通期売上(百万円)
売上5y CAGR・実績:2.6 %
通期利益(百万円)
営利5y CAGR・実績:1.8 %
純利5y CAGR・実績:3.2 %
P/L
2018.32019.32020.32021.3E
売上2,042,2162,170,4032,151,646-
前期比108.5%106.3%99.1%-
売上原価1,393,1111,481,8551,476,606-
売上総利益649,105688,548675,040-
%31.8%31.7%31.4%-
販管費450,630478,960497,776-
営業利益198,475209,587177,264-
前期比124.6%105.6%84.6%-
%9.7%9.7%8.2%-
受取利息および受取配当金8,7049,1548,020-
持分法による投資利益13,13712,1127,138-
営業外収益27,80225,50420,479-
支払利息4,5944,3714,016-
持分法による投資損失----
営業外費用13,73315,11513,735-
経常利益212,544219,976184,008-
固定資産売却益5346554,268-
投資有価証券売却益15,16411,58013,679-
特別利益15,69812,23517,948-
固定資産売却損----
投資有価証券売却損311731,953-
減損損失2,15811,09021,949-
特別損失9,90821,81446,022-
税引前利益218,333210,397155,934-
法人税等46,14360,58250,206-
%21.1%28.8%32.2%-
当期純利益172,190149,815105,728-
非支配株主に帰属する当期純利益1,9412,3031,797-
親会社株主に帰属する当期純利益170,248147,512103,931-
前期比148.0%86.6%70.5%-
%8.3%6.8%4.8%-
 
EBITDA311,938313,633295,568-
EPS121.9円105.7円74.9円91.9円
BPS922.1円989.5円979.7円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,990,0002,155,0002,268,000-
対実績比102.6%100.7%94.9%-
営業利益(期初予)165,000190,000205,000-
対実績比120.3%110.3%86.5%-
純利益(期初予)115,000140,000147,500-
対実績比148.0%105.4%70.5%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価1,399円1,142円765円-
企業価値2,162,9131,911,3491,561,552-
時価総額1,953,1841,594,3791,061,154-
純有利子負債145,427230,981500,398-
PER(会予)11.6倍11.0倍8.3倍-
PBR1.5倍1.2倍0.8倍-
PER × PBR17.4倍13.1倍6.5倍-
EV/EBITDA(会予)7.1倍6.1倍5.3倍-
PSR(会予)1.0倍0.7倍0.5倍-
PCFR(会予)7.0倍6.2倍4.3倍-
配当金34.0円34.0円34.0円34.0円
配当利回り1.7%3.0%4.4%-
配当性向27.9%32.2%45.4%-
自己資本配当率3.7%3.4%3.5%-
ROE13.2%10.7%7.6%-
純利益率(再掲)8.3%6.8%4.8%-
総資産回転率0.9回0.8回0.8回-
財務レバレッジ1.8倍1.9倍2.1倍-
実質ROE13.2%10.6%7.6%-
ROIC9.6%8.2%6.1%-
ROA7.4%5.7%3.7%-
β0.691.001.15-
βの決定係数(R2)0.190.340.46-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(百万円)
B/S
2018.32019.32020.32021.3E
流動資産
現金156,318193,893207,957-
売上債権341,396350,716330,999-
棚卸資産359,687427,346477,840-
有価証券----
前払金----
繰延税金資産20,032---
貸倒引当金-2,411-3,461-1,519-
流動資産938,9471,051,3931,107,430-
固定資産
建物・構築物517,562547,422563,110-
機械・運搬具1,399,0811,439,1661,466,958-
土地62,93863,88967,024-
建設仮勘定50,50264,18875,487-
有形固定資産562,048621,366653,686-
のれん252,724319,898469,535-
無形固定資産414,621529,978685,482-
投資有価証券314,830296,330244,581-
繰延税金資産17,77527,508--
貸倒引当金-266-418-435-
敷金および保証金----
投資その他の資産391,538372,465351,377-
固定資産1,368,2071,523,8101,690,545-
総資産2,307,1542,575,2032,797,975-
 
負債
有利子負債合計301,745424,874708,355-
仕入債務171,413180,429131,207-
前受金70,14275,83673,623-
未払法人税等29,71424,97118,145-
繰延税金負債(固定)36,63948,299--
負債1,001,9391,172,4931,414,515-
 
純資産
資本金103,389103,389103,389-
資本剰余金79,44079,70879,641-
利益剰余金981,9341,077,5861,125,738-
自己株式-3,930-3,936-5,990-
非支配株主持分17,82721,22524,145-
純資産1,305,2141,402,7101,383,460-
キャッシュフロー(百万円)
C/S
2018.32019.32020.32021.3E
営業CF
税金等調整前当期純利益218,333210,397155,934-
減価償却費95,41584,55696,016-
のれん償却額18,04819,49022,288-
減損損失2,15811,09021,949-
受取利息及び受取配当金-8,704-9,154-8,021-
売上債権の増減額-38,9863,94216,919-
棚卸資産の増減額-11,815-57,968-51,950-
仕入債務の増減額23,020-776-45,562-
営業CF249,891212,062124,460-
投資CF
有価証券の取得-11,564-2,624-10,820-
有価証券の売却・償還17,77417,03023,543-
固定資産の購入-96,272-124,854-154,450-
固定資産の売却1,6016525,693-
貸付け----
貸付金の回収----
投資CF-110,294-198,917-318,156-
財務CF
短期借入金の純増減額-28,935-36,840172,022-
長期借入れ15,39585,49245,816-
長期借入金の返済-23,532-53,833-17,586-
社債の発行-20,00040,000-
社債の償還-20,000--20,000-
自己株式の取得-688-40-10,016-
自己株式の売却----
配当金の支払-39,106-51,674-48,723-
財務CF-134,41217,388221,923-
換算差額-937543-4,060-
その他
2018.32019.32020.32021.3E
設備投資額96,272136,206154,122-
研究開発費-90,12490,966-
発行済株式総数1,396,124,715株1,396,124,949株1,387,491,705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34,670人39,283人40,689人-
売上/従業員(千円)58,90455,25052,880-
営利/従業員(千円)5,7255,3354,357-
四半期売上(百万円)
売上5y CAGR・実績:2.6 %
四半期利益(百万円)
営利5y CAGR・実績:1.8 %
純利5y CAGR・実績:3.2 %
P/L
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上964,7491,484,5492,042,216489,7701,041,4631,586,7492,170,403502,0831,068,6421,588,5322,151,646455,159-
前期比108.3%109.4%108.5%109.1%108.0%106.9%106.3%102.5%102.6%100.1%99.1%90.7%-
売上原価651,5431,002,5141,393,111328,412704,9551,076,7331,481,855339,362722,6431,079,2471,476,606305,280-
売上総利益313,206482,035649,105161,358336,508510,016688,548162,721346,000509,285675,040149,879-
%32.5%32.5%31.8%32.9%32.3%32.1%31.7%32.4%32.4%32.1%31.4%32.9%-
販管費220,554332,847450,630113,475232,202352,889478,960121,378244,305369,046497,776119,776-
営業利益92,652149,189198,47547,883104,306157,128209,58741,343101,694140,239177,26430,103125,000
前期比130.9%130.7%124.6%126.5%112.6%105.3%105.6%86.3%97.5%89.3%84.6%72.8%70.5%
%9.6%10.0%9.7%9.8%10.0%9.9%9.7%8.2%9.5%8.8%8.2%6.6%-
受取利息および受取配当金3,8017,0708,7043,1584,8727,0259,1542,6954,6806,4918,0202,237-
持分法による投資利益5,3499,11813,1372,5206,6889,89012,1122,1624,6246,6097,138--
営業外収益10,79519,83727,8026,44813,07819,23125,5045,94911,07215,70020,4792,958-
支払利息2,2983,3994,5941,1122,2033,3384,3719922,1363,0274,016864-
持分法による投資損失-----------92-
営業外費用5,2758,48013,7332,5577,12510,68415,1153,3257,48610,26213,7352,840-
経常利益98,172160,546212,54451,773110,259165,674219,97643,967105,280145,678184,00830,221-
固定資産売却益416530534902594516553604141,4024,26855-
投資有価証券売却益5,84515,08715,1646,8116,8116,81111,5805229,0219,02213,67920-
特別利益6,26115,61715,6986,9017,0707,26212,2358839,43510,42417,94875-
固定資産売却損-------------
投資有価証券売却損-531-1919173-4121,1571,95346-
減損損失5678542,1581741833,36911,090111412,22621,9493-
特別損失2,7434,7859,9089272,1818,26121,8141,0943,8999,91946,0224,834-
税引前利益101,690171,378218,33357,747115,148164,675210,39743,757110,816146,183155,93425,463-
法人税等29,73629,48246,14320,77535,13147,22960,58218,84432,04041,01450,20611,156-
%29.2%17.2%21.1%36.0%30.5%28.7%28.8%43.1%28.9%28.1%32.2%43.8%-
当期純利益71,954141,896172,19036,97280,018117,446149,81524,91378,776105,169105,72814,306-
非支配株主に帰属する当期純利益1,0861,5691,9415581,0941,5442,3035339131,3421,797718-
親会社株主に帰属する当期純利益70,868140,328170,24836,41478,924115,901147,51224,38077,863103,827103,93113,588-
前期比133.9%156.5%148.0%121.1%111.4%82.6%86.6%67.0%98.7%89.6%70.5%55.7%-
%7.3%9.5%8.3%7.4%7.6%7.3%6.8%4.9%7.3%6.5%4.8%3.0%-
 
EBITDA147,532233,251311,93871,861153,050233,154313,63368,235158,347227,526295,56862,374-
EPS121.9円121.9円121.9円105.7円105.7円105.7円105.7円74.9円74.9円74.9円74.9円74.9円0.0円
BPS882.3円931.6円922.1円934.3円980.2円959.9円989.5円969.9円1,005.4円1,021.9円979.7円976.6円-
期初会社予想
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上高(期初予)1,990,0001,990,0001,990,0002,155,0002,155,0002,155,0002,155,0002,268,0002,268,0002,268,0002,268,000--
対実績比48.5%74.6%102.6%22.7%48.3%73.6%100.7%22.1%47.1%70.0%94.9%--
営業利益(期初予)165,000165,000165,000190,000190,000190,000190,000205,000205,000205,000205,000-125,000
対実績比56.2%90.4%120.3%25.2%54.9%82.7%110.3%20.2%49.6%68.4%86.5%--
純利益(期初予)115,000115,000115,000140,000140,000140,000140,000147,500147,500147,500147,500--
対実績比61.6%122.0%148.0%26.0%56.4%82.8%105.4%16.5%52.8%70.4%70.5%--
配当
ROEデュポン分解
β
マルチプル
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
株価1,385円1,454円1,399円1,408円1,723円1,130円1,142円1,149円1,064円1,234円765円876円-
企業価値2,193,3332,244,1512,162,9132,111,1712,564,4681,850,9851,911,3491,834,4311,756,0991,991,9741,561,5521,719,929-
時価総額1,934,3392,029,2801,953,1841,965,7442,405,5171,577,6381,594,3791,603,4501,476,2961,712,1711,061,1541,214,887-
純有利子負債214,871209,729145,427158,951273,347316,970230,981283,891279,803335,050500,398505,042-
PER(会予)16.8倍14.5倍11.6倍14.0倍17.2倍9.9倍11.0倍10.9倍10.0倍12.0倍8.3倍--
PBR1.7倍1.6倍1.5倍1.5倍1.8倍1.2倍1.2倍1.2倍1.1倍1.2倍0.8倍0.9倍-
PER × PBR27.8倍23.9倍17.4倍21.4倍31.7倍11.4倍13.1倍12.6倍10.6倍14.7倍6.5倍--
EV/EBITDA(会予)8.0倍7.7倍7.1倍7.0倍8.5倍5.7倍6.1倍5.9倍5.7倍6.7倍5.3倍--
PSR(会予)1.0倍1.0倍1.0倍0.9倍1.1倍0.7倍0.7倍0.7倍0.7倍0.8倍0.5倍--
PCFR(会予)8.6倍8.1倍7.0倍7.8倍9.5倍5.8倍6.2倍6.4倍5.9倍6.9倍4.3倍10.3倍-
配当金--34.0円---34.0円---34.0円-0.0円
配当利回り1.7%1.7%1.7%2.4%2.0%3.0%3.0%3.0%3.2%2.8%4.4%3.9%-
配当性向--27.9%---32.2%---45.4%--
自己資本配当率3.9%3.6%3.7%3.6%3.5%3.5%3.4%3.5%3.4%3.3%3.5%3.5%-
ROE13.8%13.1%13.2%11.3%10.8%11.0%10.7%7.7%7.5%7.3%7.6%7.7%-
純利益率(再掲)7.3%9.5%8.3%7.4%7.6%7.3%6.8%4.9%7.3%6.5%4.8%3.0%-
総資産回転率0.9回0.8回0.9回0.9回0.8回0.8回0.8回0.9回0.8回0.8回0.8回0.8回-
財務レバレッジ1.9倍1.9倍1.8倍1.8倍1.9倍1.9倍1.9倍1.9倍1.9倍1.9倍2.1倍2.1倍-
実質ROE13.8%13.1%13.2%11.3%10.7%11.0%10.6%7.6%7.4%7.3%7.6%7.6%-
ROIC9.5%8.9%9.6%9.0%8.2%8.0%8.2%7.1%6.8%6.5%6.1%6.1%-
ROA7.3%7.0%7.4%6.2%5.7%5.7%5.7%4.1%4.0%3.8%3.7%3.7%-
β0.730.670.690.780.860.981.001.001.051.061.151.14-
βの決定係数(R2)0.220.180.190.210.260.330.340.350.370.390.460.48-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(百万円)
B/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
流動資産
現金163,336192,616156,318187,047170,031193,890193,893171,698186,647209,914207,957210,084-
売上債権321,878334,867341,396326,376361,821354,480350,716327,970322,445338,674330,999278,539-
棚卸資産364,254384,509359,687386,443410,642439,488427,346440,751448,676485,904477,840497,133-
有価証券-------------
前払金-------------
繰延税金資産20,82621,03220,032----------
貸倒引当金-2,288-2,361-2,411-2,519-2,772-2,947-3,461-3,604-1,472-1,376-1,519-1,461-
流動資産950,3821,018,521938,947973,1661,027,2241,083,6191,051,3931,014,3661,041,6891,140,1751,107,4301,070,893-
固定資産
建物・構築物517,200522,353517,562523,063539,372544,583547,422551,556559,394567,578563,110567,709-
機械・運搬具1,395,6841,410,2741,399,0811,410,0221,438,5431,444,4961,439,1661,436,8551,447,3751,469,2781,466,9581,479,679-
土地63,01862,91162,93862,94764,57165,40463,88964,49264,63964,94167,02467,182-
建設仮勘定44,27342,83850,50256,12863,46661,35264,18872,22975,33374,55575,48784,749-
有形固定資産562,278565,848562,048572,824608,804614,166621,366634,050649,505664,141653,686664,748-
のれん277,925274,040252,724262,320358,561356,227319,898311,922327,692325,939469,535355,457-
無形固定資産449,055444,849414,621427,630539,984532,175529,978516,299544,755544,484685,482696,364-
投資有価証券315,453330,561314,830308,789316,383284,930296,330286,063281,293292,706244,581252,389-
繰延税金資産2,9416,28017,77521,29021,14728,69327,508------
貸倒引当金-207-214-266-264-272-280-418-389-372-389-435-511-
敷金および保証金-------------
投資その他の資産373,170393,299391,538386,684396,030367,074372,465358,831354,704357,880351,377356,094-
固定資産1,384,5031,403,9961,368,2071,387,1391,544,8191,513,4161,523,8101,509,1801,548,9641,566,5051,690,5451,717,206-
総資産2,334,8852,422,5162,307,1542,360,3052,572,0432,597,0352,575,2032,523,5462,590,6522,706,6802,797,9752,788,099-
 
負債
有利子負債合計378,207402,345301,745345,998443,378510,860424,874455,589466,450544,964708,355715,126-
仕入債務162,099172,522171,413172,752190,329184,055180,429156,668148,054159,145131,207117,971-
前受金82,28785,06570,14283,09385,62194,32375,83683,87879,92085,14173,62378,811-
未払法人税等20,34120,27229,71423,92723,66115,03524,97117,35021,8549,88118,14518,262-
繰延税金負債(固定)58,16546,94636,63939,31744,19441,24948,299------
負債1,085,5971,103,8841,001,9391,038,1781,181,8291,236,7301,172,4931,157,1191,174,6341,267,0991,414,5151,409,043-
 
純資産
資本金103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389-
資本剰余金79,44079,44079,44079,44179,43879,70779,70879,66279,66279,64179,64179,660-
利益剰余金902,132952,039981,934990,5041,032,9041,045,4961,077,5861,079,0191,132,5021,125,6331,125,7381,116,896-
自己株式-3,917-3,924-3,930-3,935-3,912-3,928-3,936-13,940-13,863-5,988-5,990-5,991-
非支配株主持分17,53818,03117,82717,71521,69420,09521,22520,78621,08721,70524,14524,099-
純資産1,249,2881,318,6321,305,2141,322,1271,390,2141,360,3051,402,7101,366,4271,416,0181,439,5811,383,4601,379,056-
キャッシュフロー(百万円)
C/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
営業CF
税金等調整前当期純利益101,690171,378218,33357,747115,148164,675210,39743,757110,816146,183155,93425,463-
減価償却費45,81770,42695,41519,57439,84461,79884,55621,62545,90070,75896,01625,951-
のれん償却額9,06313,63618,0484,4048,90014,22819,4905,26710,75316,52922,2886,320-
減損損失5678542,1581741833,36911,090111412,22621,9493-
受取利息及び受取配当金-3,801-7,070-8,704-3,157-4,872-7,025-9,154-2,695-4,680-6,491-8,021-2,237-
売上債権の増減額-16,156-27,060-38,98617,042-10,017863,94219,38222,99410,03216,91955,249-
棚卸資産の増減額-15,206-33,593-11,815-26,074-41,644-72,445-57,968-15,130-25,446-59,975-51,950-18,682-
仕入債務の増減額12,51720,18623,0207319,1502,386-776-21,372-28,939-19,615-45,562-14,390-
営業CF115,009154,043249,89135,27573,724102,436212,06215,87277,80382,566124,46050,139-
投資CF
有価証券の取得-9,166-9,989-11,564-830-1,054-1,369-2,624-1,517-2,656-5,746-10,820-2,287-
有価証券の売却・償還6,30616,65617,7747,3528,1018,11617,0305,35518,02518,09323,54328-
固定資産の購入-41,607-68,559-96,272-26,303-59,830-95,250-124,854-30,443-71,347-106,814-154,450-30,908-
固定資産の売却1,0101,6961,6013184265206522201,7312,0965,69379-
貸付け-------------
貸付金の回収-------------
投資CF-52,956-69,061-110,294-11,314-119,117-163,753-198,917-16,406-73,778-110,038-318,156-32,839-
財務CF
短期借入金の純増減額-2,435-14,643-28,935-15,23348,28733,294-36,84013,20611,80635,763172,022-80,982-
長期借入れ5,67615,29515,395-2,65825,67985,4922084781845,81690,000-
長期借入金の返済-12,064-12,316-23,532-202-12,008-20,216-53,833-203-11,665-11,866-17,586-196-
社債の発行-----20,00020,000-40,00040,00040,00050,000-
社債の償還-20,000-20,000-20,000-------20,000-20,000--
自己株式の取得-675-683-688-5-10-30-40-10,005-10,010-10,013-10,016-1-
自己株式の売却-------------
配当金の支払-19,553-39,106-39,106-27,932-27,932-51,674-51,674-23,742-23,742-48,723-48,723-22,206-
財務CF-45,937-43,117-134,41211,20761,245103,38017,388-5,3044,77856,264221,923-16,438-
換算差額1,1215,123-9371,0053,5031,209543-4,279-3,925-724-4,060-524-
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額41,60768,55996,27226,30359,83095,250136,20630,44371,347106,814154,12230,908-
研究開発費------90,124---90,966--
発行済株式総数1,396,133,702株1,396,128,544株1,396,124,715株1,396,121,311株1,396,139,404株1,396,128,873株1,396,124,949株1,387,437,257株1,387,496,596株1,387,493,481株1,387,491,705株1,387,491,142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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
従業員数--34,670人---39,283人---40,689人--
売上/従業員(千円)--58,904---55,250---52,880--
営利/従業員(千円)--5,725---5,335---4,357--
四半期売上(百万円)
売上5y CAGR・実績:2.6 %
四半期利益(百万円)
営利5y CAGR・実績:1.8 %
純利5y CAGR・実績:3.2 %
P/L
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上516,013519,800557,667489,770551,693545,286583,654502,083566,559519,890563,114455,159-
前期比111.0%111.5%106.0%109.1%106.9%104.9%104.7%102.5%102.7%95.3%96.5%90.7%-
売上原価349,412350,971390,597328,412376,543371,778405,122339,362383,281356,604397,359305,280-
売上総利益166,602168,829167,070161,358175,150173,508178,532162,721183,279163,285165,755149,879-
%32.3%32.5%30.0%32.9%31.7%31.8%30.6%32.4%32.3%31.4%29.4%32.9%-
販管費111,808112,293117,783113,475118,727120,687126,071121,378122,927124,741128,730119,776-
営業利益54,79456,53749,28647,88356,42352,82252,45941,34360,35138,54537,02530,103125,000
前期比134.0%130.4%109.3%126.5%103.0%93.4%106.4%86.3%107.0%73.0%70.6%72.8%70.5%
%10.6%10.9%8.8%9.8%10.2%9.7%9.0%8.2%10.7%7.4%6.6%6.6%-
受取利息および受取配当金0003,1580002,6950002,237-
持分法による投資利益2,7533,7694,0192,5204,1683,2022,2222,1622,4621,985529--
営業外収益4,8089,0427,9656,4486,6306,1536,2735,9495,1234,6284,7792,958-
支払利息1,1951,1011,1951,1121,0911,1351,0339921,144891989864-
持分法による投資損失000-000-00092-
営業外費用2,6333,2055,2532,5574,5683,5594,4313,3254,1612,7763,4732,840-
経常利益56,96962,37451,99851,77358,48655,41554,30243,96761,31340,39838,33030,221-
固定資産売却益9114490169192204360549882,86655-
投資有価証券売却益3049,242776,811004,7695228,49914,65720-
特別利益3139,356816,9011691924,9738838,5529897,52475-
固定資産売却損000-000-000--
投資有価証券売却損-8526-190154-41274579646-
減損損失542871,30417493,1867,721111302,08519,7233-
特別損失1,1652,0425,1239271,2546,08013,5531,0942,8056,02036,1034,834-
税引前利益56,11669,68846,95557,74757,40149,52745,72243,75767,05935,3679,75125,463-
法人税等14,737-25416,66120,77514,35612,09813,35318,84413,1968,9749,19211,156-
%26.3%-0.4%35.5%36.0%25.0%24.4%29.2%43.1%19.7%25.4%94.3%43.8%-
当期純利益41,37969,94230,29436,97243,04637,42832,36924,91353,86326,39355914,306-
非支配株主に帰属する当期純利益575483372558536450759533380429455718-
親会社株主に帰属する当期純利益40,80469,46029,92036,41442,51036,97731,61124,38053,48325,96410413,588-
前期比141.6%189.1%118.0%121.1%104.2%53.2%105.7%67.0%125.8%70.2%0.3%55.7%-
%7.9%13.4%5.4%7.4%7.7%6.8%5.4%4.9%9.4%5.0%0.0%3.0%-
 
EBITDA147,532233,251311,93871,861153,050233,154313,63368,235158,347227,526295,56862,374-
EPS121.9円121.9円121.9円105.7円105.7円105.7円105.7円74.9円74.9円74.9円74.9円74.9円0.0円
BPS882.3円931.6円922.1円934.3円980.2円959.9円989.5円969.9円1,005.4円1,021.9円979.7円976.6円-
期初会社予想
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上高(期初予)1,990,0001,990,0001,990,0002,155,0002,155,0002,155,0002,155,0002,268,0002,268,0002,268,0002,268,000--
対実績比48.5%74.6%102.6%22.7%48.3%73.6%100.7%22.1%47.1%70.0%94.9%--
営業利益(期初予)165,000165,000165,000190,000190,000190,000190,000205,000205,000205,000205,000-125,000
対実績比56.2%90.4%120.3%25.2%54.9%82.7%110.3%20.2%49.6%68.4%86.5%--
純利益(期初予)115,000115,000115,000140,000140,000140,000140,000147,500147,500147,500147,500--
対実績比61.6%122.0%148.0%26.0%56.4%82.8%105.4%16.5%52.8%70.4%70.5%--
配当
ROEデュポン分解
β
マルチプル
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
株価1,385円1,454円1,399円1,408円1,723円1,130円1,142円1,149円1,064円1,234円765円876円-
企業価値2,193,3332,244,1512,162,9132,111,1712,564,4681,850,9851,911,3491,834,4311,756,0991,991,9741,561,5521,719,929-
時価総額1,934,3392,029,2801,953,1841,965,7442,405,5171,577,6381,594,3791,603,4501,476,2961,712,1711,061,1541,214,887-
純有利子負債214,871209,729145,427158,951273,347316,970230,981283,891279,803335,050500,398505,042-
PER(会予)16.8倍14.5倍11.6倍14.0倍17.2倍9.9倍11.0倍10.9倍10.0倍12.0倍8.3倍--
PBR1.7倍1.6倍1.5倍1.5倍1.8倍1.2倍1.2倍1.2倍1.1倍1.2倍0.8倍0.9倍-
PER × PBR27.8倍23.9倍17.4倍21.4倍31.7倍11.4倍13.1倍12.6倍10.6倍14.7倍6.5倍--
EV/EBITDA(会予)8.0倍7.7倍7.1倍7.0倍8.5倍5.7倍6.1倍5.9倍5.7倍6.7倍5.3倍--
PSR(会予)1.0倍1.0倍1.0倍0.9倍1.1倍0.7倍0.7倍0.7倍0.7倍0.8倍0.5倍--
PCFR(会予)8.6倍8.1倍7.0倍7.8倍9.5倍5.8倍6.2倍6.4倍5.9倍6.9倍4.3倍10.3倍-
配当金--34.0円---34.0円---34.0円-0.0円
配当利回り1.7%1.7%1.7%2.4%2.0%3.0%3.0%3.0%3.2%2.8%4.4%3.9%-
配当性向--27.9%---32.2%---45.4%--
自己資本配当率3.9%3.6%3.7%3.6%3.5%3.5%3.4%3.5%3.4%3.3%3.5%3.5%-
ROE13.8%13.1%13.2%11.3%10.8%11.0%10.7%7.7%7.5%7.3%7.6%7.7%-
純利益率(再掲)7.3%9.5%8.3%7.4%7.6%7.3%6.8%4.9%7.3%6.5%4.8%3.0%-
総資産回転率0.9回0.8回0.9回0.9回0.8回0.8回0.8回0.9回0.8回0.8回0.8回0.8回-
財務レバレッジ1.9倍1.9倍1.8倍1.8倍1.9倍1.9倍1.9倍1.9倍1.9倍1.9倍2.1倍2.1倍-
実質ROE13.8%13.1%13.2%11.3%10.7%11.0%10.6%7.6%7.4%7.3%7.6%7.6%-
ROIC9.5%8.9%9.6%9.0%8.2%8.0%8.2%7.1%6.8%6.5%6.1%6.1%-
ROA7.3%7.0%7.4%6.2%5.7%5.7%5.7%4.1%4.0%3.8%3.7%3.7%-
β0.730.670.690.780.860.981.001.001.051.061.151.14-
βの決定係数(R2)0.220.180.190.210.260.330.340.350.370.390.460.48-
財務レバレッジ(百万円)
利益剰余金(百万円)
設備投資(百万円)
B/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
流動資産
現金163,336192,616156,318187,047170,031193,890193,893171,698186,647209,914207,957210,084-
売上債権321,878334,867341,396326,376361,821354,480350,716327,970322,445338,674330,999278,539-
棚卸資産364,254384,509359,687386,443410,642439,488427,346440,751448,676485,904477,840497,133-
有価証券-------------
前払金-------------
繰延税金資産20,82621,03220,032----------
貸倒引当金-2,288-2,361-2,411-2,519-2,772-2,947-3,461-3,604-1,472-1,376-1,519-1,461-
流動資産950,3821,018,521938,947973,1661,027,2241,083,6191,051,3931,014,3661,041,6891,140,1751,107,4301,070,893-
固定資産
建物・構築物517,200522,353517,562523,063539,372544,583547,422551,556559,394567,578563,110567,709-
機械・運搬具1,395,6841,410,2741,399,0811,410,0221,438,5431,444,4961,439,1661,436,8551,447,3751,469,2781,466,9581,479,679-
土地63,01862,91162,93862,94764,57165,40463,88964,49264,63964,94167,02467,182-
建設仮勘定44,27342,83850,50256,12863,46661,35264,18872,22975,33374,55575,48784,749-
有形固定資産562,278565,848562,048572,824608,804614,166621,366634,050649,505664,141653,686664,748-
のれん277,925274,040252,724262,320358,561356,227319,898311,922327,692325,939469,535355,457-
無形固定資産449,055444,849414,621427,630539,984532,175529,978516,299544,755544,484685,482696,364-
投資有価証券315,453330,561314,830308,789316,383284,930296,330286,063281,293292,706244,581252,389-
繰延税金資産2,9416,28017,77521,29021,14728,69327,508------
貸倒引当金-207-214-266-264-272-280-418-389-372-389-435-511-
敷金および保証金-------------
投資その他の資産373,170393,299391,538386,684396,030367,074372,465358,831354,704357,880351,377356,094-
固定資産1,384,5031,403,9961,368,2071,387,1391,544,8191,513,4161,523,8101,509,1801,548,9641,566,5051,690,5451,717,206-
総資産2,334,8852,422,5162,307,1542,360,3052,572,0432,597,0352,575,2032,523,5462,590,6522,706,6802,797,9752,788,099-
 
負債
有利子負債合計378,207402,345301,745345,998443,378510,860424,874455,589466,450544,964708,355715,126-
仕入債務162,099172,522171,413172,752190,329184,055180,429156,668148,054159,145131,207117,971-
前受金82,28785,06570,14283,09385,62194,32375,83683,87879,92085,14173,62378,811-
未払法人税等20,34120,27229,71423,92723,66115,03524,97117,35021,8549,88118,14518,262-
繰延税金負債(固定)58,16546,94636,63939,31744,19441,24948,299------
負債1,085,5971,103,8841,001,9391,038,1781,181,8291,236,7301,172,4931,157,1191,174,6341,267,0991,414,5151,409,043-
 
純資産
資本金103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389103,389-
資本剰余金79,44079,44079,44079,44179,43879,70779,70879,66279,66279,64179,64179,660-
利益剰余金902,132952,039981,934990,5041,032,9041,045,4961,077,5861,079,0191,132,5021,125,6331,125,7381,116,896-
自己株式-3,917-3,924-3,930-3,935-3,912-3,928-3,936-13,940-13,863-5,988-5,990-5,991-
非支配株主持分17,53818,03117,82717,71521,69420,09521,22520,78621,08721,70524,14524,099-
純資産1,249,2881,318,6321,305,2141,322,1271,390,2141,360,3051,402,7101,366,4271,416,0181,439,5811,383,4601,379,056-
キャッシュフロー(百万円)
C/S
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
営業CF
税金等調整前当期純利益101,690171,378218,33357,747115,148164,675210,39743,757110,816146,183155,93425,463-
減価償却費45,81770,42695,41519,57439,84461,79884,55621,62545,90070,75896,01625,951-
のれん償却額9,06313,63618,0484,4048,90014,22819,4905,26710,75316,52922,2886,320-
減損損失542871,30417493,1867,721111302,08519,7233-
受取利息及び受取配当金-3,801-7,070-8,704-3,157-4,872-7,025-9,154-2,695-4,680-6,491-8,021-2,237-
売上債権の増減額-16,156-27,060-38,98617,042-10,017863,94219,38222,99410,03216,91955,249-
棚卸資産の増減額-15,206-33,593-11,815-26,074-41,644-72,445-57,968-15,130-25,446-59,975-51,950-18,682-
仕入債務の増減額12,51720,18623,0207319,1502,386-776-21,372-28,939-19,615-45,562-14,390-
営業CF115,009154,043249,89135,27573,724102,436212,06215,87277,80382,566124,46050,139-
投資CF
有価証券の取得-9,166-9,989-11,564-830-1,054-1,369-2,624-1,517-2,656-5,746-10,820-2,287-
有価証券の売却・償還6,30616,65617,7747,3528,1018,11617,0305,35518,02518,09323,54328-
固定資産の購入-41,607-68,559-96,272-26,303-59,830-95,250-124,854-30,443-71,347-106,814-154,450-30,908-
固定資産の売却1,0101,6961,6013184265206522201,7312,0965,69379-
貸付け-------------
貸付金の回収-------------
投資CF-52,956-69,061-110,294-11,314-119,117-163,753-198,917-16,406-73,778-110,038-318,156-32,839-
財務CF
短期借入金の純増減額-2,435-14,643-28,935-15,23348,28733,294-36,84013,20611,80635,763172,022-80,982-
長期借入れ5,67615,29515,395-2,65825,67985,4922084781845,81690,000-
長期借入金の返済-12,064-12,316-23,532-202-12,008-20,216-53,833-203-11,665-11,866-17,586-196-
社債の発行-----20,00020,000-40,00040,00040,00050,000-
社債の償還-20,000-20,000-20,000-------20,000-20,000--
自己株式の取得-675-683-688-5-10-30-40-10,005-10,010-10,013-10,016-1-
自己株式の売却-------------
配当金の支払-19,553-39,106-39,106-27,932-27,932-51,674-51,674-23,742-23,742-48,723-48,723-22,206-
財務CF-45,937-43,117-134,41211,20761,245103,38017,388-5,3044,77856,264221,923-16,438-
換算差額1,1215,123-9371,0053,5031,209543-4,279-3,925-724-4,060-524-
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額41,60768,55996,27226,30359,83095,250136,20630,44371,347106,814154,12230,908-
研究開発費------90,124---90,966--
発行済株式総数1,396,133,702株1,396,128,544株1,396,124,715株1,396,121,311株1,396,139,404株1,396,128,873株1,396,124,949株1,387,437,257株1,387,496,596株1,387,493,481株1,387,491,705株1,387,491,142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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
従業員数--34,670人---39,283人---40,689人--
売上/従業員(千円)--58,904---55,250---52,880--
営利/従業員(千円)--5,725---5,335---4,357--