[기본적 분석] 38. EV/EBITDA 비율

<div>  EV/EBITDA 비율 기업이 순수하게 영업을 통하여 벌어들인 이익에 대한 기업가치의 비율을 기준으로 공모기업의 전체적인 자산 가치를 추정하는 방식이라고 할 수 있다. 즉, 기업의 총자본에 대한 수익성과 기업 가치를 서로 비교하는 지표라고 보면 된다. EV와 EBITDA에 대한 정의을 해보면 다음과 같다. ① EV (Enterprise Value)     EV = 주주가치 + 채권자가치(순차입금)         = 주식시가총액          + (이자지급성부채 - 현금 및 유가증권) 즉, 위 이해도를 정리하면 기업의 시가총액과 순부채의 합이라고 할 수 있는 것이다. 따라서 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">타인<span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">자본의 몫을 포함하여 기업의 전체가치를 표시하는 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">것이 된다. ② EBITDA (<span style="color: rgb(255, 0, 221); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Earnings Before Interest, Tax, <span style="color: rgb(255, 0, 221); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">                        Depreciation and Amortization)    EBITDA = 영업활동으로부터의 현금흐름              = 이자 및 세금, 감각상각비 차감                  전 이익              = 영업이익 + 감가상각비 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">다시한번 정리하면 이자비용, 법인세비용, 감가상각<span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">비용을 공제하기 전의 이익을 말하며, <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">이는 기업이 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">자기자본과 타인자본(부채)을 이용하여 어느 정도의 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">현금흐름을 창출할 수 있는지를 나타내는 지표가 된<span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">다.</div> <img src="https://t1.daumcdn.net/cfile/cafe/99AC71335A1433851A" class="txc-image" width="304" height="250" style="width: 304px; height: 250px; clear: none; float: none;" border="0" vspace="1" hspace="1" data-filename="캡처.jpg" exif="{}" actualwidth="607" id="A_99AC71335A1433851A9E35"/>                                                < SK하이닉스 > <div></div><span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(102, 102, 102); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">                                         <a href="javascript:checkVirus('grpid%3DS7Dm%26fldid%3D1wTi%26dataid%3D11075%26fileid%3D3%26regdt%3D20171121231441&url=http%3A%2F%2Fcfile270.uf.daum.net%2Fimage%2F992F4F335A1436A50F8998')"><img src="https://t1.daumcdn.net/daumtop_deco/icon/icon.hanmail.net/editor/p_jpg_s.gif" border="0" alt="첨부파일" class="vam"/> SK하이닉스.jpg</a><img src='https://t1.daumcdn.net/cafe_image/cf_img2/bbs2/btn_imageview.gif' alt='첨부이미지 미리보기' onclick='albumViewer("viewer", "http://cfile270.uf.daum.net/image/992F4F335A1436A50F8998");' class='attachedImgView' /> <span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">EV/EBITDA는 영업활동에서 얻은 이익의 몇 배인가<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">로 기업가치를 나타내는데, 이는 주주가치와 <span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">채권자<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">가치 모두를 인수했을 때 영업현금흐름으로 몇 년<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">만<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">에 투자원금을 회수할 수 있는지를 나타내는 지표<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">가 <span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">된다. 따라서 이 수치가 낮을수록 주주가치 뿐 만 <span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">아<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">니라 채권자 가치을 포함한 투자원금을 빨리 회수 할<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">수 있으므로 저평가 된 것이라고 할 수 있다.<span style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(102, 102, 102); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <br style="color: rgb(102, 102, 102); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 12px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">EV/EBITDA를 고려할 경우 다음과 같은 장단점이 있음을 상기 할 필요가 있다.  ① 장점          주주와 채권자 입장을 동시에 고려하므로 포괄적     인 기업성과를 측정하는데 가능하다. 또한 감각상      각과 같은 회계처리기준과 영업 외적 요인의 영향     을 받지 않아 자본구조에 차이가 있는 기업 간에      비교가 가능하므로 공시정보로서의 유용성이 높     다. 따라서 PER에 비하여 기업의 자본구조를 감안     하는 장점이 있다.  ② 단점        시가총액이 분석기준 시점에 따라 변동되므로       추정시점과 실제시점간에 시가 변동이 있는 경우       차이가 발생되므로 이를 고려 할 필요가 있다.     <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">감가상각비를 수반하지 않는 비 자본지출 서비스 <span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">      기업의 경우  적용하기에는 어려운 부분도 있<span style="color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: Dotum, Verdana, AppleGothic, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400; word-spacing: 0px; float: none; display: inline !important; white-space: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">다. <a class="tx-link" href="https://www.youtube.com/user/www2788cokr" target="_blank"><img width="294" class="txc-image" id="A_27798439588709C640FC74" style="clear: none; float: none;" src="https://t1.daumcdn.net/cfile/cafe/27798439588709C640" border="0" vspace="1" hspace="1" data-filename="돈-걱정없는-노후를-위하여.jpg" exif="{}" actualwidth="294" id="A_27798439588709C640FC74"/></a>