通期売上(百万円)
売上5y CAGR・予想:3.5 %
通期利益(百万円)
営利5y CAGR・予想:-3.8 %
純利5y CAGR・予想:-4.1 %
P/L
2018.32019.32020.32021.3E
売上2,290,5602,481,1092,550,3052,330,000
前期比112.1%108.3%102.8%91.4%
売上原価1,491,7311,612,1861,665,407-
売上総利益798,829868,922884,897-
%34.9%35.0%34.7%-
販管費545,089592,668619,384-
営業利益253,739276,254265,513150,000
前期比110.0%108.9%96.1%56.5%
%11.1%11.1%10.4%6.4%
受取利息および受取配当金11,28312,24813,113-
持分法による投資利益2,5472,118166-
営業外収益18,20721,24919,712-
支払利息10,65511,85111,008-
持分法による投資損失----
営業外費用16,92820,42816,200-
経常利益255,019277,074269,025150,000
固定資産売却益----
投資有価証券売却益2234010,809-
特別利益2554011,748-
固定資産売却損----
投資有価証券売却損0315579-
減損損失--23,554-
特別損失3,4181,80424,593-
税引前利益251,857275,310256,180-
法人税等56,90879,64578,982-
%22.6%28.9%30.8%-
当期純利益194,948195,665177,197-
非支配株主に帰属する当期純利益5,8966,6166,466-
親会社株主に帰属する当期純利益189,051189,048170,731100,000
前期比122.8%100.0%90.3%58.6%
%8.3%7.6%6.7%4.3%
 
EBITDA348,572375,569393,998-
EPS646.5円646.3円583.5円666.5円
BPS4,433.6円4,841.1円4,904.5円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)2,190,0002,480,0002,670,0002,330,000
対実績比104.6%100.0%95.5%-
営業利益(期初予)243,000270,000285,000150,000
対実績比104.4%102.3%93.2%-
純利益(期初予)160,000180,000193,000100,000
対実績比118.2%105.0%88.5%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価11,735円12,970円13,170円-
企業価値3,612,1803,906,6784,036,343-
時価総額3,431,5383,793,5803,853,333-
純有利子負債197,342217,858183,010-
PER(会予)18.6倍21.1倍19.8倍-
PBR2.6倍2.8倍2.7倍-
PER × PBR48.7倍58.5倍53.1倍-
EV/EBITDA(会予)10.8倍10.7倍9.8倍-
PSR(会予)1.5倍1.5倍1.5倍-
PCFR(会予)12.8倍13.8倍11.9倍-
配当金140.0円160.0円160.0円160.0円
配当利回り1.1%1.1%1.2%-
配当性向21.7%24.8%27.4%-
自己資本配当率3.2%3.3%3.3%-
ROE14.6%13.4%11.9%-
純利益率(再掲)8.3%7.6%6.7%-
総資産回転率0.9回0.9回1.0回-
財務レバレッジ1.9倍1.9倍1.9倍-
実質ROE14.5%13.3%11.9%-
ROIC10.6%9.8%9.4%-
ROA7.6%7.0%6.4%-
β0.811.031.09-
βの決定係数(R2)0.290.520.67-
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357,027367,781370,793-
売上債権401,165447,831440,755-
棚卸資産387,225436,356433,782-
有価証券----
前払金----
繰延税金資産32,517---
貸倒引当金-8,834-9,147-10,561-
流動資産1,205,2931,317,6051,304,427-
固定資産
建物・構築物185,441200,602251,404-
機械・運搬具153,012159,786181,302-
土地42,99643,49254,969-
建設仮勘定34,01434,82346,119-
有形固定資産454,834482,962579,980-
のれん309,282322,318281,969-
無形固定資産516,059618,140542,656-
投資有価証券227,526204,950157,328-
繰延税金資産21,21225,057--
貸倒引当金-812-1,335-1,206-
敷金および保証金----
投資その他の資産299,520282,182240,448-
固定資産1,270,4141,383,2851,363,085-
総資産2,475,7082,700,8902,667,512-
 
負債
有利子負債合計554,369585,639553,803-
仕入債務183,991204,535189,843-
前受金----
未払法人税等21,49625,57519,893-
繰延税金負債(固定)83,261101,956--
負債1,151,3861,254,0401,204,921-
 
純資産
資本金85,03285,03285,032-
資本剰余金84,38883,64983,898-
利益剰余金987,5461,133,1001,254,072-
自己株式-2,894-2,589-2,264-
非支配株主持分26,25829,05425,736-
純資産1,324,3211,446,8491,462,591-
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251,857275,310256,180-
減価償却費66,65372,32397,802-
のれん償却額28,18026,99230,683-
減損損失--23,554-
受取利息及び受取配当金-11,283-12,249-13,114-
売上債権の増減額-23,387-37,638-950-
棚卸資産の増減額-26,537-38,790-14,315-
仕入債務の増減額4,3998,619-6,364-
営業CF223,740250,009302,166-
投資CF
有価証券の取得-12,481-1,443-1,594-
有価証券の売却・償還1,0934622,585-
固定資産の購入-85,679-85,487-98,094-
固定資産の売却2,3931,8213,962-
貸付け----
貸付金の回収----
投資CF-127,458-165,773-156,187-
財務CF
短期借入金の純増減額-14,336100,640-93,943-
長期借入れ45,180-72,688-
長期借入金の返済-67,179-118,172-48,195-
社債の発行--29,874-
社債の償還-10,000--50,000-
自己株式の取得----
自己株式の売却----
配当金の支払-39,473-42,407-49,730-
財務CF-93,954-68,721-169,933-
換算差額10,607-5,286-22,029-
その他
2018.32019.32020.32021.3E
設備投資額96,58987,161131,954-
研究開発費-65,21567,967-
発行済株式総数292,436,934株292,508,233株292,584,136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70,263人76,484人80,369人-
売上/従業員(千円)32,60032,44031,732-
営利/従業員(千円)3,6113,6123,304-
四半期売上(百万円)
売上5y CAGR・予想:3.5 %
四半期利益(百万円)
営利5y CAGR・予想:-3.8 %
純利5y CAGR・予想:-4.1 %
P/L
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上1,174,5311,722,4402,290,560656,7961,299,0271,875,1752,481,109681,2981,354,2011,951,3742,550,305581,6822,350,000
前期比112.4%113.3%112.1%112.0%110.6%108.9%108.3%103.7%104.2%104.1%102.8%85.4%92.1%
売上原価756,7431,115,3731,491,731423,130838,9531,215,2801,612,186436,702874,4421,266,0001,665,407380,458-
売上総利益417,787607,067798,829233,665460,074659,894868,922244,595479,758685,373884,897201,224-
%35.6%35.2%34.9%35.6%35.4%35.2%35.0%35.9%35.4%35.1%34.7%34.6%-
販管費268,714405,893545,089150,546299,449446,049592,668154,976311,466466,251619,384146,717-
営業利益149,072201,173253,73983,119160,624213,845276,25489,619168,291219,121265,51354,506170,000
前期比106.2%108.0%110.0%111.7%107.7%106.3%108.9%107.8%104.8%102.5%96.1%60.8%64.0%
%12.7%11.7%11.1%12.7%12.4%11.4%11.1%13.2%12.4%11.2%10.4%9.4%7.2%
受取利息および受取配当金5,7949,33511,2834,3746,33110,30612,2484,4616,78410,58913,1133,606-
持分法による投資利益8372,0232,5476581,4641,8452,118-143292166--
営業外収益8,90614,84818,2078,23712,13217,35021,2495,3699,54415,88319,7124,756-
支払利息5,6218,06210,6553,4456,5818,99711,8513,5066,1908,23111,0082,253-
持分法による投資損失-------22---2-
営業外費用8,29511,74016,9285,8909,89415,27320,4285,1627,77910,96816,2004,144-
経常利益149,684204,281255,01985,466162,862215,922277,07489,826170,056224,036269,02555,119170,000
固定資産売却益-------------
投資有価証券売却益0122340404040---10,809--
特別利益32342554040404082875787711,748--
固定資産売却損-------------
投資有価証券売却損000270270315315491511468579102-
減損損失----------23,554--
特別損失2393223,4187791,2661,0451,80449651675724,593322-
税引前利益149,476203,992251,85784,726161,636214,917275,31090,158170,297224,156256,18054,796-
法人税等44,91045,09156,90823,15645,11159,53979,64525,05147,95970,14978,98219,902-
%30.0%22.1%22.6%27.3%27.9%27.7%28.9%27.8%28.2%31.3%30.8%36.3%-
当期純利益104,566158,901194,94861,570116,525155,377195,66565,106122,337154,007177,19734,894-
非支配株主に帰属する当期純利益3,0664,9635,8961,9413,7095,4816,6161,9993,8235,9826,4661,789-
親会社株主に帰属する当期純利益101,500153,937189,05159,629112,816149,896189,04863,106118,513148,024170,73133,105114,000
前期比105.3%122.8%122.8%116.9%111.1%97.4%100.0%105.8%105.0%98.8%90.3%52.5%66.8%
%8.6%8.9%8.3%9.1%8.7%8.0%7.6%9.3%8.8%7.6%6.7%5.7%4.9%
 
EBITDA195,795272,121348,572108,286211,022289,734375,569119,094229,070312,741393,99886,966-
EPS646.5円646.5円646.5円646.4円646.4円646.3円646.3円583.7円583.6円583.5円583.5円583.5円341.8円
BPS4,281.4円4,490.4円4,433.6円4,551.5円4,798.6円4,672.3円4,841.1円4,815.6円4,939.8円5,102.6円4,904.5円4,983.7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)2,190,0002,190,0002,190,0002,480,0002,480,0002,480,0002,480,0002,670,0002,670,0002,670,0002,670,0002,330,0002,350,000
対実績比53.6%78.7%104.6%26.5%52.4%75.6%100.0%25.5%50.7%73.1%95.5%25.0%-
営業利益(期初予)243,000243,000243,000270,000270,000270,000270,000285,000285,000285,000285,000150,000170,000
対実績比61.3%82.8%104.4%30.8%59.5%79.2%102.3%31.4%59.0%76.9%93.2%36.3%-
純利益(期初予)160,000160,000160,000180,000180,000180,000180,000193,000193,000193,000193,000100,000114,000
対実績比63.4%96.2%118.2%33.1%62.7%83.3%105.0%32.7%61.4%76.7%88.5%33.1%-
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11,395円13,335円11,735円13,270円15,125円11,695円12,970円14,065円14,180円15,450円13,170円17,335円-
企業価値3,599,9224,079,5453,612,1804,077,9804,610,3863,516,0873,906,6784,331,9864,287,1324,658,6754,036,3435,174,981-
時価総額3,331,9473,899,2633,431,5383,880,6384,423,1683,420,5523,793,5804,114,1284,148,4024,519,9453,853,3335,072,133-
純有利子負債180,282180,642197,342187,21895,535113,098217,858218,254138,730120,521183,010102,848-
PER(会予)20.8倍23.6倍18.6倍21.6倍24.6倍19.0倍21.1倍21.3倍21.5倍23.2倍19.8倍50.7倍-
PBR2.8倍3.1倍2.6倍3.0倍3.3倍2.4倍2.8倍2.9倍2.9倍3.1倍2.7倍3.5倍-
PER × PBR59.2倍73.6倍48.7倍64.5倍81.7倍46.3倍58.5倍61.9倍61.7倍72.5倍53.1倍176.4倍-
EV/EBITDA(会予)11.0倍12.2倍10.8倍11.2倍12.6倍9.6倍10.7倍11.3倍11.2倍12.1倍9.8倍18.6倍-
PSR(会予)1.5倍1.7倍1.5倍1.6倍1.8倍1.4倍1.5倍1.5倍1.6倍1.7倍1.5倍2.2倍-
PCFR(会予)13.6倍15.6倍12.8倍14.1倍16.1倍12.4倍13.8倍14.1倍14.2倍15.4倍11.9倍22.2倍-
配当金--140.0円---160.0円---160.0円-0.0円
配当利回り1.1%1.0%1.1%1.1%0.9%1.2%1.1%1.1%1.1%1.0%1.2%0.9%-
配当性向--21.7%---24.8%---27.4%--
自己資本配当率3.3%3.1%3.2%3.5%3.3%3.4%3.3%3.3%3.2%3.1%3.3%3.2%-
ROE15.1%14.4%14.6%14.2%13.5%13.8%13.4%12.1%11.8%11.4%11.9%11.7%-
純利益率(再掲)8.6%8.9%8.3%9.1%8.7%8.0%7.6%9.3%8.8%7.6%6.7%5.7%-
総資産回転率0.9回0.9回0.9回1.0回1.0回1.0回0.9回0.9回0.9回0.9回1.0回0.9回-
財務レバレッジ2.0倍2.0倍1.9倍1.9倍1.8倍1.9倍1.9倍2.0倍1.9倍1.9倍1.9倍2.0倍-
実質ROE15.1%14.4%14.5%14.2%13.4%13.8%13.3%12.1%11.8%11.4%11.9%11.7%-
ROIC10.7%10.2%10.6%10.3%10.3%10.2%9.8%9.2%9.5%9.0%9.4%8.5%-
ROA7.5%7.3%7.6%7.3%7.3%7.4%7.0%6.1%6.3%6.0%6.4%5.8%-
β0.850.780.811.001.051.061.031.051.081.061.091.06-
βの決定係数(R2)0.290.260.290.420.480.540.520.540.580.590.670.70-
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401,566442,040357,027388,698417,940442,800367,781401,169382,672450,385370,793638,064-
売上債権396,669385,448401,165459,274419,835395,415447,831488,335451,315430,496440,755454,565-
棚卸資産376,017393,773387,225392,151398,595425,534436,356440,966427,347453,526433,782434,385-
有価証券-------------
前払金-------------
繰延税金資産--32,517----------
貸倒引当金-9,344-9,552-8,834-9,334-9,287-9,256-9,147-9,916-10,007-10,634-10,561-11,223-
流動資産1,269,0181,306,0871,205,2931,298,0091,296,5381,326,5441,317,6051,386,8871,314,6391,391,0331,304,4271,582,966-
固定資産
建物・構築物--185,441---200,602---251,404--
機械・運搬具--153,012---159,786---181,302--
土地--42,996---43,492---54,969--
建設仮勘定--34,014---34,823---46,119--
有形固定資産439,421451,345454,834460,926468,667463,703482,962547,701553,551572,758579,980589,032-
のれん332,151328,484309,282309,591308,463300,202322,318314,987306,759304,586281,969272,129-
無形固定資産544,813544,802516,059521,543523,601511,342618,140594,849579,633581,065542,656529,235-
投資有価証券215,534234,349227,526223,936225,804193,228204,950194,823199,438212,671157,328169,715-
繰延税金資産--21,212---25,057------
貸倒引当金-795-854-812-808-1,396-1,393-1,335-1,317-1,277-1,217-1,206-1,208-
敷金および保証金-------------
投資その他の資産265,408286,399299,520296,129298,858267,515282,182274,922275,659294,388240,448257,069-
固定資産1,249,6431,282,5461,270,4141,278,5991,291,1271,242,5611,383,2851,417,4741,408,8441,448,2121,363,0851,375,337-
総資産2,518,6622,588,6342,475,7082,576,6082,587,6652,569,1062,700,8902,804,3612,723,4832,839,2462,667,5122,958,304-
 
負債
有利子負債合計581,848622,682554,369575,916513,475555,898585,639619,423521,402570,906553,803740,912-
仕入債務179,854176,562183,991198,707190,176180,244204,535208,727188,088189,327189,843186,548-
前受金-------------
未払法人税等24,62223,68221,49622,40325,04628,05225,57526,65822,52225,12119,89320,626-
繰延税金負債(固定)--83,261---101,956------
負債1,239,6931,250,2491,151,3861,215,9791,154,6561,173,6971,254,0401,362,4071,243,9771,317,9061,204,9211,471,225-
 
純資産
資本金85,03285,03285,03285,03285,03285,03285,03285,03285,03285,03285,03285,032-
資本剰余金84,66884,71184,38884,09183,59283,61483,64983,63283,77883,86283,89883,941-
利益剰余金919,001952,432987,5461,024,1411,077,3301,093,9391,133,1001,169,8511,225,2591,231,3651,254,0721,263,771-
自己株式-3,015-2,969-2,894-2,878-2,710-2,672-2,589-2,567-2,397-2,305-2,264-2,218-
非支配株主持分25,50923,77826,25828,09127,72327,06129,05431,61332,30326,51925,73627,021-
純資産1,278,9681,338,3841,324,3211,360,6291,433,0091,395,4081,446,8491,441,9541,479,5061,521,3391,462,5911,487,079-
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149,476203,992251,85784,726161,636214,917275,31090,158170,297224,156256,18054,796-
減価償却費32,51049,60466,65317,62635,69154,02772,32322,53946,07170,99097,80225,047-
のれん償却額14,21321,34428,1807,54114,70721,86226,9926,93614,70822,63030,6837,413-
減損損失----------23,554--
受取利息及び受取配当金-5,795-9,335-11,283-4,374-6,331-10,306-12,249-4,461-6,785-10,590-13,114-3,606-
売上債権の増減額-11,2413,968-23,387-57,100-11,3377,074-37,638-44,705-13,46118,072-950-12,742-
棚卸資産の増減額-7,045-19,859-26,537-3,306-4,876-37,996-38,790-12,589-4,937-21,907-14,3151,278-
仕入債務の増減額-557-6,4134,39914,4513,547-4,0078,61910,349-8,098-10,572-6,364-3,518-
営業CF142,436191,552223,74056,773181,537216,466250,00963,698177,368251,383302,16659,202-
投資CF
有価証券の取得-2,464-5,449-12,481-305-354-855-1,443-55-108-521-1,594-256-
有価証券の売却・償還031,0934646464600022,5850-
固定資産の購入-40,765-62,979-85,679-18,103-44,216-62,231-85,487-21,944-42,438-70,875-98,094-25,561-
固定資産の売却1,3651,9442,3931162639241,8212,1192,5113,2573,962928-
貸付け-------------
貸付金の回収-------------
投資CF-58,976-93,929-127,458-30,987-57,709-83,717-165,773-36,599-58,484-89,596-156,187-33,276-
財務CF
短期借入金の純増減額36,15251,695-14,33641,4892,95079,210100,640-3,279-53,233-4,206-93,94341,682-
長期借入れ745,18045,180----74,10573,05472,82572,688243,048-
長期借入金の返済-55,154-67,052-67,179-19,296-48,445-77,931-118,172-19,286-23,305-48,194-48,195-21,745-
社債の発行---------29,87429,874--
社債の償還--10,000-10,000------40,000-50,000-50,000--
自己株式の取得-------------
自己株式の売却-------------
配当金の支払-20,466-39,473-39,473-21,933-21,933-42,407-42,407-26,326-26,326-49,730-49,730-23,336-
財務CF-40,695-22,873-93,954-311-71,530-45,595-68,72120,287-80,858-69,147-169,933234,388-
換算差額14,70723,19710,607-4,362-1,861-11,594-5,286-13,428-22,534-9,414-22,0292,611-
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額40,76562,97996,58918,10344,21662,23187,16121,94442,43870,875131,95425,561-
研究開発費------65,215---67,967--
発行済株式総数292,408,193株292,419,098株292,436,934株292,440,867株292,479,847株292,488,854株292,508,233株292,513,428株292,553,052株292,574,641株292,584,136株292,594,913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--70,263人---76,484人---80,369人--
売上/従業員(千円)--32,600---32,440---31,732--
営利/従業員(千円)--3,611---3,612---3,304--
四半期売上(百万円)
売上5y CAGR・予想:3.5 %
四半期利益(百万円)
営利5y CAGR・予想:-3.8 %
純利5y CAGR・予想:-4.1 %
P/L
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
売上587,894547,909568,120656,796642,231576,148605,934681,298672,903597,173598,931581,6822,350,000
前期比115.4%115.2%108.5%112.0%109.2%105.2%106.7%103.7%104.8%103.6%98.8%85.4%92.1%
売上原価379,639358,630376,358423,130415,823376,327396,906436,702437,740391,558399,407380,458-
売上総利益208,254189,280191,762233,665226,409199,820209,028244,595235,163205,615199,524201,224-
%35.4%34.5%33.8%35.6%35.3%34.7%34.5%35.9%34.9%34.4%33.3%34.6%-
販管費133,610137,179139,196150,546148,903146,600146,619154,976156,490154,785153,133146,717-
営業利益74,64352,10152,56683,11977,50553,22162,40989,61978,67250,83046,39254,506170,000
前期比107.8%113.5%118.1%111.7%103.8%102.1%118.7%107.8%101.5%95.5%74.3%60.8%64.0%
%12.7%9.5%9.3%12.7%12.1%9.2%10.3%13.2%11.7%8.5%7.7%9.4%7.2%
受取利息および受取配当金0004,3740004,4610003,606-
持分法による投資利益7791,186524658806381273-143149-126--
営業外収益4,3755,9423,3598,2373,8955,2183,8995,3694,1756,3393,8294,756-
支払利息2,6752,4412,5933,4453,1362,4162,8543,5062,6842,0412,7772,253-
持分法による投資損失000-00022-22002-
営業外費用4,3163,4455,1885,8904,0045,3795,1555,1622,6173,1895,2324,144-
経常利益74,70354,59750,73885,46677,39653,06061,15289,82680,23053,98044,98955,119170,000
固定資産売却益000-000-000--
投資有価証券売却益0122240000-0010,809--
特別利益0222140000828-7112010,871--
固定資産売却損000-000-000--
投資有価証券売却損000270045049120-43111102-
減損損失000-000-0023,554--
特別損失158833,096779487-2217594962024123,836322-
税引前利益74,54454,51647,86584,72676,91053,28160,39390,15880,13953,85932,02454,796-
法人税等22,38818111,81723,15621,95514,42820,10625,05122,90822,1908,83319,902-
%30.0%0.3%24.7%27.3%28.5%27.1%33.3%27.8%28.6%41.2%27.6%36.3%-
当期純利益52,15754,33536,04761,57054,95538,85240,28865,10657,23131,67023,19034,894-
非支配株主に帰属する当期純利益1,6521,8979331,9411,7681,7721,1351,9991,8242,1594841,789-
親会社株主に帰属する当期純利益50,50652,43735,11459,62953,18737,08039,15263,10655,40729,51122,70733,105114,000
前期比106.8%181.1%122.9%116.9%105.3%70.7%111.5%105.8%104.2%79.6%58.0%52.5%66.8%
%8.6%9.6%6.2%9.1%8.3%6.4%6.5%9.3%8.2%4.9%3.8%5.7%4.9%
 
EBITDA195,795272,121348,572108,286211,022289,734375,569119,094229,070312,741393,99886,966-
EPS646.5円646.5円646.5円646.4円646.4円646.3円646.3円583.7円583.6円583.5円583.5円583.5円341.8円
BPS4,281.4円4,490.4円4,433.6円4,551.5円4,798.6円4,672.3円4,841.1円4,815.6円4,939.8円5,102.6円4,904.5円4,983.7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)2,190,0002,190,0002,190,0002,480,0002,480,0002,480,0002,480,0002,670,0002,670,0002,670,0002,670,0002,330,0002,350,000
対実績比53.6%78.7%104.6%26.5%52.4%75.6%100.0%25.5%50.7%73.1%95.5%25.0%-
営業利益(期初予)243,000243,000243,000270,000270,000270,000270,000285,000285,000285,000285,000150,000170,000
対実績比61.3%82.8%104.4%30.8%59.5%79.2%102.3%31.4%59.0%76.9%93.2%36.3%-
純利益(期初予)160,000160,000160,000180,000180,000180,000180,000193,000193,000193,000193,000100,000114,000
対実績比63.4%96.2%118.2%33.1%62.7%83.3%105.0%32.7%61.4%76.7%88.5%33.1%-
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11,395円13,335円11,735円13,270円15,125円11,695円12,970円14,065円14,180円15,450円13,170円17,335円-
企業価値3,599,9224,079,5453,612,1804,077,9804,610,3863,516,0873,906,6784,331,9864,287,1324,658,6754,036,3435,174,981-
時価総額3,331,9473,899,2633,431,5383,880,6384,423,1683,420,5523,793,5804,114,1284,148,4024,519,9453,853,3335,072,133-
純有利子負債180,282180,642197,342187,21895,535113,098217,858218,254138,730120,521183,010102,848-
PER(会予)20.8倍23.6倍18.6倍21.6倍24.6倍19.0倍21.1倍21.3倍21.5倍23.2倍19.8倍50.7倍-
PBR2.8倍3.1倍2.6倍3.0倍3.3倍2.4倍2.8倍2.9倍2.9倍3.1倍2.7倍3.5倍-
PER × PBR59.2倍73.6倍48.7倍64.5倍81.7倍46.3倍58.5倍61.9倍61.7倍72.5倍53.1倍176.4倍-
EV/EBITDA(会予)11.0倍12.2倍10.8倍11.2倍12.6倍9.6倍10.7倍11.3倍11.2倍12.1倍9.8倍18.6倍-
PSR(会予)1.5倍1.7倍1.5倍1.6倍1.8倍1.4倍1.5倍1.5倍1.6倍1.7倍1.5倍2.2倍-
PCFR(会予)13.6倍15.6倍12.8倍14.1倍16.1倍12.4倍13.8倍14.1倍14.2倍15.4倍11.9倍22.2倍-
配当金--140.0円---160.0円---160.0円-0.0円
配当利回り1.1%1.0%1.1%1.1%0.9%1.2%1.1%1.1%1.1%1.0%1.2%0.9%-
配当性向--21.7%---24.8%---27.4%--
自己資本配当率3.3%3.1%3.2%3.5%3.3%3.4%3.3%3.3%3.2%3.1%3.3%3.2%-
ROE15.1%14.4%14.6%14.2%13.5%13.8%13.4%12.1%11.8%11.4%11.9%11.7%-
純利益率(再掲)8.6%8.9%8.3%9.1%8.7%8.0%7.6%9.3%8.8%7.6%6.7%5.7%-
総資産回転率0.9回0.9回0.9回1.0回1.0回1.0回0.9回0.9回0.9回0.9回1.0回0.9回-
財務レバレッジ2.0倍2.0倍1.9倍1.9倍1.8倍1.9倍1.9倍2.0倍1.9倍1.9倍1.9倍2.0倍-
実質ROE15.1%14.4%14.5%14.2%13.4%13.8%13.3%12.1%11.8%11.4%11.9%11.7%-
ROIC10.7%10.2%10.6%10.3%10.3%10.2%9.8%9.2%9.5%9.0%9.4%8.5%-
ROA7.5%7.3%7.6%7.3%7.3%7.4%7.0%6.1%6.3%6.0%6.4%5.8%-
β0.850.780.811.001.051.061.031.051.081.061.091.06-
βの決定係数(R2)0.290.260.290.420.480.540.520.540.580.590.670.70-
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401,566442,040357,027388,698417,940442,800367,781401,169382,672450,385370,793638,064-
売上債権396,669385,448401,165459,274419,835395,415447,831488,335451,315430,496440,755454,565-
棚卸資産376,017393,773387,225392,151398,595425,534436,356440,966427,347453,526433,782434,385-
有価証券-------------
前払金-------------
繰延税金資産--32,517----------
貸倒引当金-9,344-9,552-8,834-9,334-9,287-9,256-9,147-9,916-10,007-10,634-10,561-11,223-
流動資産1,269,0181,306,0871,205,2931,298,0091,296,5381,326,5441,317,6051,386,8871,314,6391,391,0331,304,4271,582,966-
固定資産
建物・構築物--185,441---200,602---251,404--
機械・運搬具--153,012---159,786---181,302--
土地--42,996---43,492---54,969--
建設仮勘定--34,014---34,823---46,119--
有形固定資産439,421451,345454,834460,926468,667463,703482,962547,701553,551572,758579,980589,032-
のれん332,151328,484309,282309,591308,463300,202322,318314,987306,759304,586281,969272,129-
無形固定資産544,813544,802516,059521,543523,601511,342618,140594,849579,633581,065542,656529,235-
投資有価証券215,534234,349227,526223,936225,804193,228204,950194,823199,438212,671157,328169,715-
繰延税金資産--21,212---25,057------
貸倒引当金-795-854-812-808-1,396-1,393-1,335-1,317-1,277-1,217-1,206-1,208-
敷金および保証金-------------
投資その他の資産265,408286,399299,520296,129298,858267,515282,182274,922275,659294,388240,448257,069-
固定資産1,249,6431,282,5461,270,4141,278,5991,291,1271,242,5611,383,2851,417,4741,408,8441,448,2121,363,0851,375,337-
総資産2,518,6622,588,6342,475,7082,576,6082,587,6652,569,1062,700,8902,804,3612,723,4832,839,2462,667,5122,958,304-
 
負債
有利子負債合計581,848622,682554,369575,916513,475555,898585,639619,423521,402570,906553,803740,912-
仕入債務179,854176,562183,991198,707190,176180,244204,535208,727188,088189,327189,843186,548-
前受金-------------
未払法人税等24,62223,68221,49622,40325,04628,05225,57526,65822,52225,12119,89320,626-
繰延税金負債(固定)--83,261---101,956------
負債1,239,6931,250,2491,151,3861,215,9791,154,6561,173,6971,254,0401,362,4071,243,9771,317,9061,204,9211,471,225-
 
純資産
資本金85,03285,03285,03285,03285,03285,03285,03285,03285,03285,03285,03285,032-
資本剰余金84,66884,71184,38884,09183,59283,61483,64983,63283,77883,86283,89883,941-
利益剰余金919,001952,432987,5461,024,1411,077,3301,093,9391,133,1001,169,8511,225,2591,231,3651,254,0721,263,771-
自己株式-3,015-2,969-2,894-2,878-2,710-2,672-2,589-2,567-2,397-2,305-2,264-2,218-
非支配株主持分25,50923,77826,25828,09127,72327,06129,05431,61332,30326,51925,73627,021-
純資産1,278,9681,338,3841,324,3211,360,6291,433,0091,395,4081,446,8491,441,9541,479,5061,521,3391,462,5911,487,079-
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149,476203,992251,85784,726161,636214,917275,31090,158170,297224,156256,18054,796-
減価償却費32,51049,60466,65317,62635,69154,02772,32322,53946,07170,99097,80225,047-
のれん償却額14,21321,34428,1807,54114,70721,86226,9926,93614,70822,63030,6837,413-
減損損失000-000-0023,554--
受取利息及び受取配当金-5,795-9,335-11,283-4,374-6,331-10,306-12,249-4,461-6,785-10,590-13,114-3,606-
売上債権の増減額-11,2413,968-23,387-57,100-11,3377,074-37,638-44,705-13,46118,072-950-12,742-
棚卸資産の増減額-7,045-19,859-26,537-3,306-4,876-37,996-38,790-12,589-4,937-21,907-14,3151,278-
仕入債務の増減額-557-6,4134,39914,4513,547-4,0078,61910,349-8,098-10,572-6,364-3,518-
営業CF142,436191,552223,74056,773181,537216,466250,00963,698177,368251,383302,16659,202-
投資CF
有価証券の取得-2,464-5,449-12,481-305-354-855-1,443-55-108-521-1,594-256-
有価証券の売却・償還031,0934646464600022,5850-
固定資産の購入-40,765-62,979-85,679-18,103-44,216-62,231-85,487-21,944-42,438-70,875-98,094-25,561-
固定資産の売却1,3651,9442,3931162639241,8212,1192,5113,2573,962928-
貸付け-------------
貸付金の回収-------------
投資CF-58,976-93,929-127,458-30,987-57,709-83,717-165,773-36,599-58,484-89,596-156,187-33,276-
財務CF
短期借入金の純増減額36,15251,695-14,33641,4892,95079,210100,640-3,279-53,233-4,206-93,94341,682-
長期借入れ745,18045,180----74,10573,05472,82572,688243,048-
長期借入金の返済-55,154-67,052-67,179-19,296-48,445-77,931-118,172-19,286-23,305-48,194-48,195-21,745-
社債の発行---------29,87429,874--
社債の償還--10,000-10,000------40,000-50,000-50,000--
自己株式の取得-------------
自己株式の売却-------------
配当金の支払-20,466-39,473-39,473-21,933-21,933-42,407-42,407-26,326-26,326-49,730-49,730-23,336-
財務CF-40,695-22,873-93,954-311-71,530-45,595-68,72120,287-80,858-69,147-169,933234,388-
換算差額14,70723,19710,607-4,362-1,861-11,594-5,286-13,428-22,534-9,414-22,0292,611-
その他
17.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q120.Q4E
設備投資額40,76562,97996,58918,10344,21662,23187,16121,94442,43870,875131,95425,561-
研究開発費------65,215---67,967--
発行済株式総数292,408,193株292,419,098株292,436,934株292,440,867株292,479,847株292,488,854株292,508,233株292,513,428株292,553,052株292,574,641株292,584,136株292,594,913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--70,263人---76,484人---80,369人--
売上/従業員(千円)--32,600---32,440---31,732--
営利/従業員(千円)--3,611---3,612---3,304--