通期売上(百万円)
売上5y CAGR・予想:-9.6 %
通期利益(百万円)
営利5y CAGR・予想:-29.9 %
純利5y CAGR・予想:-43.6 %
P/L
2018.32019.32020.32021.3E
売上1,221,9981,308,8931,104,094744,000
前期比109.8%107.1%84.4%67.4%
売上原価1,002,6831,076,747861,405-
売上総利益219,315232,146242,689-
%17.9%17.7%22.0%-
販管費166,294182,899191,312-
営業利益53,02149,24751,37713,000
前期比98.2%92.9%104.3%25.3%
%4.3%3.8%4.7%1.7%
受取利息および受取配当金1,8852,114--
持分法による投資利益3,0261,715--
営業外収益8,3776,57313,485-
支払利息1,3872,0152,706-
持分法による投資損失----
営業外費用3,5324,3846,038-
経常利益57,86551,43658,82415,000
固定資産売却益6286--
投資有価証券売却益1324,740--
特別利益6,6585,471105-
固定資産売却損82---
投資有価証券売却損----
減損損失5,727126389-
特別損失5,9852893,811-
税引前利益58,53856,61855,118-
法人税等19,90616,19216,253-
%31.3%34.0%29.5%-
当期純利益38,63240,42638,865-
非支配株主に帰属する当期純利益8,49711,266--
親会社株主に帰属する当期純利益30,13529,16027,8533,500
前期比87.3%96.8%95.5%12.6%
%3.1%2.5%2.5%0.5%
 
EBITDA69,15072,19671,90873,531
EPS165.0円159.6円152.4円169.6円
BPS1,706.6円1,742.3円1,764.7円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,241,0001,310,0001,123,000744,000
対実績比98.5%99.9%98.3%-
営業利益(期初予)50,50054,50052,50013,000
対実績比105.0%90.4%97.9%-
純利益(期初予)33,00031,50030,0003,500
対実績比91.3%92.6%92.8%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価1,706円1,537円1,385円-
企業価値453,187506,917428,829-
時価総額311,529280,806253,112-
純有利子負債141,658226,111175,717-
PER(会予)10.4倍9.4倍8.2倍-
PBR1.0倍0.9倍0.8倍-
PER × PBR10.8倍8.6倍6.4倍-
EV/EBITDA(会予)7.0倍7.2倍5.8倍-
PSR(会予)0.3倍0.2倍0.2倍-
PCFR(会予)6.9倍5.7倍4.9倍-
配当金40.0円40.0円40.0円40.0円
配当利回り2.1%2.6%2.9%-
配当性向24.2%25.1%26.2%-
自己資本配当率2.3%2.3%2.3%-
ROE9.7%9.2%8.6%-
純利益率(再掲)2.5%2.2%2.5%-
総資産回転率1.4回1.3回1.1回-
財務レバレッジ3.0倍3.2倍3.1倍-
実質ROE9.6%9.1%--
ROIC6.5%5.8%5.9%-
ROA3.3%3.0%2.8%-
β1.221.271.26-
βの決定係数(R2)0.520.580.64-
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105,86582,42192,774-
売上債権131,625135,498123,030-
棚卸資産212,684287,282280,530-
有価証券5,0105,304--
前払金----
繰延税金資産6,531---
貸倒引当金-343-355--
流動資産572,101609,820636,059-
固定資産
建物・構築物78,30787,084--
機械・運搬具77,58876,357--
土地34,21639,51339,603-
建設仮勘定2,70011,7709,399-
有形固定資産153,113170,000179,446-
のれん15,76212,6517,588-
無形固定資産29,07126,55122,474-
投資有価証券131,470140,968--
繰延税金資産3,2794,945--
貸倒引当金-2,440-1,039--
敷金および保証金----
投資その他の資産149,398164,605--
固定資産331,581361,156368,709-
総資産903,682970,9761,004,768-
 
負債
有利子負債合計213,460285,143268,491-
仕入債務121,443119,660109,179-
前受金----
未払法人税等4,8304,902--
繰延税金負債(固定)17,00311,474--
負債558,043617,486647,704-
 
純資産
資本金32,67232,75232,786-
資本剰余金23,63722,247--
利益剰余金219,562241,427255,545-
自己株式-2,333-2,337--
非支配株主持分33,87335,03434,448-
純資産345,639353,489357,064-
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58,53856,618--
減価償却費13,72713,69614,388-
のれん償却額5,4486,4186,143-
減損損失5,727126389-
受取利息及び受取配当金-1,885-2,114--
売上債権の増減額-12,017-8,694--
棚卸資産の増減額-38,473-21,173--
仕入債務の増減額7526,118--
営業CF13,73240,68945,724-
投資CF
有価証券の取得-42,710-13,5560-
有価証券の売却・償還3,5078,9110-
固定資産の購入-17,010-23,043-25,154-
固定資産の売却3,2751,5840-
貸付け-148-1,342--
貸付金の回収1,0701,741--
投資CF-46,250-71,659-38,874-
財務CF
短期借入金の純増減額3,9738,817--
長期借入れ13,56025,789--
長期借入金の返済-20,665-10,648--
社債の発行30,00020,000--
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-7,085-7,295--
財務CF25,15611,5231,142-
換算差額-307-1,007--
その他
2018.32019.32020.32021.3E
設備投資額14,20217,027--
研究開発費1,9772,112--
発行済株式総数182,607,739株182,698,636株182,752,036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18,195人19,159人--
売上/従業員(千円)62,54267,161--
営利/従業員(千円)3,0332,914--
四半期売上(百万円)
売上5y CAGR・予想:-9.6 %
四半期利益(百万円)
営利5y CAGR・予想:-29.9 %
純利5y CAGR・予想:-43.6 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上228,661562,109856,5261,221,998249,274592,851906,9811,308,893235,009529,748802,7411,104,094744,000
前期比110.1%109.5%111.0%109.8%109.0%105.5%105.9%107.1%94.3%89.4%88.5%84.4%67.4%
売上原価193,494463,273708,9951,002,683210,943489,764751,8071,076,747185,468413,791627,342861,405-
売上総利益35,16798,836147,531219,31538,331103,086155,174232,14649,542115,957175,399242,689-
%15.4%17.6%17.2%17.9%15.4%17.4%17.1%17.7%21.1%21.9%21.9%22.0%-
販管費40,40582,773123,966166,29442,20185,782131,044182,89945,03090,965137,136191,312-
営業利益-5,23716,06323,56553,021-3,87117,30524,13049,2474,51224,99238,26351,37713,000
前期比103.6%97.5%103.6%98.2%73.9%107.7%102.4%92.9%-116.6%144.4%158.6%104.3%25.3%
%-2.9%2.8%4.3%-2.9%2.7%3.8%1.9%4.7%4.8%4.7%1.7%
受取利息および受取配当金8451,0591,7151,8859741,1851,9322,1147449821,745--
持分法による投資利益1,0881,7312,2513,0264397101,2021,7152458645,053--
営業外収益2,4044,3546,3888,3771,9173,0875,0056,5731,5663,1948,84013,485-
支払利息5107651,0981,3873717871,4632,0156981,4762,0762,706-
持分法による投資損失-------------
営業外費用9071,5652,3673,5327541,6622,6724,3841,0982,4974,0346,038-
経常利益-3,74118,85227,58657,865-2,70818,72926,46351,4364,97925,68943,07058,82415,000
固定資産売却益1729396223447186183245--
投資有価証券売却益8787118132-1,3844,2994,740-----
特別利益6,5686,5806,6226,658232,0575,0165,471183245105-
固定資産売却損102042820---135--
投資有価証券売却損-------------
減損損失-5,7395,7155,727-126126126---389-
特別損失425,8155,8495,985212032282891,6711,7361,9683,811-
税引前利益2,78519,61728,35958,538-2,70620,58331,25156,6183,32623,98541,14755,118-
法人税等-1,0916,3919,41919,906-1,0315,1238,16416,1921,0506,82811,15216,253-
%31.3%31.3%31.3%31.3%34.0%34.0%34.0%34.0%28.6%28.6%28.6%29.5%-
当期純利益3,87613,22618,94038,632-1,67415,46023,08740,4262,27717,15729,99538,865-
非支配株主に帰属する当期純利益1,1502,9214,8348,4971,8444,8257,51111,2661,7114,5667,381--
親会社株主に帰属する当期純利益2,72610,30514,10630,135-3,51810,63515,57629,16056512,59122,61427,8533,500
前期比-73.5%98.1%91.1%87.3%-129.1%103.2%110.4%96.8%-16.1%118.4%145.2%95.5%12.6%
%3.1%3.1%3.1%3.1%2.5%2.5%2.5%2.5%2.2%2.2%2.2%2.5%0.5%
 
EBITDA69,15069,15069,15069,15072,19672,19672,19672,19669,36169,36169,36171,90873,531
EPS169.9円169.9円165.0円165.0円159.7円159.6円159.6円159.6円152.5円152.4円152.4円152.4円169.6円
BPS1,540.9円1,608.8円1,641.4円1,706.6円1,623.8円1,716.9円1,678.0円1,742.3円1,681.3円1,719.6円1,754.0円1,764.7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)1,241,0001,241,0001,241,0001,241,0001,310,0001,310,0001,310,0001,310,0001,123,0001,123,0001,123,0001,123,000744,000
対実績比18.4%45.3%69.0%98.5%19.0%45.3%69.2%99.9%20.9%47.2%71.5%98.3%-
営業利益(期初予)50,50050,50050,50050,50054,50054,50054,50054,50052,50052,50052,50052,50013,000
対実績比-10.4%31.8%46.7%105.0%-7.1%31.8%44.3%90.4%8.6%47.6%72.9%97.9%-
純利益(期初予)33,00033,00033,00033,00031,50031,50031,50031,50030,00030,00030,00030,0003,500
対実績比8.3%31.2%42.7%91.3%-11.2%33.8%49.4%92.6%1.9%42.0%75.4%92.8%-
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1,766円1,760円2,016円1,706円1,677円1,975円1,440円1,537円1,291円1,436円1,615円1,385円-
企業価値425,726424,662438,324453,187400,998513,128444,338506,917402,328463,403496,114428,829-
時価総額313,306312,242357,659311,529306,233360,650263,082280,806235,864262,416295,127253,112-
純有利子負債112,420112,42080,665141,65894,765152,478181,256226,111166,464200,987200,987175,717-
PER(会予)9.5倍9.5倍11.9倍10.4倍9.7倍11.4倍8.4倍9.4倍7.9倍8.7倍9.8倍8.2倍-
PBR1.1倍1.1倍1.3倍1.0倍1.0倍1.2倍0.8倍0.9倍0.7倍0.8倍0.9倍0.8倍-
PER × PBR10.9倍10.8倍14.9倍10.8倍9.6倍13.9倍7.0倍8.6倍5.8倍7.3倍9.2倍6.4倍-
EV/EBITDA(会予)6.5倍6.5倍6.8倍7.0倍5.4倍7.0倍6.0倍7.2倍5.5倍6.4倍7.0倍5.8倍-
PSR(会予)0.3倍0.3倍0.3倍0.3倍0.2倍0.3倍0.2倍0.2倍0.2倍0.2倍0.3倍0.2倍-
PCFR(会予)6.5倍6.5倍7.9倍6.9倍6.0倍7.1倍5.2倍5.7倍4.7倍5.2倍5.9倍4.9倍-
配当金---40.0円---40.0円---40.0円40.0円
配当利回り2.0%2.0%1.7%2.1%2.4%2.0%2.8%2.6%3.1%2.8%2.5%2.9%-
配当性向---24.2%---25.1%---26.2%-
自己資本配当率2.6%2.5%2.4%2.3%2.5%2.3%2.4%2.3%2.4%2.3%2.3%2.3%-
ROE11.0%10.6%10.1%9.7%9.8%9.3%9.5%9.2%9.1%8.9%8.7%8.6%-
純利益率(再掲)1.2%1.8%1.6%2.5%-1.8%1.7%2.2%0.2%2.4%2.8%2.5%-
総資産回転率1.5回1.4回1.4回1.4回1.4回1.4回1.3回1.3回1.1回1.2回1.1回1.1回-
財務レバレッジ2.9倍2.9倍3.0倍3.0倍2.9倍3.1倍3.0倍3.2倍3.1倍3.1倍3.1倍3.1倍-
実質ROE11.0%10.5%10.0%9.6%9.8%9.2%9.4%9.1%9.0%8.8%8.6%--
ROIC7.4%7.1%6.5%6.5%6.1%6.1%5.6%5.8%6.0%6.2%6.0%5.9%-
ROA3.8%3.6%3.4%3.3%3.2%3.1%3.0%3.0%2.9%2.9%2.8%2.8%-
β1.221.211.211.221.291.271.321.271.311.331.351.26-
βの決定係数(R2)0.520.520.500.520.520.550.620.580.610.620.640.64-
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63,04297,19071,802105,86596,20446,08859,03282,42152,82753,43356,08392,774-
売上債権119,237119,237126,907131,625127,387127,738126,753135,498135,636126,549126,549123,030-
棚卸資産183,346183,346196,223212,684220,681230,767268,639287,282267,278274,481274,481280,530-
有価証券6,5005,0005,0105,0103063075,2985,3045,0155,5495,549--
前払金-------------
繰延税金資産8,9627,1235,9246,531---------
貸倒引当金-388-286-382-343-358-413-339-355-328-300-355--
流動資産500,494548,692553,841572,101574,577561,203625,171609,820610,079596,835620,537636,059-
固定資産
建物・構築物77,09976,95578,27278,30777,33488,79292,58387,08488,20188,38888,988--
機械・運搬具74,57272,56072,64577,58875,52875,53776,28976,35776,57975,11373,937--
土地34,12134,10334,19734,21634,03539,40640,00439,51339,70039,71840,42439,603-
建設仮勘定5,5696,0306,0372,7002,95910,05511,19311,77013,08014,86314,8289,399-
有形固定資産154,008150,842151,890153,113149,949172,347176,451170,000169,847171,745171,674179,446-
のれん24,30821,06817,26815,76215,75420,13518,00912,65110,9599,1958,9487,588-
無形固定資産35,10533,40930,17829,07128,47633,19931,00026,55124,64123,03722,95722,474-
投資有価証券88,25893,187137,274131,470131,840143,669131,673140,968139,739144,503148,528--
繰延税金資産3,8943,0993,1733,2795,7095,6245,0254,945-----
貸倒引当金-2,345-2,413-2,444-2,440-1,037-1,029-1,034-1,039-1,018-977-909--
敷金および保証金-------------
投資その他の資産106,233110,441154,529149,398151,993164,179152,427164,605161,636167,322171,811--
固定資産295,346294,692336,597331,581330,418369,725359,878361,156356,124362,104366,442368,709-
総資産795,840843,384890,438903,682904,995930,928985,049970,976966,202958,939986,9791,004,768-
 
負債
有利子負債合計175,462175,462177,855213,460200,630248,682227,344285,143248,885254,420254,420268,491-
仕入債務108,193108,193117,510121,443111,587108,035109,152119,660118,547111,381111,381109,179-
前受金-------------
未払法人税等2,4423,7001,7174,8301,5662,7711,7044,9021,4514,1451,561--
繰延税金負債(固定)12,62314,30017,18217,00311,80614,85610,27211,474-----
負債496,071529,645559,127558,043575,934579,632638,427617,486626,196611,396631,559647,704-
 
純資産
資本金27,67227,67232,67232,67232,67232,75032,75132,75232,75232,77932,77932,786-
資本剰余金18,63718,63723,63723,63723,63723,71523,71622,24722,24822,27322,273--
利益剰余金195,695203,274203,533219,562212,397226,550227,843241,427231,907243,933250,306255,545-
自己株式-281-281-2,332-2,333-2,334-2,335-2,336-2,337-2,338-2,338-2,339--
非支配株主持分26,30528,21831,46333,87332,40337,49239,92735,03432,70333,17334,76234,448-
純資産299,769313,738331,310345,639329,061351,296346,622353,489340,006347,543355,420357,064-
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2,78519,61728,35958,538-2,70620,58331,25156,6183,32623,98541,147--
減価償却費-7,114-13,727-6,378-13,696-6,758-14,388-
のれん償却額-2,646-5,448-2,982-6,418-3,227-6,143-
減損損失-5,7395,7155,727-126126126---389-
受取利息及び受取配当金--1,059--1,885--1,185--2,114--983---
売上債権の増減額--8,604--12,017-1,045--8,694--6,966---
棚卸資産の増減額--30,021--38,473--29,512--21,173--14,364---
仕入債務の増減額--3,446-752--9,125-6,118--7,579---
営業CF--10,071-13,732--12,683-40,689--8,132-45,724-
投資CF
有価証券の取得0-2,2730-42,7100-2,0850-13,5560-6,60500-
有価証券の売却・償還018303,50702,99908,911030000-
固定資産の購入0-7,3190-17,0100-10,0800-23,0430-12,6550-25,154-
固定資産の売却01,39403,275082101,58402,10900-
貸付け--53--148--28--1,342--25---
貸付金の回収-500-1,070-1,730-1,741-219---
投資CF--1,065--46,250--53,257--71,659--17,246--38,874-
財務CF
短期借入金の純増減額-10,137-3,973-561-8,817--8,720---
長期借入れ-894-13,560-24,043-25,789-30,138---
長期借入金の返済--5,382--20,665--2,470--10,648--14,395---
社債の発行---30,000---20,000-----
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--3,543--7,085--3,646--7,295--3,648---
財務CF--20-25,156-4,043-11,523--2,730-1,142-
換算差額--346--307--1,224--1,007--740---
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---14,202---17,027-----
研究開発費---1,977---2,112-----
発行済株式総数177,410,239株177,410,239株182,607,739株182,607,739株182,607,739株182,695,936株182,697,736株182,698,636株182,699,536株182,741,236株182,741,236株182,752,036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---18,195人---19,159人-----
売上/従業員(千円)62,54262,54262,54262,54267,16167,16167,16167,16168,31768,31768,317--
営利/従業員(千円)3,0333,0333,0333,0332,9142,9142,9142,9142,5702,5702,570--