通期売上(百万円)
売上5y CAGR・予想:-0.5 %
通期利益(百万円)
営利5y CAGR・予想:12.6 %
純利5y CAGR・予想:16.5 %
P/L
2017.32018.32019.32020.3
売上592,617592,087583,582589,800
前期比98.5%99.9%98.6%101.1%
売上原価399,286402,139398,337-
売上総利益193,330189,948185,245-
%32.6%32.1%31.7%-
販管費172,231168,263162,913-
営業利益21,09921,68422,33123,000
前期比147.4%102.8%103.0%103.0%
%3.6%3.7%3.8%3.9%
受取利息および受取配当金531893970-
持分法による投資利益236---
営業外収益2,3452,3792,563-
支払利息925861750-
持分法による投資損失-37088-
営業外費用1,4851,7081,720-
経常利益21,96022,35523,17423,700
固定資産売却益733,73936-
投資有価証券売却益3997266-
特別利益1894,704421-
固定資産売却損----
投資有価証券売却損----
減損損失193-286-
特別損失2,9963,5893,364-
税引前利益19,15323,47020,230-
法人税等5,8877,6556,044-
%30.7%32.6%29.9%-
当期純利益13,26515,81414,186-
非支配株主に帰属する当期純利益6333168-
親会社株主に帰属する当期純利益13,20215,78114,01719,500
前期比124.8%119.5%88.8%139.1%
%2.2%2.7%2.4%3.3%
 
EBITDA38,87538,87539,33641,025
EPS266.8円319.0円283.3円394.1円
BPS2,870.8円3,222.7円3,399.2円-
期初会社予想
2017.32018.32019.32020.3
売上高(期初予)590,000600,000600,000589,800
対実績比100.4%98.7%97.3%-
営業利益(期初予)16,40021,50022,50023,000
対実績比128.7%100.9%99.2%-
純利益(期初予)8,20014,00013,50019,500
対実績比161.0%112.7%103.8%-
配当
ROEデュポン分解
β
マルチプル
2017.32018.32019.32020.3
企業価値289,205286,809273,660-
時価総額204,336214,203185,779-
純有利子負債84,86972,60687,881-
PER(会予)17.0倍15.3倍15.2倍-
PBR1.4倍1.3倍1.1倍-
PER × PBR24.5倍20.6倍16.8倍-
EV/EBITDA(会予)7.6倍7.3倍7.2倍-
PSR(会予)0.3倍0.4倍0.3倍-
PCFR(会予)6.9倍6.7倍6.2倍-
配当金45.0円50.0円55.0円60.0円
配当利回り1.1%1.0%1.3%-
配当性向16.9%16.9%15.7%-
自己資本配当率0.3%1.6%1.6%-
ROE9.3%9.9%8.3%-
純利益率(再掲)2.2%2.7%2.4%-
総資産回転率1.5回1.4回1.4回-
財務レバレッジ2.7倍2.7倍2.6倍-
実質ROE9.3%9.9%8.3%-
ROIC6.5%5.5%6.2%-
ROA3.4%3.7%3.3%-
β0.210.260.36-
βの決定係数(R2)0.020.020.04-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2017.32018.32019.32020.3
流動資産
現金7,37810,1393,685-
売上債権53,72166,43574,203-
棚卸資産51,50452,69557,558-
有価証券----
前払金----
繰延税金資産4,0674,285--
貸倒引当金-419-542-530-
流動資産126,418146,236140,077-
固定資産
建物・構築物165,324173,997177,111-
機械・運搬具257,821280,334282,134-
土地70,04968,34768,231-
建設仮勘定21,75810,62325,656-
有形固定資産225,707232,671252,130-
のれん-296162-
無形固定資産6,1056,3336,525-
投資有価証券18,79322,42021,238-
繰延税金資産1,1501,3024,793-
貸倒引当金-115-142-142-
敷金および保証金----
投資その他の資産27,13531,22233,523-
固定資産258,947270,226292,178-
総資産385,366416,463432,256-
 
負債
有利子負債合計92,24794,96192,672-
仕入債務52,21257,83656,275-
前受金----
未払法人税等4,4335,1052,830-
繰延税金負債(固定)----
負債242,519257,361263,088-
 
純資産
資本金21,70421,70421,731-
資本剰余金19,87719,85819,886-
利益剰余金96,736110,291121,831-
自己株式-543-596-702-
非支配株主持分6101,3471,531-
純資産142,846159,102169,167-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2017.32018.32019.32020.3
営業CF
税金等調整前当期純利益19,15323,47020,230-
減価償却費17,64317,51917,892-
のれん償却額133133133-
減損損失193-286-
受取利息及び受取配当金-531-893-971-
売上債権の増減額-229-4,821-4,074-
棚卸資産の増減額631-7,383-5,075-
仕入債務の増減額3991,393-1,857-
営業CF37,35025,11018,506-
投資CF
有価証券の取得-53-2,723-37-
有価証券の売却・償還132345381-
固定資産の購入-22,291-19,779-39,247-
固定資産の売却8165,08851-
貸付け----
貸付金の回収----
投資CF-21,233-16,921-38,817-
財務CF
短期借入金の純増減額-2,1733,1913,022-
長期借入れ7,6217,2847,661-
長期借入金の返済-4,832-12,141-7,633-
社債の発行-9,9329,941-
社債の償還-10,000-10,000--
自己株式の取得-28-37-11-
自己株式の売却-20-
配当金の支払-1,730-2,226-2,473-
財務CF-15,243-5,77414,112-
換算差額0165-254-
その他
2017.32018.32019.32020.3
設備投資額----
研究開発費5,3624,7474,648-
発行済株式総数49,476,068株49,469,433株49,475,051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
2017.32018.32019.32020.3
従業員数5,771人5,987人6,157人-
売上/従業員(千円)102,689102,68998,895-
営利/従業員(千円)3,6563,6563,622-
四半期売上(百万円)
売上5y CAGR・予想:-0.5 %
四半期利益(百万円)
営利5y CAGR・予想:12.6 %
純利5y CAGR・予想:16.5 %
P/L
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上592,617153,880316,761462,155592,087150,479311,411456,571583,582152,757312,798459,614589,800
前期比98.5%26.0%53.5%78.0%99.9%25.4%52.6%77.1%98.6%26.2%53.6%78.8%101.1%
売上原価399,286103,115211,863310,898402,139102,074211,322310,377398,337103,924211,503310,815-
売上総利益193,33050,765104,897151,257189,94848,404100,088146,193185,24548,833101,294148,799-
%32.6%33.0%33.1%32.7%32.1%32.2%32.1%32.0%31.7%32.0%32.4%32.4%-
販管費172,23142,69688,022129,386168,26341,78385,262125,285162,91341,72985,334125,914-
営業利益21,0998,06916,87521,87121,6846,62114,82620,90722,3317,10315,95922,88523,000
前期比147.4%38.2%80.0%103.7%102.8%30.5%68.4%96.4%103.0%31.8%71.5%102.5%103.0%
%3.6%5.2%5.3%4.7%3.7%4.4%4.8%4.6%3.8%4.6%5.1%5.0%3.9%
受取利息および受取配当金531402602777893594742936970340483728-
持分法による投資利益23650123164-67---4--
営業外収益2,3459601,5922,1062,3799061,6392,0672,5636471,2201,634-
支払利息925205431639861179372559750184374554-
持分法による投資損失----370--518820-49-
営業外費用1,4853196248691,7084828361,1591,7205241,0521,153-
経常利益21,9608,71017,84423,10822,3557,04515,62921,81423,1747,22616,12823,36623,700
固定資産売却益733,0073,0893,7393,739043636606060-
投資有価証券売却益390969797-5858266-0110-
特別利益1893,0083,1883,8394,70401111944216061212-
固定資産売却損-------------
投資有価証券売却損-------------
減損損失193-------286----
特別損失2,9965219822,1723,5897561,4472,2423,3647171,4492,263-
税引前利益19,15311,19620,05024,77523,4706,28914,29319,76620,2306,56814,74021,315-
法人税等5,8873,5636,2357,7777,6552,2834,6166,0066,0442,2314,6016,359-
%30.7%31.8%31.1%31.4%32.6%36.3%32.3%30.4%29.9%34.0%31.2%29.8%-
当期純利益13,2657,63313,81416,99815,8144,0059,67613,75914,1864,33710,13914,955-
非支配株主に帰属する当期純利益631425423325681351683276118-
親会社株主に帰属する当期純利益13,2027,61913,78816,95615,7813,9799,60713,62414,0174,30410,06314,83719,500
前期比124.8%57.7%104.4%128.4%119.5%25.2%60.9%86.3%88.8%30.7%71.8%105.9%139.1%
%2.2%5.0%4.4%3.7%2.7%2.6%3.1%3.0%2.4%2.8%3.2%3.2%3.3%
 
EBITDA38,87538,87538,87538,87538,87539,33639,33639,33639,33640,35640,35640,35641,025
EPS266.8円319.0円319.0円319.0円319.0円319.0円283.4円283.3円283.3円283.4円283.3円283.3円394.1円
BPS2,870.8円2,991.4円2,991.4円3,131.7円3,222.7円3,184.1円3,225.3円3,325.7円3,399.2円3,384.8円3,535.8円3,535.8円-
期初会社予想
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
売上高(期初予)590,000600,000600,000600,000600,000600,000600,000600,000600,000593,000593,000593,000589,800
対実績比100.4%25.6%52.8%77.0%98.7%25.1%51.9%76.1%97.3%25.8%52.7%77.5%-
営業利益(期初予)16,40021,50021,50021,50021,50022,50022,50022,50022,50023,00023,00023,00023,000
対実績比128.7%37.5%78.5%101.7%100.9%29.4%65.9%92.9%99.2%30.9%69.4%99.5%-
純利益(期初予)8,20014,00014,00014,00014,00013,50013,50013,50013,50019,50019,50019,50019,500
対実績比161.0%54.4%98.5%121.1%112.7%29.5%71.2%100.9%103.8%22.1%51.6%76.1%-
配当
ROEデュポン分解
β
マルチプル
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
企業価値289,205291,058292,047318,576286,809286,724238,587234,335273,660315,942306,802323,131-
時価総額204,336211,754212,743252,314214,203204,795152,604152,405185,779210,940203,858220,187-
純有利子負債84,86979,30479,30466,26272,60681,92985,98381,93087,881105,002102,944102,944-
PER(会予)17.0倍15.1倍15.2倍18.0倍15.3倍15.2倍11.3倍12.5倍15.2倍10.8倍10.5倍11.3倍-
PBR1.4倍1.4倍1.4倍1.6倍1.3倍1.3倍1.0倍0.9倍1.1倍1.3倍1.2倍1.3倍-
PER × PBR24.5倍21.6倍21.8倍29.3倍20.6倍19.7倍10.8倍11.6倍16.8倍13.6倍12.2倍14.2倍-
EV/EBITDA(会予)7.6倍7.4倍7.4倍8.1倍7.3倍7.1倍5.9倍6.2倍7.2倍7.7倍7.5倍7.9倍-
PSR(会予)0.3倍0.4倍0.4倍0.4倍0.4倍0.3倍0.3倍0.3倍0.3倍0.4倍0.3倍0.4倍-
PCFR(会予)6.9倍6.7倍6.7倍7.9倍6.7倍6.6倍4.9倍5.1倍6.2倍5.6倍5.4倍5.9倍-
配当金45.0円---50.0円---55.0円---60.0円
配当利回り1.1%1.1%1.0%0.9%1.0%1.2%1.6%1.6%1.3%1.3%1.3%1.2%-
配当性向16.9%16.9%16.9%16.9%16.9%15.7%15.7%15.7%15.7%19.4%19.4%19.4%-
自己資本配当率0.3%1.7%1.7%1.6%1.6%1.6%1.7%1.7%1.6%1.6%1.6%1.6%-
ROE9.3%10.7%10.7%10.2%9.9%10.0%8.8%8.5%8.3%8.4%8.0%8.0%-
純利益率(再掲)2.2%5.0%4.4%3.7%2.7%2.6%3.1%3.0%2.4%2.8%3.2%3.2%-
総資産回転率1.5回1.5回1.5回1.4回1.4回1.4回1.4回1.3回1.4回1.4回1.3回1.3回-
財務レバレッジ2.7倍2.7倍2.7倍2.7倍2.7倍2.6倍2.7倍2.6倍2.6倍2.6倍2.5倍2.5倍-
実質ROE9.3%10.6%10.6%10.1%9.9%10.0%8.8%8.5%8.3%8.3%8.0%8.0%-
ROIC6.5%5.9%5.9%5.6%5.5%5.6%6.4%6.3%6.2%5.9%5.8%5.8%-
ROA3.4%3.9%3.9%3.7%3.7%3.8%3.3%3.2%3.3%3.2%3.2%3.2%-
β0.210.140.110.110.260.290.260.360.360.420.390.41-
βの決定係数(R2)0.020.010.000.000.020.030.020.040.040.060.050.06-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
流動資産
現金7,37810,68328,00822,35510,13910,44410,9224,7913,6855,3485,02710,207-
売上債権53,72160,68260,68267,63966,43561,79970,40273,01274,20365,84468,98668,986-
棚卸資産51,50453,38053,38050,31452,69559,44961,42957,10657,55864,26863,89063,890-
有価証券-------------
前払金-------------
繰延税金資産4,067---4,285--------
貸倒引当金-419-427-434-414-542-623-656-546-530-332-313-304-
流動資産126,418139,291162,729156,808146,236149,025147,133142,751140,077150,005143,959155,845-
固定資産
建物・構築物165,32470,09270,11369,450173,99776,26276,21376,488177,11177,08676,38778,075-
機械・運搬具257,82155,75556,21155,784280,33473,14175,08475,472282,13475,13774,00775,046-
土地70,04969,92769,89169,79568,34768,34068,36268,36768,23168,16368,37368,367-
建設仮勘定21,758---10,623---25,656----
有形固定資産225,707224,844227,133229,243232,671233,189245,219247,233252,130254,185257,844260,973-
のれん----296---162----
無形固定資産6,1055,9865,9556,1666,3336,3086,3776,3586,5256,4696,3486,430-
投資有価証券18,79321,54421,60822,68922,42023,75723,83521,30821,23821,36721,25721,884-
繰延税金資産1,150---1,302---4,793----
貸倒引当金-115-108-110-144-142-153-143-136-142-141-152-151-
敷金および保証金-------------
投資その他の資産27,13529,73529,67131,24231,22234,75734,66933,46033,52333,53533,35034,121-
固定資産258,947260,566262,760266,652270,226274,255286,267287,052292,178294,191297,543301,525-
総資産385,366399,857425,490423,461416,463423,281433,400429,803432,256444,197441,502457,370-
 
負債
有利子負債合計92,24789,98789,98794,27094,96192,06896,42792,85292,672108,687107,971107,971-
仕入債務52,21256,08256,08256,93757,83657,70160,84656,89456,27554,34652,08252,082-
前受金-------------
未払法人税等4,4333,3476,1254,8715,1052,1644,6092,3292,8302,1714,6223,203-
繰延税金負債(固定)-------------
負債242,519251,054269,687263,145257,361262,128267,197259,860263,088273,408264,764276,625-
 
純資産
資本金21,70421,70421,70421,70421,70421,70421,73121,73121,73121,73121,76021,760-
資本剰余金19,87719,85919,86019,86119,85819,85819,88619,88619,88619,88619,92019,920-
利益剰余金96,736102,129108,299111,466110,291111,797117,424121,440121,831123,415129,173133,948-
自己株式-543-548-557-574-596-599-599-630-702-704-689-692-
非支配株主持分6106006136411,3471,3601,3941,5251,5311,5411,5801,659-
純資産142,846148,802155,802160,316159,102161,153166,202169,943169,167170,788176,738180,745-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
営業CF
税金等調整前当期純利益19,15311,19620,05024,77523,4706,28914,29319,76620,2306,56814,74021,315-
減価償却費17,643-8,520-17,519-8,922-17,892-9,049--
のれん償却額133---133---133----
減損損失193-------286----
受取利息及び受取配当金-531--603--893--743--971--483--
売上債権の増減額-229--13,920--4,821--11,233--4,074--3,213--
棚卸資産の増減額631-1,319--7,383-2,165--5,075-235--
仕入債務の増減額399-6,438-1,393-170--1,857--1,043--
営業CF37,350-25,071-25,110-14,674-18,506-18,924--
投資CF
有価証券の取得-530-5490-2,7230-190-370-190-
有価証券の売却・償還1320167034501310381000-
固定資産の購入-22,2910-9,1990-19,7790-15,1830-39,2470-17,5610-
固定資産の売却81603,39305,0880505101480-
貸付け-------------
貸付金の回収-------------
投資CF-21,233--5,948--16,921--15,069--38,817--17,355--
財務CF
短期借入金の純増減額-2,173-992-3,191--2,809-3,022--1,226--
長期借入れ7,621-1,803-7,284-661-7,661-367--
長期借入金の返済-4,832--8,226--12,141--3,322--7,633--4,840--
社債の発行--9,932-9,932-9,941-9,941-9,942--
社債の償還-10,000----10,000------5,000--
自己株式の取得-28--14--37--6--11--5--
自己株式の売却----2---0----
配当金の支払-1,730--2,226--2,226--2,473--2,473--2,720--
財務CF-15,243-1,351--5,774-1,245-14,112--179--
換算差額0-154-165--66--254--45--
その他
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
設備投資額-------------
研究開発費5,362---4,747---4,648----
発行済株式総数49,476,068株49,475,156株49,475,156株49,473,326株49,469,433株49,467,302株49,466,603株49,482,295株49,475,051株49,458,374株49,480,128株49,480,128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
16.Q417.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q4
従業員数5,771人---5,987人---6,157人----
売上/従業員(千円)102,689102,689102,689102,689102,68998,89598,89598,89598,89594,78394,78394,783-
営利/従業員(千円)3,6563,6563,6563,6563,6563,6223,6223,6223,6223,6273,6273,627-