<p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">와 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PBR </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">이 두 지표가 도출한 적정 주가의 값은 같아야 합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">다만</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">이 둘은 흐름인 이익으로 보느냐</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">? </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">쌓인 자본으로 보느냐의 관점의 차이가 있을 뿐입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">성장주는 잠재적 이익의 성장 수준을 가늠해 보면서 가치평가 할 수 있는 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">가 더 적합합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">아래 처럼 </span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;"> </span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">는 향후 예상 </span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">가 성장하는 만큼 </span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER </span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">배수가 축소하는 과정을 시각적으로도 잘 표현해 줍니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><br style="margin:0px;padding:0px;max-width:100%;"></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <div class="img_content_wrapper" style="margin:0px;padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;text-align:center;"> <p><img src="http://thimg.todayhumor.co.kr/upfile/202404/171292803998ffbaaa476b4e43b053de4944fbd05c__mn807320__w548__h395__f12030__Ym202404.png" alt="포워드 PER.png" style="width:320px;height:231px;" filesize="12030"></p> <br></div> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">그리고 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">의 가치평가는 직접적으로 현금흐름을 추정하는 절대가치 평가 밸류 모델에 비해 간단하고 유용하게 쓰인다는 장점이 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">. </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">그래서 성장주 가치투자 대가들도 잘 활용하는 방식이기도 하지요</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span><br style="margin:0px;padding:0px;max-width:100%;"></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;font-weight:bold;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">여튼</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">,</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">향후 미래 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">와 적정 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">수준만 알고 있다면</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">[</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">미래 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">EPS× PER = </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">미래 적정 주가</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">]</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">로 간단히 가치를 구할 수 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">다만</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">,</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">1. </span><span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">미래 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">EPS </span><span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">수준은 어떻게 구하며</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">?</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">2. </span><span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">적정 수준의 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">는 어느정도일까</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;"><span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;">?</span></span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">라는 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">2</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">가지 문제를 해결해야 합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'Malgun Gothic', sans-serif;font-size:11pt;">(성장주의 경우 그 성장 기간은 국내의 경우 평균 3년, 최대 5년이 지속되는 경향이 있습니다. </span></p> <div style="margin:0px;padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><font face="Dotum, 돋움, sans-serif" style="margin:0px;padding:0px;max-width:100%;"><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;font-family:'Malgun Gothic', sans-serif;">그래서 미래 EPS와 PER 지점은 향후 3 or 5년후까지 구한후 적정 PER를 적용하면 되겠습니다.)</span></font></div> <div style="margin:0px;padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><br style="margin:0px;padding:0px;max-width:100%;"></div> <div style="margin:0px;padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><br style="margin:0px;padding:0px;max-width:100%;"></div> <p><br style="margin:0px;padding:0px;max-width:100%;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">1</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">번의 경우</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;font-size:12pt;">① </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">애널리스트들이 예측한 예상 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">를 활용하거나</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">,</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;font-size:12pt;">② </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">과거의 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">성장률을 활용할 수 있을 것입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-weight:bold;font-size:12pt;">2</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-weight:bold;font-size:12pt;">번의 경우</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;font-size:12pt;">① </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">동종업종 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">과거 평균 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">의 상대가치 평가 배수를 쓸 수 있고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">,</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;font-size:12pt;">② </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">할인율 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">r, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">성장률 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">g</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">를 직접 넣은 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">1/(r-g)</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">의 절대</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">를 쓸 수 있을 것입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">(</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">저는 개인적으로 상대 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">보다는 절대 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">를 선호하는 편입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.)</span></p> <p style="padding:0px;max-width:100%;line-height:2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;font-weight:bold;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"></span></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;"> </p> <div class="img_content_wrapper" style="margin:0px;padding:0px;max-width:100%;line-height:2.2;"> <p><img src="http://thimg.todayhumor.co.kr/upfile/202404/171292801565fa5bb8eba34180857520fda258837c__mn807320__w715__h508__f27612__Ym202404.png" alt="PER로 미래가치와 현재가치.png" style="width:320px;height:228px;" filesize="27612"></p> </div> <p style="padding:0px;max-width:100%;line-height:2.2;"> <br></p> <p style="padding:0px;max-width:100%;line-height:2.2;"> <b style="margin:0px;padding:0px;max-width:100%;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">미래 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS× PER = </span></b><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;"><b style="margin:0px;padding:0px;max-width:100%;">미래 적정 주가</b> 를 구했다면</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">,</span> </p> <p><span style="margin:0px;padding:0px;max-width:100%;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;background-color:#ffffff;font-size:12pt;"></span><span style="font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"></span></p> <div style="margin:0px;padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <div style="margin:0px;padding:0px;max-width:100%;line-height:2.2;"> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">미래 적정주가를 적정 할인율로 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">1/(1+re)^3or5</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">로 할인해 준다면 적정 주가를 도출 할 수 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">이 적정주가를 기준으로 주가가 비싼지 싼지 고려해 볼 수 있을 것입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">.</span></p> <div class="hwp_editor_board_content" style="margin:0px;padding:0px;max-width:100%;line-height:2.2;"> </div> <p style="padding:0px;max-width:100%;line-height:2.2;"> </p> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">만약 미래 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">PER </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">수준과 현재 주가</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">(</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">현 주가는 미래 수익성과 성장성을 반영하고 있으므로</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">) </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">수준을 알고 있다면</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">, </span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">공식을 역 이용하여 현 주가가 정당화 되기 위한 연평균 </span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">EPS </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">성장률을 구할 수 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">. </span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">그리고 그 성장률 수준이 실제로 실현 가능한지 따져보면서 주가 고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;">*</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:12pt;">저평가 여부를 생각해 볼 수 있을 것입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;">.</span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><br style="margin:0px;padding:0px;max-width:100%;"></span></p> <p style="padding:0px;max-width:100%;line-height:2;"> </p> <div class="img_content_wrapper" style="margin:0px;padding:0px;max-width:100%;line-height:2.2;"> <p><img src="http://thimg.todayhumor.co.kr/upfile/202404/171292799784cfc87bcc444afc8855b0edb7b170ea__mn807320__w800__h481__f19853__Ym202404.png" alt="미래가치의 조건적 사고.png" style="width:800px;height:481px;" filesize="19853"></p> <br></div> <p style="padding:0px;max-width:100%;line-height:2.2;"> </p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"><br style="margin:0px;padding:0px;max-width:100%;">가치평가를 하여 현 주가를 비교해봐도 대체로 주가가 비싼 경우도 많을 것입니다. </span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;">국내 주식의 경우 작전 세력들이나, 기관*외인세력들이 워낙 뻠핑을 잘해서 그렇습니다. </span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;">그래서 이런 가치평가는 참조하되, 가치를 넘는 주가 수위는 분할매매나 차트 분석으로 대응해야 할 것입니다. </span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"><br style="margin:0px;padding:0px;max-width:100%;"></span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;"><br style="margin:0px;padding:0px;max-width:100%;"></span></span></p> <p style="padding:0px;max-width:100%;line-height:2;"><span style="margin:0px;padding:0px;max-width:100%;font-size:10pt;">참고하셔서 투자에 도움되셨으면 하는 바램입니다. </span></p> </div> </div>