通期売上(百万円)
売上5y CAGR・予想:3.4 %
通期利益(百万円)
営利5y CAGR・予想:9.0 %
純利5y CAGR・予想:14.8 %
P/L
2017.32018.32019.32020.3
売上1,872,7211,900,6552,039,6852,030,000
前期比105.3%101.5%107.3%99.5%
売上原価1,647,7871,666,3511,785,661-
売上総利益224,933234,303254,023-
%12.0%12.3%12.5%-
販管費91,19196,50298,542-
営業利益133,742137,800155,480150,000
前期比125.7%103.0%112.8%96.5%
%7.1%7.3%7.6%7.4%
受取利息および受取配当金8,8579,0729,419-
持分法による投資利益----
営業外収益9,69310,07010,768-
支払利息2,4422,0971,836-
持分法による投資損失----
営業外費用3,3293,9193,195-
経常利益140,106143,951163,054156,500
固定資産売却益516---
投資有価証券売却益3,0816,1202,539-
特別利益3,9606,7582,847-
固定資産売却損169---
投資有価証券売却損----
減損損失5621,7690-
特別損失1,07613,5001,265-
税引前利益142,990137,209164,635-
法人税等42,47542,32348,265-
%29.7%30.8%29.3%-
当期純利益100,51594,886116,370-
非支配株主に帰属する当期純利益6,0132,2233,214-
親会社株主に帰属する当期純利益94,50192,662113,155110,000
前期比149.0%98.1%122.1%97.2%
%5.0%4.9%5.5%5.4%
 
EBITDA148,723148,723152,459167,672
EPS131.7円129.1円157.7円153.3円
BPS827.8円956.8円1,001.1円-
期初会社予想
2017.32018.32019.32020.3
売上高(期初予)1,915,0001,915,0001,970,0002,030,000
対実績比97.8%99.3%103.5%-
営業利益(期初予)95,000134,500139,000150,000
対実績比140.8%102.5%111.9%-
純利益(期初予)63,00095,00098,000110,000
対実績比150.0%97.5%115.5%-
配当
ROEデュポン分解
β
マルチプル
2017.32018.32019.32020.3
企業価値753,174956,297855,476-
時価総額747,214835,533799,449-
純有利子負債5,960120,76456,027-
PER(会予)8.0倍8.8倍8.2倍-
PBR1.3倍1.2倍1.1倍-
PER × PBR10.1倍10.7倍9.1倍-
EV/EBITDA(会予)5.1倍6.4倍5.6倍-
PSR(会予)0.4倍0.4倍0.4倍-
PCFR(会予)6.9倍7.6倍7.1倍-
配当金28.0円28.0円32.0円32.0円
配当利回り2.7%2.4%2.5%-
配当性向21.3%21.3%21.7%-
自己資本配当率3.4%2.9%3.2%-
ROE15.9%13.5%15.7%-
純利益率(再掲)5.0%4.9%5.5%-
総資産回転率0.9回0.9回0.9回-
財務レバレッジ3.4倍3.2倍3.1倍-
実質ROE15.9%13.5%15.7%-
ROIC11.5%9.6%11.3%-
ROA4.7%4.2%5.1%-
β0.660.560.66-
βの決定係数(R2)0.180.130.23-
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194,585190,055168,698-
売上債権000-
棚卸資産21,52714,43910,458-
有価証券2,5194,6156,980-
前払金----
繰延税金資産17,44320,381--
貸倒引当金-142-160-150-
流動資産1,181,6451,228,3721,282,866-
固定資産
建物・構築物92,587103,153125,103-
機械・運搬具29,55445,70755,746-
土地308,241351,060355,925-
建設仮勘定28,98626,0907,493-
有形固定資産459,597526,270544,558-
のれん581354137-
無形固定資産6,5585,0384,997-
投資有価証券346,245372,308360,627-
繰延税金資産1,9876591,761-
貸倒引当金-249-231-210-
敷金および保証金----
投資その他の資産368,194389,179382,090-
固定資産834,350920,488931,646-
総資産2,015,9962,148,8612,214,512-
 
負債
有利子負債合計200,545307,993226,728-
仕入債務485,408475,548528,938-
前受金----
未払法人税等30,53329,69524,790-
繰延税金負債(固定)46,95654,41730,667-
負債1,371,9191,437,3361,416,362-
 
純資産
資本金57,75257,75257,752-
資本剰余金41,75243,13542,540-
利益剰余金334,957404,840498,195-
自己株式-1,964-1,929-2,132-
非支配株主持分49,91626,68829,204-
純資産644,076711,525798,149-
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142,990137,209164,635-
減価償却費14,98114,65917,672-
のれん償却額----
減損損失5621,7690-
受取利息及び受取配当金-8,857-9,073-9,420-
売上債権の増減額-20,740-36,264-97,996-
棚卸資産の増減額-9958743,622-
仕入債務の増減額29,43324,05415,550-
営業CF158,892114,03444,203-
投資CF
有価証券の取得-6,253-7,411-10,782-
有価証券の売却・償還5,42510,1087,913-
固定資産の購入-39,755-71,965-36,552-
固定資産の売却3,0444,629423-
貸付け----
貸付金の回収----
投資CF-37,884-71,289-45,302-
財務CF
短期借入金の純増減額-23,512-5,963-26,640-
長期借入れ21,70031,00036,354-
長期借入金の返済-53,417-17,177-20,630-
社債の発行--20,000-
社債の償還-10,000-25,000-10,000-
自己株式の取得----
自己株式の売却----
配当金の支払-15,797-23,696-20,105-
財務CF-89,165-54,548-24,823-
換算差額-2,4492,391-1,162-
その他
2017.32018.32019.32020.3
設備投資額----
研究開発費10,55310,60212,312-
発行済株式総数717,785,137株717,811,812株717,637,959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14,094人14,359人14,739人-
売上/従業員(千円)132,874132,874132,367-
営利/従業員(千円)9,4899,4899,597-
四半期売上(百万円)
売上5y CAGR・予想:3.4 %
四半期利益(百万円)
営利5y CAGR・予想:9.0 %
純利5y CAGR・予想:14.8 %
P/L
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上1,872,721439,044917,4631,370,8021,900,655437,307937,1381,482,5132,039,685446,720965,2901,498,4202,030,000
前期比105.3%23.4%49.0%73.2%101.5%23.0%49.3%78.0%107.3%21.9%47.3%73.5%99.5%
売上原価1,647,787390,481808,0601,201,1821,666,351390,272825,1551,303,8451,785,661396,807843,9261,305,515-
売上総利益224,93348,563109,403169,620234,30347,034111,982178,668254,02349,912121,364192,905-
%12.0%11.1%11.9%12.4%12.3%10.8%11.9%12.1%12.5%11.2%12.6%12.9%-
販管費91,19123,66547,03770,73696,50223,95846,95372,11898,54224,51348,60074,481-
営業利益133,74224,89762,36698,883137,80023,07565,028106,550155,48025,39972,764118,424150,000
前期比125.7%18.6%46.6%73.9%103.0%16.7%47.2%77.3%112.8%16.3%46.8%76.2%96.5%
%7.1%5.7%6.8%7.2%7.3%5.3%6.9%7.2%7.6%5.7%7.5%7.9%7.4%
受取利息および受取配当金8,8572,9834,6947,2639,0723,2484,9177,6859,4193,3735,1407,770-
持分法による投資利益-------------
営業外収益9,6933,3015,4598,40610,0703,4246,1398,93510,7683,9226,0779,234-
支払利息2,4425281,0601,5812,0974889411,3871,8364619141,345-
持分法による投資損失-------------
営業外費用3,3291,0761,7792,4273,9195581,4252,4083,1951,2102,0901,995-
経常利益140,10627,12166,046104,862143,95125,94169,742113,076163,05428,11276,751125,663156,500
固定資産売却益516-531----------
投資有価証券売却益3,081-2,0253,1356,120-1,4821,4822,5397801,9243,516-
特別利益3,960802,5893,7206,758711,5761,6282,8473,1404,3295,940-
固定資産売却損169------------
投資有価証券売却損---------727874710-
減損損失562--1,2911,769---0----
特別損失1,0764627642,10913,5001003537481,2651,1631,5441,465-
税引前利益142,99026,74067,871106,473137,20925,91270,965113,956164,63530,08979,536130,139-
法人税等42,4757,23218,68329,20942,3237,72320,94932,51648,2656,82620,99135,359-
%29.7%27.0%27.5%27.4%30.8%29.8%29.5%28.5%29.3%22.7%26.4%27.2%-
当期純利益100,51519,50749,18877,26394,88618,18950,01581,439116,37023,26358,54594,780-
非支配株主に帰属する当期純利益6,0135308011,5002,2232641,1882,2643,2145291,7323,017-
親会社株主に帰属する当期純利益94,50118,97648,38675,76392,66217,92448,82779,175113,15522,73356,81391,763110,000
前期比149.0%20.1%51.2%80.2%98.1%19.3%52.7%85.4%122.1%20.1%50.2%81.1%97.2%
%5.0%4.3%5.3%5.5%4.9%4.1%5.2%5.3%5.5%5.1%5.9%6.1%5.4%
 
EBITDA148,723148,723148,723148,723148,723152,459152,459152,459152,459173,152173,152173,152167,672
EPS131.7円129.1円129.1円129.1円129.1円129.1円157.6円157.6円157.7円157.7円157.7円157.7円153.3円
BPS827.8円861.1円861.1円908.2円956.8円954.1円969.6円1,019.4円1,001.1円1,071.5円1,123.1円1,123.1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)1,915,0001,915,0001,915,0001,915,0001,915,0001,970,0001,970,0001,970,0001,970,0002,030,0002,030,0002,030,0002,030,000
対実績比97.8%22.9%47.9%71.6%99.3%22.2%47.6%75.3%103.5%22.0%47.6%73.8%-
営業利益(期初予)95,000134,500134,500134,500134,500139,000139,000139,000139,000150,000150,000150,000150,000
対実績比140.8%18.5%46.4%73.5%102.5%16.6%46.8%76.7%111.9%16.9%48.5%78.9%-
純利益(期初予)63,00095,00095,00095,00095,00098,00098,00098,00098,000110,000110,000110,000110,000
対実績比150.0%20.0%50.9%79.8%97.5%18.3%49.8%80.8%115.5%20.7%51.6%83.4%-
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753,174980,7861,000,8841,026,008956,297822,575735,993730,541855,476776,078751,880853,068-
時価総額747,214948,192968,290979,097835,533827,647772,373713,602799,449761,413772,189873,377-
純有利子負債5,96032,59432,59446,911120,764-5,072-36,38016,93956,02714,665-20,309-20,309-
PER(会予)8.0倍10.0倍10.2倍10.3倍8.8倍8.4倍7.9倍7.3倍8.2倍6.9倍7.0倍7.9倍-
PBR1.3倍1.5倍1.6倍1.5倍1.2倍1.2倍1.1倍1.0倍1.1倍1.0倍1.0倍1.1倍-
PER × PBR10.1倍15.3倍16.0倍15.5倍10.7倍10.2倍8.7倍7.1倍9.1倍6.9倍6.7倍8.6倍-
EV/EBITDA(会予)5.1倍6.6倍6.7倍6.9倍6.4倍5.4倍4.8倍4.8倍5.6倍4.6倍4.5倍5.1倍-
PSR(会予)0.4倍0.5倍0.5倍0.5倍0.4倍0.4倍0.4倍0.4倍0.4倍0.4倍0.4倍0.4倍-
PCFR(会予)6.9倍8.6倍8.8倍8.9倍7.6倍7.3倍6.9倍6.3倍7.1倍6.0倍6.0倍6.8倍-
配当金28.0円---28.0円---32.0円---32.0円
配当利回り2.7%2.1%2.1%2.1%2.4%2.4%2.6%2.8%2.5%3.0%3.0%2.6%-
配当性向21.3%21.3%21.3%21.3%21.3%21.7%21.7%21.7%21.7%20.3%20.3%20.3%-
自己資本配当率3.4%3.3%3.3%3.1%2.9%2.9%3.3%3.1%3.2%3.0%2.8%2.8%-
ROE15.9%15.0%15.0%14.2%13.5%13.5%16.3%15.5%15.7%14.7%14.0%14.0%-
純利益率(再掲)5.0%4.3%5.3%5.5%4.9%4.1%5.2%5.3%5.5%5.1%5.9%6.1%-
総資産回転率0.9回1.0回1.0回0.9回0.9回0.9回1.0回1.0回0.9回0.9回0.9回0.9回-
財務レバレッジ3.4倍3.2倍3.2倍3.1倍3.2倍3.1倍2.9倍2.9倍3.1倍2.9倍2.7倍2.7倍-
実質ROE15.9%14.9%14.9%14.2%13.5%13.5%16.2%15.4%15.7%14.7%14.0%14.0%-
ROIC11.5%11.5%11.5%11.1%9.6%11.0%12.6%11.7%11.3%11.3%11.0%11.0%-
ROA4.7%4.7%4.7%4.6%4.2%4.3%5.5%5.3%5.1%5.1%5.2%5.2%-
β0.660.570.580.450.560.300.360.610.660.670.730.75-
βの決定係数(R2)0.180.120.130.080.130.050.060.200.230.250.300.32-
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194,585177,361165,142187,229190,055189,533167,065170,701168,698240,795185,718222,627-
売上債権000000000000-
棚卸資産21,52717,80217,80220,93514,43918,10410,97615,58410,45816,87914,20514,205-
有価証券2,5192,2732,2702,2424,6156,5376,7167,0266,9807,0067,0016,777-
前払金-------------
繰延税金資産17,44318,19017,68414,86320,381--------
貸倒引当金-142-119-133-135-160-133-147-150-150-130-128-125-
流動資産1,181,6451,107,0811,143,0391,267,7621,228,3721,116,7131,188,7611,310,3821,282,8661,250,1061,265,2311,319,922-
固定資産
建物・構築物92,58793,042103,788103,085103,153102,178115,974116,994125,103124,220123,157121,670-
機械・運搬具29,55441,72342,76844,44045,70744,83948,35757,06455,74654,56558,01756,839-
土地308,241329,558326,835325,959351,060352,418354,565355,574355,925356,419357,008358,367-
建設仮勘定28,98624,30218,14121,52826,09033,03023,30115,9997,49310,36312,83417,273-
有形固定資産459,597488,854491,757495,234526,270532,716542,447545,928544,558545,869551,300554,412-
のれん581---354---137----
無形固定資産6,5585,0264,9794,9465,0384,9705,0564,9294,9975,0044,9585,745-
投資有価証券346,245368,268376,034400,212372,308377,825387,266338,700360,627340,563346,180360,734-
繰延税金資産1,9872,0201,3727476591,1731,1391,3701,761----
貸倒引当金-249-247-248-230-231-228-228-650-210-208-208-208-
敷金および保証金-------------
投資その他の資産368,194389,390393,229416,747389,179395,051405,428356,547382,090362,218368,845384,759-
固定資産834,350883,270889,965916,927920,488932,738952,932907,406931,646913,092925,105944,918-
総資産2,015,9961,990,3512,033,0052,184,6902,148,8612,049,4522,141,6942,217,7882,214,5122,163,1992,190,3362,264,840-
 
負債
有利子負債合計200,545209,955209,955212,053307,993184,983153,153184,004226,728183,363165,409165,409-
仕入債務485,408455,721455,721470,787475,548524,712466,672509,447528,938551,181514,699514,699-
前受金-------------
未払法人税等30,5339,26621,07110,77429,6959,56221,0235,25524,79010,77823,19310,993-
繰延税金負債(固定)46,95654,12255,38461,91154,41734,09937,52026,90130,667----
負債1,371,9191,343,7971,357,0631,472,6841,437,3361,327,3401,382,4051,469,6741,416,3621,366,4461,353,8451,392,581-
 
純資産
資本金57,75257,75257,75257,75257,75257,75257,75257,75257,75257,75257,75257,752-
資本剰余金41,75243,18843,79443,79443,13543,13542,54042,54042,54042,54042,82542,825-
利益剰余金334,957340,293369,703387,670404,840412,712443,615464,215498,195508,003542,125565,681-
自己株式-1,964-1,966-1,936-1,938-1,929-1,930-1,835-2,131-2,132-2,132-2,121-2,123-
非支配株主持分49,91628,45724,00225,22726,68826,13927,47429,65529,20430,02530,50931,991-
純資産644,076646,554675,941712,006711,525722,111759,289748,114798,149796,752836,491872,259-
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142,99026,74067,871106,473137,20925,91270,965113,956164,63530,08979,536130,139-
減価償却費14,981-6,895-14,659-7,937-17,672-9,259--
のれん償却額-------------
減損損失562--1,2911,769---0----
受取利息及び受取配当金-8,857--4,695--9,073--4,918--9,420--5,141--
売上債権の増減額-20,740-18,748--36,264-31,368--97,996-57,524--
棚卸資産の増減額-995--3,422-874--2,124-3,622-393--
仕入債務の増減額29,433--33,484-24,054--10,194-15,550--37,240--
営業CF158,892-23,261-114,034-22,970-44,203-66,051--
投資CF
有価証券の取得-6,2530-4,3980-7,4110-7,9300-10,7820-1,6870-
有価証券の売却・償還5,42503,755010,10803,67307,91304,0450-
固定資産の購入-39,7550-29,2100-71,9650-24,8380-36,5520-15,9810-
固定資産の売却3,04404,47504,629079042302250-
貸付け-------------
貸付金の回収-------------
投資CF-37,884--29,190--71,289--41,370--45,302--16,609--
財務CF
短期借入金の純増減額-23,512--12,028--5,963--27,369--26,640--9,222--
長期借入れ21,700-6,000-31,000-5,200-36,354-1,010--
長期借入金の返済-53,417--7,407--17,177--8,216--20,630--9,054--
社債の発行------10,000-20,000-10,000--
社債の償還-10,000--10,000--25,000--10,000--10,000--10,000--
自己株式の取得-------------
自己株式の売却-------------
配当金の支払-15,797--13,643--23,696--10,052--20,105--12,925--
財務CF-89,165--24,010--54,548--14,535--24,823--34,293--
換算差額-2,449-132-2,391--2,097--1,162--755--
その他
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
設備投資額-------------
研究開発費10,553---10,602---12,312----
発行済株式総数717,785,137株717,783,668株717,783,668株717,813,219株717,811,812株717,820,094株717,819,189株717,909,706株717,637,959株717,637,486株717,647,342株717,647,342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14,094人---14,359人---14,739人----
売上/従業員(千円)132,874132,874132,874132,874132,874132,367132,367132,367132,367138,387138,387138,387-
営利/従業員(千円)9,4899,4899,4899,4899,4899,5979,5979,5979,59710,54910,54910,549-