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Finance Career Bible 실전편 2권

시장접근법(3)

시장접근법(3) EV/EBITDA 비교법 | 주식 21 Corporate Finance ECM DCM Equity Research Equity S&T Fixed Income S&T Retail Sales ○ ○ ○ ○ ○ Asset Management Risk Management Private Equity/ Hedge Fund Venture Capital Investment Advisory Commercial Bank Accounting Firm ○ ○ ○ ○ ○ ○ FICC/AI/ Derivative Insurance Company 실전편Ⅲ- 연관 기출문제 주식 33, 34, 75, 76, 77, 78, 81 EV(Enterprise Value) EV/EBITDA = EV EBITDA 1 - 2 2 (Total Asset) 1. (Current Asset) (1) 당좌자산(Quick Asset) 현금 및 현금성자산 적정시재초과분 (Cash & Cash Equivalent out of rational states) 1 (Total Liabilities) (Market Value of Debt) (Total Equity) (Market Value of Stock) EBITDA (Sales) (–) (CoGS, Cost of Good Sold) (Gross Margin) (–) (SG & A) () (Other Operating Income & Loss) (EBIT, Earning Before Interest and Tax ) 1 + 2 (+) 1 2 (EBIT) EBITDA(Earning Before Interest, Tax, Depreciation and Amortization) EV/EBITDA (Multiple) EV(Enterprise Value) EBITDA(Earnings Before Interest, Tax, Depreciation, Amortization) . 188 2권(6교) 사본.indd 188 2013-09-05 오후 5:06:24

A. EV/EBITDA (1) EV/EBITDA EBITDA . EV/EBITDA . (2) EV/EBITDA EV . , . EV . , , ( ) , . (3) EBITDA , . 실무 지식 학습하기 Step 02 B. EV/EBITDA () .(PER ) - : ( ) - : 2,800( – : 50 ) - : 1,500(: 1,200 ) - : 1,300 (: 2,000 ) - : 2,000 - 3 : 8-10% - 3 : 10-15% - EBITDA: 500 189 2권(6교) 사본.indd 189 2013-09-05 오후 5:06:24

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    실전편Ⅱ FINANCE CAREER BIBLE

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    [실전편Ⅱ] 금융권 부서별

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    , - . -

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    , , . - .

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    Ⅰ~Ⅲ 부서 학습 후,

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    | | • 4 | | • 6 | Book Map |

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    • 222 • 223 , • 239 FCB

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    , () AI 225p 241p 271p

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    Finance Career Bible Training Schoo

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    금융권 실무 지식 탐색하

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    2. 1) Corporate Finance() (

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    M&A 포트폴리오 이론 투자

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    금리의 결정 요인 경제-05

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    투자안의 경제성 분석: NPV,

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    환율의 결정 요인 환율이

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    실업률(Unemployment Rate) 물가

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    채권과 주식의 비교 주식

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    () 수익접근법(1) DCF 방법

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    () CDS, CDO의 개념 ELS, ELW의

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    가치평가이론의 기초개념

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    재무상태표와 손익계산서

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    12) Venture Capital( )

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    M&A M&A의 개념과 유형 M&A의

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    일반채권의 가치평가 옵션

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    15) Accounting Firm() , , , ,

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    금리의 종류 피셔효과(Fishe

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    피셔효과(Fisher Effect) 환율

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    Finance Career Bible Training Schoo

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    실무 지식 학습하기 회계(A

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    실무 지식 학습하기 • 회

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    A. 1) (Economic Entity) 실무

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    2 100 20X2 7 1 - 20X1 12 31 )

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    A. (Principle-Based) IFRS

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    재무상태표의 개념과 구성

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    (Total Asset) 1. 유동자산(Curre

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    FCBTS.org | 재무상태표 Finance

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    . . 실무 지식 학습

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    실무 지식 학습하기 / / ↓

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    A. . ,

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    . , . , , . 3)

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    재무상태표와 손익계산서

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    2) (I/S) vs , (FP/S) . ,

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    . , , . 3

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    , . (, ) , .

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    . , , , .

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    실무 지식 학습하기 • 재

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    A. 1) 실무 지식 학습하

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    (Total Asset Growth) = 100 과거

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    주당순이익(EPS) 및 희석주

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    자기자본순이익률(ROE)의

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    , (Fundamental) , . 실

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    A. (PEG Ratio) (PER)

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    FCB Training School Alumni Tip : Re

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    : (KRW bn) 2008 2009 2010 2

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    : . .

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    실무 지식 학습하기 • 자

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    . , , . ,

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    FCBTS.org | 채권과 주식 Financ

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    A. (Stock) , .

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    B. . . (Conve

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    A. . .

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    증권가에선 주식 유동 물

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    . , . 실무 지식 학

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    (5) : . .

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    실무 지식 학습하기 • 주

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    (Offering to Shareholders) (Privil

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    C. - (IT ) - 3 ( ) -

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    A. Call, CP, RP 1 (Money

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  • Page 139 and 140: A. 1) (Fundamental Analysis)
  • Page 141 and 142: | | 1) (Efficient Market Hypothes
  • Page 143 and 144: 가치평가이론의 기초개념
  • Page 145 and 146: , M&A , PER, PBR, EV/E
  • Page 147 and 148: , . (FCFF) (FCFE) . (F
  • Page 149 and 150: A. (FCFF) DCF (Operating Value)
  • Page 151 and 152: (FCFE) (FCFF) (, ) .
  • Page 153 and 154: 수익접근법(2) RIM 방법 | 주
  • Page 155 and 156: EBIT(1-t) I.C(Invested Capital) K o
  • Page 157 and 158: 수익접근법(3) APV 방법 | 주
  • Page 159 and 160: LBO(Leveraged Buy-Out) , (Lo
  • Page 161 and 162: Symbol Meaning E(R i ) 기대수
  • Page 163 and 164: 위험의 측정: Beta | 주식 14
  • Page 165 and 166: | | A. () Unlevered Beta( U ) ()
  • Page 167 and 168: 할인율의 결정: WACC | 주식
  • Page 169 and 170: 4) (WACC) E D , WACC = K
  • Page 171 and 172: 영구가치의 산정 | 주식 16
  • Page 173 and 174: 최종 주식가격의 산출 | 주
  • Page 175 and 176: B. (Stock Option) . ,
  • Page 177 and 178: . (Key Driver) , .
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  • Page 183 and 184: 2. (Mean) EPS = 1,000, = 8.5 = =
  • Page 185 and 186: (PER) . (2) (EPS) (-) , (PER)
  • Page 187: | : PBR PER | (BPS) (ROE) (EPS)
  • Page 191 and 192: (EV) 3,450 , 6.6 , 3,300 .
  • Page 193 and 194: FCB Training School Alumni Tip :
  • Page 195 and 196: : (Trading Comps) (Trading Comp
  • Page 197 and 198: : ? - DCF .
  • Page 199 and 200: M&A M&A . M&A
  • Page 201 and 202: M&A의 개념과 유형 | M&A 01 Co
  • Page 203 and 204: • ,
  • Page 205 and 206: . 4) : M&A 5) (Crown Jewe
  • Page 207 and 208: (Target firm), (Advisor), (Investor
  • Page 209 and 210: 현금매수/주식매수/LBO | M&A
  • Page 211 and 212: | | A. Tender Offer, TOB(Take Over
  • Page 213 and 214: M&A의 경제성 평가 | M&A 04 Co
  • Page 215 and 216: . . 실무 지식 학습하
  • Page 217 and 218: FCB Training School Alumni Tip :
  • Page 219 and 220: : (Transaction Comps) (Transact
  • Page 221 and 222: M&A : . M&A . M&A -
  • Page 223 and 224: 실무 지식 학습하기 • 채
  • Page 225 and 226: A. ( ) ()
  • Page 227 and 228: 실무 지식 학습하기 Step 02
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  • Page 231 and 232: A. (ABS, Asset Backed Securities)
  • Page 233 and 234: - 높은 신용등급, 안정적
  • Page 235 and 236: , . B. 1) 실무 지식 학
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    , 실무 지식 학습하기 •

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    1 ( ), () . (), , (·

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    수익률 곡선(Yield Curve)의

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    현물이자율과 선물이자율

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    일반채권의 가치평가 | 채

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    C/(1+Y) 1/(1+Y) C 1+Y C ,

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    (Callable Bond) (Puttable Bond) .

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    채권 위험의 종류 | 채권 09

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    . . 3) .

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    이자율 변동에 따른 채권

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    3) (Modified Duration) Modifi

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    가격 가격 - 수익률 곡선

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    . .

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    실무 지식 학습하기

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    실무 지식 학습하기 파생

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    () 실무 지식 학습하기 •

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    선물 및 선도의 정의와 종

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    , . 4) () ()

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    선물 및 선도의 가격결정

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    . F 0 = S 0 e rT .

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    . 실무 지식 학습하기 Step

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    2) . = + / / 실무

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    풋-콜 패리티 | 파생/AI 04 Co

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    1 . . p ≤ K, P ≤

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    Put-Call Parity: S 0 + p - c = Ke -

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    . 2) (Vertical Spread) ,

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    A. VaR 1) 실무 지식 학습하

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    , . (Stochastic

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    A. 1) = V S (Delta) .

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    Gamma, Theta, Vega Call Option Gamm

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    34.1% 34.1% 2.1% 2.1% 0.1% 13.6% 13

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    3) , Skewness() Ku

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    , . VIX , (Fear Index) . VI

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    스왑의 개념과 종류 | 파생

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    고정금리(6%) 자금차입 Net:

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    서브프라임모기지 사태 |

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    9.11 실무 지식 학습하기

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    B. . 실무 지식 학

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    A. CDO(Collateralized Debt Obligati

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    | : Synthetic CDO | 2010 4 17

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    A. ELS(Equity Linked Security, ) 1)

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    . , , () . •

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    주가지수선물, 금리선물,

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    . 실무 지식 학습하기

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    3) (Spot Rate) vs (Forward Rate)

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    A. · 1) 실무 지식 학습하

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    - . 실무 지

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    AI 실무 지식 학습하기 •

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    , . 2007 .

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    | : · | 실무 지식 학

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    4 , , , . 2) = + + - (

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    Symbol i N 요구수익률(Discount

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    A. . . .

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    | /AI 18 Corporate Finance Asset Ma

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    상품지수의 이해 | 파생/AI

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    1998 . 36 . CRB

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    FCB Training School Alumni Tip :

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    : AI(, Alternative Investment)

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    AI : , .

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    실무 지식 학습하기 • 경

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    실업률 | 경제 01 Corporate Fin

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    B. 1) . ,

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    B. ( ) . , , . 1)

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    A. 1) (CPI, Consumer Price Index)

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    . . , . 1

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    물가관련 용어 | 경제 04 Cor

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    (Hyper inflation) (Agflation)

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    · , , . 실무

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    . , . (3) : .

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    vs vs

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    . . B. (International

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    환율의 결정 요인 | 경제 08

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    | : | 시장의 수급에

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    . , . B.

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    A. 1) 실무 지식 학습하

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    (Confidence) (Fairness) 여기서

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    채권시장에 영향을 미치는

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    D. . .

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    (2) , . (3) () ()

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    투자안의 경제성 분석: NPV,

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    2) • . . •

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    프로젝트 파이낸싱(PF)의

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    PF . 200%

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    (Lender) - 상대적으로 높은

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    . , , , ,

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    . GDP C() + I() + G() + X-M() ,

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    : . The Secret of ECONO

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    Finance Career Bible Training Schoo

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    FCBTS 2009 . FCBTS

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    Board of Advisors . Knowledg

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    4. Activities_ Book Publication F

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    . , FCBTS 2~3 Equity Research Repo

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    | Special Thanks | · . Ab

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