부산물개 100억신화 (증권,주식,재테크,테마주,상한가,급등주) | 주식투자 입문 - 제 7 부 상장기업분석 보는법 - EV/EBITA를 통한 적정가치 산출법

<DIV class="tbody m-tcol-c" id=tbody> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=14> <COL width=666> <TBODY> <TR> <TD style="PADDING-TOP: 2px"> <IMG id=userImg47499 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fstk%2Fimg%2Fl_10.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(47499)",200)' name=cafeuserimg> <TD class=txt_66><B>EV/EBITA를 통한 적정가치 산출법</B> </TD> <TR> <TD height=3></TD> <TR> <TD bgColor=#e2dccf colSpan=2 height=1></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=15></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg9326483 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9326483)",200)' name=cafeuserimg> <TD class=txt_8c><B>2000년 EBITDA</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg4206274 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_1.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(4206274)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=7></TD></TR></TBODY></TABLE> <TABLE style="PADDING-LEFT: 15px" cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_p01>이때 주가만 미지수로 놓고 추정치를 구할 경우 적정주가가 나오게 됨. 한편 업종내에서 리딩기업인지의 여부나, 시장상황 등에 따라 구해진 적정주가에 프리미엄을 가감함으로써 적정주가를 높히거나 낮출 수 있는데 이것은 모두 분석자의 자의에 의한 것일 수 있음. </TD> <TR style="PADDING-TOP: 5px"> <TD class=txt_p01>한편 EV/EBITDA의 H와 L값의 경우 주가의 최고가 최저가와 마찬가지로 벤드를 형성하여 상승시 목표가와 하락시 임계치의 값으로 대비할 수 있음. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg3629339 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(3629339)",200)' name=cafeuserimg> <TD class=txt_8c><B>EVA</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg3428419 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_2.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(3428419)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg8209039 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(8209039)",200)' name=cafeuserimg> <TD class=txt_8c><B>평균투하자본</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg2178328 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_3.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(2178328)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg7090184 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(7090184)",200)' name=cafeuserimg> <TD class=txt_8c><B>업무용유동자산</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg7748543 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_4.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(7748543)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg9324693 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9324693)",200)' name=cafeuserimg> <TD class=txt_8c><B>무이자유동부채</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg2802952 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_5.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(2802952)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg5019514 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(5019514)",200)' name=cafeuserimg> <TD class=txt_8c><B>순유형자산</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg3108967 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_06.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(3108967)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg9704852 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9704852)",200)' name=cafeuserimg> <TD class=txt_8c><B>기타사업용자산</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg9944101 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_7.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9944101)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg658597 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(658597)",200)' name=cafeuserimg> <TD class=txt_8c><B>기타무이자부채</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg7957105 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_8.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(7957105)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=20></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL style="PADDING-LEFT: 4px" width=10> <COL width=670> <TBODY> <TR> <TD> <IMG id=userImg9301782 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fimg%2Fl_08.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9301782)",200)' name=cafeuserimg> <TD class=txt_8c><B>대손충당금잔액</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD align=right> <IMG id=userImg9506912 [안내]태그제한으로등록되지않습니다-xxonclick=popview(this) src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fwww.goodi.com%2Fedu%2Fimg%2Fi_stk0504_9.gif" [안내]태그제한으로등록되지않습니다-xxonload='setTimeout("resizeImage(9506912)",200)' name=cafeuserimg></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=5></TD></TR></TBODY></TABLE> <TABLE style="PADDING-LEFT: 15px" cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_p01>결국 EVA는 투하된 자본의 기회비용을 감안 기업의 얼마만큼의 경제적 부가가치를 창출할 수 있는 능력이 있는지를<BR>평가하는 지표, 외형성장이나 장부상 이익이 아닌 장기적인 투하자본의 효율성을 중시하는 성과측정수단, 이외에<BR>신규사업진출의 결정여부에도 주로 사용 </TD></TR></TBODY></TABLE></DIV>