通期売上(百万円)
売上5y CAGR・実績:3.5 %
通期利益(百万円)
営利5y CAGR・実績:5.1 %
純利5y CAGR・実績:7.4 %
P/L
2018.32019.32020.32021.3E
売上430,602453,565468,616-
前期比107.1%105.3%103.3%-
売上原価260,426277,805286,978-
売上総利益170,176175,759181,638-
%39.5%38.8%38.8%-
販管費133,673137,341141,812-
営業利益36,50238,41739,826-
前期比111.1%105.2%103.7%-
%8.5%8.5%8.5%-
受取利息および受取配当金1,2441,364--
持分法による投資利益172126--
営業外収益6,7838,0776,264-
支払利息304131464-
持分法による投資損失----
営業外費用7,3008,5697,012-
経常利益35,98537,92539,078-
固定資産売却益----
投資有価証券売却益3,9811,484--
特別利益3,9812,714217-
固定資産売却損----
投資有価証券売却損1,076---
減損損失1412,378--
特別損失3,9673,0441,365-
税引前利益35,99937,59537,930-
法人税等11,84111,19110,925-
%11.9%32.9%28.8%-
当期純利益24,15726,40327,005-
非支配株主に帰属する当期純利益311411--
親会社株主に帰属する当期純利益23,84625,99226,595-
前期比100.2%109.0%102.3%-
%5.9%5.5%5.7%-
 
EBITDA45,18149,66256,61355,907
EPS113.3円134.1円137.2円137.1円
BPS1,179.1円1,369.0円1,405.2円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)413,800442,000473,500-
対実績比104.1%102.6%99.0%-
営業利益(期初予)34,50037,60039,700-
対実績比105.8%102.2%100.3%-
純利益(期初予)21,50025,50026,900-
対実績比110.9%101.9%98.9%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価4,280円5,430円4,605円-
企業価値902,5121,049,009898,091-
時価総額900,4401,052,786892,832-
純有利子負債2,072-3,7775,259-
PER(会予)40.4倍41.3倍33.6倍-
PBR3.5倍4.0倍3.3倍-
PER × PBR141.7倍165.2倍110.0倍-
EV/EBITDA(会予)18.7倍20.7倍16.1倍-
PSR(会予)2.1倍2.3倍1.9倍-
PCFR(会予)26.0倍27.2倍20.6倍-
配当金39.0円41.0円42.0円42.0円
配当利回り0.8%0.7%0.9%-
配当性向34.4%30.6%30.6%-
自己資本配当率3.3%3.0%3.0%-
ROE9.6%9.8%9.8%-
純利益率(再掲)5.5%5.7%5.7%-
総資産回転率1.2回1.3回1.2回-
財務レバレッジ1.4倍1.4倍1.4倍-
実質ROE8.4%9.7%--
ROIC9.3%9.6%9.4%-
ROA6.9%7.2%6.9%-
β0.870.890.89-
βの決定係数(R2)0.350.330.41-
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22,19630,16230,088-
売上債権64,02664,81861,145-
棚卸資産53,47756,37260,954-
有価証券2,892---
前払金----
繰延税金資産4,492---
貸倒引当金-499-717--
流動資産148,340156,518159,540-
固定資産
建物・構築物41,24042,862--
機械・運搬具36,76840,879--
土地20,77920,93620,900-
建設仮勘定7,26414,0807,705-
有形固定資産110,121123,390149,067-
のれん5,0814,9694,164-
無形固定資産10,52210,3089,168-
投資有価証券65,15159,207--
繰延税金資産1,3633,053--
貸倒引当金-1,027-1,726--
敷金および保証金----
投資その他の資産77,93671,902--
固定資産198,580205,601227,788-
総資産346,921362,119387,329-
 
負債
有利子負債合計22,31519,52335,347-
仕入債務21,20722,72023,414-
前受金----
未払法人税等3,4333,230--
繰延税金負債(固定)10,2517,934--
負債93,63191,667109,571-
 
純資産
資本金11,59911,59911,599-
資本剰余金13,91513,695--
利益剰余金238,660225,835244,044-
自己株式-35,616-3,631--
非支配株主持分5,2165,0225,322-
純資産253,289270,451277,757-
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35,99937,595--
減価償却費13,16013,25816,787-
のれん償却額----
減損損失1412,378--
受取利息及び受取配当金-1,245-1,364--
売上債権の増減額-4,010-1,462--
棚卸資産の増減額-4,479-4,649--
仕入債務の増減額596643--
営業CF37,64537,02339,654-
投資CF
有価証券の取得-3,542-2,6120-
有価証券の売却・償還4,6093,1640-
固定資産の購入-17,158-27,552-25,960-
固定資産の売却1,5768300-
貸付け----
貸付金の回収----
投資CF-14,640-25,698-29,229-
財務CF
短期借入金の純増減額53679--
長期借入れ-602--
長期借入金の返済--300--
社債の発行----
社債の償還-31,668---
自己株式の取得-5,035-19--
自己株式の売却----
配当金の支払-7,727-7,105--
財務CF-43,968-7,041-9,146-
換算差額-703246--
その他
2018.32019.32020.32021.3E
設備投資額17,62224,125--
研究開発費----
発行済株式総数210,383,202株193,883,202株193,883,202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7,105人7,100人--
売上/従業員(千円)59,39760,605--
営利/従業員(千円)4,8505,138--
四半期売上(百万円)
売上5y CAGR・実績:3.5 %
四半期利益(百万円)
営利5y CAGR・実績:5.1 %
純利5y CAGR・実績:7.4 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上106,834214,473326,250430,602111,774226,099343,390453,565115,642231,624355,496468,616-
前期比108.1%109.0%108.1%107.1%104.6%105.4%105.3%105.3%103.5%102.4%103.5%103.3%-
売上原価64,033128,773196,162260,42667,472137,528208,920277,80569,701140,083216,478286,978-
売上総利益42,80185,699130,087170,17644,30288,570134,469175,75945,94191,541139,018181,638-
%40.1%40.0%39.9%39.5%39.6%39.2%39.2%38.8%39.7%39.5%39.1%38.8%-
販管費33,09766,629100,297133,67334,20268,502103,609137,34135,38870,554106,406141,812-
営業利益9,70319,07029,78936,50210,10020,06830,85938,41710,55320,98632,61239,826-
前期比114.6%112.5%113.4%111.1%104.1%105.2%103.6%105.2%104.5%104.6%105.7%103.7%-
%9.1%8.9%9.1%8.5%9.0%8.9%9.0%8.5%9.1%9.1%9.2%8.5%-
受取利息および受取配当金6047351,1291,2447028021,2431,3645826891,113--
持分法による投資利益50106217172509320012622111225--
営業外収益1,7363,0374,3306,7833,5356,4076,5108,0772,9144,1154,8706,264-
支払利息121247274304265990131180246371464-
持分法による投資損失-------------
営業外費用1,4773,2664,5327,3003,6016,4776,1448,5692,3053,5473,8767,012-
経常利益9,96218,84029,58835,98510,03419,99831,22537,92511,16221,55433,60739,078-
固定資産売却益-------------
投資有価証券売却益-1,9172,3863,981---1,484148148148--
特別利益51,9222,3923,981-3823932,714148148164217-
固定資産売却損-------------
投資有価証券売却損6056076071,076----21-20--
減損損失---141---2,378-----
特別損失6052,3822,8133,967263243323,044371626751,365-
税引前利益9,36218,38029,16635,99910,00820,05631,28637,59511,27321,54033,09537,930-
法人税等3,1526,1408,43211,8412,7735,4938,60111,1913,1656,0129,33110,925-
%11.9%11.9%11.9%11.9%32.9%32.9%32.9%32.9%29.8%29.8%29.8%28.8%-
当期純利益6,21012,24020,73424,1577,23414,56322,68526,4038,10815,52823,76427,005-
非支配株主に帰属する当期純利益107197290311131229345411132239357--
親会社株主に帰属する当期純利益6,10212,04220,44423,8467,10214,33322,34025,9927,97515,28923,40726,595-
前期比55.1%75.2%91.3%100.2%116.4%119.0%109.3%109.0%112.3%106.7%104.8%102.3%-
%5.9%5.9%5.9%5.9%5.5%5.5%5.5%5.5%5.7%5.7%5.7%5.7%-
 
EBITDA45,18145,18145,18145,18149,66249,66249,66249,66251,67551,67551,67556,61355,907
EPS113.3円113.3円113.3円113.3円134.1円134.1円134.1円134.1円137.2円137.2円137.2円137.2円137.1円
BPS1,164.6円1,196.1円1,219.4円1,179.1円1,325.2円1,380.6円1,357.2円1,369.0円1,351.5円1,385.9円1,433.7円1,405.2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)413,800413,800413,800413,800442,000442,000442,000442,000473,500473,500473,500473,500-
対実績比25.8%51.8%78.8%104.1%25.3%51.2%77.7%102.6%24.4%48.9%75.1%99.0%-
営業利益(期初予)34,50034,50034,50034,50037,60037,60037,60037,60039,70039,70039,70039,700-
対実績比28.1%55.3%86.3%105.8%26.9%53.4%82.1%102.2%26.6%52.9%82.1%100.3%-
純利益(期初予)21,50021,50021,50021,50025,50025,50025,50025,50026,90026,90026,90026,900-
対実績比28.4%56.0%95.1%110.9%27.9%56.2%87.6%101.9%29.6%56.8%87.0%98.9%-
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3,590円3,460円4,560円4,280円5,590円6,760円5,910円5,430円4,690円5,160円5,370円4,605円-
企業価値760,061732,711957,587902,5121,170,6111,308,9741,137,1421,049,009896,3791,007,9391,048,655898,091-
時価総額755,276727,926959,347900,4401,176,0421,310,6501,145,8501,052,786909,3121,000,4371,041,153892,832-
純有利子負債4,7854,785-1,7602,072-5,431-1,676-8,708-3,777-12,9337,5027,5025,259-
PER(会予)35.1倍33.9倍43.0倍40.4倍46.1倍51.4倍44.9倍41.3倍33.8倍37.2倍39.2倍33.6倍-
PBR3.1倍3.0倍3.8倍3.5倍4.7倍5.1倍4.3倍4.0倍3.4倍3.7倍3.9倍3.3倍-
PER × PBR108.3倍100.6倍164.0倍141.7倍218.6倍262.2倍192.4倍165.2倍115.8倍138.5倍151.7倍110.0倍-
EV/EBITDA(会予)16.2倍15.6倍19.8倍18.7倍23.1倍25.8倍22.4倍20.7倍16.9倍19.0倍20.0倍16.1倍-
PSR(会予)1.8倍1.8倍2.2倍2.1倍2.7倍3.0倍2.5倍2.3倍1.9倍2.1倍2.2倍1.9倍-
PCFR(会予)22.3倍21.5倍27.7倍26.0倍30.4倍33.9倍29.6倍27.2倍22.6倍24.9倍26.1倍20.6倍-
配当金---39.0円---41.0円---42.0円42.0円
配当利回り0.9%1.0%0.7%0.8%0.7%0.6%0.7%0.7%0.9%0.8%0.8%0.9%-
配当性向---34.4%---30.6%---30.6%-
自己資本配当率3.3%3.3%3.2%3.3%3.1%3.0%3.0%3.0%3.1%3.0%2.9%3.0%-
ROE9.7%9.5%9.3%9.6%10.1%9.7%9.9%9.8%10.1%9.9%9.6%9.8%-
純利益率(再掲)5.7%5.6%6.3%5.5%6.4%6.3%6.5%5.7%6.9%6.6%6.6%5.7%-
総資産回転率1.2回1.2回1.2回1.2回1.3回1.3回1.3回1.3回1.3回1.2回1.2回1.2回-
財務レバレッジ1.5倍1.5倍1.4倍1.4倍1.4倍1.4倍1.3倍1.4倍1.4倍1.4倍1.4倍1.4倍-
実質ROE8.7%8.4%8.2%8.4%10.0%9.6%9.7%9.7%10.0%9.8%9.4%--
ROIC8.5%9.0%8.8%9.3%9.8%9.6%9.6%9.6%9.7%9.6%9.1%9.4%-
ROA6.5%6.8%6.7%6.9%7.4%7.2%7.2%7.2%7.2%7.1%6.7%6.9%-
β0.810.820.870.870.820.890.930.890.920.940.910.89-
βの決定係数(R2)0.340.340.340.350.300.320.370.330.360.380.360.41-
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41,49024,05720,24322,19622,97525,73323,30030,16226,74325,73927,09930,088-
売上債権55,79355,79359,99164,02658,45260,64062,00764,81860,71958,67958,67961,145-
棚卸資産53,08353,08354,12353,47753,64556,41456,89656,37258,84058,99658,99660,954-
有価証券1,3201,5371,7332,892705562130-909620--
前払金-------------
繰延税金資産4,6134,7084,4444,492---------
貸倒引当金-564-541-583-499-550-688-715-717-802-669-801--
流動資産167,357152,079150,387148,340148,118152,591152,889156,518152,450152,512162,594159,540-
固定資産
建物・構築物42,35742,57442,34641,24041,23342,62943,53142,86242,54542,09248,802--
機械・運搬具35,11935,89035,81436,76838,40339,25139,46340,87940,35140,62141,418--
土地22,26522,32022,33220,77920,90121,01020,92120,93620,83020,82920,93620,900-
建設仮勘定3,4752,9976,2117,2648,15711,30513,67014,08014,98118,89814,3867,705-
有形固定資産107,379107,942110,794110,121112,796118,258121,708123,390139,079142,322146,549149,067-
のれん5,6415,4845,3315,0815,5105,3705,1274,9694,7724,5644,4404,164-
無形固定資産11,19210,96610,77610,52211,19410,95810,58310,30810,1079,8999,7769,168-
投資有価証券65,63964,95870,51865,15165,92864,62159,64359,20755,78559,92062,724--
繰延税金資産2,2672,2372,1401,3632,6792,7352,6793,053-----
貸倒引当金-758-758-753-1,027-1,020-962-971-1,726-1,806-1,878-2,000--
敷金および保証金-------------
投資その他の資産78,68978,17883,88877,93680,24179,48174,08571,90268,29872,43775,566--
固定資産197,260197,086205,459198,580204,231208,698206,377205,601217,484224,659231,892227,788-
総資産364,618349,165355,846346,921352,349361,290359,266362,119369,935377,171394,486387,329-
 
負債
有利子負債合計46,27546,27522,29722,31516,76521,29917,02519,52317,22933,24133,24135,347-
仕入債務21,59621,59621,46721,20721,53522,10222,57222,72022,38321,73221,73223,414-
前受金-------------
未払法人税等3,2073,1203,8523,4333,4433,6454,7863,2303,3073,7354,601--
繰延税金負債(固定)9,6369,0049,25410,2518,0947,6115,9887,934-----
負債114,80092,58694,18093,63190,40288,55990,97291,667102,736103,367111,381109,571-
 
純資産
資本金11,59911,59911,59911,59911,59911,59911,59911,59911,59911,59911,59911,599-
資本剰余金13,91413,91413,91413,91513,69413,69513,69513,69513,69513,69513,695--
利益剰余金225,232231,149235,298238,660210,785218,017222,183225,835229,455236,769240,854244,044-
自己株式-30,602-30,603-34,083-35,616-3,619-3,622-3,628-3,631-3,635-3,637-3,639--
非支配株主持分4,8144,9405,1215,2165,0115,0605,1605,0225,1725,1075,1315,322-
純資産249,817256,579261,666253,289261,947272,731268,293270,451267,199273,804283,105277,757-
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9,36218,38029,16635,99910,00820,05631,28637,59511,27321,54033,095--
減価償却費-6,380-13,160-6,459-13,258-8,079-16,787-
のれん償却額-------------
減損損失---141---2,378-----
受取利息及び受取配当金--735--1,245--803--1,364--690---
売上債権の増減額--4,101--4,010--1,780--1,462-921---
棚卸資産の増減額--3,428--4,479--1,601--4,649--1,460---
仕入債務の増減額--471-596-176-643-133---
営業CF-17,501-37,645-16,885-37,023-19,275-39,654-
投資CF
有価証券の取得0-2,3160-3,5420-5900-2,6120-3,29300-
有価証券の売却・償還077504,60903603,164015000-
固定資産の購入0-7,2800-17,1580-13,6870-27,5520-14,3510-25,960-
固定資産の売却01601,5760505083002100-
貸付け-------------
貸付金の回収-------------
投資CF--9,007--14,640--13,351--25,698--17,222--29,229-
財務CF
短期借入金の純増減額-6,025-536--4-79--54---
長期借入れ-----202-602-----
長期借入金の返済--------300-----
社債の発行-------------
社債の償還--31,668--31,668---------
自己株式の取得--18--5,035--9--19--6---
自己株式の売却-------------
配当金の支払--3,477--7,727--3,264--7,105--4,032---
財務CF--29,193--43,968--3,341--7,041--5,582--9,146-
換算差額-39--703-816-246--683---
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---17,622---24,125-----
研究開発費-------------
発行済株式総数210,383,202株210,383,202株210,383,202株210,383,202株193,883,202株193,883,202株193,883,202株193,883,202株193,883,202株193,883,202株193,883,202株193,883,202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---7,105人---7,100人-----
売上/従業員(千円)59,39759,39759,39759,39760,60560,60560,60560,60563,88263,88263,882--
営利/従業員(千円)4,8504,8504,8504,8505,1385,1385,1385,1385,4115,4115,411--