通期売上(百万円)
売上5y CAGR・実績:3.0 %
通期利益(百万円)
営利5y CAGR・実績:6.1 %
純利5y CAGR・実績:7.7 %
P/L
2018.32019.32020.32021.3E
売上1,557,0171,591,1781,586,293-
前期比104.0%102.2%99.7%-
売上原価1,259,9701,295,1341,303,829-
売上総利益297,046296,044282,463-
%19.1%18.6%17.8%-
販管費170,677168,996154,506-
営業利益126,369127,047127,956-
前期比105.2%100.5%100.7%-
%8.1%8.0%8.1%-
受取利息および受取配当金758757--
持分法による投資利益-229--
営業外収益6,0396,0596,209-
支払利息322229210-
持分法による投資損失80---
営業外費用8758671,137-
経常利益131,533132,240133,028-
固定資産売却益4560--
投資有価証券売却益431,065--
特別利益881,126982-
固定資産売却損----
投資有価証券売却損----
減損損失1362934-
特別損失6771,024997-
税引前利益130,944132,342133,014-
法人税等42,70541,98242,299-
%33.4%32.6%31.8%-
当期純利益88,23990,35990,714-
非支配株主に帰属する当期純利益410428--
親会社株主に帰属する当期純利益87,82989,93090,380-
前期比106.9%102.4%100.5%-
%5.5%5.6%5.7%-
 
EBITDA128,204136,786142,958143,002
EPS1,161.3円1,189.1円1,311.4円1,305.9円
BPS3,887.8円3,952.4円4,099.3円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,585,0001,640,0001,640,000-
対実績比98.2%97.0%96.7%-
営業利益(期初予)124,000128,000128,000-
対実績比101.9%99.3%100.0%-
純利益(期初予)86,00090,00090,000-
対実績比102.1%99.9%100.4%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価18,390円15,430円10,065円-
企業価値1,319,9361,110,809617,214-
時価総額1,413,6321,166,954693,670-
純有利子負債-93,696-56,145-76,456-
PER(会予)16.4倍13.0倍7.7倍-
PBR5.0倍3.7倍2.5倍-
PER × PBR81.6倍48.4倍18.9倍-
EV/EBITDA(会予)10.0倍8.0倍4.3倍-
PSR(会予)0.9倍0.7倍0.4倍-
PCFR(会予)15.0倍11.6倍6.6倍-
配当金583.0円606.0円653.0円616.0円
配当利回り2.9%3.8%6.5%-
配当性向50.2%51.0%49.8%-
自己資本配当率15.0%15.3%15.9%-
ROE29.9%30.1%32.0%-
純利益率(再掲)5.6%5.7%5.7%-
総資産回転率1.8回1.9回1.8回-
財務レバレッジ2.5倍2.6倍3.1倍-
実質ROE28.2%25.4%--
ROIC20.9%21.7%23.4%-
ROA10.4%10.5%10.3%-
β0.320.120.24-
βの決定係数(R2)0.070.010.05-
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246,714188,614159,930-
売上債権000-
棚卸資産----
有価証券22,88512,509--
前払金65,14466,861--
繰延税金資産20,338---
貸倒引当金-224-308--
流動資産530,182484,700490,604-
固定資産
建物・構築物49,88251,415--
機械・運搬具----
土地57,57176,36476,432-
建設仮勘定----
有形固定資産147,884166,595175,304-
のれん----
無形固定資産23,66327,89628,282-
投資有価証券47,86953,167--
繰延税金資産41,02671,406--
貸倒引当金-3,939-4,488--
敷金および保証金----
投資その他の資産141,247180,579--
固定資産312,795375,071389,684-
総資産842,978859,772880,289-
 
負債
有利子負債合計41,64597,07283,474-
仕入債務83,35479,66254,760-
前受金60,34065,867--
未払法人税等28,46028,324--
繰延税金負債(固定)464297--
負債545,939557,473594,128-
 
純資産
資本金29,06029,06029,060-
資本剰余金34,54034,540--
利益剰余金253,108297,952243,349-
自己株式-17,203-55,565--
非支配株主持分2,5962,8893,161-
純資産297,039302,298286,161-
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130,944132,342--
減価償却費10,41712,51215,002-
のれん償却額----
減損損失1362934-
受取利息及び受取配当金-759-757--
売上債権の増減額-13,433-15,275--
棚卸資産の増減額----
仕入債務の増減額-1,1142,958--
営業CF62,55971,982102,129-
投資CF
有価証券の取得-28,396-19,9440-
有価証券の売却・償還18,50523,4620-
固定資産の購入-18,597-34,923-27,360-
固定資産の売却000-
貸付け----
貸付金の回収----
投資CF-22,94682-18,301-
財務CF
短期借入金の純増減額----
長期借入れ90,00017,100--
長期借入金の返済-45,074-30,416--
社債の発行----
社債の償還----
自己株式の取得-27,992-40,934--
自己株式の売却----
配当金の支払-43,964-45,044--
財務CF-25,336-97,670-111,410-
換算差額-743-494--
その他
2018.32019.32020.32021.3E
設備投資額13,05411,666--
研究開発費1,6091,983--
発行済株式総数75,628,879株75,628,879株68,918,979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17,161人17,646人--
売上/従業員(千円)93,25490,730--
営利/従業員(千円)7,4857,364--
四半期売上(百万円)
売上5y CAGR・実績:3.0 %
四半期利益(百万円)
営利5y CAGR・実績:6.1 %
純利5y CAGR・実績:7.7 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上377,193782,0691,159,2981,557,017380,107799,2201,175,6561,591,178367,768770,0771,145,9391,586,293-
前期比109.0%105.8%104.9%104.0%100.8%102.2%101.4%102.2%96.8%96.4%97.5%99.7%-
売上原価302,586627,753936,1681,259,970307,590645,534954,4751,295,134303,667636,771947,4051,303,829-
売上総利益74,607154,315223,129297,04672,517153,685221,180296,04464,100133,305198,534282,463-
%19.8%19.7%19.2%19.1%19.1%19.2%18.8%18.6%17.4%17.3%17.3%17.8%-
販管費37,53475,041111,518170,67737,69377,767116,114168,99636,19273,297109,977154,506-
営業利益37,07279,273111,611126,36934,82475,918105,065127,04727,90760,00888,556127,956-
前期比121.9%110.2%105.1%105.2%93.9%95.8%94.1%100.5%80.1%79.0%84.3%100.7%-
%9.8%10.1%9.6%8.1%9.2%9.5%8.9%8.0%7.6%7.8%7.7%8.1%-
受取利息および受取配当金265408633758265407642757237357593--
持分法による投資利益-------229470531685--
営業外収益1,6543,1844,6226,0391,7393,1224,4016,0591,8453,2244,6516,209-
支払利息841662393225911717022954106157210-
持分法による投資損失---80---------
営業外費用2595528838752483807098671986868421,137-
経常利益38,46781,905115,350131,53336,31578,661108,757132,24029,55462,54592,366133,028-
固定資産売却益1121445484954604513--
投資有価証券売却益434343431,0171,0401,0651,065--38--
特別利益445557881,0661,0901,1201,1264552982-
固定資産売却損-------------
投資有価証券売却損-------------
減損損失333136---29---34-
特別損失1302313306771716176761,02460167630997-
税引前利益38,38181,729115,078130,94437,21079,133109,201132,34229,49862,38391,788133,014-
法人税等11,81825,62736,39642,70511,04324,39034,01541,9829,08019,46228,69942,299-
%33.4%33.4%33.4%33.4%32.6%32.6%32.6%32.6%31.7%31.7%31.7%31.8%-
当期純利益26,56256,10178,68188,23926,16654,74275,18590,35920,41742,92063,08990,714-
非支配株主に帰属する当期純利益26941204105481104428323561--
親会社株主に帰属する当期純利益26,53556,00678,56187,82926,11254,66175,08189,93020,38442,88463,02890,380-
前期比124.8%111.6%106.1%106.9%98.4%97.6%95.6%102.4%78.1%78.5%83.9%100.5%-
%5.5%5.5%5.5%5.5%5.6%5.6%5.6%5.6%5.7%5.7%5.7%5.7%-
 
EBITDA128,204128,204128,204128,204136,786136,786136,786136,786139,559139,559139,559142,958143,002
EPS1,142.6円1,142.6円1,142.6円1,161.3円1,189.1円1,189.1円1,189.1円1,189.1円1,195.0円1,195.0円1,195.0円1,311.4円1,305.9円
BPS3,460.0円3,816.2円3,705.0円3,887.8円3,862.1円4,148.9円4,132.9円3,952.4円3,408.9円3,421.6円3,414.8円4,099.3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)1,585,0001,585,0001,585,0001,585,0001,640,0001,640,0001,640,0001,640,0001,640,0001,640,0001,640,0001,640,000-
対実績比23.8%49.3%73.1%98.2%23.2%48.7%71.7%97.0%22.4%47.0%69.9%96.7%-
営業利益(期初予)124,000124,000124,000124,000128,000128,000128,000128,000128,000128,000128,000128,000-
対実績比29.9%63.9%90.0%101.9%27.2%59.3%82.1%99.3%21.8%46.9%69.2%100.0%-
純利益(期初予)86,00086,00086,00086,00090,00090,00090,00090,00090,00090,00090,00090,000-
対実績比30.9%65.1%91.4%102.1%29.0%60.7%83.4%99.9%22.6%47.6%70.0%100.4%-
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17,495円20,500円22,975円18,390円18,010円14,615円15,015円15,430円13,735円13,810円13,480円10,065円-
企業価値1,230,8431,461,8361,620,6681,319,9361,221,9691,023,6471,005,8941,110,809943,113979,913954,955617,214-
時価総額1,344,8331,575,8261,766,0791,413,6321,362,0761,105,3161,135,5681,166,9541,038,7631,044,4351,019,477693,670-
純有利子負債-113,990-113,990-145,411-93,696-140,107-81,669-129,674-56,145-95,650-64,522-64,522-76,456-
PER(会予)15.6倍18.3倍20.5倍16.4倍15.1倍12.3倍12.6倍13.0倍11.5倍11.6倍11.3倍7.7倍-
PBR5.1倍5.9倍6.0倍5.0倍4.6倍3.8倍3.6倍3.7倍3.5倍4.0倍3.9倍2.5倍-
PER × PBR79.1倍108.6倍123.6倍81.6倍70.1倍46.5倍45.7倍48.4倍40.1倍46.8倍44.6倍18.9倍-
EV/EBITDA(会予)9.3倍11.1倍12.3倍10.0倍8.8倍7.4倍7.3倍8.0倍6.7倍7.0倍6.8倍4.3倍-
PSR(会予)0.8倍1.0倍1.1倍0.9倍0.8倍0.7倍0.7倍0.7倍0.6倍0.6倍0.6倍0.4倍-
PCFR(会予)14.3倍16.8倍18.8倍15.0倍13.6倍11.0倍11.3倍11.6倍10.1倍10.2倍9.9倍6.6倍-
配当金---583.0円---606.0円---653.0円616.0円
配当利回り3.1%2.6%2.3%2.9%3.2%4.0%3.9%3.8%4.4%4.4%4.5%6.5%-
配当性向---50.2%---51.0%---49.8%-
自己資本配当率16.8%15.3%15.7%15.0%15.7%14.6%14.7%15.3%19.2%19.1%19.1%15.9%-
ROE33.0%29.9%30.8%29.9%30.8%28.7%28.8%30.1%35.1%34.9%35.0%32.0%-
純利益率(再掲)7.0%7.2%6.8%5.6%6.9%6.8%6.4%5.7%5.5%5.6%5.5%5.7%-
総資産回転率2.2回2.1回2.2回1.8回2.0回1.9回1.9回1.9回2.0回2.0回2.0回1.8回-
財務レバレッジ2.7倍2.7倍2.6倍2.5倍2.9倍2.7倍2.7倍2.6倍2.9倍3.1倍3.1倍3.1倍-
実質ROE30.0%27.2%26.9%28.2%28.7%26.2%26.4%25.4%25.8%24.3%24.4%--
ROIC26.5%24.7%25.6%20.9%22.1%21.3%20.8%21.7%24.8%25.1%25.1%23.4%-
ROA12.3%11.7%12.3%10.4%11.4%10.8%11.0%10.5%11.7%11.1%11.6%10.3%-
β0.220.210.240.320.160.110.120.120.130.140.120.24-
βの決定係数(R2)0.030.030.040.070.020.010.010.010.010.020.010.05-
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164,155191,334135,341246,714174,553216,102153,217188,614116,331146,72690,982159,930-
売上債権000000000000-
棚卸資産--6,746-5,918-8,982-7,4125,6905,690--
有価証券23,99523,03019,59422,88518,97616,68618,11212,5097,5198,5334,030--
前払金64,69564,89065,24065,14466,05766,60567,27966,86167,57268,02069,670--
繰延税金資産13,79515,57312,83920,338---------
貸倒引当金-277-258-265-224-221-247-277-308-320-318-340--
流動資産440,150467,693428,390530,182457,982495,039456,444484,700403,116436,740400,518490,604-
固定資産
建物・構築物---49,882---51,415-----
機械・運搬具-------------
土地---57,571---76,364---76,432-
建設仮勘定-------------
有形固定資産126,668127,490126,953147,884146,846147,014165,190166,595167,445169,170172,679175,304-
のれん-------------
無形固定資産18,60020,29721,17623,66323,58524,79226,48027,89628,80029,19928,92028,282-
投資有価証券41,49043,24546,59547,86954,08656,09152,20253,16748,51147,63646,576--
繰延税金資産---41,026---71,406-----
貸倒引当金-3,453-3,677-3,819-3,939-4,027-4,146-4,306-4,488-4,670-4,737-4,889--
敷金および保証金-------------
投資その他の資産130,226133,223137,244141,247161,972168,086169,878180,579176,038177,546177,249--
固定資産275,495281,011285,374312,795332,404339,892361,548375,071372,284375,916378,849389,684-
総資産715,646748,704713,764842,978790,387834,931817,993859,772775,401812,656779,367880,289-
 
負債
有利子負債合計50,16550,16545,92341,645106,60792,88486,42897,07292,96482,20482,20483,474-
仕入債務84,56884,56897,67083,35485,47877,212105,93879,66291,37488,68888,68854,760-
前受金75,11956,72157,25160,34060,78962,12362,73765,86766,22685,52368,185--
未払法人税等6,20422,19312,18828,4606,80617,6039,90228,3248,70618,59710,434--
繰延税金負債(固定)---464---297-----
負債446,932452,562426,188545,939495,259518,098502,393557,473514,022550,525517,739594,128-
 
純資産
資本金29,06029,06029,06029,06029,06029,06029,06029,06029,06029,06029,06029,060-
資本剰余金34,54034,54034,54034,54034,54034,54034,54034,54034,54034,54034,540--
利益剰余金236,642266,104267,491253,108256,308284,846283,103297,952295,828318,247317,252243,349-
自己株式-26,716-29,340-41,108-17,203-21,559-29,065-28,103-55,565-92,750-113,580-112,588--
非支配株主持分2,2872,3442,3112,5962,5842,5962,5572,8892,8632,8842,8773,161-
純資産268,713296,142287,576297,039295,127316,833315,600302,298261,379262,130261,627286,161-
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38,38181,729115,078130,94437,21079,133109,201132,34229,49862,38391,788--
減価償却費2,2864,7737,56910,4172,9976,0559,24012,5123,2646,90610,77715,002-
のれん償却額-------------
減損損失333136---29---34-
受取利息及び受取配当金-265-408-634-759-265-407-643-757-238-358-593--
売上債権の増減額-12,244-14,237-34,876-13,433-5,232-8,471-22,840-15,27511,5506,675-3,172--
棚卸資産の増減額-------------
仕入債務の増減額-1,3915,157-2,002-1,114-4,13010,234-2,9042,958-11,426-1,336-7,484--
営業CF-32,6776,301-14,44862,559-20,26031,8296,21971,982-7,58855,22325,530102,129-
投資CF
有価証券の取得-10,008-15,014-18,210-28,396-12,875-19,482-19,527-19,944-286-566-6960-
有価証券の売却・償還3,0007,48011,39518,50511,40013,30515,86223,4627,0008,04412,6680-
固定資産の購入-6,314-10,653-14,134-18,597-4,333-7,807-29,283-34,923-5,929-12,140-22,884-27,360-
固定資産の売却000000000000-
貸付け-------------
貸付金の回収-------------
投資CF-11,335-16,139-7,458-22,946-18,029-25,603-32,27482726-5,310-11,512-18,301-
財務CF
短期借入金の純増減額-------------
長期借入れ---90,000--17,10017,100--5,700--
長期借入金の返済-4,277-8,519-12,797-45,074-12,647-19,062-25,626-30,416-4,956-9,912-14,868--
社債の発行-------------
社債の償還-------------
自己株式の取得-12,570-15,607-27,979-27,992-5,282-13,229-13,230-40,934-38,288-59,925-59,936--
自己株式の売却-------------
配当金の支払-22,804-22,804-43,964-43,964-22,893-22,893-45,044-45,044-22,484-22,484-43,620--
財務CF-39,205-46,043-83,248-25,336-48,285-54,474-65,364-97,670-65,316-91,500-111,379-111,410-
換算差額-806-964-683-743-586-363-78-494-103-299-298--
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---13,054---11,666-----
研究開発費---1,609---1,983-----
発行済株式総数76,869,579株76,869,579株76,869,579株75,628,879株75,628,879株75,628,879株75,628,879株75,628,879株75,628,879株75,628,879株75,628,879株68,918,979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---17,161人---17,646人-----
売上/従業員(千円)93,25493,25493,25493,25490,73090,73090,73090,73090,17290,17290,172--
営利/従業員(千円)7,4857,4857,4857,4857,3647,3647,3647,3647,2007,2007,200--