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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "density": "balanced",
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  "notes": "キャッシュ変換率の低さを不正の兆候として指摘する論理構成。",
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      "kind": "callout",
      "text": "フリーキャッシュフローは時価総額との比較で見えないほど小規模だ",
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      "text": "Free Cash Flow",
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      "text": "貸借対照表上の項目の不自然な増減の他に、キャッシュの変換率が不自然に低いことも、不正の兆候を表す。キャッシュの変換率とは、営業活動によるキャッシュフローを純利益で割った数値のことだ。とりわけ、高い利益率を開示している会社でこの指標が低ければ、注意が必要だ。",
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      "text": "出典：スコーピオン・キャピタルによる推定及び分析、S&P Capital IQによるデータ",
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