＜Upper-Intermediate＞ Lesson No.4
IPO Investment Solicitation / IPO案件への投資勧誘
０．Greetings & Ice-break (2min.)｜挨拶と導入
0-1 Greetings
Let’s practice a short small talk that you can use to greet a business partner and start building a good relationship.
講師との挨拶を兼ねて、ビジネスパートナーと信頼関係を築くための短いスモールトークを練習してみましょう。
[Tips / 会話のヒント]
・Can you hear me clearly?
私の声はクリアに聞こえますか？
・How's your day going so far?
今日はどんな一日でしたか？
・Talk about one small topic (Work, Weather, News, Hometown, Sports event, etc.)
軽い話題について話しましょう（仕事、天気、ニュース、地元、スポーツイベントなど）
0-2 Introduction
In today’s lesson, we’ll learn about the following situation. Have you ever experienced something similar?
本日のレッスンでは以下のようなシチュエーションについて学びます。同様のシチュエーションを経験したことがありますか？
- If you have experience, please tell us what it was like, what was difficult, or what you learned.
経験があれば、どんな内容だったか、難しかったことや学んだことなどを教えて下さい。
- If you don’t have experience, try to imagine yourself handling that situation in English.
What do you think would be challenging?
経験がなければ、英語でその状況に対応しているところを想像してみましょう。どんなことが難しそうですか？
Situation / シチュエーション
Providing detailed analysis of corporate valuation and growth potential for large IPO deals to overseas institutional investors.
大型IPO案件について企業価値評価と成長性の詳細分析を海外機関投資家に提供する場面です。
1. Read (2 min)｜型を学ぶ
Let's read the following key sentences aloud!
下記の文章や単語を順番に音読しましょう！
1-1 Basic phrases
１．Let me elaborate on...（...について詳しく説明させてください）
２．The company holds...（同社は...を保有している）
３．Could you disclose...（...を開示していただけますか）
４．They plan to allocate...（...を配分する計画です）
５．This allocation will stabilize...（この配分により...を安定させます）
６．The company has established...（同社は...を設置しています）
７．These measures minimize...（これらの対策により...を最小化します）
1-2 Essential words
１．assess（評価する）
２．comparable（同等の）
３．accelerate（加速する）
４．describe（説明する）
５．enhance（強化する）
６．disclose（開示する）
７．utilize（活用する）
８．stabilize（安定させる）
９．constraints（制約）
１０．mitigate（軽減する）
2. Try (3 min)｜ロールプレイ練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
Situation / シチュエーション（Reference again）
Providing detailed analysis of corporate valuation and growth potential for large IPO deals to overseas institutional investors.
大型IPO案件について企業価値評価と成長性の詳細分析を海外機関投資家に提供する場面です。
👨💼【Teacher / Institutional Investor】:
Thank you for arranging this meeting. We are considering investing in this IPO, but we need a detailed assessment of the company's valuation and growth potential before making our decision.
（お時間をいただきありがとうございます。このIPOへの投資を検討していますが、判断を下す前に企業価値評価と成長性について詳細な分析が必要です。）
🧑🎓【Student / Securities Sales】:
I appreciate your interest. Let me elaborate on three key aspects. First, the company's current valuation is based on a price-to-earnings ratio of 18, which is comparable to industry leaders. Second, their revenue has grown by 25 percent annually over the past 3 years. Third, they are expanding into emerging markets, which will accelerate future growth.
（ご関心をお寄せいただきありがとうございます。3つの重要な点について詳しく説明させてください。第一に、現在の企業価値評価は株価収益率18倍に基づいており、業界リーダーと同等です。第二に、過去3年間で年間25パーセントの収益成長を達成しています。第三に、新興市場への進出により今後の成長が加速します。）
👨💼【Teacher / Institutional Investor】:
The growth rate is impressive, but could you describe the company's competitive position in more detail? We need to understand what differentiates them from other players in the market.
（成長率は印象的ですが、競争上のポジションについてもっと詳しく説明していただけますか。市場の他社と何が違うのか理解する必要があります。）
🧑🎓【Student / Securities Sales】:
Certainly. The company holds 3 patents in core technology, which creates a significant barrier to entry. They also have exclusive partnerships with 2 major distributors in Asia. These factors enhance their market position and make their business model difficult to replicate.
（承知しました。同社は中核技術において3つの特許を保有しており、これが大きな参入障壁となっています。また、アジアの主要流通業者2社と独占的提携を結んでいます。これらの要因が市場での地位を強化し、ビジネスモデルの模倣を困難にしています。）
👨💼【Teacher / Institutional Investor】:
I see the strategic advantages. However, we are concerned about the financial structure. Could you disclose the debt-to-equity ratio and explain how they plan to utilize the IPO proceeds?
（戦略的優位性は理解しました。しかし、財務構造について懸念があります。負債資本比率を開示し、IPO調達資金の使途計画を説明していただけますか。）
🧑🎓【Student / Securities Sales】:
The current debt-to-equity ratio is 0.4, which is conservative for this industry. The IPO will raise 500 million USD. They plan to allocate 60 percent to research and development, 30 percent to market expansion, and 10 percent to reduce existing debt. This allocation will stabilize the balance sheet while pursuing growth.
（現在の負債資本比率は0.4で、この業界では保守的な水準です。IPOで5億米ドルを調達します。研究開発に60パーセント、市場拡大に30パーセント、既存債務削減に10パーセントを配分する計画です。この配分により、成長を追求しながら貸借対照表を安定させます。）
👨💼【Teacher / Institutional Investor】:
That allocation seems reasonable. One final question: what are the main constraints or potential setbacks that could affect their growth trajectory over the next 5 years?
（その配分は妥当に思えます。最後の質問ですが、今後5年間の成長軌道に影響を与える可能性のある主な制約や潜在的な障害は何ですか。）
🧑🎓【Student / Securities Sales】:
The primary constraints are regulatory changes in emerging markets and currency fluctuations. However, the company has established a dedicated compliance team and uses hedging strategies to mitigate these factors. They also maintain a diversified revenue stream across 15 countries, which reduces dependence on any single market. These measures minimize downside exposure.
（主な制約は新興市場における規制変更と為替変動です。ただし、同社は専任のコンプライアンスチームを設置し、ヘッジ戦略を用いてこれらの要因を軽減しています。また、15カ国にわたる多様な収益源を維持しており、単一市場への依存を減らしています。これらの対策により下振れリスクを最小化しています。）
👨💼【Teacher / Institutional Investor】:
Thank you for the comprehensive analysis. Your explanation has addressed our key concerns. We will proceed with our internal evaluation and aim to make a decision within 2 weeks.
（包括的な分析をありがとうございます。あなたの説明で主要な懸念事項が解消されました。社内評価を進め、2週間以内に判断を下すことを目指します。）
3. Use (4 min)｜ロールプレイ & 実践（空欄補完）
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
Situation / シチュエーション（Reference again）
Providing detailed analysis of corporate valuation and growth potential for large IPO deals to overseas institutional investors.
大型IPO案件について企業価値評価と成長性の詳細分析を海外機関投資家に提供する場面です。
👨💼【Teacher / Institutional Investor】:
Thank you for arranging this meeting. We are considering investing in this IPO, but we need a detailed assessment of the company's valuation and growth potential before making our decision.
🧑🎓【Student / Securities Sales】:
I appreciate your interest. Let me ［詳しく説明させてください］ on three key aspects. First, the company's current valuation is based on a price-to-earnings ratio of 18, which is ［同等の］ to industry leaders. Second, their revenue has grown by 25 percent annually over the past 3 years. Third, they are expanding into emerging markets, which will ［加速する］ future growth.
👨💼【Teacher / Institutional Investor】:
The growth rate is impressive, but could you describe the company's competitive position in more detail? We need to understand what differentiates them from other players in the market.
🧑🎓【Student / Securities Sales】:
Certainly. The company holds 3 patents in core technology, which creates a significant barrier to entry. They also have exclusive partnerships with 2 major distributors in Asia. These factors ［強化する］ their market position and make their business model difficult to replicate.
👨💼【Teacher / Institutional Investor】:
I see the strategic advantages. However, we are concerned about the financial structure. Could you disclose the debt-to-equity ratio and explain how they plan to utilize the IPO proceeds?
🧑🎓【Student / Securities Sales】:
The current debt-to-equity ratio is 0.4, which is conservative for this industry. The IPO will raise 500 million USD. They plan to allocate 60 percent to research and development, 30 percent to market expansion, and 10 percent to reduce existing debt. This allocation will ［安定させる］ the balance sheet while pursuing growth.
👨💼【Teacher / Institutional Investor】:
That allocation seems reasonable. One final question: what are the main constraints or potential setbacks that could affect their growth trajectory over the next 5 years?
🧑🎓【Student / Securities Sales】:
The primary ［制約］ are regulatory changes in emerging markets and currency fluctuations. However, the company has established a dedicated compliance team and uses hedging strategies to ［軽減する］ these factors. They also maintain a diversified revenue stream across 15 countries, which reduces dependence on any single market. These measures minimize downside exposure.
👨💼【Teacher / Institutional Investor】:
Thank you for the comprehensive analysis. Your explanation has addressed our key concerns. We will proceed with our internal evaluation and aim to make a decision within 2 weeks.
4. Challenge (7 min)｜応用実践
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
*Let's practice this part repeatedly until we can speak it smoothly.
このパートはスムーズにスピーキングできるようになるまで繰り返し練習しましょう。
Situation / シチュエーション（Reference again）
Providing detailed analysis of corporate valuation and growth potential for large IPO deals to overseas institutional investors.
大型IPO案件について企業価値評価と成長性の詳細分析を海外機関投資家に提供する場面です。
👨💼【Teacher / Institutional Investor】:
Thank you for arranging this meeting. We are considering investing in this IPO, but we need a detailed assessment of the company's valuation and growth potential before making our decision.
🧑🎓【Student / Securities Sales】:
I appreciate your interest. ［3つの重要な点について詳しく説明させてください。］ First, the company's current valuation is based on a price-to-earnings ratio of 18, which is comparable to industry leaders. Second, their revenue has grown by 25 percent annually over the past 3 years. Third, they are expanding into emerging markets, which will accelerate future growth.
👨💼【Teacher / Institutional Investor】:
The growth rate is impressive, but could you describe the company's competitive position in more detail? We need to understand what differentiates them from other players in the market.
🧑🎓【Student / Securities Sales】:
Certainly. ［同社は中核技術において3つの特許を保有しており、これが大きな参入障壁となっています。］ They also have exclusive partnerships with 2 major distributors in Asia. These factors enhance their market position and make their business model difficult to replicate.
👨💼【Teacher / Institutional Investor】:
I see the strategic advantages. However, we are concerned about the financial structure. Could you disclose the debt-to-equity ratio and explain how they plan to utilize the IPO proceeds?
🧑🎓【Student / Securities Sales】:
The current debt-to-equity ratio is 0.4, which is conservative for this industry. The IPO will raise 500 million USD. ［研究開発に60パーセント、市場拡大に30パーセント、既存債務削減に10パーセントを配分する計画です。］ ［この配分により、成長を追求しながら貸借対照表を安定させます。］
👨💼【Teacher / Institutional Investor】:
That allocation seems reasonable. One final question: what are the main constraints or potential setbacks that could affect their growth trajectory over the next 5 years?
🧑🎓【Student / Securities Sales】:
The primary constraints are regulatory changes in emerging markets and currency fluctuations. However, the company has established a dedicated compliance team and uses hedging strategies to mitigate these factors. They also maintain a diversified revenue stream across 15 countries, which reduces dependence on any single market. These measures minimize downside exposure.
👨💼【Teacher / Institutional Investor】:
Thank you for the comprehensive analysis. Your explanation has addressed our key concerns. We will proceed with our internal evaluation and aim to make a decision within 2 weeks.
\ If you have some extra capacity, give it a try（余力があればやってみましょう）/
5. Real-world application (5 min)｜実務応用
Let's speak freely with the phrases and flow we learned today. If you can, imagine your real job—it makes practice more effective.
本日学習した単語やフレーズ、会話の流れを思い出しながら、自由に話してみましょう。可能であれば、自身の実務を想像しながら話すと効果的です。
Situation / シチュエーション
An institutional investor is evaluating a large IPO and requests detailed information on company valuation and growth prospects.
The securities sales professional must provide comprehensive analysis to support the investment decision.
海外機関投資家が大型IPO案件を評価しており、企業価値評価と成長見通しに関する詳細情報を求めている。
証券営業担当者は投資判断を支援するため包括的な分析を提供しなければならない。
👨💼【Teacher / Institutional Investor】:
We are interested in this IPO opportunity. Could you provide a detailed overview of the company's financial position and competitive advantages to help us assess the investment potential?
（このIPO案件に関心があります。投資可能性を評価するため、同社の財務状況と競争優位性について詳細な概要を提供していただけますか。）
🧑🎓【Student / Your Role】:
(Free Speaking based on today's lesson)
Hints / ヒント
１． Elaborate on valuation metrics
２． Describe competitive advantages
３． Disclose financial allocation plans
４． Explain risk mitigation strategies
※This is not a role-play. Please speak until you finish your thoughts.
このパートはロールプレイ形式ではありません。最後まで通して話してみましょう。
6. Wrap-up (2 min) ｜レッスンの振り返り
Let's review today's lesson with your teacher!
今日のレッスンについて講師と振り返ってみましょう！
6-1 Comments from student
・Good points / 良かったところ・上手くできたところ
・Things to work on / 今後強化したいところ
6-2 Feedback from teacher
・Good points / 良かった点
・Things to work on / 今後の強化ポイント
・What to review / 復習ポイント
*6-3 Questions from student (if any)
Japanese translation（日本語訳）
1. Read (2min)（型を学ぶ）｜基本フレーズ
2. Try (4min)（ロールプレイ練習）｜型を使った練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
3. Use (7min)｜応用
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
4. Challenge (7min)｜実践
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
5. Wrap-up (3min) – レッスンの振り返り
"Let’s review today’s lesson with your teacher!”
「今日のレッスンについて講師と振り返ってみましょう！」
5-1. Comments from Student
- Good points / 良かったところ・上手くできたところ
- Things to work on / 今後強化したいところ
5-2. Feedback from Teacher
- Good points / 良かった点
- Things to work on / 今後の強化ポイント
- What to review / 復習ポイント
5-3. Question from Students (If any)