{"id":81,"date":"2021-07-16T15:13:00","date_gmt":"2021-07-16T06:13:00","guid":{"rendered":"https:\/\/sterling.xbiz.jp\/?p=81"},"modified":"2022-03-02T13:45:48","modified_gmt":"2022-03-02T04:45:48","slug":"ebitda%e3%81%ae%e8%a8%88%e7%ae%97%e6%96%b9%e6%b3%95%e3%81%a8%e3%83%a1%e3%83%aa%e3%83%83%e3%83%88%e3%80%81%e3%83%87%e3%83%a1%e3%83%aa%e3%83%83%e3%83%88-%e6%8a%95%e8%b3%87%e6%99%82%e3%81%ae%e6%b3%a8","status":"publish","type":"post","link":"https:\/\/smallcap-online.jp\/?p=81","title":{"rendered":"EBITDA\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u30e1\u30ea\u30c3\u30c8\u3001\u30c7\u30e1\u30ea\u30c3\u30c8 \u6295\u8cc7\u6642\u306e\u6ce8\u610f\u70b9"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><\/p>\n\n\n\n<p class=\"has-text-align-center\"><\/p>\n\n\n\n<p>EBITDA\u306f\u3001\u4f01\u696d\u306e\u5229\u76ca\u6c34\u6e96\u3092\u793a\u3059\u7d4c\u55b6\u6307\u6a19\u3067\u3059\u3002\u7a0e\u91d1\u3084\u652f\u6255\u5229\u606f\u30fb\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u304c\u5f71\u97ff\u3057\u306a\u3044\u5229\u76ca\u984d\u3092\u7b97\u51fa\u3067\u304d\u308b\u305f\u3081\u3001\u56fd\u5185\u3060\u3051\u3067\u306a\u304f\u56fd\u969b\u7684\u306a\u7af6\u4e89\u529b\u3092\u8a08\u308b\u969b\u306b\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306fEBITDA\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u3001\u6d3b\u7528\u65b9\u6cd5\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u7406\u89e3\u3057\u3001\u53ce\u76ca\u529b\u304c\u9ad8\u3044\u9298\u67c4\u3078\u306e\u6295\u8cc7\u3092\u76ee\u6307\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u76ee\u6b21<\/h2>\n\n\n\n<p>1.EBITDA\u3068\u306f\uff1f<\/p>\n\n\n\n<p>\u30001-1 EBITDA\u3068\u4f01\u696d\u306e\u5229\u76ca\u306b\u3064\u3044\u3066<\/p>\n\n\n\n<p>\u30001-2 \u55b6\u696d\u5229\u76ca\u306e\u5f31\u70b9\u3092\u30ab\u30d0\u30fc\u3059\u308b\u6307\u6a19<\/p>\n\n\n\n<p>2. EBITDA\u3092\u5229\u7528\u3059\u308b\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/p>\n\n\n\n<p>\u30002-1. \u30e1\u30ea\u30c3\u30c81\uff1a\u8a08\u7b97\u304c\u7c21\u5358\u3067\u3042\u308a\u3001\u8ca1\u52d9\u8af8\u8868\u3092\u3082\u3068\u306b\u8a08\u7b97\u3067\u304d\u308b<\/p>\n\n\n\n<p>\u30002-2. \u30e1\u30ea\u30c3\u30c82\uff1a\u56fd\u3084\u4f01\u696d\u306b\u3088\u308b\u30d0\u30e9\u3064\u304d\u3092\u7121\u8996\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n\n\n\n<p>\u30002-3. \u30c7\u30e1\u30ea\u30c3\u30c81\uff1a M\uff06A\u306a\u3069\u306b\u3088\u308a\u751f\u3058\u305f\u300c\u640d\u5931\u300d\u3092\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u3068\u3057\u3066\u6271\u3048\u306a\u3044<\/p>\n\n\n\n<p>\u30002-4. \u30c7\u30e1\u30ea\u30c3\u30c82\uff1a\u8a2d\u5099\u6295\u8cc7\u3084\u904b\u8ee2\u8cc7\u672c\u3092\u8003\u616e\u3057\u3066\u3044\u306a\u3044<\/p>\n\n\n\n<p>3.EBITDA\u306e\u8a08\u7b97\u65b9\u6cd5<\/p>\n\n\n\n<p>\u30003-1 EBITDA\u30de\u30fc\u30b8\u30f3\u3068\u306f\uff1f<\/p>\n\n\n\n<p>\u30003-2 EV\uff0fEBITDA\u500d\u7387\u3068\u306f\uff1f<\/p>\n\n\n\n<p>4.EBITDA\u306f\u3069\u3046\u3084\u3063\u3066\u6d3b\u7528\u3059\u308b\uff1f<\/p>\n\n\n\n<p>\u30004-1 \u6d77\u5916\u4f01\u696d\u3068\u306e\u6bd4\u8f03\u304c\u3067\u304d\u308b<\/p>\n\n\n\n<p>\u30004-2. \u521d\u671f\u6295\u8cc7\u3084\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u591a\u3044\u4f01\u696d\u306e\u672c\u696d\u306e\u8a55\u4fa1\u304c\u3067\u304d\u308b<\/p>\n\n\n\n<p>5. EBITDA\u6d3b\u7528\u6642\u306e\u6ce8\u610f\u70b9<\/p>\n\n\n\n<p>\u30005-1. EBITDA\u306f\u6b63\u78ba\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8868\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044<\/p>\n\n\n\n<p>\u30005-2.\u6295\u8cc7\u5f8c\u306e\u52b9\u679c\u3092\u8a55\u4fa1\u3059\u308b\u306b\u306f\u6709\u7528\u3060\u304c\u3001\u52b9\u679c\u3057\u304b\u308f\u304b\u3089\u306a\u3044<\/p>\n\n\n\n<p>6.1\u3064\u306e\u6307\u6a19\u306b\u632f\u308a\u56de\u3055\u308c\u306a\u3044\u3088\u3046\u306b\u3057\u3088\u3046<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"1-ebitda-\">1.EBITDA\u3068\u306f\uff1f<\/h2>\n\n\n\n<p>EBITDA\uff08Earnings Before Interest, Taxes, Depreciation and Amortization\uff09\u306f\u3001\u4f01\u696d\u306e\u5229\u76ca\u6c34\u6e96\u3092\u793a\u3059\u7d4c\u55b6\u6307\u6a19\u3067\u3001\u53ce\u76ca\u6027\u3092\u5206\u6790\u3059\u308b\u969b\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002\u5b9a\u307e\u3063\u305f\u547c\u3073\u65b9\u306f\u306a\u304f\u3001\u300c\u30a4\u30fc\u30d3\u30c3\u30c8\u30c7\u30a3\u30fc\u30a8\u30fc\u300d\u300c\u30a4\u30fc\u30d3\u30c3\u30c8\u30c0\u30fc\u300d\u300c\u30a4\u30d3\u30c3\u30c0\u300d\u306a\u3069\u3055\u307e\u3056\u307e\u3067\u3059\u3002EBITDA\u306f\u3001\u652f\u6255\u5229\u606f\u3084\u7a0e\u91d1\u30fb\u6e1b\u4fa1\u511f\u5374\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u3001\u4f01\u696d\u6d3b\u52d5\u3067\u5f97\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d9\u30fc\u30b9\u306e\u5229\u76ca\u3092\u6c42\u3081\u308b\u969b\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6e1b\u4fa1\u511f\u5374\u3068\u306f\u3001\u5bfe\u8c61\u3068\u306a\u308b\u8cc7\u7523\u306e\u8cfc\u5165\u8cbb\u7528\u3092\u4e00\u62ec\u8a08\u4e0a\u3067\u306f\u306a\u304f\u3001\u8010\u7528\u5e74\u6570\u306b\u5fdc\u3058\u3066\u6bce\u5e74\u5206\u5272\u3067\u8a08\u4e0a\u3059\u308b\u4f1a\u8a08\u51e6\u7406\u306e\u3053\u3068\u3067\u3059\u3002\u307e\u305f\u3001\u5b9f\u969b\u306b\u8a08\u4e0a\u3059\u308b\u8cbb\u7528\u3092\u6e1b\u4fa1\u511f\u5374\u8cbb\u3068\u3044\u3044\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001150\u4e07\u5186\u306e\u81ea\u52d5\u8eca\u3092\u8cfc\u5165\u3057\u305f\u5834\u5408\u3001\u8010\u7528\u5e74\u6570\u306e6\u5e74\u3067\u6e1b\u4fa1\u511f\u5374\uff08\u5b9a\u984d\u6cd5\u3068\u3044\u3044\u307e\u3059\uff09\u3059\u308b\u3068\u6bce\u5e74\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f25\u4e07\u5186\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-1-ebitda-\">1-1 EBITDA\u3068\u4f01\u696d\u306e\u5229\u76ca\u306b\u3064\u3044\u3066<\/h3>\n\n\n\n<p>EBITDA\u3092\u8003\u3048\u308b\u306b\u3042\u305f\u3063\u3066\u306f\u3001\u307e\u305a\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u8a18\u8f09\u3055\u308c\u308b\u4ee5\u4e0b\u306e5\u3064\u306e\u5229\u76ca\u306b\u3064\u3044\u3066\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u25bd\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u8a18\u8f09\u3055\u308c\u308b\u4f01\u696d\u306e\u5229\u76ca<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th class=\"has-text-align-left\" data-align=\"left\">\u5229\u76ca\u306e\u7a2e\u985e<\/th><th class=\"has-text-align-left\" data-align=\"left\">\u7279\u5fb4<\/th><\/tr><tr><th class=\"has-text-align-left\" data-align=\"left\">\u58f2\u4e0a\u7dcf\u5229\u76ca<\/th><td class=\"has-text-align-left\" data-align=\"left\">\u30fb\u58f2\u4e0a\u9ad8\uff0d\u58f2\u4e0a\u539f\u4fa1<br>\u30fb\u7c97\u5229\u76ca\u3068\u3082\u3044\u308f\u308c\u308b<\/td><\/tr><tr><th class=\"has-text-align-left\" data-align=\"left\">\u55b6\u696d\u5229\u76ca<\/th><td class=\"has-text-align-left\" data-align=\"left\">\u30fb\u58f2\u4e0a\u7dcf\u5229\u76ca\uff0d\u8ca9\u58f2\u8cbb\u304a\u3088\u3073\u4e00\u822c\u7ba1\u7406\u8cbb<br>\u30fb\u672c\u696d\u306b\u3088\u308b\u5132\u3051\u3092\u3042\u3089\u308f\u3059<\/td><\/tr><tr><th class=\"has-text-align-left\" data-align=\"left\">\u7d4c\u5e38\u5229\u76ca<\/th><td class=\"has-text-align-left\" data-align=\"left\">\u30fb\u55b6\u696d\u5229\u76ca\uff0b\u55b6\u696d\u5916\u53ce\u76ca\uff0d\u55b6\u696d\u5916\u8cbb\u7528<br>\u30fb\u4f01\u696d\u6d3b\u52d5\u3092\u3059\u308b\u3046\u3048\u3067\u3001\u901a\u5e38\u767a\u751f\u3059\u308b\u53ce\u76ca\u3068\u8cbb\u7528\u304c\u8a08\u7b97\u5bfe\u8c61\u3068\u306a\u308b<\/td><\/tr><tr><th class=\"has-text-align-left\" data-align=\"left\">\u7a0e\u5f15\u524d\u5f53\u671f\u7d14\u5229\u76ca<\/th><td class=\"has-text-align-left\" data-align=\"left\">\u30fb\u7d4c\u5e38\u5229\u76ca\uff0b\u7279\u5225\u5229\u76ca\uff0d\u7279\u5225\u640d\u5931<br>\u30fb\u6cd5\u4eba\u7a0e\u306a\u3069\u306e\u7a0e\u91d1\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca<\/td><\/tr><tr><th class=\"has-text-align-left\" data-align=\"left\">\u5f53\u671f\u7d14\u5229\u76ca<\/th><td class=\"has-text-align-left\" data-align=\"left\">\u30fb\u7a0e\u5f15\u524d\u5f53\u671f\u7d14\u5229\u76ca\uff0d\u6cd5\u4eba\u7a0e\u3001\u4f4f\u6c11\u7a0e\u304a\u3088\u3073\u4e8b\u696d\u7a0e\u00b1\u6cd5\u4eba\u7a0e\u7b49\u8abf\u6574\u984d<br>\u30fb\u6700\u7d42\u7684\u306a\u7d4c\u55b6\u6210\u7e3e\u3092\u793a\u3059<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>EBITDA\u3068\u540c\u69d8\u306b\u3001\u4f01\u696d\u6d3b\u52d5\u3067\u5f97\u305f\u5229\u76ca\u3092\u8a08\u308b\u6307\u6a19\u304c\u300c\u7d4c\u5e38\u5229\u76ca\u300d\u3067\u3059\u3002\u3053\u306e\u3046\u3061\u55b6\u696d\u5229\u76ca\u306f\u3001\u672c\u696d\u3067\u7a3c\u3044\u3060\u91d1\u984d\u3092\u793a\u3057\u307e\u3059\u3002\u55b6\u696d\u5229\u76ca\u306f\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u304b\u3089\u8ca9\u58f2\u8cbb\u304a\u3088\u3073\u4e00\u822c\u7ba1\u7406\u8cbb\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u308b\u305f\u3081\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u542b\u307e\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-2-\">1-2 \u55b6\u696d\u5229\u76ca\u306e\u5f31\u70b9\u3092\u30ab\u30d0\u30fc\u3059\u308b\u6307\u6a19<\/h3>\n\n\n\n<p>\u55b6\u696d\u5229\u76ca\u3068EBITDA\u306e\u5927\u304d\u306a\u9055\u3044\u306e1\u3064\u304c\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u542b\u3081\u308b\u304b\u3069\u3046\u304b\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3059\u3067\u306b\u652f\u6255\u3063\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u8cc7\u7523\u3092\u5206\u5272\u3057\u3066\u8a08\u4e0a\u3057\u3066\u3044\u304f\u4f1a\u8a08\u4e0a\u306e\u6982\u5ff5\u306e\u305f\u3081\u3001\u5b9f\u969b\u306b\u73fe\u91d1\u306e\u652f\u51fa\u306f\u884c\u308f\u308c\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c\u3042\u308b\u4f01\u696d\u306f\u3001\u55b6\u696d\u5229\u76ca\u3068\u5b9f\u969b\u306e\u5229\u76ca\u984d\u306b\u4e56\u96e2\u304c\u751f\u307e\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u304f\u306b\u3001\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3067\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c\u5927\u304d\u304f\u306a\u3063\u305f\u4f01\u696d\u3067\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d9\u30fc\u30b9\u3067\u7a3c\u3044\u3060\u91d1\u984d\u3088\u308a\u3082\u55b6\u696d\u5229\u76ca\u304c\u5c0f\u3055\u304f\u306a\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u3088\u3046\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067\u751f\u307e\u308c\u308b\u4f1a\u8a08\u4e0a\u3068\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d9\u30fc\u30b9\u3068\u306e\u6570\u5b57\u306e\u4e56\u96e2\u3092\u9632\u3050\u306e\u304cEBITDA\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-ebitda-\">2. 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class=\"wp-block-heading\" id=\"2-3-1-m-a-\">2-3. \u30c7\u30e1\u30ea\u30c3\u30c81\uff1a 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class=\"wp-block-table\"><table><tbody><tr><td>EV\uff1d\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\uff0d\u73fe\u91d1\u304a\u3088\u3073\u73fe\u91d1\u540c\u7b49\u7269\uff0b\u5c11\u6570\u682a\u4e3b\u6301\u5206<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>EV\u306f\u3001\u8ca0\u50b5\u3092\u542b\u3081\u305f\u4f01\u696d\u5168\u4f53\u306b\u3069\u306e\u304f\u3089\u3044\u306e\u4fa1\u5024\u304c\u3042\u308b\u304b\u3092\u793a\u3059\u6570\u5024\u3067\u3059\u3002\u3053\u308c\u306f\u300c\u682a\u4e3b\u3068\u5c11\u6570\u682a\u4e3b\u30fb\u50b5\u6a29\u8005\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024\u306e\u5408\u8a08\u304c\u3069\u306e\u304f\u3089\u3044\u304b\u300d\u3068\u3044\u3044\u63db\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002EV\u306e\u610f\u5473\u3084\u6c42\u3081\u65b9\u304c\u308f\u304b\u3063\u305f\u3089\u3001\u4ee5\u4e0b\u306e\u5f0f\u3067EV\uff0fEBITDA\u3092\u8a08\u7b97\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>EV\/EBITDA\u500d\u7387\uff1dEV\/EBITDA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>\u30fbEV\/EBITDA\u500d\u7387\u3068\u306f\u4f01\u696d\u4fa1\u5024\uff08EV\uff09\u304cEBITDA\u306e\u4f55\u500d\u304b\u3092\u8868\u3059\u6307\u6a19<\/strong><br>EV\uff0fEBITDA\u306f\u3001\u4f01\u696d\u4fa1\u5024\u304cEBITDA\u306e\u4f55\u500d\u304b\u3092\u793a\u3059\u6570\u5024\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001EV\u304c50\u5104\u5186\u3067EBITDA\u304c10\u5104\u5186\u306e\u4f01\u696d\u306eEV\uff0fEBITDA\u306f5\u500d\uff0850\u5104\u5186\u00f710\u5104\u5186\uff09\u3068\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u30fbM\uff06A\u306a\u3069\u306b\u3088\u308a\u4f01\u696d\u306e\u8cb7\u53ce\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u56de\u53ce\u3067\u304d\u308b\u5e74\u6570\u3092\u8868\u3059<\/strong><br>EV\uff0fEBITDA\u306f\u3001M\uff06A\u306e\u6295\u8cc7\u8a55\u4fa1\u57fa\u6e96\u3068\u3057\u3066\u3082\u5229\u7528\u3055\u308c\u307e\u3059\u3002M\uff06A\u306b\u3042\u305f\u308a\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u91d1\u984d\u307e\u3067\u306a\u3089\u51fa\u305b\u308b\u306e\u304b\u306a\u3069\u3092\u691c\u8a0e\u3059\u308b\u6750\u6599\u3068\u3057\u3066\u3082\u6d3b\u7528\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u8a55\u4fa1\u57fa\u6e96\u3068\u3057\u3066\u7528\u3044\u308b\u969b\u306b\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308b\u306e\u306f\u3001EV\uff0fEBITDA\u306f\u201c\u5b9f\u7e3e\u201d\u3092\u3082\u3068\u306b\u7b97\u51fa\u3055\u308c\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u500d\u7387\u304c\u4f4e\u3044\u306a\u3089\u5272\u5b89\u3001\u9ad8\u3044\u306a\u3089\u5272\u9ad8\u3068\u3044\u308f\u308c\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3042\u304f\u307e\u3067\u3082\u904e\u53bb\u306e\u696d\u7e3e\u3092\u6570\u5024\u5316\u3057\u305f\u306b\u3059\u304e\u307e\u305b\u3093\u3002M\uff06A\u306b\u306f\u53cc\u65b9\u306e\u4f01\u696d\u306e\u5f31\u70b9\u3092\u88dc\u3044\u9577\u6240\u3092\u4f38\u3070\u3059\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u3055\u3089\u306a\u308b\u6210\u9577\u3092\u76ee\u6307\u3059\u76ee\u7684\u304c\u3042\u308a\u307e\u3059\u3002M\uff06A\u304c\u6210\u529f\u3059\u308c\u3070\u3001\u73fe\u5728\u3088\u308a\u3082\u5927\u304d\u306a\u696d\u7e3e\u3092\u4e0a\u3052\u3089\u308c\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u3001\u53cc\u65b9\u306b\u591a\u5927\u306a\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\uff08\u76f8\u4e57\u52b9\u679c\uff09\u304c\u3042\u308b\u306e\u306a\u3089\u3001EV\uff0fEBITDA\u304c\u9ad8\u304f\u3066\u3082M\uff06A\u304c\u6210\u7acb\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4-ebitda-\">4.EBITDA\u306f\u3069\u3046\u3084\u3063\u3066\u6d3b\u7528\u3059\u308b\uff1f<\/h2>\n\n\n\n<p>EBITDA\u306f\u3001\u524d\u9805\u3067\u8aac\u660e\u3057\u305f\u3068\u304a\u308aM\uff06A\u306e\u5224\u65ad\u6750\u6599\u3068\u3057\u3066\u3082\u591a\u304f\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u3067\u3059\u3002\u3067\u306f\u3001\u682a\u5f0f\u6295\u8cc7\u306bEBITDA\u3092\u6d3b\u7528\u3059\u308b\u306b\u306f\u3001\u3069\u306e\u3088\u3046\u306b\u3057\u305f\u3089\u3088\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u6ce8\u610f\u70b9\u3068\u3042\u308f\u305b\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-1-\">4-1 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class=\"has-text-align-right\" data-align=\"right\">\u7c73\u56fd<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u30ab\u30ca\u30c0<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u30a4\u30bf\u30ea\u30a2<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u82f1\u56fd<\/th><\/tr><tr><th>\u6cd5\u4eba<br>\u5b9f\u884c\u7a0e\u7387<\/th><td class=\"has-text-align-right\" data-align=\"right\">29.74\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">29.93\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">26.50\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">27.98\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">26.50\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.00\uff05<\/td><td class=\"has-text-align-right\" data-align=\"right\">19.00\uff05<\/td><\/tr><\/tbody><\/table><figcaption>\u203b\u5185\u90e8\u7559\u4fdd\u7387\uff08\uff05\uff09\uff1d\u5185\u90e8\u7559\u4fdd\u00f7\u5f53\u671f\u7d14\u5229\u76ca\u00d7100\u51fa\u5178\uff1a\u8ca1\u52d9\u7701\uff082021\u5e741\u6708\u6642\u70b9\uff09<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>\u65e5\u672c\u3068\u30c9\u30a4\u30c4\u30fb\u30d5\u30e9\u30f3\u30b9\u30fb\u7c73\u56fd\u3067\u306f\u3001\u6cd5\u4eba\u7a0e\u306b\u305d\u308c\u307b\u3069\u5927\u304d\u306a\u5dee\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u65e5\u672c\u3068\u82f1\u56fd\u3067\u306f10\uff05\u4ee5\u4e0a\u306e\u5dee\u304c\u3042\u308a\u307e\u3059\u3002\u65e5\u672c\u3068\u82f1\u56fd\u306e\u4f01\u696d\u5229\u76ca\u306b\u3064\u3044\u3066\u7a0e\u91d1\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3067\u6bd4\u8f03\u3059\u308b\u3068\u5927\u304d\u306a\u5dee\u304c\u51fa\u308b\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3068\u304f\u306b\u5229\u76ca\u984d\u304c\u5927\u304d\u306a\u4f01\u696d\u306b\u304a\u3044\u3066\u300110\uff05\u306e\u9055\u3044\u306f\u5927\u304d\u306a\u91d1\u984d\u306b\u306a\u308b\u3053\u3068\u3082\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u306f\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6b63\u78ba\u306b\u6bd4\u8f03\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u3001\u501f\u5165\u91d1\u306e\u5229\u7387\u306b\u95a2\u3057\u3066\u3082\u540c\u69d8\u3067\u3059\u3002EBITDA\u3092\u6d3b\u7528\u3059\u308c\u3070\u3001\u501f\u5165\u91d1\u3084\u5229\u7387\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u6291\u3048\u3066\u4f01\u696d\u4fa1\u5024\u306e\u6bd4\u8f03\u691c\u8a0e\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u6d77\u5916\u306e\u7af6\u5408\u4ed6\u793e\u3068\u306e\u53ce\u76ca\u6027\u306e\u6bd4\u8f03\u3084\u3001\u6d77\u5916\u62e0\u70b9\u306e\u696d\u7e3e\u8a55\u4fa1\u30fb\u6d77\u5916\u4f01\u696d\u3068\u306eM\uff06A\u306e\u691c\u8a0e\u306b\u306f\u3001EBITDA\u304c\u6709\u52b9\u306a\u5224\u65ad\u6750\u6599\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-2-\">4-2. 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class=\"wp-block-heading\" id=\"5-ebitda-\">5. EBITDA\u6d3b\u7528\u6642\u306e\u6ce8\u610f\u70b9<\/h2>\n\n\n\n<p>EBITDA\u3092\u6d3b\u7528\u3059\u308b\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u6ce8\u610f\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u6700\u5f8c\u306b\u3001EBITDA\u3092\u4e0a\u624b\u306b\u4f7f\u3046\u305f\u3081\u306b\u77e5\u3063\u3066\u304a\u304f\u3079\u304d2\u3064\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-1-ebitda-\">5-1. EBITDA\u306f\u6b63\u78ba\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8868\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n<p>\u30dd\u30a4\u30f3\u30c8\u306e1\u3064\u76ee\u306f\u3001\u6b63\u78ba\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u7570\u306a\u308b\u70b9\u3067\u3059\u3002EBITDA\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9055\u3044\u3092\u77e5\u308b\u306b\u306f\u307e\u305a\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3064\u3044\u3066\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u30011\u5e74\u9593\u306e\u304a\u91d1\u306e\u6d41\u308c\u3092\u8a18\u3057\u305f\u8ca1\u52d9\u8af8\u8868\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u4ee5\u4e0b\u306e3\u3064\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u25bd\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7a2e\u985e<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u540d<\/th><th>\u5185\u5bb9<\/th><\/tr><tr><td>\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td><td>\u672c\u696d\u306b\u304a\u3051\u308b\u8cc7\u91d1\u306e\u52d5\u304d\u304c\u8a18\u3055\u308c\u3066\u304a\u308a\u3001\u4f01\u696d\u306e\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308b\u8cc7\u91d1\u7e70\u308a\u304c\u308f\u304b\u308b<\/td><\/tr><tr><td>\u6295\u8cc7\u6d3b\u52d5\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td><td>\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3001\u4f01\u696d\u306e\u6210\u9577\u306e\u305f\u3081\u306b\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u306e\u52d5\u304d\u304c\u308f\u304b\u308b<\/td><\/tr><tr><td>\u8ca1\u52d9\u6d3b\u52d5\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td><td>\u4f01\u696d\u304c\u3069\u306e\u3088\u3046\u306b\u8cc7\u91d1\u8abf\u9054\u3057\u305f\u304b\u304c\u308f\u304b\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>EBITDA\u3068\u6bd4\u8f03\u3055\u308c\u308b\u306e\u306f\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u547c\u3070\u308c\u308b\u6307\u6a19\u3067\u3059\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u4ee5\u4e0b\u306e\u5f0f\u3067\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<br>\uff1d\u300c\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\uff0d\u300c\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5f15\u3044\u305f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u4e00\u898b\u3059\u308b\u3068EBITDA\u3068\u540c\u69d8\u306b\u601d\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068EBITDA\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u25bd\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068EBITDA\u306e\u9055\u3044<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>EBITDA<\/th><th>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/th><\/tr><tr><td>\u5229\u606f\u8a08\u7b97\u3084\u8a2d\u5099\u6295\u8cc7\u8cbb\u306e\u8a08\u4e0a\u3001\u7a0e\u91d1\u8a08\u7b97\u306a\u3069\u3092\u6e08\u307e\u305b\u308b\u524d\u306e\u672c\u696d\u3067\u306e\u53ce\u76ca<\/td><td>\u5229\u76ca\u8a08\u7b97\u3084\u8a2d\u5099\u6295\u8cc7\u8cbb\u306e\u8a08\u4e0a\u3001\u7a0e\u91d1\u8a08\u7b97\u306a\u3069\u3092\u6e08\u307e\u305b\u305f\u5f8c\u306b\u624b\u5143\u306b\u6b8b\u308b\u73fe\u91d1<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>EBITDA\u306f\u3001\u672c\u696d\u3067\u7a3c\u3044\u3060\u5229\u76ca\u306e\u984d\u3092\u77e5\u308b\u306e\u306b\u4fbf\u5229\u3067\u3059\u3002\u4e00\u65b9\u3001\u5b9f\u969b\u306b\u624b\u5143\u306b\u6b8b\u308b\u304a\u91d1\u3084\u8a73\u7d30\u306a\u304a\u91d1\u306e\u51fa\u5165\u308a\u3092\u77e5\u308b\u306b\u306f\u3001\u3084\u306f\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3082\u3042\u308f\u305b\u3066\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" 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