通期売上(百万円)
売上5y CAGR・予想:0.9 %
通期利益(百万円)
営利5y CAGR・予想:-7.2 %
純利5y CAGR・予想:-8.9 %
P/L
2018.32019.32019.122021.3E
売上353,432350,270288,187366,000
前期比100.1%99.1%82.3%127.0%
売上原価187,194184,167150,127-
売上総利益166,238166,103138,060-
%47.0%47.4%47.9%-
販管費145,860149,357122,454-
営業利益20,37716,74615,60518,000
前期比84.0%82.2%93.2%115.3%
%5.8%4.8%5.4%4.9%
受取利息および受取配当金1,2381,2741,154-
持分法による投資利益----
営業外収益3,8043,9373,227-
支払利息513311-
持分法による投資損失----
営業外費用2,1881,4661,831-
経常利益21,99319,21717,00218,500
固定資産売却益-3581,621-
投資有価証券売却益4924255,647-
特別利益1,5107847,268-
固定資産売却損----
投資有価証券売却損--650-
減損損失8333073,249-
特別損失1,0311,2024,087-
税引前利益22,47318,79820,183-
法人税等6,9996,3817,771-
%29.0%31.1%33.9%-
当期純利益15,47312,41712,411-
非支配株主に帰属する当期純利益257572364-
親会社株主に帰属する当期純利益15,21611,84412,04712,500
前期比83.8%77.8%101.7%103.8%
%5.1%4.3%3.4%3.4%
 
EBITDA35,36433,98129,92128,845
EPS219.2円170.6円175.9円182.6円
BPS3,000.1円3,081.4円3,113.6円-
期初会社予想
2018.32019.32019.122021.3E
売上高(期初予)375,000364,000292,000366,000
対実績比94.2%96.2%98.7%-
営業利益(期初予)25,00018,00016,20018,000
対実績比81.5%93.0%96.3%-
純利益(期初予)17,80013,60012,00012,500
対実績比85.5%87.1%100.4%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32019.122021.3E
株価5,570円5,820円4,865円-
企業価値311,069327,798267,078-
時価総額386,725403,992333,100-
純有利子負債-75,656-76,194-66,022-
PER(会予)23.9倍29.7倍27.8倍-
PBR1.9倍1.9倍1.6倍-
PER × PBR44.2倍56.0倍43.3倍-
EV/EBITDA(会予)9.4倍10.4倍9.1倍-
PSR(会予)1.1倍1.1倍1.2倍-
PCFR(会予)14.2倍14.9倍13.2倍-
配当金50.0円60.0円60.0円65.0円
配当利回り0.9%0.9%1.2%-
配当性向22.8%35.2%34.1%-
自己資本配当率1.7%1.9%1.9%-
ROE7.3%5.5%5.7%-
純利益率(再掲)4.3%3.4%4.2%-
総資産回転率1.0回1.0回0.8回-
財務レバレッジ1.6倍1.6倍1.6倍-
実質ROE7.1%5.4%5.4%-
ROIC5.6%4.2%3.2%-
ROA4.4%3.4%3.5%-
β0.420.380.41-
βの決定係数(R2)0.040.040.07-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2018.32019.32019.122021.3E
流動資産
現金104,336103,60199,640-
売上債権39,84140,47641,946-
棚卸資産26,86029,96330,067-
有価証券2,2401,6455,968-
前払金656385800-
繰延税金資産2,478---
貸倒引当金-31-50-50-
流動資産181,357180,171184,352-
固定資産
建物・構築物70,45473,06280,573-
機械・運搬具116,523118,992123,428-
土地15,75815,58415,259-
建設仮勘定6,87112,4213,774-
有形固定資産91,81499,46599,807-
のれん4,0513,874489-
無形固定資産9,6129,4776,987-
投資有価証券42,95841,79935,302-
繰延税金資産505939798-
貸倒引当金-49-53-53-
敷金および保証金----
投資その他の資産60,41359,33852,665-
固定資産161,840168,281159,460-
総資産343,198348,452343,812-
 
負債
有利子負債合計31,43730,56830,387-
仕入債務34,88535,87832,762-
前受金----
未払法人税等3,3522,6514,266-
繰延税金負債(固定)7,2055,0984,186-
負債128,409127,598122,897-
 
純資産
資本金7,7737,7737,773-
資本剰余金9,0958,9997,459-
利益剰余金182,627190,892197,881-
自己株式-6,802-6,566-8,944-
非支配株主持分6,4936,9607,733-
純資産214,788220,853220,915-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2018.32019.32019.122021.3E
営業CF
税金等調整前当期純利益22,47318,79820,183-
減価償却費13,60413,17510,845-
のれん償却額----
減損損失8333073,249-
受取利息及び受取配当金-1,239-1,274-1,155-
売上債権の増減額-4,096903-3,601-
棚卸資産の増減額689-3,7611,240-
仕入債務の増減額4,4791402,205-
営業CF31,49320,32417,344-
投資CF
有価証券の取得-249-1,355-6,958-
有価証券の売却・償還1,8141,1049,951-
固定資産の購入-19,577-18,477-18,378-
固定資産の売却1159302,837-
貸付け----
貸付金の回収----
投資CF-25,044-8,697-9,022-
財務CF
短期借入金の純増減額-828-496-189-
長期借入れ----
長期借入金の返済-201-222-193-
社債の発行----
社債の償還----
自己株式の取得-11-150-5,002-
自己株式の売却213252244-
配当金の支払-3,295-3,623-4,253-
財務CF-4,454-4,566-9,616-
換算差額783-84062-
その他
2018.32019.32019.122021.3E
設備投資額11,12115,2408,445-
研究開発費6,1485,5204,071-
発行済株式総数69,430,069株69,414,469株68,468,569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
2018.32019.32019.122021.3E
従業員数5,488人5,381人5,364人-
売上/従業員(千円)67,79664,40165,094-
営利/従業員(千円)4,6553,7133,112-
四半期売上(百万円)
売上5y CAGR・予想:0.9 %
四半期利益(百万円)
営利5y CAGR・予想:-7.2 %
純利5y CAGR・予想:-8.9 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q420.Q120.Q4E
売上88,814187,604272,211353,43288,484185,979271,701350,27089,028185,525288,18777,999366,000
前期比100.1%100.7%100.4%100.1%99.6%99.1%99.8%99.1%100.6%99.8%82.3%87.6%127.0%
売上原価46,84298,632143,772187,19446,40397,535142,588184,16746,59097,644150,12739,868-
売上総利益41,97188,972128,438166,23842,08188,444129,112166,10342,43787,880138,06038,131-
%47.3%47.4%47.2%47.0%47.6%47.6%47.5%47.4%47.7%47.4%47.9%48.9%-
販管費35,40473,469109,227145,86036,08675,570112,655149,35737,17477,105122,45434,665-
営業利益6,56715,50319,21120,3775,99512,87416,45616,7465,26310,77415,6053,46518,000
前期比83.8%94.4%84.6%84.0%91.3%83.0%85.7%82.2%87.8%83.7%93.2%65.8%115.3%
%7.4%8.3%7.1%5.8%6.8%6.9%6.1%4.8%5.9%5.8%5.4%4.4%4.9%
受取利息および受取配当金4366541,0881,2385616711,1361,2744956241,154149-
持分法による投資利益-------------
営業外収益1,2552,0073,0453,8041,7552,5423,2793,9371,5382,0273,2271,157-
支払利息62435513331433013114-
持分法による投資損失-------------
営業外費用3398461,3432,1883927111,0021,4664261,0571,831736-
経常利益7,48316,66420,91221,9937,35814,70518,73319,2176,37511,74417,0023,88618,500
固定資産売却益-----358358358-1,1731,621--
投資有価証券売却益---492-133133425-905,647--
特別利益1772381,0181,510-491492784-1,2637,268--
固定資産売却損-------------
投資有価証券売却損----------650--
減損損失-157157833-4646307-1203,249--
特別損失-1591711,031112194311,202952154,087--
税引前利益7,66016,74321,75922,4737,34614,97718,79418,7986,28012,79320,1833,886-
法人税等2,2255,0156,5656,9992,1864,6296,0156,3812,0063,7707,7711,294-
%29.0%29.0%29.0%29.0%31.1%31.1%31.1%31.1%33.9%33.9%33.9%38.5%-
当期純利益5,43411,72715,19415,4735,16010,34712,77812,4174,2749,02212,4112,591-
非支配株主に帰属する当期純利益19837239725722340962057216623936415-
親会社株主に帰属する当期純利益5,23611,35414,79615,2164,9379,93812,15811,8444,1078,78312,0472,57612,500
前期比94.2%98.3%87.2%83.8%94.3%87.5%82.2%77.8%83.2%88.4%101.7%62.7%103.8%
%5.1%5.1%5.1%5.1%4.3%4.3%4.3%4.3%3.4%3.4%3.4%4.2%3.4%
 
EBITDA35,36435,36435,36435,36433,98133,98133,98133,98129,92129,92129,92126,45028,845
EPS219.2円219.2円219.2円219.2円170.6円170.6円170.6円170.6円173.6円175.9円175.9円175.9円182.6円
BPS2,836.1円2,931.3円3,010.0円3,000.1円3,055.5円3,140.6円3,085.8円3,081.4円3,008.7円3,115.4円3,113.6円3,059.3円-
期初会社予想
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q420.Q120.Q4E
売上高(期初予)375,000375,000375,000375,000364,000364,000364,000364,000292,000292,000292,000366,000366,000
対実績比23.7%50.0%72.6%94.2%24.3%51.1%74.6%96.2%30.5%63.5%98.7%21.3%-
営業利益(期初予)25,00025,00025,00025,00018,00018,00018,00018,00016,20016,20016,20018,00018,000
対実績比26.3%62.0%76.8%81.5%33.3%71.5%91.4%93.0%32.5%66.5%96.3%19.3%-
純利益(期初予)17,80017,80017,80017,80013,60013,60013,60013,60012,00012,00012,00012,50012,500
対実績比29.4%63.8%83.1%85.5%36.3%73.1%89.4%87.1%34.2%73.2%100.4%20.6%-
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.Q420.Q120.Q4E
株価6,050円5,940円5,620円5,570円5,320円5,580円5,580円5,820円4,800円4,485円4,865円4,540円-
企業価値354,695347,058315,418311,069296,442315,619307,750327,798260,328241,060267,078253,555-
時価総額420,052412,415390,197386,725369,368387,420387,420403,992333,189307,082333,100310,847-
純有利子負債-65,357-65,357-74,779-75,656-72,926-71,801-79,670-76,194-72,861-66,022-66,022-57,292-
PER(会予)23.6倍23.2倍24.1倍23.9倍27.2倍28.5倍28.5倍29.7倍27.8倍25.6倍27.8倍24.9倍-
PBR2.1倍2.1倍1.9倍1.9倍1.8倍1.8倍1.8倍1.9倍1.6倍1.4倍1.6倍1.5倍-
PER × PBR50.3倍48.5倍46.2倍44.2倍48.2倍52.0倍50.6倍56.0倍43.3倍36.8倍43.3倍36.9倍-
EV/EBITDA(会予)9.8倍9.6倍9.5倍9.4倍9.4倍10.0倍9.7倍10.4倍8.9倍8.2倍9.1倍8.8倍-
PSR(会予)1.1倍1.1倍1.1倍1.1倍1.0倍1.1倍1.1倍1.1倍1.1倍1.1倍1.2倍0.8倍-
PCFR(会予)14.5倍14.3倍14.3倍14.2倍13.6倍14.2倍14.2倍14.9倍13.2倍12.2倍13.2倍13.3倍-
配当金---50.0円---60.0円--60.0円-65.0円
配当利回り0.8%0.8%0.9%0.9%0.9%0.9%0.9%0.9%1.3%1.3%1.2%1.3%-
配当性向---22.8%---35.2%--34.1%--
自己資本配当率1.8%1.7%1.7%1.7%2.0%1.9%1.9%1.9%2.0%1.9%1.9%2.0%-
ROE7.7%7.5%7.3%7.3%5.6%5.4%5.5%5.5%5.8%5.6%5.7%5.8%-
純利益率(再掲)5.9%6.1%5.4%4.3%5.6%5.3%4.5%3.4%4.6%4.7%4.2%3.3%-
総資産回転率1.1回1.0回1.0回1.0回1.0回1.0回1.0回1.0回0.8回0.8回0.8回0.9回-
財務レバレッジ1.7倍1.7倍1.7倍1.6倍1.6倍1.6倍1.6倍1.6倍1.6倍1.6倍1.6倍1.5倍-
実質ROE7.5%7.2%7.1%7.1%5.4%5.3%5.4%5.4%5.5%5.4%5.4%5.5%-
ROIC5.8%5.7%5.6%5.6%4.3%4.2%4.2%4.2%3.3%3.2%3.2%3.3%-
ROA4.7%4.4%4.4%4.4%3.4%3.3%3.4%3.4%3.5%3.5%3.5%3.7%-
β0.390.400.420.420.310.230.300.380.400.410.410.39-
βの決定係数(R2)0.040.040.040.040.020.010.030.040.050.060.070.09-
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.Q420.Q120.Q4E
流動資産
現金97,318106,786107,093104,336102,470110,301106,762103,60192,18296,40999,64087,544-
売上債権39,09539,09545,66239,84141,36042,92444,39840,47640,12841,94641,94637,702-
棚卸資産28,88728,88726,82826,86027,48730,68028,78629,96331,11130,06730,06731,897-
有価証券3,3346,4794,0262,2401,9321,6461,6551,6453,6613,6245,9686,159-
前払金---656---385--800--
繰延税金資産---2,478---------
貸倒引当金-53-60-53-31-31-30-29-50-53-51-50-53-
流動資産173,711191,920183,565181,357181,491188,943182,141180,171175,860175,609184,352169,239-
固定資産
建物・構築物31,47431,06531,07470,45431,42832,26332,81473,06241,54940,45180,57340,706-
機械・運搬具35,05234,86734,388116,52333,29832,27433,222118,99236,68736,744123,42835,768-
土地15,76715,72615,74415,75815,77415,47415,60115,58415,59915,31215,25915,237-
建設仮勘定2,2012,0485,3976,8717,3768,5988,94912,4213,8623,1943,7742,206-
有形固定資産88,35887,91891,11791,81492,19892,85994,78199,465101,47799,79399,80797,984-
のれん---4,0513,9243,9133,9053,8743,7603,561489432-
無形固定資産5,5615,5836,1649,6129,2499,1589,2329,4779,4669,3556,9877,574-
投資有価証券41,61141,49845,41742,95846,05946,92740,14741,79941,82342,46535,30232,284-
繰延税金資産---505---939--798--
貸倒引当金-51-50-49-49-50-51-53-53-53-53-53-49-
敷金および保証金-------------
投資その他の資産58,83058,68662,53360,41363,81465,00458,13259,33858,87759,77852,66549,588-
固定資産152,750152,187159,815161,840165,262167,021162,147168,281169,820168,926159,460155,147-
総資産326,461344,108343,380343,198346,753355,965344,289348,452345,681344,536343,812324,386-
 
負債
有利子負債合計31,96131,96132,00731,43731,41030,66930,63130,56830,74030,38730,38730,252-
仕入債務33,44233,44239,71834,88533,87239,60038,62335,87833,83132,76232,76229,890-
前受金-------------
未払法人税等2,0535,4083,0673,3521,8044,9832,5642,6511,8793,7794,2661,793-
繰延税金負債(固定)6,3306,4427,9897,2056,4836,1274,9045,098--4,186--
負債123,344134,150127,905128,409128,011131,264122,908127,598129,565123,890122,897107,797-
 
純資産
資本金7,7737,7737,7737,7737,7737,7737,7737,7737,7737,7737,7737,773-
資本剰余金9,0499,0499,0959,0959,0959,0958,9988,9998,9997,4597,4597,459-
利益剰余金173,965180,083182,207182,627185,587190,589191,162190,892192,694196,564197,881198,496-
自己株式-6,938-6,910-6,839-6,802-6,820-6,783-6,625-6,566-11,501-9,044-8,944-8,881-
非支配株主持分6,2056,4356,4926,4936,5976,6467,1806,9607,2667,3427,7337,121-
純資産203,117209,958215,475214,788218,742224,701221,380220,853216,115220,646220,915216,589-
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.Q420.Q120.Q4E
営業CF
税金等調整前当期純利益7,66016,74321,75922,4737,34614,97718,79418,7986,28012,79320,1833,886-
減価償却費-6,497-13,604-6,292-13,175-6,83510,845--
のれん償却額-------------
減損損失-157157833-4646307-1203,249--
受取利息及び受取配当金--655--1,239--671--1,274--624-1,155--
売上債権の増減額--8,878--4,096--3,596-903--1,942-3,601--
棚卸資産の増減額-924-689--1,467--3,761-9891,240--
仕入債務の増減額-10,584-4,479-4,894-140--9632,205--
営業CF-26,454-31,493-16,551-20,324-13,87817,344--
投資CF
有価証券の取得0-130-2490-7030-1,3550-3,350-6,9580-
有価証券の売却・償還030001,814027601,10401469,9510-
固定資産の購入0-11,2680-19,5770-7,9770-18,4770-11,845-18,3780-
固定資産の売却08201150665093002,1952,8370-
貸付け-------------
貸付金の回収-------------
投資CF--12,419--25,044--2,200--8,697--12,053-9,022--
財務CF
短期借入金の純増減額--276--828--630--496--222-189--
長期借入れ-------------
長期借入金の返済--100--201--113--222--113-193--
社債の発行-------------
社債の償還-------------
自己株式の取得--7--11--146--150--5,001-5,002--
自己株式の売却-100-213-129-252-143244--
配当金の支払--1,977--3,295--1,977--3,623--2,305-4,253--
財務CF--2,391--4,454--2,922--4,566--7,659-9,616--
換算差額--108-783--1,502--840--30962--
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q420.Q120.Q4E
設備投資額---11,121---15,240--8,445--
研究開発費---6,148---5,520--4,071--
発行済株式総数69,430,069株69,430,069株69,430,069株69,430,069株69,430,069株69,430,069株69,414,469株69,414,469株69,414,469株68,468,569株68,468,569株68,468,569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.Q420.Q120.Q4E
従業員数---5,488人---5,381人--5,364人--
売上/従業員(千円)67,79667,79667,79667,79664,40164,40164,40164,40165,09465,09465,09453,726-
営利/従業員(千円)4,6554,6554,6554,6553,7133,7133,7133,7133,1123,1123,1122,909-