{"id":2269,"date":"2022-12-22T22:07:31","date_gmt":"2022-12-22T13:07:31","guid":{"rendered":"https:\/\/1up-life.blog\/?p=2269"},"modified":"2022-12-22T22:07:31","modified_gmt":"2022-12-22T13:07:31","slug":"%e3%82%ab%e3%83%bc%e3%83%8b%e3%83%90%e3%83%ab%e3%83%bb%e3%82%b3%e3%83%bc%e3%83%9d%e3%83%ac%e3%83%bc%e3%82%b7%e3%83%a7%e3%83%b3ccl-2022%e5%b9%b4%e7%ac%ac4%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=2269","title":{"rendered":"\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a"},"content":{"rendered":"<p>\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002<\/p>\n<p>\u58f2\u308a\u4e0a\u3052\u306fYoY+198%\u3068\u56de\u5fa9\u3057\u3066\u304a\u308a\u4e88\u7d04\u3082\u904e\u53bb\u6700\u9ad8\u306e2019\u5e74\u3092\u4e0a\u56de\u308a\u597d\u8abf\u306e\u69d8\u3067\u3059\u3002\u682a\u4fa1\u306f\u5e95\u5024\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u306e\u3067\u305d\u308d\u305d\u308d\u8cb7\u3063\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3063\u3066\u307e\u3059\u3002<\/p>\n<p>\u5e02\u6cc1\u3068\u3057\u3066\u306f\u666f\u6c17\u5f8c\u9000\u304c\u6c17\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u6d88\u8cbb\u8005\u306e\u65c5\u884c\u610f\u6b32\u306f\u307e\u3060\u5f37\u3044\u3088\u3046\u306a\u306e\u3067\u305d\u3053\u306b\u671f\u5f85\u3057\u305f\u3044\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u58f2\u308a\u4e0a\u3052\u306f\u4e88\u60f3\u3092\u4e0b\u56de\u3063\u3066\u307e\u3059\u3057\u672a\u3060\u306b\u8d64\u5b57\u306a\u306e\u3067\u8cb7\u3063\u3066\u3082\u5c11\u3057\u305a\u3064\u51fa\u306a\u3044\u3068\u75db\u3044\u76ee\u3092\u898b\u305d\u3046\u3067\u3059\u306d\u3002<\/p>\n<div id=\"attachment_2270\" style=\"width: 1486px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2270\" class=\"wp-image-2270 size-full\" src=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07.png\" alt=\"\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )\u682a\u4fa1\" width=\"1476\" height=\"816\" srcset=\"https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07.png 1476w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07-300x166.png 300w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07-1024x566.png 1024w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07-768x425.png 768w, https:\/\/1up-life.blog\/wp-content\/uploads\/2022\/12\/CCL_2022-12-22_21-59-07-940x520.png 940w\" sizes=\"auto, (max-width: 1476px) 100vw, 1476px\" \/><p id=\"caption-attachment-2270\" class=\"wp-caption-text\">\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )\u682a\u4fa1<\/p><\/div>\n<p class=\"hh hh3 main-bdr\"><span class=\"big\"><strong>\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n<p>Call participants:<br \/>\nJosh Weinstein<br \/>\nDavid Bernstein &#8212; Chief Financial Officer<br \/>\nSteve Wieczynski &#8212; Stifel Financial Corp. &#8212; Analyst<br \/>\nRobin Farley &#8212; UBS &#8212; Analyst<br \/>\nFred Wightman &#8212; Wolfe Research &#8212; Analyst<br \/>\nDavid Katz &#8212; Jefferies &#8212; Analyst<br \/>\nJaime Katz &#8212; Morningstar &#8212; Analyst<br \/>\nBrandt Montour &#8212; Barclays &#8212; Analyst<br \/>\nJames Hardiman &#8212; Citi &#8212; Analyst<br \/>\nPatrick Scholes &#8212; Truist Securities &#8212; Analyst<br \/>\nVince Ciepiel &#8212; Cleveland Research Company &#8212; Analyst<br \/>\nMore CCL analysis<\/p>\n<p>2022\u5e7412\u670821\u65e5\u5348\u524d10\u664200\u5206\uff08\u7c73\u56fd\u6771\u90e8\u6642\u9593\uff09<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3\u3067\u3059\u30022022\u5e74\u7b2c4\u56db\u534a\u671f\u30d3\u30b8\u30cd\u30b9\u30a2\u30c3\u30d7\u30c7\u30fc\u30c8\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\u3078\u3088\u3046\u3053\u305d\u3002\u672c\u65e5\u306f\u3001\u8b70\u9577\u306e\u30df\u30c3\u30ad\u30fc\u30fb\u30a2\u30ea\u30bd\u30f3\u3001\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\u306e\u30c7\u30a4\u30d3\u30c3\u30c9\u30fb\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3\u3001\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u5411\u3051\u5e83\u5831\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577\u306e\u30d9\u30b9\u30fb\u30ed\u30d0\u30fc\u30c4\u3068\u3054\u4e00\u7dd2\u3057\u307e\u3059\u3002<\/p>\n<p>\u306f\u3058\u3081\u306b\u3001\u3053\u306e\u96fb\u8a71\u4f1a\u8b70\u306b\u304a\u3051\u308b\u79c1\u305f\u3061\u306e\u767a\u8a00\u306e\u4e00\u90e8\u306f\u3001\u5c06\u6765\u306b\u5bfe\u3059\u308b\u898b\u901a\u3057\u3067\u3042\u308b\u3053\u3068\u306b\u3054\u7559\u610f\u304f\u3060\u3055\u3044\u3002\u3053\u306e\u305f\u3081\u3001\u672c\u65e5\u306e\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u6ce8\u610f\u4e8b\u9805\u3092\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002\u79c1\u305f\u3061\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u30012019\u5e74\u306b\u5411\u3051\u3066\u6025\u901f\u306b\u5dee\u3092\u7e2e\u3081\u306a\u304c\u3089\u3001\u4e0a\u6607\u6c17\u6d41\u306b\u4e57\u3063\u3066\u52a0\u901f\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u3001\u3059\u3067\u306b2019\u5e74\u306e\u58f2\u4e0a\u9ad8\u65e5\u5f53\u3092\u4e0a\u56de\u3063\u3066\u304a\u308a\u3001\u5f37\u3044\u53ce\u76ca\u6027\u3078\u306e\u56de\u5fa9\u306b\u52e2\u3044\u304c\u3064\u3044\u3066\u3044\u307e\u3059\u3002<br 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ROIC 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class=\"hh hh6 main-c main-bdr\"><span class=\"big\"><strong>\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002[\u6700\u521d\u306e\u8cea\u554f\u306f\u3001Steifel\u306eSteve Wieczynski\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e<\/p>\n<p>Steve Wieczynski &#8212; Stifel Financial Corp. &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059 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Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u3002\u3082\u30461\u3064\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3059\u308c\u3070\u3001\u79c1\u306f\u3053\u308c\u307e\u3067\u3001\u30b3\u30b9\u30c8\u69cb\u9020\u3092\u5224\u65ad\u3059\u308b\u306e\u306b\u4e00\u756a\u826f\u3044\u306e\u306f\u901a\u671f\u3060\u3068\u7533\u3057\u4e0a\u3052\u3066\u304d\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u3057\u3066\u30011\u30dd\u30a4\u30f3\u30c8\u304b\u30892\u30dd\u30a4\u30f3\u30c8\u306e\u4e0a\u6607\u3068\u3044\u3046\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u304a\u4f1d\u3048\u3057\u307e\u3057\u305f\u3002\u5b63\u7bc0\u6027\u306e\u554f\u984c\u306f\u3001\u4e8b\u696d\u3092\u9032\u3081\u308b\u4e2d\u3067\u3001\u6700\u3082\u9069\u5207\u306a\u5224\u65ad\u3092\u4e0b\u3057\u3001\u6a5f\u654f\u3055\u3068\u67d4\u8edf\u6027\u3092\u4fdd\u3064\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5e83\u544a\u5ba3\u4f1d\u8cbb\u306f\u56db\u534a\u671f\u30d9\u30fc\u30b9\u3067\u306f\u7b2c1\u56db\u534a\u671f\u304c\u6700\u3082\u9ad8\u304f\u3001\u7b2c3\u56db\u534a\u671f\u304c\u6700\u3082\u4f4e\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u7533\u3057\u4e0a\u3052\u3066\u304a\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u7b2c3\u56db\u534a\u671f\u306f\u4f1d\u7d71\u7684\u306b\u5e83\u544a\u304c\u5c11\u306a\u3044\u56db\u534a\u671f\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u6642\u70b9\u3067\u306f\u304a\u305d\u3089\u304f\u3053\u308c\u304c\u6700\u5584\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>Steve Wieczynski &#8212; Stifel Financial Corp.\u793e &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d9a\u3044\u3066\u3001\u3082\u3046\u5c11\u3057\u5148\u306e\u3053\u3068\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3064\u307e\u308a\u3001\u8ca0\u8377\u7387\u304c\u6a19\u6e96\u5316\u3055\u308c\u300123\u5e74\u306e\u5927\u90e8\u5206\u307e\u3067\u9700\u8981\u304c\u5805\u8abf\u306b\u63a8\u79fb\u3057\u305f\u5834\u5408\u300124\u5e74\u306b\u5411\u3051\u3066\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u3092\u524a\u6e1b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u306e\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u7bc4\u56f2\u5185\u3067\u3059\u3002\u6700\u7d42\u7684\u306b\u306f\u3001\u904e\u53bb\u306e\u7a3c\u50cd\u7387\u306b\u623b\u3057\u305f\u3044\u3060\u3051\u3067\u306f\u306a\u3044\u306e\u3067\u3059\u3002\u6700\u7d42\u7684\u306b\u306f\u3001\u7a3c\u50cd\u7387\u3092\u904e\u53bb\u306e\u6c34\u6e96\u306b\u623b\u3059\u3060\u3051\u3067\u306a\u304f\u3001\u30e6\u30cb\u30c3\u30c8\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u3082\u63a8\u9032\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u5e83\u544a\u5ba3\u4f1d\u304c\u5927\u304d\u306a\u8981\u7d20\u306b\u306a\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u30016\u30f5\u6708\u5f8c\u306b\u305d\u306e\u3088\u3046\u306a\u8a71\u304c\u3067\u304d\u308b\u3053\u3068\u3092\u9858\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Steve Wieczynski &#8212; Stifel Financial Corp &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3001\u7d20\u6674\u3089\u3057\u3044\u3002\u305d\u308c\u304b\u3089\u3001\u53ef\u80fd\u3067\u3042\u308c\u3070\u3001\u3082\u30461\u3064\u3060\u3051\u7c21\u5358\u306a\u5831\u544a\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u30c7\u30a4\u30d3\u30c3\u30c9\u3001\u30b3\u30b9\u30bf\u3092\u53bb\u308b2\u96bb\u306e\u8239\u306f\u58f2\u5374\u3055\u308c\u305f\u306e\u3067\u3059\u304b\u3001\u305d\u308c\u3068\u3082\u5358\u306b\u30b9\u30af\u30e9\u30c3\u30d7\u306b\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u3048\u3001\u5168\u90e8\u30673\u96bb\u306e\u8239\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u3046\u30612\u96bb\u306f\u73fe\u5728\u5b9f\u969b\u306b\u5951\u7d04\u3057\u3066\u304a\u308a\u30011\u96bb\u306f\u58f2\u5374\u306e\u5951\u7d04\u3092\u9032\u3081\u3066\u3044\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>Steve Wieczynski &#8212; Stifel Financial Corp.\u793e &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002OK\u3067\u3059\u3002\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3001\u307f\u3093\u306a\u3002<\/p>\n<p>\u826f\u3044\u4f11\u65e5\u3092\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3042\u306a\u305f\u3082\u306d\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306fUBS\u306e\u30ed\u30d3\u30f3\u30fb\u30d5\u30a1\u30fc\u30ec\u30a4\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Robin Farley &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u30022\u3064\u307b\u3069\u3001\u672c\u5f53\u306b\u91cd\u8981\u306a\u3053\u3068\u304c\u3042\u3063\u305f\u306e\u3067\u3001\u79c1\u305f\u3061\u306e\u305f\u3081\u306b\u660e\u3089\u304b\u306b\u3057\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305a\u300123\u5e74\u306e\u4fa1\u683c\u306b\u3064\u3044\u3066\u3001\u9ad8\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>FCC\u3067\u8abf\u6574\u6e08\u307f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002\u305d\u306e\u5272\u5f15\u306e\u5f71\u97ff\uff08\u73fe\u6642\u70b9\u3067\u306f\u304a\u305d\u3089\u304f1%\u304b2%\uff09\u3092\u542b\u3081\u3066\u300123\u5e74\u306e\u6052\u5e38\u901a\u8ca8\u5efa\u3066\u3067\u306e\u8ca9\u58f2\u4fa1\u683c\u306f\u305d\u308c\u3092\u542b\u3081\u306619\u5e74\u3088\u308a\u3082\u9ad8\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u304b\u3089\u3001\u7b2c1\u56db\u534a\u671f\u306b\u5229\u56de\u308a\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u304c\u306a\u3044\u3053\u3068\u306b\u5c11\u3057\u9a5a\u3044\u3066\u3044\u308b\u306e\u3067\u3059\u304c\u3001\u7a3c\u50cd\u7387\u306a\u3069EBITDA\u306b\u81f3\u308b\u307e\u3067\u591a\u304f\u306e\u8a73\u7d30\u306a\u60c5\u5831\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u30ea\u30ea\u30fc\u30b9\u304c\u96fb\u8a71\u4f1a\u8b70\u306e\u524d\u306b\u6570\u5206\u3057\u304b\u51fa\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u3059\u3079\u3066\u306e\u8a08\u7b97\u306f\u3067\u304d\u3066\u3044\u307e\u305b\u3093\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306e\u5229\u56de\u308a\u3092\u8003\u3048\u3066\u304a\u3089\u308c\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u4eca\u9803\u306f80\uff05\u4ee5\u4e0a\u306e\u4e88\u7d04\u304c\u5165\u3063\u3066\u3044\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u8a08\u7b97\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u3001EBITDA\u306b\u9054\u3059\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u7bc4\u56f2\u3092\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u6700\u5f8c\u306b\u3001EBITDA\u306b\u95a2\u3059\u308b\u30b3\u30e1\u30f3\u30c8\u3067\u3059\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306f250\u304b\u3089350\u306e\u5897\u52a0\u3067\u3001\u305d\u306e\u5f8c\u306f\u56db\u534a\u671f\u3054\u3068\u306b\u5897\u52a0\u3059\u308b\u3088\u3046\u3067\u3059\u3002\u3053\u308c\u306f&#8230;&#8230;\u901a\u671f\u30d9\u30fc\u30b9\u3067\u3069\u306e\u7a0b\u5ea6\u306e\u6c34\u6e96\u306b\u306a\u308b\u306e\u304b\u3001\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u901a\u671f\u306eEBITDA\u304c30\u5104\u30c9\u30eb\u3092\u8d85\u3048\u3066\u3082\u5927\u4e08\u592b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u56db\u534a\u671f\u3054\u3068\u306b\u9806\u6b21\u4e0a\u304c\u3063\u3066\u3082\u3001\u901a\u5e74\u3067\u306f\u304b\u306a\u308a\u4f4e\u3044EBITDA\u306e\u6570\u5b57\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u305c\u3072\u3054\u6307\u6458\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u306f\u3044\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3084\u3042\u3001\u30ed\u30d3\u30f3\u3002\u8abf\u5b50\u306f\u3069\u3046\u3060\u3044\uff1f\u305f\u304f\u3055\u3093\u306e\u8cea\u554f\u3067\u3057\u305f\u306d\u3002\u6700\u521d\u306e&#8230;\u6700\u5f8c\u306e\u8cea\u554f\u3092\u899a\u3048\u3066\u3044\u308b\u306e\u3067\u3001\u9006\u304b\u3089\u59cb\u3081\u307e\u3059\u306d\u3002EBITDA\u306b\u95a2\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u4f1d\u3048\u3088\u3046\u3068\u3057\u305f\u306e\u306f\u3001\u696d\u7e3e\u30d9\u30fc\u30b9\u3067\u3001\u30e6\u30cb\u30c3\u30c8\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u30d9\u30fc\u30b9\u3067\u3001\u71c3\u6599\u3084\u70ba\u66ff\u306e\u30ce\u30a4\u30ba\u3092\u53d6\u308a\u9664\u3044\u305f\u3068\u304d\u306b\u3001\u79c1\u305f\u3061\u306e\u8ecc\u9053\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u3069\u3046\u898b\u3066\u3044\u308b\u306e\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u4e0a\u3067\u3001\u7b2c1\u56db\u534a\u671f\u306b2019\u5e74\u306e50\uff05\u306e\u6c34\u6e96\u306b\u623b\u3057\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u9806\u6b21\u30012019\u5e74\u3068\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u7e2e\u3081\u3066\u3044\u3053\u3046\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002<\/p>\n<p>\u78ba\u304b\u306b\u3001\u7b2c4\u56db\u534a\u671f\u306b\u5165\u308b\u3053\u308d\u306b\u306f2019\u5e74\u306e\u30ec\u30d9\u30eb\u3092\u8d85\u3048\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3001\u79c1\u306f\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u5f8c\u62bc\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u306b\u306f\u3001\u3084\u308b\u3079\u304d\u3053\u3068\u304c\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u3002\u30a4\u30fc\u30eb\u30c9\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u3064\u3044\u3066\u306e\u3054\u8cea\u554f\u3067\u3059\u304c\u3001\u5ff5\u306e\u305f\u3081 &#8212; \u3067\u306f\u3001\u305d\u3046\u3057\u305f\u3044\u3068\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u3068\u3044\u3046\u306e\u3082\u3001Robin\u3001\u304a\u305d\u3089\u304f\u3042\u306a\u305f\u306f\u3001\u79c1\u304c\u3053\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u8a71\u3057\u305f\u30e1\u30e2\u306e\u90e8\u5206\u3092\u898b\u9003\u3057\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3046\u306e\u3067\u3059\u3002\u79c1\u306f\u7279\u306b\u3001\u65e5\u5f53\u306f\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u30d9\u30fc\u30b9\u30675.5\uff05\u304b\u30896.5\uff05\u5897\u52a0\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3068\u8ff0\u3079\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u30d9\u30fc\u30b9\u30673\uff05\u304b\u30894\uff05\u306e\u5897\u52a0\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4eca\u3001\u65e5\u5f53\u3092\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u304c\u3001\u3082\u3061\u308d\u3093\u3001\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u3067\u306f90\uff05\u4ee5\u4e0a\u306e\u7a3c\u50cd\u7387\u3082\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u306e\u3067\u3001\u305d\u308c\u306b\u4f34\u3046\u53ce\u76ca\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u4e88\u7d04\u52d5\u5411\u306b\u95a2\u3057\u3066\u306f\u3001\u305d\u306e\u901a\u308a\u3067\u3059\u3002FCC\u306f\u901a\u5e74\u30671\u30dd\u30a4\u30f3\u30c8\u672a\u6e80\u306b\u306a\u308b\u3068\u306e\u3053\u3068\u3067\u3057\u305f\u306d\u3002\u307e\u305f\u3001FCC\u3092\u52a0\u7b97\u3057\u306a\u304b\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u4fa1\u683c\u306f\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n<p>FCC\u304c\u306a\u304b\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u4fa1\u683c\u306f\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3067\u3054\u8cea\u554f\u306f\u3059\u3079\u3066\u89e3\u6c7a\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>Robin Farley &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3001\u7d20\u6674\u3089\u3057\u3044\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u4f55\u304b\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>\u30ed\u30d3\u30f3\u30fb\u30d5\u30a1\u30fc\u30ea\u30fc &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u307e\u3060\u3042\u308a\u307e\u3059\u304c\u3001\u5217\u306b\u4e26\u3073\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u7d20\u6674\u3089\u3057\u3044\u3002<\/p>\n<p>Robin Farley &#8212; UBS &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u3001\u30a6\u30a9\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30d5\u30ec\u30c3\u30c9\u30fb\u30ef\u30a4\u30c8\u30de\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Fred Wightman &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3069\u3046\u3082\u3001\u7686\u3055\u3093\u3002\u8cea\u554f\u3092\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7a3c\u50cd\u7387\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u3066\u304a\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u7b2c3\u56db\u534a\u671f\u304b\u3089\u7b2c4\u56db\u534a\u671f\u306b\u304b\u3051\u3066\u300110\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>1Q\u306e\u4e88\u60f3\u3067\u306f\u30015\uff05\u7a0b\u5ea6\u3067\u3059\u30022019\u5e74\u306e\u30ec\u30d9\u30eb\u306b\u5bfe\u3057\u3066\u524d\u671f\u306e\u6539\u5584\u304c\u4f4e\u3044\u306e\u306f\u306a\u305c\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u590f\u306b\u306f\u6e80\u5ba4\u306b\u623b\u308b\u3068\u3044\u3046\u4e88\u60f3\u306e\u4e2d\u3067\u3001\u3053\u306e\u3053\u3068\u3092\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3082\u3061\u308d\u3093\u3067\u3059\u3001\u30d5\u30ec\u30c3\u30c9\u3002\u7b2c1\u56db\u534a\u671f\u306e\u5c55\u958b\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u308b\u3068\u3001\u901a\u5e38\u30011\u5e74\u306e\u6b8b\u308a\u306e\u671f\u9593\u3068\u306f\u975e\u5e38\u306b\u7570\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306b\u306f9\u96bb\u306e\u8239\u304c\u30ef\u30fc\u30eb\u30c9\u30af\u30eb\u30fc\u30ba\u306b\u51fa\u822a\u3057\u3001\u3055\u3089\u306b4\u96bb\u304c70\u6cca\u4ee5\u4e0a\u306e\u30b0\u30e9\u30f3\u30c9\u30af\u30eb\u30fc\u30ba\u3001\u305d\u3057\u3066\u591a\u304f\u306e\u8239\u304c35\u6cca\u308428\u6cca\u306e\u30a8\u30ad\u30be\u30c1\u30c3\u30af\u306a\u9577\u671f\u822a\u6d77\u306b\u51fa\u822a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3089\u306e\u8239\u306f\u3001\u30d0\u30b1\u30c3\u30c8\u30ea\u30b9\u30c8\u306e\u3088\u3046\u306a\u3001\u3088\u308a\u9577\u671f\u306e\u65c5\u7a0b\u3092\u8981\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f\u3001\u3053\u306e\u3088\u3046\u306a\u65c5\u7a0b\u306e\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u3055\u3092\u8003\u3048\u308b\u3068\u3001\u7a3c\u50cd\u7387\u306e\u5dee\u3092\u7e2e\u3081\u308b\u3068\u3044\u3046\u70b9\u3067\u306f\u3001\u307e\u3055\u306b\u79c1\u305f\u3061\u304c\u8003\u3048\u3066\u3044\u305f\u3068\u304a\u308a\u306e\u9032\u6357\u72b6\u6cc1\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u7b2c2\u56db\u534a\u671f\u306b\u5165\u308b\u3068\u3001\u3053\u308c\u3089\u306e\u65c5\u7a0b\u306f\u505c\u6b62\u307e\u305f\u306f\u7e2e\u5c0f\u3057\u3001\u79c1\u305f\u3061\u304c\u671f\u5f85\u3059\u308b\u9806\u5e8f\u306b\u623b\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>Fred Wightman &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u307e\u305f\u3001\u4e88\u7d04\u306e\u52e2\u3044\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u30ea\u30ea\u30fc\u30b9\u306b11\u6708\u306e\u4e88\u7d04\u91cf\u304c2019\u5e74\u306e\u30ec\u30d9\u30eb\u3092\u8d85\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u307e\u305f\u300112\u6708\u306b\u5165\u3063\u3066\u3082\u52e2\u3044\u304c\u7d9a\u3044\u3066\u3044\u308b\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u3082\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>12\u6708\u306e\u4e88\u7d04\u306f\u307e\u30602019\u5e74\u306e\u30ec\u30d9\u30eb\u3092\u8d85\u3048\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u308211\u6708\u306b\u3044\u304f\u3064\u304b\u306e\u30d7\u30ed\u30e2\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3063\u305f\u5f8c\u3001\u305d\u308c\u3089\u304c\u4e00\u6bb5\u843d\u3057\u305f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3 &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3044\u3044\u3048\u3001\u975e\u5e38\u306b\u597d\u8abf\u3092\u7dad\u6301\u3057\u3066\u304a\u308a\u30012019\u5e74\u306e\u30ec\u30d9\u30eb\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5168\u4f53\u7684\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u73fe\u5728\u307e\u3067\u306b\u5165\u3063\u3066\u304d\u3066\u3044\u308b\u30d6\u30c3\u30ad\u30f3\u30b0\u306b\u306f\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Fred Wightman &#8212; Wolfe Research &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u5b8c\u74a7\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30b8\u30a7\u30d5\u30ea\u30fc\u30ba\u306e\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30ab\u30c3\u30c4\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30ab\u30c3\u30c4 &#8212; \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3053\u306e\u5834\u3092\u501f\u308a\u3066\u304a\u793c\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002\u65e9\u901f\u3067\u3059\u304c\u30012\u3064\u307b\u3069\u3002\u904e\u53bb\u306bROIC10%\u3078\u306e\u56de\u5e30\u306b\u3064\u3044\u3066\u8a00\u53ca\u3055\u308c\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u9053\u7b4b\u3068\u3001\u305d\u306e\u305f\u3081\u306b\u5fc5\u8981\u306a\u30d7\u30c3\u30c8\uff06\u30c6\u30a4\u30af\u306b\u3064\u3044\u3066\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u6b21\u306b\u3001\u5e83\u544a\u306b\u95a2\u3057\u3066\u3001\u751f\u7523\u6027\u3092\u5b9f\u8a3c\u307e\u305f\u306f\u78ba\u8a8d\u3059\u308b\u3088\u3046\u306a\u3001\u5171\u6709\u53ef\u80fd\u306a\u6e2c\u5b9a\u57fa\u6e96\u3084\u6307\u6a19\u3092\u304a\u6301\u3061\u3067\u3059\u304b\uff1f\u79c1\u304b\u3089\u306f\u4ee5\u4e0a\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u5e83\u544a\u306b\u95a2\u3057\u3066\u3067\u3059\u304c\u3001\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u306f\u3001\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u3092\u660e\u304b\u3057\u305f\u304f\u306f\u306a\u3044\u306e\u3067\u3059\u304c\u3001\u8a8d\u77e5\u5ea6\u3084\u691c\u8a0e\u5ea6\u3001\u3064\u307e\u308a\u4e88\u7d04\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u3092\u8ffd\u8de1\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30ea\u30fc\u30c9\u30b8\u30a7\u30cd\u30ec\u30fc\u30b7\u30e7\u30f3\u3082\u8ffd\u8de1\u3057\u3066\u3044\u307e\u3059\u3002Web\u30b5\u30a4\u30c8\u3067\u306e\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u3092\u8ffd\u8de1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u5e02\u5834\u3067\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u578b\u306e\u53d6\u5f15\u3092\u884c\u3044\u3001\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u6d3b\u52d5\u304c\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u308b\u306e\u304b\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u30d6\u30e9\u30f3\u30c9\u3068\u8a71\u3057\u5408\u3044\u3001\u3069\u3053\u304c\u52b9\u679c\u7684\u3067\u3001\u3069\u3053\u304c\u52b9\u679c\u7684\u3067\u306a\u3044\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u6c7a\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u4f55\u304c\u52b9\u679c\u7684\u3067\u4f55\u304c\u52b9\u679c\u7684\u3067\u306a\u3044\u304b\u3092\u30d6\u30e9\u30f3\u30c9\u9593\u3067\u5171\u6709\u3057\u3001\u4e92\u3044\u306b\u5b66\u3073\u5408\u3046\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u306f\u3001\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002ROIC\u306b\u3064\u3044\u3066\u306f\u3001\u53ce\u76ca\u3067\u3059\u3002<\/p>\n<p>ROIC\u30922\u6841\u306b\u5f15\u304d\u4e0a\u3052\u308b\u539f\u52d5\u529b\u3068\u306a\u308b\u306e\u306f\u53ce\u76ca\u3067\u3059\u3002\u30c7\u30d3\u30c3\u30c9\u304c\u696d\u754c\u3092\u30ea\u30fc\u30c9\u3059\u308b\u30b3\u30b9\u30c8\u30d9\u30fc\u30b9\u306b\u3064\u3044\u3066\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u5f15\u304d\u7d9a\u304d\u6ce8\u529b\u3059\u3079\u304d\u8ab2\u984c\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u3053\u308c\u306f\u5f15\u304d\u7d9a\u304d\u91cd\u8981\u306a\u8ab2\u984c\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u672c\u5f53\u306b\u5fc5\u8981\u306a\u306e\u306f\u53ce\u76ca\u3067\u3042\u308a\u3001\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u306f\u305d\u3053\u306b\u7126\u70b9\u3092\u5408\u308f\u305b\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3082\u3046\u3072\u3068\u3064\u3001David\u3001\u5e83\u544a\u306b\u3064\u3044\u3066\u88dc\u8db3\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u30012023\u5e74\u306e\u30d6\u30c3\u30ad\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u8ffd\u8de1\u8abf\u67fb\u3057\u3066\u3044\u307e\u3059\u3002\u5e83\u544a\u3092\u5897\u3084\u3057\u3066\u4ee5\u6765\u3001\u3053\u306e\u534a\u5e74\u3067\u30d6\u30e9\u30f3\u30c9\u3078\u306e\u79fb\u884c\u304c\u9032\u307f\u3001\u65b0\u898f\u9867\u5ba2\u3082\u304b\u306a\u308a\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u30018\uff05\u30dd\u30a4\u30f3\u30c8\u3082\u5411\u4e0a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u73fe\u6642\u70b9\u3067\u306f\u30012023\u5e74\u306e\u4e88\u7d04\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u3001\u304a\u3088\u305d\u534a\u5206\u304c\u30ea\u30d4\u30fc\u30bf\u30fc\u306e\u30aa\u30fc\u30eb\u30c9\u30b2\u30b9\u30c8\u3067\u3001\u6b8b\u308a\u306e\u534a\u5206\u304c\u30d6\u30e9\u30f3\u30c9\u3078\u306e\u65b0\u898f\u53c2\u52a0\u8005\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u6b8b\u5ff5\u306a\u304c\u3089\u3001\u3053\u306e\u4eba\u305f\u3061\u306f\u307e\u3060\u5168\u54e1\u51fa\u822a\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u30af\u30eb\u30fc\u30ba\u304c\u521d\u3081\u3066\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u30d6\u30e9\u30f3\u30c9\u306e\u4e57\u308a\u63db\u3048\u7d44\u306a\u306e\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u51fa\u822a\u3059\u308c\u3070\u3059\u3050\u306b\u308f\u304b\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e8b\u5b9f\u3068\u3057\u3066\u3001\u79c1\u305f\u3061\u306f\u591a\u304f\u306e\u7d20\u6674\u3089\u3057\u3044\u9700\u8981\u3092\u5f97\u3066\u3044\u307e\u3059\u3057\u3001\u4e88\u7d04\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u306b\u3082\u305d\u308c\u304c\u8868\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u307e\u305f\u3001\u3053\u308c\u306f\u8cbf\u6613\u30d1\u30fc\u30c8\u30ca\u30fc\u306e\u5065\u5168\u6027\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u306e\u8868\u308c\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u8cbf\u6613\u30d1\u30fc\u30c8\u30ca\u30fc\u306f\u3001\u521d\u53c2\u52a0\u306e\u4eba\u3005\u3092\u4e57\u8239\u3055\u305b\u308b\u4e0a\u3067\u5927\u304d\u306a\u5f79\u5272\u3092\u679c\u305f\u3059\u304b\u3089\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u5f7c\u3089\u306b\u3082\u30a8\u30fc\u30eb\u3092\u9001\u308a\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>David Katz &#8212; \u30b8\u30a7\u30d5\u30ea\u30fc\u30ba &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc\u306e\u30cf\u30a4\u30e1\u30fb\u30ab\u30c3\u30c4\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Jaime Katz &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6e96\u5099\u66f8\u9762\u3067\u306f\u3001\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30ea\u30b9\u30c8\u306e\u518d\u512a\u5148\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u4f55\u304b\u7279\u7b46\u3059\u3079\u304d\u3053\u3068\u304c\u3042\u308c\u3070\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u4f55\u304b\u5927\u898f\u6a21\u306a\u3082\u306e\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d&#8230;\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u306e\u591a\u304f\u306f\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u5927\u304d\u306a\u8996\u70b9\u3067\u898b\u308c\u3070\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u5909\u5316\u306b\u306f\u300126\u96bb\u306e\u8239\u304c\u9000\u5f79\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u5927\u304d\u304f\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8239\u306f\u5c0f\u578b\u3067\u52b9\u7387\u306e\u60aa\u3044\u8239\u3067\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u5168\u4f53\u7684\u306a\u8a2d\u5099\u6295\u8cc7\u984d\u3092\u4ee5\u524d\u307b\u3069\u9ad8\u304f\u3059\u308b\u5fc5\u8981\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u3044\u3056\u512a\u5148\u9806\u4f4d\u3092\u3064\u3051\u308b\u3068\u306a\u308b\u3068\u3001\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u554f\u984c\u3067\u3082\u3042\u308a\u3001\u6700\u3082\u91cd\u8981\u306a\u3053\u3068\u3092\u5148\u306b\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u304c\u30012022\u5e74\u306b\u8a2d\u5099\u6295\u8cc7\u304c\u6e1b\u5c11\u3057\u305f\u7406\u7531\u306e\u4e00\u90e8\u3067\u3059\u3002\u30aa\u30d5\u30a3\u30b9\u30b9\u30da\u30fc\u30b9\u306b\u95a2\u3057\u3066\u306f\u3001\u660e\u3089\u304b\u306b\u73fe\u5728\u306e\u74b0\u5883\u306b\u304a\u3051\u308b\u65b0\u3057\u3044\u50cd\u304d\u65b9\u306b\u3088\u3063\u3066\u3001\u4eca\u5f8c\u6210\u9577\u3092\u7d9a\u3051\u308b\u4e2d\u3067\u30aa\u30d5\u30a3\u30b9\u3092\u62e1\u5f35\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u3068\u306a\u308b\u8a2d\u5099\u6295\u8cc7\u306e\u984d\u3092\u5927\u5e45\u306b\u524a\u6e1b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u79c1\u305f\u3061\u304c\u512a\u5148\u9806\u4f4d\u3092\u3064\u3051\u308b\u3068\u3053\u308d\u3068\u3064\u3051\u306a\u3044\u3068\u3053\u308d\u306e\u4f8b\u3092\u6319\u3052\u307e\u3057\u3087\u3046\u3002\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u3084\u6e96\u5099\u66f8\u9762\u306e\u4e2d\u3067\u3001\u79c1\u305f\u3061\u304c\u4e8c\u9178\u5316\u70ad\u7d20\u6392\u51fa\u91cf\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3084\u3001\u305d\u306e\u539f\u52d5\u529b\u3068\u306a\u308b\u71c3\u6599\u6d88\u8cbb\u306b\u3064\u3044\u3066\u304a\u8a71\u3057\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u4eca\u5f8c\u3082\u7d99\u7d9a\u7684\u306b\u884c\u3063\u3066\u3044\u304f\u4e88\u5b9a\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u9577\u671f\u7684\u306a\u6210\u529f\u306e\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u306a\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u306e\u9762\u3067\u3001\u79c1\u305f\u3061\u306e\u5f79\u5272\u3092\u679c\u305f\u3059\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3042\u308b\u30d6\u30e9\u30f3\u30c9\u306e\u65b0\u3057\u3044\u65bd\u8a2d\u3092\u3069\u306e\u7a0b\u5ea6\u306e\u30b9\u30d4\u30fc\u30c9\u3067\u5c0e\u5165\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u3001\u3053\u308c\u307e\u3067\u3068\u306f\u9055\u3063\u305f\u30da\u30fc\u30b9\u3067\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u65b0\u3057\u3044\u4f53\u9a13\u3092\u751f\u307f\u51fa\u3059\u305f\u3081\u306e\u8a66\u884c\u932f\u8aa4\u306e\u30ea\u30b9\u30af\u3092\u3082\u3046\u5c11\u3057\u4f4e\u304f\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u9069\u5207\u306a\u30ea\u30bf\u30fc\u30f3\u306f\u4f55\u304b\u3001\u30ea\u30b9\u30af\u3092\u53d6\u308a\u305f\u3044\u3068\u3053\u308d\u306f\u3069\u3053\u304b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30c0\u30a6\u30f3\u7ba1\u7406\u306b\u91cd\u70b9\u3092\u7f6e\u304d\u305f\u3044\u3068\u3053\u308d\u306f\u3069\u3053\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u554f\u984c\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>Jaime Katz &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u304b\u3089\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u306b\u3064\u3044\u3066\u591a\u304f\u306e\u8b70\u8ad6\u304c\u306a\u3055\u308c\u3066\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u306eROI\u306b\u3064\u3044\u3066\u65b9\u5411\u6027\u3092\u8a73\u3057\u304f\u8aac\u660e\u3055\u308c\u305f\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u30af\u30eb\u30fc\u30ba\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306e\u9593\u3067\u306f\u3001\u5317\u7c73\u306e\u6d88\u8cbb\u8005\u3092\u3082\u3063\u3068\u7372\u5f97\u3057\u3088\u3046\u3068\u3044\u3046\u52d5\u304d\u304c\u304b\u306a\u308a\u6d3b\u767a\u306b\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u304c\u6b74\u53f2\u7684\u306b\u307f\u3066\u751f\u7523\u7684\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e00\u6642\u7684\u306b\u843d\u3061\u8fbc\u3093\u3067\u304b\u3089\u56de\u5fa9\u3059\u308b\u306e\u304b\u3001\u6c17\u306b\u306a\u308b\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u79c1\u305f\u3061\u306f\u3088\u308a\u591a\u304f\u306e\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8cbb\u7528\u3092\u6295\u5165\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u7d50\u679c\u306b\u306f\u975e\u5e38\u306b\u6e80\u8db3\u3057\u3066\u3044\u307e\u3059\u3057\u3001\u4eca\u5f8c\u3082\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3092\u7d9a\u3051\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8abf\u6574\u3057\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3001\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u3001\u5e02\u5834\u3067\u306e\u5f37\u307f\u3001\u305d\u3057\u3066\u8ffd\u52a0\u5e83\u544a\u3067\u305d\u308c\u3089\u3092\u652f\u6301\u3059\u308b\u80fd\u529b\u306b\u3064\u3044\u3066\u3001\u672c\u5f53\u306b\u826f\u3044\u611f\u89e6\u3092\u5f97\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Jaime Katz &#8212; \u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u306e\u30d6\u30e9\u30f3\u30c8\u30fb\u30e2\u30f3\u30bf\u30fc\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Brandt Montour &#8212; Barclays &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7686\u3055\u3093\u3001\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30b8\u30e7\u30b7\u30e5\u3001\u79c1\u306f\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u9762\u3067\u3082\u6a5f\u4f1a\u306b\u3064\u3044\u3066\u3082\u3046\u5c11\u3057\u6398\u308a\u4e0b\u3052\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3082\u3057\u3042\u306a\u305f\u304c\u300119\u5e74\u306b\u5bfe\u3057\u3066\u73fe\u5728\u884c\u3063\u3066\u3044\u308b\u4e0d\u900f\u660e\u306a\u30c1\u30e3\u30f3\u30cd\u30eb\u30df\u30c3\u30af\u30b9\u306e\u30b7\u30d5\u30c8\u3001\u3064\u307e\u308a\u305d\u306e\u30c1\u30e3\u30f3\u30cd\u30eb\u3078\u306e\u8ffd\u52a0\u30df\u30c3\u30af\u30b9\u3092\u5206\u96e2\u3057\u3066\u3001\u305d\u306e\u4e0a\u4e57\u305b\u5206\u3092\u5206\u96e2\u3057\u3088\u3046\u3068\u3059\u308b\u306a\u3089\u3070\u3001\u307e\u305f\u4e0d\u900f\u660e\u306a\u30c1\u30e3\u30f3\u30cd\u30eb\u306e\u5ba3\u4f1d\u6d3b\u52d5\u306e\u3088\u3046\u306a\u8ffd\u52a0\u5206\u3092\u9664\u53bb\u3059\u308b\u3053\u3068\u306b\u3088\u308b\u65e5\u5f53\u306f\u3001\u305d\u306e\u6a5f\u4f1a\u306e\u5927\u304d\u3055\u3092\u793a\u3059\u3088\u3046\u306a\u65b9\u6cd5\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u7387\u76f4\u306b\u304a\u7b54\u3048\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3001\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u77ed\u6642\u9593\u3067\u7d0d\u5f97\u306e\u3044\u304f\u5f62\u3067\u7b54\u3048\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u3001\u81ea\u4fe1\u304c\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u30c7\u30fc\u30d3\u30c3\u30c9\u30fb\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3 &#8212; 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Montour &#8212; Barclays &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3067\u3059\u3002\u672c\u5f53\u306b\u52a9\u304b\u308a\u307e\u3057\u305f\u30022\u3064\u76ee\u306e\u8cea\u554f\u306f\u3001\u4e2d\u56fd\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u7686\u3055\u3093\u3054\u5b58\u77e5\u306e\u901a\u308a\u3001\u884c\u304d\u5148\u304c\u308f\u304b\u3089\u306a\u304b\u3063\u305f2\u96bb\u306e\u8239\u304c\u64a4\u53bb\u3055\u308c\u305f\u3088\u3046\u3067\u3059\u306d\u3002<\/p>\n<p>\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u8fd1\u3044\u3046\u3061\u306b\u3001\u3042\u308b\u3044\u306f\u4e2d\u671f\u7684\u306b\u4e2d\u56fd\u306b\u623b\u308b\u8a08\u753b\u306f\u306a\u3044\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3088\u306d\u3002\u7686\u3055\u3093\u306f\u3001\u4e2d\u56fd\u306f\u307e\u3060\u4e2d\u9577\u671f\u7684\u306a\u30c1\u30e3\u30f3\u30b9\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u4ed6\u306e\u5e02\u5834\u306e\u4f9b\u7d66\u5727\u529b\u3092\u7de9\u548c\u3059\u308b\u305f\u3081\u306b\u3001\u3044\u305a\u308c\u306f\u4e2d\u56fd\u306b\u623b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3001\u305d\u306e\u5e02\u5834\u3092\u6ce8\u610f\u6df1\u304f\u89b3\u5bdf\u3057\u3066\u3044\u307e\u3059\u304b\uff1f\u3042\u308b\u3044\u306f\u3001\u73fe\u5728\u3001\u4e2d\u56fd\u5e02\u5834\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u5f53\u793e\u306e\u8cc7\u7523\u306f\u79fb\u52d5\u53ef\u80fd\u3067\u3001\u9700\u8981\u3068\u53ce\u76ca\u3092\u6700\u9069\u5316\u3059\u308b\u305f\u3081\u306b\u79fb\u52d5\u3055\u305b\u3066\u3044\u307e\u3059\u3002\u4e2d\u56fd\u304c\u518d\u3073\u958b\u653e\u3055\u308c\u3001\u56fd\u5185\u306e\u30af\u30eb\u30fc\u30ba\u3060\u3051\u3067\u306a\u304f\u3001\u672c\u683c\u7684\u306b\u958b\u653e\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308c\u3070\u3001\u305c\u3072\u691c\u8a0e\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u5f53\u3066\u306b\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e2d\u56fd\u306b\u983c\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u79c1\u305f\u3061\u306f\u73fe\u5728\u3001\u3059\u3079\u3066\u306e\u4e3b\u8981\u306a\u30af\u30eb\u30fc\u30ba\u5e02\u5834\u3067No.1\u304bNo.2\u306e\u30d6\u30e9\u30f3\u30c9\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u305d\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6c17\u306b\u5165\u3063\u3066\u3044\u307e\u3059\u3057\u3001\u305d\u3053\u3067\u306e\u6d78\u900f\u5ea6\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u61f8\u547d\u306b\u52aa\u529b\u3059\u308b\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n<p>Brandt Montour &#8212; Barclays &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u7686\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f\u30b7\u30c6\u30a3\u306e\u30b8\u30a7\u30fc\u30e0\u30b9\u30fb\u30cf\u30fc\u30c7\u30a3\u30de\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30a7\u30fc\u30e0\u30ba\u30fb\u30cf\u30fc\u30c7\u30a3\u30de\u30f3 &#8212; \u30b7\u30c6\u30a3 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u96fb\u8a71\u3092\u53d7\u3051\u3066\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6e96\u5099\u66f8\u9762\u306b\u306f\u3001\u4e0d\u900f\u660e\u306a\u4e88\u7d04\u7d4c\u8def\u306b\u3088\u308b\u5024\u5f15\u304d\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u91cd\u8981\u306a\u30b3\u30e1\u30f3\u30c8\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u5c11\u306a\u304f\u3068\u3082\u7af6\u5408\u4ed6\u793e\u306e1\u793e\u304b\u3089\u306f\u3001\u8cb4\u793e\u304c\u3053\u308c\u307e\u3067\u5024\u5f15\u304d\u3092\u3057\u3066\u304d\u305f\u305f\u3081\u3001\u3059\u3050\u306b\u56de\u5fa9\u3059\u308b\u306e\u306f\u96e3\u3057\u3044\u3068\u3044\u3046\u6279\u5224\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u6279\u5224\u306b\u53cd\u5bfe\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u306d\u3002\u3057\u304b\u3057\u3001\u7b2c3\u56db\u534a\u671f\u3068\u7b2c4\u56db\u534a\u671f\u306e\u5927\u304d\u306a\u9055\u3044\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u65e5\u5f53\u304c\u597d\u8ee2\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u3048\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u660e\u3089\u304b\u306b\u3042\u306a\u305f\u65b9\u306b\u3068\u3063\u3066\u7126\u70b9\u3068\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u305d\u306e\u6226\u7565\u3068\u3001\u305d\u308c\u304c\u6700\u7d42\u7684\u306b\u5b9f\u3092\u7d50\u3076\u3068\u3044\u3046\u78ba\u4fe1\u306e\u5ea6\u5408\u3044\u306b\u3064\u3044\u3066\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u81ea\u8eab\u306e\u3053\u3068\u3092\u304a\u8a71\u3057\u3057\u307e\u3059\u3002\u4ed6\u306e\u4f1a\u793e\u306e\u3053\u3068\u306f\u8a00\u3044\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d\u3067\u3059\u3002<\/p>\n<p>\u7af6\u5408\u4ed6\u793e\u3068\u306f\u7570\u306a\u308b\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306e\u30d6\u30e9\u30f3\u30c9\u304c\u3069\u306e\u3088\u3046\u306b\u53ce\u76ca\u3092\u6700\u9069\u5316\u3057\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3068\u3001\u305d\u308c\u306f\u4fa1\u683c\u3067\u3042\u308a\u3001\u5bbf\u6cca\u8cbb\u3067\u3042\u308a\u3001\u6a5f\u5185\u6301\u3061\u8fbc\u307f\u8cbb\u3067\u3059\u3002\u305d\u306e\u4e2d\u306b\u306f\u4e0d\u900f\u660e\u306a\u30c1\u30e3\u30cd\u30eb\u3082\u542b\u307e\u308c\u307e\u3059\u304c\u3001\u4eca\u304a\u8a71\u306b\u3042\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306f\u6642\u9593\u3092\u304b\u3051\u3066\u554f\u984c\u306a\u304f\u5f15\u304d\u4e0b\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u79c1\u305f\u3061\u306f\u3001\u6700\u7d42\u7684\u306a\u53ce\u76ca\u306b\u7126\u70b9\u3092\u3042\u3066\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5358\u306b\u53ce\u76ca\u3092\u4e0a\u3052\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u30b3\u30b9\u30c8\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u305a\u3001EBITDA\u3084\u55b6\u696d\u5229\u76ca\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u306a\u3044\u3088\u3046\u306a\u53ce\u76ca\u3092\u4e0a\u3052\u308b\u3053\u3068\u306b\u91cd\u70b9\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u304c\u79c1\u305f\u3061\u306e\u7126\u70b9\u3067\u3059\u3002<\/p>\n<p>James Hardiman &#8212; Citi &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u4e86\u89e3\u3067\u3059\u3002\u305d\u308c\u306f\u52a9\u304b\u308a\u307e\u3059\u3002\u305d\u308c\u304b\u30892\u3064\u76ee\u306e\u8cea\u554f\u3067\u3059\u304c\u3001\u660e\u3089\u304b\u306b\u30cb\u30e5\u30fc\u30b9\u3067\u3044\u308d\u3044\u308d\u3068\u53d6\u308a\u4e0a\u3052\u3089\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3082\u3057\u8ab0\u304b\u3001\u4eca\u5b66\u6821\u306b\u901a\u3063\u3066\u3044\u308b\u5b50\u4f9b\u305f\u3061\u304c\u3044\u305f\u3089\u3001\u30af\u30e9\u30b9\u306e\u534a\u5206\u304c\u4f55\u304b\u6301\u3063\u3066\u3044\u307e\u3059\u3088\u306d\uff1f\u30a4\u30f3\u30d5\u30eb\u30a8\u30f3\u30b6\u3001COVID\u3001RSV\u30023\u5927\u6d41\u884c\u75c5\u3068\u3044\u3046\u8003\u3048\u65b9\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u6642\u70b9\u3067\u3001\u75c5\u6c17\u3092\u30d6\u30e9\u30f3\u30c9\u5316\u3059\u308b\u30e1\u30c7\u30a3\u30a2\u306e\u80fd\u529b\u306b\u306f\u8131\u5e3d\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u3068\u3082\u3001\u30a6\u30a4\u30eb\u30b9\u3084\u75c5\u6c17\u304c\u30af\u30eb\u30fc\u30ba\u3092\u4e88\u7d04\u3059\u308b\u610f\u6b32\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u6d88\u8cbb\u8005\u306f\u5927\u65b9\u7d0d\u5f97\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>COVID\u306e2\u5e74\u9593\u3092\u632f\u308a\u8fd4\u3063\u3066\u307f\u3066\u3001\u79c1\u305f\u3061\u304c\u601d\u3046\u306e\u306f\u3001\u4eba\u3005\u306f\u81ea\u5206\u306e\u4eba\u751f\u3092\u697d\u3057\u3093\u3067\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u3042\u306a\u305f\u304c\u304a\u3063\u3057\u3083\u3063\u305f\u3053\u3068\u3092\u8efd\u3093\u3058\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u3044\u308b\u306e\u306f\u3001\u4eba\u3005\u304c\u3053\u306e\u7a2e\u306e\u75c5\u6c17\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u3064\u3044\u3066\u3001\u901a\u5e38\u306e\u72b6\u614b\u306b\u623b\u308a\u3064\u3064\u3042\u308b\u3068\u3044\u3046\u50be\u5411\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u30de\u30b9\u30ad\u30f3\u30b0\u3084\u4e92\u3044\u306b\u8ddd\u96e2\u3092\u7f6e\u304f\u3053\u3068\u304c\u306a\u304f\u306a\u308b\u6642\u671f\u304c\u6765\u308b\u3053\u3068\u306f\u5206\u304b\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u304c\u7d4c\u9a13\u3057\u306a\u304b\u3063\u305f\u3053\u3068\u304c\u3001\u79c1\u305f\u3061\u306e\u8239\u306e\u4e0a\u3067\u306f\u306a\u304f\u3001\u4e16\u754c\u306e\u4e2d\u3067\u5c11\u3057\u3070\u304b\u308a\u731b\u5a01\u3092\u632f\u308b\u3063\u3066\u623b\u3063\u3066\u304f\u308b\u306e\u3067\u3059\u3002\u305d\u308c\u304c\u3001\u4eca\u8d77\u3053\u3063\u3066\u3044\u308b\u3053\u3068\u306a\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306f\u305d\u308c\u3092\u51b7\u9759\u306b\u53d7\u3051\u6b62\u3081\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u306f\u554f\u984c\u3067\u306f\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>James Hardiman &#8212; Citi &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3044\u3044\u8a71\u3060\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u6b21\u306e\u8cea\u554f\u306f \u30c8\u30eb\u30fc\u30a4\u30b9\u30c8\u8a3c\u5238\u306e \u30d1\u30c8\u30ea\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u3067\u3059 \u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d1\u30c8\u30ea\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba &#8212; \u30c8\u30eb\u30fc\u30a4\u30b9\u30c8\u8a3c\u5238 &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u6700\u521d\u306e\u8cea\u554f&#8230;\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u6765\u5e74\u306e\u4fa1\u683c\u8a2d\u5b9a\u306b\u3064\u3044\u3066\u3001\u3042\u306a\u305f\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u3069\u306e\u3088\u3046\u306b\u8aad\u307f\u53d6\u308c\u3070\u3044\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u78ba\u304b\u306b\u3001\u4ee5\u524d\u306f[Inaudible]\u306f\u9ad8\u304f\u306a\u308b\u3068\u8a00\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u4eca\u3001\u5c11\u3057\u4e0a\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6280\u8853\u7684\u306b\u306f\u540c\u3058\u3053\u3068\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u3042\u305f\u308a\u3092\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u305f\u3060\u3051\u307e\u305b\u3093\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u6587\u8a00\u304c\u5909\u308f\u3063\u305f\u3060\u3051\u3067\u3001\u5b9f\u969b\u306e\u3068\u3053\u308d\u3001\u4e88\u7d04\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u5927\u304d\u306a\u5909\u5316\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u534a\u5206\u306f\u3001\u7a3c\u50cd\u7387\u306e\u30ae\u30e3\u30c3\u30d7\u3092\u7e2e\u3081\u308b\u305f\u3081\u306b\u61f8\u547d\u306b\u52aa\u529b\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u4e0d\u900f\u660e\u306a\u30c1\u30e3\u30f3\u30cd\u30eb\u3092\u4f7f\u3046\u306e\u306f\u610f\u5473\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u3082\u3063\u3068\u529b\u3092\u5165\u308c\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u304c\u3001\u7d20\u6674\u3089\u3057\u3044\u6ce2\u306e\u30b7\u30fc\u30ba\u30f3\u3092\u4e57\u308a\u5207\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u30c1\u30e3\u30f3\u30cd\u30eb\u3092\u4f7f\u3044\u7d9a\u3051\u308b\u3064\u3082\u308a\u3067\u3059\u3002\u307e\u305f\u3001\u822a\u7a7a\u5238\u306e\u4fa1\u683c\u3092\u88dc\u3046\u305f\u3081\u306b\u3001\u8239\u4e0a\u3067\u306e\u652f\u51fa\u306f\u975e\u5e38\u306b\u597d\u8abf\u306b\u63a8\u79fb\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3060\u304b\u3089\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u306f\u3001\u30b7\u30e3\u30ec\u306b\u306a\u3089\u306a\u3044\u307b\u3069\u3001\u30d5\u30eb\u56de\u8ee2\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>Patrick Scholes &#8212; Truist Securities &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3067\u306f\u3001\u3082\u30461\u3064\u30012\u3064\u8cea\u554f\u3092\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002\u76f4\u8ca9\u30d6\u30e9\u30f3\u30c9\u306e\u4e88\u7d04\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001\u76f4\u8fd1\u306e\u56db\u534a\u671f\u3068\u3001\u4f8b\u3048\u30702019\u5e74\u306e\u6bd4\u8f03\u53ef\u80fd\u306a\u56db\u534a\u671f\u3068\u3067\u3001\u65c5\u884c\u4ee3\u7406\u5e97\u7d4c\u7531\u306e\u4e88\u7d04\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001\u6700\u65b0\u60c5\u5831\u3092\u6559\u3048\u3066\u3044\u305f\u3060\u3051\u307e\u3059\u304b\uff1f\u3069\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u79c1\u305f\u3061\u304c\u305a\u3063\u3068\u8a00\u3063\u3066\u304d\u305f\u306e\u306f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u9593\u3001\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30d3\u30b8\u30cd\u30b9\u306f\u6bd4\u8f03\u7684\u3088\u304f\u6301\u3061\u3053\u305f\u3048\u3001\u30c8\u30ec\u30fc\u30c9\u306f\u81ea\u529b\u3067\u7acb\u3061\u76f4\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u305d\u306e\u305f\u3081\u306e\u652f\u63f4\u3092\u884c\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u4ed6\u306e\u8cea\u554f\u3067\u3082\u8a00\u53ca\u3057\u305f\u3088\u3046\u306b\u3001\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u306b\u3001\u6700\u8fd1\u3001\u696d\u754c\u306f\u7d76\u597d\u8abf\u306a\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u5e83\u544a\u304c\u81ea\u5206\u305f\u3061\u306e\u305f\u3081\u306b\u3082\u306a\u308b\u306e\u3067\u3059\u304b\u3089\u3001\u5f7c\u3089\u3082\u5927\u3044\u306b\u559c\u3093\u3067\u3044\u307e\u3059\u3057\u3001\u91cf\u7684\u62e1\u5927\u306b\u3082\u529b\u3092\u5165\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u9032\u5c55\u306f\u3001\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u9858\u3063\u3066\u3082\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>Patrick Scholes &#8212; Truist Securities &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>OK\u3002\u305d\u308c\u304b\u3089\u6700\u5f8c\u306b\u3001\u3082\u3057\u79c1\u306e\u7406\u89e3\u304c\u6b63\u3057\u3051\u308c\u3070\u3001\u6765\u5e74\u306fALBD\u3042\u305f\u308a\u306e\u71c3\u6599\u309215\uff05\u524a\u6e1b\u3059\u308b\u3068\u3044\u3046\u304a\u8a71\u3067\u3057\u305f\u306d\u3002\u4ee5\u524d\u306f10\uff05\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u65e7\u5f0f\u306e\u30ec\u30ac\u30b7\u30fc\u30d5\u30ea\u30fc\u30c8\u306e\u524a\u6e1b\u306b\u3088\u308b\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u305d\u3046\u3067\u3059\u306d\u3002\u5c0f\u578b\u3067\u52b9\u7387\u306e\u60aa\u3044\u8239\u8236\u306e\u64a4\u53bb\u3068\u3001\u65b0\u305f\u306b\u5f15\u304d\u6e21\u3057\u305f\u8239\u8236\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u300115\uff05\u306e\u3046\u3061\u306e9\uff05\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u6b8b\u308a\u306e6%\u306f\u3001\u65c5\u7a0b\u306e\u6700\u9069\u5316\u3001\u71c3\u6599\u524a\u6e1b\u6280\u8853\u3078\u306e\u6295\u8cc7\u3001\u7a7a\u6c17\u6f64\u6ed1\u30b7\u30b9\u30c6\u30e0\u306a\u3069\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>Patrick Scholes &#8212; Truist Securities &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u79c1\u306f\u3053\u308c\u3067\u304a\u3057\u307e\u3044\u3067\u3059\u3002<\/p>\n<p>Josh Weinstein<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046 \u30af\u30ea\u30b9\u3001\u3082\u30461\u3064\u8cea\u554f\u3092\u3069\u3046\u305e\u3002<\/p>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n<p>\u78ba\u304b\u306b\u3002\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001Cleveland Research Company\u306eVince Ciepiel\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>Vince Ciepiel &#8212; Cleveland Research Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u3053\u306e\u4e8b\u696d\u306e\u30de\u30fc\u30b8\u30f3\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3001\u5927\u5c40\u7684\u306a\u89b3\u70b9\u304b\u3089\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u6d88\u8cbb\u9762\u3067\u306f\u3001\u71c3\u6599\u306e\u52b9\u7387\u5316\u3092\u56f3\u308b\u3053\u3068\u304c\u3067\u304d\u305d\u3046\u3067\u3059\u306d\u3002\u3082\u3061\u308d\u3093\u3001\u71c3\u6599\u4fa1\u683c\u306e\u4e0a\u6607\u306b\u5bfe\u51e6\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u55b6\u696d\u8cbb\u7528\u306e\u898b\u901a\u3057\u3082\u304b\u306a\u308a\u5f37\u6c17\u3067\u3057\u305f\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u7a3c\u50cd\u7387\u304c\u904e\u53bb\u306e\u6c34\u6e96\u306b\u623b\u308b\u3068\u3044\u3046\u898b\u901a\u3057\u3068\u300123\u5e74\u306e\u4fa1\u683c\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u304b\u306a\u308a\u9069\u5207\u3067\u3042\u308b\u3068\u3044\u3046\u898b\u901a\u3057\u3092\u91cd\u306d\u5408\u308f\u305b\u308b\u3068\u3001\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u3089\u3092\u7dcf\u5408\u3059\u308b\u3068\u300123\u5e74\u672b\u304b\u308924\u5e74\u306b\u304b\u3051\u3066\u3001\u30de\u30fc\u30b8\u30f3\u306f\u904e\u53bb\u306e\u6c34\u6e96\u306b\u8fd1\u3065\u304f\u3001\u3042\u308b\u3044\u306f\u4e0a\u56de\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u9577\u671f\u7684\u306b\u306f\u3069\u306e\u3088\u3046\u306a\u76ee\u6a19\u3092\u304a\u6301\u3061\u3067\u3059\u304b\uff1f<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u79c1\u305f\u3061\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u51fa\u3057\u3066\u3044\u307e\u305b\u3093\u306e\u3067\u3001\u304a\u4f1d\u3048\u3067\u304d\u308b\u306e\u306f\u30011\u53f0\u3042\u305f\u308a\u306eEBITDA\u306b\u3064\u3044\u3066\u3069\u3046\u8003\u3048\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u3067\u3059\u3002\u70ba\u66ff\u3084\u71c3\u6599\u4fa1\u683c\u306a\u3069\u306e\u30ce\u30a4\u30ba\u3092\u53d6\u308a\u9664\u304f\u3068\u3001\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u7684\u306b\u306f\u3001\u5e74\u672b\u307e\u3067\u306b2019\u5e74\u306e\u30ec\u30d9\u30eb\u3092\u8d85\u3048\u308b\u3053\u3068\u3092\u76ee\u6a19\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3053\u306b\u30d5\u30a9\u30fc\u30ab\u30b9\u3057\u3066\u3044\u307e\u3059\u3002\u9577\u671f\u7684\u306a\u8a71\u306b\u95a2\u3057\u3066\u306f\u30013\u6708\u306b\u3082\u3063\u3068\u8a73\u3057\u304f\u3001\u5b8c\u5168\u306b\u901a\u671f\u306e\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u3064\u3044\u3066\u8a71\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n<p>David Bernstein &#8212; \u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n<p>\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u304c\u884c\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u5e83\u544a\u306e\u53ce\u76ca\u306b\u95a2\u9023\u3059\u308b\u591a\u304f\u306e\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u306f\u8a00\u3046\u307e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u306f\u6295\u8cc7\u8cc7\u672c\u5229\u76ca\u7387\u306b\u3068\u3063\u3066\u826f\u3044\u5146\u5019\u3067\u3042\u308a\u3001\u4eca\u5f8c1\u30012\u5e74\u3092\u7d4c\u3066\u3001\u6642\u9593\u3068\u3068\u3082\u306b\u304b\u306a\u308a\u5897\u52a0\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Vince Ciepiel &#8212; Cleveland Research Company &#8212; \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n<p>\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b8\u30e7\u30b7\u30e5\u30fb\u30ef\u30a4\u30f3\u30b9\u30bf\u30a4\u30f3<\/p>\n<p>\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u304a\u96fb\u8a71\u306b\u53c2\u52a0\u3055\u308c\u305f\u7686\u3055\u3093\u3001\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u79c1\u305f\u3061\u306e\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u8cc7\u6599\u3068\u88dc\u8db3\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306f\u3001\u79c1\u305f\u3061\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u3092\u3054\u89a7\u3044\u305f\u3060\u304f\u3053\u3068\u3092\u304a\u52e7\u3081\u3057\u307e\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u3084\u3054\u611f\u60f3\u3092\u3044\u305f\u3060\u3051\u308b\u3068\u5b09\u3057\u3044\u3067\u3059\u3002<\/p>\n<p>\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/stockinfo\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u682a\u5f0f\u6295\u8cc7\u60c5\u5831\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/stockinfo\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/americastock\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u7c73\u56fd\u682a\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/americastock\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n<p><a href=\"https:\/\/stock.blogmura.com\/tenbagger\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/b.blogmura.com\/stock\/tenbagger\/88_31.gif\" alt=\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751 \u682a\u30d6\u30ed\u30b0 \u30c6\u30f3\u30d0\u30ac\u30fc\u3078\" width=\"88\" height=\"31\" border=\"0\"><\/a><br \/>\n<a href=\"https:\/\/stock.blogmura.com\/tenbagger\/ranking\/in?p_cid=11122923\" target=\"_blank\" rel=\"noopener\">\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u58f2\u308a\u4e0a\u3052\u306fYoY+198%\u3068\u56de\u5fa9\u3057\u3066\u304a\u308a\u4e88\u7d04\u3082\u904e\u53bb\u6700\u9ad8\u306e2019\u5e74\u3092\u4e0a\u56de\u308a\u597d\u8abf\u306e\u69d8\u3067\u3059\u3002\u682a\u4fa1\u306f\u5e95\u5024\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u306e\u3067\u305d\u308d\u305d\u308d\u8cb7\u3063\u3066\u3044 &#8230; <\/p>\n","protected":false},"author":1,"featured_media":335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[159,160,76,274,328,83],"class_list":{"0":"post-2269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-ccl","9":"tag-160","10":"tag-76","11":"tag-274","12":"tag-328","13":"tag-83"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a &#8211; \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL )2022\u5e74\u7b2c4\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u58f2\u308a\u4e0a\u3052\u306fYoY+198%\u3068\u56de\u5fa9\u3057\u3066\u304a\u308a\u4e88\u7d04\u3082\u904e\u53bb\u6700\u9ad8\u306e2019\u5e74\u3092\u4e0a\u56de\u308a\u597d\u8abf\u306e\u69d8\u3067\u3059\u3002\u682a\u4fa1\u306f\u5e95\u5024\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u306e\u3067\u305d\u308d\u305d\u308d\u8cb7\u3063\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3063\u3066\u307e\u3059\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=2269\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u30ab\u30fc\u30cb\u30d0\u30eb\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3(CCL 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