通期売上(百万円)
売上5y CAGR・予想:3.3 %
通期利益(百万円)
営利5y CAGR・予想:-4.5 %
純利5y CAGR・予想:-10.4 %
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-9,68110,128-
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:3.3 %
四半期利益(百万円)
営利5y CAGR・予想:-4.5 %
純利5y CAGR・予想:-10.4 %
P/L
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上2,695,8823,795,992902,3961,983,3262,951,5874,143,5051,017,9362,179,3893,163,3554,380,209892,9811,966,4484,000,000
前期比107.2%108.1%110.4%109.6%109.5%109.2%112.8%109.9%107.2%105.7%87.7%90.2%91.3%
売上原価2,117,9813,002,160716,1341,564,5402,341,3213,300,738809,4441,733,2502,516,8933,510,002721,2181,577,943-
売上総利益577,900793,832186,261418,785610,266842,767208,492446,138646,462870,206171,763388,504-
%21.4%20.9%20.6%21.1%20.7%20.3%20.5%20.5%20.4%19.9%19.2%19.8%-
販管費325,709446,690110,929229,199342,358470,571116,092236,813356,764489,091110,295232,480-
営業利益252,191347,14175,332189,586267,908372,19592,399209,324289,697381,11461,468156,024258,000
前期比120.4%111.9%103.4%105.1%106.2%107.2%122.7%110.4%108.1%102.4%66.5%74.5%67.7%
%9.4%9.1%8.3%9.6%9.1%9.0%9.1%9.6%9.2%8.7%6.9%7.9%6.5%
受取利息および受取配当金6,0537,2203,0674,7177,3358,4433,0824,4886,9747,5862,6583,504-
持分法による投資利益763-----1949263-15--
営業外収益12,34914,6334,7318,74713,09416,0475,0348,51212,25616,7304,7818,459-
支払利息3,9705,5441,6963,5515,4887,5042,3064,2146,5108,9822,3684,875-
持分法による投資損失-622313610613,080---6,972-228-
営業外費用10,44217,1803,0036,59310,12528,7804,0049,92513,65830,1754,83314,017-
経常利益254,097344,59377,059191,741270,877359,46293,429207,910288,295367,66961,415150,466243,000
固定資産売却益7261,899292996721,2074214281,0811,285200260-
投資有価証券売却益90513,28809091,5622,6171683863864543890-
特別利益1,66215,3585531,7712,8045,0336228483,0153,2852382,221-
固定資産売却損63696253885601540431643340-
投資有価証券売却損13132551,2781,2783,78411131711,630262262-
減損損失48511,801--296,328--817,0627357-
特別損失1,55613,6364142,4603,12612,2651741,3102,29921,2718,0588,716-
税引前利益254,204346,31577,199191,052270,554352,23093,877207,448289,011349,68353,595143,971-
法人税等77,008106,41224,61358,69782,606110,19827,45458,01790,826112,32720,30451,417-
%30.3%30.7%31.9%30.7%30.5%31.3%29.2%28.0%31.4%32.1%37.9%35.7%-
当期純利益177,196239,90352,585132,354187,948242,03166,422149,431198,185237,35633,29092,554-
非支配株主に帰属する当期純利益1,7833,5461748733,6054,5921,3532,0412,4893,7533561,224-
親会社株主に帰属する当期純利益175,412236,35752,410131,481184,343237,43965,068147,390195,695233,60332,93391,329130,000
前期比123.4%117.2%103.5%106.4%105.1%100.5%124.2%112.1%106.2%98.4%50.6%62.0%55.6%
%6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%4.6%3.3%
 
EBITDA252,191411,30475,332223,512267,908443,21592,399246,188289,697456,32161,468194,517-
EPS355.6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357.2円160.5円
BPS2,154.1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2,680.2円-
期初会社予想
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上高(期初予)3,750,0003,750,0004,000,0004,000,0004,000,0004,000,0004,250,0004,250,0004,250,0004,250,0003,650,0003,650,0004,000,000
対実績比71.9%101.2%22.6%49.6%73.8%103.6%24.0%51.3%74.4%103.1%24.5%53.9%-
営業利益(期初予)320,000320,000354,000354,000354,000354,000378,000378,000378,000378,000170,000170,000258,000
対実績比78.8%108.5%21.3%53.6%75.7%105.1%24.4%55.4%76.6%100.8%36.2%91.8%-
純利益(期初予)210,000210,000237,000237,000237,000237,000252,000252,000252,000252,000105,000105,000130,000
対実績比83.5%112.6%22.1%55.5%77.8%100.2%25.8%58.5%77.7%92.7%31.4%87.0%-
配当
ROEデュポン分解
β
マルチプル
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
株価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2,698円-
企業価値3,376,8503,411,5312,996,9292,849,7062,872,1263,076,9872,636,5673,077,4323,000,4032,623,2082,705,4132,780,115-
時価総額2,874,0702,724,8442,510,1182,239,4292,327,7522,335,5232,085,0002,328,1572,251,1281,777,9121,674,0461,764,348-
純有利子負債686,687486,811610,277544,374741,464551,567725,362749,275964,391845,2961,031,3671,015,767-
PER(会予)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16.8倍-
PBR2.1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1.0倍-
PER × PBR27.5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16.9倍-
EV/EBITDA(会予)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11.3倍-
PSR(会予)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0.5倍-
PCFR(会予)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9.8倍-
配当金-107.0円---114.0円---115.0円--90.0円
配当利回り2.1%2.2%2.8%3.2%3.1%3.0%3.6%3.3%3.4%4.3%4.5%4.3%-
配当性向-30.1%---31.9%---32.7%---
自己資本配当率5.0%4.8%5.1%4.9%4.9%4.7%4.7%4.5%4.5%4.4%4.5%4.3%-
ROE16.5%16.0%16.1%15.4%15.3%14.9%14.4%13.8%13.7%13.5%13.7%13.3%-
純利益率(再掲)6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%4.6%-
総資産回転率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0.9回-
財務レバレッジ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2.8倍-
実質ROE16.5%16.0%16.1%15.4%15.3%14.8%14.4%13.7%13.7%13.5%13.6%13.1%-
ROIC10.1%10.5%11.4%11.1%10.3%10.8%10.5%10.0%9.1%9.4%8.7%8.8%-
ROA6.0%5.9%5.9%5.7%5.6%5.5%5.4%5.2%5.0%5.0%4.8%4.8%-
β0.981.000.820.850.750.730.630.620.580.660.560.60-
βの決定係数(R2)0.430.450.370.330.310.290.230.220.190.260.230.22-
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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
流動資産
現金254,034330,806221,040268,136261,876279,859227,553236,776282,928281,434340,534290,426-
売上債権000000000000-
棚卸資産697,217724,978772,246811,339863,826875,392897,764926,316982,5991,042,5371,103,7441,148,647-
有価証券2,0302,0401,990-8888918,89414,34213,446814816655-
前払金-------------
繰延税金資産-44,745-----------
貸倒引当金-8,463-8,836-8,811-8,810-8,465-8,665-8,461-8,453-8,751-9,016-8,975-12,387-
流動資産1,639,6351,730,0101,665,6071,785,1821,881,1571,921,0431,858,2841,954,7612,073,1872,103,8662,210,1152,224,515-
固定資産
建物・構築物972,231970,762992,9411,004,1201,023,1131,024,8321,064,4651,057,7311,096,7101,044,9141,098,5411,100,813-
機械・運搬具-143,149---151,313---155,029---
土地813,637776,342790,976793,707816,428811,205832,928839,701858,538857,587903,178867,999-
建設仮勘定-72,671---89,730---134,361---
有形固定資産1,533,3781,501,4991,543,8731,551,2691,602,6191,608,5481,675,5171,691,5841,756,7571,721,7171,801,4511,792,261-
のれん61,99960,91684,70486,09683,34772,89871,71869,74473,72163,45768,46768,111-
無形固定資産100,371103,768127,426130,438130,141124,639124,290122,648128,395118,172123,911125,703-
投資有価証券285,064250,522250,589233,422215,722224,689214,751225,880232,587207,219216,228217,077-
繰延税金資産-135,603---157,498-------
貸倒引当金-2,842-2,806-2,880-3,012-2,668-2,669-2,646-2,598-2,461-2,315-2,423-2,395-
敷金および保証金221,637222,053222,247226,227226,775229,790232,551234,848238,928241,030247,068246,916-
投資その他の資産679,392699,780686,838681,035662,500679,804663,370685,551680,733683,632689,283699,227-
固定資産2,313,1422,305,0482,358,1382,362,7432,395,2602,412,9932,463,1782,499,7842,565,8862,523,5222,614,6452,617,192-
総資産3,952,7774,035,0594,023,7464,147,9254,276,4184,334,0374,321,4634,454,5454,639,0734,627,3884,824,7604,841,707-
 
負債
有利子負債合計940,721817,617831,317812,5101,003,340831,426952,915986,0511,247,3191,126,7301,371,9011,306,193-
仕入債務363,245479,451427,222476,393397,438530,472360,943326,005309,019360,338272,045266,223-
前受金64,61261,59760,39355,46970,16955,70057,36959,85860,87277,07196,041125,614-
未払法人税等17,31061,8269,97756,01919,59569,94413,29857,62519,18958,98011,97846,917-
繰延税金負債(固定)-------------
負債2,488,9402,521,4742,508,8452,558,6542,679,2002,690,3202,658,7952,716,7912,894,1152,853,9993,076,0773,036,561-
 
純資産
資本金161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699-
資本剰余金311,953311,910311,666311,462311,490310,879310,450307,095307,097307,154305,636304,911-
利益剰余金840,801903,550914,635993,6591,013,1071,066,7051,085,5351,167,7691,179,4821,217,4071,210,2491,268,434-
自己株式-5,130-4,630-4,129-2,429-8,681-8,316-8,214-7,495-7,412-7,588-22,113-33,485-
非支配株主持分32,11538,92940,52646,42849,90347,61044,43142,84143,74346,29247,68652,039-
純資産1,463,8371,513,5851,514,9001,589,2711,597,2171,643,7171,662,6681,737,7531,744,9581,773,3881,748,6831,805,146-
キャッシュフロー(百万円)
C/S
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
営業CF
税金等調整前当期純利益254,204346,31577,199191,052270,554352,23093,877207,448289,011349,68353,595143,971-
減価償却費-64,163-33,926-71,020-36,864-75,207-38,493-
のれん償却額-------------
減損損失48511,801--296,328--817,0627357-
受取利息及び受取配当金--7,221--4,717--8,444--4,488--7,587--3,504-
売上債権の増減額--43,227-256--28,075--38,257--42,234-26,586-
棚卸資産の増減額--53,320--62,774--71,573--19,995--37,157--8,789-
仕入債務の増減額-94,328--7,944-49,758--221,592--188,431--96,482-
営業CF-382,365-107,602-355,599--45,129-149,651-42,920-
投資CF
有価証券の取得0-16,3240-8,4080-19,4240-10,0170-19,0590-1,552-
有価証券の売却・償還024,83407,594012,63201,32407,64902,410-
固定資産の購入0-276,9410-113,9000-255,9400-135,1120-291,4680-188,294-
固定資産の売却010,65101,15009,49601,002012,05902,612-
貸付け-------------
貸付金の回収-------------
投資CF--313,664--165,042--313,989--162,922--317,273--224,907-
財務CF
短期借入金の純増減額--20,726-24,931-5,070-35,801-13,656-62,810-
長期借入れ-106,658-42,663-85,919-168,388-275,988-125,873-
長期借入金の返済--94,901--40,513--80,583--95,171--129,617--22,597-
社債の発行-107,535-----150,000-150,000-146,000-
社債の償還--85--48--20,100--45,000--95,000---
自己株式の取得--26--7--7,982--2--244--26,048-
自己株式の売却-3,835-2,204-4,240-740-870-152-
配当金の支払--64,618--41,303--74,612--42,490--79,016--39,849-
財務CF-41,804--6,461--86,979-158,528-169,128-190,724-
換算差額-2,316--2,285--4,463--2,757--1,737--2,315-
その他
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
設備投資額0284,5900113,9000293,1510135,1120373,8510188,294-
研究開発費-----9,681---10,128---
発行済株式総数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654,067,657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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.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:3.3 %
四半期利益(百万円)
営利5y CAGR・予想:-4.5 %
純利5y CAGR・予想:-10.4 %
P/L
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上886,1431,100,110902,3961,080,930968,2611,191,9181,017,9361,161,453983,9661,216,854892,9811,073,4674,000,000
前期比108.6%110.2%110.4%108.9%109.3%108.3%112.8%107.4%101.6%102.1%87.7%92.4%91.3%
売上原価706,353884,179716,134848,406776,781959,417809,444923,806783,643993,109721,218856,725-
売上総利益179,790215,932186,261232,524191,481232,501208,492237,646200,324223,744171,763216,741-
%20.3%19.6%20.6%21.5%19.8%19.5%20.5%20.5%20.4%18.4%19.2%20.2%-
販管費108,066120,981110,929118,270113,159128,213116,092120,721119,951132,327110,295122,185-
営業利益71,72494,95075,332114,25478,322104,28792,399116,92580,37391,41761,46894,556258,000
前期比112.4%94.3%103.4%106.1%109.2%109.8%122.7%102.3%102.6%87.7%66.5%80.9%67.7%
%8.1%8.6%8.3%10.6%8.1%8.7%9.1%10.1%8.2%7.5%6.9%8.8%6.5%
受取利息および受取配当金003,0670003,0820002,6580-
持分法による投資利益393-763-000194-102-29-6315-15-
営業外収益4,6662,2844,7314,0164,3472,9535,0343,4783,7444,4744,7813,678-
支払利息1,4781,5741,6961,8551,9372,0162,3061,9082,2962,4722,3682,507-
持分法による投資損失06223113-3012,974-006,972-228-
営業外費用3,3406,7383,0033,5903,53218,6554,0045,9213,73316,5174,8339,184-
経常利益73,04890,49677,059114,68279,13688,58593,429114,48180,38579,37461,41589,051243,000
固定資産売却益241,17329270373535421765320420060-
投資有価証券売却益43312,38309096531,0551682180683852-
特別利益45613,6965531,2181,0332,2296222262,1672702381,983-
固定資産売却損37661936317215253121337-
投資有価証券売却損002551,02302,5061121581,4592620-
減損損失23911,316-0296,299-0817,0547350-
特別損失81212,0804142,0466669,1391741,13698918,9728,058658-
税引前利益72,69492,11177,199113,85379,50281,67693,877113,57181,56360,67253,59590,376-
法人税等19,70429,40424,61334,08423,90927,59227,45430,56332,80921,50120,30431,113-
%27.1%31.9%31.9%29.9%30.1%33.8%29.2%26.9%40.2%35.4%37.9%34.4%-
当期純利益52,99162,70752,58579,76955,59454,08366,42283,00948,75439,17133,29059,264-
非支配株主に帰属する当期純利益1,1181,7631746992,7329871,3536884481,264356868-
親会社株主に帰属する当期純利益51,87360,94552,41079,07152,86253,09665,06882,32248,30537,90832,93358,396130,000
前期比112.6%102.3%103.5%108.5%101.9%87.1%124.2%104.1%91.4%71.4%50.6%70.9%55.6%
%5.9%5.5%5.8%7.3%5.5%4.5%6.4%7.1%4.9%3.1%3.7%5.4%3.3%
 
EBITDA252,191411,30475,332223,512267,908443,21592,399246,188289,697456,32161,468194,517-
EPS355.6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357.2円160.5円
BPS2,154.1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2,680.2円-
期初会社予想
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上高(期初予)3,750,0003,750,0004,000,0004,000,0004,000,0004,000,0004,250,0004,250,0004,250,0004,250,0003,650,0003,650,0004,000,000
対実績比71.9%101.2%22.6%49.6%73.8%103.6%24.0%51.3%74.4%103.1%24.5%53.9%-
営業利益(期初予)320,000320,000354,000354,000354,000354,000378,000378,000378,000378,000170,000170,000258,000
対実績比78.8%108.5%21.3%53.6%75.7%105.1%24.4%55.4%76.6%100.8%36.2%91.8%-
純利益(期初予)210,000210,000237,000237,000237,000237,000252,000252,000252,000252,000105,000105,000130,000
対実績比83.5%112.6%22.1%55.5%77.8%100.2%25.8%58.5%77.7%92.7%31.4%87.0%-
配当
ROEデュポン分解
β
マルチプル
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
株価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2,698円-
企業価値3,376,8503,411,5312,996,9292,849,7062,872,1263,076,9872,636,5673,077,4323,000,4032,623,2082,705,4132,780,115-
時価総額2,874,0702,724,8442,510,1182,239,4292,327,7522,335,5232,085,0002,328,1572,251,1281,777,9121,674,0461,764,348-
純有利子負債686,687486,811610,277544,374741,464551,567725,362749,275964,391845,2961,031,3671,015,767-
PER(会予)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16.8倍-
PBR2.1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1.0倍-
PER × PBR27.5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16.9倍-
EV/EBITDA(会予)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11.3倍-
PSR(会予)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0.5倍-
PCFR(会予)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9.8倍-
配当金-107.0円---114.0円---115.0円--90.0円
配当利回り2.1%2.2%2.8%3.2%3.1%3.0%3.6%3.3%3.4%4.3%4.5%4.3%-
配当性向-30.1%---31.9%---32.7%---
自己資本配当率5.0%4.8%5.1%4.9%4.9%4.7%4.7%4.5%4.5%4.4%4.5%4.3%-
ROE16.5%16.0%16.1%15.4%15.3%14.9%14.4%13.8%13.7%13.5%13.7%13.3%-
純利益率(再掲)6.5%6.2%5.8%6.6%6.2%5.7%6.4%6.8%6.2%5.3%3.7%4.6%-
総資産回転率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0.9回-
財務レバレッジ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2.8倍-
実質ROE16.5%16.0%16.1%15.4%15.3%14.8%14.4%13.7%13.7%13.5%13.6%13.1%-
ROIC10.1%10.5%11.4%11.1%10.3%10.8%10.5%10.0%9.1%9.4%8.7%8.8%-
ROA6.0%5.9%5.9%5.7%5.6%5.5%5.4%5.2%5.0%5.0%4.8%4.8%-
β0.981.000.820.850.750.730.630.620.580.660.560.60-
βの決定係数(R2)0.430.450.370.330.310.290.230.220.190.260.230.22-
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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
流動資産
現金254,034330,806221,040268,136261,876279,859227,553236,776282,928281,434340,534290,426-
売上債権000000000000-
棚卸資産697,217724,978772,246811,339863,826875,392897,764926,316982,5991,042,5371,103,7441,148,647-
有価証券2,0302,0401,990-8888918,89414,34213,446814816655-
前払金-------------
繰延税金資産-44,745-----------
貸倒引当金-8,463-8,836-8,811-8,810-8,465-8,665-8,461-8,453-8,751-9,016-8,975-12,387-
流動資産1,639,6351,730,0101,665,6071,785,1821,881,1571,921,0431,858,2841,954,7612,073,1872,103,8662,210,1152,224,515-
固定資産
建物・構築物972,231970,762992,9411,004,1201,023,1131,024,8321,064,4651,057,7311,096,7101,044,9141,098,5411,100,813-
機械・運搬具-143,149---151,313---155,029---
土地813,637776,342790,976793,707816,428811,205832,928839,701858,538857,587903,178867,999-
建設仮勘定-72,671---89,730---134,361---
有形固定資産1,533,3781,501,4991,543,8731,551,2691,602,6191,608,5481,675,5171,691,5841,756,7571,721,7171,801,4511,792,261-
のれん61,99960,91684,70486,09683,34772,89871,71869,74473,72163,45768,46768,111-
無形固定資産100,371103,768127,426130,438130,141124,639124,290122,648128,395118,172123,911125,703-
投資有価証券285,064250,522250,589233,422215,722224,689214,751225,880232,587207,219216,228217,077-
繰延税金資産-135,603---157,498-------
貸倒引当金-2,842-2,806-2,880-3,012-2,668-2,669-2,646-2,598-2,461-2,315-2,423-2,395-
敷金および保証金221,637222,053222,247226,227226,775229,790232,551234,848238,928241,030247,068246,916-
投資その他の資産679,392699,780686,838681,035662,500679,804663,370685,551680,733683,632689,283699,227-
固定資産2,313,1422,305,0482,358,1382,362,7432,395,2602,412,9932,463,1782,499,7842,565,8862,523,5222,614,6452,617,192-
総資産3,952,7774,035,0594,023,7464,147,9254,276,4184,334,0374,321,4634,454,5454,639,0734,627,3884,824,7604,841,707-
 
負債
有利子負債合計940,721817,617831,317812,5101,003,340831,426952,915986,0511,247,3191,126,7301,371,9011,306,193-
仕入債務363,245479,451427,222476,393397,438530,472360,943326,005309,019360,338272,045266,223-
前受金64,61261,59760,39355,46970,16955,70057,36959,85860,87277,07196,041125,614-
未払法人税等17,31061,8269,97756,01919,59569,94413,29857,62519,18958,98011,97846,917-
繰延税金負債(固定)-------------
負債2,488,9402,521,4742,508,8452,558,6542,679,2002,690,3202,658,7952,716,7912,894,1152,853,9993,076,0773,036,561-
 
純資産
資本金161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699161,699-
資本剰余金311,953311,910311,666311,462311,490310,879310,450307,095307,097307,154305,636304,911-
利益剰余金840,801903,550914,635993,6591,013,1071,066,7051,085,5351,167,7691,179,4821,217,4071,210,2491,268,434-
自己株式-5,130-4,630-4,129-2,429-8,681-8,316-8,214-7,495-7,412-7,588-22,113-33,485-
非支配株主持分32,11538,92940,52646,42849,90347,61044,43142,84143,74346,29247,68652,039-
純資産1,463,8371,513,5851,514,9001,589,2711,597,2171,643,7171,662,6681,737,7531,744,9581,773,3881,748,6831,805,146-
キャッシュフロー(百万円)
C/S
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
営業CF
税金等調整前当期純利益254,204346,31577,199191,052270,554352,23093,877207,448289,011349,68353,595143,971-
減価償却費-64,163-33,926-71,020-36,864-75,207-38,493-
のれん償却額-------------
減損損失23911,316-0296,299-0817,0547350-
受取利息及び受取配当金--7,221--4,717--8,444--4,488--7,587--3,504-
売上債権の増減額--43,227-256--28,075--38,257--42,234-26,586-
棚卸資産の増減額--53,320--62,774--71,573--19,995--37,157--8,789-
仕入債務の増減額-94,328--7,944-49,758--221,592--188,431--96,482-
営業CF-382,365-107,602-355,599--45,129-149,651-42,920-
投資CF
有価証券の取得0-16,3240-8,4080-19,4240-10,0170-19,0590-1,552-
有価証券の売却・償還024,83407,594012,63201,32407,64902,410-
固定資産の購入0-276,9410-113,9000-255,9400-135,1120-291,4680-188,294-
固定資産の売却010,65101,15009,49601,002012,05902,612-
貸付け-------------
貸付金の回収-------------
投資CF--313,664--165,042--313,989--162,922--317,273--224,907-
財務CF
短期借入金の純増減額--20,726-24,931-5,070-35,801-13,656-62,810-
長期借入れ-106,658-42,663-85,919-168,388-275,988-125,873-
長期借入金の返済--94,901--40,513--80,583--95,171--129,617--22,597-
社債の発行-107,535-----150,000-150,000-146,000-
社債の償還--85--48--20,100--45,000--95,000---
自己株式の取得--26--7--7,982--2--244--26,048-
自己株式の売却-3,835-2,204-4,240-740-870-152-
配当金の支払--64,618--41,303--74,612--42,490--79,016--39,849-
財務CF-41,804--6,461--86,979-158,528-169,128-190,724-
換算差額-2,316--2,285--4,463--2,757--1,737--2,315-
その他
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
設備投資額0284,5900113,9000293,1510135,1120373,8510188,294-
研究開発費-----9,681---10,128---
発行済株式総数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654,067,657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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.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---