通期売上(百万円)
売上5y CAGR・予想:0.8 %
通期利益(百万円)
営利5y CAGR・予想:-1.1 %
純利5y CAGR・予想:-0.2 %
P/L
2017.32018.32019.32020.3
売上393,614404,153413,236420,000
前期比96.6%102.7%102.2%101.6%
売上原価325,355338,407344,978-
売上総利益68,25965,74568,257-
%17.3%16.3%16.5%-
販管費24,13727,12629,601-
営業利益44,12138,61938,65639,000
前期比108.2%87.5%100.1%100.9%
%11.2%9.6%9.4%9.3%
受取利息および受取配当金1,1401,1261,202-
持分法による投資利益371453--
営業外収益2,2982,1062,045-
支払利息43259-
持分法による投資損失--1,457-
営業外費用6203811,678-
経常利益45,79940,34539,02240,000
固定資産売却益13011051-
投資有価証券売却益3481574-
特別利益479944125-
固定資産売却損----
投資有価証券売却損92-10-
減損損失38---
特別損失2,469303520-
税引前利益43,80940,98638,627-
法人税等14,18613,26811,968-
%32.4%32.4%31.0%-
当期純利益29,62327,71726,659-
非支配株主に帰属する当期純利益1,1041,1061,144-
親会社株主に帰属する当期純利益28,51826,61025,51426,000
前期比108.7%93.3%95.9%101.9%
%7.2%6.6%6.2%6.2%
 
EBITDA51,35951,35946,40247,486
EPS239.5円223.4円214.2円218.3円
BPS2,422.4円2,584.3円2,727.2円-
期初会社予想
2017.32018.32019.32020.3
売上高(期初予)370,000390,000410,000420,000
対実績比106.4%103.6%100.8%-
営業利益(期初予)36,70036,50039,50039,000
対実績比120.2%105.8%97.9%-
純利益(期初予)24,80023,50027,00026,000
対実績比115.0%113.2%94.5%-
配当
ROEデュポン分解
β
マルチプル
2017.32018.32019.32020.3
企業価値192,731247,017203,586-
時価総額251,410293,788245,795-
純有利子負債-58,679-46,771-42,209-
PER(会予)10.1倍10.5倍9.8倍-
PBR0.9倍1.0倍0.8倍-
PER × PBR8.8倍10.0倍7.4倍-
EV/EBITDA(会予)4.4倍5.2倍4.6倍-
PSR(会予)0.7倍0.7倍0.6倍-
PCFR(会予)7.8倍8.3倍7.5倍-
配当金35.0円35.0円40.0円40.0円
配当利回り1.7%1.4%1.9%-
配当性向14.6%14.6%17.9%-
自己資本配当率1.4%1.5%1.5%-
ROE9.9%8.6%7.9%-
純利益率(再掲)7.2%6.6%6.2%-
総資産回転率0.8回0.8回0.8回-
財務レバレッジ1.7倍1.6倍1.6倍-
実質ROE9.9%8.6%7.8%-
ROIC10.3%8.2%8.2%-
ROA5.7%5.4%5.0%-
β0.980.780.48-
βの決定係数(R2)0.300.220.16-
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61,81053,33740,982-
売上債権000-
棚卸資産2,293---
有価証券-438226-
前払金----
繰延税金資産3,6663,032--
貸倒引当金-478-482-347-
流動資産330,754331,876343,473-
固定資産
建物・構築物66,79774,83478,967-
機械・運搬具94,32299,027101,300-
土地62,97367,83867,333-
建設仮勘定10,3106,5751,077-
有形固定資産115,262125,539125,193-
のれん----
無形固定資産2,0151,6541,668-
投資有価証券43,48647,03546,359-
繰延税金資産1,6861,6472,415-
貸倒引当金-865-890-870-
敷金および保証金----
投資その他の資産48,14951,55651,422-
固定資産165,427178,750178,285-
総資産496,182510,627521,758-
 
負債
有利子負債合計3,1311,9161,789-
仕入債務89,69680,21176,972-
前受金----
未払法人税等9,6278,4167,842-
繰延税金負債(固定)6,8488,5315,470-
負債201,237188,797178,137-
 
純資産
資本金15,32415,32415,324-
資本剰余金15,96716,31516,363-
利益剰余金239,928262,903284,050-
自己株式-234-252-254-
非支配株主持分6,4467,5698,836-
純資産294,944321,829343,620-
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43,80940,98638,627-
減価償却費7,2387,7838,486-
のれん償却額----
減損損失38---
受取利息及び受取配当金-1,140-1,126-1,202-
売上債権の増減額57-3,389-15,681-
棚卸資産の増減額1,274417-3,816-
仕入債務の増減額-8,693-12,961-8,514-
営業CF30,63922,0152,960-
投資CF
有価証券の取得-1,848-1,291-2,860-
有価証券の売却・償還718140402-
固定資産の購入-15,785-17,274-13,109-
固定資産の売却1,052464449-
貸付け-1,568-1,371-1,369-
貸付金の回収1,2971,2091,434-
投資CF-15,937-18,077-15,238-
財務CF
短期借入金の純増減額----
長期借入れ71050-
長期借入金の返済-1,390-1,385-375-
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-4,168-4,168-4,763-
財務CF-5,676-5,696-5,163-
換算差額9-9657-
その他
2017.32018.32019.32020.3
設備投資額17,54218,1808,911-
研究開発費729750711-
発行済株式総数119,095,047株119,087,255株119,086,581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4,658人5,353人6,087人-
売上/従業員(千円)84,50384,50375,500-
営利/従業員(千円)9,4729,4727,214-
四半期売上(百万円)
売上5y CAGR・予想:0.8 %
四半期利益(百万円)
営利5y CAGR・予想:-1.1 %
純利5y CAGR・予想:-0.2 %
P/L
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上393,61479,658178,892285,804404,15380,554173,032285,579413,23684,515190,022296,092420,000
前期比96.6%20.2%45.4%72.6%102.7%19.9%42.8%70.7%102.2%20.5%46.0%71.7%101.6%
売上原価325,35568,444150,981239,065338,40768,311146,880239,961344,97872,573162,123250,279-
売上総利益68,25911,21327,91146,73965,74512,24226,15145,61768,25711,94127,89845,813-
%17.3%14.1%15.6%16.4%16.3%15.2%15.1%16.0%16.5%14.1%14.7%15.5%-
販管費24,1376,59813,17220,28927,1267,55814,87721,98829,6017,84715,61123,704-
営業利益44,1214,61514,73826,44938,6194,68411,27423,62838,6564,09412,28722,10839,000
前期比108.2%10.5%33.4%59.9%87.5%12.1%29.2%61.2%100.1%10.6%31.8%57.2%100.9%
%11.2%5.8%8.2%9.3%9.6%5.8%6.5%8.3%9.4%4.8%6.5%7.5%9.3%
受取利息および受取配当金1,1405856391,0811,1266457031,1571,2026657241,161-
持分法による投資利益37153149319453217563-11118-
営業外収益2,2987961,1081,8162,1061,0011,3451,7942,0451,3751,5932,197-
支払利息4313182525471196821-
持分法による投資損失--------1,457----
営業外費用6206211514738152891731,678243401220-
経常利益45,7995,34915,73128,11840,3455,63312,53025,24939,0225,22513,47824,08540,000
固定資産売却益13010577111013484951186879-
投資有価証券売却益348--215-747474111111-
特別利益479105789294413122123125347397409-
固定資産売却損-------------
投資有価証券売却損92------1010----
減損損失38----------116-
特別損失2,469337511030315135337520239091,255-
税引前利益43,8095,32615,71228,89940,9865,63112,51725,03638,6275,55012,96623,239-
法人税等14,1862,0865,3969,44513,2682,2024,4778,39311,9681,9744,6017,868-
%32.4%39.2%34.3%32.7%32.4%39.1%35.8%33.5%31.0%35.6%35.5%33.9%-
当期純利益29,6233,24010,31619,45427,7173,4288,04016,64226,6593,5758,36415,370-
非支配株主に帰属する当期純利益1,1041335137751,1061644646351,144135409794-
親会社株主に帰属する当期純利益28,5183,1079,80318,67826,6103,2647,57516,00625,5143,4407,95514,57526,000
前期比108.7%10.9%34.4%65.5%93.3%12.3%28.5%60.2%95.9%13.5%31.2%57.1%101.9%
%7.2%3.9%5.5%6.5%6.6%4.1%4.4%5.6%6.2%4.1%4.2%4.9%6.2%
 
EBITDA51,35951,35951,35951,35951,35946,40246,40246,40246,40247,14247,14247,14247,486
EPS239.5円223.4円223.4円223.4円223.4円223.5円214.2円214.2円214.2円214.2円214.2円214.2円218.3円
BPS2,422.4円2,422.9円2,422.9円2,495.3円2,584.3円2,638.9円2,638.9円2,675.9円2,727.2円2,811.3円2,853.1円2,853.1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)370,000390,000390,000390,000390,000410,000410,000410,000410,000420,000420,000420,000420,000
対実績比106.4%20.4%45.9%73.3%103.6%19.6%42.2%69.7%100.8%20.1%45.2%70.5%-
営業利益(期初予)36,70036,50036,50036,50036,50039,50039,50039,50039,50039,00039,00039,00039,000
対実績比120.2%12.6%40.4%72.5%105.8%11.9%28.5%59.8%97.9%10.5%31.5%56.7%-
純利益(期初予)24,80023,50023,50023,50023,50027,00027,00027,00027,00026,00026,00026,00026,000
対実績比115.0%13.2%41.7%79.5%113.2%12.1%28.1%59.3%94.5%13.2%30.6%56.1%-
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192,731226,558244,184259,087247,017189,082205,165204,596203,586213,544193,789236,065-
時価総額251,410269,029286,655314,040293,788240,556248,296251,630245,795252,821238,054280,330-
純有利子負債-58,679-42,471-42,471-54,953-46,771-51,474-43,131-47,034-42,209-39,277-44,265-44,265-
PER(会予)10.1倍11.4倍12.2倍13.4倍10.5倍8.9倍9.2倍10.1倍9.8倍9.7倍9.2倍10.8倍-
PBR0.9倍0.9倍1.0倍1.1倍1.0倍0.8倍0.8倍0.8倍0.8倍0.8倍0.7倍0.8倍-
PER × PBR8.8倍10.7倍12.1倍14.1倍10.0倍6.8倍7.3倍7.9倍7.4倍7.3倍6.4倍8.9倍-
EV/EBITDA(会予)4.4倍5.2倍5.6倍5.9倍5.2倍4.0倍4.3倍4.6倍4.6倍4.5倍4.1倍5.0倍-
PSR(会予)0.7倍0.7倍0.7倍0.8倍0.7倍0.6倍0.6倍0.6倍0.6倍0.6倍0.6倍0.7倍-
PCFR(会予)7.8倍8.8倍9.3倍10.2倍8.3倍6.9倍7.1倍7.7倍7.5倍7.3倍6.9倍8.1倍-
配当金35.0円35.0円35.0円35.0円35.0円40.0円40.0円40.0円40.0円40.0円40.0円40.0円40.0円
配当利回り1.7%1.5%1.5%1.3%1.4%2.0%1.9%1.9%1.9%1.9%2.0%1.7%-
配当性向14.6%14.6%14.6%14.6%14.6%17.9%17.9%17.9%17.9%18.7%18.7%18.7%-
自己資本配当率1.4%1.7%1.7%1.6%1.5%1.5%1.5%1.5%1.5%1.4%1.4%1.4%-
ROE9.9%9.2%9.2%9.0%8.6%8.5%8.1%8.0%7.9%7.6%7.5%7.5%-
純利益率(再掲)7.2%3.9%5.5%6.5%6.6%4.1%4.4%5.6%6.2%4.1%4.2%4.9%-
総資産回転率0.8回0.8回0.8回0.8回0.8回0.8回0.9回0.9回0.8回0.8回0.8回0.8回-
財務レバレッジ1.7倍1.7倍1.7倍1.6倍1.6倍1.6倍1.5倍1.5倍1.6倍1.6倍1.5倍1.5倍-
実質ROE9.9%9.2%9.2%8.9%8.6%8.5%8.1%8.0%7.8%7.6%7.5%7.5%-
ROIC10.3%8.7%8.7%8.5%8.2%8.0%8.4%8.3%8.2%7.9%7.8%7.8%-
ROA5.7%5.6%5.6%5.5%5.4%5.2%5.3%5.3%5.0%4.9%5.1%5.1%-
β0.980.880.930.730.780.480.470.520.480.460.550.59-
βの決定係数(R2)0.300.240.270.180.220.130.120.180.160.160.220.26-
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61,81044,59156,95248,68753,33745,00848,84743,99840,98246,58846,46140,326-
売上債権000000000000-
棚卸資産2,293--2,481-2,572-2,680-2,4732,6012,601-
有価証券----438230474420226223183--
前払金-------------
繰延税金資産3,6663,5653,5973,6073,032--------
貸倒引当金-478-495-491-478-482-485-479-373-347-360-341-339-
流動資産330,754309,248309,193319,202331,876302,603301,710325,483343,473316,162318,939331,249-
固定資産
建物・構築物66,79768,19470,85473,86974,83480,06580,57380,43578,96779,16078,53682,028-
機械・運搬具94,32296,38297,73899,19599,02799,939100,100100,168101,300102,137103,083102,551-
土地62,97365,07367,67667,86667,83868,19868,04568,04367,33367,62667,64472,922-
建設仮勘定10,31010,4026,6093,9116,5751,8021,8831,9351,0771,4892,0942,011-
有形固定資産115,262119,087121,984122,729125,539126,675127,174126,833125,193126,013126,061134,146-
のれん-------------
無形固定資産2,0152,0471,8491,7261,6541,6861,7641,8111,6682,2282,4952,614-
投資有価証券43,48642,41045,67748,48147,03548,27448,51646,03646,35945,61646,30849,309-
繰延税金資産1,6861,6651,6391,5601,6472,6912,6492,6832,415----
貸倒引当金-865-881-878-895-890-841-874-871-870-829-875-878-
敷金および保証金-------------
投資その他の資産48,14946,76650,07652,81451,55653,87654,09051,48951,42250,80353,57154,468-
固定資産165,427167,902173,911177,270178,750182,237183,029180,134178,285179,046182,128191,229-
総資産496,182477,150483,104496,473510,627484,840484,739505,617521,758495,208501,067522,478-
 
負債
有利子負債合計3,1312,1202,1201,9991,9161,8631,8771,8131,7891,7052,1962,196-
仕入債務89,69671,14671,14669,70980,21185,11267,00163,87376,97269,49655,02555,025-
前受金-------------
未払法人税等9,6272,2845,7835,4068,4161,7854,1243,9837,8421,5854,4133,457-
繰延税金負債(固定)6,8487,4558,3399,0508,5317,0297,0676,0585,470----
負債201,237181,887178,830181,370188,797162,732157,911172,571178,137151,657151,586163,921-
 
純資産
資本金15,32415,32415,32415,32415,32415,32415,32415,32415,32415,32415,32415,324-
資本剰余金15,96716,26016,26016,25416,31516,35616,35616,35616,36316,36316,36316,363-
利益剰余金239,928239,483246,061254,951262,903261,794266,105274,538284,050283,491288,019294,649-
自己株式-234-241-245-252-252-252-253-253-254-254-254-254-
非支配株主持分6,4466,7127,1057,3467,5697,8518,1648,2738,8369,4439,70910,083-
純資産294,944295,263304,274315,102321,829322,108326,828333,046343,620343,550349,480358,556-
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43,8095,32615,71228,89940,9865,63112,51725,03638,6275,55012,96623,239-
減価償却費7,238-3,569-7,783-4,086-8,486-4,258--
のれん償却額----------47--
減損損失38----------116-
受取利息及び受取配当金-1,140--639--1,126--703--1,202--725--
売上債権の増減額57-39,872--3,389-34,686--15,681-39,430--
棚卸資産の増減額1,274--2,089-417--5,928--3,816-823--
仕入債務の増減額-8,693--27,233--12,961--27,007--8,514--24,904--
営業CF30,639-18,973-22,015-4,666-2,960-24,608--
投資CF
有価証券の取得-1,8480-5990-1,2910-1,0340-2,8600-9250-
有価証券の売却・償還7180390140012104020300-
固定資産の購入-15,7850-5,8390-17,2740-8,7200-13,1090-7,3850-
固定資産の売却1,052018204640582044902470-
貸付け-1,568--661--1,371--864--1,369--709--
貸付金の回収1,297-612-1,209-619-1,434-612--
投資CF-15,937--6,266--18,077--9,783--15,238--10,612--
財務CF
短期借入金の純増減額-------------
長期借入れ7---10-23-50----
長期借入金の返済-1,390--1,289--1,385--107--375--144--
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-4,168--4,168--4,168--4,763--4,763--4,763--
財務CF-5,676--5,511--5,696--4,962--5,163--5,093--
換算差額9--6--96-59-57-9--
その他
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
設備投資額17,542---18,180---8,911----
研究開発費729---750---711----
発行済株式総数119,095,047株119,092,033株119,092,033株119,089,835株119,087,255株119,087,032株119,086,972株119,086,762株119,086,581株119,086,458株119,086,487株119,086,487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4,658人---5,353人---6,087人----
売上/従業員(千円)84,50384,50384,50384,50384,50375,50075,50075,50075,50067,88867,88867,888-
営利/従業員(千円)9,4729,4729,4729,4729,4727,2147,2147,2147,2146,3516,3516,351-