{"id":2823898,"date":"2026-04-30T04:08:25","date_gmt":"2026-04-30T04:08:25","guid":{"rendered":"https:\/\/www.wacoca.com\/news\/2823898\/"},"modified":"2026-04-30T04:08:25","modified_gmt":"2026-04-30T04:08:25","slug":"%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%80%81%ef%bd%81%ef%bd%89%e3%81%ab%e3%82%88%e3%82%8b%e4%ba%8b%e6%a5%ad%e7%a0%b4%e5%a3%8a%e6%87%b8%e5%bf%b5%e3%81%a7%e9%95%b7%e6%9c%9f%e8%a9%95%e4%be%a1%e9%a1%8d%e3%81%ab","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/news\/2823898\/","title":{"rendered":"\u7c73\u56fd\u682a\u3001\uff21\uff29\u306b\u3088\u308b\u4e8b\u696d\u7834\u58ca\u61f8\u5ff5\u3067\u9577\u671f\u8a55\u4fa1\u984d\u306b\u4e0d\u5b89\uff1d\u30b4\u30fc\u30eb\u30c9\u30de\u30f3 | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"<p>[\uff12\uff18\u65e5 \u30ed\u30a4\u30bf\u30fc] &#8211; \u7c73\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9(GS.N), opens new 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opens new tab\u306e\u8a55\u4fa1\u984d\u306b\u5360\u3081\u308b\u5272\u5408\u306f\u7d04\uff17\uff15\uff05\u3068\u3001\u904e\u53bb\uff12\uff15\u5e74\u3067\u307b\u307c\u6700\u9ad8\u6c34\u6e96\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u300c\u30c9\u30c3\u30c8\u30b3\u30e0\u30d6\u30fc\u30e0\u300d\u306a\u3069\u6295\u8cc7\u200b\u5bb6\u306e\u9577\u671f\u6210\u9577\u671f\u5f85\u304c\u307e\u3059\u307e\u3059\u697d\u89b3\u7684\u306b\u306a\u3063\u3066\u200b\u3044\u305f\u6642\u671f\u306b\u985e\u4f3c\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3002<img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/04\/GS_TERMINAL VALUE OF SPX.png\" alt=\"Estimated share of S&amp;P 500 value in 'terminal value'\"\/>Estimated share of S&amp;P 500 value in &#8216;terminal 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decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/04\/1777522105_471_chart.png\" alt=\"Estimated share of enterprise value in 'terminal value'\"\/>Estimated share of enterprise value in &#8216;terminal value&#8217;<\/p>\n<p data-testid=\"Body\" dir=\"ltr\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__element__5eCce article-body-module__trust-badge__5mS3f\">\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[\uff12\uff18\u65e5 \u30ed\u30a4\u30bf\u30fc] &#8211; \u7c73\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9(GS.N), opens new 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