「情報を制する者は世界を制す」をモットーに様々な情報を提供することを目指すブログです。現在はプログラミング関連情報が多めですが、投資関連情報も取り扱っていきたいです。

# ディクテーションの実例151 割引キャッシュフローについて

Discounted Cash Flow (DCF)
http://www.investopedia.com/video/play/discounted-cash-flow-dcf/

もし聞き間違えている部分を見付けたら、コメントで教えてくださるととてもありがたいです。

discounted cash flow or dsf is a valuation method used to estimate the attractiveness of an investment opportunity. dcf analysis uses future free cash flow projections and discounts them to arrive at its enterprise value, which is then used to evaluate the potential for investment. if the value arrived at through dcf analysis is higher than the current cost of the investment, the opportunity may be a good one. jane is interested in buying shares of miranda cruises, a solid company trading at \$250 a share, a debt of \$50,000,000 and has a steady flow of revenue coming in every year. jane ? some numbers and calculates miranda cruises' dcf, starting with forecasting future cash flows for the next five years. jane then looks for the company's weighted average cost of capital or wacc which reflects the risk of the cash flows and uses it as the discount rate for the following dcf formula where r is equal to the discount rate and cf is miranda cruises' future cash flows in multiple periods. jane uses the formula to calculate enterprise value. she then subtracts the company's net debt from it's enterprise value to get it's fair value of \$215,300,000. dividing \$215,3000,000 by the company's 1,000,000 outstanding shares, jane finds that one share of miranda cruises' is worth \$215.30. since it's dcf is below the share price, jane decides to pass on an investment because the stock looks overvalued.

• discounted cash flow（dcf）・・・割引キャッシュフロー
• weighted average cost of capital（wacc）・・・加重平均資本コスト
• pass on・・・～をやめておく
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