通期売上(百万円)
売上5y CAGR・予想:-0.6 %
通期利益(百万円)
営利5y CAGR・予想:-12.9 %
純利5y CAGR・予想:-11.3 %
P/L
2018.32019.32020.32021.3E
売上1,585,4971,650,8771,751,3301,450,000
前期比106.6%104.1%106.1%82.8%
売上原価1,318,8791,409,4171,492,653-
売上総利益266,618241,459258,677-
%16.8%14.6%14.8%-
販管費84,75888,13690,921-
営業利益181,859153,323167,75581,000
前期比129.1%84.3%109.4%48.3%
%11.5%9.3%9.6%5.6%
受取利息および受取配当金4,3324,525--
持分法による投資利益1,0031,283--
営業外収益5,9946,7907,181-
支払利息1,6841,2771,111-
持分法による投資損失----
営業外費用2,5052,1781,589-
経常利益185,349157,936173,34784,000
固定資産売却益1831,649--
投資有価証券売却益779153--
特別利益1,0903,7224,811-
固定資産売却損----
投資有価証券売却損-91--
減損損失3,6313391,337-
特別損失4,1428813,374-
税引前利益182,297160,777174,785-
法人税等55,50848,07552,600-
%33.1%30.4%30.1%-
当期純利益126,789112,701122,184-
非支配株主に帰属する当期純利益1129--
親会社株主に帰属する当期純利益126,788112,571122,08756,000
前期比140.0%88.8%108.5%45.9%
%6.1%8.0%7.0%3.9%
 
EBITDA147,089188,908177,640162,885
EPS564.7円501.3円543.7円485.4円
BPS2,971.2円3,208.4円3,340.8円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,610,0001,590,0001,740,0001,450,000
対実績比98.5%103.8%100.7%-
営業利益(期初予)125,000131,000148,00081,000
対実績比145.5%117.0%113.3%-
純利益(期初予)87,00091,000103,00056,000
対実績比145.7%123.7%118.5%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価5,400円5,140円3,305円-
企業価値1,039,4601,011,353468,009-
時価総額1,212,5221,154,142742,109-
純有利子負債-173,062-142,789-274,100-
PER(会予)12.5倍12.0倍6.8倍-
PBR1.9倍1.8倍1.0倍-
PER × PBR24.2倍21.2倍6.7倍-
EV/EBITDA(会予)7.1倍7.0倍2.9倍-
PSR(会予)0.8倍0.7倍0.4倍-
PCFR(会予)11.7倍11.2倍6.2倍-
配当金125.0円130.0円130.0円130.0円
配当利回り1.9%2.4%3.9%-
配当性向22.1%25.9%23.9%-
自己資本配当率2.9%4.1%3.9%-
ROE19.0%15.6%16.3%-
純利益率(再掲)8.0%6.8%7.0%-
総資産回転率0.8回0.9回0.9回-
財務レバレッジ2.8倍2.5倍2.5倍-
実質ROE19.0%14.9%--
ROIC13.9%11.2%12.0%-
ROA6.6%6.1%6.5%-
β0.500.440.63-
βの決定係数(R2)0.130.120.24-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2018.32019.32020.32021.3E
流動資産
現金687,456467,750482,722-
売上債権000-
棚卸資産----
有価証券----
前払金----
繰延税金資産24,776---
貸倒引当金-173-121--
流動資産1,352,2631,200,4361,299,022-
固定資産
建物・構築物136,975152,138--
機械・運搬具56,17260,379--
土地119,963135,938120,572-
建設仮勘定1,5231,255684-
有形固定資産188,397219,745204,400-
のれん----
無形固定資産11,55313,02714,288-
投資有価証券337,382367,626--
繰延税金資産2,0083,914--
貸倒引当金-1,753-1,768--
敷金および保証金----
投資その他の資産378,610412,965--
固定資産578,561645,739590,972-
総資産1,930,8251,846,1761,889,995-
 
負債
有利子負債合計228,999210,857208,622-
仕入債務450,082427,4220-
前受金----
未払法人税等30,84318,981--
繰延税金負債(固定)21,6586,199--
負債1,261,8051,123,7851,136,080-
 
純資産
資本金122,742122,742122,742-
資本剰余金60,19960,198--
利益剰余金382,462465,127556,304-
自己株式-1,490-37,503--
非支配株主持分1,8671,9673,757-
純資産669,019722,390753,915-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2018.32019.32020.32021.3E
営業CF
税金等調整前当期純利益182,297160,777--
減価償却費7,0497,8559,885-
のれん償却額----
減損損失3,6313391,337-
受取利息及び受取配当金-4,332-4,526--
売上債権の増減額-21,537-99,706--
棚卸資産の増減額----
仕入債務の増減額85,141-3,127--
営業CF207,020-71,02877,475-
投資CF
有価証券の取得-6,171-17,3620-
有価証券の売却・償還2,0402,1160-
固定資産の購入-9,354-46,6450-
固定資産の売却5919,4780-
貸付け----
貸付金の回収----
投資CF-11,852-82,28833,260-
財務CF
短期借入金の純増減額----
長期借入れ44,85012,600--
長期借入金の返済-43,404-19,725--
社債の発行19,968---
社債の償還-10,000-10,000--
自己株式の取得-25,047-36,013--
自己株式の売却----
配当金の支払-24,956-29,906--
財務CF-41,682-96,197-66,647-
換算差額-926-246--
その他
2018.32019.32020.32021.3E
設備投資額----
研究開発費----
発行済株式総数224,541,172株224,541,172株224,541,172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
2018.32019.32020.32021.3E
従業員数14,032人14,433人--
売上/従業員(千円)106,407112,992--
営利/従業員(千円)10,07512,960--
四半期売上(百万円)
売上5y CAGR・予想:-0.6 %
四半期利益(百万円)
営利5y CAGR・予想:-12.9 %
純利5y CAGR・予想:-11.3 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上320,247685,3501,082,9851,585,497318,218704,6511,097,5081,650,877349,621766,4141,174,6901,751,3301,450,000
前期比107.7%106.0%106.3%106.6%99.4%102.8%101.3%104.1%109.9%108.8%107.0%106.1%82.8%
売上原価274,472582,336908,5421,318,879282,023615,038949,4041,409,417303,432665,3231,018,7441,492,653-
売上総利益45,775103,014174,443266,61836,19589,613148,104241,45946,188101,091155,946258,677-
%14.3%15.0%16.1%16.8%11.4%12.7%13.5%14.6%13.2%13.2%13.3%14.8%-
販管費19,19639,76659,70484,75820,91341,61062,66688,13620,28141,23862,94690,921-
営業利益26,57863,247114,738181,85915,28148,00285,437153,32325,90759,85292,999167,75581,000
前期比165.5%120.4%109.9%129.1%57.5%75.9%74.5%84.3%169.5%124.7%108.9%109.4%48.3%
%8.3%9.2%10.6%11.5%4.8%6.8%7.8%9.3%7.4%7.8%7.9%9.6%5.6%
受取利息および受取配当金1,8992,4033,7114,3321,8312,3193,8224,5252,0822,6744,355--
持分法による投資利益---1,003---1,283-----
営業外収益2,5983,2194,8245,9942,6553,4375,4886,7902,6143,5285,5467,181-
支払利息4489071,3221,6843586779821,2772975928551,111-
持分法による投資損失-------------
営業外費用6791,7961,9342,5054851,1751,6312,1785459191,2451,589-
経常利益28,49864,670117,629185,34917,45150,26389,295157,93627,97662,46097,300173,34784,000
固定資産売却益829-1831,5931,6261,6291,649057--
投資有価証券売却益081201779-4048153-----
特別利益91112471,0901,6791,9412,0323,7223,4823,4923,4994,811-
固定資産売却損-------------
投資有価証券売却損3------91411746427--
減損損失-3733733,631---339--1,1201,337-
特別損失214566464,1422533324628814147991,7213,374-
税引前利益28,48564,325117,230182,29718,87751,87290,865160,77731,04365,15399,078174,785-
法人税等8,71620,13736,23855,5085,90816,62228,57448,0759,58920,23230,30652,600-
%33.1%33.1%33.1%33.1%30.4%30.4%30.4%30.4%29.9%29.9%29.9%30.1%-
当期純利益19,76844,18780,992126,78912,96835,24962,290112,70121,45444,92068,772122,184-
非支配株主に帰属する当期純利益142930142269129104192--
親会社株主に帰属する当期純利益19,75444,15880,961126,78812,96435,22662,220112,57121,44344,87968,679122,08756,000
前期比163.3%125.4%105.6%140.0%65.6%79.8%76.9%88.8%165.4%127.4%110.4%108.5%45.9%
%6.1%6.1%6.1%6.1%8.0%8.0%8.0%8.0%6.8%6.8%6.8%7.0%3.9%
 
EBITDA147,089147,089147,089147,089188,908188,908188,908188,908161,178161,178161,178177,640162,885
EPS552.8円552.8円564.7円564.7円501.3円501.3円501.3円501.3円543.7円543.7円543.7円543.7円485.4円
BPS2,526.0円2,563.5円2,793.9円2,971.2円2,917.6円2,951.3円2,919.3円3,208.4円3,080.0円3,212.3円3,286.7円3,340.8円-
期初会社予想
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上高(期初予)1,610,0001,610,0001,610,0001,610,0001,590,0001,590,0001,590,0001,590,0001,740,0001,740,0001,740,0001,740,0001,450,000
対実績比19.9%42.6%67.3%98.5%20.0%44.3%69.0%103.8%20.1%44.0%67.5%100.7%-
営業利益(期初予)125,000125,000125,000125,000131,000131,000131,000131,000148,000148,000148,000148,00081,000
対実績比21.3%50.6%91.8%145.5%11.7%36.6%65.2%117.0%17.5%40.4%62.8%113.3%-
純利益(期初予)87,00087,00087,00087,00091,00091,00091,00091,000103,000103,000103,000103,00056,000
対実績比22.7%50.8%93.1%145.7%14.2%38.7%68.4%123.7%20.8%43.6%66.7%118.5%-
配当
ROEデュポン分解
β
マルチプル
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
株価5,130円5,900円5,610円5,400円6,110円5,180円4,705円5,140円3,915円4,185円4,545円3,305円-
企業価値888,0101,064,6101,047,3961,039,460929,113797,767815,7411,011,353629,445819,800900,635468,009-
時価総額1,176,5681,353,1681,286,6571,212,5221,371,9471,163,1231,056,4661,154,142879,079939,7051,020,540742,109-
純有利子負債-288,558-288,558-239,261-173,062-442,834-365,356-240,725-142,789-249,634-119,905-119,905-274,100-
PER(会予)13.5倍15.6倍13.3倍12.5倍15.1倍12.8倍11.0倍12.0倍8.5倍9.1倍9.4倍6.8倍-
PBR2.0倍2.3倍2.2倍1.9倍2.1倍1.8倍1.6倍1.8倍1.2倍1.3倍1.4倍1.0倍-
PER × PBR27.5倍36.3倍29.0倍24.2倍31.0倍22.7倍17.5倍21.2倍10.4倍11.9倍13.2倍6.7倍-
EV/EBITDA(会予)6.8倍8.1倍7.2倍7.1倍6.7倍5.8倍5.7倍7.0倍4.0倍5.3倍5.6倍2.9倍-
PSR(会予)0.7倍0.8倍0.8倍0.8倍0.9倍0.7倍0.7倍0.7倍0.5倍0.5倍0.6倍0.4倍-
PCFR(会予)12.6倍14.5倍12.5倍11.7倍14.0倍11.9倍10.3倍11.2倍7.9倍8.5倍8.7倍6.2倍-
配当金---125.0円---130.0円---130.0円130.0円
配当利回り1.9%1.7%1.8%1.9%2.0%2.4%2.7%2.4%3.3%3.1%2.9%3.9%-
配当性向---22.1%---25.9%---23.9%-
自己資本配当率3.4%3.3%3.0%2.9%4.5%4.4%4.5%4.1%4.2%4.0%4.0%3.9%-
ROE21.9%21.6%20.2%19.0%17.2%17.0%17.2%15.6%17.7%16.9%16.5%16.3%-
純利益率(再掲)6.2%6.4%7.5%8.0%4.1%5.0%5.7%6.8%6.1%5.9%5.8%7.0%-
総資産回転率0.9回0.9回0.9回0.8回0.9回1.0回1.0回0.9回1.0回1.0回1.0回0.9回-
財務レバレッジ2.9倍2.9倍2.9倍2.8倍2.9倍2.7倍2.6倍2.5倍2.6倍2.4倍2.4倍2.5倍-
実質ROE21.5%20.6%20.2%19.0%16.7%16.1%16.2%14.9%16.3%15.5%15.2%--
ROIC15.6%15.2%14.8%13.9%12.0%12.0%12.1%11.2%12.7%12.4%12.2%12.0%-
ROA7.5%7.4%7.2%6.6%6.5%6.6%6.7%6.1%7.0%6.9%6.8%6.5%-
β0.560.550.410.500.290.300.430.440.460.500.520.63-
βの決定係数(R2)0.140.130.080.130.050.050.120.120.120.150.160.24-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金517,542480,656402,061687,456586,691452,833353,646467,750422,632324,614276,017482,722-
売上債権000000000000-
棚卸資産--67,984---50,830--64,93964,939--
有価証券-------------
前払金-------------
繰延税金資産---24,776---------
貸倒引当金-100-101-130-173-84-86-482-121-88-99-108--
流動資産1,128,2261,146,4101,179,9951,352,2631,149,6941,098,8081,090,7451,200,4361,141,1011,130,7951,157,9171,299,022-
固定資産
建物・構築物---136,975---152,138-----
機械・運搬具---56,172---60,379-----
土地---119,963---135,938---120,572-
建設仮勘定---1,523---1,255---684-
有形固定資産175,796175,763175,163188,397181,660181,165181,060219,745219,160219,282216,953204,400-
のれん-------------
無形固定資産5,1015,2035,84811,55312,05012,25012,49413,02713,22913,06013,08914,288-
投資有価証券328,686329,106349,272337,382353,491360,742334,856367,626332,021357,196368,836--
繰延税金資産---2,008---3,914-----
貸倒引当金-2,307-2,308-1,846-1,753-1,789-1,816-1,770-1,768-1,505-1,507-1,525--
敷金および保証金-------------
投資その他の資産374,357374,583392,754378,610397,229404,830384,819412,965380,699402,802414,363--
固定資産555,255555,550573,765578,561590,940598,246578,374645,739613,089635,145644,407590,972-
総資産1,683,4821,701,9611,753,7611,930,8251,740,6351,697,0551,669,1201,846,1761,754,1901,765,9411,802,3241,889,995-
 
負債
有利子負債合計228,984228,984241,395228,999244,622221,335212,108210,857218,116204,709204,709208,622-
仕入債務391,722391,722425,057450,082509,576433,420404,000427,422507,335423,963423,9630-
前受金-------------
未払法人税等-21,335-30,843-17,798-18,981-21,510---
繰延税金負債(固定)---21,658---6,199-----
負債1,102,1101,112,3731,124,5311,261,8051,083,6681,032,5241,011,6861,123,7851,060,4791,042,5011,062,1181,136,080-
 
純資産
資本金122,742122,742122,742122,742122,742122,742122,742122,742122,742122,742122,742122,742-
資本剰余金85,15084,86460,19860,19960,19960,19960,19860,19860,19860,19860,198--
利益剰余金284,623309,028334,618382,462378,607400,870414,776465,127471,871495,251504,275556,304-
自己株式-10,712-26,124-1,487-1,490-20,664-37,493-37,498-37,503-57,171-65,507-65,511--
非支配株主持分2,0231,6461,8891,8671,8451,8521,9191,9672,1232,1532,2063,757-
純資産581,371589,587629,229669,019656,967664,531657,433722,390693,711723,440740,205753,915-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
営業CF
税金等調整前当期純利益28,48564,325117,230182,29718,87751,87290,865160,77731,04365,15399,078--
減価償却費-3,378-7,049-3,652-7,855-4,830-9,885-
のれん償却額-------------
減損損失-3733733,631---339--1,1201,337-
受取利息及び受取配当金--2,403--4,332--2,320--4,526--2,675---
売上債権の増減額-42,586--21,537--3,273--99,706--41,888---
棚卸資産の増減額-------------
仕入債務の増減額-663-85,141--106,414--3,127--83,878---
営業CF--15,362-207,020--145,663--71,028--89,858-77,475-
投資CF
有価証券の取得0-2,0120-6,1710-6,3020-17,3620-4,26200-
有価証券の売却・償還028002,04001,27002,116013,60600-
固定資産の購入0-4,9410-9,3540-5,6350-46,6450-7,42900-
固定資産の売却0142059109,44609,478044400-
貸付け-------------
貸付金の回収-------------
投資CF--15,611--11,852--31,171--82,288-31,947-33,260-
財務CF
短期借入金の純増減額--102----13,097----1,608---
長期借入れ-2,200-44,850---12,600-12,000---
長期借入金の返済--15,289--43,404--8,722--19,725--23,104---
社債の発行-19,968-19,968---------
社債の償還----10,000--10,000--10,000-----
自己株式の取得--25,015--25,047--36,002--36,013--28,004---
自己株式の売却-------------
配当金の支払--13,744--24,956--16,818--29,906--15,268---
財務CF--32,187--41,682--88,243--96,197--55,981--66,647-
換算差額--461--926--43--246--499---
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額-------------
研究開発費-------------
発行済株式総数229,350,572株229,350,572株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172株224,541,172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
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
従業員数---14,032人---14,433人-----
売上/従業員(千円)106,407106,407106,407106,407112,992112,992112,992112,992114,382114,382114,382--
営利/従業員(千円)10,07510,07510,07510,07512,96012,96012,96012,96010,62310,62310,623--