通期売上(百万円)
売上5y CAGR・実績:2.3 %
通期利益(百万円)
営利5y CAGR・実績:2.4 %
純利5y CAGR・実績:3.6 %
P/L
2018.32019.32020.32021.3E
売上3,757,2193,871,4963,488,433-
前期比118.5%103.0%90.1%-
売上原価2,651,4732,738,9582,514,779-
売上総利益1,105,7451,132,538973,654-
%29.4%29.3%27.9%-
販管費731,563808,172758,585-
営業利益374,182324,365215,069-
前期比140.3%86.7%66.3%-
%10.0%8.4%6.2%-
受取利息および受取配当金35,63254,89428,775-
持分法による投資利益-5,0296,315-
営業外収益47,70979,40651,021-
支払利息8,1524,2415,555-
持分法による投資損失13,870---
営業外費用39,10424,24120,675-
経常利益382,787379,530245,414-
固定資産売却益2,7971,7631,501-
投資有価証券売却益1,281158170-
特別利益4,0791,9221,672-
固定資産売却損247210279-
投資有価証券売却損----
減損損失2,5851,514565-
特別損失2,83383,0621,060-
税引前利益384,033298,390246,027-
法人税等108,59361,50283,418-
%33.1%28.3%33.9%-
当期純利益275,439236,887162,608-
非支配株主に帰属する当期純利益59,70958,12828,386-
親会社株主に帰属する当期純利益215,730178,759134,222-
前期比134.9%82.9%75.1%-
%5.0%5.7%3.8%-
 
EBITDA430,082525,059379,227364,158
EPS488.4円387.5円276.6円288.5円
BPS2,937.3円3,018.4円3,065.0円-
期初会社予想
2018.32019.32020.32021.3E
売上高(期初予)3,400,0003,800,0003,900,000-
対実績比110.5%101.9%89.4%-
営業利益(期初予)240,000340,000330,000-
対実績比155.9%95.4%65.2%-
純利益(期初予)145,000205,000200,000-
対実績比148.8%87.2%67.1%-
配当
ROEデュポン分解
β
マルチプル
2018.32019.32020.32021.3E
株価5,730円4,898円2,585円-
企業価値2,448,4572,185,8911,172,727-
時価総額2,528,2822,259,1251,254,342-
純有利子負債-79,825-73,234-81,615-
PER(会予)14.0倍10.3倍9.0倍-
PBR1.9倍1.6倍0.8倍-
PER × PBR27.1倍16.7倍7.6倍-
EV/EBITDA(会予)5.3倍4.4倍3.2倍-
PSR(会予)0.7倍0.6倍0.4倍-
PCFR(会予)7.4倍6.1倍4.1倍-
配当金74.0円74.0円85.0円74.0円
配当利回り0.8%1.5%3.3%-
配当性向15.2%19.1%30.7%-
自己資本配当率2.5%2.5%2.8%-
ROE16.6%12.8%9.0%-
純利益率(再掲)5.7%4.6%3.8%-
総資産回転率1.1回1.1回1.0回-
財務レバレッジ2.6倍2.3倍2.2倍-
実質ROE14.5%11.9%8.9%-
ROIC14.2%14.9%7.0%-
ROA6.5%5.3%4.0%-
β1.151.001.24-
βの決定係数(R2)0.510.390.44-
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690,418509,717485,808-
売上債権354,518388,456427,358-
棚卸資産360,662389,818355,491-
有価証券256,695189,046118,584-
前払金----
繰延税金資産122,092---
貸倒引当金-5,252-5,120-2,871-
流動資産1,941,0811,622,3171,539,722-
固定資産
建物・構築物160,990185,779186,544-
機械・運搬具199,051252,596241,974-
土地280,866299,977304,652-
建設仮勘定106,39389,585118,571-
有形固定資産804,265904,276920,144-
のれん237135--
無形固定資産2,5562,2881,604-
投資有価証券543,485635,184662,194-
繰延税金資産23,471198,422--
貸倒引当金-402-379-445-
敷金および保証金----
投資その他の資産592,925873,088878,312-
固定資産1,399,7471,779,6531,800,060-
総資産3,340,8283,401,9703,339,783-
 
負債
有利子負債合計656,101406,797404,193-
仕入債務403,641365,303257,996-
前受金----
未払法人税等40,59834,66122,310-
繰延税金負債(固定)1,1752,895--
負債1,745,6011,686,0551,546,126-
 
純資産
資本金138,064138,161138,202-
資本剰余金143,868143,965146,490-
利益剰余金1,247,2421,314,5871,414,665-
自己株式-189,126-113,963-21,775-
非支配株主持分297,564323,309305,990-
純資産1,595,2271,715,9141,793,657-
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384,033298,390246,027-
減価償却費150,877148,926164,158-
のれん償却額----
減損損失2,5851,514565-
受取利息及び受取配当金-35,633-54,894-28,776-
売上債権の増減額-41,940-60,0531,109-
棚卸資産の増減額-23,449-7,431-29,177-
仕入債務の増減額5,710-107,695-51,727-
営業CF445,171383,437171,533-
投資CF
有価証券の取得-729,488-819,455-770,961-
有価証券の売却・償還775,840730,247698,776-
固定資産の購入-205,854-251,507-245,825-
固定資産の売却000-
貸付け----
貸付金の回収----
投資CF-341,585-250,848-296,989-
財務CF
短期借入金の純増減額1,443-12536,358-
長期借入れ57,00078,77972,741-
長期借入金の返済-120,874-95,001-70,395-
社債の発行----
社債の償還-6,070---
自己株式の取得-6-7-4-
自己株式の売却----
配当金の支払-25,146-36,340-34,139-
財務CF-113,922-256,11080,708-
換算差額-2,848-4,228-7,956-
その他
2018.32019.32020.32021.3E
設備投資額213,376268,945236,450-
研究開発費139,390158,086148,080-
発行済株式総数441,737,425株461,333,010株485,332,465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65,179人67,721人68,499人-
売上/従業員(千円)50,31757,64550,927-
営利/従業員(千円)4,2345,7413,140-
四半期売上(百万円)
売上5y CAGR・実績:2.3 %
四半期利益(百万円)
営利5y CAGR・実績:2.4 %
純利5y CAGR・実績:3.6 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上869,3131,831,0972,724,8843,757,219987,4691,929,4342,838,8343,871,496907,5341,755,4462,626,0703,488,433-
前期比115.3%122.2%121.0%118.5%113.6%105.4%104.2%103.0%91.9%91.0%92.5%90.1%-
売上原価622,8731,303,1301,936,3082,651,473692,9201,353,6552,007,6012,738,958646,4291,251,5581,890,5932,514,779-
売上総利益246,440527,966788,5751,105,745294,549575,778831,2331,132,538261,105503,888735,476973,654-
%28.3%28.8%28.9%29.4%29.8%29.8%29.3%29.3%28.8%28.7%28.0%27.9%-
販管費161,367355,085528,732731,563178,084377,324574,688808,172198,449385,282565,043758,585-
営業利益85,072172,881259,843374,1824,961198,454256,544324,3655,782118,606170,433215,069-
前期比143.8%149.7%155.3%140.3%5.8%114.8%98.7%86.7%116.5%59.8%66.4%66.3%-
%9.8%9.4%9.5%10.0%0.5%10.3%9.0%8.4%0.6%6.8%6.5%6.2%-
受取利息および受取配当金12,03315,98226,82435,63212,73227,35443,01854,89411,19721,66626,00028,775-
持分法による投資利益813---9791,7523,2015,0291,0462,8984,3786,315-
営業外収益18,94624,24736,72047,70919,57941,08261,80579,40615,12229,32936,79451,021-
支払利息1,1971,8902,8628,1528712,0463,1674,2411,4722,4243,7055,555-
持分法による投資損失-1,85416613,870---------
営業外費用4,50910,24911,97739,1042,9487,23212,24824,2415,3798,44812,46420,675-
経常利益99,509186,879284,586382,787133,096232,304306,102379,53072,400139,487194,764245,414-
固定資産売却益1881,3292,2902,7978731,3491,5001,7632185167521,501-
投資有価証券売却益1,2811,2811,2811,281-83921586610170-
特別利益1,4702,6103,5724,0798731,4331,5931,9222245237631,672-
固定資産売却損43921362472810914221018109162279-
投資有価証券売却損-------------
減損損失-2,5162,5162,585-6096091,514-565565565-
特別損失432,6082,6522,8332871875183,062186747271,060-
税引前利益100,936186,881285,506384,033133,940233,018306,943298,39072,606139,335194,799246,027-
法人税等23,16152,57673,911108,59329,69962,12078,66861,50223,23444,47854,91783,418-
%33.1%33.1%33.1%33.1%28.3%28.3%28.3%28.3%20.6%20.6%20.6%33.9%-
当期純利益77,775134,305211,594275,439104,241170,898228,274236,88749,37194,857139,881162,608-
非支配株主に帰属する当期純利益12,34230,09747,27159,70918,32834,71447,49358,1288,85915,55423,31728,386-
親会社株主に帰属する当期純利益65,432104,208164,322215,73085,912136,183180,781178,75940,51179,303116,564134,222-
前期比172.4%104.3%123.2%134.9%131.3%130.7%110.0%82.9%47.2%58.2%64.5%75.1%-
%5.0%5.0%5.0%5.0%5.7%5.7%5.7%5.7%4.6%4.6%4.6%3.8%-
 
EBITDA430,082430,082430,082430,082525,059525,059525,059525,059473,291473,291473,291379,227364,158
EPS488.9円488.9円488.9円488.4円404.7円388.1円387.6円387.5円291.0円290.9円276.6円276.6円288.5円
BPS2,691.4円2,818.8円2,970.5円2,937.3円3,027.1円2,998.3円3,004.4円3,018.4円3,019.3円3,071.5円3,209.3円3,065.0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)3,400,0003,400,0003,400,0003,400,0003,800,0003,800,0003,800,0003,800,0003,900,0003,900,0003,900,0003,900,000-
対実績比25.6%53.9%80.1%110.5%26.0%50.8%74.7%101.9%23.3%45.0%67.3%89.4%-
営業利益(期初予)240,000240,000240,000240,000340,000340,000340,000340,000330,000330,000330,000330,000-
対実績比35.4%72.0%108.3%155.9%1.5%58.4%75.5%95.4%1.8%35.9%51.6%65.2%-
純利益(期初予)145,000145,000145,000145,000205,000205,000205,000205,000200,000200,000200,000200,000-
対実績比45.1%71.9%113.3%148.8%41.9%66.4%88.2%87.2%20.3%39.7%58.3%67.1%-
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5,330円5,902円6,534円5,730円6,118円6,508円5,567円4,898円5,064円4,587円4,567円2,585円-
企業価値2,303,3652,555,7412,764,5872,448,4572,590,0412,774,1402,411,5632,185,8912,201,9101,984,1211,974,8941,172,727-
時価総額2,351,6912,604,0672,883,0342,528,2822,702,5502,874,8802,563,8672,259,1252,336,1902,116,1452,106,9181,254,342-
純有利子負債-48,326-48,326-118,447-79,825-112,509-100,740-152,304-73,234-134,280-132,024-132,024-81,615-
PER(会予)16.2倍18.0倍16.0倍14.0倍13.2倍14.0倍11.7倍10.3倍11.7倍10.6倍15.0倍9.0倍-
PBR2.0倍2.2倍2.3倍1.9倍2.1倍2.1倍1.9倍1.6倍1.7倍1.5倍1.5倍0.8倍-
PER × PBR32.1倍39.4倍37.1倍27.1倍27.5倍30.1倍21.6倍16.7倍19.6倍15.8倍22.4倍7.6倍-
EV/EBITDA(会予)5.7倍6.3倍6.0倍5.3倍5.3倍5.7倍4.8倍4.4倍4.6倍4.1倍5.7倍3.2倍-
PSR(会予)0.7倍0.8倍0.8倍0.7倍0.7倍0.8倍0.7倍0.6倍0.6倍0.5倍0.6倍0.4倍-
PCFR(会予)7.6倍8.4倍8.4倍7.4倍7.6倍8.1倍6.9倍6.1倍6.7倍6.1倍7.3倍4.1倍-
配当金---74.0円---74.0円---85.0円74.0円
配当利回り0.8%0.7%0.7%0.8%1.2%1.1%1.3%1.5%1.5%1.6%1.6%3.3%-
配当性向---15.2%---19.1%---30.7%-
自己資本配当率2.7%2.6%2.5%2.5%2.4%2.5%2.5%2.5%2.8%2.8%2.6%2.8%-
ROE18.2%17.3%16.5%16.6%13.4%12.9%12.9%12.8%9.6%9.5%8.6%9.0%-
純利益率(再掲)7.5%5.7%6.0%5.7%8.7%7.1%6.4%4.6%4.5%4.5%4.4%3.8%-
総資産回転率1.2回1.1回1.1回1.1回1.2回1.2回1.2回1.1回1.0回1.1回1.0回1.0回-
財務レバレッジ2.7倍2.7倍2.6倍2.6倍2.6倍2.5倍2.3倍2.3倍2.4倍2.3倍2.3倍2.2倍-
実質ROE15.6%15.0%14.4%14.5%11.7%11.9%11.9%11.9%8.9%8.8%8.5%8.9%-
ROIC14.3%14.1%13.5%14.2%13.7%14.9%14.7%14.9%7.4%7.4%6.8%7.0%-
ROA6.8%6.6%6.4%6.5%5.3%5.5%5.5%5.3%4.0%4.1%3.9%4.0%-
β1.241.211.101.151.120.970.991.000.920.950.961.24-
βの決定係数(R2)0.490.490.450.510.470.360.410.390.370.360.340.44-
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.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金719,906760,285735,926690,418686,645533,831480,031509,717520,283504,357591,288485,808-
売上債権346,308346,308371,218354,518388,973376,596387,929388,456445,700422,390422,390427,358-
棚卸資産338,241338,241327,116360,662352,915332,342361,807389,818351,896336,012336,012355,491-
有価証券329,722305,988296,474256,695235,961206,432176,654189,046117,337119,427104,934118,584-
前払金-------------
繰延税金資産---122,092---------
貸倒引当金-5,735-5,244-5,013-5,252-4,735-4,689-4,341-5,120-2,917-2,728-2,789-2,871-
流動資産1,986,8002,007,6072,007,0021,941,0811,759,8841,623,5231,558,8601,622,3171,530,6941,512,9951,590,0351,539,722-
固定資産
建物・構築物---160,990---185,779---186,544-
機械・運搬具---199,051---252,596---241,974-
土地---280,866---299,977---304,652-
建設仮勘定---106,393---89,585---118,571-
有形固定資産758,576759,218774,153804,265836,341852,541865,555904,276913,041914,110933,590920,144-
のれん---237---135-----
無形固定資産3,0502,8493,1732,5562,4452,3302,2062,2882,0511,7161,8581,604-
投資有価証券374,927453,431501,589543,485570,116570,172606,672635,184649,078617,459680,395662,194-
繰延税金資産---23,471---198,422-----
貸倒引当金-399-395-404-402-401-405-373-379-392-408-405-445-
敷金および保証金-------------
投資その他の資産428,873514,864565,354592,925745,195744,358794,905873,088882,250849,754917,963878,312-
固定資産1,190,5001,276,9311,342,6811,399,7471,583,9821,599,2311,662,6681,779,6531,797,3431,765,5821,853,4111,800,060-
総資産3,177,3003,284,5393,349,6833,340,8283,343,8663,222,7543,221,5283,401,9703,328,0373,278,5783,443,4473,339,783-
 
負債
有利子負債合計671,580671,580641,838656,101577,909585,905381,527406,797375,437372,333372,333404,193-
仕入債務410,130410,130425,751403,641443,916393,677420,655365,303327,373271,333271,333257,996-
前受金-------------
未払法人税等20,23234,94729,20140,59837,85554,66329,55234,66127,25036,32135,96022,310-
繰延税金負債(固定)---1,175---2,895-----
負債1,705,4521,756,9871,732,1201,745,6011,698,4201,547,0261,528,9251,686,0551,611,7521,556,3471,567,7861,546,126-
 
純資産
資本金138,014138,064138,064138,064138,064138,161138,161138,161138,161138,202138,202138,202-
資本剰余金144,035143,868143,868143,868143,868143,965143,965143,965143,965144,006147,901146,490-
利益剰余金1,112,0671,150,8431,197,7441,247,2421,313,6831,292,0691,316,9871,314,5871,337,2231,376,8191,397,0071,414,665-
自己株式-191,051-191,052-191,052-189,126-189,096-116,980-114,343-113,963-113,972-113,973-21,773-21,775-
非支配株主持分284,221283,650306,751297,564308,103294,756306,751323,309323,331305,116317,963305,990-
純資産1,471,8471,527,5521,617,5631,595,2271,645,4461,675,7281,692,6031,715,9141,716,2851,722,2311,875,6601,793,657-
キャッシュフロー(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100,936186,881285,506384,033133,940233,018306,943298,39072,606139,335194,799246,027-
減価償却費40,22174,319114,440150,87732,68664,155106,273148,92639,06778,397118,819164,158-
のれん償却額-------------
減損損失-2,5162,5162,585-6096091,514-565565565-
受取利息及び受取配当金-12,033-15,983-26,824-35,633-12,732-27,354-43,018-54,894-11,197-21,666-26,001-28,776-
売上債権の増減額6,317-17,0821,739-41,9409,646-1,128-3,429-60,05321,07715,48946,1781,109-
棚卸資産の増減額3014,876-16,577-23,44916,773-9,856-46,435-7,431-3,2442,291-10,710-29,177-
仕入債務の増減額-21,263-13,120-42,9555,710-45,696-17,229-66,458-107,695-46,720-57,981-48,269-51,727-
営業CF63,044225,964261,225445,171106,070224,110240,093383,43755,389106,672178,747171,533-
投資CF
有価証券の取得-77,473-318,105-587,877-729,488-144,800-324,338-574,243-819,455-217,313-400,548-563,148-770,961-
有価証券の売却・償還92,323328,889597,974775,840113,790265,428503,066730,247251,797421,843599,263698,776-
固定資産の購入-48,009-86,560-132,315-205,854-66,327-130,568-187,821-251,507-67,226-128,663-190,899-245,825-
固定資産の売却000000000000-
貸付け-------------
貸付金の回収-------------
投資CF-44,588-134,663-191,312-341,585-113,214-160,256-207,962-250,848-75,479-99,088-186,348-296,989-
財務CF
短期借入金の純増減額29,298-1,5896,7071,443-482-7,46912,289-125-2,046-11,303-41736,358-
長期借入れ17,00031,50044,50057,00018,16434,19667,90778,77918,70435,01355,45172,741-
長期借入金の返済-10,525-24,511-35,880-120,874-12,213-54,801-67,732-95,001-13,383-27,537-45,297-70,395-
社債の発行-------------
社債の償還---10-6,070-100--------
自己株式の取得0-1-4-6-1-3-6-70-1-2-4-
自己株式の売却----------96,096--
配当金の支払-11,915-11,910-25,152-25,146-19,442-19,431-36,478-36,340-17,075-17,068-34,144-34,139-
財務CF23,751-27,900-31,232-113,922-14,316-242,512-225,743-256,110-14,002-41,00951,57180,708-
換算差額2,4165,0205,103-2,848-8541,364-3,224-4,228-3,884-7,7041,811-7,956-
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---213,376---268,945---236,450-
研究開発費-65,371-139,390-71,803-158,086-71,878-148,080-
発行済株式総数441,217,737株441,235,639株441,235,940株441,737,425株441,745,578株460,547,418株461,234,086株461,333,010株461,316,806株461,335,301株485,332,785株485,332,465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---65,179人---67,721人---68,499人-
売上/従業員(千円)50,31750,31750,31750,31757,64557,64557,64557,64557,16857,16857,16850,927-
営利/従業員(千円)4,2344,2344,2344,2345,7415,7415,7415,7414,7904,7904,7903,140-
四半期売上(百万円)
売上5y CAGR・実績:2.3 %
四半期利益(百万円)
営利5y CAGR・実績:2.4 %
純利5y CAGR・実績:3.6 %
P/L
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
売上869,313961,784893,7871,032,335987,469941,965909,4001,032,662907,534847,912870,624862,363-
前期比115.3%129.1%118.7%112.5%113.6%97.9%101.7%100.0%91.9%90.0%95.7%83.5%-
売上原価622,873680,257633,178715,165692,920660,735653,946731,357646,429605,129639,035624,186-
売上総利益246,440281,526260,609317,170294,549281,229255,455301,305261,105242,783231,588238,178-
%28.3%29.3%29.2%30.7%29.8%29.9%28.1%29.2%28.8%28.6%26.6%27.6%-
販管費161,367193,718173,647202,831178,084199,240197,364233,484198,449186,833179,761193,542-
営業利益85,07287,80986,962114,3394,961193,49358,09067,8215,782112,82451,82744,636-
前期比143.8%155.8%167.7%115.1%5.8%220.4%66.8%59.3%116.5%58.3%89.2%65.8%-
%9.8%9.1%9.7%11.1%0.5%20.5%6.4%6.6%0.6%13.3%6.0%5.2%-
受取利息および受取配当金12,03300012,73200011,197000-
持分法による投資利益813-813009797731,4491,8281,0461,8521,4801,937-
営業外収益18,9465,30112,47310,98919,57921,50320,72317,60115,12214,2077,46514,227-
支払利息1,1976939725,2908711,1751,1211,0741,4729521,2811,850-
持分法による投資損失-1,854-1,68813,704-000-000-
営業外費用4,5095,7401,72827,1272,9484,2845,01611,9935,3793,0694,0168,211-
経常利益99,50987,37097,70798,201133,09699,20873,79873,42872,40067,08755,27750,650-
固定資産売却益1881,141961507873476151263218298236749-
投資有価証券売却益1,281000-83966604160-
特別利益1,4701,140962507873560160329224299240909-
固定資産売却損43494411128813368189153117-
投資有価証券売却損-000-000-000-
減損損失-2,516069-6090905-56500-
特別損失432,56544181286903382,3111865653333-
税引前利益100,93685,94598,62598,527133,94099,07873,925-8,55372,60666,72955,46451,228-
法人税等23,16129,41521,33534,68229,69932,42116,548-17,16623,23421,24410,43928,501-
%22.9%34.2%21.6%35.2%22.2%32.7%22.4%200.7%32.0%31.8%18.8%55.6%-
当期純利益77,77556,53077,28963,845104,24166,65757,3768,61349,37145,48645,02422,727-
非支配株主に帰属する当期純利益12,34217,75517,17412,43818,32816,38612,77910,6358,8596,6957,7635,069-
親会社株主に帰属する当期純利益65,43238,77660,11451,40885,91250,27144,598-2,02240,51138,79237,26117,658-
前期比172.4%62.6%179.8%193.3%131.3%129.6%74.2%-3.9%47.2%77.2%83.5%-873.3%-
%7.5%4.0%6.7%5.0%8.7%5.3%4.9%-0.2%4.5%4.6%4.3%2.0%-
 
EBITDA430,082430,082430,082430,082525,059525,059525,059525,059473,291473,291473,291379,227364,158
EPS488.9円488.9円488.9円488.4円404.7円388.1円387.6円387.5円291.0円290.9円276.6円276.6円288.5円
BPS2,691.4円2,818.8円2,970.5円2,937.3円3,027.1円2,998.3円3,004.4円3,018.4円3,019.3円3,071.5円3,209.3円3,065.0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)3,400,0003,400,0003,400,0003,400,0003,800,0003,800,0003,800,0003,800,0003,900,0003,900,0003,900,0003,900,000-
対実績比25.6%53.9%80.1%110.5%26.0%50.8%74.7%101.9%23.3%45.0%67.3%89.4%-
営業利益(期初予)240,000240,000240,000240,000340,000340,000340,000340,000330,000330,000330,000330,000-
対実績比35.4%72.0%108.3%155.9%1.5%58.4%75.5%95.4%1.8%35.9%51.6%65.2%-
純利益(期初予)145,000145,000145,000145,000205,000205,000205,000205,000200,000200,000200,000200,000-
対実績比45.1%71.9%113.3%148.8%41.9%66.4%88.2%87.2%20.3%39.7%58.3%67.1%-
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5,330円5,902円6,534円5,730円6,118円6,508円5,567円4,898円5,064円4,587円4,567円2,585円-
企業価値2,303,3652,555,7412,764,5872,448,4572,590,0412,774,1402,411,5632,185,8912,201,9101,984,1211,974,8941,172,727-
時価総額2,351,6912,604,0672,883,0342,528,2822,702,5502,874,8802,563,8672,259,1252,336,1902,116,1452,106,9181,254,342-
純有利子負債-48,326-48,326-118,447-79,825-112,509-100,740-152,304-73,234-134,280-132,024-132,024-81,615-
PER(会予)16.2倍18.0倍16.0倍14.0倍13.2倍14.0倍11.7倍10.3倍11.7倍10.6倍15.0倍9.0倍-
PBR2.0倍2.2倍2.3倍1.9倍2.1倍2.1倍1.9倍1.6倍1.7倍1.5倍1.5倍0.8倍-
PER × PBR32.1倍39.4倍37.1倍27.1倍27.5倍30.1倍21.6倍16.7倍19.6倍15.8倍22.4倍7.6倍-
EV/EBITDA(会予)5.7倍6.3倍6.0倍5.3倍5.3倍5.7倍4.8倍4.4倍4.6倍4.1倍5.7倍3.2倍-
PSR(会予)0.7倍0.8倍0.8倍0.7倍0.7倍0.8倍0.7倍0.6倍0.6倍0.5倍0.6倍0.4倍-
PCFR(会予)7.6倍8.4倍8.4倍7.4倍7.6倍8.1倍6.9倍6.1倍6.7倍6.1倍7.3倍4.1倍-
配当金---74.0円---74.0円---85.0円74.0円
配当利回り0.8%0.7%0.7%0.8%1.2%1.1%1.3%1.5%1.5%1.6%1.6%3.3%-
配当性向---15.2%---19.1%---30.7%-
自己資本配当率2.7%2.6%2.5%2.5%2.4%2.5%2.5%2.5%2.8%2.8%2.6%2.8%-
ROE18.2%17.3%16.5%16.6%13.4%12.9%12.9%12.8%9.6%9.5%8.6%9.0%-
純利益率(再掲)7.5%5.7%6.0%5.7%8.7%7.1%6.4%4.6%4.5%4.5%4.4%3.8%-
総資産回転率1.2回1.1回1.1回1.1回1.2回1.2回1.2回1.1回1.0回1.1回1.0回1.0回-
財務レバレッジ2.7倍2.7倍2.6倍2.6倍2.6倍2.5倍2.3倍2.3倍2.4倍2.3倍2.3倍2.2倍-
実質ROE15.6%15.0%14.4%14.5%11.7%11.9%11.9%11.9%8.9%8.8%8.5%8.9%-
ROIC14.3%14.1%13.5%14.2%13.7%14.9%14.7%14.9%7.4%7.4%6.8%7.0%-
ROA6.8%6.6%6.4%6.5%5.3%5.5%5.5%5.3%4.0%4.1%3.9%4.0%-
β1.241.211.101.151.120.970.991.000.920.950.961.24-
βの決定係数(R2)0.490.490.450.510.470.360.410.390.370.360.340.44-
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.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
流動資産
現金719,906760,285735,926690,418686,645533,831480,031509,717520,283504,357591,288485,808-
売上債権346,308346,308371,218354,518388,973376,596387,929388,456445,700422,390422,390427,358-
棚卸資産338,241338,241327,116360,662352,915332,342361,807389,818351,896336,012336,012355,491-
有価証券329,722305,988296,474256,695235,961206,432176,654189,046117,337119,427104,934118,584-
前払金-------------
繰延税金資産---122,092---------
貸倒引当金-5,735-5,244-5,013-5,252-4,735-4,689-4,341-5,120-2,917-2,728-2,789-2,871-
流動資産1,986,8002,007,6072,007,0021,941,0811,759,8841,623,5231,558,8601,622,3171,530,6941,512,9951,590,0351,539,722-
固定資産
建物・構築物---160,990---185,779---186,544-
機械・運搬具---199,051---252,596---241,974-
土地---280,866---299,977---304,652-
建設仮勘定---106,393---89,585---118,571-
有形固定資産758,576759,218774,153804,265836,341852,541865,555904,276913,041914,110933,590920,144-
のれん---237---135-----
無形固定資産3,0502,8493,1732,5562,4452,3302,2062,2882,0511,7161,8581,604-
投資有価証券374,927453,431501,589543,485570,116570,172606,672635,184649,078617,459680,395662,194-
繰延税金資産---23,471---198,422-----
貸倒引当金-399-395-404-402-401-405-373-379-392-408-405-445-
敷金および保証金-------------
投資その他の資産428,873514,864565,354592,925745,195744,358794,905873,088882,250849,754917,963878,312-
固定資産1,190,5001,276,9311,342,6811,399,7471,583,9821,599,2311,662,6681,779,6531,797,3431,765,5821,853,4111,800,060-
総資産3,177,3003,284,5393,349,6833,340,8283,343,8663,222,7543,221,5283,401,9703,328,0373,278,5783,443,4473,339,783-
 
負債
有利子負債合計671,580671,580641,838656,101577,909585,905381,527406,797375,437372,333372,333404,193-
仕入債務410,130410,130425,751403,641443,916393,677420,655365,303327,373271,333271,333257,996-
前受金-------------
未払法人税等20,23234,94729,20140,59837,85554,66329,55234,66127,25036,32135,96022,310-
繰延税金負債(固定)---1,175---2,895-----
負債1,705,4521,756,9871,732,1201,745,6011,698,4201,547,0261,528,9251,686,0551,611,7521,556,3471,567,7861,546,126-
 
純資産
資本金138,014138,064138,064138,064138,064138,161138,161138,161138,161138,202138,202138,202-
資本剰余金144,035143,868143,868143,868143,868143,965143,965143,965143,965144,006147,901146,490-
利益剰余金1,112,0671,150,8431,197,7441,247,2421,313,6831,292,0691,316,9871,314,5871,337,2231,376,8191,397,0071,414,665-
自己株式-191,051-191,052-191,052-189,126-189,096-116,980-114,343-113,963-113,972-113,973-21,773-21,775-
非支配株主持分284,221283,650306,751297,564308,103294,756306,751323,309323,331305,116317,963305,990-
純資産1,471,8471,527,5521,617,5631,595,2271,645,4461,675,7281,692,6031,715,9141,716,2851,722,2311,875,6601,793,657-
キャッシュフロー(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100,936186,881285,506384,033133,940233,018306,943298,39072,606139,335194,799246,027-
減価償却費40,22174,319114,440150,87732,68664,155106,273148,92639,06778,397118,819164,158-
のれん償却額-------------
減損損失-2,516069-6090905-56500-
受取利息及び受取配当金-12,033-15,983-26,824-35,633-12,732-27,354-43,018-54,894-11,197-21,666-26,001-28,776-
売上債権の増減額6,317-17,0821,739-41,9409,646-1,128-3,429-60,05321,07715,48946,1781,109-
棚卸資産の増減額3014,876-16,577-23,44916,773-9,856-46,435-7,431-3,2442,291-10,710-29,177-
仕入債務の増減額-21,263-13,120-42,9555,710-45,696-17,229-66,458-107,695-46,720-57,981-48,269-51,727-
営業CF63,044225,964261,225445,171106,070224,110240,093383,43755,389106,672178,747171,533-
投資CF
有価証券の取得-77,473-318,105-587,877-729,488-144,800-324,338-574,243-819,455-217,313-400,548-563,148-770,961-
有価証券の売却・償還92,323328,889597,974775,840113,790265,428503,066730,247251,797421,843599,263698,776-
固定資産の購入-48,009-86,560-132,315-205,854-66,327-130,568-187,821-251,507-67,226-128,663-190,899-245,825-
固定資産の売却000000000000-
貸付け-------------
貸付金の回収-------------
投資CF-44,588-134,663-191,312-341,585-113,214-160,256-207,962-250,848-75,479-99,088-186,348-296,989-
財務CF
短期借入金の純増減額29,298-1,5896,7071,443-482-7,46912,289-125-2,046-11,303-41736,358-
長期借入れ17,00031,50044,50057,00018,16434,19667,90778,77918,70435,01355,45172,741-
長期借入金の返済-10,525-24,511-35,880-120,874-12,213-54,801-67,732-95,001-13,383-27,537-45,297-70,395-
社債の発行-------------
社債の償還---10-6,070-100--------
自己株式の取得0-1-4-6-1-3-6-70-1-2-4-
自己株式の売却----------96,096--
配当金の支払-11,915-11,910-25,152-25,146-19,442-19,431-36,478-36,340-17,075-17,068-34,144-34,139-
財務CF23,751-27,900-31,232-113,922-14,316-242,512-225,743-256,110-14,002-41,00951,57180,708-
換算差額2,4165,0205,103-2,848-8541,364-3,224-4,228-3,884-7,7041,811-7,956-
その他
17.Q117.Q217.Q317.Q418.Q118.Q218.Q318.Q419.Q119.Q219.Q319.Q420.Q4E
設備投資額---213,376---268,945---236,450-
研究開発費-65,371-139,390-71,803-158,086-71,878-148,080-
発行済株式総数441,217,737株441,235,639株441,235,940株441,737,425株441,745,578株460,547,418株461,234,086株461,333,010株461,316,806株461,335,301株485,332,785株485,332,465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---65,179人---67,721人---68,499人-
売上/従業員(千円)50,31750,31750,31750,31757,64557,64557,64557,64557,16857,16857,16850,927-
営利/従業員(千円)4,2344,2344,2344,2345,7415,7415,7415,7414,7904,7904,7903,140-