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IQ169 人が思いつかないような全く新しい切り口からの経営戦略を提案する、カリスマコンサルタント大澤隆之のブログ

天才 カリスマ 経営戦略コンサルタント 大澤隆之  経営学基礎 分析 

経営戦略コンサルタント

大澤隆之です

 

 

あけましておめでとうございます。

年末年始は海外におりましたので、年明けはスロースタートですが、

今週から急に案件がどっときてバタバタしている今日この頃です。

 

 

 

 

タバコを吸う人なら、分かるでしょう

ヂュポン

さて、デュポンシステムと言われるものとは何でしょか??

 

 

This is memorandum to explain the DuPont ROE model.

 

DuPont ROE model is consisted of effectiveness, efficiency, and safety index.

ROE is separated into three parts, which are net income / sales revenue , sales revenue / total assets, total assets / shareholder’s equity.

 

各指標の分析がない

Return on sales 垂直統合⇒おそらく高くなる

Assets turnover  capital intensive:固定資産の割合多い⇒回転率は低い

Financial leverage  負債に頼っている⇒財務レバレッジは高い

 

 

ROE is abbreviation of Return on asset, which is the net income divided by the assets, which means how much money you can make by a certain investment.

ROEROA

の取り違い

 

ROE is separated into three parts. One is net income divided by sales, which means effectiveness.

The second is sales divided by debt, which means efficiency.

The third is debt divided by the assets, which means safety.

If you have more long-term debt or bonds, the safety will fall, you should consider what is the best mix to get money.

 

具体的な分析が抜けている

 

If you should have any questions, please feel free to contact me.

Sincerely,

 

 

 

The equation of the DuPont ROE model can be shown as below.

The DuPont ROE model

= net income / sales × sales / total assets × total assets / stockholder’s equity

= return on sales       asset turnover       financial leverage

 

Vertical integration should allow this company to control its costs throughout the entire production process, resulting in a high return on sales.

The term “capital intensive” indicates that the company has a high ratio of fixed assets to total assets, which means the asset turnover is expected to be low for a capital intensive company because the fixed asset usually generate fewer sales for their size.

The financial leverage should be high because the company relies heavily on debt to finance its asset base.

 

 

 

 

This is memorandum to explain what factoring and commercial paper are and which is preferable way for the company.

 

Factoring is the way the company raises the fund by pledging the inventory.

On the other hand, commercial paper is issued to raise the fund. CP is usually issued by the large famous company based on the company’s credit.

Because XYZ is a medium size company, it would be difficult to get money by CP.

Factoring is preferable way for the company.

 

 

Factoring is the way to finance by mortgage the account receivable.

CP is a short term bond which is usually due within 9 months.

CP is used by the well-known company, and it may be difficult to get enough money for common company, so factoring is better option to finance

 

If you should have any questions, please feel free to contact me.

Sincerely,

 

 

ファクタリング 

企業の売掛金を手数料や金利を取って買い取る+買取業者がリスク負担で回収

 

Factoring receivables means that they are sold outright to a financing company, and it will submit the funds to the company upon acceptance of the receivables. For taking the risk, the financing company will receive fees and interests.

A commercial paper is a form of unsecured promissory note issued by large and creditworthy company.

 

Because XYZ has receivables from well-known companies with financial strength, the financing company would be willing to take the risk of accepting the receivables. In contrast, XYZ is a medium size company with some financial problems, which could be considered as of low credit rating. Thus, it might not be able to issue its commercial paper.

 

 

 

 

This is memorandum to explain how the constant growth dividend discount model calculates the value of a security.

 

For the simplicity, I show you the abbreviation below.

D represents the dividend.

R represents the interest rate.

G represents the growth rate.

 

PV of the security = D / (r-g)

 

 

D represents Dividend, r represents effective interest rates, g represents growth rates. Then D/r-g represents the present value of a security.

 

 

 

In the constant growth dividend discount model, the present value of the security is equal to D/r-g.

D is the forecasted dividend.

r is the inventor’s required rate of return

g is the forecasted rate of growth in dividends and earnings which is projected to increase at a constant rate of growth.

For example, assume that D is one dollar, r is 8%, and g is 5%. Under those conditions, the investor will be willing to pay $33.3 for a share of the company’s stock which is calculated as 1/0.08-0.05.

In contrast, another investor with a slightly higher 9% required rate of return results in the value of the stock lower by about 25%.

When using this model, a one point increase in the required rate of return results in the value of the stock by about 25%. Thus this model could be unstable.

 

 

If you should have any questions, please feel free to contact me.

Sincerely,

 takayuki osawa

 

 

 

ニュース

https://www.nikkan-gendai.com/articles/view/newsx/220682

以下、抜粋

「不倫相手の20代女性に覚せい剤を打ったとして、東邦大学医療センター大橋病院の呼吸器内科医師・根本雄志容疑者(35=東京都渋谷区笹塚)が2日、覚せい剤取締法違反(使用)の疑いで警視庁に逮捕された。根本容疑者は昨年12月21日、渋谷区の自宅マンションで女性に覚せい剤を打ち、使用させた疑い。」

 

東邦大学病院には、元クライアントの先生がいるので、ふと目に付きました。

私が最初に気になったのは、この事件に関する、コメントやブログなんかに色々な書き込みがありましたが、

「根本雄志医師は、医師だから病院から覚せい剤とかの薬物を取得できたのではないか?」

なんてのがありましたが、

そもそも覚醒剤を医療で使うことはないでしょうから、そんなことはありえないと思います。

私の知っている限りだと、モルヒネなどガンの末期患者の疼痛コントロールに使うとか、一部のものに限られると思うのでしょうが、間違っているでしょうか?

ちょうど、医療法人のコンサルが来週入りそうなので、お医者さんに質問してみようと思います。

それにしても、この医師が、寝ている間に覚醒剤を打った?とかって、ホントにありうるのかな?

こういうのって、一度ブレイクしたら終わりで、その後の正確な情報が、伝えられることがないから、どこまでホントで、どこから作り話なのか、謎ですね

コンサル業でも、見せかけの情報に囚われると長期的な戦略に大きな間違いが生じることがしばしばです。

本質を観る目を養いたいところです。

カリスマ経営戦略コンサルタント

大澤隆之