通期売上(百万円)
売上5y CAGR・予想:6.3 %
通期利益(百万円)
営利5y CAGR・予想:2.8 %
純利5y CAGR・予想:3.0 %
P/L
2018.12019.12020.12021.1E
売上2,159,3632,160,3162,415,1862,585,000
前期比106.5%100.0%111.8%107.0%
売上原価1,714,2811,715,7191,937,150-
売上総利益445,082444,596478,036-
%20.6%20.6%19.8%-
販管費249,541255,373272,780-
営業利益195,540189,223205,256206,000
前期比106.2%96.8%108.5%100.4%
%9.1%8.8%8.5%8.0%
受取利息および受取配当金4,0364,0275,787-
持分法による投資利益8,1837,75010,483-
営業外収益16,06815,04620,601-
支払利息3,7334,7224,915-
持分法による投資損失----
営業外費用7,9299,07811,952-
経常利益203,678195,190213,905205,000
固定資産売却益----
投資有価証券売却益13,094718-
特別利益10,4783,27512,956-
固定資産売却損----
投資有価証券売却損2,8792--
減損損失7,7919,39213,552-
特別損失18,16811,07415,479-
税引前利益195,988187,392211,383-
法人税等56,79657,77462,853-
%29.0%30.8%29.7%-
当期純利益139,192129,618148,529-
非支配株主に帰属する当期純利益5,9671,0357,273-
親会社株主に帰属する当期純利益133,224128,582141,256137,000
前期比109.3%96.5%109.9%97.0%
%6.2%6.0%5.8%5.3%
 
EBITDA217,523211,378226,774226,518
EPS192.9円186.2円204.5円201.2円
BPS1,730.1円1,712.5円1,833.3円-
期初会社予想
2018.12019.12020.12021.1E
売上高(期初予)2,144,0002,185,0002,367,0002,585,000
対実績比100.7%98.9%102.0%-
営業利益(期初予)192,000200,000205,000206,000
対実績比101.8%94.6%100.1%-
純利益(期初予)128,000136,000139,000137,000
対実績比104.1%94.5%101.6%-
配当
ROEデュポン分解
β
マルチプル
2018.12019.12020.12021.1E
株価1,998円1,626円2,361円-
企業価値1,670,4911,412,4741,625,176-
時価総額1,379,9861,123,0511,630,704-
純有利子負債290,505289,423-5,528-
PER(会予)10.8倍8.8倍11.7倍-
PBR1.2倍0.9倍1.3倍-
PER × PBR12.5倍8.4倍15.1倍-
EV/EBITDA(会予)7.8倍6.8倍7.2倍-
PSR(会予)0.6倍0.5倍0.7倍-
PCFR(会予)9.2倍7.5倍10.2倍-
配当金77.0円79.0円81.0円81.0円
配当利回り3.9%4.9%3.4%-
配当性向39.9%42.4%39.6%-
自己資本配当率4.5%4.6%4.4%-
ROE11.1%10.9%11.2%-
純利益率(再掲)6.2%6.0%5.8%-
総資産回転率0.9回0.9回0.9回-
財務レバレッジ2.0倍2.0倍2.1倍-
実質ROE11.1%10.8%11.0%-
ROIC7.7%7.2%7.7%-
ROA5.5%5.3%5.4%-
β0.940.670.64-
βの決定係数(R2)0.450.350.37-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2018.12019.12020.12021.1E
流動資産
現金325,834343,358584,635-
売上債権45,87742,503133,978-
棚卸資産7,6278,5468,323-
有価証券589---
前払金----
繰延税金資産29,07524,806--
貸倒引当金-1,270-1,440-1,186-
流動資産1,572,6691,594,1241,816,005-
固定資産
建物・構築物348,783346,776355,787-
機械・運搬具62,59863,92671,325-
土地322,502304,370284,769-
建設仮勘定26,11721,88828,267-
有形固定資産552,814530,394510,556-
のれん6,1674,5863,097-
無形固定資産22,01620,56618,661-
投資有価証券173,802156,959157,715-
繰延税金資産3,08012,93931,007-
貸倒引当金-431-218-486-
敷金および保証金----
投資その他の資産271,512267,967289,525-
固定資産846,343818,929818,742-
総資産2,419,0122,413,0532,634,748-
 
負債
有利子負債合計616,339632,781579,107-
仕入債務000-
前受金----
未払法人税等32,20033,00830,980-
繰延税金負債(固定)12,4991,1082,179-
負債1,210,8911,216,1301,327,897-
 
純資産
資本金202,591202,591202,591-
資本剰余金251,563251,563258,994-
利益剰余金626,961700,949786,591-
自己株式-948-4,215-13,668-
非支配株主持分12,38413,31240,044-
純資産1,208,1211,196,9231,306,850-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2018.12019.12020.12021.1E
営業CF
税金等調整前当期純利益195,988187,392211,383-
減価償却費21,98322,15521,518-
のれん償却額----
減損損失7,7919,39213,552-
受取利息及び受取配当金-4,037-4,027-5,788-
売上債権の増減額4,4063,158-18,176-
棚卸資産の増減額19,1064,850161,677-
仕入債務の増減額-13,242-29,518-13,523-
営業CF165,355125,088363,766-
投資CF
有価証券の取得-5,467-5,966-10,644-
有価証券の売却・償還2,8865,8318,627-
固定資産の購入-62,899-53,877-66,622-
固定資産の売却2,8324,467413-
貸付け----
貸付金の回収----
投資CF-76,150-70,184-65,229-
財務CF
短期借入金の純増減額55,53644,221-70,523-
長期借入れ59,38548,68988,130-
長期借入金の返済-36,384-50,806-62,354-
社債の発行120,000---
社債の償還-76,014-15,000-20,000-
自己株式の取得-19-3,374-10,012-
自己株式の売却----
配当金の支払-47,627-54,532-55,077-
財務CF30,154-31,030-148,160-
換算差額632-5,668-3,959-
その他
2018.12019.12020.12021.1E
設備投資額64,76853,68368,142-
研究開発費5,1816,0417,313-
発行済株式総数690,683,466株690,683,466株690,683,466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
2018.12019.12020.12021.1E
従業員数24,391人24,775人27,397人-
売上/従業員(千円)88,53187,19788,155-
営利/従業員(千円)8,0177,6387,492-
四半期売上(百万円)
売上5y CAGR・予想:6.3 %
四半期利益(百万円)
営利5y CAGR・予想:2.8 %
純利5y CAGR・予想:3.0 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上440,7081,009,4841,494,7452,159,363459,9471,002,6211,488,1132,160,316477,1561,207,8351,735,2282,415,1862,585,000
前期比108.7%106.3%103.4%106.5%104.4%99.3%99.6%100.0%103.7%120.5%116.6%111.8%107.0%
売上原価348,501798,5661,184,9191,714,281367,040798,2741,185,8761,715,719378,463962,4001,382,0901,937,150-
売上総利益92,207210,917309,826445,08292,907204,346302,237444,59698,693245,434353,138478,036-
%20.9%20.9%20.7%20.6%20.2%20.4%20.3%20.6%20.7%20.3%20.4%19.8%-
販管費58,321120,531182,807249,54161,776125,697188,200255,37364,518132,393198,143272,780-
営業利益33,88590,385127,019195,54031,13078,649114,036189,22334,174113,041154,994205,256206,000
前期比126.0%114.0%99.8%106.2%91.9%87.0%89.8%96.8%109.8%143.7%135.9%108.5%100.4%
%7.7%9.0%8.5%9.1%6.8%7.8%7.7%8.8%7.2%9.4%8.9%8.5%8.0%
受取利息および受取配当金4202,0092,4774,0364232,1232,6094,0273952,2173,5475,787-
持分法による投資利益2,1664,1864,8058,1831,7794,3275,2607,7501,3975,7737,94210,483-
営業外収益3,1607,93310,41416,0682,7397,69410,37215,0463,0979,33913,85820,601-
支払利息5621,2772,1763,7331,0132,1793,4164,7221,5192,9423,9894,915-
持分法による投資損失-------------
営業外費用1,5752,6674,8677,9291,7263,7456,0219,0782,3255,8267,82211,952-
経常利益35,47195,651132,566203,67832,14382,598118,387195,19034,946116,554161,030213,905205,000
固定資産売却益-------------
投資有価証券売却益--11--2343,094---718-
特別利益88888888910,478-1814153,275--12,23812,956-
固定資産売却損-------------
投資有価証券売却損-2,8792,8792,879-222-----
減損損失2532457,791203803819,392227227213,552-
特別損失2329,3219,88318,16824277296111,0742938331,14115,479-
税引前利益36,12787,219123,572195,98831,90182,007117,842187,39234,653115,720172,128211,383-
法人税等10,00925,68937,04056,7969,66224,27034,91657,77410,89632,95248,49262,853-
%31.5%31.5%31.5%29.0%29.0%29.0%29.0%30.8%30.8%30.8%30.8%29.7%-
当期純利益26,11861,52986,532139,19222,23857,73682,925129,61823,75682,768123,635148,529-
非支配株主に帰属する当期純利益3015206675,967-131-11111,0351035,3236,1687,273-
親会社株主に帰属する当期純利益25,81661,00885,865133,22422,36957,84782,923128,58223,65377,444117,467141,256137,000
前期比168.9%117.2%103.3%109.3%86.6%94.8%96.6%96.5%105.7%133.9%141.7%109.9%97.0%
%6.0%6.0%6.0%6.2%6.2%6.2%6.2%6.0%6.0%6.0%6.0%5.8%5.3%
 
EBITDA207,289207,289207,289217,523217,523217,523217,523211,378211,378211,378211,378226,774226,518
EPS192.9円192.9円192.9円192.9円186.2円186.2円186.2円186.2円204.5円204.5円204.5円204.5円201.2円
BPS1,581.5円1,636.5円1,655.4円1,730.1円1,680.7円1,731.6円1,719.5円1,712.5円1,717.4円1,765.0円1,762.4円1,833.3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)2,144,0002,144,0002,144,0002,144,0002,185,0002,185,0002,185,0002,185,0002,367,0002,367,0002,367,0002,367,0002,585,000
対実績比20.6%47.1%69.7%100.7%21.1%45.9%68.1%98.9%20.2%51.0%73.3%102.0%-
営業利益(期初予)192,000192,000192,000192,000200,000200,000200,000200,000205,000205,000205,000205,000206,000
対実績比17.6%47.1%66.2%101.8%15.6%39.3%57.0%94.6%16.7%55.1%75.6%100.1%-
純利益(期初予)128,000128,000128,000128,000136,000136,000136,000136,000139,000139,000139,000139,000137,000
対実績比20.2%47.7%67.1%104.1%16.4%42.5%61.0%94.5%17.0%55.7%84.5%101.6%-
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1,850円1,912円2,111円1,998円2,005円1,902円1,662円1,626円1,792円1,836円2,342円2,361円-
企業価値1,586,3431,726,7111,904,4791,670,4911,674,9801,717,5681,629,1211,412,4741,527,1281,396,9551,683,7541,625,176-
時価総額1,312,5601,320,2411,458,0331,379,9861,384,4751,313,3351,147,9161,123,0511,237,7051,267,7501,617,5811,630,704-
純有利子負債273,783406,470446,446290,505290,505404,233481,205289,423289,423129,20566,173-5,528-
PER(会予)10.3倍10.3倍11.4倍10.8倍10.2倍9.7倍9.0倍8.8倍8.9倍9.1倍11.6倍11.7倍-
PBR1.2倍1.2倍1.3倍1.2倍1.2倍1.1倍1.0倍0.9倍1.0倍1.0倍1.3倍1.3倍-
PER × PBR12.2倍12.0倍14.5倍12.5倍11.8倍10.6倍8.7倍8.4倍9.3倍9.5倍15.5倍15.1倍-
EV/EBITDA(会予)7.4倍8.0倍8.9倍7.8倍7.5倍7.7倍7.9倍6.8倍6.7倍6.1倍7.4倍7.2倍-
PSR(会予)0.6倍0.6倍0.7倍0.6倍0.6倍0.6倍0.5倍0.5倍0.5倍0.5倍0.7倍0.7倍-
PCFR(会予)8.7倍8.7倍9.6倍9.2倍8.8倍8.3倍7.7倍7.5倍7.7倍7.9倍10.0倍10.2倍-
配当金---77.0円---79.0円---81.0円81.0円
配当利回り3.5%3.3%3.0%3.9%3.8%4.0%4.6%4.9%4.4%4.3%3.4%3.4%-
配当性向---39.9%---42.4%---39.6%-
自己資本配当率4.9%4.7%4.7%4.5%4.7%4.6%4.6%4.6%4.7%4.6%4.6%4.4%-
ROE12.2%11.8%11.7%11.1%11.1%10.8%10.8%10.9%11.9%11.6%11.6%11.2%-
純利益率(再掲)5.9%6.0%5.7%6.2%4.9%5.8%5.6%6.0%5.0%6.4%6.8%5.8%-
総資産回転率0.9回0.9回0.9回0.9回1.0回0.9回0.9回0.9回1.0回1.0回0.9回0.9回-
財務レバレッジ2.0倍2.0倍2.1倍2.0倍2.0倍2.0倍2.0倍2.0倍2.0倍2.0倍2.2倍2.1倍-
実質ROE12.2%11.8%11.6%11.1%11.1%10.7%10.8%10.8%11.9%11.6%11.5%11.0%-
ROIC7.9%7.9%7.6%7.7%7.4%7.2%7.2%7.2%7.7%7.8%7.8%7.7%-
ROA5.8%5.8%5.5%5.5%5.7%5.5%5.4%5.3%5.9%5.8%5.4%5.4%-
β1.020.991.000.940.830.770.680.670.650.630.660.64-
βの決定係数(R2)0.500.460.480.450.400.390.340.350.330.340.360.37-
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188,295214,827240,583325,834177,978233,084166,511343,358264,507470,966553,763584,635-
売上債権49,03142,89774,80245,87745,87744,90048,93542,50342,50343,726120,943133,978-
棚卸資産7,2107,727-7,6277,6278,567-8,5468,5469,021-8,323-
有価証券1,399449499589589589539------
前払金-------------
繰延税金資産26,91423,98728,55129,07522,95322,83427,61124,806-----
貸倒引当金-1,133-1,148-1,142-1,270-1,219-1,199-1,428-1,440-1,413-1,476-1,204-1,186-
流動資産1,459,4941,458,5821,556,8771,572,6691,424,2641,513,2851,550,3521,594,1241,560,3411,593,6821,777,7751,816,005-
固定資産
建物・構築物187,746188,799186,657348,783196,949195,041198,967346,776184,672179,793191,734355,787-
機械・運搬具10,46310,1049,76562,5989,9059,4909,48763,9268,2877,8779,51071,325-
土地321,481324,105325,704322,502323,226316,906303,344304,370294,307294,084307,513284,769-
建設仮勘定28,60134,28141,00226,11721,86725,12017,48721,88820,21423,60924,97028,267-
有形固定資産554,361562,883568,844552,814558,465553,195536,082530,394515,754514,068543,043510,556-
のれん---6,167---4,586---3,097-
無形固定資産21,99021,99820,33722,01621,45721,39521,52820,56620,53519,83619,98118,661-
投資有価証券149,762152,103160,756173,802167,942168,941164,261156,959164,097171,587158,830157,715-
繰延税金資産3,0432,9313,1163,0805,0225,6245,68212,93932,55229,03830,49031,007-
貸倒引当金-445-447-436-431-433-437-207-218-218-228-590-486-
敷金および保証金-------------
投資その他の資産248,964251,973259,227271,512269,578270,379267,323267,967297,358301,409289,291289,525-
固定資産825,316836,855848,408846,343849,500844,970824,933818,929833,649835,314852,316818,742-
総資産2,284,8102,295,4372,405,2852,419,0122,273,7652,358,2552,375,2862,413,0532,393,9902,428,9962,630,0922,634,748-
 
負債
有利子負債合計486,591621,297687,029616,339616,339637,317647,716632,781632,781600,171619,936579,107-
仕入債務000000000000-
前受金-------------
未払法人税等7,35113,92613,47732,2008,69915,57414,97133,0087,56117,50723,72130,980-
繰延税金負債(固定)6,7297,20811,68112,49910,86010,4128,8091,1089198261,4742,179-
負債1,178,0141,150,2311,247,0811,210,8911,100,3771,148,7351,173,0111,216,1301,193,9181,198,2041,356,8591,327,897-
 
純資産
資本金202,591202,591202,591202,591202,591202,591202,591202,591202,591202,591202,591202,591-
資本剰余金251,563251,563251,563251,563251,563251,563251,563251,563251,467251,467251,467258,994-
利益剰余金545,117580,310579,624626,961621,715657,185655,338700,949696,548750,379762,857786,591-
自己株式-968-976-977-948-942-934-4,297-4,215-4,186-3,747-13,747-13,668-
非支配株主持分13,80514,16214,11512,38411,76312,73213,82413,31213,08911,12355,36140,044-
純資産1,106,7961,145,2061,158,2041,208,1211,173,3871,209,5201,202,2751,196,9231,200,0711,230,7921,273,2331,306,850-
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36,12787,219123,572195,98831,90182,007117,842187,39234,653115,720172,128211,383-
減価償却費-10,857-21,983-10,909-22,155-10,472-21,518-
のれん償却額-------------
減損損失2532457,791203803819,392227227213,552-
受取利息及び受取配当金--2,009--4,037--2,124--4,027--2,217--5,788-
売上債権の増減額-7,243-4,406-796-3,158--177--18,176-
棚卸資産の増減額--19,714-19,106--41,769-4,850-119,418-161,677-
仕入債務の増減額--19,286--13,242--40,392--29,518--10,971--13,523-
営業CF--2,998-165,355--62,294-125,088-233,186-363,766-
投資CF
有価証券の取得0-4960-5,4670-3,9070-5,9660-9,1490-10,644-
有価証券の売却・償還02,74202,886058005,831069708,627-
固定資産の購入0-25,1840-62,8990-24,9080-53,8770-34,1440-66,622-
固定資産の売却078502,832010404,4670680413-
貸付け-------------
貸付金の回収-------------
投資CF--61,625--76,150--29,654--70,184--43,456--65,229-
財務CF
短期借入金の純増減額-61,952-55,536-25,783-44,221--55,129--70,523-
長期借入れ-49,112-59,385-22,317-48,689-43,033-88,130-
長期借入金の返済--8,022--36,384--2,031--50,806--10,235--62,354-
社債の発行---120,000---------
社債の償還--36,211--76,014--15,000--15,000----20,000-
自己株式の取得--9--19--6--3,374--5--10,012-
自己株式の売却-------------
配当金の支払--22,088--47,627--27,611--54,532--27,533--55,077-
財務CF-72,538-30,154-4,020--31,030--57,392--148,160-
換算差額--1,663-632--4,020--5,668--4,641--3,959-
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---64,768---53,683---68,142-
研究開発費---5,181---6,041---7,313-
発行済株式総数690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466株690,683,466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---24,391人---24,775人---27,397人-
売上/従業員(千円)86,99686,99686,99688,53188,53188,53188,53187,19787,19787,19787,19788,155-
営利/従業員(千円)7,9047,9047,9048,0178,0178,0178,0177,6387,6387,6387,6387,492-