ݸ ôKEY POINTSݺڿ ݸ ƴĺ(GOOGL) 140 ̱ 1... ݷ, ڻ ֿ
ڸ 3 0.25% رݸ 0.50% 25bp(̽ý Ʈ) λߴ. 10 λ رݸ 2001 22 5.50%. 2008 3ⷡ ְ ݸ 5.25% ȸߴ. 忡 ݸ λ ϰ ִ.
ݸ ƽ ָӴ ̴. ݸ ȯ δ Ŀ. ݸ ִ . ϸ ũ 4~5% Ȯ ֱ ̴. ݸ ô뿡 ̴.
ϴ. ä ڻȯ δ ð, Ļ 赵 Ŀ. ݸ ڹä ں ڰ Ŀ ϴ. dz ο ȸ â ִ.
* 2008 رݸ(ȿ) (ڷ : FRED)
̶?ݼڻ(ڻ) ڹä(ä) ̴. ִ ̸, ڻָ ְġ ̱ ſ ߿ ڻ̴.ݼڻ̶ ڻ ߿ (Cash and cash equivalents) (Marketable securities), ܱڻ(Short-term investments) ȭ ų ִ ڻ Ѵ. ڹä ä ߿ ä, ޱ ڰ ʴ ä Ա ä(Long-term Debt) Ѵ.
1 ĺ(GOOGL)... ݸ 140
Ӹ ƴ϶ ڻ ȯ ø ־ ʿϴ.
ĺ(GOOGL)̴. 138($104.3B) ϴ ϰ ִ. 138 ĺ ðѾ 11%(Class A, Class C ջ), ڻ 27%.
ݼڻδ (, MMF ) 34.3($25.9B), (ä, ȸä, ô㺸 ) 122($92.4B) ϰ ִ. ڹä 18.5($14.0B)Ը ä ϰ ִ.
* $104.3B = ݼڻ $118.3B - ڹä $14.0B
* ݼڻ $118.3B = $25.9B + $92.4B
* ĺ ڻ (ĺ 2б 10-Q )
ĺ ̱ ũ ϳ ۰ Ʃ ȸ ϰ ִ. ֿ ̴. ĺ 402($304.6B) 138($104.6B) 帧(OCF), 95($72.1B) 帧(FCF) â ٺ ִ. ̴ 7.7%, 15.6%, 22.7% ġ.
â ' ں(CapEX)' 10~15% Ǿ ־ ʹ ų 100 ̻ 帧 â δ.
ĺ ֱ 5 ' 帧' 22.8%. ſ â ϰ ִ. < > ô " 帧(FCF) 5% Ѵ´ٸ, 踦 ߰ "̶ źź 帧 Ȯ Ŷ ǥߴ.
* ĺ 帧(FCF) (Data : Refinitiv)
** 2023~2025
ĺ ũμƮ(MSFT), Ÿ(META), (TSLA) ũ ̴. 6 ؽ(VRTX) 10 ڽƮ(COST) ϸ ִ. ִ ü ͷ ں(CapEX) ־ â .
ðѾ 1 -61.9(-$46.8B)̴. 2011 (0) ϴ ' ߸ å' ؿԴ. ϸ ڻ ̰ų ä ä ø ̴. 帧 137($103.6B) ȴ. ̳ʽ 61.9 ϰ 75.1 ´.
ٴ ϳ . ȴ. ְġ ̴ , , ڻ õ̴. 帧 , ں ϴ ϳ.
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