| Ʒ ڿ Ư ΰ ִ ũ Դϴ. ó ص (Andrew Stotz), CFA, κƮƮ ġ(Stotz Investment Research) ǥ, HOW TO VALUE A COMPANY LIKE A PRO IN 5 STEPS," 2021 8 31, https://www.valuewalk.com/how-to-value-a-company-like-a-pro-in-5-steps/Դϴ.
4ܰ: ϶
ش ֽ ũ δϴ 밡 䱸ϴ ͷ ִ. , ϴ ʹ ġ ϴ ̰, ʹ ġ ϴ ȴ.
ϴ ġ ڱں(cost of equity: COE) Ȥ ں(weighted average cost of capital: WACC) ִ. ڱں ں κ̸, Ϲ κ, Ÿں(cost of debt) ں뿡 ū ģ.
: κ ü
ڱں ϱ پ ȴ. Ϲ ںڻ갡ݰ(Capital Asset Pricing Model: CAPM)̴. ںڻ갡ݰ , ̾, --ش ũ õ ̾ ݿѴٰ --Ÿ ڱں Ѵ.
̷ κе ڱں Ұ ȴ. ֳθƮ ڱں ̷ κе鿡 ū ġ ִ. ū κ ߿ ƴϸ, ߿ Ȯ ڱں ؾ Ѵٴ ̴.
ֹ
18̳ ýŸ ߵǾ 10̳ ø ̱ ξ߱ . ״ ſ ְ ִ ̱ ߴ.
Ĵ翡 ڸ ֹ ִ.
״ ڸ ǰ? ϰ .
̿䡱 ϰ ߴ.
ŭ 谡 ּ䡱 ߴ(ӿ...).
ڱں
ڱں κе .
( ڱں κе --)
: Ÿ, Rm: ̾, Rf:
ũ⸦ ڱں̶ . ⼭ ߿ ڱں İ ƴ϶---, ũⰡ ƴ϶--ü ڱں Ȯ ũ⡱ ϴ ̴.
(߿ ü , ü ڱں ũ)
ó ڱں( ) ʹ Ȥ ʹ , ġ ǰų ִ. ⼭ ؾ ڱں ʹ , ֽ ϴ .
5ܰ: ͼ پ ϶
ͼ ϰų, ݴ ս ϴ Ұ ̴. ںͷ(return on invested capita: ROIC) (ͼ 쿣 ) ϴ ͼ ١ ո ݿϴ ̴.
츮 ð ںͷ ϴ 10 11,000 м Ҵ. 츮 10 з ̵ 10 Ʈ ںͷ 10 ߴ ϴ ̷ м(decay analysis) ߴ. 츮 ġ ſ ߿ û, --3ܰ ͼ ұⰣ --ںͷ ġ ٿ û ־(Ʒ ).
(ͼ ȭ)
ںͷ ġ ں ߴ ͼ ٴ ݿϴ ̴. ͼ ſ ͼ , ͼ ſ ͼ .
ġ : 츮 Ʋ
ó ġ Կ ־ а 츮 Ʋٴ ̴(You Are Always Wrong: YAAW). κδ ̰, κδ ̴. ƴϸ, ð ִ. Ȯ Ǵ١ Ұ ̴. 츮 Ʋٰ ؾ Ѵ. <>
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