SUMCO: 期待値先行で株価は割高、UWへダウングレード

Research evidence excerpt

SUMCO: 期待値先行で株価は割高、UWへダウングレード

IdeaM図表15: SUMCO (3436) 連結業績モデル (百万円)

F17/12 F18/12 F19/12 F20/12 F21/12 F22/12 F23/12 F24/12 F25/12 F26/12e F27/12e F28/12e

売上高 260,627 325,059 299,460 291,333 335,674 441,083 425,941 396,619 409,670 439,000 464,000 489,000

売上原価 192,512 210,960 221,311 226,161 255,555 297,728 317,690 323,893 355,168 396,000 380,000 378,000

売上総利益 68,114 114,098 78,148 65,171 80,119 143,354 108,251 72,726 54,502 43,000 84,000 111,000

販管費 26,028 28,932 27,512 27,274 28,576 33,671 35,170 35,801 53,160 59,000 63,000 67,000

営業利益 42,085 85,165 50,636 37,897 51,543 109,683 73,080 36,924 1,342 -16,000 21,000 44,000

受取利息･配当金 280 667 716 349 162 942 2,112 2,261 1,693 2,000 2,400 2,400

支払利息・割引料 2,109 1,435 1,064 967 857 816 1,139 2,619 2,709 2,800 2,000 1,600

持分法損益 0 0 0 0 0 0 0 407 459 0 0 0

その他営業外損益 -3,547 -1,330 -1,978 -1,629 259 1,530 -1,426 484 -4,671 -8,200 -2,400 -1,800

経常利益 36,709 83,068 48,310 35,650 51,107 111,339 72,627 37,457 -3,886 -25,000 19,000 43,000

特別損益 0 -10,865 918 0 0 0 20,084 -5,815 0 0 0 0

税引前利益 36,709 72,202 49,228 35,650 51,107 111,339 92,711 31,642 -3,886 -25,000 19,000 43,000

法人税等 4,489 1,695 11,284 7,005 6,684 29,519 20,346 8,366 6,181 2,200 5,800 12,800

税率（%) 12 2 23 20 13 27 22 26 - - 31 30

少数株主持分 5,203 11,925 4,831 3,139 3,302 11,613 8,480 3,398 1,683 -200 200 200

当期利益 27,016 58,580 33,112 25,505 41,120 70,205 63,884 19,877 -11,751 -27,000 13,000 30,000

EPS (円) 92.1 199.7 112.9 87.5 135.9 200.5 182.6 56.8 -33.6 -77.2 37.2 85.8

CFPS (円) 177.5 300.4 257.5 247.9 310.3 371.4 387.2 282.7 297.2 328.8 366.0 391.7

DPS (円) 28.00 62.00 35.00 27.00 41.00 81.00 55.00 21.00 20.00 20.00 20.00 30.00

EBITDA 67,112 114,700 93,032 84,667 104,332 169,529 144,662 115,910 117,034 126,000 136,000 151,000