{"id":606,"date":"2020-05-01T17:29:44","date_gmt":"2020-05-01T08:29:44","guid":{"rendered":"https:\/\/fudousangyo.com\/?p=606"},"modified":"2020-08-31T16:37:38","modified_gmt":"2020-08-31T07:37:38","slug":"%e4%b8%8d%e5%8b%95%e7%94%a3%e8%a9%95%e4%be%a1%e7%94%a8%e8%aa%9e%e3%80%80%e6%a8%aa%e6%96%87%e5%ad%97%e7%b3%bb","status":"publish","type":"post","link":"https:\/\/fudousangyo.com\/?p=606","title":{"rendered":"\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Valuation\u3011"},"content":{"rendered":"<p>\u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u306f\u3001<span class=\"yellow_line\"><span class=\"hutoaka\">Valuation\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09<\/span><\/span>\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u306b\u306f\u3001\u4e0d\u52d5\u7523\u4ee5\u5916\u306b\u3082\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3082\u3042\u308a\u3001\u4e0d\u52d5\u7523\u8a55\u4fa1\u3082\u3053\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u304b\u3089\u6d3e\u751f\u3057\u305f\u8003\u3048\u65b9\u304c\u591a\u304f\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u306e\u591a\u304f\u306f\u3001\u7c73\u56fd\u306e\u30e2\u30c7\u30eb\u3092\u30d1\u30af\u3063\u305f\u3082\u306e\u304c\u6b86\u3069\u306a\u306e\u3067\u82f1\u8a9e\u304c\u591a\u3044\u3068\u3044\u3046\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u306f\u3001\u4e0d\u52d5\u7523\u8a55\u4fa1\u306e\u73fe\u5834\u306b\u3066\u3053\u308c\u307e\u3067\u805e\u3044\u3066\u304d\u305f\u8a55\u4fa1\u306b\u95a2\u9023\u3059\u308b\u6a2a\u6587\u5b57\u3092ABC\u9806\u306b\u4e26\u3079\u3066\u89e3\u8aac\u3057\u3066\u307f\u307e\u3057\u305f\u3002<\/p>\n<p>\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u306b\u304a\u3044\u3066\u306f\u3001\u7d50\u69cb\u3001\u4f7f\u308f\u308c\u308b\u7528\u8a9e\u306a\u306e\u3067\u3001\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u3054\u5229\u7528\u304f\u3060\u3055\u3044\u3002<\/p>\n<h4>ADR\u3000 Average Daily Rate<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u5e73\u5747\u5ba2\u5ba4\u5358\u4fa1\u3002\u306a\u304a\u3001\u65e5\u672c\u3067\u306f\u3001\u30db\u30c6\u30eb\u306e\u5ba2\u5ba4\u8ca9\u58f2\u306b\u5f53\u305f\u3063\u3066\u306f1\u5ba4\u306b\u3064\u304d\u4e00\u4eba\u5f53\u305f\u308a\u306e\u5bbf\u6cca\u4fa1\u683c\u306e\u8a2d\u5b9a\u3092\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u304c\u3001\u30db\u30c6\u30eb\u8a55\u4fa1\u306e\u969b\u306eADR\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u306f\u30011\u5ba4\u3042\u305f\u308a\u306e\u8ca9\u58f2\u4fa1\u683c\u3068\u306a\u308b\u3053\u3068\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<h4>CAPEX\u3000 Capital Expenditure<\/h4>\n<p>\u8cc7\u672c\u7684\u652f\u51fa\u3002\u30ad\u30e3\u30da\u30c3\u30af\u30b9\u3002\u4e0d\u52d5\u7523CF\u306e\u3046\u3061\u3001\u511f\u5374\u524d\u7d14\u53ce\u76ca\uff08NOI\uff09\u306e\u7b97\u5b9a\u5f8c\u3001\u65e5\u5e38\u4fee\u7e55\u8cbb\u4ee5\u5916\u306e\u5c06\u6765\u767a\u751f\u3059\u308b\u3053\u3068\u304c\u898b\u8fbc\u307e\u308c\u308b\u5efa\u7269\u306e\u8eaf\u4f53\u53ca\u3073\u8a2d\u5099\u306e\u66f4\u65b0\u8cbb\u7528\u3092\u898b\u8fbc\u307e\u306a\u3051\u308c\u3070\u6b63\u78ba\u306aCF\u3068\u8a00\u3048\u306a\u3044\u3002\u5f93\u3063\u3066\u3001\u4e0d\u52d5\u7523\u306e\u53ce\u76ca\u4fa1\u683c\u306e\u7b97\u5b9a\u306b\u5f53\u305f\u3063\u3066\u306f\u3001NOI\u304b\u3089\u5f53\u8a72CAPEX\u3092\u63a7\u9664\u3057\u3066NCF\u3092\u7b97\u5b9a\u3057\u305f\u3082\u306e\u3092\u8cc7\u672c\u9084\u5143\u3057\u3066\u8a55\u4fa1\u3092\u884c\u3046\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<h4>CF\u3000Cash Flow<\/h4>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u305d\u306e\u540d\u524d\u306e\u3054\u3068\u304f\u8cc7\u91d1\u306e\u6d41\u308c\u3067\u3042\u308b\u304c\u3001\u4e0d\u52d5\u7523\u4fa1\u5024\u306e\u628a\u63e1\u306e\u6e90\u6cc9\u3068\u306a\u308b\u3082\u306e\u304cCF\u3067\u3042\u308b\u3002\u4e0d\u52d5\u7523CF\u306f\u4f01\u696d\u8a55\u4fa1\u306e\u969b\u306eEBITDA\u3068\u540c\u69d8\u306b\u3001\u640d\u76ca\u8a08\u7b97\u4e0a\u306e\u8abf\u9054\u5229\u606f\u3001\u6cd5\u4eba\u7a0e\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8003\u616e\u524d\u306e\u6c34\u6e96\u3067\u628a\u63e1\u3055\u308c\u308b\u3053\u3068\u306b\u7559\u610f\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<h4>CR\u3000Cap Rate<\/h4>\n<p>\u9084\u5143\u5229\u56de\u308a\u3002\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3002\u53ce\u76ca\u9084\u5143\u6cd5\u306e\u3046\u3061\u76f4\u63a5\u9084\u5143\u6cd5\uff08DC\u6cd5\uff09\u306b\u3088\u308b\u53ce\u76ca\u4fa1\u683c\u7b97\u5b9a\u306e\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u8cc7\u672c\u9084\u5143\u30ec\u30fc\u30c8\u3002<\/p>\n<h4>DC\u3000Direct Cap<\/h4>\n<p>\u76f4\u63a5\u9084\u5143\u6cd5\u3002\u4e0d\u52d5\u7523\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u3067\u3042\u308d\u3046\u7d14\u53ce\u76ca\u3092\u9084\u5143\u5229\u56de\u308a\uff08CR\uff09\u306b\u3066\u8cc7\u672c\u9084\u5143\u3059\u308b\u53ce\u76ca\u4fa1\u683c\u306e\u7b97\u5b9a\u65b9\u6cd5\u3002\u8cc7\u672c\u9084\u5143\u3059\u3079\u304d\u7d14\u53ce\u76ca\u306f\u3001\u5c06\u6765\u5b89\u5b9a\u7684\u306b\u7372\u5f97\u3055\u308c\u308b\u3067\u3042\u308d\u3046\u6a19\u6e96\u5316\u3055\u308c\u305f\u7d14\u53ce\u76ca\u3068\u306a\u308b\u3002<\/p>\n<h4>DCF\u3000Discount Cash Flow<\/h4>\n<p>\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u3002\u4e0d\u52d5\u7523\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u5404\u671fCF\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5272\u5f15\u7387\uff08\u6295\u8cc7\u30ea\u30b9\u30af\uff09\u306b\u3066\u9664\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u8cc7\u7523\u4fa1\u5024\u3092\u6c42\u3081\u308b\u624b\u6cd5\u3002\u4e0d\u52d5\u7523\u9451\u5b9a\u8a55\u4fa1\u306e\u5834\u5408\u3001\u6295\u8cc7\u671f\u9593\u4e2d\u306e\u671f\u4e2dCF\u306e\u73fe\u5728\u4fa1\u5024\u3068\u6295\u8cc7\u671f\u9593\u306e\u6700\u7d42\u671f\u306b\u304a\u3051\u308b\u58f2\u5374\u4fa1\u683c\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3057\u305f\u3082\u306e\u306e\u5408\u8a08\u304cDCF\u6cd5\u306b\u3088\u308b\u53ce\u76ca\u4fa1\u683c\u3068\u306a\u308b\u3002\u306a\u304a\u3001DCF\u6cd5\u306f\u5358\u306b\u76f4\u63a5\u9084\u5143\u6cd5\u3092\u5206\u89e3\u3057\u3066\u8aac\u660e\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3042\u308a\u3001\u76f4\u63a5\u9084\u5143\u6cd5\u3068DCF\u6cd5\u306e\u3069\u3061\u3089\u304c\u512a\u308c\u3066\u3044\u308b\u304b\u3068\u8a00\u3046\u8b70\u8ad6\u306f\u30ca\u30f3\u30bb\u30f3\u30b9\u3067\u3042\u308b\u3002<\/p>\n<h4>EBITDA\u3000Earnings Before Interest and Taxs Depreciation and Amortization<\/h4>\n<p>\u4f01\u696d\u8a55\u4fa1\u306e\u969b\u306e\u53ce\u76ca\u6307\u6a19\u3002\u30a4\u30fc\u30d3\u30c3\u30c8\u30c7\u30a3\u30fc\u30a8\u30fc\u3068\u8aad\u3080\u3002\u652f\u6255\u5229\u606f\u63a7\u9664\u524d\u3001\u7a0e\u5f15\u304d\u524d\u3001\u511f\u5374\u524d\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u3001\u4e0d\u52d5\u7523\u8a55\u4fa1\u3067\u306fNOI(\u53c8\u306fNCF)\u3068\u540c\u3058\u6982\u5ff5\u3002\u4e0d\u52d5\u7523\u8a55\u4fa1\u306e\u969b\u306b\u304a\u3044\u3066\u306f\u3001\u4f01\u696d\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u5bfe\u8c61\u4e0d\u52d5\u7523\u306eCF\u3092\u628a\u63e1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u3001\u91d1\u5229\u8ca0\u62c5\u3001\u6e1b\u4fa1\u511f\u5374\u8ca0\u62c5\u3001\u6cd5\u4eba\u7a0e\u306e\u8ca0\u62c5\u304c\u4e0d\u52d5\u7523\u4fa1\u5024\u8a55\u4fa1\u306b\u6df7\u5165\u3057\u306a\u3044\u3088\u3046\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u3082\u4e0d\u52d5\u7523\u8a55\u4fa1\u3067\u3082\u540c\u3058\u4f5c\u696d\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<h4>FFE\u3000\u3000Furniture\u30fbFixture\u30fbEquipment<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u30db\u30c6\u30eb\u306b\u5099\u3048\u3064\u3051\u3089\u308c\u308b\u5bb6\u5177\uff08Furniture\uff09\u30fb\u4ec0\u5668\uff08Fixture\uff09\u30fb\u5099\u54c1\uff08Equipment\uff09\u3002FFE\u306e\u6240\u6709\u306f\u30db\u30c6\u30eb\u306e\u6240\u6709\u53c8\u306f\u7d4c\u55b6\u4f1a\u793e\u306b\u6240\u5c5e\u3057\u3001\u7ba1\u7406\u306f\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u304c\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3002\u30db\u30c6\u30eb\u306e\u30d5\u30a1\u30f3\u30c9\u30b9\u30ad\u30fc\u30e0\u3067\u306f\u3001\u3053\u306eFFE\u306e\u66f4\u65b0\u8cbb\u7528\u3092\u8ab0\u304c\u3001\u3044\u3064\u3001\u3069\u306e\u7a0b\u5ea6\u8ca0\u62c5\u3059\u308b\u304b\u3092\u4e8b\u524d\u306b\u53d6\u308a\u6c7a\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u901a\u5e38\u306f\u3001\u30aa\u30fc\u30ca\u30fc\u3067\u3042\u308b\u30d5\u30a1\u30f3\u30c9\u304cFFE\u30ea\u30b6\u30fc\u30d6\u52d8\u5b9a\u306b\u5b9a\u671f\u7684\u306b\u7a4d\u7acb\u3066\u3092\u884c\u3044\u3001\u305d\u308c\u3092\u53d6\u308a\u5d29\u3057\u3066\u4fee\u7e55\u30fb\u66f4\u65b0\u3057\u3066\u3044\u304f\u306e\u304c\u4e00\u822c\u7684\u3002<\/p>\n<h4>GOP\u3000 Gross Operating Profit<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u30db\u30c6\u30eb\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u76e3\u7763\u4e0b\u306b\u7f6e\u304b\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u4e0d\u52d5\u7523\u30aa\u30fc\u30ca\u30fc\u306b\u652f\u6255\u3046\u8cc3\u6599\u3001\u4e0d\u52d5\u7523\u30aa\u30fc\u30ca\u30fc\u304c\u8ca0\u62c5\u3059\u3079\u304d\u516c\u79df\u516c\u8ab2\u3001\u5efa\u7269\u4fee\u7e55\u30b3\u30b9\u30c8\uff08\u511f\u5374\u8cbb\uff09\u3001FFE\u30b3\u30b9\u30c8\uff08\u511f\u5374\u8cbb\uff09\u3001\u91d1\u5229\u3092\u63a7\u9664\u3059\u308b\u524d\u6bb5\u968e\u306e\u7d14\u53ce\u76ca\u3068\u306a\u308b\u3002\u901a\u5e38\u3001\u30db\u30c6\u30eb\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u5b9f\u7e3e\u5224\u5b9a\u6307\u6a19\u3068\u3082\u306a\u308a\u3001\u696d\u52d9\u59d4\u8a17\u65b9\u5f0f\u306e\u5834\u5408\u306f\u3001\u30aa\u30fc\u30ca\u30fc\u306f\u30db\u30c6\u30eb\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306b\u5bfe\u3057\u3066GOP\u306b\u9023\u52d5\u3057\u305f\u5831\u916c\u3092\u652f\u6255\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<h4>IRR Internal Rate of Return<\/h4>\n<p>\u5185\u90e8\u53ce\u76ca\u7387\u3002\u4e0d\u52d5\u7523\u306e\u671f\u4e2d\u306e\u904b\u7528\u304b\u3089\u7372\u5f97\u3055\u308c\u308bIncome Gain\u3068\u4e0d\u52d5\u7523\u306e\u58f2\u5374\u306b\u3088\u3063\u3066\u7372\u5f97\u3055\u308c\u308bCapital Gain\u3092\u7dcf\u5408\u3057\u305f\u7dcf\u5408\u7684\u306a\u6295\u8cc7\u5229\u56de\u308a\u3002IRR\u306b\u306f\u3001\u4e0d\u52d5\u7523\u306eIRR\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u6301\u5206\u306b\u5bfe\u5fdc\u3059\u308b\u30a8\u30af\u30a4\u30c6\u30a3IRR\u306e\u4e8c\u7a2e\u985e\u304c\u3042\u308b\u3002<\/p>\n<h4>Multiple<\/h4>\n<p>\u30de\u30eb\u30c1\u30d7\u30eb\u3002\u5143\u3005\u306f\u4f01\u696dM&#038;A\u306e\u969b\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u4e00\u624b\u6cd5\u3067\u3042\u308b\u300c\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u300d\u3092\u5225\u79f0\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u547c\u3070\u308c\u3066\u3044\u308b\u3002\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u5834\u5408\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u306f\u5c11\u3057\u9055\u3063\u305f\u610f\u5473\u3067\u7528\u3044\u3089\u308c\u3001\u4e0d\u52d5\u7523\u306e\u6295\u8cc7\u91d1\u984d\u306b\u5bfe\u3059\u308b\u7dcf\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff0b\u58f2\u5374\u91d1\u984d\uff09\u306e\u5272\u5408\u3092\u4e00\u822c\u7684\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u3068\u547c\u3093\u3067\u3044\u308b\u3002IRR\u304c\u6642\u9593\u306e\u6982\u5ff5\u3092\u8003\u616e\u3057\u305f\u7dcf\u6295\u8cc7\u5229\u56de\u308a\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u306f\u5358\u306b\u3001\u6295\u8cc7\u984d\u3068\u6295\u8cc7\u56de\u53ce\u984d\u306e\u7d76\u5bfe\u5024\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068\u304b\u3089\u3001\u5206\u304b\u308a\u3084\u3059\u3044\u6307\u6a19\u3068\u306a\u308b\u3002IRR\u306b\u3082\u4e0d\u52d5\u7523\u306e\u4fa1\u683c\u30d9\u30fc\u30b9\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u30d9\u30fc\u30b9\u306e2\u7a2e\u985e\u306eIRR\u304c\u3042\u308b\u3088\u3046\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u3082\u7269\u4ef6\u4fa1\u683c\u30d9\u30fc\u30b9\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u3068\u30a8\u30af\u30a4\u30c6\u30a3CF\u30d9\u30fc\u30b9\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u3042\u308b\u3002<br \/>\n\u306a\u304a\u3001\u521d\u671f\u6295\u8cc7\u984d\u3068\u58f2\u5374\u4fa1\u683c\u306e\u5272\u5408\u3092\u5358\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u3068\u8868\u73fe\u3059\u308b\u4eba\u3082\u3044\u308b\u304c\u53b3\u5bc6\u306b\u306f\u9593\u9055\u3063\u3066\u3044\u308b\u3002<\/p>\n<h4>NCF\u3000Net Cash Flow<\/h4>\n<p>\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u4e0d\u52d5\u7523\u306eNCF\u306f\u3001\u511f\u5374\u524d\u7d14\u53ce\u76ca\uff08NOI\uff09\u304b\u3089\u66f4\u306b\u8cc7\u672c\u7684\u652f\u51fa\uff08CAPEX\uff09\u3092\u63a7\u9664\u3057\u305f\u3082\u306e\u304cNCF\u3068\u306a\u308b\u3002\u4e0d\u52d5\u7523\u9451\u5b9a\u8a55\u4fa1\u306b\u304a\u3051\u308b\u53ce\u76ca\u4fa1\u683c\u306e\u7b97\u5b9a\u306b\u5f53\u305f\u3063\u3066\u306e\u8cc7\u672c\u9084\u5143\u30ec\u30fc\u30c8\uff08\u9084\u5143\u5229\u56de\u308a\uff09\u306b\u5bfe\u5fdc\u3059\u308b\u306e\u304c\u3001NCF\u3068\u306a\u308b\u3002<\/p>\n<h4>NOI  Net Operating Income<\/h4>\n<p>\u4e0d\u52d5\u7523\u7d14\u53ce\u76ca\u306e\u4e00\u3064\u3067\u511f\u5374\u524d\u7d14\u53ce\u76ca\u3002NOI\u304b\u3089\u5927\u898f\u6a21\u4fee\u7e55\u8cbb\uff08CAPEX\uff09\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u304cNCF\u3068\u306a\u308b\u3002<\/p>\n<h4>NPV\u3000Net Present Value<\/h4>\n<p>\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u3002\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u5c06\u6765CF\u306e\u6295\u8cc7\u73fe\u5728\u304b\u3089\u6295\u8cc7\u984d\u3092\u63a7\u9664\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u3001\u30d7\u30e9\u30b9\u306e\u5834\u5408\u306f\u6295\u8cc7\u5b9f\u884c\u3001\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u306f\u6295\u8cc7\u64a4\u9000\u7b49\u306e\u5224\u65ad\u306b\u7528\u3044\u3089\u308c\u308b\u3002\u4e0d\u52d5\u7523\u8a55\u4fa1\u306e\u5834\u5408\u3001\u5c06\u6765CF\u306e\u73fe\u5728\u4fa1\u5024\u304c\u3059\u306a\u308f\u3061\u53ce\u76ca\u4fa1\u683c\u3068\u306a\u308b\u3053\u3068\u304b\u3089\u3001NPV\u304c\u8b70\u8ad6\u3055\u308c\u308b\u3053\u3068\u306f\u5b9f\u969b\u306b\u5c11\u306a\u3044\u3002<\/p>\n<h4>Occ\u3000 Occupancy Ratio<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u5ba2\u5ba4\u7a3c\u50cd\u7387\u3002\u901a\u5e38\u306f100\uff05\u304c\u4e0a\u9650\u3068\u306a\u308b\u304c\u3001\u30c7\u30a4\u30e6\u30fc\u30b9\u3001\u30e9\u30d6\u30db\u30c6\u30eb\u306a\u3069\u4e00\u65e5\u3067\u6570\u56de\u8ee2\u3059\u308b\u30db\u30c6\u30eb\u306e\u5834\u5408\u306f\u3001\u5f53\u8a72Occ\u304c100\uff05\u3092\u8d85\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3082\u7406\u8ad6\u4e0a\u306f\u3042\u308a\u5f97\u308b\u3002\u30db\u30c6\u30eb\u53ce\u652f\u3067Occ\u304c100\uff05\u3092\u8d85\u3048\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u5bbf\u6cca\u3068\u30c7\u30a4\u30e6\u30fc\u30b9\u306e\u5229\u7528\u6bd4\u7387\u3001\u5bbf\u6cca\u5358\u4fa1\u3068\u30c7\u30a4\u30e6\u30fc\u30b9\u5358\u4fa1\u306e\u9055\u3044\u3092\u628a\u63e1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<h4>PML  Probable Maximum Loss<\/h4>\n<p>50\u5e74\u306b10\uff05\u4ee5\u4e0a\u306e\u78ba\u7387\u3067\u767a\u751f\u3057\u3046\u308b\u6700\u5927\u306e\u5730\u9707\u52d5(\u7d04475\u5e74\u306b1\u56de\u306e\u5927\u5730\u9707\uff09\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306b\u304a\u3051\u308b\u5efa\u7269\u518d\u8abf\u9054\u539f\u4fa1\u306b\u5bfe\u3059\u308b\u640d\u5931\u984d\u306e\u5272\u5408\u3092PML\u5024\u3068\u3044\u3046\u3002PML\u5024\u306e\u8abf\u67fb\u306f\u3001\u4e0d\u52d5\u7523\u53d6\u5f97\u306e\u969b\u306b\u304a\u3051\u308bDD\uff08\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff09\u306b\u3066\u5efa\u7269\u8abf\u67fb\u4f1a\u793e\u304c\u5efa\u7269\u8abf\u67fb\u306e\u4e00\u74b0\u3068\u3057\u3066\u884c\u3046\u3002<\/p>\n<h4>Rack Rate<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u30e9\u30c3\u30af\u30ec\u30fc\u30c8\u3002ADR\u304c1\u5ba4\u3042\u305f\u308a\u306e\u5b9f\u969b\u306e\u8ca9\u58f2\u4fa1\u683c\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001Rack Rate\u306f\u3001\u4e00\u5ba4\u5f53\u305f\u308a\u306e\u6b63\u898f\u306e\u8ca9\u58f2\u4fa1\u683c\u3068\u306a\u308b\u3002\u8a9e\u6e90\u306f\u3001Rack\uff08\u68da\uff09\u306e\u4e2d\u306b\u5165\u3063\u3066\u3044\u308b\u30d1\u30f3\u30d5\u30ec\u30c3\u30c8\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u5bbf\u6cca\u6599\u91d1\u304b\u3089\u3002<\/p>\n<h4>Rent-Roll<\/h4>\n<p>\u30ec\u30f3\u30c8\u30ed\u30fc\u30eb\u3002\u8cc3\u8cb8\u6761\u4ef6\u4e00\u89a7\u8868\u3002\u8cc3\u501f\u4eba\u306e\u5c5e\u6027\u3001\u8cc3\u8cb8\u501f\u5951\u7d04\u958b\u59cb\u65e5\u3001\u8cc3\u8cb8\u9762\u7a4d\uff08\u5c02\u6709\u9762\u7a4d\uff09\u3001\u8cc3\u8cb8\u671f\u9593\u3001\u8cc3\u6599\u30fb\u5171\u76ca\u8cbb\u3001\u9810\u304b\u308a\u6577\u91d1\u306a\u3069\u304c\u8a18\u8f09\u3055\u308c\u308b\u3002\u3053\u306e\u30ec\u30f3\u30c8\u30ed\u30fc\u30eb\u306f\u53ce\u76ca\u4e0d\u52d5\u7523\u306e\u4fa1\u683c\u67fb\u5b9a\u306b\u304a\u3051\u308b\u53ce\u76ca\u306e\u6e90\u6cc9\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306e\u6700\u91cd\u8981\u8cc7\u6599\u3068\u8a00\u3048\u308b\u3002\u306a\u304a\u3001\u500b\u4eba\u60c5\u5831\u4fdd\u8b77\u306e\u5fb9\u5e95\u304b\u3089\u3001\u30ec\u30f3\u30c8\u30ed\u30fc\u30eb\u306b\u306f\u500b\u4eba\u540d\u3092\u8a18\u8f09\u3057\u306a\u3044\u3068\u3044\u3046\u306e\u304cAM\u696d\u754c\u306e\u5e38\u8b58\u7684\u30eb\u30fc\u30eb\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u500b\u4eba\u540d\u304c\u8a18\u8f09\u3055\u3048\u305f\u30ec\u30f3\u30c8\u30ed\u30fc\u30eb\u306f\u3001\u300c\u500b\u4eba\u300d\u3068\u7f6e\u304d\u63db\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u3002<\/p>\n<h4>RevPar\u3000 Revenue Per Available Rooms<\/h4>\n<p>\u30db\u30c6\u30eb\u7528\u8a9e\u3002\u5ba2\u5ba4\u5f53\u305f\u308a\u306e\u5b9f\u969b\u53ce\u5165\u3002\u30db\u30c6\u30eb\u306e\u5ba2\u5ba4\u8ca9\u58f2\u5e73\u5747\u5358\u4fa1\uff08ADR\uff09\u306b\u7a3c\u50cd\u7387\uff08Occ\uff09\u3092\u4e57\u3058\u305f\u3082\u306e\u3002\u30db\u30c6\u30eb\u306e\u5ba2\u5ba4\u306e\u5e74\u9593\u8ca9\u58f2\u53ce\u5165\u306f\u3001RevPar\u00d7365\u65e5\u3068\u306a\u308b\u3002\u30db\u30c6\u30eb\u306e\u7d4c\u55b6\u6307\u6a19\u3068\u3057\u3066\u306f\u3001\u6700\u3082\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308b\u3002\u9069\u6b63\u306aADR\u3092\u8a2d\u5b9a\u3057\u3066\u9ad8\u7a3c\u50cd\u7387\u3092\u5c0e\u304d\u51fa\u3059\u3053\u3068\u306b\u3088\u308aRevPar\u304c\u5411\u4e0a\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u3001\u30db\u30c6\u30eb\u306e\u7a3c\u50cd\u72b6\u6cc1\u306e\u771f\u306e\u5b9f\u529b\u3092\u793a\u3059\u6307\u6a19\u3068\u306a\u308b\u3002<\/p>\n<h4>TCR Terminal Cap Rate<\/h4>\n<p>\u6700\u7d42\u9084\u5143\u5229\u56de\u308a\u3002DCF\u6cd5\u306b\u304a\u3051\u308b\u4fa1\u683c\u7b97\u5b9a\u306e\u969b\u306bCF\u7b97\u5b9a\u671f\u9593\u306e\u6700\u7d42\u671f\u672b\u306b\u4e0d\u52d5\u7523\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3059\u308b\u3002\u3053\u306e\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u8cc7\u672c\u9084\u5143\u30ec\u30fc\u30c8\u3092\u6700\u7d42\u9084\u5143\u5229\u56de\u308a\uff08TCR\uff09\u3068\u3044\u3046\u3002\u6700\u7d42\u9084\u5143\u5229\u56de\u308a\u306f\u5c06\u6765\u306e\u6642\u70b9\u306b\u304a\u3044\u3066\u9084\u5143\u3055\u308c\u308b\u5229\u56de\u308a\u3068\u306a\u308b\u305f\u3081\u3001\u4e0d\u52d5\u7523\u306e\u7bc9\u5e74\u6570\u306e\u7d4c\u904e\u7b49\u3092\u8003\u616e\u3059\u308c\u3070\u3001\u73fe\u5728\u6642\u70b9\u306e\u8cc7\u672c\u9084\u5143\u30ec\u30fc\u30c8\u3088\u308a\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u306f\u3001Valuation\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002 \u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u306b\u306f\u3001\u4e0d\u52d5\u7523\u4ee5\u5916\u306b\u3082\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3082\u3042\u308a\u3001\u4e0d\u52d5\u7523\u8a55\u4fa1\u3082\u3053\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u304b\u3089\u6d3e\u751f\u3057\u305f\u8003\u3048\u65b9\u304c\u591a\u304f\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002 \u3053 &#8230; 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