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7,2208,4437,586-
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6213,0806,972-
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1,8991,2071,285-
投資有価証券売却益13,2882,617454-
特別利益15,3585,0333,285-
固定資産売却損69560164-
投資有価証券売却損133,7841,630-
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-
%30.7%31.3%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3,5464,5923,753-
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%
%6.2%5.7%5.3%2.9%
 
EBITDA411,304443,215456,321-
EPS355.6円357.7円351.8円381.0円
BPS2,218.2円2,404.3円2,600.8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3,411,5313,076,9872,623,208-
時価総額2,724,8442,335,5231,777,912-
純有利子負債486,811551,567845,296-
PER(会予)12.6倍9.7倍7.0倍-
PBR1.9倍1.5倍1.0倍-
PER × PBR24.0倍14.7倍7.2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30.1%31.9%32.7%-
自己資本配当率4.8%4.7%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2.7倍2.7倍2.7倍-
実質ROE16.0%14.8%13.5%-
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-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(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724,978875,3921,042,537-
有価証券2,040891814-
前払金----
繰延税金資産44,745---
貸倒引当金-8,836-8,665-9,016-
流動資産1,730,0101,921,0432,103,866-
固定資産
建物・構築物970,7621,024,8321,044,914-
機械・運搬具143,149151,313155,029-
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250,522224,689207,219-
繰延税金資産135,603157,498--
貸倒引当金-2,806-2,669-2,315-
敷金および保証金222,053229,790241,030-
投資その他の資産699,780679,804683,632-
固定資産2,305,0482,412,9932,523,522-
総資産4,035,0594,334,0374,627,388-
 
負債
有利子負債合計817,617831,4261,126,730-
仕入債務479,451530,472360,338-
前受金61,59755,70077,071-
未払法人税等61,82669,94458,980-
繰延税金負債(固定)----
負債2,521,4742,690,3202,853,999-
 
純資産
資本金161,699161,699161,699-
資本剰余金311,910310,879307,154-
利益剰余金903,5501,066,7051,217,407-
自己株式-4,630-8,316-7,588-
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)
C/S
2018.32019.32020.32021.3E
営業CF
税金等調整前当期純利益346,315352,230349,683-
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-7,221-8,444-7,587-
売上債権の増減額-43,227-28,075-42,234-
棚卸資産の増減額-53,320-71,573-37,157-
仕入債務の増減額94,32849,758-188,431-
営業CF382,365355,599149,651-
投資CF
有価証券の取得-16,324-19,424-19,059-
有価証券の売却・償還24,83412,6327,649-
固定資産の購入-276,941-255,940-291,468-
固定資産の売却10,6519,49612,059-
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-20,7265,07013,656-
長期借入れ106,65885,919275,988-
長期借入金の返済-94,901-80,583-129,617-
社債の発行107,535-150,000-
社債の償還-85-20,100-95,000-
自己株式の取得-26-7,982-244-
自己株式の売却3,8354,240870-
配当金の支払-64,618-74,612-79,016-
財務CF41,804-86,979169,128-
換算差額2,316-4,463-1,737-
その他
2018.32019.32020.32021.3E
設備投資額284,590293,151373,851-
研究開発費8,7869,68110,128-
発行済株式総数664,755,712株663,801,244株664,019,434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47,133人-
売上/従業員(千円)89,40292,18692,933-
営利/従業員(千円)8,1768,2818,086-
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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上1,809,7392,695,8823,795,992902,3961,983,3262,951,5874,143,5051,017,9362,179,3893,163,3554,380,209892,9813,650,000
前期比106.5%107.2%108.1%110.4%109.6%109.5%109.2%112.8%109.9%107.2%105.7%87.7%83.3%
売上原価1,411,6282,117,9813,002,160716,1341,564,5402,341,3213,300,738809,4441,733,2502,516,8933,510,002721,218-
売上総利益398,110577,900793,832186,261418,785610,266842,767208,492446,138646,462870,206171,763-
%22.0%21.4%20.9%20.6%21.1%20.7%20.3%20.5%20.5%20.4%19.9%19.2%-
販管費217,643325,709446,690110,929229,199342,358470,571116,092236,813356,764489,091110,295-
営業利益180,467252,191347,14175,332189,586267,908372,19592,399209,324289,697381,11461,468170,000
前期比123.9%120.4%111.9%103.4%105.1%106.2%107.2%122.7%110.4%108.1%102.4%66.5%44.6%
%10.0%9.4%9.1%8.3%9.6%9.1%9.0%9.1%9.6%9.2%8.7%6.9%4.7%
受取利息および受取配当金3,5916,0537,2203,0674,7177,3358,4433,0824,4886,9747,586--
持分法による投資利益370763-----1949263---
営業外収益7,68312,34914,6334,7318,74713,09416,0475,0348,51212,25616,7304,781-
支払利息2,4923,9705,5441,6963,5515,4887,5042,3064,2146,5108,9822,368-
持分法による投資損失--622313610613,080---6,972--
営業外費用7,10210,44217,1803,0036,59310,12528,7804,0049,92513,65830,1754,833-
経常利益181,049254,097344,59377,059191,741270,877359,46293,429207,910288,295367,66961,415164,000
固定資産売却益7027261,899292996721,2074214281,0811,285--
投資有価証券売却益47290513,28809091,5622,617168386386454--
特別利益1,2061,66215,3585531,7712,8045,0336228483,0153,285238-
固定資産売却損266369625388560154043164--
投資有価証券売却損1313132551,2781,2783,78411131711,630--
減損損失24648511,801--296,328--817,0627-
特別損失7441,55613,6364142,4603,12612,2651741,3102,29921,2718,058-
税引前利益181,510254,204346,31577,199191,052270,554352,23093,877207,448289,011349,68353,595-
法人税等57,30477,008106,41224,61358,69782,606110,19827,45458,01790,826112,32720,304-
%31.6%30.3%30.7%31.9%30.7%30.5%31.3%29.2%28.0%31.4%32.1%37.9%-
当期純利益124,205177,196239,90352,585132,354187,948242,03166,422149,431198,185237,35633,290-
非支配株主に帰属する当期純利益6651,7833,5461748733,6054,5921,3532,0412,4893,753--
親会社株主に帰属する当期純利益123,539175,412236,35752,410131,481184,343237,43965,068147,390195,695233,60332,933105,000
前期比128.6%123.4%117.2%103.5%106.4%105.1%100.5%124.2%112.1%106.2%98.4%50.6%44.9%
%6.8%6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%2.9%
 
EBITDA210,984252,191411,30475,332223,512267,908443,21592,399246,188289,697456,32161,468-
EPS355.8円355.6円355.6円357.1円356.8円357.8円357.7円351.9円351.8円351.8円351.8円354.7円159.4円
BPS2,094.8円2,154.1円2,218.2円2,217.2円2,318.3円2,331.2円2,404.3円2,437.6円2,552.2円2,561.6円2,600.8円2,582.8円-
期初会社予想
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上高(期初予)3,750,0003,750,0003,750,0004,000,0004,000,0004,000,0004,000,0004,250,0004,250,0004,250,0004,250,0003,650,0003,650,000
対実績比48.3%71.9%101.2%22.6%49.6%73.8%103.6%24.0%51.3%74.4%103.1%24.5%-
営業利益(期初予)320,000320,000320,000354,000354,000354,000354,000378,000378,000378,000378,000170,000170,000
対実績比56.4%78.8%108.5%21.3%53.6%75.7%105.1%24.4%55.4%76.6%100.8%36.2%-
純利益(期初予)210,000210,000210,000237,000237,000237,000237,000252,000252,000252,000252,000105,000105,000
対実績比58.8%83.5%112.6%22.1%55.5%77.8%100.2%25.8%58.5%77.7%92.7%31.4%-
配当
ROEデュポン分解
β
マルチプル
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
株価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2,542円-
企業価値3,190,4493,376,8503,411,5312,996,9292,849,7062,872,1263,076,9872,636,5673,077,4323,000,4032,623,2082,705,413-
時価総額2,578,5242,874,0702,724,8442,510,1182,239,4292,327,7522,335,5232,085,0002,328,1572,251,1281,777,9121,674,046-
純有利子負債502,780686,687486,811610,277544,374741,464551,567725,362749,275964,391845,2961,031,367-
PER(会予)12.3倍13.3倍12.6倍10.6倍9.4倍9.7倍9.7倍8.3倍9.2倍8.9倍7.0倍15.9倍-
PBR2.0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1.0倍-
PER × PBR24.0倍27.5倍24.0倍18.0倍14.4倍14.6倍14.7倍10.8倍12.7倍11.8倍7.2倍15.7倍-
EV/EBITDA(会予)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11.0倍-
PSR(会予)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0.5倍-
PCFR(会予)9.6倍10.4倍9.9倍8.3倍7.4倍7.7倍7.7倍6.5倍7.2倍6.9倍5.4倍9.3倍-
配当金--107.0円---114.0円---115.0円-90.0円
配当利回り2.4%2.1%2.2%2.8%3.2%3.1%3.0%3.6%3.3%3.4%4.3%4.5%-
配当性向--30.1%---31.9%---32.7%--
自己資本配当率5.1%5.0%4.8%5.1%4.9%4.9%4.7%4.7%4.5%4.5%4.4%4.5%-
ROE17.0%16.5%16.0%16.1%15.4%15.3%14.9%14.4%13.8%13.7%13.5%13.7%-
純利益率(再掲)6.8%6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%-
総資産回転率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0.9回-
財務レバレッジ2.7倍2.8倍2.7倍2.7倍2.7倍2.8倍2.7倍2.7倍2.6倍2.7倍2.7倍2.8倍-
実質ROE16.9%16.5%16.0%16.1%15.4%15.3%14.8%14.4%13.7%13.7%13.5%--
ROIC11.5%10.1%10.5%11.4%11.1%10.3%10.8%10.5%10.0%9.1%9.4%8.7%-
ROA6.3%6.0%5.9%5.9%5.7%5.6%5.5%5.4%5.2%5.0%5.0%4.8%-
β1.060.981.000.820.850.750.730.630.620.580.660.56-
βの決定係数(R2)0.480.430.450.370.330.310.290.230.220.190.260.23-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(百万円)
B/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
流動資産
現金203,796254,034330,806221,040268,136261,876279,859227,553236,776282,928281,434340,534-
売上債権000000000000-
棚卸資産630,039697,217724,978772,246811,339863,826875,392897,764926,316982,5991,042,5371,094,896-
有価証券2,0202,0302,0401,990-8888918,89414,34213,446814--
前払金-------------
繰延税金資産--44,745----------
貸倒引当金-8,148-8,463-8,836-8,811-8,810-8,465-8,665-8,461-8,453-8,751-9,016--
流動資産1,487,7901,639,6351,730,0101,665,6071,785,1821,881,1571,921,0431,858,2841,954,7612,073,1872,103,8662,210,115-
固定資産
建物・構築物956,261972,231970,762992,9411,004,1201,023,1131,024,8321,064,4651,057,7311,096,7101,044,914--
機械・運搬具--143,149---151,313---155,029--
土地809,338813,637776,342790,976793,707816,428811,205832,928839,701858,538857,587903,178-
建設仮勘定--72,671---89,730---134,361--
有形固定資産1,523,9541,533,3781,501,4991,543,8731,551,2691,602,6191,608,5481,675,5171,691,5841,756,7571,721,7171,801,451-
のれん59,13961,99960,91684,70486,09683,34772,89871,71869,74473,72163,45768,467-
無形固定資産97,174100,371103,768127,426130,438130,141124,639124,290122,648128,395118,172123,911-
投資有価証券266,214285,064250,522250,589233,422215,722224,689214,751225,880232,587207,219--
繰延税金資産--135,603---157,498------
貸倒引当金-2,780-2,842-2,806-2,880-3,012-2,668-2,669-2,646-2,598-2,461-2,315--
敷金および保証金218,586221,637222,053222,247226,227226,775229,790232,551234,848238,928241,030--
投資その他の資産659,886679,392699,780686,838681,035662,500679,804663,370685,551680,733683,632--
固定資産2,281,0152,313,1422,305,0482,358,1382,362,7432,395,2602,412,9932,463,1782,499,7842,565,8862,523,5222,614,645-
総資産3,768,8053,952,7774,035,0594,023,7464,147,9254,276,4184,334,0374,321,4634,454,5454,639,0734,627,3884,824,760-
 
負債
有利子負債合計706,576940,721817,617831,317812,5101,003,340831,426952,915986,0511,247,3191,126,7301,371,901-
仕入債務428,968363,245479,451427,222476,393397,438530,472360,943326,005309,019360,3380-
前受金59,23564,61261,59760,39355,46970,16955,70057,36959,85860,87277,071--
未払法人税等50,39717,31061,8269,97756,01919,59569,94413,29857,62519,18958,980--
繰延税金負債(固定)-------------
負債2,348,6842,488,9402,521,4742,508,8452,558,6542,679,2002,690,3202,658,7952,716,7912,894,1152,853,9993,076,077-
 
純資産
資本金161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699-
資本剰余金311,705311,953311,910311,666311,462311,490310,879310,450307,095307,097307,154--
利益剰余金818,944840,801903,550914,635993,6591,013,1071,066,7051,085,5351,167,7691,179,4821,217,4071,210,249-
自己株式-6,336-5,130-4,630-4,129-2,429-8,681-8,316-8,214-7,495-7,412-7,588--
非支配株主持分28,62332,11538,92940,52646,42849,90347,61044,43142,84143,74346,29247,686-
純資産1,420,1211,463,8371,513,5851,514,9001,589,2711,597,2171,643,7171,662,6681,737,7531,744,9581,773,3881,748,683-
キャッシュフロー(百万円)
C/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
営業CF
税金等調整前当期純利益181,510254,204346,31577,199191,052270,554352,23093,877207,448289,011349,683--
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--817,0627-
受取利息及び受取配当金-3,592--7,221--4,717--8,444--4,488--7,587--
売上債権の増減額9,641--43,227-256--28,075--38,257--42,234--
棚卸資産の増減額-19,783--53,320--62,774--71,573--19,995--37,157--
仕入債務の増減額42,101-94,328--7,944-49,758--221,592--188,431--
営業CF179,040-382,365-107,602-355,599--45,129-149,651--
投資CF
有価証券の取得-9,8390-16,3240-8,4080-19,4240-10,0170-19,0590-
有価証券の売却・償還4,432024,83407,594012,63201,32407,6490-
固定資産の購入-151,0790-276,9410-113,9000-255,9400-135,1120-291,4680-
固定資産の売却5,342010,65101,15009,49601,002012,0590-
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--20,726-24,931-5,070-35,801-13,656--
長期借入れ90,566-106,658-42,663-85,919-168,388-275,988--
長期借入金の返済-69,282--94,901--40,513--80,583--95,171--129,617--
社債の発行35,524-107,535-----150,000-150,000--
社債の償還-34--85--48--20,100--45,000--95,000--
自己株式の取得-9--26--7--7,982--2--244--
自己株式の売却2,120-3,835-2,204-4,240-740-870--
配当金の支払-34,640--64,618--41,303--74,612--42,490--79,016--
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--1,737--
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額--284,590---293,151---373,851--
研究開発費--8,786---9,681---10,128--
発行済株式総数664,217,596株664,596,122株664,755,712株664,913,546株665,452,223株663,689,485株663,801,244株663,830,910株664,049,479株664,073,593株664,019,434株658,554,828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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
従業員数--42,460人---44,947人---47,133人--
売上/従業員(千円)--89,402---92,186---92,933--
営利/従業員(千円)--8,176---8,281---8,086--
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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上992,300886,1431,100,110902,3961,080,930968,2611,191,9181,017,9361,161,453983,9661,216,854892,9813,650,000
前期比110.2%108.6%110.2%110.4%108.9%109.3%108.3%112.8%107.4%101.6%102.1%87.7%83.3%
売上原価772,082706,353884,179716,134848,406776,781959,417809,444923,806783,643993,109721,218-
売上総利益220,218179,790215,932186,261232,524191,481232,501208,492237,646200,324223,744171,763-
%22.2%20.3%19.6%20.6%21.5%19.8%19.5%20.5%20.5%20.4%18.4%19.2%-
販管費112,578108,066120,981110,929118,270113,159128,213116,092120,721119,951132,327110,295-
営業利益107,64071,72494,95075,332114,25478,322104,28792,399116,92580,37391,41761,468170,000
前期比128.3%112.4%94.3%103.4%106.1%109.2%109.8%122.7%102.3%102.6%87.7%66.5%44.6%
%10.8%8.1%8.6%8.3%10.6%8.1%8.7%9.1%10.1%8.2%7.5%6.9%4.7%
受取利息および受取配当金0003,0670003,082000--
持分法による投資利益370393-763-000194-102-29-63--
営業外収益3,2604,6662,2844,7314,0164,3472,9535,0343,4783,7444,4744,781-
支払利息1,2161,4781,5741,6961,8551,9372,0162,3061,9082,2962,4722,368-
持分法による投資損失-5706223113-3012,974-006,972--
営業外費用4,1363,3406,7383,0033,5903,53218,6554,0045,9213,73316,5174,833-
経常利益106,76573,04890,49677,059114,68279,13688,58593,429114,48180,38579,37461,415164,000
固定資産売却益177241,173292703735354217653204--
投資有価証券売却益36943312,38309096531,055168218068--
特別利益57845613,6965531,2181,0332,2296222262,167270238-
固定資産売却損1537661936317215253121--
投資有価証券売却損3002551,02302,5061121581,459--
減損損失24623911,316-0296,299-0817,0547-
特別損失57481212,0804142,0466669,1391741,13698918,9728,058-
税引前利益106,76772,69492,11177,199113,85379,50281,67693,877113,57181,56360,67253,595-
法人税等33,30819,70429,40424,61334,08423,90927,59227,45430,56332,80921,50120,304-
%31.2%27.1%31.9%31.9%29.9%30.1%33.8%29.2%26.9%40.2%35.4%37.9%-
当期純利益73,45852,99162,70752,58579,76955,59454,08366,42283,00948,75439,17133,290-
非支配株主に帰属する当期純利益5611,1181,7631746992,7329871,3536884481,264--
親会社株主に帰属する当期純利益72,89751,87360,94552,41079,07152,86253,09665,06882,32248,30537,90832,933105,000
前期比129.5%112.6%102.3%103.5%108.5%101.9%87.1%124.2%104.1%91.4%71.4%50.6%44.9%
%7.3%5.9%5.5%5.8%7.3%5.5%4.5%6.4%7.1%4.9%3.1%3.7%2.9%
 
EBITDA210,984252,191411,30475,332223,512267,908443,21592,399246,188289,697456,32161,468-
EPS355.8円355.6円355.6円357.1円356.8円357.8円357.7円351.9円351.8円351.8円351.8円354.7円159.4円
BPS2,094.8円2,154.1円2,218.2円2,217.2円2,318.3円2,331.2円2,404.3円2,437.6円2,552.2円2,561.6円2,600.8円2,582.8円-
期初会社予想
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上高(期初予)3,750,0003,750,0003,750,0004,000,0004,000,0004,000,0004,000,0004,250,0004,250,0004,250,0004,250,0003,650,0003,650,000
対実績比48.3%71.9%101.2%22.6%49.6%73.8%103.6%24.0%51.3%74.4%103.1%24.5%-
営業利益(期初予)320,000320,000320,000354,000354,000354,000354,000378,000378,000378,000378,000170,000170,000
対実績比56.4%78.8%108.5%21.3%53.6%75.7%105.1%24.4%55.4%76.6%100.8%36.2%-
純利益(期初予)210,000210,000210,000237,000237,000237,000237,000252,000252,000252,000252,000105,000105,000
対実績比58.8%83.5%112.6%22.1%55.5%77.8%100.2%25.8%58.5%77.7%92.7%31.4%-
配当
ROEデュポン分解
β
マルチプル
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
株価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2,542円-
企業価値3,190,4493,376,8503,411,5312,996,9292,849,7062,872,1263,076,9872,636,5673,077,4323,000,4032,623,2082,705,413-
時価総額2,578,5242,874,0702,724,8442,510,1182,239,4292,327,7522,335,5232,085,0002,328,1572,251,1281,777,9121,674,046-
純有利子負債502,780686,687486,811610,277544,374741,464551,567725,362749,275964,391845,2961,031,367-
PER(会予)12.3倍13.3倍12.6倍10.6倍9.4倍9.7倍9.7倍8.3倍9.2倍8.9倍7.0倍15.9倍-
PBR2.0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1.0倍-
PER × PBR24.0倍27.5倍24.0倍18.0倍14.4倍14.6倍14.7倍10.8倍12.7倍11.8倍7.2倍15.7倍-
EV/EBITDA(会予)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11.0倍-
PSR(会予)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0.5倍-
PCFR(会予)9.6倍10.4倍9.9倍8.3倍7.4倍7.7倍7.7倍6.5倍7.2倍6.9倍5.4倍9.3倍-
配当金--107.0円---114.0円---115.0円-90.0円
配当利回り2.4%2.1%2.2%2.8%3.2%3.1%3.0%3.6%3.3%3.4%4.3%4.5%-
配当性向--30.1%---31.9%---32.7%--
自己資本配当率5.1%5.0%4.8%5.1%4.9%4.9%4.7%4.7%4.5%4.5%4.4%4.5%-
ROE17.0%16.5%16.0%16.1%15.4%15.3%14.9%14.4%13.8%13.7%13.5%13.7%-
純利益率(再掲)6.8%6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%-
総資産回転率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0.9回-
財務レバレッジ2.7倍2.8倍2.7倍2.7倍2.7倍2.8倍2.7倍2.7倍2.6倍2.7倍2.7倍2.8倍-
実質ROE16.9%16.5%16.0%16.1%15.4%15.3%14.8%14.4%13.7%13.7%13.5%--
ROIC11.5%10.1%10.5%11.4%11.1%10.3%10.8%10.5%10.0%9.1%9.4%8.7%-
ROA6.3%6.0%5.9%5.9%5.7%5.6%5.5%5.4%5.2%5.0%5.0%4.8%-
β1.060.981.000.820.850.750.730.630.620.580.660.56-
βの決定係数(R2)0.480.430.450.370.330.310.290.230.220.190.260.23-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(百万円)
B/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
流動資産
現金203,796254,034330,806221,040268,136261,876279,859227,553236,776282,928281,434340,534-
売上債権000000000000-
棚卸資産630,039697,217724,978772,246811,339863,826875,392897,764926,316982,5991,042,5371,094,896-
有価証券2,0202,0302,0401,990-8888918,89414,34213,446814--
前払金-------------
繰延税金資産--44,745----------
貸倒引当金-8,148-8,463-8,836-8,811-8,810-8,465-8,665-8,461-8,453-8,751-9,016--
流動資産1,487,7901,639,6351,730,0101,665,6071,785,1821,881,1571,921,0431,858,2841,954,7612,073,1872,103,8662,210,115-
固定資産
建物・構築物956,261972,231970,762992,9411,004,1201,023,1131,024,8321,064,4651,057,7311,096,7101,044,914--
機械・運搬具--143,149---151,313---155,029--
土地809,338813,637776,342790,976793,707816,428811,205832,928839,701858,538857,587903,178-
建設仮勘定--72,671---89,730---134,361--
有形固定資産1,523,9541,533,3781,501,4991,543,8731,551,2691,602,6191,608,5481,675,5171,691,5841,756,7571,721,7171,801,451-
のれん59,13961,99960,91684,70486,09683,34772,89871,71869,74473,72163,45768,467-
無形固定資産97,174100,371103,768127,426130,438130,141124,639124,290122,648128,395118,172123,911-
投資有価証券266,214285,064250,522250,589233,422215,722224,689214,751225,880232,587207,219--
繰延税金資産--135,603---157,498------
貸倒引当金-2,780-2,842-2,806-2,880-3,012-2,668-2,669-2,646-2,598-2,461-2,315--
敷金および保証金218,586221,637222,053222,247226,227226,775229,790232,551234,848238,928241,030--
投資その他の資産659,886679,392699,780686,838681,035662,500679,804663,370685,551680,733683,632--
固定資産2,281,0152,313,1422,305,0482,358,1382,362,7432,395,2602,412,9932,463,1782,499,7842,565,8862,523,5222,614,645-
総資産3,768,8053,952,7774,035,0594,023,7464,147,9254,276,4184,334,0374,321,4634,454,5454,639,0734,627,3884,824,760-
 
負債
有利子負債合計706,576940,721817,617831,317812,5101,003,340831,426952,915986,0511,247,3191,126,7301,371,901-
仕入債務428,968363,245479,451427,222476,393397,438530,472360,943326,005309,019360,3380-
前受金59,23564,61261,59760,39355,46970,16955,70057,36959,85860,87277,071--
未払法人税等50,39717,31061,8269,97756,01919,59569,94413,29857,62519,18958,980--
繰延税金負債(固定)-------------
負債2,348,6842,488,9402,521,4742,508,8452,558,6542,679,2002,690,3202,658,7952,716,7912,894,1152,853,9993,076,077-
 
純資産
資本金161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699-
資本剰余金311,705311,953311,910311,666311,462311,490310,879310,450307,095307,097307,154--
利益剰余金818,944840,801903,550914,635993,6591,013,1071,066,7051,085,5351,167,7691,179,4821,217,4071,210,249-
自己株式-6,336-5,130-4,630-4,129-2,429-8,681-8,316-8,214-7,495-7,412-7,588--
非支配株主持分28,62332,11538,92940,52646,42849,90347,61044,43142,84143,74346,29247,686-
純資産1,420,1211,463,8371,513,5851,514,9001,589,2711,597,2171,643,7171,662,6681,737,7531,744,9581,773,3881,748,683-
キャッシュフロー(百万円)
C/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
営業CF
税金等調整前当期純利益181,510254,204346,31577,199191,052270,554352,23093,877207,448289,011349,683--
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24623911,316-0296,299-0817,0547-
受取利息及び受取配当金-3,592--7,221--4,717--8,444--4,488--7,587--
売上債権の増減額9,641--43,227-256--28,075--38,257--42,234--
棚卸資産の増減額-19,783--53,320--62,774--71,573--19,995--37,157--
仕入債務の増減額42,101-94,328--7,944-49,758--221,592--188,431--
営業CF179,040-382,365-107,602-355,599--45,129-149,651--
投資CF
有価証券の取得-9,8390-16,3240-8,4080-19,4240-10,0170-19,0590-
有価証券の売却・償還4,432024,83407,594012,63201,32407,6490-
固定資産の購入-151,0790-276,9410-113,9000-255,9400-135,1120-291,4680-
固定資産の売却5,342010,65101,15009,49601,002012,0590-
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--20,726-24,931-5,070-35,801-13,656--
長期借入れ90,566-106,658-42,663-85,919-168,388-275,988--
長期借入金の返済-69,282--94,901--40,513--80,583--95,171--129,617--
社債の発行35,524-107,535-----150,000-150,000--
社債の償還-34--85--48--20,100--45,000--95,000--
自己株式の取得-9--26--7--7,982--2--244--
自己株式の売却2,120-3,835-2,204-4,240-740-870--
配当金の支払-34,640--64,618--41,303--74,612--42,490--79,016--
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--1,737--
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額--284,590---293,151---373,851--
研究開発費--8,786---9,681---10,128--
発行済株式総数664,217,596株664,596,122株664,755,712株664,913,546株665,452,223株663,689,485株663,801,244株663,830,910株664,049,479株664,073,593株664,019,434株658,554,828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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
従業員数--42,460人---44,947人---47,133人--
売上/従業員(千円)--89,402---92,186---92,933--
営利/従業員(千円)--8,176---8,281---8,086--