現在価格
$173.02
適正株価
下記の計算機で算出
Salesforce, Inc. のフルDCF分析。ファンダメンタルズ自動入力、仮定値の調整、感応度ヒートマップ付き。
Salesforce, Inc. provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale. Its service offerings also comprise flexible platform that enables companies of various sizes, locations, and industries to build business apps to bring them closer to their customers with drag-and-drop tools; online learning platform that allows anyone to learn in-demand Salesforce skills; and Slack, a system of engagement. In addition, the company's service offerings include Marketing offering that enables companies to plan, personalize, and optimize one-to-one customer marketing journeys; and Commerce offering, which empowers brands to unify the customer experience across mobile, web, social, and store commerce points. Further, its service offerings comprise Tableau, an end-to-end analytics solution serving various enterprise use cases; and MuleSoft, an integration offering that allows its customers to unlock data across their enterprise. The company provides its service offering for customers in financial services, healthcare and life sciences, manufacturing, and other industries. It also offers professional services; and in-person and online courses to certify its customers and partners on architecting, administering, deploying, and developing its service offerings. The company provides its services through direct sales; and consulting firms, systems integrators, and other partners. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.
ROIC (TTM)
8.8%
ROE (TTM)
12.4%
FCF Yield
8.76%
直近12ヶ月のデータでは、CRM の1株当たりFCFは N/A、投下資本利益率（ROIC）は 8.8% で、これらはDCF法による株式評価の重要な入力値です。P/FCFは N/A、FCF利回りは 8.76% で、CRM の相対的なバリュエーションを評価する際の参考指標となります。
CRM の適正株価は、将来の成長率、割引率（WACC）、ターミナルバリューの仮定に依存します。DCF法は将来のFCFを現在価値に割引きますが、WACCの僅かな変動で20%以上ぶれる可能性があるため、感応度分析が不可欠です。
CRM が割安かどうかは、DCFによる適正株価と現在の株価 $173.02 の比較で判断します。安全マージンがプラス（適正株価 > 市場価格）なら割安の可能性がありますが、確度は成長率と割引率の仮定の信頼性に依存します。
Salesforce, Inc. のDCF評価手順：(1) 直近12ヶ月の1株当たりFCFをベースに、(2) Software - Application 業種のトレンドと企業ファンダメンタルズをもとに今後5〜10年のFCF成長率を予想、(3) CRM のリスクを反映した割引率（WACC）を設定、(4) 予測期間後のターミナルバリューを加算します。
DCF（割引キャッシュフロー法）は、企業の将来のキャッシュ創出能力に基づいて現在価値を算出する手法です。Salesforce, Inc. に当てはめると、Software - Applicationが今後5〜10年で生み出すFCFを予測し、それを現在価値に割引きます。CRM のROICは 8.8%、中程度の資本リターンを示します。
WACC（加重平均資本コスト）はDCFモデルの割引率——投資家が要求する最低リターンを反映します。CRM については、資本構成と株式リスクプレミアムがWACCを決定します。WACCが1%上昇すると、適正株価は通常10〜15%下落します。
