通期売上(百万円)
売上5y CAGR・予想:2.4 %
通期利益(百万円)
営利5y CAGR・予想:5.4 %
純利5y CAGR・予想:9.9 %
P/L
2017.32018.32019.32020.3
売上635,953683,008712,111700,000
前期比99.8%107.4%104.3%98.3%
売上原価501,371542,296573,385-
売上総利益134,581140,711138,725-
%21.2%20.6%19.5%-
販管費111,934117,222117,039-
営業利益22,64623,48921,68524,000
前期比116.5%103.7%92.3%110.7%
%3.6%3.4%3.0%3.4%
受取利息および受取配当金1,1241,1231,016-
持分法による投資利益2,9651,3292,751-
営業外収益5,9683,6305,559-
支払利息2,1722,0131,744-
持分法による投資損失----
営業外費用3,7302,2781,887-
経常利益24,88424,84025,35826,500
固定資産売却益894324553-
投資有価証券売却益594,396573-
特別利益9545,3301,144-
固定資産売却損----
投資有価証券売却損16951-
減損損失1822,1471,477-
特別損失1,3093,8801,898-
税引前利益24,52926,29024,605-
法人税等8,9337,9478,279-
%36.4%30.2%33.6%-
当期純利益15,59618,34316,325-
非支配株主に帰属する当期純利益1,3801,009946-
親会社株主に帰属する当期純利益14,21617,33415,37917,500
前期比115.5%121.9%88.7%113.8%
%2.2%2.5%2.2%2.5%
 
EBITDA39,96039,96041,60242,531
EPS45.6円55.7円49.4円56.2円
BPS388.4円448.7円481.8円-
期初会社予想
2017.32018.32019.32020.3
売上高(期初予)637,000656,000698,000700,000
対実績比99.8%104.1%102.0%-
営業利益(期初予)18,00024,00022,00024,000
対実績比125.8%97.9%98.6%-
純利益(期初予)12,00020,00016,00017,500
対実績比118.5%86.7%96.1%-
配当
ROEデュポン分解
β
マルチプル
2017.32018.32019.32020.3
企業価値359,022365,931463,452-
時価総額172,874171,936262,919-
純有利子負債186,148193,995200,533-
PER(会予)12.3倍8.6倍16.4倍-
PBR1.4倍1.2倍1.8倍-
PER × PBR17.6倍10.6倍28.8倍-
EV/EBITDA(会予)9.2倍8.9倍11.6倍-
PSR(会予)0.3倍0.3倍0.4倍-
PCFR(会予)5.5倍4.6倍7.7倍-
配当金6.0円6.0円8.0円8.5円
配当利回り1.1%1.1%0.9%-
配当性向13.1%13.1%14.4%-
自己資本配当率1.5%1.8%1.7%-
ROE11.8%12.4%10.3%-
純利益率(再掲)2.2%2.5%2.2%-
総資産回転率1.4回1.4回1.4回-
財務レバレッジ3.7倍3.6倍3.4倍-
実質ROE11.7%12.4%10.2%-
ROIC4.2%4.3%3.7%-
ROA3.1%3.5%3.0%-
β0.770.690.69-
βの決定係数(R2)0.100.070.07-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2017.32018.32019.32020.3
流動資産
現金23,23922,6698,904-
売上債権75,20695,797106,747-
棚卸資産110,042120,229129,853-
有価証券300-500-
前払金----
繰延税金資産3,2213,983--
貸倒引当金-571-645-384-
流動資産233,087257,138247,603-
固定資産
建物・構築物137,112143,762146,232-
機械・運搬具129,272140,409148,078-
土地26,44127,24826,273-
建設仮勘定9,4106,6079,243-
有形固定資産123,630132,782137,525-
のれん871535276-
無形固定資産11,73811,54010,704-
投資有価証券71,01870,99469,024-
繰延税金資産2,3871,9723,043-
貸倒引当金-5,217-5,014-4,942-
敷金および保証金----
投資その他の資産83,42083,16082,080-
固定資産218,789227,483230,309-
総資産451,876484,622477,913-
 
負債
有利子負債合計209,387221,162214,533-
仕入債務34,60944,62952,330-
前受金----
未払法人税等3,1864,7203,735-
繰延税金負債(固定)3,8835,4014,186-
負債310,671327,515311,754-
 
純資産
資本金30,68530,68530,685-
資本剰余金21,07821,75821,757-
利益剰余金56,66671,66383,988-
自己株式-266-269-471-
非支配株主持分20,23219,39219,832-
純資産141,205157,106166,158-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2017.32018.32019.32020.3
営業CF
税金等調整前当期純利益24,52926,29024,605-
減価償却費16,35517,69718,272-
のれん償却額959416259-
減損損失1822,1471,477-
受取利息及び受取配当金-1,124-1,124-1,016-
売上債権の増減額-5,744-7,603-5,136-
棚卸資産の増減額-1,300-10,642-8,086-
仕入債務の増減額1,9468,4635,426-
営業CF30,17928,50424,693-
投資CF
有価証券の取得-1,472-182-2,553-
有価証券の売却・償還15,5376,6621,667-
固定資産の購入-24,462-28,025-22,997-
固定資産の売却2,4137871,672-
貸付け----
貸付金の回収----
投資CF-7,445-21,742-16,803-
財務CF
短期借入金の純増減額-2,591-1,136-11,918-
長期借入れ12,80035,21915,633-
長期借入金の返済-33,295-37,978-15,447-
社債の発行----
社債の償還----
自己株式の取得----
自己株式の売却----
配当金の支払-1,603-2,331-2,490-
財務CF-11,517-7,950-15,956-
換算差額-91325-86-
その他
2017.32018.32019.32020.3
設備投資額22,51927,52824,977-
研究開発費4,3484,8564,608-
発行済株式総数311,484,606株311,478,181株311,147,134株-
従業員数(人)
従業員ひとりあたり営業利益(百万円)
従業員
2017.32018.32019.32020.3
従業員数8,722人9,003人9,065人-
売上/従業員(千円)72,91472,91475,864-
営利/従業員(千円)2,5962,5962,609-
四半期売上(百万円)
売上5y CAGR・予想:2.4 %
四半期利益(百万円)
営利5y CAGR・予想:5.4 %
純利5y CAGR・予想:9.9 %
P/L
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上635,953162,705332,826516,321683,008174,700350,483543,261712,111174,143345,402526,828700,000
前期比99.8%25.6%52.3%81.2%107.4%25.6%51.3%79.5%104.3%24.5%48.5%74.0%98.3%
売上原価501,371126,266261,276406,814542,296137,842280,916433,811573,385140,281278,893424,081-
売上総利益134,58136,43871,549109,506140,71136,85869,566109,449138,72533,86166,508102,747-
%21.2%22.4%21.5%21.2%20.6%21.1%19.8%20.1%19.5%19.4%19.3%19.5%-
販管費111,93429,71858,52488,915117,22229,37759,00689,549117,03928,15755,43183,679-
営業利益22,6466,72013,02420,59123,4897,48110,56019,89921,6855,70411,07719,06824,000
前期比116.5%29.7%57.5%90.9%103.7%31.8%45.0%84.7%92.3%26.3%51.1%87.9%110.7%
%3.6%4.1%3.9%4.0%3.4%4.3%3.0%3.7%3.0%3.3%3.2%3.6%3.4%
受取利息および受取配当金1,1241785286691,1231875365711,016160495628-
持分法による投資利益2,9654264499101,3296467822,4242,7515449482,597-
営業外収益5,9687941,4172,3463,6301,2282,3494,3315,5599182,0394,033-
支払利息2,1725161,0381,5412,0134679041,3371,7444017911,214-
持分法による投資損失-------------
営業外費用3,7305451,1281,6012,2784899571,4181,8875559781,487-
経常利益24,8846,96813,31421,33624,8408,21911,95222,81225,3586,06712,13821,61326,500
固定資産売却益89427428829532438539152655339193192-
投資有価証券売却益598871,2294,1944,396-711573-1553-
特別利益9541,3422,1275,0995,3304034165551,14461230267-
固定資産売却損-------------
投資有価証券売却損16933351-21128128128-
減損損失182--2532,1471371371371,477----
特別損失1,3095101,1401,4783,8802192973651,898203468535-
税引前利益24,5297,80014,30124,95626,2908,40212,07123,00224,6055,92411,90021,345-
法人税等8,9332,5784,6907,8657,9472,9684,8037,0738,2792,2723,8376,111-
%36.4%33.1%32.8%31.5%30.2%35.3%39.8%30.7%33.6%38.4%32.2%28.6%-
当期純利益15,5965,2229,61017,09118,3435,4347,26815,92816,3253,6528,06315,234-
非支配株主に帰属する当期純利益1,3801603636631,00919934865594633233442-
親会社株主に帰属する当期純利益14,2165,0619,24716,42717,3345,2346,91915,27315,3793,6197,82914,79117,500
前期比115.5%35.6%65.0%115.6%121.9%30.2%39.9%88.1%88.7%23.5%50.9%96.2%113.8%
%2.2%3.1%2.8%3.2%2.5%3.0%2.0%2.8%2.2%2.1%2.3%2.8%2.5%
 
EBITDA39,96039,96039,96039,96039,96041,60241,60241,60241,60240,21640,21640,21642,531
EPS45.6円55.6円55.6円55.7円55.7円55.7円49.4円49.4円49.4円49.4円49.4円49.4円56.2円
BPS388.4円400.7円400.7円418.2円448.7円442.1円450.2円465.8円481.8円470.3円481.8円481.8円-
期初会社予想
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上高(期初予)637,000656,000656,000656,000656,000698,000698,000698,000698,000710,000710,000710,000700,000
対実績比99.8%24.8%50.7%78.7%104.1%25.0%50.2%77.8%102.0%24.5%48.6%74.2%-
営業利益(期初予)18,00024,00024,00024,00024,00022,00022,00022,00022,00024,00024,00024,00024,000
対実績比125.8%28.0%54.3%85.8%97.9%34.0%48.0%90.5%98.6%23.8%46.2%79.5%-
純利益(期初予)12,00020,00020,00020,00020,00016,00016,00016,00016,00017,50017,50017,50017,500
対実績比118.5%25.3%46.2%82.1%86.7%32.7%43.2%95.5%96.1%20.7%44.7%84.5%-
配当
ROEデュポン分解
β
マルチプル
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
企業価値359,022394,022385,300376,929365,931354,318416,620381,023463,452392,634394,276407,033-
時価総額172,874204,645195,923183,462171,936170,069230,496191,045262,919207,846190,109202,866-
純有利子負債186,148189,377189,377193,467193,995184,249186,124189,978200,533184,788204,167204,167-
PER(会予)12.3倍10.2倍9.8倍9.2倍8.6倍10.6倍14.4倍11.9倍16.4倍11.9倍10.9倍11.6倍-
PBR1.4倍1.6倍1.6倍1.4倍1.2倍1.2倍1.6倍1.3倍1.8倍1.4倍1.3倍1.4倍-
PER × PBR17.6倍16.8倍15.4倍12.9倍10.6倍13.1倍23.7倍15.7倍28.8倍16.9倍13.8倍15.7倍-
EV/EBITDA(会予)9.2倍9.5倍9.3倍9.1倍8.9倍8.8倍10.4倍9.5倍11.6倍9.2倍9.3倍9.6倍-
PSR(会予)0.3倍0.3倍0.3倍0.3倍0.3倍0.2倍0.3倍0.3倍0.4倍0.3倍0.3倍0.3倍-
PCFR(会予)5.5倍5.5倍5.3倍4.9倍4.6倍5.0倍6.8倍5.6倍7.7倍5.8倍5.3倍5.6倍-
配当金6.0円6.0円6.0円6.0円6.0円8.0円8.0円8.0円8.0円8.0円8.0円8.0円8.5円
配当利回り1.1%0.9%1.0%1.0%1.1%1.5%1.1%1.3%0.9%1.2%1.3%1.2%-
配当性向13.1%13.1%13.1%13.1%13.1%14.4%14.4%14.4%14.4%16.2%16.2%16.2%-
自己資本配当率1.5%2.0%2.0%1.9%1.8%1.8%1.8%1.7%1.7%1.7%1.7%1.7%-
ROE11.8%13.9%13.9%13.3%12.4%12.6%11.0%10.6%10.3%10.5%10.3%10.3%-
純利益率(再掲)2.2%3.1%2.8%3.2%2.5%3.0%2.0%2.8%2.2%2.1%2.3%2.8%-
総資産回転率1.4回1.5回1.5回1.4回1.4回1.4回1.5回1.4回1.4回1.5回1.5回1.5回-
財務レバレッジ3.7倍3.7倍3.7倍3.7倍3.6倍3.5倍3.4倍3.4倍3.4倍3.3倍3.3倍3.3倍-
実質ROE11.7%13.9%13.9%13.3%12.4%12.6%10.9%10.6%10.2%10.5%10.2%10.2%-
ROIC4.2%4.6%4.6%4.4%4.3%4.5%3.9%3.8%3.7%3.9%3.7%3.7%-
ROA3.1%3.7%3.7%3.6%3.5%3.6%3.2%3.1%3.0%3.2%3.1%3.1%-
β0.770.700.650.620.690.750.800.720.690.720.750.68-
βの決定係数(R2)0.100.070.060.060.070.080.080.080.070.090.100.09-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
流動資産
現金23,23927,02128,83127,16722,66918,87514,81514,0008,9048,0269,5477,641-
売上債権75,20678,57478,57486,35595,79784,68189,53490,515106,74788,75384,81484,814-
棚卸資産110,042113,348113,348122,117120,229122,274122,161129,318129,853128,750141,749141,749-
有価証券300-------500----
前払金-------------
繰延税金資産3,221---3,983--------
貸倒引当金-571-818-803-758-645-544-486-387-384-333-277-309-
流動資産233,087244,240263,413269,669257,138254,330259,381271,289247,603254,413253,963261,311-
固定資産
建物・構築物137,11255,56456,20156,758143,76254,35154,23854,569146,23257,58957,06756,612-
機械・運搬具129,272---140,409---148,078----
土地26,441---27,248---26,273----
建設仮勘定9,410---6,607---9,243----
有形固定資産123,630126,257129,244132,001132,782129,785131,457134,787137,525140,093142,558144,141-
のれん871765735629535445419379276853785706-
無形固定資産11,73811,25711,65911,68211,54010,80310,82010,83810,70411,14010,80410,561-
投資有価証券71,01870,28670,33773,94470,99472,52877,79873,98769,02469,75568,51169,379-
繰延税金資産2,387---1,972---3,043----
貸倒引当金-5,217-5,071-5,141-5,160-5,014-4,821-4,940-5,033-4,942-4,917-4,803-4,759-
敷金および保証金-------------
投資その他の資産83,42082,68182,85986,81883,16085,71691,16187,73682,08085,31983,58184,620-
固定資産218,789220,195223,763230,502227,483226,306233,439233,363230,309236,554236,944239,324-
総資産451,876464,436487,176500,171484,622480,636492,820504,652477,913490,967490,907500,636-
 
負債
有利子負債合計209,387216,398216,398222,298221,162206,918204,999204,793214,533193,692213,714213,714-
仕入債務34,60937,24537,24544,02244,62944,65647,50551,60752,33049,42443,47443,474-
前受金-------------
未払法人税等3,1861,9904,7895,2294,7203,3673,6842,5733,7352,2543,7102,904-
繰延税金負債(固定)3,883---5,401---4,186----
負債310,671320,986337,941341,290327,515321,246328,551335,137311,754322,682321,612326,711-
 
純資産
資本金30,68530,68530,68530,68530,68530,68530,68530,68530,68530,68530,68530,685-
資本剰余金21,07821,75821,75821,75821,75821,75821,75821,75821,75721,75921,74921,625-
利益剰余金56,66660,63764,82370,75771,66375,11076,79583,91083,98886,31190,54496,259-
自己株式-266-267-269-270-269-269-470-471-471-472-473-474-
非支配株主持分20,23218,64718,96119,11019,39219,17519,33019,61119,83219,54919,38619,195-
純資産141,205143,449149,235158,881157,106159,389164,269169,515166,158168,285169,294173,924-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
営業CF
税金等調整前当期純利益24,5297,80014,30124,95626,2908,40212,07123,00224,6055,92411,90021,345-
減価償却費16,355-8,250-17,697-8,696-18,272-9,212--
のれん償却額959-211-416-175-259-148--
減損損失182--2532,1471371371371,477----
受取利息及び受取配当金-1,124--528--1,124--536--1,016--496--
売上債権の増減額-5,744--9,949--7,603--6,787--5,136-3,620--
棚卸資産の増減額-1,300--11,443--10,642--8,551--8,086--13,899--
仕入債務の増減額1,946-8,328-8,463-7,542-5,426--5,960--
営業CF30,179-4,060-28,504-4,217-24,693--6,703--
投資CF
有価証券の取得-1,4720-170-1820-2,5260-2,5530-3730-
有価証券の売却・償還15,53702,78606,66201201,6670430-
固定資産の購入-24,4620-12,2270-28,0250-9,1360-22,9970-13,7360-
固定資産の売却2,4130517078701,34601,67203240-
貸付け-------------
貸付金の回収-------------
投資CF-7,445--10,992--21,742--4,761--16,803--13,665--
財務CF
短期借入金の純増減額-2,591-22,286--1,136-5,972--11,918-29,693--
長期借入れ12,800-2,675-35,219-5,932-15,633-3,375--
長期借入金の返済-33,295--9,955--37,978--9,980--15,447--10,059--
社債の発行-------------
社債の償還-------------
自己株式の取得-------------
自己株式の売却-------------
配当金の支払-1,603--1,087--2,331--1,245--2,490--1,245--
財務CF-11,517-12,652--7,950--113--15,956-20,746--
換算差額-91-0-325--156--86--27--
その他
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
設備投資額22,519---27,528---24,977----
研究開発費4,348---4,856---4,608----
発行済株式総数311,484,606株311,483,755株311,483,755株311,480,434株311,478,181株311,481,482株311,480,843株311,148,625株311,147,134株311,146,208株311,144,040株311,144,040株-
従業員数(人)
従業員ひとりあたり営業利益(百万円)
従業員
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
従業員数8,722人---9,003人---9,065人----
売上/従業員(千円)72,91472,91472,91472,91472,91475,86475,86475,86475,86478,55678,55678,556-
営利/従業員(千円)2,5962,5962,5962,5962,5962,6092,6092,6092,6092,3922,3922,392-