通期売上(百万円)
売上5y CAGR・予想:1.0 %
通期利益(百万円)
営利5y CAGR・予想:-14.0 %
純利5y CAGR・予想:-15.1 %
P/L
2018.32019.32020.32021.3E
売上3,795,9924,143,5054,380,2093,650,000
前期比108.1%109.2%105.7%83.3%
売上原価3,002,1603,300,7383,510,002-
売上総利益793,832842,767870,206-
%20.9%20.3%19.9%-
販管費446,690470,571489,091-
営業利益347,141372,195381,114170,000
前期比111.9%107.2%102.4%44.6%
%9.1%9.0%8.7%4.7%
受取利息および受取配当金7,2208,443--
持分法による投資利益----
営業外収益14,63316,04716,730-
支払利息5,5447,5048,982-
持分法による投資損失6213,080--
営業外費用17,18028,78030,175-
経常利益344,593359,462367,669164,000
固定資産売却益1,8991,207--
投資有価証券売却益13,2882,617--
特別利益15,3585,0333,285-
固定資産売却損69560--
投資有価証券売却損133,784--
減損損失11,8016,32817,062-
特別損失13,63612,26521,271-
税引前利益346,315352,230349,683-
法人税等106,412110,198112,327-
%31.2%30.7%32.1%-
当期純利益239,903242,031237,356-
非支配株主に帰属する当期純利益3,5464,592--
親会社株主に帰属する当期純利益236,357237,439233,603105,000
前期比117.2%100.5%98.4%44.9%
%5.7%6.2%5.3%2.9%
 
EBITDA369,689411,304456,321458,207
EPS354.8円356.4円350.6円379.7円
BPS2,213.2円2,395.5円2,592.2円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)3,750,0004,000,0004,250,0003,650,000
対実績比101.2%103.6%103.1%-
営業利益(期初予)320,000354,000378,000170,000
対実績比108.5%105.1%100.8%-
純利益(期初予)210,000237,000252,000105,000
対実績比112.6%100.2%92.7%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価4,100円3,519円2,678円-
企業価値3,418,2643,085,9562,629,149-
時価総額2,731,5772,344,4921,783,853-
純有利子負債686,687741,464845,296-
PER(会予)12.6倍9.8倍7.1倍-
PBR1.9倍1.5倍1.0倍-
PER × PBR24.1倍14.8倍7.3倍-
EV/EBITDA(会予)8.9倍7.4倍5.7倍-
PSR(会予)0.7倍0.6倍0.4倍-
PCFR(会予)9.9倍7.7倍5.4倍-
配当金107.0円114.0円115.0円115.0円
配当利回り2.2%3.0%4.3%-
配当性向30.2%32.0%32.8%-
自己資本配当率4.8%4.8%4.4%-
ROE16.0%14.9%13.5%-
純利益率(再掲)6.2%5.7%5.3%-
総資産回転率0.9回1.0回0.9回-
財務レバレッジ2.8倍2.8倍2.7倍-
実質ROE16.0%14.8%--
ROIC10.5%10.8%9.4%-
ROA5.9%5.5%5.0%-
β1.000.730.66-
βの決定係数(R2)0.450.290.26-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2018.32019.32020.32021.3E
流動資産
現金330,806279,859281,434-
売上債権000-
棚卸資産697,217863,8261,033,553-
有価証券2,040891--
前払金----
繰延税金資産44,745---
貸倒引当金-8,836-8,665--
流動資産1,774,7561,921,0432,103,866-
固定資産
建物・構築物970,7621,024,832--
機械・運搬具143,149151,313--
土地776,342811,205857,587-
建設仮勘定72,67189,730134,361-
有形固定資産1,501,4991,608,5481,721,717-
のれん60,91672,89863,457-
無形固定資産103,768124,639118,172-
投資有価証券250,522224,689--
繰延税金資産91,070157,498--
貸倒引当金-2,806-2,669--
敷金および保証金222,053229,790--
投資その他の資産655,247679,804--
固定資産2,260,5152,412,9932,523,522-
総資産4,035,2724,334,0374,627,388-
 
負債
有利子負債合計940,7211,003,3401,126,730-
仕入債務363,245397,4380-
前受金61,59755,700--
未払法人税等61,82669,944--
繰延税金負債(固定)----
負債2,521,6872,690,3202,853,999-
 
純資産
資本金161,699161,699161,699-
資本剰余金311,910310,879--
利益剰余金903,5501,066,7051,217,407-
自己株式-4,630-8,316--
非支配株主持分38,92947,61046,292-
純資産1,513,5851,643,7171,773,388-
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346,315352,230--
減価償却費64,16371,02075,207-
のれん償却額----
減損損失11,8016,32817,062-
受取利息及び受取配当金-7,221-8,444--
売上債権の増減額-43,227-28,075--
棚卸資産の増減額-53,320-71,573--
仕入債務の増減額94,32849,758--
営業CF382,365355,599149,651-
投資CF
有価証券の取得-16,324-19,4240-
有価証券の売却・償還24,83412,6320-
固定資産の購入-276,941-255,9400-
固定資産の売却10,6519,4960-
貸付け----
貸付金の回収----
投資CF-313,664-313,989-317,273-
財務CF
短期借入金の純増減額-20,7265,070--
長期借入れ106,65885,919--
長期借入金の返済-94,901-80,583--
社債の発行107,535---
社債の償還-85-20,100--
自己株式の取得-26-7,982--
自己株式の売却3,8354,240--
配当金の支払-64,618-74,612--
財務CF41,804-86,979169,128-
換算差額2,316-4,463--
その他
2018.32019.32020.32021.3E
設備投資額232,490227,585--
研究開発費8,7869,681--
発行済株式総数666,238,205株666,238,205株666,238,205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42,460人44,947人--
売上/従業員(千円)88,33189,402--
営利/従業員(千円)7,7978,176--
四半期売上(百万円)
売上5y CAGR・予想:1.0 %
四半期利益(百万円)
営利5y CAGR・予想:-14.0 %
純利5y CAGR・予想:-15.1 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上817,4391,809,7392,695,8823,795,992902,3961,983,3262,951,5874,143,5051,017,9362,179,3893,163,3554,380,2093,650,000
前期比102.4%106.5%107.2%108.1%110.4%109.6%109.5%109.2%112.8%109.9%107.2%105.7%83.3%
売上原価639,5461,411,6282,117,9813,002,160716,1341,564,5402,341,3213,300,738809,4441,733,2502,516,8933,510,002-
売上総利益177,892398,110577,900793,832186,261418,785610,266842,767208,492446,138646,462870,206-
%21.8%22.0%21.4%20.9%20.6%21.1%20.7%20.3%20.5%20.5%20.4%19.9%-
販管費105,065217,643325,709446,690110,929229,199342,358470,571116,092236,813356,764489,091-
営業利益72,827180,467252,191347,14175,332189,586267,908372,19592,399209,324289,697381,114170,000
前期比118.0%123.9%120.4%111.9%103.4%105.1%106.2%107.2%122.7%110.4%108.1%102.4%44.6%
%8.9%10.0%9.4%9.1%8.3%9.6%9.1%9.0%9.1%9.6%9.2%8.7%4.7%
受取利息および受取配当金2,6203,5916,0537,2203,0674,7177,3358,4433,0824,4886,974--
持分法による投資利益-370763-----1949263--
営業外収益4,4237,68312,34914,6334,7318,74713,09416,0475,0348,51212,25616,730-
支払利息1,2762,4923,9705,5441,6963,5515,4887,5042,3064,2146,5108,982-
持分法による投資損失57--622313610613,080-----
営業外費用2,9667,10210,44217,1803,0036,59310,12528,7804,0049,92513,65830,175-
経常利益74,284181,049254,097344,59377,059191,741270,877359,46293,429207,910288,295367,669164,000
固定資産売却益5257027261,899292996721,2074214281,081--
投資有価証券売却益10347290513,28809091,5622,617168386386--
特別利益6281,2061,66215,3585531,7712,8045,0336228483,0153,285-
固定資産売却損11266369625388560154043--
投資有価証券売却損--13132551,2781,2783,7841113171--
減損損失-24648511,801--296,328--817,062-
特別損失1707441,55613,6364142,4603,12612,2651741,3102,29921,271-
税引前利益74,743181,510254,204346,31577,199191,052270,554352,23093,877207,448289,011349,683-
法人税等23,99657,30477,008106,41224,61358,69782,606110,19827,45458,01790,826112,327-
%31.2%31.2%31.2%31.2%30.7%30.7%30.7%30.7%31.3%31.3%31.3%32.1%-
当期純利益50,747124,205177,196239,90352,585132,354187,948242,03166,422149,431198,185237,356-
非支配株主に帰属する当期純利益1046651,7833,5461748733,6054,5921,3532,0412,489--
親会社株主に帰属する当期純利益50,642123,539175,412236,35752,410131,481184,343237,43965,068147,390195,695233,603105,000
前期比127.4%128.6%123.4%117.2%103.5%106.4%105.1%100.5%124.2%112.1%106.2%98.4%44.9%
%5.7%5.7%5.7%5.7%6.2%6.2%6.2%6.2%5.7%5.7%5.7%5.3%2.9%
 
EBITDA369,689369,689369,689369,689411,304411,304411,304411,304443,215443,215443,215456,321458,207
EPS354.8円354.8円354.8円354.8円356.4円356.4円356.4円356.4円350.6円350.6円350.6円350.6円379.7円
BPS1,979.7円2,088.4円2,148.8円2,213.2円2,212.8円2,315.6円2,322.3円2,395.5円2,428.7円2,543.8円2,553.3円2,592.2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)3,750,0003,750,0003,750,0003,750,0004,000,0004,000,0004,000,0004,000,0004,250,0004,250,0004,250,0004,250,0003,650,000
対実績比21.8%48.3%71.9%101.2%22.6%49.6%73.8%103.6%24.0%51.3%74.4%103.1%-
営業利益(期初予)320,000320,000320,000320,000354,000354,000354,000354,000378,000378,000378,000378,000170,000
対実績比22.8%56.4%78.8%108.5%21.3%53.6%75.7%105.1%24.4%55.4%76.6%100.8%-
純利益(期初予)210,000210,000210,000210,000237,000237,000237,000237,000252,000252,000252,000252,000105,000
対実績比24.1%58.8%83.5%112.6%22.1%55.5%77.8%100.2%25.8%58.5%77.7%92.7%-
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3,838円3,885円4,327円4,100円3,776円3,368円3,498円3,519円3,141円3,506円3,390円2,678円-
企業価値3,168,9473,200,2603,385,5933,418,2643,002,5262,854,1672,874,8753,085,9562,644,2213,085,1063,007,8232,629,149-
時価総額2,557,0222,588,3352,882,8132,731,5772,515,7152,243,8902,330,5012,344,4922,092,6542,335,8312,258,5481,783,853-
純有利子負債611,925611,925502,780686,687486,811610,277544,374741,464551,567749,275749,275845,296-
PER(会予)12.2倍12.3倍13.3倍12.6倍10.6倍9.5倍9.7倍9.8倍8.3倍9.3倍8.9倍7.1倍-
PBR1.9倍2.0倍2.1倍1.9倍1.7倍1.5倍1.5倍1.5倍1.3倍1.4倍1.3倍1.0倍-
PER × PBR23.6倍24.2倍27.7倍24.1倍18.1倍14.4倍14.7倍14.8倍10.9倍12.8倍11.9倍7.3倍-
EV/EBITDA(会予)8.3倍8.5倍8.8倍8.9倍7.2倍6.8倍6.9倍7.4倍5.9倍6.9倍6.6倍5.7倍-
PSR(会予)0.7倍0.7倍0.8倍0.7倍0.6倍0.6倍0.6倍0.6倍0.5倍0.5倍0.5倍0.4倍-
PCFR(会予)9.5倍9.6倍10.5倍9.9倍8.4倍7.5倍7.7倍7.7倍6.5倍7.2倍7.0倍5.4倍-
配当金---107.0円---114.0円---115.0円115.0円
配当利回り2.4%2.4%2.1%2.2%2.8%3.2%3.1%3.0%3.6%3.3%3.4%4.3%-
配当性向---30.2%---32.0%---32.8%-
自己資本配当率5.4%5.1%5.0%4.8%5.2%4.9%4.9%4.8%4.7%4.5%4.5%4.4%-
ROE17.9%17.0%16.5%16.0%16.1%15.4%15.3%14.9%14.4%13.8%13.7%13.5%-
純利益率(再掲)6.2%6.8%6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%-
総資産回転率1.1回1.0回1.0回0.9回1.0回1.0回1.0回1.0回1.0回1.0回0.9回0.9回-
財務レバレッジ2.7倍2.7倍2.7倍2.8倍2.7倍2.7倍2.7倍2.8倍2.7倍2.6倍2.6倍2.7倍-
実質ROE17.8%16.9%16.5%16.0%16.1%15.4%15.3%14.8%14.4%13.7%13.7%--
ROIC11.5%11.5%10.1%10.5%11.4%11.1%10.3%10.8%10.5%10.0%9.1%9.4%-
ROA6.6%6.3%6.0%5.9%5.9%5.7%5.6%5.5%5.4%5.2%5.0%5.0%-
β1.051.060.981.000.820.850.750.730.630.620.580.66-
βの決定係数(R2)0.480.480.430.450.370.330.310.290.230.220.190.26-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金155,608203,796254,034330,806221,040268,136261,876279,859227,553236,776282,928281,434-
売上債権000000000000-
棚卸資産627,646627,646630,039697,217724,978772,246811,339863,826875,392926,316926,3161,033,553-
有価証券2,0162,0202,0302,0401,990-8888918,89414,34213,446--
前払金-------------
繰延税金資産---44,745---------
貸倒引当金-7,702-8,148-8,463-8,836-8,811-8,810-8,465-8,665-8,461-8,453-8,751--
流動資産1,365,9461,487,7901,639,6351,774,7561,665,6071,785,1821,881,1571,921,0431,858,2841,954,7612,073,1872,103,866-
固定資産
建物・構築物916,521956,261972,231970,762992,9411,004,1201,023,1131,024,8321,064,4651,057,7311,096,710--
機械・運搬具---143,149---151,313-----
土地805,895809,338813,637776,342790,976793,707816,428811,205832,928839,701858,538857,587-
建設仮勘定---72,671---89,730---134,361-
有形固定資産1,485,0441,523,9541,533,3781,501,4991,543,8731,551,2691,602,6191,608,5481,675,5171,691,5841,756,7571,721,717-
のれん60,71859,13961,99960,91684,70486,09683,34772,89871,71869,74473,72163,457-
無形固定資産98,52197,174100,371103,768127,426130,438130,141124,639124,290122,648128,395118,172-
投資有価証券267,224266,214285,064250,522250,589233,422215,722224,689214,751225,880232,587--
繰延税金資産---91,070---157,498-----
貸倒引当金-2,680-2,780-2,842-2,806-2,880-3,012-2,668-2,669-2,646-2,598-2,461--
敷金および保証金216,693218,586221,637222,053222,247226,227226,775229,790232,551234,848238,928--
投資その他の資産655,594659,886679,392655,247686,838681,035662,500679,804663,370685,551680,733--
固定資産2,239,1602,281,0152,313,1422,260,5152,358,1382,362,7432,395,2602,412,9932,463,1782,499,7842,565,8862,523,522-
総資産3,605,1073,768,8053,952,7774,035,2724,023,7464,147,9254,276,4184,334,0374,321,4634,454,5454,639,0734,627,388-
 
負債
有利子負債合計767,533767,533706,576940,721817,617831,317812,5101,003,340831,426986,051986,0511,126,730-
仕入債務318,231318,231428,968363,245479,451427,222476,393397,438530,472326,005326,0050-
前受金55,42459,23564,61261,59760,39355,46970,16955,70057,36959,85860,872--
未払法人税等7,25150,39717,31061,8269,97756,01919,59569,94413,29857,62519,189--
繰延税金負債(固定)-------------
負債2,257,8732,348,6842,488,9402,521,6872,508,8452,558,6542,679,2002,690,3202,658,7952,716,7912,894,1152,853,999-
 
純資産
資本金161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699-
資本剰余金311,703311,705311,953311,910311,666311,462311,490310,879310,450307,095307,097--
利益剰余金746,216818,944840,801903,550914,635993,6591,013,1071,066,7051,085,5351,167,7691,179,4821,217,407-
自己株式-7,924-6,336-5,130-4,630-4,129-2,429-8,681-8,316-8,214-7,495-7,412--
非支配株主持分28,14928,62332,11538,92940,52646,42849,90347,61044,43142,84143,74346,292-
純資産1,347,2331,420,1211,463,8371,513,5851,514,9001,589,2711,597,2171,643,7171,662,6681,737,7531,744,9581,773,388-
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74,743181,510254,204346,31577,199191,052270,554352,23093,877207,448289,011--
減価償却費-30,517-64,163-33,926-71,020-36,864-75,207-
のれん償却額-------------
減損損失-24648511,801--296,328--817,062-
受取利息及び受取配当金--3,592--7,221--4,717--8,444--4,488---
売上債権の増減額-9,641--43,227-256--28,075--38,257---
棚卸資産の増減額--19,783--53,320--62,774--71,573--19,995---
仕入債務の増減額-42,101-94,328--7,944-49,758--221,592---
営業CF-179,040-382,365-107,602-355,599--45,129-149,651-
投資CF
有価証券の取得0-9,8390-16,3240-8,4080-19,4240-10,01700-
有価証券の売却・償還04,432024,83407,594012,63201,32400-
固定資産の購入0-151,0790-276,9410-113,9000-255,9400-135,11200-
固定資産の売却05,342010,65101,15009,49601,00200-
貸付け-------------
貸付金の回収-------------
投資CF--200,892--313,664--165,042--313,989--162,922--317,273-
財務CF
短期借入金の純増減額--25,217--20,726-24,931-5,070-35,801---
長期借入れ-90,566-106,658-42,663-85,919-168,388---
長期借入金の返済--69,282--94,901--40,513--80,583--95,171---
社債の発行-35,524-107,535-----150,000---
社債の償還--34--85--48--20,100--45,000---
自己株式の取得--9--26--7--7,982--2---
自己株式の売却-2,120-3,835-2,204-4,240-740---
配当金の支払--34,640--64,618--41,303--74,612--42,490---
財務CF--1,066-41,804--6,461--86,979-158,528-169,128-
換算差額-1,535-2,316--2,285--4,463--2,757---
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---232,490---227,585-----
研究開発費---8,786---9,681-----
発行済株式総数666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205株666,238,205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---42,460人---44,947人-----
売上/従業員(千円)88,33188,33188,33188,33189,40289,40289,40289,40292,18692,18692,186--
営利/従業員(千円)7,7977,7977,7977,7978,1768,1768,1768,1768,2818,2818,281--