִµ, ̴ ٽñ 2012 ϰ ϴ ̴.
ǥ, 븲, μ Ŀ , ǰ ϴ ϰ ִ. 븲 Ͻ ϹǷ , â, ߰ ǥ 븲 C&C Ű ִ. 繫 ȸ ڼ ϸ .
(1) ǥ: μ 3 Ұϴ 3 52 ߰, 2011 143 . /ں 7 325%. 23%.
(2) 븲: μ 110 3 215 ߰, 2011 267 . /ں 5 99%. 15%.
(3) : μ -60 ս ϰ ־ 3 180 ڷ Ͼ. 2011 193 . /ں 4 145%. 25%.
ٽ ѹ Ȯ غϰ ִ. ſʹ źźϴ. Ƹ ó Ȯ ︮ ñⰡ Ѵ. پ Ÿ ̴. 츮 ۷ι ķ̶ ް Ʈ常 ϸ ȴ. 츮 ٻ ̴.
ڷ Ϲ ڿ ش Ұϱ Ͽ ۼǾϴ. ߺ̾ڹ ǰ߰ ٸ ֽϴ.
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