Verizon Communications Inc.（VZ）本質的価値とDCFバリュエーション

Telecommunications Services · NYSE

Verizon Communications Inc. の本質的価値はいくらですか？

2026-08-21 時点で、ベースケースDCFモデルは Verizon Communications Inc.（VZ）の1株当たり本質的価値を $66.69 と試算しています。市場価格 $49.45 に対し、安全マージンは +25.9% です。ベースケースはフリーキャッシュフローの年成長率 7.0%、割引率 10.0% を前提としています。

感応度グリッド全体では、試算値は $49.35 から $86.9 の範囲に広がります。本質的価値は前提に基づく試算であり、事実ではありません。割引率の上昇や成長の鈍化は試算値を押し下げ、キャッシュフロー成長の加速は押し上げます。

DCFの仕組み · ご自身の前提で再計算 · 本質的価値とは？

Verizon Communications Inc.（VZ）は割安ですか？

現在の株価 $49.45 では、VZ はベースケース本質的価値の試算を 25.9% ほど下回って取引されています。一定の割安幅はあるものの、割安と判断する基準である安全マージン30%には届いていません。

評価：Charlie Wang（元監査人）

会社概要

Verizon Communications Inc. operates as a prominent global provider of diverse communication, technology, information, and entertainment solutions, catering to individuals, enterprises, and government entities worldwide through its various divisions. Its Consumer segment focuses on individual customers, supplying a broad spectrum of mobile service options, including both subscription-based (postpaid) and pay-as-you-go (prepaid) plans. This segment also facilitates internet access for portable devices such as laptop computers and tablets, and offers a variety of wireless hardware, ranging from smartphones and traditional mobile handsets to advanced wireless-enabled gadgets like tablets and smartwatches. Additionally, it delivers essential residential fixed connectivity services, which encompass internet, television, and voice communication. Verizon also extends its network capabilities by providing access to mobile virtual network operators. As of December 31, 2021, this segment reported approximately 115 million wireless retail connections, 7 million wireline broadband connections, and 4 million Fios video connections. The company's Business segment is dedicated to providing enterprise-level solutions. It offers comprehensive network connectivity products, including private networking, private cloud integration, virtual and software-defined networking, and high-speed internet access services. This segment further delivers sophisticated internet protocol-based voice and video communication tools, unified communications and collaboration platforms, and specialized customer contact center solutions. Beyond core connectivity, it provides a suite of managed services and data security offerings. Its extensive portfolio also covers domestic and international voice and data services, such as calling, messaging, conferencing, advanced contact center functionalities, and dedicated private line and data access networks. Moreover, the Business segment furnishes customer premises equipment, along with essential installation, maintenance, and on-site support services, and a wide array of Internet of Things (IoT) products and services. By December 31, 2021, this segment had approximately 27 million wireless retail postpaid connections and 477 thousand wireline broadband connections. Verizon Communications Inc. was incorporated in 1983 and holds its corporate headquarters in New York, New York. The company, which was originally known as Bell Atlantic Corporation, officially adopted its current name in June 2000.

財務指標 — VZ バリュエーションデータ

直近12ヶ月のデータでは、VZ の1株当たりFCFは $5.14、投下資本利益率（ROIC）は 5.8% 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 9.6x、FCF利回りは 10.38% で、VZ 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。

よくある質問

関連リンク

• VZ のPERバリュエーションを見る → — 利益ベースのPERバリュエーション分析
• DCF法の解説 — 割引キャッシュフロー分析のステップ別ガイド
• PER法の解説 — PERバリュエーションのガイド
• WACC — DCFで用いる割引率の理解
• 安全マージン — 下方リスクの評価方法
• 本質的価値 — 株式の適正株価を評価する方法
• 本質的価値の計算方法 — 投資家向けの完全ガイド