通期売上(百万円)
売上5y CAGR・予想:-5.2 %
通期利益(百万円)
営利5y CAGR・実績:-10.9 %
純利5y CAGR・実績:0.7 %
P/L
2017.122018.122019.122020.12E
売上3,643,4273,650,1113,525,6003,550,000
前期比109.2%100.2%96.6%100.7%
売上原価2,262,5892,268,7432,201,684-
売上総利益1,380,8381,381,3671,323,916-
%37.9%37.8%37.6%-
販管費961,791978,635997,817-
営業利益419,047402,732326,098-
前期比93.2%96.1%81.0%-
%11.5%11.0%9.2%0.0%
受取利息および受取配当金14,13911,85512,886-
持分法による投資利益----
営業外収益29,36630,41328,018-
支払利息12,10412,81010,311-
持分法による投資損失----
営業外費用47,84952,01237,293-
経常利益400,564381,132316,823-
固定資産売却益--30,608-
投資有価証券売却益28,59516,23776,646-
特別利益39,21146,635116,134-
固定資産売却損----
投資有価証券売却損----
減損損失10,122-13,665-
特別損失19,353-25,706-
税引前利益420,422427,768407,251-
法人税等123,006128,017108,303-
%29.3%29.9%26.6%-
当期純利益297,416299,750298,947-
非支配株主に帰属する当期純利益9,1408,1086,349-
親会社株主に帰属する当期純利益288,275291,642292,598230,000
前期比108.6%101.2%100.3%78.6%
%7.9%8.0%8.3%6.5%
 
EBITDA623,984607,767556,084-
EPS383.5円387.9円415.6円390.6円
BPS3,115.7円3,163.7円3,250.4円-
期初会社予想
2017.122018.122019.122020.12E
売上高(期初予)3,630,0003,800,0003,690,0003,550,000
対実績比100.4%96.1%95.5%-
営業利益(期初予)452,000463,000410,000-
対実績比92.7%87.0%79.5%-
純利益(期初予)280,000308,000300,000230,000
対実績比103.0%94.7%97.5%-
配当
ROEデュポン分解
β
マルチプル
2017.122018.122019.122020.12E
株価5,238円4,236円4,070円-
企業価値4,002,8073,247,8653,206,959-
時価総額3,969,6093,184,6222,865,428-
純有利子負債-52,868-31,887156,202-
PER(会予)13.7倍10.4倍10.4倍-
PBR1.7倍1.3倍1.3倍-
PER × PBR23.7倍13.8倍13.6倍-
EV/EBITDA(会予)6.5倍5.3倍6.0倍-
PSR(会予)1.1倍0.9倍0.8倍-
PCFR(会予)8.3倍6.2倍6.0倍-
配当金150.0円160.0円160.0円160.0円
配当利回り2.7%3.5%3.9%-
配当性向39.1%41.2%38.5%-
自己資本配当率4.8%5.1%4.9%-
ROE12.3%12.3%12.8%-
純利益率(再掲)7.9%8.0%8.3%-
総資産回転率0.9回1.0回0.9回-
財務レバレッジ1.7倍1.6倍1.7倍-
実質ROE11.3%12.1%11.6%-
ROIC10.6%9.9%7.5%-
ROA7.3%7.6%7.4%-
β1.030.800.82-
βの決定係数(R2)0.470.400.42-
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
2017.122018.122019.122020.12E
流動資産
現金511,895440,378441,255-
売上債権503,412601,417583,223-
棚卸資産590,182617,232596,422-
有価証券221,680153,853136,044-
前払金----
繰延税金資産59,85455,973--
貸倒引当金-17,062-21,729-21,377-
流動資産1,987,0361,912,4401,871,066-
固定資産
建物・構築物555,770550,399591,612-
機械・運搬具517,639491,035502,568-
土地163,452167,742188,317-
建設仮勘定146,160171,980188,058-
有形固定資産1,473,0461,468,3711,562,160-
のれん43,78141,38191,410-
無形固定資産105,029101,454205,049-
投資有価証券278,802219,970141,820-
繰延税金資産40,57865,69877,081-
貸倒引当金-1,591-1,524-1,138-
敷金および保証金----
投資その他の資産393,925358,003308,228-
固定資産1,972,0021,927,8292,075,438-
総資産3,959,0383,840,2693,946,505-
 
負債
有利子負債合計459,027408,491597,457-
仕入債務232,698233,970202,048-
前受金----
未払法人税等66,45315,07340,497-
繰延税金負債(固定)53,34427,72334,977-
負債1,556,3001,404,1071,602,215-
 
純資産
資本金126,354126,354126,354-
資本剰余金122,984121,997121,997-
利益剰余金2,342,8222,362,7362,535,720-
自己株式-206,052-32,648-232,330-
非支配株主持分56,96154,19852,576-
純資産2,402,7382,436,1622,344,290-
キャッシュフロー(百万円)
C/S
2017.122018.122019.122020.12E
営業CF
税金等調整前当期純利益420,422427,768407,251-
減価償却費200,377200,476223,100-
のれん償却額4,5604,5596,886-
減損損失10,122-13,665-
受取利息及び受取配当金-14,140-11,855-12,886-
売上債権の増減額-93,946-57,38423,817-
棚卸資産の増減額-26,123-55,83711,572-
仕入債務の増減額35,09615,322-39,647-
営業CF418,109360,955464,457-
投資CF
有価証券の取得-4,841-2,867-2,642-
有価証券の売却・償還31,83120,52487,103-
固定資産の購入-204,554-263,301-279,924-
固定資産の売却8,6288,23438,101-
貸付け-2,394-5,667-2,066-
貸付金の回収----
投資CF-200,777-243,061-266,910-
財務CF
短期借入金の純増減額25,60724,34735,132-
長期借入れ37,16415,82329-
長期借入金の返済-131,848-44,955-23,361-
社債の発行150,000-200,000-
社債の償還--20,000-70,000-
自己株式の取得-150,012-8-200,003-
自己株式の売却----
配当金の支払-108,654-120,234-117,678-
財務CF-190,069-159,094-198,601-
換算差額2,794-26,6802,456-
その他
2017.122018.122019.122020.12E
設備投資額259,757272,897289,200-
研究開発費--105,200-
発行済株式総数751,726,710株751,809,893株704,055,167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
2017.122018.122019.122020.12E
従業員数142,669人143,509人143,589人-
売上/従業員(千円)25,53825,43524,553-
営利/従業員(千円)2,9372,8062,271-
四半期売上(百万円)
売上5y CAGR・予想:-5.2 %
四半期利益(百万円)
営利5y CAGR・実績:-10.9 %
純利5y CAGR・実績:0.7 %
P/L
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上2,663,0803,643,427859,8551,775,4082,674,1923,650,111848,2061,739,9262,635,3913,525,600752,2341,355,4702,700,000
前期比108.9%109.2%100.9%101.9%100.4%100.2%98.6%98.0%98.5%96.6%88.7%77.9%76.6%
売上原価1,653,3962,262,589524,5021,089,6081,657,5002,268,743530,1441,092,2711,638,3962,201,684474,186882,259-
売上総利益1,009,6831,380,838335,353685,7991,016,6911,381,367318,063647,655996,9951,323,916278,048473,211-
%37.9%37.9%39.0%38.6%38.0%37.8%37.5%37.2%37.8%37.6%37.0%34.9%-
販管費709,947961,791235,455486,365725,826978,635242,852502,725746,649997,817230,948434,701-
営業利益299,736419,04799,897199,434290,864402,73283,557148,451250,345326,09842,76319,762-
前期比91.0%93.2%96.9%98.6%97.0%96.1%83.6%74.4%86.1%81.0%51.2%13.3%-
%11.3%11.5%11.6%11.2%10.9%11.0%9.9%8.5%9.5%9.2%5.7%1.5%0.0%
受取利息および受取配当金10,12614,1391,8847,7359,47111,8551,8417,2859,01412,886---
持分法による投資利益-------1,344-2,948---1,632-3,620-
営業外収益22,42029,3667,34519,23022,13530,41315,01921,11821,65328,018---
支払利息7,88112,1043,4747,22610,20712,8102,4085,2907,84610,311---
持分法による投資損失-------------
営業外費用33,50447,84914,45327,90036,45552,0128,27325,12429,45437,293---
経常利益288,652400,56492,789190,764276,544381,13277,954137,615242,544316,82336,464-11,152-
固定資産売却益--------29,26230,608---
投資有価証券売却益10,44128,595---16,237-12,27221,44676,646---
特別利益10,44139,211--30,18046,635-12,27254,944116,134---
固定資産売却損-------------
投資有価証券売却損-------------
減損損失-10,122------6,54513,665---
特別損失8,31619,353-----5,31011,85525,706---
税引前利益290,777420,42292,789190,764306,725427,76877,954137,615285,633407,25136,464-11,152-
法人税等86,296123,00626,71651,67980,634128,01719,98235,08874,688108,30314,4859,842-
%29.7%29.3%28.8%27.1%26.3%29.9%25.6%25.5%26.1%26.6%39.7%-88.3%-
当期純利益204,480297,41666,072139,084226,090299,75057,972102,527210,945298,94721,980-20,994-
非支配株主に帰属する当期純利益6,7099,1402,6694,4656,6268,1082,1873,8245,5416,3492,5061,050-
親会社株主に帰属する当期純利益197,771288,27563,403134,618219,464291,64255,78598,703205,403292,59819,474-22,044-
前期比108.0%108.6%107.0%102.1%111.0%101.2%88.0%73.3%93.6%100.3%34.9%-22.3%-
%7.4%7.9%7.4%7.6%8.2%8.0%6.6%5.7%7.8%8.3%2.6%-0.0%
 
EBITDA299,736623,98499,897299,514290,864607,767149,461286,347250,345556,084109,622152,880-
EPS380.4円383.5円388.0円388.0円387.9円387.9円398.2円406.7円415.6円415.6円415.6円415.6円0.0円
BPS3,020.7円3,115.7円3,007.5円3,094.7円3,208.9円3,163.7円3,153.6円3,134.6円3,115.9円3,250.4円3,149.3円3,100.9円-
期初会社予想
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上高(期初予)3,630,0003,630,0003,800,0003,800,0003,800,0003,800,0003,690,0003,690,0003,690,0003,690,0003,550,0003,550,0002,700,000
対実績比73.4%100.4%22.6%46.7%70.4%96.1%23.0%47.2%71.4%95.5%21.2%38.2%-
営業利益(期初予)452,000452,000463,000463,000463,000463,000410,000410,000410,000410,000---
対実績比66.3%92.7%21.6%43.1%62.8%87.0%20.4%36.2%61.1%79.5%---
純利益(期初予)280,000280,000308,000308,000308,000308,000300,000300,000300,000300,000230,000230,000-
対実績比70.6%103.0%20.6%43.7%71.3%94.7%18.6%32.9%68.5%97.5%8.5%-9.6%-
配当
ROEデュポン分解
β
マルチプル
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
株価5,106円5,238円4,624円4,333円4,293円4,236円4,266円4,242円4,184円4,070円3,323円3,469円-
企業価値3,910,1004,002,8073,423,1163,305,8833,240,6133,247,8653,175,3343,225,5323,287,2193,206,9592,526,3132,598,116-
時価総額3,912,2653,969,6093,475,9843,257,2593,227,2323,184,6223,207,2213,117,1152,945,6882,865,4282,339,7672,442,575-
純有利子負債33,198-52,86848,62413,38163,243-31,887108,417244,932341,531156,202186,546155,541-
PER(会予)13.5倍13.7倍11.3倍10.6倍10.6倍10.4倍10.7倍10.4倍10.2倍10.4倍10.2倍--
PBR1.7倍1.7倍1.5倍1.4倍1.4倍1.3倍1.3倍1.3倍1.3倍1.3倍1.1倍1.1倍-
PER × PBR23.2倍23.7倍16.7倍15.2倍14.7倍13.8倍14.4倍14.0倍13.6倍13.6倍10.7倍--
EV/EBITDA(会予)6.0倍6.5倍5.1倍4.9倍5.1倍5.3倍5.2倍5.2倍5.7倍6.0倍---
PSR(会予)1.1倍1.1倍0.9倍0.9倍0.9倍0.9倍0.9倍0.8倍0.8倍0.8倍0.7倍--
PCFR(会予)8.2倍8.3倍6.8倍6.4倍6.3倍6.2倍6.4倍6.2倍6.0倍6.0倍5.1倍10.6倍-
配当金-150.0円---160.0円---160.0円--160.0円
配当利回り2.7%2.7%3.2%3.5%3.5%3.5%3.8%3.8%3.8%3.9%4.8%4.6%-
配当性向-39.1%---41.2%---38.5%---
自己資本配当率5.0%4.8%5.3%5.2%5.0%5.1%5.1%5.1%5.1%4.9%5.1%5.2%-
ROE12.6%12.3%12.9%12.5%12.1%12.3%12.6%13.0%13.3%12.8%13.2%13.4%-
純利益率(再掲)7.4%7.9%7.4%7.6%8.2%8.0%6.6%5.7%7.8%8.3%2.6%--
総資産回転率1.0回0.9回1.0回1.0回0.9回1.0回0.9回0.9回0.9回0.9回0.9回0.9回-
財務レバレッジ1.7倍1.7倍1.7倍1.6倍1.6倍1.6倍1.7倍1.7倍1.7倍1.7倍1.8倍1.9倍-
実質ROE11.7%11.3%12.7%12.4%11.9%12.1%12.1%12.1%12.1%11.6%13.0%13.2%-
ROIC10.8%10.6%10.1%9.9%9.6%9.9%7.8%7.4%7.7%7.5%7.9%7.3%-
ROA7.5%7.3%7.8%7.7%7.4%7.6%7.6%7.4%7.7%7.4%7.3%7.1%-
β1.111.031.040.960.930.800.800.820.820.820.840.80-
βの決定係数(R2)0.540.470.520.450.440.400.400.420.430.420.500.53-
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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
流動資産
現金421,951511,895422,659422,407389,501440,378378,385434,793298,223441,255354,571628,694-
売上債権485,944503,412568,717562,904586,048601,417597,689580,694601,444583,223676,181605,717-
棚卸資産614,773590,182598,992609,773647,146617,232639,493628,420614,404596,422623,920594,778-
有価証券194,998221,680128,800158,480165,556153,853129,116144,438147,622136,04417,63110,103-
前払金-------------
繰延税金資産-59,854---55,973-------
貸倒引当金-18,274-17,062-20,934-22,185-22,511-21,729-21,701-21,723-21,454-21,377---
流動資産1,896,5221,987,0361,869,2381,908,0471,957,3691,912,4401,849,6201,901,2991,780,6591,871,0661,745,3811,915,300-
固定資産
建物・構築物522,477555,770538,170546,732549,918550,399589,687580,309574,935591,612---
機械・運搬具488,473517,639492,967496,474492,967491,035506,459488,242478,613502,568---
土地-163,452---167,742---188,317---
建設仮勘定-146,160---171,980---188,058---
有形固定資産1,423,5781,473,0461,410,0451,424,3861,450,1471,468,3711,520,3841,496,8891,493,0401,562,1601,483,3731,471,491-
のれん44,06843,78139,60639,55141,55841,38140,046142,210138,73591,41096,65396,388-
無形固定資産109,803105,02998,10699,384102,717101,45489,651193,089189,683205,049110,993113,208-
投資有価証券288,309278,802265,128243,113293,634219,970223,496202,220191,802141,820---
繰延税金資産-40,578---65,698---77,08160,30362,319-
貸倒引当金-1,816-1,591-1,398-1,367-1,336-1,524-1,122-1,058-1,111-1,138---
敷金および保証金-------------
投資その他の資産399,631393,925378,016357,712412,646358,003374,130352,740337,970308,228---
固定資産1,933,0121,972,0021,886,1681,881,4831,965,5121,927,8291,984,1662,042,7192,020,6952,075,4382,259,2742,231,655-
総資産3,829,5353,959,0383,755,4063,789,5303,922,8813,840,2693,833,7863,944,0183,801,3553,946,5054,004,6554,146,955-
 
負債
有利子負債合計455,149459,027471,283435,788452,744408,491486,802679,725639,754597,457541,117784,235-
仕入債務224,073232,698214,557232,802241,483233,970227,378221,215199,683202,048355,077303,592-
前受金-------------
未払法人税等45,50066,45321,32625,6538,79015,07325,50826,66323,12740,49731,73033,160-
繰延税金負債(固定)-53,344---27,723---34,97737,99630,633-
負債1,481,6361,556,3001,438,3971,407,0481,454,1381,404,1071,459,2911,632,7651,553,6521,602,2151,738,3811,917,505-
 
純資産
資本金126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354-
資本剰余金122,988122,984122,078122,078121,997121,997121,997121,997121,997121,997122,030122,030-
利益剰余金2,252,3192,342,8222,194,7322,265,9272,290,5782,362,7362,361,1372,419,5162,448,5772,535,7202,052,6752,010,638-
自己株式-174,447-206,052-32,905-32,872-32,683-32,648-105,237-169,917-232,405-232,330-38,733-38,724-
非支配株主持分54,97356,96152,56652,45752,83154,19853,85252,80050,70652,57648,82246,055-
純資産2,347,8982,402,7382,317,0082,382,4822,468,7432,436,1622,374,4952,311,2532,247,7022,344,2902,266,2742,229,450-
キャッシュフロー(百万円)
C/S
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
営業CF
税金等調整前当期純利益290,777420,42292,789190,764306,725427,76877,954137,615285,633407,25136,464-11,152-
減価償却費-200,377-98,018-200,47665,904134,142-223,10066,859133,118-
のれん償却額-4,560-2,062-4,559-3,754-6,886---
減損損失-10,122------6,54513,665---
受取利息及び受取配当金--14,140--7,736--11,855-1,836-7,299--12,886-1,820-3,999-
売上債権の増減額--93,946--19,538--57,38423,5755,481-23,81756,017126,506-
棚卸資産の増減額--26,123--47,314--55,837-27,889-21,446-11,572-7,00326,966-
仕入債務の増減額-35,096--7,623-15,322-20,569-20,657--39,647-44,155-103,574-
営業CF-418,109-129,717-360,955122,051219,002-464,45764,088145,177-
投資CF
有価証券の取得0-4,841000-2,867000-2,64200-
有価証券の売却・償還031,8310367020,524014,168087,10300-
固定資産の購入0-204,5540-118,7590-263,301-70,841-133,0970-279,924-64,319-110,761-
固定資産の売却08,62804,70808,23404,596038,10100-
貸付け--2,394----5,667----2,066---
貸付金の回収-------------
投資CF--200,777--115,630--243,061-72,218-218,059--266,910-59,277-104,131-
財務CF
短期借入金の純増減額-25,607-20,359-24,347-20,840-13,654-35,132-30,186-152,534-
長期借入れ-37,164-8,733-15,8231,3101,711-2912,002114,502-
長期借入金の返済--131,848--25,993--44,955-12,491-12,800--23,361-156-210-
社債の発行-150,000-----200,000-200,000---
社債の償還----20,000--20,000----70,000---
自己株式の取得--150,012--4--8-72,774-137,510--200,003-1-2-
自己株式の売却-------------
配当金の支払--108,654--60,113--120,234--60,131--117,678---
財務CF--190,069--83,640--159,094-124,331-3,551--198,601-64,516163,737-
換算差額-2,794--18,878--26,6807,060-3,246-2,456-18,648-9,014-
その他
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
設備投資額-259,757---272,897---289,200---
研究開発費---------105,200---
発行済株式総数757,848,311株751,726,710株751,732,969株751,742,829株751,799,343株751,809,893株734,822,079株719,447,985株704,036,397株704,055,167株704,112,760株704,115,133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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
従業員数-142,669人---143,509人---143,589人---
売上/従業員(千円)-25,538---25,435---24,553---
営利/従業員(千円)-2,937---2,806---2,271---
四半期売上(百万円)
売上5y CAGR・予想:-5.2 %
四半期利益(百万円)
営利5y CAGR・実績:-10.9 %
純利5y CAGR・実績:0.7 %
P/L
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上920,233980,347859,855915,553898,784975,919848,206891,720895,465890,209752,234603,2362,700,000
前期比115.3%109.9%100.9%102.8%97.7%99.5%98.6%97.4%99.6%91.2%88.7%67.6%76.6%
売上原価585,259609,193524,502565,106567,892611,243530,144562,127546,125563,288474,186408,073-
売上総利益334,974371,155335,353350,446330,892364,676318,063329,592349,340326,921278,048195,163-
%36.4%37.9%39.0%38.3%36.8%37.4%37.5%37.0%39.0%36.7%37.0%32.4%-
販管費237,578251,844235,455250,910239,461252,809242,852259,873243,924251,168230,948203,753-
営業利益97,396119,31199,89799,53791,430111,86883,55764,894101,89475,75342,763-23,001-
前期比87.6%99.3%96.9%100.3%93.9%93.8%83.6%65.2%111.4%67.7%51.2%-35.4%-
%10.6%12.2%11.6%10.9%10.2%11.5%9.9%7.3%11.4%8.5%5.7%-3.8%0.0%
受取利息および受取配当金001,8840001,841000-0-
持分法による投資利益00-000-1,344-1,6042,9480-1,632-1,988-
営業外収益4,5396,9467,34511,8852,9058,27815,0196,0995356,365-0-
支払利息2,7094,2233,4743,7522,9812,6032,4082,8822,5562,465-0-
持分法による投資損失00-000-000-0-
営業外費用9,11014,34514,45313,4478,55515,5578,27316,8514,3307,839-0-
経常利益92,825111,91292,78997,97585,780104,58877,95459,661104,92974,27936,464-47,616-
固定資産売却益00-000-029,2621,346-0-
投資有価証券売却益10,44118,154-0016,237-12,2729,17455,200-0-
特別利益10,44128,770-030,18016,455-12,27242,67261,190-0-
固定資産売却損00-000-000-0-
投資有価証券売却損00-000-000-0-
減損損失010,122-000-06,5457,120-0-
特別損失70911,037-000-5,3106,54513,851-0-
税引前利益102,558129,64592,78997,975115,961121,04377,95459,661148,018121,61836,464-47,616-
法人税等33,96736,71026,71624,96328,95547,38319,98215,10639,60033,61514,485-4,643-
%33.1%28.3%28.8%25.5%25.0%39.1%25.6%25.3%26.8%27.6%39.7%9.8%-
当期純利益68,59192,93666,07273,01287,00673,66057,97244,555108,41888,00221,980-42,974-
非支配株主に帰属する当期純利益2,6592,4312,6691,7962,1611,4822,1871,6371,7178082,506-1,456-
親会社株主に帰属する当期純利益65,93290,50463,40371,21584,84672,17855,78542,918106,70087,19519,474-41,518-
前期比110.4%109.7%107.0%98.1%128.7%79.8%88.0%60.3%125.8%120.8%34.9%-96.7%-
%7.2%9.2%7.4%7.8%9.4%7.4%6.6%4.8%11.9%9.8%2.6%-6.9%0.0%
 
EBITDA299,736623,98499,897299,514290,864607,767149,461286,347250,345556,084109,622152,880-
EPS380.4円383.5円388.0円388.0円387.9円387.9円398.2円406.7円415.6円415.6円415.6円415.6円0.0円
BPS3,020.7円3,115.7円3,007.5円3,094.7円3,208.9円3,163.7円3,153.6円3,134.6円3,115.9円3,250.4円3,149.3円3,100.9円-
期初会社予想
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
売上高(期初予)3,630,0003,630,0003,800,0003,800,0003,800,0003,800,0003,690,0003,690,0003,690,0003,690,0003,550,0003,550,0002,700,000
対実績比73.4%100.4%22.6%46.7%70.4%96.1%23.0%47.2%71.4%95.5%21.2%38.2%-
営業利益(期初予)452,000452,000463,000463,000463,000463,000410,000410,000410,000410,000---
対実績比66.3%92.7%21.6%43.1%62.8%87.0%20.4%36.2%61.1%79.5%---
純利益(期初予)280,000280,000308,000308,000308,000308,000300,000300,000300,000300,000230,000230,000-
対実績比70.6%103.0%20.6%43.7%71.3%94.7%18.6%32.9%68.5%97.5%8.5%-9.6%-
配当
ROEデュポン分解
β
マルチプル
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
株価5,106円5,238円4,624円4,333円4,293円4,236円4,266円4,242円4,184円4,070円3,323円3,469円-
企業価値3,910,1004,002,8073,423,1163,305,8833,240,6133,247,8653,175,3343,225,5323,287,2193,206,9592,526,3132,598,116-
時価総額3,912,2653,969,6093,475,9843,257,2593,227,2323,184,6223,207,2213,117,1152,945,6882,865,4282,339,7672,442,575-
純有利子負債33,198-52,86848,62413,38163,243-31,887108,417244,932341,531156,202186,546155,541-
PER(会予)13.5倍13.7倍11.3倍10.6倍10.6倍10.4倍10.7倍10.4倍10.2倍10.4倍10.2倍--
PBR1.7倍1.7倍1.5倍1.4倍1.4倍1.3倍1.3倍1.3倍1.3倍1.3倍1.1倍1.1倍-
PER × PBR23.2倍23.7倍16.7倍15.2倍14.7倍13.8倍14.4倍14.0倍13.6倍13.6倍10.7倍--
EV/EBITDA(会予)6.0倍6.5倍5.1倍4.9倍5.1倍5.3倍5.2倍5.2倍5.7倍6.0倍---
PSR(会予)1.1倍1.1倍0.9倍0.9倍0.9倍0.9倍0.9倍0.8倍0.8倍0.8倍0.7倍--
PCFR(会予)8.2倍8.3倍6.8倍6.4倍6.3倍6.2倍6.4倍6.2倍6.0倍6.0倍5.1倍10.6倍-
配当金-150.0円---160.0円---160.0円--160.0円
配当利回り2.7%2.7%3.2%3.5%3.5%3.5%3.8%3.8%3.8%3.9%4.8%4.6%-
配当性向-39.1%---41.2%---38.5%---
自己資本配当率5.0%4.8%5.3%5.2%5.0%5.1%5.1%5.1%5.1%4.9%5.1%5.2%-
ROE12.6%12.3%12.9%12.5%12.1%12.3%12.6%13.0%13.3%12.8%13.2%13.4%-
純利益率(再掲)7.4%7.9%7.4%7.6%8.2%8.0%6.6%5.7%7.8%8.3%2.6%--
総資産回転率1.0回0.9回1.0回1.0回0.9回1.0回0.9回0.9回0.9回0.9回0.9回0.9回-
財務レバレッジ1.7倍1.7倍1.7倍1.6倍1.6倍1.6倍1.7倍1.7倍1.7倍1.7倍1.8倍1.9倍-
実質ROE11.7%11.3%12.7%12.4%11.9%12.1%12.1%12.1%12.1%11.6%13.0%13.2%-
ROIC10.8%10.6%10.1%9.9%9.6%9.9%7.8%7.4%7.7%7.5%7.9%7.3%-
ROA7.5%7.3%7.8%7.7%7.4%7.6%7.6%7.4%7.7%7.4%7.3%7.1%-
β1.111.031.040.960.930.800.800.820.820.820.840.80-
βの決定係数(R2)0.540.470.520.450.440.400.400.420.430.420.500.53-
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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
流動資産
現金421,951511,895422,659422,407389,501440,378378,385434,793298,223441,255354,571628,694-
売上債権485,944503,412568,717562,904586,048601,417597,689580,694601,444583,223676,181605,717-
棚卸資産614,773590,182598,992609,773647,146617,232639,493628,420614,404596,422623,920594,778-
有価証券194,998221,680128,800158,480165,556153,853129,116144,438147,622136,04417,63110,103-
前払金-------------
繰延税金資産-59,854---55,973-------
貸倒引当金-18,274-17,062-20,934-22,185-22,511-21,729-21,701-21,723-21,454-21,377---
流動資産1,896,5221,987,0361,869,2381,908,0471,957,3691,912,4401,849,6201,901,2991,780,6591,871,0661,745,3811,915,300-
固定資産
建物・構築物522,477555,770538,170546,732549,918550,399589,687580,309574,935591,612---
機械・運搬具488,473517,639492,967496,474492,967491,035506,459488,242478,613502,568---
土地-163,452---167,742---188,317---
建設仮勘定-146,160---171,980---188,058---
有形固定資産1,423,5781,473,0461,410,0451,424,3861,450,1471,468,3711,520,3841,496,8891,493,0401,562,1601,483,3731,471,491-
のれん44,06843,78139,60639,55141,55841,38140,046142,210138,73591,41096,65396,388-
無形固定資産109,803105,02998,10699,384102,717101,45489,651193,089189,683205,049110,993113,208-
投資有価証券288,309278,802265,128243,113293,634219,970223,496202,220191,802141,820---
繰延税金資産-40,578---65,698---77,08160,30362,319-
貸倒引当金-1,816-1,591-1,398-1,367-1,336-1,524-1,122-1,058-1,111-1,138---
敷金および保証金-------------
投資その他の資産399,631393,925378,016357,712412,646358,003374,130352,740337,970308,228---
固定資産1,933,0121,972,0021,886,1681,881,4831,965,5121,927,8291,984,1662,042,7192,020,6952,075,4382,259,2742,231,655-
総資産3,829,5353,959,0383,755,4063,789,5303,922,8813,840,2693,833,7863,944,0183,801,3553,946,5054,004,6554,146,955-
 
負債
有利子負債合計455,149459,027471,283435,788452,744408,491486,802679,725639,754597,457541,117784,235-
仕入債務224,073232,698214,557232,802241,483233,970227,378221,215199,683202,048355,077303,592-
前受金-------------
未払法人税等45,50066,45321,32625,6538,79015,07325,50826,66323,12740,49731,73033,160-
繰延税金負債(固定)-53,344---27,723---34,97737,99630,633-
負債1,481,6361,556,3001,438,3971,407,0481,454,1381,404,1071,459,2911,632,7651,553,6521,602,2151,738,3811,917,505-
 
純資産
資本金126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354126,354-
資本剰余金122,988122,984122,078122,078121,997121,997121,997121,997121,997121,997122,030122,030-
利益剰余金2,252,3192,342,8222,194,7322,265,9272,290,5782,362,7362,361,1372,419,5162,448,5772,535,7202,052,6752,010,638-
自己株式-174,447-206,052-32,905-32,872-32,683-32,648-105,237-169,917-232,405-232,330-38,733-38,724-
非支配株主持分54,97356,96152,56652,45752,83154,19853,85252,80050,70652,57648,82246,055-
純資産2,347,8982,402,7382,317,0082,382,4822,468,7432,436,1622,374,4952,311,2532,247,7022,344,2902,266,2742,229,450-
キャッシュフロー(百万円)
C/S
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
営業CF
税金等調整前当期純利益290,777420,42292,789190,764306,725427,76877,954137,615285,633407,25136,464-11,152-
減価償却費-200,377-98,018-200,47665,904134,142-223,10066,859133,118-
のれん償却額-4,560-2,062-4,559-3,754-6,886---
減損損失010,122-000-06,5457,120-0-
受取利息及び受取配当金--14,140--7,736--11,855-1,836-7,299--12,886-1,820-3,999-
売上債権の増減額--93,946--19,538--57,38423,5755,481-23,81756,017126,506-
棚卸資産の増減額--26,123--47,314--55,837-27,889-21,446-11,572-7,00326,966-
仕入債務の増減額-35,096--7,623-15,322-20,569-20,657--39,647-44,155-103,574-
営業CF-418,109-129,717-360,955122,051219,002-464,45764,088145,177-
投資CF
有価証券の取得0-4,841000-2,867000-2,64200-
有価証券の売却・償還031,8310367020,524014,168087,10300-
固定資産の購入0-204,5540-118,7590-263,301-70,841-133,0970-279,924-64,319-110,761-
固定資産の売却08,62804,70808,23404,596038,10100-
貸付け--2,394----5,667----2,066---
貸付金の回収-------------
投資CF--200,777--115,630--243,061-72,218-218,059--266,910-59,277-104,131-
財務CF
短期借入金の純増減額-25,607-20,359-24,347-20,840-13,654-35,132-30,186-152,534-
長期借入れ-37,164-8,733-15,8231,3101,711-2912,002114,502-
長期借入金の返済--131,848--25,993--44,955-12,491-12,800--23,361-156-210-
社債の発行-150,000-----200,000-200,000---
社債の償還----20,000--20,000----70,000---
自己株式の取得--150,012--4--8-72,774-137,510--200,003-1-2-
自己株式の売却-------------
配当金の支払--108,654--60,113--120,234--60,131--117,678---
財務CF--190,069--83,640--159,094-124,331-3,551--198,601-64,516163,737-
換算差額-2,794--18,878--26,6807,060-3,246-2,456-18,648-9,014-
その他
17.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
設備投資額-259,757---272,897---289,200---
研究開発費---------105,200---
発行済株式総数757,848,311株751,726,710株751,732,969株751,742,829株751,799,343株751,809,893株734,822,079株719,447,985株704,036,397株704,055,167株704,112,760株704,115,133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.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q220.Q4E
従業員数-142,669人---143,509人---143,589人---
売上/従業員(千円)-25,538---25,435---24,553---
営利/従業員(千円)-2,937---2,806---2,271---