繫 캼 ŭ̳ ߿ϰ 帧(FCF : Free Cash Flow)̴. ְ Ͱ δ. Ͱ ٸ ̴ 쿡 帧 Ȯغ Ѵ.
帧 ߿?
' ' ' ' ǹǷ 帧 ̰ ִ. ݸ, 帧 ȸ ּȭϸ ŸǷ 繫 Ȯ ִ.
ʵ õ մũ < ߰> 帧 ߿伺 ߴ.
մũ < ߰>" ġ ƴ϶ 帧 Ѵ" _ P.24" CEO( ̷ 8 CEO) Ż 帧 ϰ ƮƮ ִó ʾҴ. ټ . ä , , ں, μ ɰϰ ְ ־." _ P.40" CEO μ α, ä ߴµ, Ҷ ġ âϴ ٽɿ 帧 ȭ Ǵ߱ ̴." _ P.40
帧 ϴ ſ ϴ. 帧ǥ Ȱ帧 Ȱ帧 CAPEX(ں ) ָ ȴ.
帧 ַ ϴµ 帧 ٴ ġ £ ұϰ ϰ ִٴ Ǵ ִ. ̴ ' ()' ܼ̱ ϴ.
帧 ŷ 10
̱ÿ 帧 (FCF/S, ݷ) Ǵ ãƺô. ֱ 5Ⱓ 10% ̻ 繫 ± ãҴ.
ε(AVGO), Ÿī(MA), MSCI(MSCI), ý(ADBE), ý۽(VEEV), ġ ijŻ (ACGL), Ƽ(FTNT), ũμƮ(MSFT), ƩƮ(INTU), ̴ ý(CDNS) 10 ݷ ϰ ִ ƴ.
1. ε, ݷ 50% ... AI
ε ֱ 5(2019~2023) ݷ(FCF/S) 47%. ü 6° . 2016 ݷ 20% Ұ 2020 48% ߴ. ĺʹ ū ȭ 50% ݷ ϰ ִ. 5 11% ߴ.
ε ۷ι ݵü 5, ý ݵü 3 ý Ĩ(SoC), ġ ݵü Ʈũ ʿ ǰ Ѵ. Ư Ͱ ȮǸ鼭 ̿ ʿ ġ, 䰡 Ŀ AI ַ ΰ ް ִ.
5. ý, ʼ Ʈ ... ⼺ ŷ
ٽý 5 ݷ 38%. '15 14.2% ݷ ߴ. ֱ 5 22% 强 ŷ̴.
ý о Ŭ Ʈ Ѵ. ý ַ ϸ ð ϸ ְ Ǿ ش ʼ ַ ڸűϰ ִ. ý ַ ǰδ Veeva CRM Veeva Vault ִ.
6. ġ ijŻ , ִ ...
ġ ijŻ 5 ݷ 37%. '17 19% ϰ ִ. 5 20% ұϰ ϰ ִ.
ġ ijŻ , 纸, ַ о߿ ̴. '15 , '16 AIG μ 34 μϸ ִ ڸűߴ. '22 S&P 500 ԵǸ 繫 Ҵ.
帧 ŷ 10
ε(AVGO), Ÿī(MA), MSCI(MSCI), ý(ADBE), ý۽(VEEV), ġ ijŻ (ACGL), Ƽ(FTNT), ũμƮ(MSFT), ƩƮ(INTU), ̴ ý(CDNS)
ָϴ ' ' ø
[ֽ̱] 3 ǥְ 20 - 24.3/27
ϴ 'ڴ밡' ø
[ֽ̱] ո ã...ͼ ? - 24.3/13
[ֽ̱] ̺Ʈ .. ! - 30 - 24.1/17
[ֽ̱] 4 ϴ 췮 4 - (7) - 24.3/6
[ֽ̱] 3 ϴ 췮 3 - (6) - 24.2/7
[ֽ̱] 6.5% .. 2 ǥ ִ?- (5) - 24.1/10
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