通期売上(百万円)
売上5y CAGR・予想:1.0 %
通期利益(百万円)
営利5y CAGR・予想:-7.7 %
純利5y CAGR・予想:-8.0 %
P/L
2018.32019.32020.32021.3E
売上1,107,4291,142,7131,129,2541,107,400
前期比103.9%103.2%98.8%98.1%
売上原価745,346774,647766,551-
売上総利益362,082368,065362,702-
%32.7%32.2%32.1%-
販管費262,850272,378274,933-
営業利益99,23195,68687,76870,000
前期比102.9%96.4%91.7%79.8%
%9.0%8.4%7.8%6.3%
受取利息および受取配当金4,9155,516--
持分法による投資利益2,5082,450--
営業外収益11,93111,94411,809-
支払利息533480695-
持分法による投資損失----
営業外費用17,23314,48512,581-
経常利益93,92993,14686,99669,000
固定資産売却益2,469---
投資有価証券売却益-3,411--
特別利益2,4693,4116,929-
固定資産売却損----
投資有価証券売却損----
減損損失7011,2744,443-
特別損失2,0562,64810,344-
税引前利益94,34293,90883,581-
法人税等27,62625,42822,619-
%25.3%29.3%27.1%-
当期純利益66,71668,48060,962-
非支配株主に帰属する当期純利益3,2562,386--
親会社株主に帰属する当期純利益63,45966,09358,93143,500
前期比104.3%104.2%89.2%73.8%
%5.7%5.7%5.2%3.9%
 
EBITDA133,437137,663133,230142,462
EPS126.8円134.2円121.6円138.3円
BPS1,174.3円1,232.7円1,257.6円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)1,104,0001,168,0001,175,0001,107,400
対実績比100.3%97.8%96.1%-
営業利益(期初予)102,000102,000103,00070,000
対実績比97.3%93.8%85.2%-
純利益(期初予)63,00067,00069,00043,500
対実績比100.7%98.6%85.4%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価1,856円1,779円1,433円-
企業価値917,148882,257735,144-
時価総額928,942876,170694,299-
純有利子負債-11,7946,08740,845-
PER(会予)13.9倍13.1倍10.4倍-
PBR1.6倍1.5倍1.1倍-
PER × PBR22.0倍19.7倍11.8倍-
EV/EBITDA(会予)6.6倍6.4倍5.2倍-
PSR(会予)0.8倍0.8倍0.6倍-
PCFR(会予)8.9倍8.3倍6.2倍-
配当金40.0円44.0円46.0円46.0円
配当利回り1.9%2.2%3.2%-
配当性向31.5%32.8%37.8%-
自己資本配当率3.4%3.6%3.7%-
ROE10.8%10.9%9.7%-
純利益率(再掲)5.7%5.8%5.2%-
総資産回転率1.1回1.1回1.0回-
財務レバレッジ1.8倍1.8倍1.8倍-
実質ROE10.1%10.1%--
ROIC11.3%10.6%9.0%-
ROA6.4%6.5%5.3%-
β1.231.091.07-
βの決定係数(R2)0.500.550.63-
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77,99669,88276,819-
売上債権177,104180,475174,124-
棚卸資産154,689163,698166,609-
有価証券00--
前払金3,7624,323--
繰延税金資産14,096---
貸倒引当金-1,597-1,394--
流動資産473,297470,037491,883-
固定資産
建物・構築物93,140101,189--
機械・運搬具77,80382,923--
土地73,29978,26679,708-
建設仮勘定14,89025,40038,905-
有形固定資産279,738309,455337,250-
のれん17,64016,95357,346-
無形固定資産51,09750,775101,069-
投資有価証券177,707163,334--
繰延税金資産2,95912,797--
貸倒引当金-2,042-2,200--
敷金および保証金----
投資その他の資産194,980193,438--
固定資産525,817553,669610,468-
総資産999,1141,023,7061,102,352-
 
負債
有利子負債合計83,81373,697117,664-
仕入債務99,017101,576104,916-
前受金38,79843,069--
未払法人税等11,10910,968--
繰延税金負債(固定)9,7283,860--
負債386,356390,960468,076-
 
純資産
資本金100,002100,002100,002-
資本剰余金109,031109,221--
利益剰余金374,101408,008433,017-
自己株式-42,461-44,337--
非支配株主持分24,72025,46524,901-
純資産612,757632,746634,275-
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94,34293,908--
減価償却費36,01638,78942,209-
のれん償却額2,4162,8483,253-
減損損失7011,2744,443-
受取利息及び受取配当金-4,916-5,517--
売上債権の増減額-5,506-2,752--
棚卸資産の増減額-11,787-21,288--
仕入債務の増減額1,350-2,360--
営業CF82,27285,21392,647-
投資CF
有価証券の取得-7,470-2,9200-
有価証券の売却・償還1,5105,7450-
固定資産の購入-49,737-66,193-57,227-
固定資産の売却4,0057120-
貸付け----
貸付金の回収----
投資CF-60,881-62,553-100,562-
財務CF
短期借入金の純増減額-2,828-1,310--
長期借入れ2,0032,426--
長期借入金の返済-3,784-3,812--
社債の発行----
社債の償還-16-16--
自己株式の取得-16,006-14,571--
自己株式の売却----
配当金の支払-18,134-19,706--
財務CF-35,981-31,53915,450-
換算差額814365--
その他
2018.32019.32020.32021.3E
設備投資額49,89468,910--
研究開発費36,97438,838--
発行済株式総数500,507,285株492,507,285株484,507,285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26,080人26,486人--
売上/従業員(千円)46,32642,463--
営利/従業員(千円)4,1943,805--
四半期売上(百万円)
売上5y CAGR・予想:1.0 %
四半期利益(百万円)
営利5y CAGR・予想:-7.7 %
純利5y CAGR・予想:-8.0 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上233,938534,136791,6161,107,429241,887554,911829,0361,142,713249,655556,515823,3071,129,2541,107,400
前期比102.7%103.1%103.3%103.9%103.4%103.9%104.7%103.2%103.2%100.3%99.3%98.8%98.1%
売上原価157,679360,256533,376745,346163,928376,675563,028774,647169,213377,117557,051766,551-
売上総利益76,258173,879258,240362,08277,958178,236266,007368,06580,441179,397266,256362,702-
%32.6%32.6%32.6%32.7%32.2%32.1%32.1%32.2%32.2%32.2%32.3%32.1%-
販管費63,646127,879195,824262,85068,533136,071206,487272,37869,613137,900208,058274,933-
営業利益12,61146,00062,41699,2319,42542,16559,51995,68610,82941,49758,19787,76870,000
前期比112.6%105.4%101.5%102.9%74.7%91.7%95.4%96.4%114.9%98.4%97.8%91.7%79.8%
%5.4%8.6%7.9%9.0%3.9%7.6%7.2%8.4%4.3%7.5%7.1%7.8%6.3%
受取利息および受取配当金2,0803,9254,6344,9152,5554,5375,2435,5162,3274,4325,128--
持分法による投資利益2781,4491,3102,5081241,1051,0592,4503691,4221,630--
営業外収益3,5897,9169,25811,9314,2209,2099,68311,9443,4027,0649,14211,809-
支払利息139267404533121241419480208372556695-
持分法による投資損失-------------
営業外費用2,2195,3137,39317,2331,9635,5139,88014,4852,8596,4397,80612,581-
経常利益13,98148,60364,28093,92911,68245,86059,32293,14611,37242,12259,53486,99669,000
固定資産売却益2,4942,4692,4692,469---------
投資有価証券売却益------1,8263,411-5,1015,201--
特別利益2,4942,4692,4692,469--1,8263,411-5,1015,2016,929-
固定資産売却損-------------
投資有価証券売却損--------2,8792,8882,888--
減損損失-2842847011911919971,2741,7362,1642,1644,443-
特別損失3499061,1782,0564748271,9412,6484,9796,0606,76610,344-
税引前利益16,12650,16665,57294,34211,20845,03359,20893,9086,39241,16357,96983,581-
法人税等4,60813,71018,51127,6263,08411,34915,56825,4283,02610,64316,49222,619-
%25.3%25.3%25.3%25.3%29.3%29.3%29.3%29.3%27.1%27.1%27.1%27.1%-
当期純利益11,51736,45547,06066,7168,12333,68343,63968,4803,36630,52041,47660,962-
非支配株主に帰属する当期純利益1,6052,2492,7613,2565201,1111,6402,3864148861,386--
親会社株主に帰属する当期純利益9,91134,20644,29863,4597,60232,57241,99966,0932,95129,63340,09058,93143,500
前期比15,247.7%131.2%111.0%104.3%76.7%95.2%94.8%104.2%38.8%91.0%95.5%89.2%73.8%
%5.7%5.7%5.7%5.7%5.7%5.7%5.7%5.7%5.8%5.8%5.8%5.2%3.9%
 
EBITDA133,437133,437133,437133,437137,663137,663137,663137,663137,323137,323137,323133,230142,462
EPS126.8円126.8円126.8円126.8円134.2円134.2円134.2円134.2円121.6円121.6円121.6円121.6円138.3円
BPS1,099.3円1,157.2円1,169.6円1,174.3円1,161.5円1,211.1円1,178.6円1,232.7円1,214.5円1,263.9円1,285.5円1,257.6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)1,104,0001,104,0001,104,0001,104,0001,168,0001,168,0001,168,0001,168,0001,175,0001,175,0001,175,0001,175,0001,107,400
対実績比21.2%48.4%71.7%100.3%20.7%47.5%71.0%97.8%21.2%47.4%70.1%96.1%-
営業利益(期初予)102,000102,000102,000102,000102,000102,000102,000102,000103,000103,000103,000103,00070,000
対実績比12.4%45.1%61.2%97.3%9.2%41.3%58.4%93.8%10.5%40.3%56.5%85.2%-
純利益(期初予)63,00063,00063,00063,00067,00067,00067,00067,00069,00069,00069,00069,00043,500
対実績比15.7%54.3%70.3%100.7%11.3%48.6%62.7%98.6%4.3%42.9%58.1%85.4%-
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2,011円2,214円2,262円1,856円1,888円2,096円1,631円1,779円1,618円1,673円1,904円1,433円-
企業価値961,7491,063,3521,083,643917,148913,2871,042,541789,985882,257780,841790,325902,246735,144-
時価総額1,006,5201,108,1231,132,147928,942944,9581,032,295803,279876,170796,877810,581922,502694,299-
純有利子負債-44,771-44,771-48,504-11,794-31,67110,246-13,2946,087-16,036-20,256-20,25640,845-
PER(会予)17.1倍17.6倍16.9倍13.9倍14.1倍15.4倍12.0倍13.1倍11.5倍11.7倍13.8倍10.4倍-
PBR1.8倍2.0倍2.0倍1.6倍1.6倍1.8倍1.3倍1.5倍1.3倍1.3倍1.5倍1.1倍-
PER × PBR31.2倍35.4倍33.0倍22.0倍22.7倍27.8倍16.1倍19.7倍15.2倍15.6倍20.7倍11.8倍-
EV/EBITDA(会予)7.2倍7.7倍7.8倍6.6倍6.5倍7.4倍5.6倍6.4倍5.4倍5.5倍6.4倍5.2倍-
PSR(会予)0.9倍1.0倍1.0倍0.8倍0.8倍0.9倍0.7倍0.8倍0.7倍0.7倍0.8倍0.6倍-
PCFR(会予)10.5倍11.1倍10.9倍8.9倍9.0倍9.8倍7.6倍8.3倍7.2倍7.3倍8.5倍6.2倍-
配当金---40.0円---44.0円---46.0円46.0円
配当利回り1.7%1.6%1.5%1.9%2.1%1.9%2.5%2.2%2.7%2.6%2.3%3.2%-
配当性向---31.5%---32.8%---37.8%-
自己資本配当率3.6%3.5%3.4%3.4%3.8%3.6%3.7%3.6%3.8%3.6%3.6%3.7%-
ROE11.5%11.0%10.8%10.8%11.6%11.1%11.4%10.9%10.0%9.6%9.5%9.7%-
純利益率(再掲)4.2%6.4%5.6%5.7%3.1%5.9%5.1%5.8%1.2%5.3%4.9%5.2%-
総資産回転率1.2回1.1回1.1回1.1回1.1回1.1回1.1回1.1回1.1回1.1回1.0回1.0回-
財務レバレッジ1.7倍1.7倍1.7倍1.8倍1.7倍1.8倍1.7倍1.8倍1.7倍1.7倍1.7倍1.8倍-
実質ROE10.8%10.3%10.1%10.1%10.7%10.3%10.6%10.1%9.5%9.0%8.8%--
ROIC12.0%11.5%10.7%11.3%10.7%10.7%10.7%10.6%9.7%9.3%8.6%9.0%-
ROA6.7%6.5%6.1%6.4%6.5%6.5%6.5%6.5%5.7%5.6%5.2%5.3%-
β1.321.301.251.231.041.021.111.091.081.101.091.07-
βの決定係数(R2)0.550.540.500.500.420.430.560.550.560.580.580.63-
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93,69389,70295,60777,99676,38070,56567,61069,88273,634107,36671,64976,819-
売上債権153,264153,264173,152177,104183,263171,104181,437180,475186,973168,193168,193174,124-
棚卸資産138,328138,328135,703154,689139,531156,666150,976163,698153,921158,580158,580166,609-
有価証券111000000-0--
前払金3,8544,1154,7903,7624,2144,7464,8124,3235,0304,7965,438--
繰延税金資産14,97514,43215,63414,096---------
貸倒引当金-1,261-1,979-2,042-1,597-1,271-1,296-1,313-1,394-1,377-1,324-1,512--
流動資産457,929471,811510,442473,297467,163463,246478,016470,037473,117502,746501,326491,883-
固定資産
建物・構築物88,64693,15393,93793,14093,10996,78998,995101,18999,69499,027103,517--
機械・運搬具74,58576,60579,15477,80377,58280,54181,14982,92382,35683,24584,679--
土地70,33271,36271,90973,29974,42175,91676,71178,26678,19279,74480,15079,708-
建設仮勘定12,21912,87612,19714,89026,65127,41226,26125,40030,37132,98135,61938,905-
有形固定資産265,787274,468277,890279,738293,066302,236304,152309,455318,160322,879334,160337,250-
のれん14,23120,08421,92117,64019,05818,43017,63816,95316,23915,54060,84357,346-
無形固定資産39,04545,95953,13451,09754,12953,33351,37250,77549,71148,441104,184101,069-
投資有価証券163,022166,954180,350177,707175,550169,537155,081163,334153,714158,886168,911--
繰延税金資産2,9153,5973,7272,95913,62114,84619,96112,797-----
貸倒引当金-2,029-1,383-1,385-2,042-2,031-2,048-2,038-2,200-1,192-984-1,227--
敷金および保証金-------------
投資その他の資産180,080185,221198,780194,980203,403199,221190,745193,438184,273185,936192,773--
固定資産484,912505,648529,805525,817550,599554,790546,270553,669552,145557,257631,118610,468-
総資産942,841977,4601,040,248999,1141,017,7621,018,0361,024,2861,023,7061,025,2631,060,0041,132,4451,102,352-
 
負債
有利子負債合計48,92248,92241,19883,81346,32586,62657,27173,69753,84687,11087,110117,664-
仕入債務91,08591,08597,26199,017104,18096,275100,100101,576102,81499,31999,319104,916-
前受金52,71842,76156,14038,79853,40143,92955,21043,06951,07447,40951,978--
未払法人税等7,08015,11614,29811,1096,92913,82812,98010,9686,08213,27913,517--
繰延税金負債(固定)3,6744,2018,5239,7284,0744,0773,8543,860-----
負債369,784373,969428,976386,356421,290396,247418,444390,960411,426423,041483,881468,076-
 
純資産
資本金100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002-
資本剰余金109,198109,198109,198109,031109,037109,035109,037109,221109,226109,226109,022--
利益剰余金329,780354,148355,005374,101359,317384,281383,922408,008387,654414,337414,256433,017-
自己株式-38,177-37,609-39,976-42,461-43,182-42,811-42,734-44,337-34,528-40,529-44,198--
非支配株主持分22,47823,94225,58424,72024,16825,12725,20025,46525,29624,53525,63724,901-
純資産573,057603,490611,271612,757596,472621,789605,842632,746613,836636,962648,563634,275-
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16,12650,16665,57294,34211,20845,03359,20893,9086,39241,16357,969--
減価償却費8,81817,59926,80636,0169,13518,45928,15738,7899,94720,58030,97342,209-
のれん償却額5301,1331,7322,4167111,4242,1372,8487101,3672,0253,253-
減損損失-2842847011911919971,2741,7362,1642,1644,443-
受取利息及び受取配当金-2,080-3,926-4,634-4,916-2,541-4,537-5,244-5,517-2,327-4,432-5,128--
売上債権の増減額14,0732,5653,522-5,50613,3844,9653,548-2,75218,79115,28710,091--
棚卸資産の増減額-13,955-7,543-26,290-11,787-20,249-12,480-29,403-21,288-16,318-10,473-26,174--
仕入債務の増減額-11,187-7,017-10,1111,350-14,484-7,590-4,358-2,360-12,008-5,185-5,805--
営業CF4,68136,23739,03282,2721,17638,06445,69785,2138,34251,75846,71192,647-
投資CF
有価証券の取得0-2,428-7,434-7,470-2,454-2,729-2,824-2,920-5-174-2870-
有価証券の売却・償還7707708201,51012152,6475,74524910,47011,9720-
固定資産の購入-12,181-23,988-36,939-49,737-20,338-33,982-51,226-66,193-12,932-29,511-42,065-57,227-
固定資産の売却4,0523,8353,9294,005237605646712763871,3070-
貸付け-------------
貸付金の回収-------------
投資CF11,575-16,619-43,280-60,881-19,483-32,190-47,380-62,553-14,834-18,252-83,722-100,562-
財務CF
短期借入金の純増減額4,791-2,29921,440-2,82824,868-95919,938-1,31018,927-26116,021--
長期借入れ-1,5761,8312,003-1,8001,8002,4261,20716,42316,539--
長期借入金の返済-46-2,246-2,631-3,784-25-2,257-3,286-3,812-1,411-1,632-1,672--
社債の発行---------30,00030,000--
社債の償還--8-8-16--8-8-16--8-8--
自己株式の取得-10,534-10,536-13,261-16,006-12,866-12,867-12,868-14,571-3,272-9,514-13,291--
自己株式の売却-------------
配当金の支払-9,121-9,109-18,143-18,134-9,930-9,922-19,719-19,706-10,703-10,696-21,308--
財務CF-15,661-24,7685,573-35,98116,286-14,573-8,394-31,5398,5233,98336,79015,450-
換算差額1,1612,6322,327814-3781,491-108365-1,282-2,161-660--
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---49,894---68,910-----
研究開発費-17,909-36,974-19,335-38,838-18,754---
発行済株式総数500,507,285株500,507,285株500,507,285株500,507,285株492,507,285株492,507,285株492,507,285株492,507,285株484,507,285株484,507,285株484,507,285株484,507,285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---26,080人---26,486人-----
売上/従業員(千円)46,32646,32646,32646,32642,46342,46342,46342,46343,14443,14443,144--
営利/従業員(千円)4,1944,1944,1944,1943,8053,8053,8053,8053,6133,6133,613--