通期売上(百万円)
売上5y CAGR・実績:2.0 %
通期利益(百万円)
営利5y CAGR・実績:-1.0 %
純利5y CAGR・実績:0.1 %
P/L
2018.32019.32020.32021.3E
売上124,566136,637127,090-
前期比109.2%109.7%93.0%-
売上原価90,45998,18893,560-
売上総利益34,10638,44933,530-
%27.4%28.1%26.4%-
販管費23,98926,73526,580-
営業利益10,11711,7136,950-
前期比113.3%115.8%59.3%-
%8.1%8.6%5.5%-
受取利息および受取配当金231205--
持分法による投資利益----
営業外収益7931,0171,236-
支払利息226252283-
持分法による投資損失----
営業外費用1,177847945-
経常利益9,73311,8837,241-
固定資産売却益----
投資有価証券売却益8690--
特別利益88312375-
固定資産売却損----
投資有価証券売却損----
減損損失3862,67524-
特別損失5022,787228-
税引前利益10,1149,1087,387-
法人税等3,5133,3452,364-
%21.5%34.7%32.0%-
当期純利益6,6015,7625,023-
非支配株主に帰属する当期純利益82136--
親会社株主に帰属する当期純利益6,5185,6254,937-
前期比120.7%86.3%87.8%-
%4.7%5.2%3.9%-
 
EBITDA13,51514,87813,72713,277
EPS64.9円56.0円49.2円42.8円
BPS759.2円753.0円752.8円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)117,000132,000133,000-
対実績比106.5%103.5%95.6%-
営業利益(期初予)10,00011,20010,000-
対実績比101.2%104.6%69.5%-
純利益(期初予)6,3007,1006,400-
対実績比103.5%79.2%77.1%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価914円811円653円-
企業価値112,980101,43684,677-
時価総額100,90281,42265,559-
純有利子負債12,07820,01419,118-
PER(会予)16.0倍15.4倍15.2倍-
PBR1.3倍1.1倍0.9倍-
PER × PBR21.1倍16.7倍13.2倍-
EV/EBITDA(会予)7.7倍6.2倍6.4倍-
PSR(会予)0.8倍0.6倍0.5倍-
PCFR(会予)9.3倍8.1倍5.9倍-
配当金17.0円20.0円20.0円20.0円
配当利回り1.4%2.1%3.1%-
配当性向26.2%35.7%40.7%-
自己資本配当率2.2%2.7%2.7%-
ROE8.6%7.4%6.5%-
純利益率(再掲)5.2%4.1%3.9%-
総資産回転率0.9回1.0回0.9回-
財務レバレッジ1.6倍1.8倍1.8倍-
実質ROE8.3%7.1%--
ROIC6.0%7.7%4.0%-
ROA4.9%4.3%3.7%-
β0.920.760.83-
βの決定係数(R2)0.260.210.33-
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23,42913,66018,696-
売上債権19,38120,85019,217-
棚卸資産22,64925,09523,975-
有価証券----
前払金----
繰延税金資産1,407---
貸倒引当金-88-153--
流動資産78,80771,22673,351-
固定資産
建物・構築物25,89227,636--
機械・運搬具46,41848,973--
土地9,88510,50010,549-
建設仮勘定1,6113,8072,056-
有形固定資産36,79941,67744,241-
のれん1,481887646-
無形固定資産8,9519,4207,639-
投資有価証券6,2474,943--
繰延税金資産2141,316--
貸倒引当金-39-2--
敷金および保証金----
投資その他の資産9,6289,332--
固定資産55,37960,43061,712-
総資産134,187131,657135,063-
 
負債
有利子負債合計25,04833,90437,814-
仕入債務7,1417,7257,289-
前受金----
未払法人税等2,6151,434--
繰延税金負債(固定)1,414807--
負債56,79654,82758,184-
 
純資産
資本金21,20721,20721,207-
資本剰余金5,6745,674--
利益剰余金47,67951,56254,404-
自己株式-2,004-4,032--
非支配株主持分1,1731,2321,304-
純資産77,39176,82976,879-
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10,1149,108--
減価償却費4,2974,6366,558-
のれん償却額464414219-
減損損失3862,67524-
受取利息及び受取配当金-232-206--
売上債権の増減額-3,110-767--
棚卸資産の増減額-1,961-2,404--
仕入債務の増減額781-340--
営業CF6,94110,06913,329-
投資CF
有価証券の取得-20-220-
有価証券の売却・償還1,191880-
固定資産の購入-8,277-9,849-6,961-
固定資産の売却5260-
貸付け----
貸付金の回収----
投資CF-7,066-9,264-8,040-
財務CF
短期借入金の純増減額-189-2,915--
長期借入れ3,2423,319--
長期借入金の返済-2,686-4,233--
社債の発行9,940---
社債の償還-904-844--
自己株式の取得-3,532-2,028--
自己株式の売却-0--
配当金の支払-1,414-1,742--
財務CF5,267-9,702-167-
換算差額78-245--
その他
2018.32019.32020.32021.3E
設備投資額----
研究開発費2,2562,842--
発行済株式総数100,396,511株100,396,511株100,396,511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4,762人4,945人--
売上/従業員(千円)24,82126,158--
営利/従業員(千円)1,9422,125--
四半期売上(百万円)
売上5y CAGR・実績:2.0 %
四半期利益(百万円)
営利5y CAGR・実績:-1.0 %
純利5y CAGR・実績:0.1 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上29,30259,59291,667124,56632,75267,781103,207136,63730,87962,19994,083127,090-
前期比106.9%108.5%109.7%109.2%111.8%113.7%112.6%109.7%94.3%91.8%91.2%93.0%-
売上原価21,53443,51666,54790,45923,84048,95473,82898,18823,11246,02869,09093,560-
売上総利益7,76816,07525,12034,1068,91218,82729,37838,4497,76616,17024,99233,530-
%26.5%27.0%27.4%27.4%27.2%27.8%28.5%28.1%25.1%26.0%26.6%26.4%-
販管費5,83011,76017,86923,9896,26513,01319,83326,7356,55813,35419,98226,580-
営業利益1,9374,3147,25010,1172,6475,8139,54511,7131,2082,8165,0106,950-
前期比101.9%100.5%107.5%113.3%136.7%134.7%131.7%115.8%45.6%48.4%52.5%59.3%-
%6.6%7.2%7.9%8.1%8.1%8.6%9.2%8.6%3.9%4.5%5.3%5.5%-
受取利息および受取配当金931352072318312018920589121185--
持分法による投資利益-------------
営業外収益1702944867931973626811,0172173594961,236-
支払利息571111672265612918425274149223283-
持分法による投資損失-------------
営業外費用2315527631,177314387616847215442665945-
経常利益1,8764,0576,9739,7332,5305,7889,60911,8831,2102,7334,8427,241-
固定資産売却益-------------
投資有価証券売却益-291869869--00109331357--
特別利益129587588313712115340371375-
固定資産売却損-------------
投資有価証券売却損-------------
減損損失343736838624252,5112,675-242424-
特別損失459745450256772,5792,787438192228-
税引前利益1,8314,2547,39310,1142,4755,7147,0389,1081,2822,9925,1207,387-
法人税等8001,5732,6213,5137501,7462,9393,3454139121,5812,364-
%21.5%21.5%21.5%21.5%34.7%34.7%34.7%34.7%36.7%36.7%36.7%32.0%-
当期純利益1,0312,6814,7716,6011,7243,9684,0985,7628682,0793,5395,023-
非支配株主に帰属する当期純利益14397782114189136264644--
親会社株主に帰属する当期純利益1,0172,6414,6946,5181,7123,9264,0095,6258422,0333,4944,937-
前期比93.1%99.0%135.5%120.7%168.3%148.7%85.4%86.3%49.2%51.8%87.2%87.8%-
%4.7%4.7%4.7%4.7%5.2%5.2%5.2%5.2%4.1%4.1%4.1%3.9%-
 
EBITDA13,51513,51513,51513,51514,87814,87814,87814,87816,76316,76316,76313,72713,277
EPS59.0円59.0円59.0円64.9円56.0円56.0円56.0円56.0円49.2円49.2円49.2円49.2円42.8円
BPS661.7円679.4円694.3円759.2円755.8円753.3円744.2円753.0円731.6円733.9円738.4円752.8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)117,000117,000117,000117,000132,000132,000132,000132,000133,000133,000133,000133,000-
対実績比25.0%50.9%78.3%106.5%24.8%51.3%78.2%103.5%23.2%46.8%70.7%95.6%-
営業利益(期初予)10,00010,00010,00010,00011,20011,20011,20011,20010,00010,00010,00010,000-
対実績比19.4%43.1%72.5%101.2%23.6%51.9%85.2%104.6%12.1%28.2%50.1%69.5%-
純利益(期初予)6,3006,3006,3006,3007,1007,1007,1007,1006,4006,4006,4006,400-
対実績比16.1%41.9%74.5%103.5%24.1%55.3%56.5%79.2%13.2%31.8%54.6%77.1%-
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1,048円917円873円914円909円982円858円811円754円719円774円653円-
企業価値124,572110,110106,225112,980102,131119,122105,166101,43695,49594,527100,04984,677-
時価総額115,696101,23496,376100,90291,26098,58986,14081,42275,69972,18577,70765,559-
純有利子負債8,8768,8769,84912,07810,87120,53319,02620,01419,79622,34222,34219,118-
PER(会予)18.4倍16.1倍15.3倍16.0倍12.9倍13.9倍12.1倍15.4倍11.8倍11.3倍18.1倍15.2倍-
PBR1.6倍1.4倍1.3倍1.3倍1.2倍1.3倍1.1倍1.1倍1.0倍1.0倍1.1倍0.9倍-
PER × PBR29.1倍22.3倍19.7倍21.1倍15.4倍18.0倍13.8倍16.7倍11.8倍11.0倍19.1倍13.2倍-
EV/EBITDA(会予)8.5倍7.5倍7.3倍7.7倍6.4倍7.5倍6.6倍6.2倍6.3倍6.3倍8.7倍6.4倍-
PSR(会予)1.0倍0.9倍0.8倍0.8倍0.7倍0.7倍0.7倍0.6倍0.6倍0.5倍0.6倍0.5倍-
PCFR(会予)10.6倍9.3倍8.9倍9.3倍7.7倍8.3倍7.3倍8.1倍6.6倍6.3倍8.3倍5.9倍-
配当金---17.0円---20.0円---20.0円20.0円
配当利回り1.2%1.4%1.5%1.4%1.9%1.7%2.0%2.1%2.7%2.8%2.6%3.1%-
配当性向---26.2%---35.7%---40.7%-
自己資本配当率2.6%2.5%2.4%2.2%2.6%2.7%2.7%2.7%2.7%2.7%2.7%2.7%-
ROE8.9%8.7%8.5%8.6%7.4%7.4%7.5%7.4%6.7%6.7%6.7%6.5%-
純利益率(再掲)3.5%4.4%5.1%5.2%5.2%5.8%3.9%4.1%2.7%3.3%3.7%3.9%-
総資産回転率1.1回1.0回1.0回0.9回1.0回1.0回1.0回1.0回1.0回1.0回1.0回0.9回-
財務レバレッジ1.6倍1.6倍1.6倍1.6倍1.8倍1.8倍1.8倍1.8倍1.7倍1.7倍1.7倍1.8倍-
実質ROE8.2%8.0%7.8%8.3%7.2%7.1%7.1%7.1%6.2%6.2%6.2%--
ROIC6.8%6.6%6.5%6.0%7.4%7.6%7.7%7.7%4.3%4.3%4.2%4.0%-
ROA5.6%5.4%5.3%4.9%4.2%4.2%4.3%4.3%3.8%3.9%3.8%3.7%-
β0.940.930.890.920.750.770.790.760.780.810.860.83-
βの決定係数(R2)0.300.290.250.260.180.190.240.210.230.250.280.33-
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14,71015,35912,97023,42916,34515,64313,89013,66011,30010,95211,06418,696-
売上債権17,98417,98418,29619,38120,04020,22619,04020,85019,48418,59018,59019,217-
棚卸資産20,90920,90921,15622,64922,15324,02924,20025,09524,46523,76023,76023,975-
有価証券-------------
前払金-------------
繰延税金資産---1,407---------
貸倒引当金-68-68-71-88-148-127-155-153-151-146-142--
流動資産64,75267,54469,54078,80773,83971,61872,51371,22667,04463,40966,44173,351-
固定資産
建物・構築物8,5808,7368,86325,8929,3329,3749,36227,63610,20010,00810,643--
機械・運搬具---46,418---48,973--14,297--
土地9,8109,8249,8679,88510,36910,33410,40710,50010,51210,48310,44510,549-
建設仮勘定---1,611---3,807---2,056-
有形固定資産34,77235,59536,11236,79938,14038,71039,39041,67743,99844,15243,97044,241-
のれん2,1992,0111,6131,4813,8323,5651,077887823761674646-
無形固定資産7,2767,7417,9458,95112,02612,0329,5949,4209,0118,5228,0197,639-
投資有価証券---6,247---4,943-----
繰延税金資産---214---1,316-----
貸倒引当金-3-2-40-39-42-40-2-2-2-2-2--
敷金および保証金-------------
投資その他の資産10,06610,25510,0289,62810,34710,3959,3719,3329,15810,42110,841--
固定資産52,11453,59254,08655,37960,51361,13858,35660,43062,16763,09662,83261,712-
総資産116,867121,137123,627134,187134,353132,756130,870131,657129,212126,505129,274135,063-
 
負債
有利子負債合計23,58623,58625,20825,04834,30036,87834,66933,90433,45633,29433,29437,814-
仕入債務7,2687,2686,3327,1417,0987,4357,1347,7256,6255,8535,8537,289-
前受金-------------
未払法人税等9441,5581,7102,6159131,7231,2281,434502791465--
繰延税金負債(固定)---1,414---807-----
負債42,72845,03145,82856,79657,34555,98654,93454,82754,52851,56853,89558,184-
 
純資産
資本金21,20721,20721,20721,20721,20721,20721,20721,20721,20721,20721,20721,207-
資本剰余金5,7435,6745,6745,6745,6745,6745,6745,6745,6745,6745,674--
利益剰余金49,44351,06752,41847,67948,41550,62949,94651,56251,23752,42852,95754,404-
自己株式-6,078-6,076-6,424-2,004-2,004-3,954-3,954-4,032-5,890-6,010-6,010--
非支配株主持分1,0931,1071,1551,1731,1281,1391,2181,2321,2331,2511,2471,304-
純資産74,13876,10577,79877,39177,00776,77075,93676,82974,68374,93675,37976,879-
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1,8314,2547,39310,1142,4755,7147,0389,1081,2822,9925,120--
減価償却費9922,0423,1404,2971,0602,2163,4014,6361,4933,0854,7986,558-
のれん償却額---464---414---219-
減損損失343736838624252,5112,675-242424-
受取利息及び受取配当金-93-136-207-232-84-121-190-206-89-122-185--
売上債権の増減額-333-2,040-3,592-3,110-64464-1,903-7678142,675814--
棚卸資産の増減額-1,113-1,279-2,535-1,961-1,794-2,122-2,741-2,404-164459-488--
仕入債務の増減額1,173178904781468196558-340588-672-66--
営業CF5671,3682,5136,941-9584,0675,85010,0691,5735,6686,37713,329-
投資CF
有価証券の取得-2-10-17-20-2-11-19-22-33-1,768-1,7770-
有価証券の売却・償還04291,1911,191088888806286830-
固定資産の購入-1,951-4,137-6,301-8,277-2,699-4,848-7,214-9,849-2,663-4,567-5,931-6,961-
固定資産の売却56454161926424150-
貸付け-------------
貸付金の回収-------------
投資CF-1,935-3,682-5,319-7,066-5,709-4,757-6,785-9,264-2,557-5,713-7,063-8,040-
財務CF
短期借入金の純増減額-663-331-705-189-285-1,119-1,626-2,9151,348-7101,874--
長期借入れ1552,4573,3963,242-114213,319662,2262,311--
長期借入金の返済-634-1,267-1,963-2,686-906-1,837-2,608-4,233-696-1,317-2,052--
社債の発行---9,940---------
社債の償還-60-452-512-904-60-452-512-844-50-287-337--
自己株式の取得-1,036-1,036-1,385-3,5320-1,950-1,950-2,028-1,857-1,984-1,985--
自己株式の売却-------0-----
配当金の支払-712-712-1,414-1,414-976-976-1,742-1,742-1,146-1,146-2,078--
財務CF-1,952-442-2,6025,267-2,311-6,541-8,218-9,702-1,368-2,446-1,628-167-
換算差額-171-668478-137-175-27-245-11-191-250--
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額-------------
研究開発費---2,256---2,842-----
発行済株式総数110,396,511株110,396,511株110,396,511株100,396,511株100,396,511株100,396,511株100,396,511株100,396,511株100,396,511株100,396,511株100,396,511株100,396,511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---4,762人---4,945人-----
売上/従業員(千円)24,82124,82124,82124,82126,15826,15826,15826,15827,63127,63127,631--
営利/従業員(千円)1,9421,9421,9421,9422,1252,1252,1252,1252,3692,3692,369--