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[ؿĮ] ó ϴ ġ 5ܰ()

ġ , 츮 Ʋ

| 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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