明治ホールディングス【2269】の業績・財務

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通期売上(百万円)
売上5y CAGR・予想:0.2 %
通期利益(百万円)
営利5y CAGR・予想:5.6 %
純利5y CAGR・予想:3.4 %
P/L
2018.32019.32020.32021.3E
売上1,240,8601,254,3801,252,7061,253,000
前期比99.9%101.1%99.9%100.0%
売上原価785,978797,811790,183-
売上総利益454,882456,569462,523-
%36.7%36.4%36.9%-
販管費360,208358,185359,814-
営業利益94,67398,383102,708110,000
前期比107.1%103.9%104.4%107.1%
%7.6%7.8%8.2%8.8%
受取利息および受取配当金1,3411,416--
持分法による投資利益----
営業外収益3,5893,8444,942-
支払利息755778717-
持分法による投資損失209390--
営業外費用2,3852,5184,326-
経常利益95,87799,709103,324111,000
固定資産売却益6,4596,516--
投資有価証券売却益----
特別利益7,56113,4392,030-
固定資産売却損----
投資有価証券売却損----
減損損失4,21412,2422,390-
特別損失12,35818,5637,607-
税引前利益91,07994,58697,747-
法人税等29,11730,97527,996-
%31.4%32.0%28.6%-
当期純利益61,96263,61069,751-
非支配株主に帰属する当期純利益6831,742--
親会社株主に帰属する当期純利益61,27861,86867,31369,500
前期比100.8%101.0%108.8%103.2%
%4.9%4.9%5.4%5.5%
 
EBITDA135,872142,825148,941154,233
EPS401.3円405.2円440.9円442.1円
BPS3,191.6円3,453.6円3,685.7円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,261,0001,260,0001,309,0001,253,000
対実績比98.4%99.6%95.7%-
営業利益(期初予)94,50099,500108,000110,000
対実績比100.2%98.9%95.1%-
純利益(期初予)61,00063,00067,50069,500
対実績比100.5%98.2%99.7%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価8,100円8,990円7,680円-
企業価値1,367,5891,497,8681,241,927-
時価総額1,236,7361,372,6241,172,609-
純有利子負債130,853125,24469,318-
PER(会予)19.2倍19.3倍17.4倍-
PBR2.6倍2.6倍2.1倍-
PER × PBR49.4倍50.2倍36.2倍-
EV/EBITDA(会予)9.5倍10.0倍8.1倍-
PSR(会予)1.0倍1.1倍0.9倍-
PCFR(会予)11.0倍11.5倍10.3倍-
配当金130.0円140.0円150.0円140.0円
配当利回り1.4%1.4%2.0%-
配当性向32.4%34.6%34.0%-
自己資本配当率4.1%4.1%4.1%-
ROE12.6%11.7%12.0%-
純利益率(再掲)4.9%4.9%5.4%-
総資産回転率1.3回1.2回1.3回-
財務レバレッジ2.0倍1.9倍1.8倍-
実質ROE11.8%11.1%--
ROIC10.8%10.5%11.2%-
ROA6.6%6.2%6.7%-
β0.450.430.26-
βの決定係数(R2)0.080.070.03-
自己資本比率(%)
利益剰余金(百万円)
有利子負債(百万円)
B/S
2018.32019.32020.32021.3E
流動資産
現金27,61325,35637,446-
売上債権211,151226,005179,931-
棚卸資産139,814161,569173,299-
有価証券----
前払金----
繰延税金資産9,670---
貸倒引当金-202-176--
流動資産392,674421,447416,885-
固定資産
建物・構築物319,894334,729--
機械・運搬具504,589533,595--
土地71,45470,76569,363-
建設仮勘定22,32331,98823,645-
有形固定資産383,962433,491444,191-
のれん10,59073680-
無形固定資産22,55513,55314,014-
投資有価証券90,87493,504--
繰延税金資産8,36614,409--
貸倒引当金-93-94--
敷金および保証金----
投資その他の資産128,352135,651--
固定資産534,870582,696581,751-
総資産927,5441,004,143998,637-
 
負債
有利子負債合計153,489147,661106,764-
仕入債務123,188126,077112,317-
前受金----
未払法人税等18,25321,023--
繰延税金負債(固定)12,67810,650--
負債432,367443,512401,069-
 
純資産
資本金30,00030,00030,000-
資本剰余金99,841100,061--
利益剰余金366,276407,943453,723-
自己株式-30,521-30,422--
非支配株主持分7,86633,32034,819-
純資産495,177560,630597,567-
キャッシュフロー(百万円)
研究開発費(百万円)
C/S
2018.32019.32020.32021.3E
営業CF
税金等調整前当期純利益91,07994,586--
減価償却費46,51143,03346,185-
のれん償却額1,6411,64148-
減損損失4,21412,2422,390-
受取利息及び受取配当金-1,341-1,416--
売上債権の増減額-12,724-773--
棚卸資産の増減額-3,313-4,307--
仕入債務の増減額9,1702,142--
営業CF108,775112,100114,103-
投資CF
有価証券の取得-1,059-4,1530-
有価証券の売却・償還7463220-
固定資産の購入-71,776-71,242-71,129-
固定資産の売却9,2699,8500-
貸付け----
貸付金の回収----
投資CF-64,394-100,202-70,811-
財務CF
短期借入金の純増減額8,720-8,886--
長期借入れ13,80219,782--
長期借入金の返済-22,557-13,904--
社債の発行19,909---
社債の償還-30,000---
自己株式の取得----
自己株式の売却----
配当金の支払-17,835-19,891--
財務CF-40,121-13,980-30,287-
換算差額1-393--
その他
2018.32019.32020.32021.3E
設備投資額----
研究開発費----
発行済株式総数152,683,400株152,683,400株152,683,400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16,296人17,608人--
売上/従業員(千円)74,28476,145--
営利/従業員(千円)5,2855,810--
四半期売上(百万円)
売上5y CAGR・予想:0.2 %
四半期利益(百万円)
営利5y CAGR・予想:5.6 %
純利5y CAGR・予想:3.4 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上301,334611,494936,8241,240,860296,394611,971950,6981,254,380298,935618,077951,1831,252,7061,253,000
前期比100.1%100.8%100.3%99.9%98.4%100.1%101.5%101.1%100.9%101.0%100.1%99.9%100.0%
売上原価191,678391,893596,506785,978191,814393,706605,196797,811189,937394,231602,246790,183-
売上総利益109,656219,601340,318454,882104,580218,265345,501456,569108,998223,846348,937462,523-
%36.4%35.9%36.3%36.7%35.3%35.7%36.3%36.4%36.5%36.2%36.7%36.9%-
販管費85,234174,473268,149360,20884,805174,425265,896358,18588,361176,273268,588359,814-
営業利益24,42245,12772,16894,67319,77443,84079,60498,38320,63647,57380,348102,708110,000
前期比110.8%120.9%106.2%107.1%81.0%97.1%110.3%103.9%104.4%108.5%100.9%104.4%107.1%
%8.1%7.4%7.7%7.6%6.7%7.2%8.4%7.8%6.9%7.7%8.4%8.2%8.8%
受取利息および受取配当金6167331,2451,3416347621,3101,4167258491,450--
持分法による投資利益119317361-189-35------
営業外収益1,1701,9423,4893,5891,1661,4883,0083,8442,4213,1124,1534,942-
支払利息193382565755165359547778202384555717-
持分法による投資損失---209-74-39098299274--
営業外費用4299531,3452,3856281,4551,7092,5186831,9522,7004,326-
経常利益25,16346,11674,31295,87720,31143,87380,90399,70922,37448,73381,802103,324111,000
固定資産売却益6432,6724,0246,4595,0026,4516,5146,5165325731,065--
投資有価証券売却益---------591598--
特別利益1,1433,3905,0607,5615,01313,33513,42513,4395321,1651,6632,030-
固定資産売却損-------------
投資有価証券売却損-------------
減損損失1141144984,214-1,0071,00712,242-7561,9912,390-
特別損失1,1422,6594,20512,3589054,1035,76918,5631,0162,6935,6077,607-
税引前利益25,16346,84775,16791,07924,41953,10588,55894,58621,89047,20577,85897,747-
法人税等7,99114,85623,58429,1177,10514,47724,41130,9757,56914,63023,25627,996-
%31.4%31.4%31.4%31.4%32.0%32.0%32.0%32.0%32.7%32.7%32.7%28.6%-
当期純利益17,17131,99051,58261,96217,31338,62764,14763,61014,32132,57454,60169,751-
非支配株主に帰属する当期純利益1635578626832233112,2531,742-1797112,140--
親会社株主に帰属する当期純利益17,00831,43350,72061,27817,09038,31661,89361,86814,50031,86252,46167,31369,500
前期比101.9%129.2%109.6%100.8%100.5%121.9%122.0%101.0%84.8%83.2%84.8%108.8%103.2%
%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%5.4%5.5%
 
EBITDA135,872135,872135,872135,872142,825142,825142,825142,825143,057143,057143,057148,941154,233
EPS401.3円401.3円401.3円401.3円405.2円405.2円405.2円405.2円440.9円440.9円440.9円440.9円442.1円
BPS2,926.9円3,023.6円3,144.4円3,191.6円3,240.4円3,408.8円3,461.7円3,453.6円3,462.5円3,576.7円3,648.5円3,685.7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)1,261,0001,261,0001,261,0001,261,0001,260,0001,260,0001,260,0001,260,0001,309,0001,309,0001,309,0001,309,0001,253,000
対実績比23.9%48.5%74.3%98.4%23.5%48.6%75.5%99.6%22.8%47.2%72.7%95.7%-
営業利益(期初予)94,50094,50094,50094,50099,50099,50099,50099,500108,000108,000108,000108,000110,000
対実績比25.8%47.8%76.4%100.2%19.9%44.1%80.0%98.9%19.1%44.0%74.4%95.1%-
純利益(期初予)61,00061,00061,00061,00063,00063,00063,00063,00067,50067,50067,50067,50069,500
対実績比27.9%51.5%83.1%100.5%27.1%60.8%98.2%98.2%21.5%47.2%77.7%99.7%-
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9,110円8,920円9,590円8,100円9,340円7,630円8,960円8,990円7,700円7,880円7,380円7,680円-
企業価値1,524,2351,495,2251,585,2071,367,5891,517,5521,289,1221,481,9711,497,8681,266,6911,308,2431,231,9011,241,927-
時価総額1,390,9461,361,9361,464,2341,236,7361,426,0631,164,9741,368,0431,372,6241,175,6621,203,1451,126,8031,172,609-
純有利子負債133,289133,289120,973130,85391,489124,148113,928125,24491,029105,098105,09869,318-
PER(会予)22.8倍22.3倍22.7倍19.2倍22.6倍18.5倍19.3倍19.3倍17.4倍17.8倍16.7倍17.4倍-
PBR3.1倍3.0倍3.2倍2.6倍2.9倍2.4倍2.6倍2.6倍2.2倍2.2倍2.1倍2.1倍-
PER × PBR71.0倍68.0倍72.0倍49.4倍66.2倍43.5倍50.6倍50.2倍38.8倍39.3倍34.4倍36.2倍-
EV/EBITDA(会予)10.7倍10.5倍11.0倍9.5倍10.3倍8.7倍9.9倍10.0倍8.3倍8.6倍8.1倍8.1倍-
PSR(会予)1.1倍1.1倍1.2倍1.0倍1.1倍0.9倍1.1倍1.1倍0.9倍0.9倍0.9倍0.9倍-
PCFR(会予)12.8倍12.6倍13.1倍11.0倍12.8倍10.5倍11.5倍11.5倍10.5倍10.7倍10.0倍10.3倍-
配当金---130.0円---140.0円---150.0円140.0円
配当利回り1.2%1.2%1.1%1.4%1.4%1.7%1.5%1.4%1.8%1.8%1.9%2.0%-
配当性向---32.4%---34.6%---34.0%-
自己資本配当率4.4%4.3%4.1%4.1%4.3%4.1%4.0%4.1%4.3%4.2%4.1%4.1%-
ROE13.7%13.3%12.8%12.6%12.5%11.9%11.7%11.7%12.7%12.3%12.1%12.0%-
純利益率(再掲)5.6%5.1%5.4%4.9%5.8%6.3%6.5%4.9%4.9%5.2%5.5%5.4%-
総資産回転率1.4回1.4回1.3回1.3回1.3回1.2回1.2回1.2回1.2回1.3回1.2回1.3回-
財務レバレッジ2.0倍2.0倍2.0倍2.0倍1.9倍1.9倍1.9倍1.9倍1.9倍1.8倍1.8倍1.8倍-
実質ROE12.9%12.5%12.0%11.8%11.8%11.2%11.1%11.1%12.0%11.7%11.5%--
ROIC10.9%10.9%10.3%10.8%10.5%10.3%10.0%10.5%11.2%11.1%10.8%11.2%-
ROA6.9%6.7%6.4%6.6%6.6%6.2%6.0%6.2%6.7%6.7%6.5%6.7%-
β0.320.320.340.450.480.520.490.430.470.490.430.26-
βの決定係数(R2)0.050.050.050.080.080.090.090.070.080.090.080.03-
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22,21318,67422,63627,61322,97322,82922,41725,35626,03523,05629,93137,446-
売上債権174,655174,655194,684211,151195,760191,333203,351226,005202,193191,040191,040179,931-
棚卸資産141,112141,112142,949139,814136,467136,217164,194161,569165,924172,389172,389173,299-
有価証券-------------
前払金-------------
繰延税金資産---9,670---------
貸倒引当金-236-201-223-202-268-246-218-176-188-163-1,305--
流動資産373,192387,737407,363392,674393,997415,879438,785421,447420,826410,128442,158416,885-
固定資産
建物・構築物302,095306,803322,098319,894321,254337,213329,860334,729341,752341,065353,527--
機械・運搬具499,459504,709508,871504,589512,525523,295527,780533,595532,967538,525535,931--
土地72,58473,83574,19071,45469,69769,81669,66070,76570,60670,07669,72169,363-
建設仮勘定33,97037,27020,12522,32322,56228,72034,53931,98832,93538,35123,28523,645-
有形固定資産372,704384,005387,908383,962388,245421,287427,775433,491440,216445,009444,916444,191-
のれん12,40512,06911,68110,59010,61110,4829,835736965717680-
無形固定資産25,03524,44123,86922,55522,89424,20123,54513,55313,48113,34713,82314,014-
投資有価証券84,20085,99794,58790,87493,74798,44089,93493,50489,37391,02892,074--
繰延税金資産---8,366---14,409-----
貸倒引当金-107-109-108-93-96-90-98-94-95-91-72--
敷金および保証金-------------
投資その他の資産120,781122,782131,243128,352138,035142,537134,958135,651131,816132,755133,863--
固定資産518,521531,229543,021534,870549,175588,025586,279582,696585,515591,112592,603581,751-
総資産891,714918,967950,385927,544943,1721,003,9051,025,0641,004,1431,006,3411,001,2411,034,761998,637-
 
負債
有利子負債合計155,502155,502139,647153,489119,102147,121136,757147,661116,385128,154128,154106,764-
仕入債務109,393109,393119,014123,188120,107116,216119,494126,077125,479106,520106,520112,317-
前受金-------------
未払法人税等8,07415,44510,15018,2538,32516,50511,09421,0237,67815,1567,554--
繰延税金負債(固定)---12,678---10,650-----
負債437,101449,316461,930432,367440,466451,041462,302443,512444,906421,631442,883401,069-
 
純資産
資本金30,00030,00030,00030,00030,00030,00030,00030,00030,00030,00030,00030,000-
資本剰余金99,62299,76699,80899,84199,841100,018100,052100,061100,061100,206100,208--
利益剰余金330,344344,770355,719366,276372,593393,818407,969407,943411,198428,428438,871453,723-
自己株式-28,614-30,488-30,504-30,521-30,537-30,404-30,413-30,422-30,430-30,271-30,280--
非支配株主持分7,7247,9928,3607,8667,95732,39834,22233,32032,77533,50634,81134,819-
純資産454,612469,651488,455495,177502,706552,863562,762560,630561,435579,609591,878597,567-
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25,16346,84775,16791,07924,41953,10588,55894,58621,89047,20577,858--
減価償却費-22,401-46,511-20,652-43,033-22,401-46,185-
のれん償却額-823-1,641-813-1,641-7-48-
減損損失1141144984,214-1,0071,00712,242-7561,9912,390-
受取利息及び受取配当金--734--1,341--763--1,416--849---
売上債権の増減額--11,258--12,724--1,998--773-10,648---
棚卸資産の増減額--9,341--3,313--2,429--4,307--6,732---
仕入債務の増減額-9,518-9,170--3,654-2,142--17,788---
営業CF-38,700-108,775-38,347-112,100-34,007-114,103-
投資CF
有価証券の取得0-1,0070-1,0590-810-4,1530-7000-
有価証券の売却・償還0364074601900322059200-
固定資産の購入0-34,8350-71,7760-34,3070-71,2420-38,7870-71,129-
固定資産の売却03,80709,26909,55309,85001,88400-
貸付け-------------
貸付金の回収-------------
投資CF--32,675--64,394--60,228--100,202--36,314--70,811-
財務CF
短期借入金の純増減額-10,410-8,720--347--8,886-8,060---
長期借入れ-3,157-13,802-18,070-19,782-358---
長期借入金の返済--11,581--22,557--11,619--13,904--2,505---
社債の発行-9,955-19,909---------
社債の償還--10,000--30,000---------
自己株式の取得-------------
自己株式の売却-------------
配当金の支払--9,499--17,835--10,483--19,891--10,853---
財務CF--11,026--40,121-16,610--13,980-787--30,287-
換算差額--284-1--263--393--364---
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額-------------
研究開発費-------------
発行済株式総数152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400株152,683,400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---16,296人---17,608人-----
売上/従業員(千円)74,28474,28474,28474,28476,14576,14576,14576,14571,23971,23971,239--
営利/従業員(千円)5,2855,2855,2855,2855,8105,8105,8105,8105,5875,5875,587--