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4,9155,5165,320-
持分法による投資利益2,5082,4502,893-
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-3,4116,929-
特別利益2,4693,4116,929-
固定資産売却損----
投資有価証券売却損--2,897-
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-
%29.3%27.1%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3,2562,3862,030-
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%5.8%5.2%3.9%
 
EBITDA137,663137,323133,230-
EPS134.5円142.4円129.0円146.7円
BPS1,245.9円1,307.8円1,333.9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866,112833,657695,432-
時価総額877,906827,570654,587-
純有利子負債-31,671-16,03640,845-
PER(会予)13.1倍12.4倍9.8倍-
PBR1.5倍1.4倍1.1倍-
PER × PBR19.7倍17.6倍10.5倍-
EV/EBITDA(会予)6.2倍6.0倍4.9倍-
PSR(会予)0.8倍0.7倍0.6倍-
PCFR(会予)8.4倍7.8倍5.8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29.7%30.9%35.7%-
自己資本配当率3.2%3.4%3.4%-
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1.7倍1.7倍1.8倍-
実質ROE10.1%10.1%9.0%-
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-
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77,99669,88276,819-
売上債権183,263186,973174,124-
棚卸資産139,531153,921166,609-
有価証券000-
前払金3,7624,3235,237-
繰延税金資産14,096---
貸倒引当金-1,597-1,394-1,377-
流動資産459,201470,037491,883-
固定資産
建物・構築物93,140101,189104,206-
機械・運搬具77,80382,92384,284-
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177,707163,334140,862-
繰延税金資産12,07812,797--
貸倒引当金-2,042-2,200-2,034-
敷金および保証金----
投資その他の資産204,099193,438172,148-
固定資産534,935553,669610,468-
総資産994,1371,023,7061,102,352-
 
負債
有利子負債合計46,32553,846117,664-
仕入債務104,180102,814104,916-
前受金38,79843,06942,180-
未払法人税等11,10910,96811,855-
繰延税金負債(固定)4,7503,860--
負債381,379390,960468,076-
 
純資産
資本金100,002100,002100,002-
資本剰余金109,031109,221109,273-
利益剰余金374,101408,008433,017-
自己株式-42,461-44,337-44,139-
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)
C/S
2018.32019.32020.32021.3E
営業CF
税金等調整前当期純利益94,34293,90883,581-
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-4,916-5,517-5,320-
売上債権の増減額-5,506-2,7529,644-
棚卸資産の増減額-11,787-21,288-24,309-
仕入債務の増減額1,350-2,360-737-
営業CF82,27285,21392,647-
投資CF
有価証券の取得-7,470-2,920-1,034-
有価証券の売却・償還1,5105,74514,417-
固定資産の購入-49,737-66,193-57,227-
固定資産の売却4,0057121,336-
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-2,828-1,310-318-
長期借入れ2,0032,42617,165-
長期借入金の返済-3,784-3,812-2,182-
社債の発行--30,000-
社債の償還-16-16-19-
自己株式の取得-16,006-14,571-13,291-
自己株式の売却----
配当金の支払-18,134-19,706-21,286-
財務CF-35,981-31,53915,450-
換算差額814365-3,072-
その他
2018.32019.32020.32021.3E
設備投資額-73,59566,667-
研究開発費36,97438,83837,146-
発行済株式総数471,756,803株464,251,227株456,794,762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27,003人-
売上/従業員(千円)42,46343,14441,820-
営利/従業員(千円)3,8053,6133,250-
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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上534,136791,6161,107,429241,887554,911829,0361,142,713249,655556,515823,3071,129,254214,7511,107,400
前期比103.1%103.3%103.9%103.4%103.9%104.7%103.2%103.2%100.3%99.3%98.8%86.0%98.1%
売上原価360,256533,376745,346163,928376,675563,028774,647169,213377,117557,051766,551148,746-
売上総利益173,879258,240362,08277,958178,236266,007368,06580,441179,397266,256362,70266,005-
%32.6%32.6%32.7%32.2%32.1%32.1%32.2%32.2%32.2%32.3%32.1%30.7%-
販管費127,879195,824262,85068,533136,071206,487272,37869,613137,900208,058274,93364,652-
営業利益46,00062,41699,2319,42542,16559,51995,68610,82941,49758,19787,7681,35270,000
前期比105.4%101.5%102.9%74.7%91.7%95.4%96.4%114.9%98.4%97.8%91.7%12.5%79.8%
%8.6%7.9%9.0%3.9%7.6%7.2%8.4%4.3%7.5%7.1%7.8%0.6%6.3%
受取利息および受取配当金3,9254,6344,9152,5554,5375,2435,5162,3274,4325,1285,320--
持分法による投資利益1,4491,3102,5081241,1051,0592,4503691,4221,6302,893--
営業外収益7,9169,25811,9314,2209,2099,68311,9443,4027,0649,14211,8092,867-
支払利息267404533121241419480208372556695183-
持分法による投資損失-------------
営業外費用5,3137,39317,2331,9635,5139,88014,4852,8596,4397,80612,5813,462-
経常利益48,60364,28093,92911,68245,86059,32293,14611,37242,12259,53486,99675669,000
固定資産売却益2,4692,4692,469----------
投資有価証券売却益-----1,8263,411-5,1015,2016,929--
特別利益2,4692,4692,469--1,8263,411-5,1015,2016,929--
固定資産売却損-------------
投資有価証券売却損-------2,8792,8882,8882,897--
減損損失2842847011911919971,2741,7362,1642,1644,443--
特別損失9061,1782,0564748271,9412,6484,9796,0606,76610,344339-
税引前利益50,16665,57294,34211,20845,03359,20893,9086,39241,16357,96983,581417-
法人税等13,71018,51127,6263,08411,34915,56825,4283,02610,64316,49222,619791-
%27.3%28.2%29.3%27.5%25.2%26.3%27.1%47.3%25.9%28.4%27.1%189.7%-
当期純利益36,45547,06066,7168,12333,68343,63968,4803,36630,52041,47660,962-374-
非支配株主に帰属する当期純利益2,2492,7613,2565201,1111,6402,3864148861,3862,030--
親会社株主に帰属する当期純利益34,20644,29863,4597,60232,57241,99966,0932,95129,63340,09058,931-52643,500
前期比131.2%111.0%104.3%76.7%95.2%94.8%104.2%38.8%91.0%95.5%89.2%-17.8%73.8%
%6.4%5.6%5.7%3.1%5.9%5.1%5.8%1.2%5.3%4.9%5.2%-3.9%
 
EBITDA64,73290,954137,66319,27162,04889,813137,32321,48663,44491,195133,23013,414-
EPS133.9円134.2円134.5円142.2円142.1円142.1円142.4円127.4円128.5円129.0円129.0円129.6円95.7円
BPS1,222.0円1,237.6円1,245.9円1,230.5円1,282.4円1,247.8円1,307.8円1,272.4円1,335.2円1,363.7円1,333.9円1,334.8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)1,104,0001,104,0001,104,0001,168,0001,168,0001,168,0001,168,0001,175,0001,175,0001,175,0001,175,0001,107,4001,107,400
対実績比48.4%71.7%100.3%20.7%47.5%71.0%97.8%21.2%47.4%70.1%96.1%19.4%-
営業利益(期初予)102,000102,000102,000102,000102,000102,000102,000103,000103,000103,000103,00070,00070,000
対実績比45.1%61.2%97.3%9.2%41.3%58.4%93.8%10.5%40.3%56.5%85.2%1.9%-
純利益(期初予)63,00063,00063,00067,00067,00067,00067,00069,00069,00069,00069,00043,50043,500
対実績比54.3%70.3%100.7%11.3%48.6%62.7%98.6%4.3%42.9%58.1%85.4%-1.2%-
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1,542円-
企業価値1,003,6991,023,604866,112859,006984,650745,349833,657735,122747,019852,960695,432766,737-
時価総額1,048,4701,072,108877,906890,677974,404758,643827,570751,158767,275873,216654,587701,182-
純有利子負債-48,504-11,794-31,67110,246-13,2946,087-16,03610,163-20,25665,94840,84565,555-
PER(会予)16.6倍16.0倍13.1倍13.3倍14.5倍11.3倍12.4倍10.9倍11.1倍13.0倍9.8倍16.1倍-
PBR1.9倍1.9倍1.5倍1.5倍1.7倍1.3倍1.4倍1.2倍1.3倍1.4倍1.1倍1.2倍-
PER × PBR31.7倍29.6倍19.7倍20.1倍24.8倍14.4倍17.6倍13.5倍13.9倍18.6倍10.5倍18.6倍-
EV/EBITDA(会予)7.2倍7.4倍6.2倍6.1倍7.0倍5.3倍6.0倍5.1倍5.2倍6.0倍4.9倍6.6倍-
PSR(会予)0.9倍1.0倍0.8倍0.8倍0.8倍0.7倍0.7倍0.6倍0.7倍0.8倍0.6倍0.6倍-
PCFR(会予)10.5倍10.3倍8.4倍8.4倍9.2倍7.2倍7.8倍6.8倍6.9倍8.0倍5.8倍7.9倍-
配当金--40.0円---44.0円---46.0円-47.0円
配当利回り1.6%1.5%1.9%2.1%1.9%2.5%2.2%2.7%2.6%2.3%3.2%3.0%-
配当性向--29.7%---30.9%---35.7%--
自己資本配当率3.3%3.2%3.2%3.6%3.4%3.5%3.4%3.6%3.4%3.4%3.4%3.4%-
ROE11.0%10.8%10.8%11.6%11.1%11.4%10.9%10.0%9.6%9.5%9.7%9.7%-
純利益率(再掲)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1.1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1.0回-
財務レバレッジ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1.8倍1.8倍-
実質ROE10.3%10.1%10.1%10.7%10.3%10.6%10.1%9.5%9.0%8.8%9.0%--
ROIC11.5%10.7%11.3%10.7%10.7%10.7%10.6%9.7%9.3%8.6%9.0%8.6%-
ROA6.5%6.1%6.4%6.5%6.5%6.5%6.5%5.7%5.6%5.2%5.3%5.3%-
β1.301.251.231.041.021.111.091.081.101.091.071.02-
βの決定係数(R2)0.540.500.500.420.430.560.550.560.580.580.630.62-
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89,70295,60777,99676,38070,56567,61069,88273,634107,36671,64976,81985,599-
売上債権173,152177,104183,263171,104181,437180,475186,973166,538168,193176,921174,124139,233-
棚卸資産135,703154,689139,531156,666150,976163,698153,921166,953158,580176,809166,609186,591-
有価証券11000000-00--
前払金4,1154,7903,7624,2144,7464,8124,3235,0304,7965,4385,237--
繰延税金資産14,43215,63414,096----------
貸倒引当金-1,979-2,042-1,597-1,271-1,296-1,313-1,394-1,377-1,324-1,512-1,377--
流動資産471,811510,442459,201467,163463,246478,016470,037473,117502,746501,326491,883489,131-
固定資産
建物・構築物93,15393,93793,14093,10996,78998,995101,18999,69499,027103,517104,206--
機械・運搬具76,60579,15477,80377,58280,54181,14982,92382,35683,24584,67984,284--
土地71,36271,90973,29974,42175,91676,71178,26678,19279,74480,15079,70880,599-
建設仮勘定12,87612,19714,89026,65127,41226,26125,40030,37132,98135,61938,90527,484-
有形固定資産274,468277,890279,738293,066302,236304,152309,455318,160322,879334,160337,250342,138-
のれん20,08421,92117,64019,05818,43017,63816,95316,23915,54060,84357,34655,018-
無形固定資産45,95953,13451,09754,12953,33351,37250,77549,71148,441104,184101,06997,398-
投資有価証券166,954180,350177,707175,550169,537155,081163,334153,714158,886168,911140,862--
繰延税金資産3,5973,72712,07813,62114,84619,96112,797------
貸倒引当金-1,383-1,385-2,042-2,031-2,048-2,038-2,200-1,192-984-1,227-2,034--
敷金および保証金-------------
投資その他の資産185,221198,780204,099203,403199,221190,745193,438184,273185,936192,773172,148--
固定資産505,648529,805534,935550,599554,790546,270553,669552,145557,257631,118610,468621,945-
総資産977,4601,040,248994,1371,017,7621,018,0361,024,2861,023,7061,025,2631,060,0041,132,4451,102,3521,111,076-
 
負債
有利子負債合計41,19883,81346,32586,62657,27173,69753,84683,79787,110137,597117,664151,154-
仕入債務97,26199,017104,18096,275100,100101,576102,81494,09199,319100,459104,91686,437-
前受金42,76156,14038,79853,40143,92955,21043,06951,07447,40951,97842,180--
未払法人税等15,11614,29811,1096,92913,82812,98010,9686,08213,27913,51711,855--
繰延税金負債(固定)4,2018,5234,7504,0744,0773,8543,860------
負債373,969428,976381,379421,290396,247418,444390,960411,426423,041483,881468,076476,338-
 
純資産
資本金100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002-
資本剰余金109,198109,198109,031109,037109,035109,037109,221109,226109,226109,022109,273--
利益剰余金354,148355,005374,101359,317384,281383,922408,008387,654414,337414,256433,017409,315-
自己株式-37,609-39,976-42,461-43,182-42,811-42,734-44,337-34,528-40,529-44,198-44,139--
非支配株主持分23,94225,58424,72024,16825,12725,20025,46525,29624,53525,63724,90127,720-
純資産603,490611,271612,757596,472621,789605,842632,746613,836636,962648,563634,275634,738-
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50,16665,57294,34211,20845,03359,20893,9086,39241,16357,96983,581--
減価償却費17,59926,80636,0169,13518,45928,15738,7899,94720,58030,97342,20910,926-
のれん償却額1,1331,7322,4167111,4242,1372,8487101,3672,0253,2531,136-
減損損失2842847011911919971,2741,7362,1642,1644,443--
受取利息及び受取配当金-3,926-4,634-4,916-2,541-4,537-5,244-5,517-2,327-4,432-5,128-5,320--
売上債権の増減額2,5653,522-5,50613,3844,9653,548-2,75218,79115,28710,0919,644--
棚卸資産の増減額-7,543-26,290-11,787-20,249-12,480-29,403-21,288-16,318-10,473-26,174-24,309--
仕入債務の増減額-7,017-10,1111,350-14,484-7,590-4,358-2,360-12,008-5,185-5,805-737--
営業CF36,23739,03282,2721,17638,06445,69785,2138,34251,75846,71192,647-873-
投資CF
有価証券の取得-2,428-7,434-7,470-2,454-2,729-2,824-2,920-5-174-287-1,0340-
有価証券の売却・償還7708201,51012152,6475,74524910,47011,97214,4170-
固定資産の購入-23,988-36,939-49,737-20,338-33,982-51,226-66,193-12,932-29,511-42,065-57,227-14,138-
固定資産の売却3,8353,9294,005237605646712763871,3071,3360-
貸付け-------------
貸付金の回収-------------
投資CF-16,619-43,280-60,881-19,483-32,190-47,380-62,553-14,834-18,252-83,722-100,562-13,621-
財務CF
短期借入金の純増減額-2,29921,440-2,82824,868-95919,938-1,31018,927-26116,021-318--
長期借入れ1,5761,8312,003-1,8001,8002,4261,20716,42316,53917,165--
長期借入金の返済-2,246-2,631-3,784-25-2,257-3,286-3,812-1,411-1,632-1,672-2,182--
社債の発行--------30,00030,00030,000--
社債の償還-8-8-16--8-8-16--8-8-19--
自己株式の取得-10,536-13,261-16,006-12,866-12,867-12,868-14,571-3,272-9,514-13,291-13,291--
自己株式の売却-------------
配当金の支払-9,109-18,143-18,134-9,930-9,922-19,719-19,706-10,703-10,696-21,308-21,286--
財務CF-24,7685,573-35,98116,286-14,573-8,394-31,5398,5233,98336,79015,45021,837-
換算差額2,6322,327814-3781,491-108365-1,282-2,161-660-3,072--
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額------73,595---66,667--
研究開発費17,909-36,974-19,335-38,838-18,754-37,146--
発行済株式総数473,964,847株473,009,896株471,756,803株464,887,343株465,139,834株465,188,361株464,251,227株462,449,050株458,622,073株456,735,968株456,794,762株454,722,737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--26,080人---26,486人---27,003人--
売上/従業員(千円)--42,463---43,144---41,820--
営利/従業員(千円)--3,805---3,613---3,250--
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.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上300,198257,480315,813241,887313,024274,125313,677249,655306,860266,792305,947214,7511,107,400
前期比103.5%103.7%105.4%103.4%104.3%106.5%99.3%103.2%98.0%97.3%97.5%86.0%98.1%
売上原価202,577173,120211,970163,928212,747186,353211,619169,213207,904179,934209,500148,746-
売上総利益97,62184,361103,84277,958100,27887,771102,05880,44198,95686,85996,44666,005-
%32.5%32.8%32.9%32.2%32.0%32.0%32.5%32.2%32.2%32.6%31.5%30.7%-
販管費64,23367,94567,02668,53367,53870,41665,89169,61368,28770,15866,87564,652-
営業利益33,38916,41636,8159,42532,74017,35436,16710,82930,66816,70029,5711,35270,000
前期比102.9%91.9%105.3%74.7%98.1%105.7%98.2%114.9%93.7%96.2%81.8%12.5%79.8%
%11.1%6.4%11.7%3.9%10.5%6.3%11.5%4.3%10.0%6.3%9.7%0.6%6.3%
受取利息および受取配当金0002,5550002,327000--
持分法による投資利益1,171-1391,198124981-461,3913691,0532081,263--
営業外収益4,3271,3422,6734,2204,9894742,2613,4023,6622,0782,6672,867-
支払利息12813712912112017861208164184139183-
持分法による投資損失000-000-000--
営業外費用3,0942,0809,8401,9633,5504,3674,6052,8593,5801,3674,7753,462-
経常利益34,62215,67729,64911,68234,17813,46233,82411,37230,75017,41227,46275669,000
固定資産売却益-2500-000-000--
投資有価証券売却益000-01,8261,585-5,1011001,728--
特別利益-2500-01,8261,585-5,1011001,728--
固定資産売却損000-000-000--
投資有価証券売却損000-0002,879909--
減損損失284041719108062771,73642802,279--
特別損失5572728784743531,1147074,9791,0817063,578339-
税引前利益34,04015,40628,77011,20833,82514,17534,7006,39234,77116,80625,612417-
法人税等9,1024,8019,1153,0848,2654,2199,8603,0267,6175,8496,127791-
%26.7%31.2%31.7%27.5%24.4%29.8%28.4%47.3%21.9%34.8%23.9%189.7%-
当期純利益24,93810,60519,6568,12325,5609,95624,8413,36627,15410,95619,486-374-
非支配株主に帰属する当期純利益644512495520591529746414472500644--
親会社株主に帰属する当期純利益24,29510,09219,1617,60224,9709,42724,0942,95126,68210,45718,841-52643,500
前期比93.4%72.9%91.5%76.7%102.8%93.4%125.7%38.8%106.9%110.9%78.2%-17.8%73.8%
%8.1%3.9%6.1%3.1%8.0%3.4%7.7%1.2%8.7%3.9%6.2%-0.2%3.9%
 
EBITDA64,73290,954137,66319,27162,04889,813137,32321,48663,44491,195133,23013,414-
EPS133.9円134.2円134.5円142.2円142.1円142.1円142.4円127.4円128.5円129.0円129.0円129.6円95.7円
BPS1,222.0円1,237.6円1,245.9円1,230.5円1,282.4円1,247.8円1,307.8円1,272.4円1,335.2円1,363.7円1,333.9円1,334.8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)1,104,0001,104,0001,104,0001,168,0001,168,0001,168,0001,168,0001,175,0001,175,0001,175,0001,175,0001,107,4001,107,400
対実績比48.4%71.7%100.3%20.7%47.5%71.0%97.8%21.2%47.4%70.1%96.1%19.4%-
営業利益(期初予)102,000102,000102,000102,000102,000102,000102,000103,000103,000103,000103,00070,00070,000
対実績比45.1%61.2%97.3%9.2%41.3%58.4%93.8%10.5%40.3%56.5%85.2%1.9%-
純利益(期初予)63,00063,00063,00067,00067,00067,00067,00069,00069,00069,00069,00043,50043,500
対実績比54.3%70.3%100.7%11.3%48.6%62.7%98.6%4.3%42.9%58.1%85.4%-1.2%-
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1,542円-
企業価値1,003,6991,023,604866,112859,006984,650745,349833,657735,122747,019852,960695,432766,737-
時価総額1,048,4701,072,108877,906890,677974,404758,643827,570751,158767,275873,216654,587701,182-
純有利子負債-48,504-11,794-31,67110,246-13,2946,087-16,03610,163-20,25665,94840,84565,555-
PER(会予)16.6倍16.0倍13.1倍13.3倍14.5倍11.3倍12.4倍10.9倍11.1倍13.0倍9.8倍16.1倍-
PBR1.9倍1.9倍1.5倍1.5倍1.7倍1.3倍1.4倍1.2倍1.3倍1.4倍1.1倍1.2倍-
PER × PBR31.7倍29.6倍19.7倍20.1倍24.8倍14.4倍17.6倍13.5倍13.9倍18.6倍10.5倍18.6倍-
EV/EBITDA(会予)7.2倍7.4倍6.2倍6.1倍7.0倍5.3倍6.0倍5.1倍5.2倍6.0倍4.9倍6.6倍-
PSR(会予)0.9倍1.0倍0.8倍0.8倍0.8倍0.7倍0.7倍0.6倍0.7倍0.8倍0.6倍0.6倍-
PCFR(会予)10.5倍10.3倍8.4倍8.4倍9.2倍7.2倍7.8倍6.8倍6.9倍8.0倍5.8倍7.9倍-
配当金--40.0円---44.0円---46.0円-47.0円
配当利回り1.6%1.5%1.9%2.1%1.9%2.5%2.2%2.7%2.6%2.3%3.2%3.0%-
配当性向--29.7%---30.9%---35.7%--
自己資本配当率3.3%3.2%3.2%3.6%3.4%3.5%3.4%3.6%3.4%3.4%3.4%3.4%-
ROE11.0%10.8%10.8%11.6%11.1%11.4%10.9%10.0%9.6%9.5%9.7%9.7%-
純利益率(再掲)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1.1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1.0回-
財務レバレッジ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1.8倍1.8倍-
実質ROE10.3%10.1%10.1%10.7%10.3%10.6%10.1%9.5%9.0%8.8%9.0%--
ROIC11.5%10.7%11.3%10.7%10.7%10.7%10.6%9.7%9.3%8.6%9.0%8.6%-
ROA6.5%6.1%6.4%6.5%6.5%6.5%6.5%5.7%5.6%5.2%5.3%5.3%-
β1.301.251.231.041.021.111.091.081.101.091.071.02-
βの決定係数(R2)0.540.500.500.420.430.560.550.560.580.580.630.62-
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89,70295,60777,99676,38070,56567,61069,88273,634107,36671,64976,81985,599-
売上債権173,152177,104183,263171,104181,437180,475186,973166,538168,193176,921174,124139,233-
棚卸資産135,703154,689139,531156,666150,976163,698153,921166,953158,580176,809166,609186,591-
有価証券11000000-00--
前払金4,1154,7903,7624,2144,7464,8124,3235,0304,7965,4385,237--
繰延税金資産14,43215,63414,096----------
貸倒引当金-1,979-2,042-1,597-1,271-1,296-1,313-1,394-1,377-1,324-1,512-1,377--
流動資産471,811510,442459,201467,163463,246478,016470,037473,117502,746501,326491,883489,131-
固定資産
建物・構築物93,15393,93793,14093,10996,78998,995101,18999,69499,027103,517104,206--
機械・運搬具76,60579,15477,80377,58280,54181,14982,92382,35683,24584,67984,284--
土地71,36271,90973,29974,42175,91676,71178,26678,19279,74480,15079,70880,599-
建設仮勘定12,87612,19714,89026,65127,41226,26125,40030,37132,98135,61938,90527,484-
有形固定資産274,468277,890279,738293,066302,236304,152309,455318,160322,879334,160337,250342,138-
のれん20,08421,92117,64019,05818,43017,63816,95316,23915,54060,84357,34655,018-
無形固定資産45,95953,13451,09754,12953,33351,37250,77549,71148,441104,184101,06997,398-
投資有価証券166,954180,350177,707175,550169,537155,081163,334153,714158,886168,911140,862--
繰延税金資産3,5973,72712,07813,62114,84619,96112,797------
貸倒引当金-1,383-1,385-2,042-2,031-2,048-2,038-2,200-1,192-984-1,227-2,034--
敷金および保証金-------------
投資その他の資産185,221198,780204,099203,403199,221190,745193,438184,273185,936192,773172,148--
固定資産505,648529,805534,935550,599554,790546,270553,669552,145557,257631,118610,468621,945-
総資産977,4601,040,248994,1371,017,7621,018,0361,024,2861,023,7061,025,2631,060,0041,132,4451,102,3521,111,076-
 
負債
有利子負債合計41,19883,81346,32586,62657,27173,69753,84683,79787,110137,597117,664151,154-
仕入債務97,26199,017104,18096,275100,100101,576102,81494,09199,319100,459104,91686,437-
前受金42,76156,14038,79853,40143,92955,21043,06951,07447,40951,97842,180--
未払法人税等15,11614,29811,1096,92913,82812,98010,9686,08213,27913,51711,855--
繰延税金負債(固定)4,2018,5234,7504,0744,0773,8543,860------
負債373,969428,976381,379421,290396,247418,444390,960411,426423,041483,881468,076476,338-
 
純資産
資本金100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002100,002-
資本剰余金109,198109,198109,031109,037109,035109,037109,221109,226109,226109,022109,273--
利益剰余金354,148355,005374,101359,317384,281383,922408,008387,654414,337414,256433,017409,315-
自己株式-37,609-39,976-42,461-43,182-42,811-42,734-44,337-34,528-40,529-44,198-44,139--
非支配株主持分23,94225,58424,72024,16825,12725,20025,46525,29624,53525,63724,90127,720-
純資産603,490611,271612,757596,472621,789605,842632,746613,836636,962648,563634,275634,738-
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50,16665,57294,34211,20845,03359,20893,9086,39241,16357,96983,581--
減価償却費17,59926,80636,0169,13518,45928,15738,7899,94720,58030,97342,20910,926-
のれん償却額1,1331,7322,4167111,4242,1372,8487101,3672,0253,2531,136-
減損損失284041719108062771,73642802,279--
受取利息及び受取配当金-3,926-4,634-4,916-2,541-4,537-5,244-5,517-2,327-4,432-5,128-5,320--
売上債権の増減額2,5653,522-5,50613,3844,9653,548-2,75218,79115,28710,0919,644--
棚卸資産の増減額-7,543-26,290-11,787-20,249-12,480-29,403-21,288-16,318-10,473-26,174-24,309--
仕入債務の増減額-7,017-10,1111,350-14,484-7,590-4,358-2,360-12,008-5,185-5,805-737--
営業CF36,23739,03282,2721,17638,06445,69785,2138,34251,75846,71192,647-873-
投資CF
有価証券の取得-2,428-7,434-7,470-2,454-2,729-2,824-2,920-5-174-287-1,0340-
有価証券の売却・償還7708201,51012152,6475,74524910,47011,97214,4170-
固定資産の購入-23,988-36,939-49,737-20,338-33,982-51,226-66,193-12,932-29,511-42,065-57,227-14,138-
固定資産の売却3,8353,9294,005237605646712763871,3071,3360-
貸付け-------------
貸付金の回収-------------
投資CF-16,619-43,280-60,881-19,483-32,190-47,380-62,553-14,834-18,252-83,722-100,562-13,621-
財務CF
短期借入金の純増減額-2,29921,440-2,82824,868-95919,938-1,31018,927-26116,021-318--
長期借入れ1,5761,8312,003-1,8001,8002,4261,20716,42316,53917,165--
長期借入金の返済-2,246-2,631-3,784-25-2,257-3,286-3,812-1,411-1,632-1,672-2,182--
社債の発行--------30,00030,00030,000--
社債の償還-8-8-16--8-8-16--8-8-19--
自己株式の取得-10,536-13,261-16,006-12,866-12,867-12,868-14,571-3,272-9,514-13,291-13,291--
自己株式の売却-------------
配当金の支払-9,109-18,143-18,134-9,930-9,922-19,719-19,706-10,703-10,696-21,308-21,286--
財務CF-24,7685,573-35,98116,286-14,573-8,394-31,5398,5233,98336,79015,45021,837-
換算差額2,6322,327814-3781,491-108365-1,282-2,161-660-3,072--
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額------73,595---66,667--
研究開発費17,909-36,974-19,335-38,838-18,754-37,146--
発行済株式総数473,964,847株473,009,896株471,756,803株464,887,343株465,139,834株465,188,361株464,251,227株462,449,050株458,622,073株456,735,968株456,794,762株454,722,737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--26,080人---26,486人---27,003人--
売上/従業員(千円)--42,463---43,144---41,820--
営利/従業員(千円)--3,805---3,613---3,250--