参考文献 McKinsey & Company,Valuation 4th ed.., John Wiley & Sons Inc.
Chapter 3 Fundamental Principles of Value Creation P47-P68
この章ではValue Creation（企業価値創造？）の基本原則が記述されています。基本原則は、「企業価値は期待キャッシュフローによって決まる」という明快なものです。そして、キュッシュフローは投下資本収益率や成長性に左右されると明記しています。
上記のポイントを説明するため、テクニカルな部分(専門用語)などが多少出てきますが、本文中に用語説明があり、親切な構成になっています。
This chapter identifies five core ideas about value creation. These ideas are straightforward but a bit technical. Unfortunately, I can not explain these ideas without using some jargons, such as opportunity cost of capital, present value, and economic profit. In addition, such jargons may throw you into confusion. Accordingly, I don’t explain these ideas any more.
From my point of view, the most essential concept in this chapter is that (expected) cash flow drives value. What is cash flow? Wow, another jargon? Please, don’t worry about jargon, and exercise common scene or image.
As they say, “Cash is a fact, but profit is an opinion.” Cash flow is a mirror which reflects real performance of a corporation. On the other hand, profits depend on accounting principles adopted by the corporation. So, what really matters is cash, not a profit. So, we should focus on “cash flow” in the first place.
And then, two key drivers of cash flow are explained. The former is ROIC (return on invested capital) and the latter is growth rate of company’s revenues and profits.
All in all, cash flow is the value driver, and both ROIC and growth have an impact on cash flow.