| * Ʒ Ư ũ(valuewalk.com) Դϴ. ֽĿ ǰ ڿʹ մϴ.
ڽƮ ֽ ִ
- ְ õ -
5 ִٸ, ϳ ڽƮ(Costco Wholesale Corporation: NASDAQ-COST) ̴. Ⱓ ڽƮ ֽ ű ߴ. ڽƮ ݴп ־ ƴ϶ ְ ո ۿ Ǿ ־ ̴.
ڽƮ ֽ ̸ ɱ? ڽƮڴ Ǹ ϰ ִ. 鿡 ȸ ΰϰ , Һڵ鿡 ݿ ǰ ϰ ְ, 鿡Դ ſ (ñ 15) ϰ ִ.
濵 ROE(ڱںͷ) ROIC(ںͷ) ϸ鼭 츮 ġ ʰϴ . ۰ŵ ڽƮ ̸, ڽƮ ̻̱ ϴ. ü ̺ ?
ùٸ ۿ ϴ üũƮ Ұ ִ. ε ۵ϴ ִ ʷ ڽƮڸ 캸 ̴.
ֽ ΰ ִٸ, Ȯ ڽ ؼ ־ Ѵ.
( μ ڽƮڿ ̸, ڽƮ ̼ǿ ؼ 캸 ̴).
繫 Ȯ
繫ǥ -- ִ Ͱ 帧 ʰ-- 繫 ִ.
κ 繫¿ ִµ, ߿ 繫° Ļ ɼ ξ ٴ ̴.
ڻ Ǵϴ ְ ̴. Ϲ ڵ ϰ ִ ڻ(ڻ) ָؾ Ѵ. ڻ ߿ ġ ε, ̸ ڻ꿡 Ѵ.
ä ؿ ָؾ Ѵ. Ư ڱں ä ä ִ. ش ä ǥ ä ν äδ ƴ Ǵ ִ.
äǹ ɷµ 繫ǥ ãƺ ִ ߿ ϳ. ݰ (ڻ ä) äǹ ִ ִ Ǵ ִ.
̷ 츮 ڽƮ ʷ 캸.
ڽƮڴ 800 ϰ ִµ, ̴ ݾ ε̸ ڻ̴. ̷ ڻ ڽƮ 繫¿ ſ ġ οϰ ִ. ڽƮڴ ä ȯϴµ ϰ ִ. ڽƮڰ äǹ ( Ļ) ʿ䰡 .
[ǥ] ڽƮ 繫ǥ Ϻ
(2020 8 30 Ǵ ȸ迬 , : 100 )
[ǥ] ڽƮ 繫 Ϻ(: 100 )
ڸ ֳ?
Ǹ ڸ ִ. ȣִ δ ִ.
∙ Ҽ 庮
∙ ˷ 귣
∙ 츮 ϻȰ ӿ
∙ 漺 ִ
Ư Ѵٴ ڸ ִ. , ڵ ó ں ʿ ̿ Ѵ. 庮 ۽Ʈ , ڵ 庮 ڰ ȴ.
˷ 귣嵵 ü ڰ ȴ. ǥ īݶ. īݶ ſ ǰ ڵ ϰ , 귣带 ̾ ΰϸ鼭 ϰ ִ. īݶ ڴ 귣尡 迡 ϰ ˰ ִ 귣 ϳ ̴.
ٸ ǥ ڴ 츮 ϻȰ ӿ ſ ϱ ̴. Ƹ . Ƹ ݿ ڰ , 迡 ȿ̰ ۽ý ϰ ְ, ٸ ε Ȯϴ ̴.
ڽƮڴ--Ʈ Ƹ ڿ ϰ --ڽŸ Ư ȸý ϰ , ̴ ̾ ִ. ̸, ڽƮڴ ̷ ڸ ϰ Ǵ ϰ ִ. ȸ , ȸ ߹´ٴ ް , ȸ ڽ ȸ ִ ̿ϱ ڽƮڿ ϴ ִ.
ڽƮڸ ȭִ Ը 鿡 ְ ִ ̴. ڽƮڴ ǰ κ ں ݿ 뷮 鿡 ϰ ִ. ڵ ս ʰ ̷ ڽƮڿ ű ڽƮڿ ִ.
濵 Ǵ
濵̴. 濵 ߿ κ̶ ִ. Ǹ 濵 Ͼ ų , 濵 Ǹ ı ֱ ̴.
濵 ϴ ̴. , ܼ ظ 濵 濵 ϱ ƴ. ٽ ǥ 濵 Ǵϴ Ǵ ̵ ִ.
ڽƮ CEO ũ̱ ũ(W. Craig Jelinek) ڽƮ Ŵ CEO ι̴. ̷ 츮 װ ڽƮ κ ˰ ִٰ ִ. Ʒ ǥ װ ް ִ Ȯ .
[] ڽƮ CEO ũ̱ ũ
<ǥ >
ĶǼ: ũ Ѿ(μƼ )
Ǽ: ũ ⺻
: ڽƮ
* 2020 8 30
- ũ Ѿ: 828
- ũ ⺻ : 100
- ڽƮ : 40 200
** հ , ũ̱ Ѿ(828 ) ̱ ߰߱ CEO (1,034 ) ̴.
** ȸ Ͱ , ȸ迬 ũ̱ ȸ ġߴ.
ٸ 濵 ڽƮڿ ſ ٹ, κ Ⱓ 10 Ѵ´. ۰Ű ڽƮ ̻ ſ ̴. װ ڽƮڿ ſ ġ ִ иϱ ̴.
[ǥ] ڽƮ 濵: å ӱⰣ, Ѿ, ȸ : 2020 8 30
̷ ִ ƴ, ȸ翡 -- ȸ翡 ڽ ɷ° ִ-- 濵ڴ ȸ翡 ִ. ߿ ǹ̸ ´. ͼ ٸ ٸ Ȥ Ư ִ.
濵 ǥ ǥ ġϴ Ѵ. 忡 濵 .
濵 켱 ִ ִ. ȸ簡 ū ս ִµ 濵 ø ִٸ, ̴ ״ ƴϴ. ֵ鿡 ϴ ⸦ 濵 . ̸ ϴ δ ɼ ϰų, 濵 ȸ ν ȸ (ֿ ) ذ踦 ϴ ̴.
濵 ɷ ִ ǥ: ںͷ(ROIC)
ǥ ƴ, 濵 ɷ Ǵ ϴ ǥ ϳ ںͷ̴. ںͷ 濵 ں ȸ縦 Ű ִ Ǵ ִ. ̷ ںͷ , ڽƮڴ ſ Ǹ ´.
ּ 10% ںͷ ϴ Ѵ. ڽƮڴ ̷ Ű ִ. 10 ڽƮ 濵 10% ̻ ںͷ , 5 ںͷ 15% Ѿ.
[] ڽƮ ںͷ
<ǥ >
* 2021 2 14 ڽƮ ROIC: 17.9%
ְ ʹ δ
ڽƮ Ǹ ٺ ݹ ȴ. ŭ Ǹ ̴. ڽƮڸ ̷ Ǹ ε ڽƮڿԸ Ư ̴. 忡 ִ ڿ Ǹ 濵 . ٸ ã ̴.
κ ش ġ ϰ ڽ ̼ Ȯ ϴ ̴. ڽƮ ٷ ִ. , ڽƮ ְ ʹ δ. <>
* ó: Ƽ κ(Vintage Value Investing, http://vintagevalueinvesting.com/), What Makes Costco A High-Quality Business?," 2021 2 16, https://www.valuewalk.com/costco-wholesale-corporation-high-quality-business/
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