{"id":13561,"date":"2026-07-01T21:11:28","date_gmt":"2026-07-01T12:11:28","guid":{"rendered":"https:\/\/remedy-tokyo.co.jp\/media\/?p=13561"},"modified":"2026-08-10T22:13:13","modified_gmt":"2026-08-10T13:13:13","slug":"pe%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%81%aepaper-lbo%e9%9d%a2%e6%8e%a5%e5%af%be%e7%ad%96%ef%bd%9c%e6%89%8b%e8%a8%88%e7%ae%97%e3%81%a7%e8%a6%8b%e3%82%89%e3%82%8c%e3%82%8b%e8%ab%96%e7%82%b9%e3%81%a8","status":"publish","type":"post","link":"https:\/\/remedy-tokyo.co.jp\/media\/13561\/","title":{"rendered":"PE\u30d5\u30a1\u30f3\u30c9\u306ePaper LBO\u9762\u63a5\u5bfe\u7b56\uff5c\u624b\u8a08\u7b97\u3067\u898b\u3089\u308c\u308b\u8ad6\u70b9\u3068\u5408\u683c\u6c34\u6e96\u306e\u8003\u3048\u65b9"},"content":{"rendered":"<div class=\"p-blogParts post_content\" data-partsID=\"4988\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-15\" data-valign=\"center\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--mobile:33%;--clmn-w--tab:25%;--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-large is-style-rounded u-lb-off\"><img decoding=\"async\" width=\"854\" height=\"1024\" src=\"https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285-854x1024.jpg\" alt=\"\" class=\"wp-image-4989\" style=\"aspect-ratio:1;object-fit:cover\" srcset=\"https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285-854x1024.jpg 854w, https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285-250x300.jpg 250w, https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285-768x921.jpg 768w, https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285-1280x1536.jpg 1280w, https:\/\/remedy-tokyo.co.jp\/media\/wp-content\/uploads\/2025\/04\/\u7dd2\u65b9-DSC01647_retouch-1-scaled-e1745021198285.jpg 1707w\" sizes=\"(max-width: 854px) 100vw, 854px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--mobile:66%;--clmn-w--tab:75%;--clmn-w--pc:80%\">\n<p class=\"has-text-align-left u-mb-ctrl u-mb-5 has-xs-font-size wp-block-paragraph\"><span class=\"swl-bg-color has-swl-deep-02-background-color\"><strong> \u76e3\u4fee\u8005 <\/strong><\/span><\/p>\n\n\n\n<p class=\"u-mb-ctrl u-mb-0 has-xs-font-size wp-block-paragraph\" style=\"line-height:1.5\"><strong>\u30ea\u30e1\u30c7\u30a3\u682a\u5f0f\u4f1a\u793e \u30d8\u30c3\u30c9\u30cf\u30f3\u30bf\u30fc<\/strong><\/p>\n\n\n\n<p class=\"u-mb-ctrl u-mb-5 has-xs-font-size wp-block-paragraph\" style=\"line-height:1.5\"><strong>\u7dd2\u65b9 \u9686\u606d | OGATA Takayuki<\/strong><\/p>\n\n\n\n<p class=\"has-xs-font-size wp-block-paragraph\">\u6771\u4eac\u5927\u5b66\u3092\u5352\u696d\u5f8c\u3001\u4e09\u83f1UFJ\u9280\u884c\u306b\u65b0\u5352\u5165\u793e\u3002\u56fd\u5185\u652f\u5e97\u3067MUFG\u306e\u5404\u7a2e\u91d1\u878d\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u6cd5\u4eba\u55b6\u696d\u306b\u5f93\u4e8b\u3057\u3001\u9280\u884c\u8868\u5f70\u3092\u53d7\u8cde\u3002\u5165\u793e3\u5e74\u76ee\u3067\u6d77\u5916\u62e0\u70b9\u306b\u7570\u52d5\u30fb\u99d0\u5728\u3057\u3001\u73fe\u5730\u9032\u51fa\u65e5\u7cfb\u4f01\u696d\u3078\u306e\u878d\u8cc7\u30fb\u9810\u91d1\u30fb\u70ba\u66ff\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u7b49\u306e\u6cd5\u4eba\u55b6\u696d\u3092\u62c5\u5f53\u3002<br>\u305d\u306e\u5f8c\u3001\u4e09\u83f1UFJ\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u8a3c\u5238\u306b\u51fa\u5411\u3057\u3001\u6295\u8cc7\u9280\u884c\u672c\u90e8\u306b\u3066\u30ab\u30d0\u30ec\u30c3\u30b8\u696d\u52d9\u306b\u5f93\u4e8b\u3002\u4e0a\u5834\u4f01\u696d\u306eM&amp;A\uff08TOB\u30fb\u7d4c\u55b6\u7d71\u5408\u7b49\uff09\u3084\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08IPO\u30fbPO\u7b49\uff09\u306e\u30aa\u30ea\u30b8\u30cd\u30fc\u30b7\u30e7\u30f3\uff08\u6848\u4ef6\u7372\u5f97\u6d3b\u52d5\uff09\u30fb\u30a8\u30b0\u30bc\u30ad\u30e5\u30fc\u30b7\u30e7\u30f3\uff08\u6848\u4ef6\u57f7\u884c\uff09\u3092\u7d4c\u9a13\u3002\u73fe\u5728\u306f\u30cf\u30a4\u30ad\u30e3\u30ea\u30a2\u5c64\u3084\u91d1\u878d\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u63a1\u7528\u30fb\u8ee2\u8077\u652f\u63f4\u3092\u884c\u3046\u3002<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-button blue_ is-style-btn_normal\"><a href=\"https:\/\/remedy-search.com\/highclass-career?utm_source=organic&#038;utm_medium=seo&#038;utm_campaign=hp_001&#038;utm_term=hp_&#038;utm_content=hp_L9_240621_supervisor\" class=\"swell-block-button__link\" data-has-icon=\"1\"><svg class=\"__icon\" height=\"1em\" width=\"1em\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" viewBox=\"0 0 48 48\"><path d=\"M19 2.3C9.1 2.3 1 9.7 1 18.7c0 3.5 1.2 6.7 3.3 9.4l-1.5 6.3c-.2.8.6 1.5 1.4 1.1l6-2.6c2.6 1.3 5.6 2.1 8.8 2.1 9.9 0 18-7.3 18-16.4 0-8.9-8.1-16.3-18-16.3z\"><\/path><path d=\"M43.7 38.1c2.1-2.7 3.3-5.9 3.3-9.4 0-9-8.1-16.4-18-16.4s-18 7.3-18 16.4c0 9 8.1 16.4 18 16.4 3.2 0 6.2-.8 8.8-2.1l6 2.6c.8.3 1.6-.3 1.4-1.1l-1.5-6.4zM15 28.7c0-6.8 6.3-12.4 14-12.4s14 5.5 14 12.4-6.3 12.4-14 12.4-14-5.6-14-12.4z\"><\/path><\/svg><span>\u3053\u306e\u76e3\u4fee\u8005\u306b\u76f8\u8ac7\u3059\u308b<\/span><\/a><\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u672c\u8a18\u4e8b\u306e\u30dd\u30a4\u30f3\u30c8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">PE\u30d5\u30a1\u30f3\u30c9\u9762\u63a5\u306ePaper LBO\u306f\u3001Excel\u3092\u4f7f\u308f\u305a\u306b\u8cb7\u53ce\u5f8c\u306e\u501f\u5165\u8fd4\u6e08\u3068\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3092\u3056\u3063\u304f\u308a\u8a08\u7b97\u3059\u308b\u30c6\u30b9\u30c8\u3067\u3059\u3002\u6295\u8cc7\u9280\u884c\u3084FAS\u51fa\u8eab\u8005\u3067\u3082\u3001\u624b\u8a08\u7b97\u306b\u306a\u308b\u3068\u6642\u9593\u914d\u5206\u3084\u524d\u63d0\u8aac\u660e\u3067\u5d29\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u3067\u5dee\u304c\u3064\u304f\u306e\u306f\u3001\u4f1a\u8a08\u30af\u30a4\u30ba\u306e\u6b63\u89e3\u6570\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5bfe\u8c61\u4f1a\u793e\u3092\u3044\u304f\u3089\u3067\u8cb7\u3044\u3001\u3069\u308c\u3060\u3051\u501f\u5165\u3092\u8fd4\u3057\u3001Exit\u6642\u306b\u3069\u306e\u4fa1\u5024\u3067\u58f2\u308c\u308b\u304b\u3002\u9650\u3089\u308c\u305f\u60c5\u5831\u306e\u4e2d\u3067\u3001\u305d\u3053\u307e\u3067\u3092\u6295\u8cc7\u5224\u65ad\u3068\u3057\u3066\u8aac\u660e\u3067\u304d\u308b\u304b\u304c\u554f\u308f\u308c\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001Paper LBO\u306e\u6d41\u308c\u3001\u3064\u307e\u305a\u304d\u3084\u3059\u3044\u8ad6\u70b9\u3001\u7df4\u7fd2\u65b9\u6cd5\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u9805\u76ee<\/th><th>\u898b\u3089\u308c\u308b\u3053\u3068<\/th><th>\u6e96\u5099\u306e\u8981\u70b9<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u8cb7\u53ce\u4fa1\u683c<\/td><td>\u30a8\u30f3\u30c8\u30ea\u30fc\u30de\u30eb\u30c1\u30d7\u30eb\u3068\u8cc7\u91d1\u4f7f\u9014\u3092\u7f6e\u3051\u308b\u304b<\/td><td>EV\u3001Debt\u3001Equity\u3092\u6df7\u540c\u3057\u306a\u3044<\/td><\/tr>\n<tr><td>\u53ce\u76ca\u4e88\u6e2c<\/td><td>\u58f2\u4e0a\u6210\u9577\u3068\u30de\u30fc\u30b8\u30f3\u3092\u81ea\u7136\u306b\u7f6e\u3051\u308b\u304b<\/td><td>\u5f37\u6c17\u30fb\u5f31\u6c17\u306e\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/td><\/tr>\n<tr><td>\u501f\u5165\u8fd4\u6e08<\/td><td>FCF\u304b\u3089Debt paydown\u3092\u8ffd\u3048\u308b\u304b<\/td><td>\u8a2d\u5099\u6295\u8cc7\u3001\u7a0e\u91d1\u3001\u904b\u8ee2\u8cc7\u672c\u3092\u7c97\u304f\u5165\u308c\u308b<\/td><\/tr>\n<tr><td>Exit<\/td><td>Exit Multiple\u3068Equity Value\u3092\u8aac\u660e\u3067\u304d\u308b\u304b<\/td><td>IRR\u3060\u3051\u3067\u306a\u304f\u6295\u8cc7\u53ef\u5426\u3092\u8a00\u3046<\/td><\/tr>\n<\/tbody>\n<\/table>\n<figcaption class=\"wp-element-caption\">\u51fa\u6240: \u516c\u958b\u52d5\u753b\u30c6\u30fc\u30de\u3001\u5404\u793e\u63a1\u7528\u30da\u30fc\u30b8\u3001\u95a2\u9023\u8a18\u4e8b\u3092\u3082\u3068\u306b\u6574\u7406<\/figcaption>\n<\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"\u3010PE\u30d5\u30a1\u30f3\u30c9 \u8ee2\u8077\u3011Paper LBO \u9762\u63a5\u3092\u5916\u8cc7\u7cfbPE\u30d5\u30a1\u30f3\u30c9\u5728\u7c4d\u8005\u304c\u5b9f\u6f14\u3010\u6295\u8cc7\u30b1\u30fc\u30b9\u9762\u63a5\/\u9078\u8003\/\u96e3\u6613\u5ea6\u3011\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/8vgqbxVTMtk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Paper LBO\u3067\u898b\u3089\u308c\u308b\u306e\u306f\u3001\u624b\u8a08\u7b97\u306e\u901f\u3055\u3060\u3051\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u3067\u306f\u3001\u8cb7\u53ce\u6642\u306eEnterprise Value\u3001\u501f\u5165\u984d\u3001Equity\u6295\u8cc7\u984d\u30015\u5e74\u5f8c\u306eExit Value\u3001\u6b8b\u50b5\u3001\u6700\u7d42\u7684\u306aEquity Value\u3092\u7d19\u306e\u4e0a\u3067\u8ffd\u3044\u307e\u3059\u3002Excel\u306e\u7cbe\u7dfb\u306a\u30e2\u30c7\u30eb\u3067\u306f\u306a\u304f\u3001\u9650\u3089\u308c\u305f\u524d\u63d0\u3067\u6295\u8cc7\u306e\u5168\u4f53\u50cf\u3092\u3064\u304b\u3080\u7df4\u7fd2\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u554f\u308f\u308c\u308b\u306e\u306f\u3001\u8a08\u7b97\u30df\u30b9\u306e\u6709\u7121\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3069\u306e\u524d\u63d0\u304c\u30ea\u30bf\u30fc\u30f3\u306b\u52b9\u304f\u306e\u304b\u3001\u5f37\u6c17\u3059\u304e\u308b\u524d\u63d0\u3092\u7f6e\u3044\u3066\u3044\u306a\u3044\u304b\u3001\u6700\u5f8c\u306b\u6295\u8cc7\u5224\u65ad\u3068\u3057\u3066\u8a00\u3044\u5207\u308c\u308b\u304b\u3002\u8a08\u7b97\u306e\u9014\u4e2d\u306b\u3082\u3001\u5019\u88dc\u8005\u306e\u898b\u7acb\u3066\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"\u3010PE\u30d5\u30a1\u30f3\u30c9 \u8ee2\u8077\u3011\u53e3\u982d\u30b1\u30fc\u30b9\u9762\u63a5\u3092PE\u30d5\u30a1\u30f3\u30c9\u5728\u7c4d\u8005\u304c\u5b9f\u6f14\u3010\u6295\u8cc7\u30b1\u30fc\u30b9\u9762\u63a5\/\u9078\u8003\/\u96e3\u6613\u5ea6\u3011\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/3NDwh4l9Oww?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u898b\u3089\u308c\u308b\u529b<\/th><th>\u5177\u4f53\u7684\u306a\u78ba\u8a8d\u70b9<\/th><th>\u5f31\u3044\u4f8b<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u69cb\u9020\u7406\u89e3<\/td><td>EV\u3001Debt\u3001Equity\u3001Exit\u306e\u95a2\u4fc2\u3092\u62bc\u3055\u3048\u3066\u3044\u308b<\/td><td>\u501f\u5165\u8fd4\u6e08\u524d\u5f8c\u306eEquity Value\u3092\u6df7\u540c\u3059\u308b<\/td><\/tr>\n<tr><td>\u524d\u63d0\u8a2d\u5b9a<\/td><td>\u58f2\u4e0a\u6210\u9577\u3001\u30de\u30fc\u30b8\u30f3\u3001Capex\u3092\u81ea\u7136\u306b\u7f6e\u3051\u308b<\/td><td>\u3059\u3079\u3066\u306e\u524d\u63d0\u3092\u5f37\u6c17\u306b\u7f6e\u304f<\/td><\/tr>\n<tr><td>\u8a08\u7b97\u6574\u7406<\/td><td>\u5e74\u3054\u3068\u306eFCF\u3068Debt paydown\u3092\u8ffd\u3048\u308b<\/td><td>\u9014\u4e2d\u5f0f\u304c\u6b8b\u3089\u305a\u8aac\u660e\u3067\u304d\u306a\u3044<\/td><\/tr>\n<tr><td>\u6295\u8cc7\u5224\u65ad<\/td><td>IRR\u3092\u8e0f\u307e\u3048\u3066\u8cb7\u3046\u304b\u3092\u8a71\u305b\u308b<\/td><td>\u8a08\u7b97\u7d50\u679c\u3060\u3051\u3067\u7d42\u308f\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8868\u306f\u3001\u7df4\u7fd2\u306e\u63a1\u70b9\u8868\u3068\u3044\u3046\u3088\u308a\u3001\u9762\u63a5\u4e2d\u306b\u81ea\u5206\u306e\u8aac\u660e\u304c\u3069\u3053\u3078\u5bc4\u308a\u3059\u304e\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u305f\u3081\u306e\u5730\u56f3\u3067\u3059\u3002\u8a08\u7b97\u304c\u901f\u304f\u3066\u3082\u3001\u524d\u63d0\u8a2d\u5b9a\u3084\u6295\u8cc7\u5224\u65ad\u306e\u8a00\u8449\u304c\u629c\u3051\u308b\u3068\u3001PE\u30d5\u30a1\u30f3\u30c9\u5074\u306e\u4ed5\u4e8b\u306b\u8fd1\u3065\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u57fa\u672c\u306e\u6d41\u308c\u306f\u3001\u8cb7\u53ce\u6642\u70b9\u304b\u3089Exit\u307e\u3067\u4e00\u76f4\u7dda\u3067\u8ffd\u3046<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u521d\u306b\u7f6e\u304f\u306e\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u3068Entry Multiple\u3067\u3059\u3002\u305d\u3053\u304b\u3089Enterprise Value\u3092\u51fa\u3057\u3001Debt\u3068Equity\u306e\u6bd4\u7387\u3092\u7f6e\u304d\u307e\u3059\u3002\u6b21\u306b\u3001\u58f2\u4e0a\u6210\u9577\u3001EBITDA\u30de\u30fc\u30b8\u30f3\u3001\u7a0e\u91d1\u3001\u8a2d\u5099\u6295\u8cc7\u3001\u904b\u8ee2\u8cc7\u672c\u3092\u7c97\u304f\u5165\u308c\u3066\u3001\u6bce\u5e74\u306e\u8fd4\u6e08\u4f59\u529b\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\u306bExit Multiple\u3092\u7f6e\u304d\u3001Exit\u6642\u70b9\u306eEnterprise Value\u304b\u3089\u6b8b\u50b5\u3092\u5f15\u3044\u3066Equity Value\u3092\u51fa\u3057\u307e\u3059\u3002\u521d\u671fEquity\u6295\u8cc7\u984d\u3068Exit\u6642\u306eEquity Value\u3092\u6bd4\u3079\u3001Money Multiple\u3084IRR\u306e\u76ee\u5b89\u3092\u51fa\u3059\u6d41\u308c\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u30b9\u30c6\u30c3\u30d7<\/th><th>\u3084\u308b\u3053\u3068<\/th><th>\u78ba\u8a8d\u3059\u308b\u30df\u30b9<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>1<\/td><td>Entry EBITDA\u3068Entry Multiple\u304b\u3089EV\u3092\u51fa\u3059<\/td><td>\u58f2\u4e0a\u30de\u30eb\u30c1\u30d7\u30eb\u3068EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u6df7\u305c\u306a\u3044<\/td><\/tr>\n<tr><td>2<\/td><td>Debt\u3068Equity\u3092\u5206\u3051\u308b<\/td><td>\u8cb7\u53ce\u4fa1\u683c\u3068\u81ea\u5df1\u8cc7\u91d1\u3092\u540c\u3058\u3082\u306e\u3068\u3057\u3066\u6271\u308f\u306a\u3044<\/td><\/tr>\n<tr><td>3<\/td><td>EBITDA\u304b\u3089FCF\u3092\u7c97\u304f\u8a08\u7b97\u3059\u308b<\/td><td>\u7a0e\u91d1\u3001Capex\u3001\u904b\u8ee2\u8cc7\u672c\u3092\u5b8c\u5168\u306b\u5fd8\u308c\u306a\u3044<\/td><\/tr>\n<tr><td>4<\/td><td>FCF\u3067Debt\u3092\u8fd4\u6e08\u3059\u308b<\/td><td>\u6b8b\u50b5\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u898b\u308b<\/td><\/tr>\n<tr><td>5<\/td><td>Exit EV\u304b\u3089\u6b8b\u50b5\u3092\u5f15\u304f<\/td><td>Exit\u6642\u306eEquity Value\u3092\u53d6\u308a\u9055\u3048\u306a\u3044<\/td><\/tr>\n<tr><td>6<\/td><td>\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3092\u8aac\u660e\u3059\u308b<\/td><td>\u6570\u5b57\u3060\u3051\u3067\u8cb7\u3046\u7406\u7531\u3092\u8a71\u3055\u306a\u3044<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u30df\u30cb\u4f8b\u984c\u3067\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u4f5c\u3089\u308c\u65b9\u3092\u78ba\u8a8d\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7df4\u7fd2\u7528\u306e\u5358\u7d14\u4f8b\u3068\u3057\u3066\u3001\u5358\u4f4d\u3092\u7f6e\u304b\u305a\u306bEntry EBITDA\u3092100\u3001Entry Multiple\u30928.0x\u3001Debt\u6bd4\u7387\u309260%\u30015\u5e74\u5f8c\u306eExit Multiple\u30828.0x\u3068\u7f6e\u3044\u3066\u307f\u307e\u3059\u3002\u3053\u306e\u6570\u5b57\u306f\u5e02\u5834\u5e73\u5747\u3067\u306f\u306a\u304f\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u4f5c\u3089\u308c\u65b9\u3092\u898b\u308b\u305f\u3081\u306e\u4eee\u5b9a\u3067\u3059\u3002\u3053\u306e\u5834\u5408\u3001\u8cb7\u53ce\u6642\u306eEnterprise Value\u306f800\u3001Debt\u306f480\u3001Equity\u6295\u8cc7\u984d\u306f320\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5\u5e74\u9593\u3067\u6bce\u5e7450\u305a\u3064Debt\u3092\u8fd4\u6e08\u3067\u304d\u308c\u3070\u3001Exit\u6642\u306e\u6b8b\u50b5\u306f230\u307e\u3067\u4e0b\u304c\u308a\u307e\u3059\u3002Exit\u6642\u306eEBITDA\u304c120\u307e\u3067\u4f38\u3073\u3066\u3044\u308c\u3070\u3001Exit Enterprise Value\u306f960\u3067\u3059\u3002\u305d\u3053\u304b\u3089\u6b8b\u50b5230\u3092\u5f15\u304f\u3068\u3001Exit\u6642\u306eEquity Value\u306f730\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Entry Equity: 320<\/li>\n<li>Exit Equity: 730<\/li>\n<li>Money Multiple: \u7d042.3x<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f8b\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u3066\u3044\u308b\u306e\u306f\u3001Multiple\u306e\u4e0a\u6607\u3067\u306f\u306a\u304f\u3001Debt paydown\u3068EBITDA\u6210\u9577\u3067\u3059\u3002\u672c\u756a\u3067\u3082\u3001\u6700\u7d42\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u3057\u305f\u5f8c\u306b\u300c\u4f55\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u305f\u306e\u304b\u300d\u307e\u3067\u623b\u308c\u308b\u3068\u3001\u8a08\u7b97\u554f\u984c\u304b\u3089\u6295\u8cc7\u5224\u65ad\u306e\u4f1a\u8a71\u306b\u79fb\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u524d\u63d0\u306f\u3001\u6b63\u89e3\u3092\u5f53\u3066\u308b\u3088\u308a\u7406\u7531\u3092\u8a00\u3048\u308b\u3053\u3068\u304c\u5927\u4e8b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u3067\u306f\u3001\u58f2\u4e0a\u6210\u9577\u7387\u3084\u30de\u30fc\u30b8\u30f3\u306e\u6b63\u89e3\u304c\u4e00\u3064\u306b\u6c7a\u307e\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5206\u304b\u308c\u76ee\u306b\u306a\u308b\u306e\u306f\u3001\u306a\u305c\u305d\u306e\u524d\u63d0\u3092\u7f6e\u3044\u305f\u306e\u304b\u3092\u81ea\u5206\u306e\u8a00\u8449\u3067\u8aac\u660e\u3067\u304d\u308b\u304b\u3067\u3059\u3002\u6210\u719f\u4f01\u696d\u306b\u9ad8\u3044\u6210\u9577\u7387\u3092\u7f6e\u304f\u306a\u3089\u3001\u4fa1\u683c\u6539\u5b9a\u3001\u5e97\u8217\u62e1\u5927\u3001\u6d77\u5916\u5c55\u958b\u306a\u3069\u3001\u3069\u3053\u304b\u3089\u6210\u9577\u304c\u51fa\u308b\u306e\u304b\u307e\u3067\u8a71\u3057\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53cd\u5bfe\u306b\u3001\u6210\u9577\u7387\u3092\u4f4e\u304f\u7f6e\u304f\u306a\u3089\u3001\u4f55\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u308b\u306e\u304b\u3092\u88dc\u3044\u307e\u3059\u3002\u30de\u30fc\u30b8\u30f3\u6539\u5584\u306a\u306e\u304b\u3001\u904b\u8ee2\u8cc7\u672c\u6539\u5584\u306a\u306e\u304b\u3001Debt paydown\u306a\u306e\u304b\u3002\u524d\u63d0\u306e\u80cc\u5f8c\u306b\u3042\u308b\u4e8b\u696d\u7406\u89e3\u307e\u3067\u898b\u3048\u308b\u3068\u3001\u6570\u5b57\u306e\u7f6e\u304d\u65b9\u306b\u8aac\u5f97\u529b\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u58f2\u4e0a\u6210\u9577\u306f\u5e02\u5834\u6210\u9577\u3001\u30b7\u30a7\u30a2\u3001\u4fa1\u683c\u3001\u6570\u91cf\u306b\u5206\u3051\u3066\u8003\u3048\u308b<\/li>\n<li>EBITDA\u30de\u30fc\u30b8\u30f3\u306f\u7c97\u5229\u6539\u5584\u3068\u56fa\u5b9a\u8cbb\u52b9\u7387\u5316\u306b\u5206\u3051\u308b<\/li>\n<li>Capex\u306f\u6210\u9577\u6295\u8cc7\u304b\u7dad\u6301\u6295\u8cc7\u304b\u3092\u5206\u3051\u308b<\/li>\n<li>Exit Multiple\u306fEntry\u3088\u308a\u9ad8\u304f\u7f6e\u304f\u306a\u3089\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u5931\u6557\u306f\u3001\u8a08\u7b97\u3088\u308a\u8aac\u660e\u3067\u8d77\u304d\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306e\u5931\u6557\u306f\u3001\u8a08\u7b97\u305d\u306e\u3082\u306e\u3088\u308a\u8aac\u660e\u3067\u8d77\u304d\u307e\u3059\u3002\u9014\u4e2d\u5f0f\u304c\u6c5a\u304f\u3066\u81ea\u5206\u3067\u3082\u8ffd\u3048\u306a\u3044\u3001\u524d\u63d0\u304c\u3059\u3079\u3066\u5f37\u6c17\u3001Exit\u6642\u306b\u4f55\u3092\u58f2\u3063\u3066\u3044\u308b\u306e\u304b\u8aac\u660e\u3067\u304d\u306a\u3044\u3002\u3053\u3046\u3057\u305f\u5d29\u308c\u65b9\u3092\u3059\u308b\u3068\u3001\u5b9f\u52d9\u306e\u5834\u3067\u3082\u8ad6\u70b9\u3092\u6574\u7406\u3067\u304d\u306a\u3044\u5370\u8c61\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7df4\u7fd2\u3067\u306f\u3001\u89e3\u7b54\u3092\u304d\u308c\u3044\u306b\u4f5c\u308b\u524d\u306b\u3001\u58f0\u306b\u51fa\u3057\u3066\u8aac\u660e\u3059\u308b\u6642\u9593\u3092\u5165\u308c\u308b\u3068\u52b9\u679c\u304c\u51fa\u3084\u3059\u3044\u3067\u3059\u3002\u300e\u3053\u306e\u524d\u63d0\u304c\u4e00\u756a\u30ea\u30bf\u30fc\u30f3\u306b\u52b9\u304f\u300f\u300e\u3053\u3053\u304c\u5d29\u308c\u308b\u3068\u6295\u8cc7\u306f\u96e3\u3057\u3044\u300f\u3068\u8a00\u3048\u308b\u72b6\u614b\u307e\u3067\u6301\u3063\u3066\u3044\u304f\u3068\u3001\u672c\u756a\u3067\u6c88\u9ed9\u3057\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u5931\u6557<\/th><th>\u4f1d\u308f\u308a\u3084\u3059\u3044\u5370\u8c61<\/th><th>\u4fee\u6b63\u65b9\u6cd5<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u5f0f\u3060\u3051\u8ffd\u3063\u3066\u6642\u9593\u5207\u308c<\/td><td>\u5168\u4f53\u50cf\u3092\u3064\u304b\u3081\u3066\u3044\u306a\u3044<\/td><td>\u6700\u521d\u306b5\u5206\u3067\u69cb\u9020\u3092\u66f8\u304d\u51fa\u3059<\/td><\/tr>\n<tr><td>\u524d\u63d0\u304c\u5f37\u6c17\u3059\u304e\u308b<\/td><td>\u6295\u8cc7\u30ea\u30b9\u30af\u3078\u306e\u611f\u5ea6\u304c\u4f4e\u3044<\/td><td>Base\u3068Downside\u3092\u5206\u3051\u308b<\/td><\/tr>\n<tr><td>IRR\u3060\u3051\u8a00\u3046<\/td><td>\u6295\u8cc7\u7406\u7531\u304c\u8584\u3044<\/td><td>\u306a\u305c\u305d\u306e\u4f1a\u793e\u3092\u8cb7\u3046\u304b\u307e\u3067\u8a71\u3059<\/td><\/tr>\n<tr><td>\u7d30\u304b\u3044\u4f1a\u8a08\u306b\u5bc4\u308a\u3059\u304e\u308b<\/td><td>\u9762\u63a5\u6642\u9593\u3092\u4f7f\u3044\u5207\u308b<\/td><td>\u4e3b\u8981\u524d\u63d0\u306b\u7d5e\u3063\u3066\u8aac\u660e\u3059\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5931\u6557\u3092\u907f\u3051\u308b\u30b3\u30c4\u306f\u3001\u6700\u521d\u304b\u3089\u5b8c\u74a7\u306a\u7b54\u3048\u3092\u4f5c\u308d\u3046\u3068\u3057\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u7c97\u3044\u8a08\u7b97\u3067\u3082\u3001\u3069\u306e\u524d\u63d0\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u52d5\u304b\u3057\u305f\u304b\u3092\u8a00\u8449\u306b\u3067\u304d\u308b\u3068\u3001\u9762\u63a5\u5b98\u3068\u306e\u4f1a\u8a71\u304c\u7d9a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u81ea\u5206\u3067\u9032\u3081\u3066\u3088\u3044\u6e96\u5099\u3068\u3001\u9762\u63a5\u524d\u306b\u78ba\u8a8d\u3057\u305f\u65b9\u304c\u3088\u3044\u6e96\u5099<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">LBO\u306e\u57fa\u672c\u5f0f\u3001\u8ca1\u52d9\u4e09\u8868\u306e\u3064\u306a\u304c\u308a\u3001EV\u3068Equity Value\u306e\u9055\u3044\u306f\u81ea\u5206\u3067\u9032\u3081\u3066\u3088\u3044\u6e96\u5099\u3067\u3059\u3002\u6bce\u65e5\u77ed\u3044\u554f\u984c\u3092\u89e3\u304d\u3001\u9014\u4e2d\u5f0f\u3092\u7d19\u306b\u6b8b\u3059\u3060\u3051\u3067\u3082\u7cbe\u5ea6\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u672c\u756a\u60f3\u5b9a\u306e\u5236\u9650\u6642\u9593\u3067\u3069\u3053\u307e\u3067\u8aac\u660e\u3067\u304d\u308b\u304b\u3001\u524d\u63d0\u304c\u4e0d\u81ea\u7136\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u304b\u3001\u5fdc\u52df\u5148\u30d5\u30a1\u30f3\u30c9\u306e\u9762\u63a5\u3067\u3069\u306e\u30ec\u30d9\u30eb\u307e\u3067\u6c42\u3081\u3089\u308c\u305d\u3046\u304b\u306f\u3001\u7b2c\u4e09\u8005\u306b\u898b\u3066\u3082\u3089\u3046\u65b9\u304c\u65e9\u304f\u6539\u5584\u3067\u304d\u307e\u3059\u3002PE\u30d5\u30a1\u30f3\u30c9\u9762\u63a5\u306f\u5019\u88dc\u8005\u3054\u3068\u306b\u6df1\u6398\u308a\u304c\u5909\u308f\u308b\u305f\u3081\u3001\u4e00\u822c\u7684\u306a\u554f\u984c\u96c6\u3060\u3051\u3067\u306f\u57cb\u307e\u3089\u306a\u3044\u90e8\u5206\u304c\u6b8b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">60\u5206\u306a\u3089\u3001\u6700\u521d\u306e10\u5206\u3067\u69cb\u9020\u3092\u6c7a\u3081\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u3067\u6700\u3082\u907f\u3051\u305f\u3044\u306e\u306f\u3001\u7d30\u304b\u3044\u8a08\u7b97\u306b\u5165\u3063\u3066\u304b\u3089\u69cb\u9020\u304c\u5d29\u308c\u308b\u3053\u3068\u3067\u3059\u300260\u5206\u306e\u30b1\u30fc\u30b9\u3092\u60f3\u5b9a\u3059\u308b\u306a\u3089\u3001\u6700\u521d\u306e10\u5206\u3067\u8cb7\u53ce\u6642\u70b9\u306e\u8cc7\u91d1\u4f7f\u9014\u3001\u53ce\u76ca\u4e88\u6e2c\u3001\u501f\u5165\u8fd4\u6e08\u3001Exit\u306e\u8868\u3092\u4f5c\u308b\u306e\u304c\u5148\u3067\u3059\u3002\u5b9f\u969b\u306e\u5236\u9650\u6642\u9593\u306f\u9078\u8003\u3054\u3068\u306b\u5909\u308f\u308a\u307e\u3059\u304c\u3001\u5148\u306b\u5217\u3068\u884c\u3092\u6c7a\u3081\u3066\u304a\u304f\u3068\u3001\u9014\u4e2d\u3067\u6570\u5b57\u3092\u898b\u5931\u3044\u306b\u304f\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b21\u306e30\u5206\u3067\u8a08\u7b97\u3092\u9032\u3081\u3001\u6700\u5f8c\u306e10\u5206\u3067\u611f\u5ea6\u3068\u6295\u8cc7\u5224\u65ad\u3092\u6574\u7406\u3057\u307e\u3059\u3002\u6b8b\u308a\u6642\u9593\u3092\u3059\u3079\u3066\u8a08\u7b97\u306b\u4f7f\u3046\u3068\u3001\u6700\u5f8c\u306b\u300c\u3060\u304b\u3089\u8cb7\u3046\u306e\u304b\u3001\u898b\u9001\u308b\u306e\u304b\u300d\u304c\u8584\u304f\u306a\u308a\u304c\u3061\u3067\u3059\u3002Paper LBO\u306f\u89e3\u7b54\u7528\u7d19\u3092\u4f5c\u308b\u30c6\u30b9\u30c8\u3067\u3042\u308b\u3068\u540c\u6642\u306b\u3001\u6295\u8cc7\u5224\u65ad\u3092\u8aac\u660e\u3059\u308b\u9762\u63a5\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u6642\u9593<\/th><th>\u3084\u308b\u3053\u3068<\/th><th>\u30b4\u30fc\u30eb<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>0\u301c10\u5206<\/td><td>\u69cb\u9020\u3092\u66f8\u304f<\/td><td>EV\u3001Debt\u3001Equity\u3001Exit\u306e\u7bb1\u3092\u4f5c\u308b<\/td><\/tr>\n<tr><td>10\u301c40\u5206<\/td><td>\u53ce\u76ca\u3068\u8fd4\u6e08\u3092\u8a08\u7b97\u3059\u308b<\/td><td>\u5e74\u3054\u3068\u306eFCF\u3068\u6b8b\u50b5\u3092\u8ffd\u3046<\/td><\/tr>\n<tr><td>40\u301c50\u5206<\/td><td>\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u3059<\/td><td>Money Multiple\u3068IRR\u306e\u76ee\u5b89\u3092\u7f6e\u304f<\/td><\/tr>\n<tr><td>50\u301c60\u5206<\/td><td>\u611f\u5ea6\u3068\u6295\u8cc7\u5224\u65ad\u3092\u307e\u3068\u3081\u308b<\/td><td>\u8cb7\u3046\u6761\u4ef6\u3001\u898b\u9001\u308b\u6761\u4ef6\u3092\u8a71\u305b\u308b\u3088\u3046\u306b\u3059\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6642\u9593\u914d\u5206\u3067\u8ff7\u3063\u305f\u3089\u3001\u8a08\u7b97\u306b\u5165\u308b\u524d\u306e\u69cb\u9020\u5316\u3092\u524a\u3089\u306a\u3044\u65b9\u304c\u5b89\u5b9a\u3057\u307e\u3059\u3002\u6700\u521d\u306e\u7bb1\u304c\u305a\u308c\u308b\u3068\u3001\u5f8c\u534a\u3067IRR\u3060\u3051\u3092\u8ffd\u3046\u5f62\u306b\u306a\u308a\u3001\u6295\u8cc7\u5224\u65ad\u306e\u8aac\u660e\u304c\u8584\u304f\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7df4\u7fd2\u554f\u984c\u306f\u3001\u81ea\u5206\u3067\u4f5c\u308b\u3068\u9762\u63a5\u306b\u8fd1\u3065\u304f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u8ca9\u306e\u554f\u984c\u3092\u89e3\u304f\u3060\u3051\u3067\u3082\u57fa\u790e\u306f\u8eab\u306b\u3064\u304d\u307e\u3059\u304c\u3001\u9762\u63a5\u306b\u8fd1\u3065\u3051\u308b\u306a\u3089\u81ea\u5206\u3067\u7df4\u7fd2\u554f\u984c\u3092\u4f5c\u308b\u306e\u304c\u6709\u52b9\u3067\u3059\u3002\u4e0a\u5834\u4f01\u696d\u306e\u6c7a\u7b97\u8cc7\u6599\u304b\u3089\u58f2\u4e0a\u3001EBITDA\u3001Capex\u306e\u76ee\u5b89\u3092\u62fe\u3044\u3001\u8cb7\u53ce\u4fa1\u683c\u3068\u501f\u5165\u6761\u4ef6\u3092\u4eee\u306b\u7f6e\u3044\u3066\u30015\u5e74\u5f8c\u306eExit\u307e\u3067\u8ffd\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u5206\u3067\u554f\u984c\u3092\u4f5c\u308b\u3068\u3001\u524d\u63d0\u306e\u7f6e\u304d\u65b9\u306b\u8ff7\u3044\u307e\u3059\u3002\u305d\u306e\u8ff7\u3044\u304c\u9762\u63a5\u5bfe\u7b56\u306b\u306a\u308a\u307e\u3059\u3002\u306a\u305c\u3053\u306e\u6210\u9577\u7387\u306a\u306e\u304b\u3001\u306a\u305c\u3053\u306eExit Multiple\u306a\u306e\u304b\u3092\u8aac\u660e\u3059\u308b\u7df4\u7fd2\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bfe\u8c61\u4f1a\u793e\u306e\u58f2\u4e0a\u3068EBITDA\u3092\u7f6e\u304f<\/li>\n<li>Entry Multiple\u3092\u7f6e\u304d\u3001EV\u3092\u8a08\u7b97\u3059\u308b<\/li>\n<li>Debt\u3068Equity\u306e\u6bd4\u7387\u3092\u4eee\u7f6e\u304d\u3059\u308b<\/li>\n<li>5\u5e74\u5206\u306eEBITDA\u3001FCF\u3001Debt paydown\u3092\u8ffd\u3046<\/li>\n<li>Exit Multiple\u3092\u7f6e\u304d\u3001\u6295\u8cc7\u53ef\u5426\u3092\u4e00\u8a00\u3067\u307e\u3068\u3081\u308b<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u672c\u756a\u3067\u306f\u3001\u9014\u4e2d\u5f0f\u3092\u898b\u305b\u306a\u304c\u3089\u8a71\u3059<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u756a\u3067\u306f\u3001\u6c88\u9ed9\u3057\u3066\u8a08\u7b97\u3057\u7d9a\u3051\u308b\u3088\u308a\u3001\u7bc0\u76ee\u3067\u8003\u3048\u65b9\u3092\u5171\u6709\u3057\u305f\u65b9\u304c\u4f1a\u8a71\u306b\u306a\u308a\u3084\u3059\u3044\u5834\u9762\u304c\u3042\u308a\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u305a\u3063\u3068\u8a71\u3057\u7d9a\u3051\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u69cb\u9020\u3092\u66f8\u3044\u305f\u5f8c\u3001\u524d\u63d0\u3092\u7f6e\u3044\u305f\u5f8c\u3001\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u3057\u305f\u5f8c\u306e\u4e09\u304b\u6240\u3067\u4e00\u8a00\u6dfb\u3048\u308b\u3068\u3001\u601d\u8003\u306e\u6d41\u308c\u304c\u4f1d\u308f\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8aac\u660e\u3067\u306f\u3001\u5b8c\u74a7\u306a\u6b63\u89e3\u3092\u88c5\u3046\u3088\u308a\u3001\u4e0d\u78ba\u5b9f\u306a\u70b9\u3092\u660e\u793a\u3059\u308b\u65b9\u304c\u81ea\u7136\u3067\u3059\u3002\u300e\u3053\u306e\u524d\u63d0\u306f\u5f37\u6c17\u306a\u306e\u3067\u3001Downside\u3067\u306f\u3053\u3053\u3092\u843d\u3068\u3057\u307e\u3059\u300f\u300e\u30ea\u30bf\u30fc\u30f3\u306fExit Multiple\u306b\u654f\u611f\u3067\u3059\u300f\u3068\u8a71\u305b\u308b\u3068\u3001\u6295\u8cc7\u30ea\u30b9\u30af\u3078\u306e\u611f\u5ea6\u304c\u4f1d\u308f\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u5834\u9762<\/th><th>\u8a71\u3059\u3053\u3068<\/th><th>\u907f\u3051\u305f\u3044\u3053\u3068<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u69cb\u9020\u3092\u66f8\u3044\u305f\u76f4\u5f8c<\/td><td>EV\u3001Debt\u3001Equity\u3001Exit\u306e\u6d41\u308c\u3092\u78ba\u8a8d\u3059\u308b<\/td><td>\u3044\u304d\u306a\u308a\u7d30\u304b\u3044\u8a08\u7b97\u306b\u5165\u308b<\/td><\/tr>\n<tr><td>\u524d\u63d0\u3092\u7f6e\u3044\u305f\u76f4\u5f8c<\/td><td>\u5f37\u6c17\u30fb\u5f31\u6c17\u306e\u7406\u7531\u3092\u4e00\u8a00\u3067\u8aac\u660e\u3059\u308b<\/td><td>\u524d\u63d0\u3092\u7121\u8a00\u3067\u7f6e\u304f<\/td><\/tr>\n<tr><td>\u8a08\u7b97\u5f8c<\/td><td>\u30ea\u30bf\u30fc\u30f3\u306b\u52b9\u3044\u305f\u524d\u63d0\u3092\u8aac\u660e\u3059\u308b<\/td><td>IRR\u306e\u6570\u5b57\u3060\u3051\u3092\u8aad\u3080<\/td><\/tr>\n<tr><td>\u6700\u5f8c<\/td><td>\u8cb7\u3046\u6761\u4ef6\u3068\u898b\u9001\u308b\u6761\u4ef6\u3092\u8a00\u3046<\/td><td>\u7b54\u3048\u5408\u308f\u305b\u306e\u3088\u3046\u306b\u7d42\u3048\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u9014\u4e2d\u5f0f\u3092\u6b8b\u3059\u76ee\u7684\u306f\u3001\u6b63\u89e3\u3092\u304d\u308c\u3044\u306b\u898b\u305b\u308b\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3069\u3053\u3067\u524d\u63d0\u3092\u7f6e\u304d\u3001\u3069\u3053\u3067\u30ea\u30b9\u30af\u3092\u898b\u305f\u306e\u304b\u3092\u9762\u63a5\u5b98\u304c\u8ffd\u3048\u308b\u72b6\u614b\u306b\u3057\u3066\u304a\u304f\u3068\u3001\u591a\u5c11\u306e\u8a08\u7b97\u30df\u30b9\u3082\u8b70\u8ad6\u3067\u4fee\u6b63\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u76f4\u524d\u671f\u306f\u3001\u65b0\u3057\u3044\u8ad6\u70b9\u3092\u5897\u3084\u3055\u305a\u8aac\u660e\u306e\u7cbe\u5ea6\u3092\u4e0a\u3052\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u9762\u63a5\u76f4\u524d\u306b\u65b0\u3057\u3044\u554f\u984c\u96c6\u3092\u5897\u3084\u3057\u3059\u304e\u308b\u3068\u3001\u304b\u3048\u3063\u3066\u672c\u756a\u3067\u624b\u304c\u6b62\u307e\u308a\u304c\u3061\u3067\u3059\u3002\u76f4\u524d\u671f\u306f\u3001\u540c\u3058\u578b\u3092\u4f55\u5ea6\u3082\u89e3\u304d\u3001\u9014\u4e2d\u5f0f\u3068\u8aac\u660e\u306e\u7cbe\u5ea6\u3092\u4e0a\u3052\u308b\u65b9\u304c\u52b9\u679c\u7684\u3067\u3059\u3002\u7279\u306b\u3001EV\u304b\u3089Equity Value\u3078\u623b\u308b\u6d41\u308c\u3001FCF\u304b\u3089Debt paydown\u3078\u3064\u306a\u3052\u308b\u6d41\u308c\u3001Exit Multiple\u306e\u7f6e\u304d\u65b9\u306f\u3001\u6700\u5f8c\u307e\u3067\u624b\u5143\u3067\u78ba\u8a8d\u3057\u305f\u3044\u90e8\u5206\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\u306e\u4ed5\u4e0a\u3052\u3067\u306f\u3001\u7b54\u3048\u3092\u51fa\u3057\u305f\u5f8c\u306b\u4e00\u5206\u3067\u6295\u8cc7\u5224\u65ad\u3092\u8aac\u660e\u3057\u307e\u3059\u3002\u300eBase\u3067\u306f\u6295\u8cc7\u53ef\u80fd\u3060\u304c\u3001Exit Multiple\u304c\u4e00\u6bb5\u4e0b\u304c\u308b\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u5f31\u3044\u300f\u300e\u8fd4\u6e08\u4f59\u529b\u306f\u3042\u308b\u304c\u3001\u6210\u9577Capex\u304c\u91cd\u3044\u5834\u5408\u306f\u8ffd\u52a0\u691c\u8a3c\u304c\u5fc5\u8981\u300f\u306e\u3088\u3046\u306b\u3001\u6570\u5b57\u304b\u3089\u5224\u65ad\u3078\u3064\u306a\u3052\u308b\u7df4\u7fd2\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306f\u3001\u5b8c\u74a7\u306a\u30e2\u30c7\u30eb\u3092\u4f5c\u308b\u8a66\u9a13\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u66d6\u6627\u306a\u60c5\u5831\u3092\u53d7\u3051\u53d6\u308a\u3001\u7c97\u304f\u3066\u3082\u7b4b\u306e\u901a\u3063\u305f\u5224\u65ad\u3092\u7f6e\u3051\u308b\u304b\u3092\u898b\u308b\u5834\u3067\u3059\u3002\u8a08\u7b97\u3001\u524d\u63d0\u3001\u7d50\u8ad6\u306e\u4e09\u3064\u3092\u77ed\u304f\u8aac\u660e\u3067\u304d\u308b\u72b6\u614b\u307e\u3067\u6574\u3063\u3066\u3044\u308b\u3068\u3001\u672c\u756a\u306e\u4f1a\u8a71\u306b\u3082\u5165\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u6642\u671f<\/th><th>\u3084\u308b\u3053\u3068<\/th><th>\u907f\u3051\u308b\u3053\u3068<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>1\u9031\u9593\u524d<\/td><td>\u57fa\u672c\u578b\u3092\u6bce\u65e51\u554f\u89e3\u304f<\/td><td>\u96e3\u554f\u3070\u304b\u308a\u306b\u624b\u3092\u51fa\u3059<\/td><\/tr>\n<tr><td>3\u65e5\u524d<\/td><td>\u8aac\u660e\u3057\u306a\u304c\u3089\u89e3\u304f\u7df4\u7fd2\u3092\u5165\u308c\u308b<\/td><td>\u8a08\u7b97\u7d50\u679c\u3060\u3051\u3092\u898b\u76f4\u3059<\/td><\/tr>\n<tr><td>\u524d\u65e5<\/td><td>\u3088\u304f\u9593\u9055\u3048\u308b\u5f0f\u3068\u524d\u63d0\u3092\u78ba\u8a8d\u3059\u308b<\/td><td>\u65b0\u3057\u3044\u6559\u6750\u3092\u5897\u3084\u3059<\/td><\/tr>\n<tr><td>\u5f53\u65e5<\/td><td>\u69cb\u9020\u3001\u8a08\u7b97\u3001\u5224\u65ad\u306e\u9806\u756a\u3092\u5b88\u308b<\/td><td>\u6c88\u9ed9\u3057\u3066\u7d30\u90e8\u306b\u5165\u308a\u3059\u304e\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u76f4\u524d\u671f\u306b\u52b9\u304f\u306e\u306f\u3001\u77e5\u8b58\u91cf\u3092\u5897\u3084\u3059\u3053\u3068\u3088\u308a\u3001\u540c\u3058\u554f\u984c\u3092\u77ed\u304f\u8aac\u660e\u3057\u76f4\u3059\u7df4\u7fd2\u3067\u3059\u3002\u81ea\u5206\u304c\u8a70\u307e\u308a\u3084\u3059\u3044\u5f0f\u3068\u524d\u63d0\u3092\u6c7a\u3081\u3066\u304a\u304f\u3068\u3001\u672c\u756a\u3067\u3082\u7126\u70b9\u3092\u623b\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Paper LBO\u306e30\u65e5\u7df4\u7fd2\u30d7\u30e9\u30f3<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306f\u3001\u76f4\u524d\u306b\u89e3\u6cd5\u3060\u3051\u899a\u3048\u3066\u3082\u672c\u756a\u3067\u5d29\u308c\u3084\u3059\u3044\u9762\u63a5\u3067\u3059\u3002\u3053\u3053\u3067\u306f\u30011\u30ab\u6708\u524d\u304b\u3089\u6e96\u5099\u3067\u304d\u308b\u4eba\u5411\u3051\u306e\u7df4\u7fd2\u4f8b\u3068\u3057\u306630\u65e5\u3067\u5206\u3051\u307e\u3059\u3002\u5927\u4e8b\u306a\u306e\u306f\u3001\u6bce\u56de\u9055\u3046\u554f\u984c\u3092\u89e3\u304f\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u540c\u3058\u69cb\u9020\u3092\u7e70\u308a\u8fd4\u3057\u3066\u624b\u3092\u6b62\u3081\u306a\u3044\u72b6\u614b\u3092\u4f5c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u521d\u306e10\u65e5\u306f\u3001EV\u3001Debt\u3001Equity\u3001Exit\u306e\u95a2\u4fc2\u3092\u4f53\u306b\u5165\u308c\u308b\u6bb5\u968e\u3067\u3059\u3002\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001EBITDA\u3001Capex\u3001\u904b\u8ee2\u8cc7\u672c\u3001\u7a0e\u91d1\u3092\u7c97\u304f\u7f6e\u304d\u3001FCF\u304b\u3089Debt paydown\u3078\u3064\u306a\u3052\u308b\u6d41\u308c\u3092\u78ba\u8a8d\u3059\u308b\u671f\u9593\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b21\u306e10\u65e5\u306f\u3001\u524d\u63d0\u306e\u8aac\u660e\u3092\u5165\u308c\u308b\u671f\u9593\u3067\u3059\u3002\u306a\u305c\u58f2\u4e0a\u6210\u9577\u3092\u305d\u306e\u6c34\u6e96\u306b\u7f6e\u304f\u306e\u304b\u3001\u306a\u305cExit Multiple\u3092\u7dad\u6301\u3067\u304d\u308b\u306e\u304b\u3001\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u3079\u3066\u3069\u306eKPI\u304c\u5f37\u3044\u306e\u304b\u3092\u4e00\u8a00\u3067\u8aac\u660e\u3067\u304d\u308b\u72b6\u614b\u304c\u76ee\u6a19\u3067\u3059\u3002\u63a1\u7528\u30da\u30fc\u30b8\u3067\u6c42\u3081\u3089\u308c\u308b\u8ad6\u7406\u7684\u306a\u8aac\u660e\u529b\u306f\u3001\u3053\u306e\u5834\u9762\u306b\u51fa\u308b\u90e8\u5206\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\u306e10\u65e5\u306f\u3001\u9762\u63a5\u5f62\u5f0f\u3067\u89e3\u304f\u6bb5\u968e\u3067\u3059\u3002\u6642\u9593\u3092\u533a\u5207\u308a\u3001\u9014\u4e2d\u5f0f\u3092\u6b8b\u3057\u3001\u6700\u5f8c\u306b\u8cb7\u3046\u6761\u4ef6\u3068\u898b\u9001\u308b\u6761\u4ef6\u3092\u8a71\u3059\u3002\u8a08\u7b97\u3068\u8aac\u660e\u306e\u4e21\u65b9\u3092\u7df4\u7fd2\u3057\u3066\u304a\u304f\u3068\u3001\u672c\u756a\u3067\u7126\u308a\u306b\u304f\u3044\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u671f\u9593<\/th><th>\u7df4\u7fd2\u5185\u5bb9<\/th><th>\u5230\u9054\u70b9<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>1\u301c10\u65e5\u76ee<\/td><td>LBO\u306e\u57fa\u672c\u69cb\u9020\u3092\u6bce\u65e51\u554f<\/td><td>EV\u304b\u3089Equity Value\u307e\u3067\u8ff7\u308f\u305a\u8ffd\u3048\u308b<\/td><\/tr>\n<tr><td>11\u301c20\u65e5\u76ee<\/td><td>\u524d\u63d0\u8aac\u660e\u3068\u611f\u5ea6\u5206\u6790\u3092\u8ffd\u52a0<\/td><td>\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001Capex\u306e\u524d\u63d0\u3092\u8aac\u660e\u3067\u304d\u308b<\/td><\/tr>\n<tr><td>21\u301c25\u65e5\u76ee<\/td><td>\u53e3\u982d\u30b1\u30fc\u30b9\u3068\u7d44\u307f\u5408\u308f\u305b\u308b<\/td><td>\u5e02\u5834\u30fb\u7af6\u4e89\u30fb\u6295\u8cc7\u63a1\u7b97\u3092\u4e00\u4f53\u3067\u8a71\u305b\u308b<\/td><\/tr>\n<tr><td>26\u301c30\u65e5\u76ee<\/td><td>\u672c\u756a\u6642\u9593\u3067\u901a\u3057\u7df4\u7fd2<\/td><td>\u8a08\u7b97\u3001\u524d\u63d0\u3001\u6295\u8cc7\u5224\u65ad\u3092\u77ed\u304f\u8aac\u660e\u3067\u304d\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">30\u65e5\u3059\u3079\u3066\u3092\u5747\u7b49\u306b\u4f7f\u3046\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3059\u3067\u306bLBO\u306e\u578b\u304c\u3042\u308b\u4eba\u306f\u5f8c\u534a\u306e\u8aac\u660e\u7df4\u7fd2\u3092\u539a\u304f\u3057\u3001\u521d\u3081\u3066\u89e6\u308b\u4eba\u306f\u524d\u534a\u3067EV\u3001Debt\u3001Equity\u306e\u95a2\u4fc2\u3092\u4f53\u306b\u5165\u308c\u308b\u65b9\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u524d\u8077\u5225\u306b\u3001\u7df4\u7fd2\u306e\u512a\u5148\u9806\u4f4d\u3092\u5909\u3048\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u3058Paper LBO\u3067\u3082\u3001\u524d\u8077\u306b\u3088\u3063\u3066\u8a70\u307e\u308a\u3084\u3059\u3044\u5834\u6240\u306f\u9055\u3044\u307e\u3059\u3002\u6295\u8cc7\u9280\u884c\u51fa\u8eab\u8005\u306f\u8a08\u7b97\u306b\u5f37\u3044\u4e00\u65b9\u3067\u3001\u4e8b\u696d\u524d\u63d0\u306e\u8aac\u660e\u304c\u8584\u304f\u306a\u308a\u304c\u3061\u3067\u3059\u3002FAS\u51fa\u8eab\u8005\u306f\u8abf\u6574\u9805\u76ee\u306b\u8a73\u3057\u3044\u4e00\u65b9\u3067\u3001\u8cb7\u3046\u7406\u7531\u306e\u8aac\u660e\u304c\u5f31\u304f\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u51fa\u8eab\u8005\u306f\u4e8b\u696d\u4eee\u8aac\u306b\u5f37\u3044\u3082\u306e\u306e\u3001Debt paydown\u3084Exit\u306e\u8a08\u7b97\u3067\u6b62\u307e\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7df4\u7fd2\u3067\u306f\u3001\u5f97\u610f\u306a\u3068\u3053\u308d\u3092\u4f38\u3070\u3059\u3060\u3051\u3067\u306a\u304f\u3001\u76f8\u624b\u304c\u4e0d\u5b89\u306b\u601d\u3044\u305d\u3046\u306a\u90e8\u5206\u304b\u3089\u6f70\u3057\u307e\u3059\u3002IBD\u306a\u3089\u8cb7\u53ce\u5f8c\u306e\u6210\u9577\u65bd\u7b56\u3001FAS\u306a\u3089\u30ea\u30b9\u30af\u3092\u53d7\u3051\u5165\u308c\u308b\u6761\u4ef6\u3001\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u306a\u3089\u8ca1\u52d9\u4e09\u8868\u3068LBO\u306e\u6d41\u308c\u3002\u524d\u8077\u3054\u3068\u306b\u3001\u5148\u306b\u57cb\u3081\u308b\u3079\u304d\u7a74\u306f\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u63a1\u7528\u5074\u304c\u77e5\u308a\u305f\u3044\u306e\u306f\u3001\u5b8c\u74a7\u306a\u8ca1\u52d9\u30e2\u30c7\u30eb\u8077\u4eba\u304b\u3069\u3046\u304b\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u3068\u3057\u3066\u3001\u7c97\u3044\u60c5\u5831\u3067\u3082\u7b4b\u306e\u901a\u3063\u305f\u5224\u65ad\u3092\u7f6e\u3051\u308b\u304b\u3002Paper LBO\u3067\u306f\u3001\u305d\u306e\u571f\u53f0\u304c\u304b\u306a\u308a\u898b\u3048\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u524d\u8077<\/th><th>\u8a70\u307e\u308a\u3084\u3059\u3044\u70b9<\/th><th>\u512a\u5148\u7df4\u7fd2<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u6295\u8cc7\u9280\u884c<\/td><td>\u4e8b\u696d\u4eee\u8aac\u3068\u6295\u8cc7\u5f8c\u65bd\u7b56<\/td><td>\u58f2\u4e0a\u9ad8\u6210\u9577\u3068\u55b6\u696d\u5229\u76ca\u7387\u6539\u5584\u306e\u8aac\u660e<\/td><\/tr>\n<tr><td>FAS<\/td><td>\u8cb7\u3046\u7406\u7531\u3068\u898b\u9001\u308b\u6761\u4ef6<\/td><td>DD\u8ad6\u70b9\u3092\u4fa1\u683c\u30fb\u5951\u7d04\u30fb\u6295\u8cc7\u5f8c\u65bd\u7b56\u3078\u3064\u306a\u3052\u308b<\/td><\/tr>\n<tr><td>\u6226\u7565\u30b3\u30f3\u30b5\u30eb<\/td><td>LBO\u8a08\u7b97\u3068Debt paydown<\/td><td>EV\u3001Debt\u3001Equity\u3001Exit\u306e\u578b\u3092\u53cd\u5fa9\u3059\u308b<\/td><\/tr>\n<tr><td>\u4e8b\u696d\u4f1a\u793e\u7d4c\u55b6\u4f01\u753b<\/td><td>\u8cb7\u53ce\u4fa1\u683c\u3068\u8cc7\u672c\u69cb\u6210<\/td><td>\u540c\u696d\u4ed6\u793e\u6bd4\u8f03\u3068\u6295\u8cc7\u63a1\u7b97\u306e\u57fa\u790e\u3092\u62bc\u3055\u3048\u308b<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u524d\u8077\u3054\u3068\u306e\u9055\u3044\u306f\u3001\u5f97\u610f\u5206\u91ce\u3088\u308a\u3082\u629c\u3051\u3084\u3059\u3044\u8ad6\u70b9\u306b\u51fa\u307e\u3059\u3002\u6295\u8cc7\u9280\u884c\u51fa\u8eab\u8005\u306f\u4e8b\u696d\u4eee\u8aac\u3001\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u51fa\u8eab\u8005\u306fDebt paydown\u3001FAS\u51fa\u8eab\u8005\u306f\u8cb7\u3046\u7406\u7531\u307e\u3067\u623b\u3059\u7df4\u7fd2\u3092\u5148\u306b\u7f6e\u304f\u3068\u30d0\u30e9\u30f3\u30b9\u304c\u53d6\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9014\u4e2d\u5f0f\u306f\u3001\u7b54\u6848\u3067\u306f\u306a\u304f\u4f1a\u8a71\u306e\u5730\u56f3\u3068\u3057\u3066\u6b8b\u3059<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306e\u9014\u4e2d\u5f0f\u306f\u3001\u63a1\u70b9\u8005\u306b\u898b\u305b\u308b\u7b54\u6848\u3068\u3044\u3046\u3088\u308a\u3001\u76f8\u624b\u3068\u4f1a\u8a71\u3059\u308b\u305f\u3081\u306e\u5730\u56f3\u3067\u3059\u3002\u304d\u308c\u3044\u306a\u8868\u3092\u4f5c\u308b\u3053\u3068\u3088\u308a\u3001\u3069\u3053\u304b\u3089\u3069\u3053\u3078\u6570\u5b57\u304c\u6d41\u308c\u3066\u3044\u308b\u304b\u304c\u8ffd\u3048\u308b\u3053\u3068\u3002\u3053\u3053\u3092\u610f\u8b58\u3059\u308b\u3068\u3001\u8a08\u7b97\u9014\u4e2d\u3067\u8cea\u554f\u3055\u308c\u305f\u6642\u3082\u623b\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d19\u9762\u306e\u4f7f\u3044\u65b9\u306b\u6c7a\u307e\u3063\u305f\u6b63\u89e3\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u7df4\u7fd2\u3067\u306f\u4e09\u3064\u306b\u5206\u3051\u308b\u3068\u5b89\u5b9a\u3057\u307e\u3059\u3002\u5de6\u306bEntry\u306e\u524d\u63d0\u3001\u4e2d\u592e\u306b5\u5e74\u5206\u306eEBITDA\u3068FCF\u3001\u53f3\u306bExit\u3068\u6295\u8cc7\u5224\u65ad\u3002\u4f59\u767d\u306b\u306fDownside\u3068\u611f\u5ea6\u3092\u6b8b\u3057\u307e\u3059\u3002\u96d1\u3067\u3082\u69cb\u3044\u307e\u305b\u3093\u3002\u81ea\u5206\u3082\u76f8\u624b\u3082\u8ff7\u5b50\u306b\u306a\u3089\u306a\u3044\u914d\u7f6e\u304c\u5927\u4e8b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u58f2\u4e0a\u9ad8\u3084\u55b6\u696d\u5229\u76ca\u306e\u524d\u63d0\u3092\u5909\u3048\u305f\u5834\u5408\u306f\u3001\u3069\u3053\u3092\u5909\u3048\u305f\u306e\u304b\u5206\u304b\u308b\u3088\u3046\u306b\u6b8b\u3057\u307e\u3059\u3002Debt paydown\u3067\u306fFCF\u3001\u8fd4\u6e08\u984d\u3001\u671f\u672b\u6b8b\u50b5\u3092\u4e26\u3079\u307e\u3059\u3002\u6570\u5b57\u3092\u4e00\u3064\u9593\u9055\u3048\u3066\u3082\u3001\u69cb\u9020\u304c\u5408\u3063\u3066\u3044\u308c\u3070\u4fee\u6b63\u3067\u304d\u307e\u3059\u3002\u53cd\u5bfe\u306b\u3001\u6697\u7b97\u3060\u3051\u3067\u9032\u3081\u308b\u3068\u3001\u6b63\u89e3\u306b\u8fd1\u304f\u3066\u3082\u601d\u8003\u304c\u898b\u3048\u307e\u305b\u3093\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u7d19\u9762\u306e\u5834\u6240<\/th><th>\u7f6e\u304f\u3082\u306e<\/th><th>\u4f1a\u8a71\u3067\u306e\u5f79\u5272<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u5de6<\/td><td>Entry EBITDA\u3001Multiple\u3001Debt\/Equity<\/td><td>\u8cb7\u53ce\u6642\u70b9\u306e\u8cc7\u91d1\u4f7f\u9014\u3092\u78ba\u8a8d\u3059\u308b<\/td><\/tr>\n<tr><td>\u4e2d\u592e<\/td><td>\u58f2\u4e0a\u3001EBITDA\u3001FCF\u3001Debt paydown<\/td><td>\u8fd4\u6e08\u4f59\u529b\u3068\u6210\u9577\u524d\u63d0\u3092\u8ffd\u3046<\/td><\/tr>\n<tr><td>\u53f3<\/td><td>Exit EV\u3001\u6b8b\u50b5\u3001Equity Value\u3001Multiple<\/td><td>\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3068\u8cb7\u3046\u6761\u4ef6\u3092\u793a\u3059<\/td><\/tr>\n<tr><td>\u4f59\u767d<\/td><td>Downside\u3001\u524d\u63d0\u5909\u66f4\u3001\u898b\u9001\u308b\u6761\u4ef6<\/td><td>\u30ea\u30b9\u30af\u611f\u5ea6\u3092\u4f1a\u8a71\u306b\u51fa\u3059<\/td><\/tr>\n<\/tbody>\n<\/table>\n<figcaption class=\"wp-element-caption\">Paper LBO\u3067\u306f\u3001\u9014\u4e2d\u5f0f\u3092\u4f1a\u8a71\u306e\u5730\u56f3\u3068\u3057\u3066\u6b8b\u3059\u3068\u601d\u8003\u306e\u6d41\u308c\u304c\u8ffd\u3044\u3084\u3059\u3044<\/figcaption>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u8352\u3044\u524d\u63d0\u3092\u7f6e\u304f\u6642\u307b\u3069\u3001\u8a00\u3044\u5207\u308a\u65b9\u306b\u5dee\u304c\u51fa\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u3067\u306f\u3001\u60c5\u5831\u304c\u8db3\u308a\u306a\u3044\u307e\u307e\u524d\u63d0\u3092\u7f6e\u304f\u5834\u9762\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u300e\u4eee\u3067\u3059\u300f\u3060\u3051\u3067\u9003\u3052\u308b\u3068\u3001\u56de\u7b54\u306e\u82af\u304c\u898b\u3048\u307e\u305b\u3093\u3002\u8352\u3044\u524d\u63d0\u3067\u3082\u3001\u306a\u305c\u305d\u3046\u7f6e\u3044\u305f\u306e\u304b\u3001\u3069\u3053\u304c\u5371\u306a\u3044\u306e\u304b\u3001\u611f\u5ea6\u3092\u898b\u308b\u306a\u3089\u3069\u3053\u304b\u3092\u77ed\u304f\u8a71\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070\u58f2\u4e0a\u6210\u9577\u3092\u9ad8\u3081\u306b\u7f6e\u304f\u306a\u3089\u3001\u4fa1\u683c\u6539\u5b9a\u306a\u306e\u304b\u6570\u91cf\u6210\u9577\u306a\u306e\u304b\u3001\u5e97\u8217\u62e1\u5927\u306a\u306e\u304b\u3092\u5206\u3051\u307e\u3059\u3002Exit Multiple\u3092\u636e\u3048\u7f6e\u304f\u306a\u3089\u3001\u6210\u9577\u5f8c\u3082\u5e02\u5834\u8a55\u4fa1\u304c\u843d\u3061\u306a\u3044\u7406\u7531\u307e\u3067\u7f6e\u304d\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002\u9006\u306b\u4f4e\u3081\u306b\u7f6e\u304f\u5834\u5408\u3082\u3001\u3069\u306e\u30ea\u30b9\u30af\u3092\u7e54\u308a\u8fbc\u3093\u3060\u306e\u304b\u3092\u4e00\u8a00\u6dfb\u3048\u308b\u3068\u3001\u524d\u63d0\u304c\u9003\u3052\u306b\u898b\u3048\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002\u6b21\u306e\u8868\u306f\u3001\u6570\u5024\u306e\u6b63\u89e3\u4f8b\u3067\u306f\u306a\u304f\u3001\u524d\u63d0\u3092\u7f6e\u304f\u7406\u7531\u306e\u8a71\u3057\u65b9\u3092\u793a\u3059\u7df4\u7fd2\u7528\u306e\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u554f\u308f\u308c\u308b\u306e\u306f\u3001\u672a\u6765\u3092\u5f53\u3066\u308b\u529b\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7c97\u3044\u60c5\u5831\u3092\u53d7\u3051\u53d6\u3063\u305f\u6642\u306b\u3001\u3069\u3053\u307e\u3067\u8aa0\u5b9f\u306b\u4eee\u8aac\u3092\u7f6e\u304d\u3001\u3069\u306e\u524d\u63d0\u304c\u5d29\u308c\u308b\u3068\u6295\u8cc7\u304c\u82e6\u3057\u304f\u306a\u308b\u304b\u3092\u8aac\u660e\u3067\u304d\u308b\u304b\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u7f6e\u304f\u524d\u63d0<\/th><th>\u5f31\u3044\u8a00\u3044\u65b9<\/th><th>\u9762\u63a5\u3067\u4f1d\u308f\u308b\u8a00\u3044\u65b9<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>\u58f2\u4e0a\u6210\u9577<\/td><td>\u306a\u3093\u3068\u306a\u304f3%\u3067\u7f6e\u304d\u307e\u3059<\/td><td>\u4fa1\u683c\u6539\u5b9a\u4f59\u5730\u306f\u3042\u308b\u304c\u6570\u91cf\u306f\u6a2a\u3070\u3044\u306a\u306e\u30673%\u306b\u6291\u3048\u307e\u3059<\/td><\/tr>\n<tr><td>EBITDA\u30de\u30fc\u30b8\u30f3<\/td><td>\u6539\u5584\u3059\u308b\u3068\u4eee\u5b9a\u3057\u307e\u3059<\/td><td>\u56fa\u5b9a\u8cbb\u6bd4\u7387\u304c\u9ad8\u304f\u3001\u58f2\u4e0a\u5897\u30671pt\u6539\u5584\u3059\u308b\u524d\u63d0\u306b\u3057\u307e\u3059<\/td><\/tr>\n<tr><td>Capex<\/td><td>\u904e\u53bb\u4e26\u307f\u3067\u7f6e\u304d\u307e\u3059<\/td><td>\u6210\u9577\u6295\u8cc7\u3068\u7dad\u6301\u6295\u8cc7\u3092\u5206\u3051\u3089\u308c\u306a\u3044\u305f\u3081\u3001\u4fdd\u5b88\u7684\u306b\u91cd\u3081\u306b\u7f6e\u304d\u307e\u3059<\/td><\/tr>\n<tr><td>Exit Multiple<\/td><td>Entry\u3068\u540c\u3058\u306b\u3057\u307e\u3059<\/td><td>\u8cb7\u53ce\u5f8c\u306e\u6539\u5584\u306f\u3042\u308b\u304c\u5e02\u5834\u8a55\u4fa1\u3092\u4e0a\u3052\u308b\u6839\u62e0\u306f\u5f31\u3044\u305f\u3081\u636e\u3048\u7f6e\u304d\u307e\u3059<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u524d\u63d0\u304c\u8352\u3044\u3053\u3068\u81ea\u4f53\u306f\u3001Paper LBO\u3067\u306f\u907f\u3051\u3089\u308c\u307e\u305b\u3093\u3002\u5dee\u304c\u51fa\u308b\u306e\u306f\u3001\u8352\u3044\u524d\u63d0\u3092\u7f6e\u3044\u305f\u7406\u7531\u3068\u3001\u305d\u306e\u524d\u63d0\u304c\u5916\u308c\u305f\u6642\u306e\u898b\u9001\u308a\u6761\u4ef6\u307e\u3067\u4e00\u7dd2\u306b\u8a71\u305b\u308b\u304b\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6700\u5f8c\u306e\u4e00\u5206\u8aac\u660e\u3067\u3001\u8a08\u7b97\u554f\u984c\u3092\u6295\u8cc7\u5224\u65ad\u306b\u623b\u3059<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306f\u3001\u6700\u5f8c\u306e\u4e00\u5206\u3067\u5370\u8c61\u304c\u304b\u306a\u308a\u5909\u308f\u308a\u307e\u3059\u3002\u8a08\u7b97\u7d50\u679c\u3092\u8aad\u307f\u4e0a\u3052\u308b\u3060\u3051\u306a\u3089\u3001\u4f5c\u696d\u306e\u5831\u544a\u306b\u898b\u3048\u307e\u3059\u3002\u305d\u3053\u304b\u3089\u3001\u3069\u306e\u524d\u63d0\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u305f\u306e\u304b\u3001\u3069\u3053\u304c\u5d29\u308c\u308b\u3068\u6295\u8cc7\u304c\u96e3\u3057\u3044\u306e\u304b\u3001\u8ffd\u52a0\u3067\u4f55\u3092\u78ba\u8a8d\u3057\u305f\u3044\u306e\u304b\u307e\u3067\u8a71\u3059\u3068\u3001\u6295\u8cc7\u5224\u65ad\u306e\u9762\u63a5\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7de0\u3081\u306e\u8aac\u660e\u306f\u9577\u304f\u3057\u307e\u305b\u3093\u3002\u307e\u305aBase Case\u306e\u6295\u8cc7\u53ef\u5426\u3092\u4e00\u6587\u3067\u7f6e\u304f\u3002\u6b21\u306b\u3001\u6700\u3082\u52b9\u3044\u305f\u524d\u63d0\u3092\u4e00\u3064\u3060\u3051\u6319\u3052\u308b\u3002\u6700\u5f8c\u306b\u3001Downside\u3067\u78ba\u8a8d\u3059\u3079\u304d\u8ad6\u70b9\u3092\u51fa\u3057\u307e\u3059\u3002\u6570\u5b57\u306b\u81ea\u4fe1\u304c\u306a\u304f\u3066\u3082\u3001\u3053\u306e\u9806\u756a\u3092\u5b88\u308b\u3068\u56de\u7b54\u304c\u5d29\u308c\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u756a\u3067\u306f\u3001\u5b8c\u74a7\u306a\u6b63\u89e3\u3092\u898b\u305b\u308b\u3088\u308a\u3001\u7c97\u3044\u60c5\u5831\u304b\u3089\u8aa0\u5b9f\u306b\u5224\u65ad\u3059\u308b\u59ff\u52e2\u304c\u4f1d\u308f\u308b\u65b9\u304c\u5f37\u304f\u6b8b\u308a\u307e\u3059\u3002\u300e\u3053\u306e\u524d\u63d0\u306a\u3089\u6295\u8cc7\u53ef\u80fd\u3002\u305f\u3060\u3057Exit Multiple\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u6210\u9577\u65bd\u7b56\u306e\u78ba\u5ea6\u3092\u8ffd\u52a0\u3067\u898b\u305f\u3044\u300f\u3068\u8a00\u3048\u308b\u3060\u3051\u3067\u3001\u305f\u3060\u306e\u8a08\u7b97\u7b54\u6848\u304b\u3089\u4e00\u6bb5\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table min_width20_\">\n<table style=\"--table-width:720px;\">\n<thead><tr><th>\u7de0\u3081\u306e\u9806\u756a<\/th><th>\u8a71\u3059\u5185\u5bb9<\/th><th>\u4f8b<\/th><\/tr><\/thead>\n<tbody>\n<tr><td>1<\/td><td>Base Case\u306e\u7d50\u8ad6<\/td><td>\u3053\u306e\u524d\u63d0\u306a\u3089\u6295\u8cc7\u53ef\u80fd\u3067\u3059<\/td><\/tr>\n<tr><td>2<\/td><td>\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u305f\u524d\u63d0<\/td><td>\u58f2\u4e0a\u6210\u9577\u3088\u308a\u30de\u30fc\u30b8\u30f3\u6539\u5584\u304c\u52b9\u3044\u3066\u3044\u307e\u3059<\/td><\/tr>\n<tr><td>3<\/td><td>Downside\u306e\u5f31\u70b9<\/td><td>Exit Multiple\u304c\u4e00\u6bb5\u4e0b\u304c\u308b\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u5f31\u304f\u306a\u308a\u307e\u3059<\/td><\/tr>\n<tr><td>4<\/td><td>\u8ffd\u52a0\u3067\u898b\u308b\u8ad6\u70b9<\/td><td>\u9867\u5ba2\u7dad\u6301\u7387\u3068Capex\u306e\u5185\u8a33\u3092\u78ba\u8a8d\u3057\u305f\u3044\u3067\u3059<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\u306e\u4e00\u5206\u3067\u8a00\u3046\u3079\u304d\u3053\u3068\u306f\u3001\u8a08\u7b97\u7d50\u679c\u306e\u5fa9\u5531\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u6848\u4ef6\u3092\u3069\u306e\u6761\u4ef6\u306a\u3089\u8cb7\u3044\u3001\u3069\u306e\u524d\u63d0\u304c\u5d29\u308c\u308b\u306a\u3089\u898b\u9001\u308b\u306e\u304b\u3092\u623b\u3059\u3068\u3001Paper LBO\u304c\u6295\u8cc7\u5bb6\u306e\u4f1a\u8a71\u3068\u3057\u3066\u7de0\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Paper LBO\u76f4\u524d\u306b\u8ff7\u3044\u3084\u3059\u3044\u5224\u65ad<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paper LBO\u306f\u3001\u89e3\u304d\u65b9\u3092\u77e5\u3063\u3066\u3044\u3066\u3082\u672c\u756a\u3067\u5d29\u308c\u3084\u3059\u3044\u9762\u63a5\u3067\u3059\u3002\u591a\u304f\u306e\u5019\u88dc\u8005\u306f\u8a08\u7b97\u306e\u96e3\u3057\u3055\u3088\u308a\u3001\u6642\u9593\u914d\u5206\u3001\u524d\u63d0\u306e\u7f6e\u304d\u65b9\u3001\u8aac\u660e\u306e\u4ed5\u65b9\u3067\u3064\u307e\u305a\u304d\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u76f4\u524d\u306b\u78ba\u8a8d\u3057\u305f\u3044\u8ff7\u3044\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IRR\u3092\u6697\u7b97\u3067\u304d\u306a\u3044\u3068\u53b3\u3057\u3044\u3067\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u53b3\u5bc6\u306a\u6697\u7b97\u3088\u308a\u3001Money Multiple\u3068\u5e74\u6570\u304b\u3089\u5927\u307e\u304b\u306a\u6c34\u6e96\u3092\u8aac\u660e\u3067\u304d\u308b\u3053\u3068\u304c\u5927\u4e8b\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u4ee3\u8868\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u500d\u6570\u3068IRR\u306e\u95a2\u4fc2\u306f\u899a\u3048\u3066\u304a\u304f\u3068\u6709\u5229\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u6570\u5b57\u3060\u3051\u3067\u7d42\u308f\u3089\u305b\u305a\u3001\u3069\u306e\u524d\u63d0\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u4f5c\u3063\u305f\u304b\u307e\u3067\u623b\u308c\u308b\u3068\u3001\u56de\u7b54\u306e\u5370\u8c61\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7a0e\u91d1\u3084\u904b\u8ee2\u8cc7\u672c\u306f\u3069\u3053\u307e\u3067\u5165\u308c\u308b\u3079\u304d\u3067\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u554f\u984c\u306e\u7c92\u5ea6\u306b\u3088\u308a\u307e\u3059\u304c\u3001\u5b8c\u5168\u306b\u7121\u8996\u3059\u308b\u3068\u8fd4\u6e08\u4f59\u529b\u3092\u5f37\u304f\u898b\u3059\u304e\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u7c21\u6613\u7684\u3067\u3082\u7a0e\u91d1\u3001Capex\u3001\u904b\u8ee2\u8cc7\u672c\u3092\u5165\u308c\u308b\u3068\u3001\u5b9f\u52d9\u306b\u8fd1\u3044\u898b\u65b9\u306b\u306a\u308a\u307e\u3059\u3002\u6642\u9593\u304c\u306a\u3044\u5834\u5408\u306f\u3001\u3069\u3053\u3092\u7c21\u7565\u5316\u3057\u305f\u304b\u3092\u4e00\u8a00\u6dfb\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Exit Multiple\u306fEntry\u3068\u540c\u3058\u3067\u3088\u3044\u3067\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u8ff7\u3063\u305f\u3089\u540c\u3058\u6c34\u6e96\u3067\u7f6e\u304f\u306e\u304c\u81ea\u7136\u3067\u3059\u3002\u9ad8\u304f\u7f6e\u304f\u306a\u3089\u3001\u6210\u9577\u6027\u3001\u55b6\u696d\u5229\u76ca\u7387\u3001\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3001\u540c\u696d\u4ed6\u793e\u6bd4\u8f03\u306a\u3069\u3001\u8a55\u4fa1\u304c\u4e0a\u304c\u308b\u7406\u7531\u3092\u6dfb\u3048\u307e\u3059\u3002\u4f4e\u304f\u7f6e\u304f\u5834\u5408\u3082\u3001\u30ea\u30b9\u30af\u3092\u3069\u3053\u306b\u898b\u3066\u3044\u308b\u304b\u307e\u3067\u8a71\u305b\u308b\u3068\u3001\u4fdd\u5b88\u7684\u306b\u7f6e\u3044\u305f\u7406\u7531\u304c\u4f1d\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8a08\u7b97\u30df\u30b9\u3092\u3057\u305f\u3089\u7d42\u308f\u308a\u3067\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0f\u3055\u306a\u8a08\u7b97\u30df\u30b9\u3060\u3051\u3067\u5168\u3066\u304c\u6c7a\u307e\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5927\u4e8b\u306a\u306e\u306f\u3001\u69cb\u9020\u304c\u5408\u3063\u3066\u3044\u308b\u304b\u3001\u30df\u30b9\u306b\u6c17\u3065\u3044\u3066\u4fee\u6b63\u3067\u304d\u308b\u304b\u3001\u6295\u8cc7\u5224\u65ad\u306e\u7b4b\u304c\u901a\u3063\u3066\u3044\u308b\u304b\u3067\u3059\u3002\u9014\u4e2d\u5f0f\u3092\u6b8b\u3057\u3066\u3044\u308c\u3070\u3001\u4fee\u6b63\u3082\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Excel LBO\u3068Paper LBO\u306f\u4f55\u304c\u9055\u3044\u307e\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Excel LBO\u306f\u7cbe\u7dfb\u306a\u30e2\u30c7\u30eb\u69cb\u7bc9\u529b\u304c\u554f\u308f\u308c\u307e\u3059\u3002Paper LBO\u306f\u3001\u77ed\u6642\u9593\u3067\u69cb\u9020\u3092\u3064\u304b\u307f\u3001\u524d\u63d0\u3092\u7f6e\u304d\u3001\u6295\u8cc7\u53ef\u5426\u3092\u8aac\u660e\u3059\u308b\u529b\u304c\u554f\u308f\u308c\u307e\u3059\u3002PE\u30d5\u30a1\u30f3\u30c9\u9762\u63a5\u3067\u306f\u4e21\u65b9\u304c\u51fa\u308b\u3053\u3068\u3082\u3042\u308b\u305f\u3081\u3001\u5fdc\u52df\u5148\u306e\u9078\u8003\u5f62\u5f0f\u306b\u5408\u308f\u305b\u3066\u6e96\u5099\u306e\u6bd4\u91cd\u3092\u5909\u3048\u308b\u306e\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u51fa\u8eab\u3067\u3082\u5bfe\u5fdc\u3067\u304d\u307e\u3059\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bfe\u5fdc\u3067\u304d\u307e\u3059\u3002\u4e8b\u696d\u4eee\u8aac\u306b\u5f37\u3044\u70b9\u306f\u3080\u3057\u308d\u6b66\u5668\u3067\u3059\u3002\u305f\u3060\u3057\u3001EV\u3001Debt\u3001Equity\u3001Debt paydown\u3001Exit\u306e\u6d41\u308c\u306f\u53cd\u5fa9\u304c\u8981\u308a\u307e\u3059\u3002\u4e8b\u696d\u306e\u8a71\u3092\u3057\u305f\u5f8c\u306b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u3068\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3078\u623b\u3059\u7df4\u7fd2\u307e\u3067\u5165\u308c\u3066\u304a\u304f\u3068\u3001\u5f37\u307f\u304cPaper LBO\u306e\u56de\u7b54\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FAS\u51fa\u8eab\u8005\u306f\u4f55\u3092\u610f\u8b58\u3059\u3079\u304d\u3067\u3059\u304b<\/h3>\n\n\n\n<p 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