通期売上(百万円)
売上5y CAGR・予想:-1.4 %
通期利益(百万円)
営利5y CAGR・予想:-22.4 %
純利5y CAGR・予想:-25.5 %
P/L
2018.32019.32020.32021.3E
売上1,328,5261,482,9091,338,9871,145,000
前期比109.6%111.6%90.3%85.5%
売上原価1,019,1601,166,5771,041,840-
売上総利益309,366316,332297,147-
%23.3%21.3%22.2%-
販管費205,875222,905225,511-
営業利益103,49193,42771,63637,000
前期比101.3%90.3%76.7%51.7%
%7.8%6.3%5.4%3.2%
受取利息および受取配当金4,7884,8624,827-
持分法による投資利益7,06310,8073,165-
営業外収益17,32120,79712,274-
支払利息5,4785,5345,501-
持分法による投資損失----
営業外費用10,60711,25218,393-
経常利益110,205102,97265,517-
固定資産売却益2,77879453-
投資有価証券売却益7673,663192-
特別利益6,47215,85324,804-
固定資産売却損97532-
投資有価証券売却損5,05917124-
減損損失15,0121,4542,508-
特別損失22,46913,52821,861-
税引前利益94,208105,29768,460-
法人税等15,19018,77422,171-
%13.9%16.1%32.4%-
当期純利益79,01886,52346,289-
非支配株主に帰属する当期純利益7,43310,4088,345-
親会社株主に帰属する当期純利益71,58576,11537,94420,000
前期比110.4%106.3%49.9%52.7%
%5.3%5.4%2.8%1.7%
 
EBITDA146,206149,145123,742128,106
EPS360.3円390.2円198.6円261.7円
BPS2,572.5円2,829.5円2,761.9円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,300,0001,480,0001,540,0001,145,000
対実績比102.2%100.2%86.9%-
営業利益(期初予)98,000106,000105,00037,000
対実績比105.6%88.1%68.2%-
純利益(期初予)65,00080,00076,00020,000
対実績比110.1%95.1%49.9%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価3,355円2,671円2,051円-
企業価値1,028,016899,654793,443-
時価総額670,868521,417391,788-
純有利子負債357,148378,237401,655-
PER(会予)8.6倍6.5倍7.8倍-
PBR1.3倍1.0倍0.7倍-
PER × PBR11.3倍6.3倍5.8倍-
EV/EBITDA(会予)6.9倍6.2倍6.2倍-
PSR(会予)0.5倍0.3倍0.3倍-
PCFR(会予)5.5倍4.1倍3.8倍-
配当金90.0円100.0円100.0円100.0円
配当利回り2.1%3.4%4.9%-
配当性向25.0%25.6%50.3%-
自己資本配当率2.1%3.5%3.6%-
ROE14.0%13.8%7.2%-
純利益率(再掲)5.4%5.1%2.8%-
総資産回転率0.9回1.0回0.9回-
財務レバレッジ2.7倍2.8倍2.8倍-
実質ROE13.5%13.1%6.7%-
ROIC9.1%7.2%4.6%-
ROA5.0%5.1%2.6%-
β0.981.161.23-
βの決定係数(R2)0.360.460.54-
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80,209111,056149,348-
売上債権270,631304,089275,332-
棚卸資産271,288315,710288,006-
有価証券----
前払金----
繰延税金資産18,226---
貸倒引当金-673-718-3,509-
流動資産749,552786,677781,347-
固定資産
建物・構築物343,555352,569365,837-
機械・運搬具997,5631,030,9491,041,644-
土地159,018156,556156,646-
建設仮勘定20,46218,51529,910-
有形固定資産432,908443,063485,531-
のれん5,6845,0614,412-
無形固定資産31,47629,38528,941-
投資有価証券159,428151,847110,340-
繰延税金資産5,24211,386--
貸倒引当金-2,420-2,448-2,808-
敷金および保証金----
投資その他の資産230,168241,949184,248-
固定資産694,552714,397698,720-
総資産1,444,1041,501,0741,480,067-
 
負債
有利子負債合計420,973474,655551,003-
仕入債務154,310176,577128,458-
前受金----
未払法人税等7,9569,3725,383-
繰延税金負債(固定)26,56011,471--
負債857,500869,335872,046-
 
純資産
資本金125,125125,205125,298-
資本剰余金89,32789,40689,514-
利益剰余金290,538348,202366,330-
自己株式-19,842-29,869-39,254-
非支配株主持分75,48079,82480,432-
純資産586,604631,739608,021-
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94,208105,29768,460-
減価償却費44,83548,85351,464-
のれん償却額819651642-
減損損失15,0121,4542,508-
受取利息及び受取配当金-4,788-4,862-4,827-
売上債権の増減額-23,381-3,25533,033-
棚卸資産の増減額-26,419-26,62911,255-
仕入債務の増減額13,7861,300-34,544-
営業CF82,660109,492114,974-
投資CF
有価証券の取得-3,986-23,952-6,217-
有価証券の売却・償還1,5219,434584-
固定資産の購入-52,672-55,755-76,342-
固定資産の売却2,8394,0161,007-
貸付け-5,208-90-2,175-
貸付金の回収----
投資CF-75,041-64,255-85,168-
財務CF
短期借入金の純増減額4,072-1,73913,557-
長期借入れ29,71138,22122,598-
長期借入金の返済-19,476-25,166-58,736-
社債の発行10,00035,00020,000-
社債の償還-24,284-15,426-426-
自己株式の取得-5,141-10,033-9,389-
自己株式の売却7520-
配当金の支払-18,007-18,878-19,509-
財務CF-10,205-14,1349,050-
換算差額-1,170-92-1,423-
その他
2018.32019.32020.32021.3E
設備投資額-61,92476,294-
研究開発費33,37735,79636,368-
発行済株式総数198,687,941株195,057,422株191,022,952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17,277人17,743人17,979人-
売上/従業員(千円)90,31476,89674,475-
営利/従業員(千円)7,6105,9903,984-
四半期売上(百万円)
売上5y CAGR・予想:-1.4 %
四半期利益(百万円)
営利5y CAGR・予想:-22.4 %
純利5y CAGR・予想:-25.5 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上309,018620,855959,8291,328,526356,263720,9151,114,7931,482,909342,796674,914999,0521,338,9871,145,000
前期比105.2%109.2%110.3%109.6%115.3%116.1%116.1%111.6%96.2%93.6%89.6%90.3%85.5%
売上原価233,202474,468733,9871,019,160275,550562,088874,7031,166,577265,932528,137777,8251,041,840-
売上総利益75,816146,387225,842309,36680,713158,827240,090316,33276,864146,777221,227297,147-
%24.5%23.6%23.5%23.3%22.7%22.0%21.5%21.3%22.4%21.7%22.1%22.2%-
販管費48,55998,140150,100205,87554,371109,087165,458222,90556,134112,306168,221225,511-
営業利益27,25748,24775,742103,49126,34249,74074,63293,42720,73034,47153,00671,63637,000
前期比106.8%106.3%105.7%101.3%96.6%103.1%98.5%90.3%78.7%69.3%71.0%76.7%51.7%
%8.8%7.8%7.9%7.8%7.4%6.9%6.7%6.3%6.0%5.1%5.3%5.4%3.2%
受取利息および受取配当金1,0192,0273,0364,7881,5682,4883,6764,8621,5792,4933,7824,827-
持分法による投資利益1,7152,3444,6327,0634,5118,63511,00910,8071,8272,8153,4183,165-
営業外収益3,3056,7619,89417,3217,38013,08718,64520,7973,9726,78510,12012,274-
支払利息1,3662,7354,1105,4781,3952,8344,1905,5341,4612,8514,1955,501-
持分法による投資損失-------------
営業外費用2,2705,0646,78410,6072,3074,4207,07411,2524,8708,64312,66718,393-
経常利益28,29249,94478,852110,20531,41558,40786,203102,97219,83232,61350,45965,517-
固定資産売却益2,5192,5552,7722,7782237447962422440453-
投資有価証券売却益-679718767271683,3903,663-41186192-
特別利益2,5195,2446,0916,472499484,17715,853624637,71424,804-
固定資産売却損14794941756131532-
投資有価証券売却損---5,059168168168171-7724-
減損損失---15,012-6609181,4546036731,1512,508-
特別損失224441,09822,4695833,6949,42713,5281,4779,82112,32621,861-
税引前利益30,78954,74483,84594,20830,88155,66180,953105,29718,41723,25545,84768,460-
法人税等5,89010,56014,72615,1905,2469,65415,39918,7743,8306,96012,52822,171-
%13.9%13.9%13.9%13.9%16.1%16.1%16.1%16.1%17.8%17.8%17.8%32.4%-
当期純利益24,89944,18469,11979,01825,63546,00765,55486,52314,58716,29533,31946,289-
非支配株主に帰属する当期純利益2,1916,0008,2507,4332,1624,2477,64210,4082,0664,5376,1958,345-
親会社株主に帰属する当期純利益22,70838,18460,86971,58523,47341,76057,91276,11512,52111,75827,12437,94420,000
前期比140.1%137.5%121.7%110.4%103.4%109.4%95.1%106.3%53.3%28.2%46.8%49.9%52.7%
%5.3%5.3%5.3%5.3%5.4%5.4%5.4%5.4%5.1%5.1%5.1%2.8%1.7%
 
EBITDA146,206146,206146,206146,206149,145149,145149,145149,145142,931142,931142,931123,742128,106
EPS357.8円357.7円358.0円360.3円383.1円383.0円389.9円390.2円194.5円194.5円194.5円198.6円261.7円
BPS2,328.2円2,429.4円2,548.5円2,572.5円2,645.9円2,785.1円2,753.5円2,829.5円2,815.7円2,798.2円2,823.2円2,761.9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)1,300,0001,300,0001,300,0001,300,0001,480,0001,480,0001,480,0001,480,0001,540,0001,540,0001,540,0001,540,0001,145,000
対実績比23.8%47.8%73.8%102.2%24.1%48.7%75.3%100.2%22.3%43.8%64.9%86.9%-
営業利益(期初予)98,00098,00098,00098,000106,000106,000106,000106,000105,000105,000105,000105,00037,000
対実績比27.8%49.2%77.3%105.6%24.9%46.9%70.4%88.1%19.7%32.8%50.5%68.2%-
純利益(期初予)65,00065,00065,00065,00080,00080,00080,00080,00076,00076,00076,00076,00020,000
対実績比34.9%58.7%93.6%110.1%29.3%52.2%72.4%95.1%16.5%15.5%35.7%49.9%-
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2,975円3,420円3,625円3,355円2,950円2,841円2,484円2,671円2,667円2,416円2,680円2,051円-
企業価値948,9881,038,0151,064,2511,028,016966,491947,637860,732899,654891,180825,401876,913793,443-
時価総額595,182684,209725,360670,868586,129564,466493,668521,417520,218471,419522,931391,788-
純有利子負債353,806353,806338,891357,148380,362383,171367,064378,237370,962353,982353,982401,655-
PER(会予)9.2倍10.1倍9.9倍8.6倍7.3倍7.1倍6.2倍6.5倍6.8倍6.2倍12.5倍7.8倍-
PBR1.3倍1.5倍1.5倍1.3倍1.1倍1.1倍0.9倍1.0倍0.9倍0.9倍1.0倍0.7倍-
PER × PBR11.7倍14.8倍14.8倍11.3倍8.4倍7.6倍5.5倍6.3倍6.5倍5.4倍11.9倍5.8倍-
EV/EBITDA(会予)6.7倍7.2倍7.2倍6.9倍6.4倍6.2倍5.7倍6.2倍5.8倍5.3倍6.6倍6.2倍-
PSR(会予)0.5倍0.5倍0.6倍0.5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-
PCFR(会予)5.5倍6.1倍6.2倍5.5倍4.7倍4.5倍3.9倍4.1倍4.1倍3.8倍5.7倍3.8倍-
配当金---90.0円---100.0円---100.0円100.0円
配当利回り2.4%2.0%1.9%2.1%3.1%3.2%3.6%3.4%3.7%4.1%3.7%4.9%-
配当性向---25.0%---25.6%---50.3%-
自己資本配当率2.3%2.2%2.1%2.1%3.8%3.6%3.6%3.5%3.6%3.6%3.5%3.6%-
ROE15.4%14.7%14.0%14.0%14.5%13.8%14.2%13.8%6.9%6.9%6.9%7.2%-
純利益率(再掲)7.3%6.2%6.3%5.4%6.6%5.8%5.2%5.1%3.7%1.7%2.7%2.8%-
総資産回転率1.0回1.0回1.0回0.9回1.0回1.0回1.0回1.0回0.9回0.9回0.9回0.9回-
財務レバレッジ2.8倍2.8倍2.8倍2.7倍2.8倍2.8倍2.7倍2.8倍2.7倍2.7倍2.7倍2.8倍-
実質ROE14.9%14.3%13.6%13.5%14.0%13.3%13.4%13.1%6.6%6.6%6.5%6.7%-
ROIC9.9%9.6%9.5%9.1%7.4%7.3%7.4%7.2%4.8%4.8%4.7%4.6%-
ROA5.5%5.3%5.2%5.0%5.2%5.1%5.1%5.1%2.5%2.6%2.6%2.6%-
β1.131.060.910.981.001.041.121.161.201.271.261.23-
βの決定係数(R2)0.390.380.300.360.320.350.440.460.480.520.520.54-
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.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金74,51396,46963,82580,20995,25596,82896,418111,05690,911123,801118,529149,348-
売上債権250,364250,364261,229270,631306,899301,700299,462304,089310,591257,978257,978275,332-
棚卸資産251,556251,556259,060271,288274,342285,561309,835315,710301,890293,581293,581288,006-
有価証券-------------
前払金-------------
繰延税金資産14,71514,87514,86918,226---------
貸倒引当金-538-541-543-673-661-637-627-718-756-725-698-3,509-
流動資産643,267692,376694,995749,552751,866774,843786,789786,677753,556738,924752,372781,347-
固定資産
建物・構築物337,483338,261337,869343,555345,322349,478350,481352,569352,175353,803357,144365,837-
機械・運搬具991,458995,224994,907997,5631,001,0911,015,8251,020,7041,030,9491,027,3801,034,9711,038,0621,041,644-
土地155,458155,458155,473159,018158,989158,355154,540156,556156,502156,593156,616156,646-
建設仮勘定14,05617,60820,63120,46222,98818,25315,41718,51527,60530,91436,80929,910-
有形固定資産409,911415,984417,765432,908432,522436,923432,035443,063465,096470,758477,323485,531-
のれん7,6467,7147,6685,6845,5345,3795,2075,0614,8864,7224,5694,412-
無形固定資産36,13836,48936,44631,47630,78430,63629,62629,38529,93229,18229,13828,941-
投資有価証券145,289152,044166,721159,428160,183170,880152,322151,847150,701150,198141,506110,340-
繰延税金資産6,6596,2555,9065,24210,99910,98911,68511,386-----
貸倒引当金-2,349-2,452-2,454-2,420-2,549-2,559-2,356-2,448-2,431-2,416-2,427-2,808-
敷金および保証金-------------
投資その他の資産206,836214,823232,463230,168238,803248,835231,151241,949242,042235,085225,429184,248-
固定資産652,885667,296686,674694,552702,109716,394692,812714,397737,070735,025731,890698,720-
総資産1,296,1521,359,6721,381,6691,444,1041,453,9751,491,2371,479,6011,501,0741,490,6261,473,9491,484,2621,480,067-
 
負債
有利子負債合計428,319428,319435,360420,973460,571478,426463,892474,655482,018477,783477,783551,003-
仕入債務116,364116,364133,711154,310162,179164,180173,177176,577163,908135,928135,928128,458-
前受金-------------
未払法人税等4,4426,3754,8387,9566,1787,8787,1759,3725,2756,8334,8155,383-
繰延税金負債(固定)24,79725,82128,31826,56013,97916,22512,92811,471-----
負債765,957807,059802,947857,500854,197863,027865,135869,335863,485850,320854,553872,046-
 
純資産
資本金125,053125,125125,125125,125125,125125,205125,205125,205125,205125,298125,298125,298-
資本剰余金89,20189,32689,32689,32789,32789,40789,40689,40689,40689,51489,51489,514-
利益剰余金250,667266,142279,822290,538305,531323,818330,000348,202350,660349,897355,507366,330-
自己株式-14,725-14,765-15,255-19,842-19,850-19,856-29,491-29,869-29,873-29,878-29,890-39,254-
非支配株主持分64,40366,49769,12675,48074,08274,69776,94079,82477,92977,63978,84280,432-
純資産530,195552,613578,722586,604599,778628,210614,466631,739627,141623,629629,709608,021-
キャッシュフロー(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30,78954,74483,84594,20830,88155,66180,953105,29718,41723,25545,84768,460-
減価償却費-21,795-44,835-23,937-48,853-25,270-51,464-
のれん償却額-337-819-329-651-330-642-
減損損失---15,012-6609181,4546036731,1512,508-
受取利息及び受取配当金--2,027--4,788--2,488--4,862--2,493--4,827-
売上債権の増減額-11,489--23,381-9,275--3,255-50,170-33,033-
棚卸資産の増減額--9,774--26,419--32,165--26,629-5,412-11,255-
仕入債務の増減額--12,470-13,786-9,893-1,300--27,096--34,544-
営業CF-49,149-82,660-53,461-109,492-74,463-114,974-
投資CF
有価証券の取得0-2,3300-3,9860-6980-23,9520-2610-6,217-
有価証券の売却・償還094401,521030509,4340730584-
固定資産の購入0-20,8970-52,6720-27,0810-55,7550-40,4400-76,342-
固定資産の売却02,61702,83905004,016064801,007-
貸付け----5,208----90--1,075--2,175-
貸付金の回収-------------
投資CF--21,034--75,041--26,808--64,255--41,699--85,168-
財務CF
短期借入金の純増減額-692-4,072-3,853--1,739-4,010-13,557-
長期借入れ-1,000-29,711-8,183-38,221-2,179-22,598-
長期借入金の返済--3,565--19,476--19,768--25,166--9,282--58,736-
社債の発行-10,000-10,000-35,000-35,000---20,000-
社債の償還--10,071--24,284--15,214--15,426--213--426-
自己株式の取得--60--5,141--14--10,033--10--9,389-
自己株式の売却-3-7-1-5-17-20-
配当金の支払--9,003--18,007--8,941--18,878--9,753--19,509-
財務CF--16,632--10,205--11,994--14,134--19,131-9,050-
換算差額--152--1,170-621--92--1,259--1,423-
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額-------61,924---76,294-
研究開発費-16,202-33,377-17,696-35,796-18,194-36,368-
発行済株式総数200,061,164株200,099,191株199,960,743株198,687,941株198,685,522株198,739,297株195,214,203株195,057,422株195,055,654株195,123,676株195,119,058株191,022,952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---17,277人---17,743人---17,979人-
売上/従業員(千円)90,31490,31490,31490,31476,89676,89676,89676,89683,57783,57783,57774,475-
営利/従業員(千円)7,6107,6107,6107,6105,9905,9905,9905,9905,2665,2665,2663,984-
四半期売上(百万円)
売上5y CAGR・予想:-1.4 %
四半期利益(百万円)
営利5y CAGR・予想:-22.4 %
純利5y CAGR・予想:-25.5 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上309,018311,837338,974368,697356,263364,652393,878368,116342,796332,118324,138339,9351,145,000
前期比105.2%113.4%112.5%107.7%115.3%116.9%116.2%99.8%96.2%91.1%82.3%92.3%85.5%
売上原価233,202241,266259,519285,173275,550286,538312,615291,874265,932262,205249,688264,015-
売上総利益75,81670,57179,45583,52480,71378,11481,26376,24276,86469,91374,45075,920-
%24.5%22.6%23.4%22.7%22.7%21.4%20.6%20.7%22.4%21.1%23.0%22.3%-
販管費48,55949,58151,96055,77554,37154,71656,37157,44756,13456,17255,91557,290-
営業利益27,25720,99027,49527,74926,34223,39824,89218,79520,73013,74118,53518,63037,000
前期比106.8%105.7%104.6%91.0%96.6%111.5%90.5%67.7%78.7%58.7%74.5%99.1%51.7%
%8.8%6.7%8.1%7.5%7.4%6.4%6.3%5.1%6.0%4.1%5.7%5.5%3.2%
受取利息および受取配当金1,0190001,5680001,579000-
持分法による投資利益1,7156292,2882,4314,5114,1242,374-2021,827988603-253-
営業外収益3,3053,4563,1337,4277,3805,7075,5582,1523,9722,8133,3352,154-
支払利息1,3661,3691,3751,3681,3951,4391,3561,3441,4611,3901,3441,306-
持分法による投資損失-000-000-000-
営業外費用2,2702,7941,7203,8232,3072,1132,6544,1784,8703,7734,0245,726-
経常利益28,29221,65228,90831,35331,41526,99227,79616,76919,83212,78117,84615,058-
固定資産売却益2,5193621762215735623601813-
投資有価証券売却益-6793949271413,222273-411456-
特別利益2,5192,725847381498993,22911,676624017,25117,090-
固定資産売却損133245323467217-
投資有価証券売却損-005,059168003-7017-
減損損失-0015,012-660258536603704781,357-
特別損失2242265421,3715833,1115,7334,1011,4778,3442,5059,535-
税引前利益30,78923,95529,10110,36330,88124,78025,29224,34418,4174,83822,59222,613-
法人税等5,8904,6704,1664645,2464,4085,7453,3753,8303,1305,5689,643-
%19.1%19.5%14.3%4.5%17.0%17.8%22.7%13.9%20.8%64.7%24.6%42.6%-
当期純利益24,89919,28524,9359,89925,63520,37219,54720,96914,5871,70817,02412,970-
非支配株主に帰属する当期純利益2,1913,8092,250-8172,1622,0853,3952,7662,0662,4711,6582,150-
親会社株主に帰属する当期純利益22,70815,47622,68510,71623,47318,28716,15218,20312,521-76315,36610,82020,000
前期比140.1%133.8%101.9%72.4%103.4%118.2%71.2%169.9%53.3%-4.2%95.1%59.4%52.7%
%7.3%5.0%6.7%2.9%6.6%5.0%4.1%4.9%3.7%-0.2%4.7%3.2%1.7%
 
EBITDA146,206146,206146,206146,206149,145149,145149,145149,145142,931142,931142,931123,742128,106
EPS357.8円357.7円358.0円360.3円383.1円383.0円389.9円390.2円194.5円194.5円194.5円198.6円261.7円
BPS2,328.2円2,429.4円2,548.5円2,572.5円2,645.9円2,785.1円2,753.5円2,829.5円2,815.7円2,798.2円2,823.2円2,761.9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)1,300,0001,300,0001,300,0001,300,0001,480,0001,480,0001,480,0001,480,0001,540,0001,540,0001,540,0001,540,0001,145,000
対実績比23.8%47.8%73.8%102.2%24.1%48.7%75.3%100.2%22.3%43.8%64.9%86.9%-
営業利益(期初予)98,00098,00098,00098,000106,000106,000106,000106,000105,000105,000105,000105,00037,000
対実績比27.8%49.2%77.3%105.6%24.9%46.9%70.4%88.1%19.7%32.8%50.5%68.2%-
純利益(期初予)65,00065,00065,00065,00080,00080,00080,00080,00076,00076,00076,00076,00020,000
対実績比34.9%58.7%93.6%110.1%29.3%52.2%72.4%95.1%16.5%15.5%35.7%49.9%-
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2,975円3,420円3,625円3,355円2,950円2,841円2,484円2,671円2,667円2,416円2,680円2,051円-
企業価値948,9881,038,0151,064,2511,028,016966,491947,637860,732899,654891,180825,401876,913793,443-
時価総額595,182684,209725,360670,868586,129564,466493,668521,417520,218471,419522,931391,788-
純有利子負債353,806353,806338,891357,148380,362383,171367,064378,237370,962353,982353,982401,655-
PER(会予)9.2倍10.1倍9.9倍8.6倍7.3倍7.1倍6.2倍6.5倍6.8倍6.2倍12.5倍7.8倍-
PBR1.3倍1.5倍1.5倍1.3倍1.1倍1.1倍0.9倍1.0倍0.9倍0.9倍1.0倍0.7倍-
PER × PBR11.7倍14.8倍14.8倍11.3倍8.4倍7.6倍5.5倍6.3倍6.5倍5.4倍11.9倍5.8倍-
EV/EBITDA(会予)6.7倍7.2倍7.2倍6.9倍6.4倍6.2倍5.7倍6.2倍5.8倍5.3倍6.6倍6.2倍-
PSR(会予)0.5倍0.5倍0.6倍0.5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-
PCFR(会予)5.5倍6.1倍6.2倍5.5倍4.7倍4.5倍3.9倍4.1倍4.1倍3.8倍5.7倍3.8倍-
配当金---90.0円---100.0円---100.0円100.0円
配当利回り2.4%2.0%1.9%2.1%3.1%3.2%3.6%3.4%3.7%4.1%3.7%4.9%-
配当性向---25.0%---25.6%---50.3%-
自己資本配当率2.3%2.2%2.1%2.1%3.8%3.6%3.6%3.5%3.6%3.6%3.5%3.6%-
ROE15.4%14.7%14.0%14.0%14.5%13.8%14.2%13.8%6.9%6.9%6.9%7.2%-
純利益率(再掲)7.3%6.2%6.3%5.4%6.6%5.8%5.2%5.1%3.7%1.7%2.7%2.8%-
総資産回転率1.0回1.0回1.0回0.9回1.0回1.0回1.0回1.0回0.9回0.9回0.9回0.9回-
財務レバレッジ2.8倍2.8倍2.8倍2.7倍2.8倍2.8倍2.7倍2.8倍2.7倍2.7倍2.7倍2.8倍-
実質ROE14.9%14.3%13.6%13.5%14.0%13.3%13.4%13.1%6.6%6.6%6.5%6.7%-
ROIC9.9%9.6%9.5%9.1%7.4%7.3%7.4%7.2%4.8%4.8%4.7%4.6%-
ROA5.5%5.3%5.2%5.0%5.2%5.1%5.1%5.1%2.5%2.6%2.6%2.6%-
β1.131.060.910.981.001.041.121.161.201.271.261.23-
βの決定係数(R2)0.390.380.300.360.320.350.440.460.480.520.520.54-
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.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金74,51396,46963,82580,20995,25596,82896,418111,05690,911123,801118,529149,348-
売上債権250,364250,364261,229270,631306,899301,700299,462304,089310,591257,978257,978275,332-
棚卸資産251,556251,556259,060271,288274,342285,561309,835315,710301,890293,581293,581288,006-
有価証券-------------
前払金-------------
繰延税金資産14,71514,87514,86918,226---------
貸倒引当金-538-541-543-673-661-637-627-718-756-725-698-3,509-
流動資産643,267692,376694,995749,552751,866774,843786,789786,677753,556738,924752,372781,347-
固定資産
建物・構築物337,483338,261337,869343,555345,322349,478350,481352,569352,175353,803357,144365,837-
機械・運搬具991,458995,224994,907997,5631,001,0911,015,8251,020,7041,030,9491,027,3801,034,9711,038,0621,041,644-
土地155,458155,458155,473159,018158,989158,355154,540156,556156,502156,593156,616156,646-
建設仮勘定14,05617,60820,63120,46222,98818,25315,41718,51527,60530,91436,80929,910-
有形固定資産409,911415,984417,765432,908432,522436,923432,035443,063465,096470,758477,323485,531-
のれん7,6467,7147,6685,6845,5345,3795,2075,0614,8864,7224,5694,412-
無形固定資産36,13836,48936,44631,47630,78430,63629,62629,38529,93229,18229,13828,941-
投資有価証券145,289152,044166,721159,428160,183170,880152,322151,847150,701150,198141,506110,340-
繰延税金資産6,6596,2555,9065,24210,99910,98911,68511,386-----
貸倒引当金-2,349-2,452-2,454-2,420-2,549-2,559-2,356-2,448-2,431-2,416-2,427-2,808-
敷金および保証金-------------
投資その他の資産206,836214,823232,463230,168238,803248,835231,151241,949242,042235,085225,429184,248-
固定資産652,885667,296686,674694,552702,109716,394692,812714,397737,070735,025731,890698,720-
総資産1,296,1521,359,6721,381,6691,444,1041,453,9751,491,2371,479,6011,501,0741,490,6261,473,9491,484,2621,480,067-
 
負債
有利子負債合計428,319428,319435,360420,973460,571478,426463,892474,655482,018477,783477,783551,003-
仕入債務116,364116,364133,711154,310162,179164,180173,177176,577163,908135,928135,928128,458-
前受金-------------
未払法人税等4,4426,3754,8387,9566,1787,8787,1759,3725,2756,8334,8155,383-
繰延税金負債(固定)24,79725,82128,31826,56013,97916,22512,92811,471-----
負債765,957807,059802,947857,500854,197863,027865,135869,335863,485850,320854,553872,046-
 
純資産
資本金125,053125,125125,125125,125125,125125,205125,205125,205125,205125,298125,298125,298-
資本剰余金89,20189,32689,32689,32789,32789,40789,40689,40689,40689,51489,51489,514-
利益剰余金250,667266,142279,822290,538305,531323,818330,000348,202350,660349,897355,507366,330-
自己株式-14,725-14,765-15,255-19,842-19,850-19,856-29,491-29,869-29,873-29,878-29,890-39,254-
非支配株主持分64,40366,49769,12675,48074,08274,69776,94079,82477,92977,63978,84280,432-
純資産530,195552,613578,722586,604599,778628,210614,466631,739627,141623,629629,709608,021-
キャッシュフロー(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30,78954,74483,84594,20830,88155,66180,953105,29718,41723,25545,84768,460-
減価償却費-21,795-44,835-23,937-48,853-25,270-51,464-
のれん償却額-337-819-329-651-330-642-
減損損失-0015,012-660258536603704781,357-
受取利息及び受取配当金--2,027--4,788--2,488--4,862--2,493--4,827-
売上債権の増減額-11,489--23,381-9,275--3,255-50,170-33,033-
棚卸資産の増減額--9,774--26,419--32,165--26,629-5,412-11,255-
仕入債務の増減額--12,470-13,786-9,893-1,300--27,096--34,544-
営業CF-49,149-82,660-53,461-109,492-74,463-114,974-
投資CF
有価証券の取得0-2,3300-3,9860-6980-23,9520-2610-6,217-
有価証券の売却・償還094401,521030509,4340730584-
固定資産の購入0-20,8970-52,6720-27,0810-55,7550-40,4400-76,342-
固定資産の売却02,61702,83905004,016064801,007-
貸付け----5,208----90--1,075--2,175-
貸付金の回収-------------
投資CF--21,034--75,041--26,808--64,255--41,699--85,168-
財務CF
短期借入金の純増減額-692-4,072-3,853--1,739-4,010-13,557-
長期借入れ-1,000-29,711-8,183-38,221-2,179-22,598-
長期借入金の返済--3,565--19,476--19,768--25,166--9,282--58,736-
社債の発行-10,000-10,000-35,000-35,000---20,000-
社債の償還--10,071--24,284--15,214--15,426--213--426-
自己株式の取得--60--5,141--14--10,033--10--9,389-
自己株式の売却-3-7-1-5-17-20-
配当金の支払--9,003--18,007--8,941--18,878--9,753--19,509-
財務CF--16,632--10,205--11,994--14,134--19,131-9,050-
換算差額--152--1,170-621--92--1,259--1,423-
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額-------61,924---76,294-
研究開発費-16,202-33,377-17,696-35,796-18,194-36,368-
発行済株式総数200,061,164株200,099,191株199,960,743株198,687,941株198,685,522株198,739,297株195,214,203株195,057,422株195,055,654株195,123,676株195,119,058株191,022,952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---17,277人---17,743人---17,979人-
売上/従業員(千円)90,31490,31490,31490,31476,89676,89676,89676,89683,57783,57783,57774,475-
営利/従業員(千円)7,6107,6107,6107,6105,9905,9905,9905,9905,2665,2665,2663,984-