通期売上(百万円)
売上5y CAGR・予想:1.3 %
通期利益(百万円)
営利5y CAGR・予想:0.3 %
純利5y CAGR・予想:0.0 %
P/L
2018.32019.32020.32021.3E
売上596,158603,378613,405620,000
前期比101.4%101.2%101.7%101.1%
売上原価452,218460,868470,209-
売上総利益143,940142,510143,196-
%24.1%23.6%23.3%-
販管費124,577125,279125,197-
営業利益19,36317,23017,99819,000
前期比103.3%89.0%104.5%105.6%
%3.2%2.9%2.9%3.1%
受取利息および受取配当金894773--
持分法による投資利益837961--
営業外収益2,7242,8892,821-
支払利息538488346-
持分法による投資損失----
営業外費用1,0911,1051,140-
経常利益20,99619,01419,68020,500
固定資産売却益12725--
投資有価証券売却益53391--
特別利益196533107-
固定資産売却損1100--
投資有価証券売却損----
減損損失4881,690576-
特別損失2,1264,2732,903-
税引前利益19,06615,27316,885-
法人税等5,6694,3434,593-
%27.2%29.7%27.2%-
当期純利益13,39610,93012,291-
非支配株主に帰属する当期純利益10176--
親会社株主に帰属する当期純利益13,38610,75412,16513,000
前期比103.1%80.3%113.1%106.9%
%2.2%2.2%2.0%2.1%
 
EBITDA33,89334,52034,24733,549
EPS189.2円152.0円171.9円162.5円
BPS2,191.1円2,350.4円2,475.0円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)600,000605,000615,000620,000
対実績比99.4%99.7%99.7%-
営業利益(期初予)19,50019,00018,00019,000
対実績比99.3%90.7%100.0%-
純利益(期初予)13,00013,50012,00013,000
対実績比103.0%79.7%101.4%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価2,877円2,694円2,456円-
企業価値261,592241,304227,622-
時価総額203,553190,605173,767-
純有利子負債58,03950,69953,855-
PER(会予)15.7倍18.2倍15.1倍-
PBR1.3倍1.2倍1.0倍-
PER × PBR20.8倍21.5倍15.0倍-
EV/EBITDA(会予)7.6倍7.4倍6.8倍-
PSR(会予)0.3倍0.3倍0.3倍-
PCFR(会予)7.2倍7.4倍6.3倍-
配当金40.0円40.0円40.0円40.0円
配当利回り1.4%1.5%1.6%-
配当性向21.1%26.3%23.3%-
自己資本配当率1.8%1.7%1.6%-
ROE8.6%6.5%6.9%-
純利益率(再掲)2.2%1.8%2.0%-
総資産回転率1.7回1.7回1.7回-
財務レバレッジ2.3倍2.2倍2.1倍-
実質ROE8.4%6.3%--
ROIC6.0%5.4%5.5%-
ROA3.8%3.0%3.3%-
β0.310.510.54-
βの決定係数(R2)0.030.080.10-
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14,62014,36615,536-
売上債権75,30275,59171,880-
棚卸資産49,87852,37558,996-
有価証券----
前払金----
繰延税金資産4,384---
貸倒引当金-405-368--
流動資産146,510148,863151,187-
固定資産
建物・構築物99,486101,454--
機械・運搬具182,238186,417--
土地50,39649,84949,910-
建設仮勘定8223,18611,654-
有形固定資産164,794162,304171,031-
のれん--719-
無形固定資産3,9213,2063,727-
投資有価証券29,32635,491--
繰延税金資産2,1392,925--
貸倒引当金-604-384--
敷金および保証金----
投資その他の資産37,67845,072--
固定資産206,395210,582219,246-
総資産352,905359,445370,434-
 
負債
有利子負債合計69,77466,59369,391-
仕入債務65,79160,25055,354-
前受金----
未払法人税等2,2591,848--
繰延税金負債(固定)2,3171,291--
負債195,566190,662192,339-
 
純資産
資本金20,00020,00020,000-
資本剰余金17,58517,586--
利益剰余金108,186116,474125,489-
自己株式-4,643-4,942--
非支配株主持分2,3172,4872,982-
純資産157,338168,782178,094-
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19,06615,273--
減価償却費15,15715,90116,157-
のれん償却額--92-
減損損失4881,690576-
受取利息及び受取配当金-895-773--
売上債権の増減額-4,175-5,545--
棚卸資産の増減額-5,402-2,187--
仕入債務の増減額4,566-399--
営業CF22,81721,93824,322-
投資CF
有価証券の取得-32-2580-
有価証券の売却・償還1561,0360-
固定資産の購入-12,222-15,8810-
固定資産の売却435840-
貸付け----
貸付金の回収----
投資CF-11,799-14,248-16,629-
財務CF
短期借入金の純増減額-1,125-3,043--
長期借入れ2,50011,972--
長期借入金の返済-9,169-22,052--
社債の発行-9,936--
社債の償還----
自己株式の取得-73-300--
自己株式の売却----
配当金の支払-2,712-2,711--
財務CF-12,904-7,396-6,651-
換算差額21-65--
その他
2018.32019.32020.32021.3E
設備投資額15,71114,868--
研究開発費4,3304,382--
発行済株式総数70,751,855株70,751,855株70,751,855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5,009人5,105人--
売上/従業員(千円)120,306119,017--
営利/従業員(千円)3,8373,866--
四半期売上(百万円)
売上5y CAGR・予想:1.3 %
四半期利益(百万円)
営利5y CAGR・予想:0.3 %
純利5y CAGR・予想:0.0 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上149,860303,569454,691596,158150,984305,369459,477603,378154,698311,625469,118613,405620,000
前期比101.5%101.4%101.1%101.4%100.8%100.6%101.1%101.2%102.5%102.0%102.1%101.7%101.1%
売上原価112,373229,196343,435452,218113,935232,144349,480460,868117,211237,539358,651470,209-
売上総利益37,48674,372111,256143,94037,04973,224109,996142,51037,48674,085110,466143,196-
%25.0%24.5%24.5%24.1%24.5%24.0%23.9%23.6%24.2%23.8%23.5%23.3%-
販管費31,68263,30095,148124,57732,29163,63696,023125,27932,41763,44895,678125,197-
営業利益5,80411,07216,10819,3634,7579,58713,97217,2305,06910,63714,78817,99819,000
前期比110.8%101.7%99.5%103.3%82.0%86.6%86.7%89.0%106.6%111.0%105.8%104.5%105.6%
%3.9%3.6%3.5%3.2%3.2%3.1%3.0%2.9%3.3%3.4%3.2%2.9%3.1%
受取利息および受取配当金163260838894162261716773323415703--
持分法による投資利益126400611837187473670961308582901--
営業外収益6311,3022,1942,7245441,2042,0742,8891,0201,5682,3772,821-
支払利息13828041153812225135348856154247346-
持分法による投資損失-------------
営業外費用3075937451,0912565398341,1051944727641,140-
経常利益6,12711,78117,55620,9965,04610,25315,21219,0145,89411,73316,40019,68020,500
固定資産売却益81826127121921257810--
投資有価証券売却益774053-1414391-----
特別利益172769196181071095337812107-
固定資産売却損84931071100000002--
投資有価証券売却損-------------
減損損失4510212648822413341,690118162421576-
特別損失4086731,0642,1261841,2891,9574,2735018431,9312,903-
税引前利益5,73711,13516,56119,0664,8809,07113,36415,2735,40010,89714,48116,885-
法人税等2,3893,9744,7385,6691,4102,5083,6124,3431,4673,0674,0904,593-
%27.2%27.2%27.2%27.2%29.7%29.7%29.7%29.7%28.4%28.4%28.4%27.2%-
当期純利益3,3477,16011,82213,3963,4696,5639,75210,9303,9337,83010,39012,291-
非支配株主に帰属する当期純利益21-23591090141209176108126155--
親会社株主に帰属する当期純利益3,3267,18311,76313,3863,3796,4229,54210,7543,8257,70310,23512,16513,000
前期比94.5%97.1%101.5%103.1%101.6%89.4%81.1%80.3%113.2%119.9%107.3%113.1%106.9%
%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%1.8%1.8%1.8%2.0%2.1%
 
EBITDA33,89333,89333,89333,89334,52034,52034,52034,52033,13133,13133,13134,24733,549
EPS189.2円189.2円189.2円189.2円152.0円152.0円152.0円152.0円171.9円171.9円171.9円171.9円162.5円
BPS2,042.4円2,095.6円2,169.1円2,191.1円2,202.1円2,252.2円2,272.0円2,350.4円2,349.2円2,419.5円2,481.3円2,475.0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)600,000600,000600,000600,000605,000605,000605,000605,000615,000615,000615,000615,000620,000
対実績比25.0%50.6%75.8%99.4%25.0%50.5%75.9%99.7%25.2%50.7%76.3%99.7%-
営業利益(期初予)19,50019,50019,50019,50019,00019,00019,00019,00018,00018,00018,00018,00019,000
対実績比29.8%56.8%82.6%99.3%25.0%50.5%73.5%90.7%28.2%59.1%82.2%100.0%-
純利益(期初予)13,00013,00013,00013,00013,50013,50013,50013,50012,00012,00012,00012,00013,000
対実績比25.6%55.3%90.5%103.0%25.0%47.6%70.7%79.7%31.9%64.2%85.3%101.4%-
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3,130円3,060円3,335円2,877円2,955円2,919円2,847円2,694円2,362円2,601円2,492円2,456円-
企業価値286,893281,941295,782261,592269,501262,933256,602241,304224,453234,981227,269227,622-
時価総額221,453216,501235,957203,553209,072206,525201,431190,605167,116184,026176,314173,767-
純有利子負債65,44065,44059,82558,03960,42956,40855,17150,69957,33750,95550,95553,855-
PER(会予)17.0倍16.7倍18.2倍15.7倍15.5倍15.3倍14.9倍18.2倍13.9倍15.3倍14.7倍15.1倍-
PBR1.5倍1.5倍1.6倍1.3倍1.3倍1.3倍1.3倍1.2倍1.0倍1.1倍1.0倍1.0倍-
PER × PBR26.1倍25.0倍28.9倍20.8倍20.9倍20.3倍18.9倍21.5倍14.0倍16.5倍15.1倍15.0倍-
EV/EBITDA(会予)8.3倍8.1倍8.5倍7.6倍7.9倍7.7倍7.5倍7.4倍6.6倍6.9倍6.7倍6.8倍-
PSR(会予)0.4倍0.4倍0.4倍0.3倍0.3倍0.3倍0.3倍0.3倍0.3倍0.3倍0.3倍0.3倍-
PCFR(会予)7.9倍7.7倍8.4倍7.2倍7.3倍7.2倍7.0倍7.4倍6.0倍6.6倍6.3倍6.3倍-
配当金---40.0円---40.0円---40.0円40.0円
配当利回り1.3%1.3%1.2%1.4%1.4%1.4%1.4%1.5%1.7%1.5%1.6%1.6%-
配当性向---21.1%---26.3%---23.3%-
自己資本配当率2.0%1.9%1.8%1.8%1.8%1.8%1.8%1.7%1.7%1.7%1.6%1.6%-
ROE9.3%9.0%8.7%8.6%6.9%6.7%6.7%6.5%7.3%7.1%6.9%6.9%-
純利益率(再掲)2.2%2.4%2.6%2.2%2.2%2.1%2.1%1.8%2.5%2.5%2.2%2.0%-
総資産回転率1.7回1.7回1.7回1.7回1.7回1.7回1.7回1.7回1.7回1.7回1.6回1.7回-
財務レバレッジ2.4倍2.4倍2.4倍2.3倍2.3倍2.3倍2.2倍2.2倍2.2倍2.1倍2.1倍2.1倍-
実質ROE9.0%8.8%8.5%8.4%6.7%6.6%6.5%6.3%7.1%6.9%6.7%--
ROIC6.2%6.2%6.1%6.0%5.7%5.7%5.7%5.4%5.8%5.7%5.6%5.5%-
ROA3.9%3.8%3.8%3.8%3.0%3.0%3.0%3.0%3.4%3.4%3.2%3.3%-
β0.240.220.230.310.340.340.550.510.590.580.600.54-
βの決定係数(R2)0.020.020.020.030.030.030.090.080.100.100.100.10-
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10,99511,54211,73514,62012,59112,92315,89414,36616,35313,00011,34515,536-
売上債権70,60470,60476,48775,30269,30275,90676,19075,59174,72775,64275,64271,880-
棚卸資産50,80350,80349,80949,87853,91254,97953,04952,37555,69057,79157,79158,996-
有価証券-------------
前払金-------------
繰延税金資産4,4774,5314,1444,384---------
貸倒引当金-585-712-433-405-418-404-400-368-376-359-365--
流動資産141,277146,828146,257146,510147,696146,287148,114148,863152,835150,402157,405151,187-
固定資産
建物・構築物47,56947,18046,76099,48647,51647,04146,493101,45446,75446,25946,616--
機械・運搬具56,07355,10954,259182,23855,87054,92753,433186,41753,27352,36351,423--
土地50,37650,37650,38650,39650,37350,37250,33349,84949,92749,92449,92149,910-
建設仮勘定---822---3,186---11,654-
有形固定資産164,389163,529162,673164,794164,623163,679163,011162,304162,980164,293166,361171,031-
のれん--------801755707719-
無形固定資産4,8214,5214,2443,9213,6143,3853,3273,2064,0243,8123,5633,727-
投資有価証券26,86527,71329,30029,32629,72130,64528,68635,49132,74834,73037,600--
繰延税金資産2,1022,0882,0922,1394,0224,6014,8322,925-----
貸倒引当金-758-708-705-604-393-395-388-384-380-366-246--
敷金および保証金-------------
投資その他の資産34,26235,18537,48337,67840,00641,45739,67545,07242,04044,22547,238--
固定資産203,473203,236204,401206,395208,244208,522206,014210,582209,045212,331217,163219,246-
総資産344,751350,064350,659352,905355,941354,810354,128359,445361,880362,734374,568370,434-
 
負債
有利子負債合計76,43576,43571,36769,77475,04968,99968,09466,59371,70363,95563,95569,391-
仕入債務63,26363,26366,37065,79160,47561,68059,56260,25058,93056,18856,18855,354-
前受金-------------
未払法人税等1,8113,6501,3872,2597372,8311,1201,8481,1513,7272,533--
繰延税金負債(固定)1,7901,8091,7402,3176636676501,291-----
負債197,918199,512194,819195,566197,731192,998190,850190,662192,711188,563196,011192,339-
 
純資産
資本金20,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,000-
資本剰余金17,58317,58317,58417,58517,58517,58517,58517,58617,60617,60617,606--
利益剰余金98,123101,981106,560108,186109,121112,164115,319116,474117,299121,177123,704125,489-
自己株式-4,574-4,579-4,617-4,643-4,646-4,650-4,665-4,942-4,944-4,947-4,956--
非支配株主持分2,3292,2822,3682,3172,4082,4622,5272,4872,9572,9883,0022,982-
純資産146,833150,552155,839157,338158,209161,811163,277168,782169,169174,170178,557178,094-
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5,73711,13516,56119,0664,8809,07113,36415,2735,40010,89714,481--
減価償却費3,7417,40811,28915,1573,8577,74411,70115,9014,0258,09511,99916,157-
のれん償却額--------23476992-
減損損失4510212648822413341,690118162421576-
受取利息及び受取配当金-163-261-839-895-162-261-716-773-323-415-703--
売上債権の増減額-5,541-11,423-10,191-4,175-6,681-6,975-6,363-5,545-1,316-512-10,821--
棚卸資産の増減額-2,352-1,359-1,377-5,402-1,1354691,472-2,187-36-1,70091--
仕入債務の増減額3,0866,4845,8724,5662,9687301,311-3992,649-8173,776--
営業CF1,35110,88416,08522,8173,04111,88619,79721,9388,61013,63917,29324,322-
投資CF
有価証券の取得-4-9-14-32-5-15-254-258-98-105-1040-
有価証券の売却・償還1111114156047471,03600240-
固定資産の購入-4,172-6,573-9,394-12,222-2,317-9,727-12,698-15,881-3,491-9,924-14,1480-
固定資産の売却360375392435647075849094970-
貸付け-------------
貸付金の回収-------------
投資CF-3,636-5,841-9,078-11,799-2,269-9,131-12,370-14,248-3,516-9,924-14,145-16,629-
財務CF
短期借入金の純増減額68-2,535-3,786-1,1253162,246-2,021-3,043-158-55--
長期借入れ-1,5001,5002,500--10,00011,972-----
長期借入金の返済-343-4,307-4,650-9,169-233-3,067-20,301-22,052-401-2,152-2,553--
社債の発行------9,9399,936-----
社債の償還-------------
自己株式の取得-2-7-46-73-3-7-22-300-1-5-13--
自己株式の売却-------------
配当金の支払-2,571-2,708-2,710-2,712-2,651-2,706-2,709-2,711-2,652-2,705-2,707--
財務CF-3,233-10,041-11,823-12,904-2,749-3,907-5,624-7,396-3,278-5,211-6,289-6,651-
換算差額24281721-68-62-46-653-37-46--
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---15,711---14,868-----
研究開発費---4,330---4,382-----
発行済株式総数70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855株70,751,855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---5,009人---5,105人-----
売上/従業員(千円)120,306120,306120,306120,306119,017119,017119,017119,017118,194118,194118,194--
営利/従業員(千円)3,8373,8373,8373,8373,8663,8663,8663,8663,3753,3753,375--