アズビル株式会社（6845）
Contents
1.2. SR Inc
3. 5 0 1 150 10 11 49 118 7 7 7
4. Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2014 3 9 2 2 524 3 5 2013 1 Telster
5. Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2020 2019
6. LA LA LA 2010 3 AA AA
7. Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 AA 908 2 6 3 6 39 6 6 8 8 AA
8. 2 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 05 3 06 3 07 3 08 3
9. BA AA AA BA Weaknesses BA BA AA BA 9
10. AA 448 5 1 5 6 20 1 60 9 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 6
11. LSE 2015 3 2 8 1 1 487 6 8 LA BA AA BA
12. 15 25 Ts 2009
13. 2014 3 3
14. 2015 3 1 17 8 860 7 7 BA AA BA 76 5 1 510 6 3
15. BA AA BA AA Shared Wesearch http www sh
16. 2017 3 BA 1 200 2013 3 12 125 24 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4
17. 2014 3 157 LA 30 2013 1
18. 1 LA 247 6 6 2 19 8 4 1 3 6 LSE LA 149 LSE LSE LSE
19. LA Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 14 3 15 3 111 286 137 130 248 416 115 699 139 301 255 000 73 870 87 997 161 867 76 208 37 416 49 133 86 549 39 491 33 6 35 8 34 8 34 1 17 281 55 364 72 645 35 901 15 5 40 4 29 2 31 0 2 457 11 446 13 903 3 590 11 410 15 000 2 2 8 3 5 6 3 1 8 2 5 9 2 761 11 838 14 599 4 480
20. B A LA 356 9 3 1 3 17 2 2 8 3 2 LP Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4
21. SR 05 3 38 319 66 576 16 454 11 421 398 132 372 15 074 663 833 1 496 14 474 759 4 161 4 246 23 640 40 213 172 586 30 594 4 240 23 244 58 078 1 589 12 560 14 149 72 227 96 293 10 522 12 647 73 130 6 510 3 556 100 359 52 436 5 829 32 490 06 3 28 380 2 499 79 508 21 246 14 761 429 145 965 31 023 1 187 4 963 832 6 982 23 575 860 964 8 511 33 910 71 916 217 882 38 688 13 956 27 258 79 902 7913 18 525 26 438 106 341 103 634 10 522 12 647 80 471 6 682 7 225 111 541 62 066 21 869 6 511 07 3 24 075 5 992 89 183 24 702 16 124 356 159 720 30 677 1 364 4233 577 6 174 24 368 678 244 8 816 34 106 70 958 230 679 42 200 14 277 30 490 86 967 6 572 18 172 24 744 111 712 110 185 10 522 12 647 87025 10 1 086 7 695 118 966 71 685 20 849 3 226 08 3 32 347 13 390 85 526 23 431 15 282 394 169 582 29 345 1 001 3 023 828 4 852 16 597 740 658 7068 25 063 59 261 228 843 42 130 14 4
22. 18 AA
23. LNG
24. 3 3 2012 11
25. 2014 3 BA 4496 AA 36 LA 20 769 BA BA 10 20 0 BA AA LA 17 5 15 0 12 5 1 10 O 7 5 O O 5 4 7 5 0 O O EE ee O 7 0 5 O 3 0 O 2 0 1 O 4 O 7 2 5 O5 O6 O 7 O8 O9 10 11 12 13 14 3 3 3 3 3 3 3 3 3 3
26. savemation save automation 50 24 15 azbi l 3 100 azbil azbil
27. LAA 668 3 1 4 8 29 4 4 99 09
28. AA BA BA 6 4 HA
29. MG SBS KLab J
30. 2015 3 2015 3 2014 3 B A 1 096 5 0 106 11 49 9 7 A A 908 3 5 40 18 5 4 4 L A 496 3 2 7 1 4 139 7 9 Sh aredd esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 274 3
31. 2010 3 2009 3 2017 3 LA 560 65 15 2013 3 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2
32. 1990 1998 100 2006 azbil automation zone builder 2008 azbi 2012 1906 1952 1953 1961 1966 1969 1974 1978 1990 1998 1998 2002 2003 2005 2006 2008 2009 2012 2012 2012 2013
33. BA AA LSE 2015 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4
34. LNG 1 6841 2 1 6645 1 6861 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 LA EE 2096
35. Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved AA 2017 3 1 050 80 LA 2017 3 560 15 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4
36. 2013 1 Telstar S A LA 10 Shared Wesearch http www
37. 76 4 0 1 156 9 9 3 LA BA AA 46 1 35 9 62 2 44 8 112 6 21 7 2
38. AA 36 29 2014 3 AA 10 3 11 3 12 3 13 3 14 3 69 43 82 986 89 851 86 663 93 105 24 6 19 0 8 396 590 7 4 76 938 80 975 88 873 87 676 90 826 17 89 0 5 290 9 8 1 39 3 6 552 3 233 4 158 3 646 3 966 88 9 485 7 28 6 12 390 8 8 0 7 4 0 4 7 4 29 4 49 RE RN RS 4 iP a MFP PP RR en RN 33 3 37 9 38 1 37 3 36 6 36 0 36 7 39 4 38 3 36 3 4 59 21 7 29 0 27 2 28 5 40 8 41 0 41 0 36 6 36 0 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 AA
39. LSE 6 LSE LA Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 3 29 480 50 15 7 2 LSE
40. LA 495 9 7 45 9 6 7 1 3 9 9
41. 2012 4 1955 1979 4 1996 1998 2000 2010 2012 6 2014 3 9 712 BA 2 930 AA 3 495 LA 2 329 958 a Sh ared Wesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved g 6845 Shared Research Report 2015 2 4 Azbil Corporation 100 6419
42. 6845 Shared Research Report 2015 2 4 BA AA LA 3 69 7
43. 3 08 3 02 3 00 2 99 2 33 azbi 2 06 SR ROE DOE
44. AA 3 BA LA AA SW Strengths Weaknesses Shared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 05 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 15 3 180 762 188 320 234 572 248 550 236 173 212 213 219216 223 499 227 584 248 416 255 000 6 4 4 2 24 6 6 0 5 0 10 1 3 3 2 0 1 8 9 2 2 7 67 754 72 769 84779 89 946 86 654 76 419 79713 80 840 77 871 86 549 4 0 7 4 16 5 6 1 3 7 11 8 4 3 1 4 3 7 11 1 37 5 38 6 36 1 36 2 36 7 36 0 36 4 36 2 34 2 34 8 9352 13 514 17 313 20 484 17 832 12384 14896 14348
45. LNG 2017 3 AA 1 050 20 80 2 2
46. 15 3 4 15 2 3 152 410 15 9 9 1 12 7 2 9 4 2 2 4 19 69 19 6 BA 197 5 4 3 4 8 2 2 6 5 2 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845
47. AA LA 117 1 8 6 9 7 8 8 5 8 7 LP
48. LA BA AA 9 2 2 484 1 6 LA 3 LA Telster LSE LA 18 6 10 1 139 3 3 7 145
49. 6 3 5 940 10 18 5 47 1
50. 40 10 159 409 309 20 1096 2 2 3 1 6752
51. 2013 5 2013 3 10 2022 3 2014 3 2017 3 4 2 3 3 shared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 6845 Shared Research Report 2015 2 4 2017 3 2 800 2013 3
52. 2018 2017 2018 i iil4 mE
53. gt o 9 CSR 2017 3 BA 1 200 2013 3 12 125 24 AA 1 050 20 80 2 2 LA 560 65 15 2013 3 3 2017 3 Wii BA 2017 3 1 200 125
54. 2010 3 10 23 0 50 0 50 0 60 0 62 0 62 0 63 0 63 0 63 0 63 0 45 696 3 696 34 6 41 296 48 5 73 496 58 7 54 6 56 0 60 7 DOE 1 7 3 5 32 3 7 3 796 3 6 3 6 3 5 3 4 3 3 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 1946 1970 4 1988 1994 1996 2000 2004 6
55. SR Inc SR Inc 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp Shared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
56. 12 7 17 5 8 2 2 4 15 5 7 7 6 9 10 4 10 6 2 1 8 300 11 300 15 500 19 600 20 800 11 300 15 700 13 000 14 800 13 500 9 495 13 938 17 857 20 404 17 169 12 646 14 891 14 596 14 569 14 599 14 4 23 3 15 2 4 1 17 5 11 9 5 2 12 3 1 6 8 1 2 000 7 600 9 000 12 000 12 200 6 000 9 500 7 300 9 000 8 000 3 709 9 795 10 646 10 709 9 524 6 242 7 928 8 518 8 308 7 669 85 5 25 6 18 3 10 8 21 9 4 0 16 5 16 7 7 7 4 1 SR Shared eseaTCh http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 JOY 8
57. 11 51 11 748 10 328 10 152 10 593 11 9 2 0 12 1 1 7 4 39 11 9 11 59 9 99 9 596 9 796 Se 1 3 4 296 44 4 48 1 45 59 42 7 45 296 46 296 46 196 46 996 43 896 93 0 78 9 2 0 75 79 76 29 34 9 34 6 34 2 31 6 30 2 SR BA 70 lt 80 5
58. 596 2014 3 LA 10 3 11 3 12 3 13 3 14 3 35 189 32 792 32 441 40 118 52 628 2 09 6 896 1 1 23 79 31 2 34 721 32 620 32 543 33 994 49 597 390 6 196 0 2 4 596 45 9 352 227 12 399 6 1 1 096 0 790 0 49 1 296 1 496 sme Le 07 94 12 Le 16 896 15 09 13 896 1 296 20 79 16 396 14 896 14 49 14 89 19 896 2 896 1 596 0 9 3 0 4 896 144 14 5 14 49 6 23 1 24 0 SR LA 2013 1 Telster LSE BA AA LA
59. Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 LA 339 9 4 4 5 3 9 9 1 2 7 LA 2
60. SR Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2 4 1 3 2 4 1 2 3 4 12 0 10 20 3Q 40 10 20 3Q 40 10 20 3Q 40 10 20 3Q 40 10 2Q 3Q 4Q 2010 3 2011 3 2012 3 2013 3 2014 3 SR
61. 2 7 3 03 6810 1000 1 1949 8 22 1969 2 HP http www azbil com jp index html 3 IR IR 03 6810 1031 http www azbil com jp ir index html TIR IR azbil ir azbil com Shared Wesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 SR
62. 62 8 86 7 4 72 2 40 3 6 53 4 2013 5 2013 3 10 2022 3 2017 3 2017 3 2 800 2013 3 23 220 64 20 10 SR BA
63. SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
64. azbil azbil TACO TACO VorTek Telstar 5096 Sh ared lesearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2013 2014 R amp D 10 2014 3 31 7 05 6 94 5 78 4 26
65. 3 706 3 502 3 620 3 724 3 649 3 354 3 368 3 414 3 508 3 495 4 909 37 041 36 578 35 923 35 189 32 792 32 441 40 118 52 628 4 554 36 804 36 456 35 922 34 721 32 620 32 543 33 994 49 597 693 523 285 160 352 227 127 399 671 152 14 08 04 10 07 04 12 149 1610 1367 1278 1251 1185 1194 1200 2212 2329 BA 05 3 06 3 07 3 08 3 9 3 10 3 11 3 12 3 13 3 14 3 43 296 43 696 38 796 40 896 42 196 47 296 44 49 48 196 45 596 42 796 45 396 43 296 3 696 40 196 42 2 45 296 46 296 46 196 46 996 43 896 59 496 48 096 48 796 57 4 73 396 93 096 78 99 72 09 75 79 76 296 35 1 29 6 30 2 30 3 31 7 34 9 34 6 34 296 31 696 30 296 48 3 48 696 41 596 41 196 39 69 33 396 3 99 38 196 37 39 36 6 46 296 48 9 42 1 42 0 39 4 36 0 36 79 p 39 4 38 39p 36 39p 50 6 55 696 52 296 43 696 27 996 4 596 21 796 29 0 27 2 28 596 53 1 41 896 44 296 44 896 43 6 40 896 41 096 41 096 36 6 36 096 2 596 15 1 14 6 15 4 16 8 15 0 13 8 17 2 20 7 2 496 15 6 14 5 15 1 16 3 14 8 14 4 14 896 19 89 5 1 3 0 1 49 0 996 2
66. azbil automation zone builder automation zone build Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 BA 4496 7696 2014 3 BA 10 3 11 3 12 3 13 3 14 3 98 915 97 257 113 381 105 26 108 432 0 7 1 79 16 696 6 896 2 696 96 671 102 124 103 895 107 426 109 566 96 5 690 1 796 3 4 2 0
67. 1 955 5 705 6 997 8 517 6 663 4 678 5 517 5 983 5 557 6 900 33 9 36 5 39 2 43 6 40 6 42 1 40 2 40 4 39 4 47 4 103 149 211 313 238 200 280 305 225 21 3 709 9 795 10 646 10 709 9 524 6 242 7 928 8 518 8 308 7 669 14 5 164 1 8 7 0 6 11 1 34 5 27 0 7 4 2 5 7 7 2 1 5 2 4 5 4 3 4 0 2 9 3 6 3 8 3 7 3 1 SR 05 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 179000 188000 230 000 244 000 253 000 217 500 225 000 220 000 230 000 250 000 180 762 188 320 234 572 248 550 236 173 212213 219216 223 499 227584 248416 1 0 0 2 2 0 1 9 6 7 2 4 2 6 1 6 1 1 0 6 8 300 11 500 16 000 20 000 21 100 11 500 16 000 13 000 15 000 14 200 9 352 13 514 17 313 20 484 17 832 12 384 14 896 14 348 13 410 13 903
68. GCA DIC TOKAI
69. AA 2007 3 9 068 2010 3 552 2014 3 3 966 AA shared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 6845 Shared Research Report 2015 274 _ 2013 3 BA LA BA
70. SR http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2015 2 4 2015 3 3 2015 3 3 2014 12 17 2015 3 2 2015 3 2 shared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 14 3 15 3 15 3 1Q rhe 1Q rhe Kie 4Q 48 577 62 709 51 060 64 639 60 867 2 9 8 9 5 1 3 1 4 3 15 758 21 658 16 285 23 206 21 800 32 4 34 5 31 9 35 9 35 8 17 281 17 678 17 820 18 081 18 804
71. 2014 3 20 309 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 10 3 11 3 12 3 13 3 14 3 95 149 88 277 90 311 86 538 98 557 BA 33 204 36 271 36 450 37 365 37 248 AA 30 963 34 024 36 219 30 594 31 317 LA 29 093 17 981 17 416 18 578 29 991 44 8 40 39 6 40 4 38 09 39 79 BA 34 3 35 596 35 1 34 8 34 0 AA 40 296 42 096 40 8 34 9 34 59 LA 83 8 55 19 53 59 54 79 60 5 SR 80 lt 100 1 R amp D 10
72. 7 9 13 8 3 1 2 3 2 1 1 523 3 980 1 534 5 124 2 996 64 6 110 287 88 5 6 3 7 9 4 9 991 3 752 1 500 5 980 4 194 12 4 59 4 84 4 942 1 962 1 272 3 442 1 866 20 5 75 4 15 8 10 20 3Q 4Q 1Q 2Q 3Q 4Q 48 577 111 286 169 642 51 060 115 699 176 566 69 2 255 000 2 9 6 2 8 0 5 1 _ 4 09 4 1 2 7 15 758 37 416 57 424 16 285 39 491 61 291 32 4 33 69 33 9 31 9 34 19 34 7 17 281 34 959 53 377 17 820 35 901 54 705 7 9 10 8 11 9 3 1 27 2 5 1 523 2 457 4 046 1 534 3 590 6 586 43 9 15 000 30 7 24 1 46 1 62 8 7 9 229 2 4 3 1 3 7 5 9 6 2 761 5 035 1 500 4 480 8 674 56 7 15 300 16 5 12 5 62 2 72 2 4 8 2 5 3 0 3 9 4 9 6 0 1 020 2 632 1 272 2 170 4 036 47 5 8 500 31 6 21 7 112 7 53 4 10 8 SR
73. 17 20 20 SW Strengths Weaknesses 32 1 33 35 36 2 37 RI 38 38 39 EE 39 NE 40 40 41 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 274 _ BA AA LA 3 2014 3 BA 4496 AA 369 LA 209
74. 2015 3 3 6 3 2 082 2 4 LA BA AA 4 1 1 765 6 6 L A BA A A 65 8 6 62 8 86 7 4 72 2 4
75. 769 BA BA 2017 3 220 2022 3 300 2015 3 3 4 1 1 765 6 6 LA BA AA L A BA A A 65 8 6
76. 3 11 3 12 3 13 3 14 3 S 640 8 952 8 816 7 824 8 767 212 213 219 216 223 499 227 584 248 416 4 1 4 1 990 490 590 SR 2014 3 69 7 100 100 100 100 809 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 05 3 06 3 07 3 08 3 9 3 10 3 11 3 12 3 13 3 14 3 176 706 195 295 242 317 248 599 231 759 207 986 217 394 233 921 231 143 252 435 180 762 188 320 2
77. 9 9 0 2 76 6 9 7 7 BA 1 095 6 6 2 096 105 9 3 4 3 BA
78. AA 2 311 4 3 1 29 AA BA LA 2 275 8 4 1 8 BA AA 134 1 6 5 145 6 9 0 2 83 8 2 5 BA 1 074 2 6 3 49 101 5 2
79. LA AA BA 2 550 2 600 150 155 153 150 85 85 LSE L A BA AA Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 BA 466 9 9 3 6 24 8 60 2
80. 09 3 10 3 11 3 12 3 13 3 180 762 188 320 234 572 248550 236 173 212 213 219 216 223 499 227 584 248 416 6 4 4 2 24 6 6 0 5 0 10 1 3 3 2 0 1 8 9 2 113 008 115 551 149 793 158 604 149 519 135 794 139 503 142 659 149 713 161 867 67 754 72 769 84 779 89 946 86 654 76 419 79 713 80 840 77 871 86 549 37 5 38 6 36 1 36 2 36 7 36 0 36 4 36 2 34 2 34 8 56 402 59 255 67 466 69 462 68 822 64 035 64 617 66 492 64 461 72 646 32 3 31 5 28 8 27 9 29 1 30 2 29 6 29 8 28 3 29 2 9 352 13 514 17 313 20 484 17 832 12 384 14 896 14 348 13 410 13 903 37 1 44 5 28 1 18 3 12 9 30 6 20 3 3 7 6 5 3 7 5 2 7 2 7 4 8 2 7 6 5 8 6 8 6 4 5 9 5 6 475 623 1 109 927 960 1 058 990 804 1 723 1 314 332 199 565 1 007 1 623 796 995 556 564 618 9 495 13 938 17 857 20 404 17 169 12 646 14 891 14596 14 569 14 599 38 9 46 8 28 1 14 3 15 9 20 3 17 8 2 0 0 2 0 2 5 3 7 4 7 6 8 2 7 3 6 0 6 8 6 5 6 4 5 9 105 3 262 629 3 110 235 2 248 771 636 559 3 832 1 550 631 3 973 978 1 527 1 414 560 1 113 609
81. Shared owa SR Research Report 2015 2 4 6845 sr_inquiries sharedresearch jp azbil 6845 Shared Research Report 2015 2 4 3 DR 4 1 5 5 6 6 4 15
82. 172 586 217 882 230 679 228 843 220 845 218 471 217 501 223 476 243 418 253 448 30 594 38 688 42200 42130 35977 33 984 33946 37185 40548 41 456 4240 13956 1427 14442 14 673 14441 5 685 5543 13 388 15 430 58 078 79 902 86 967 87 063 78 739 73 954 65 493 69 290 82 828 87 356 1 589 7 913 6 572 4 527 2 239 748 6 161 4 686 4 531 2 255 14149 26 438 24 744 200059 17122 15239 20646 19 109 19 393 21 112 72 227 106 340 111 712 107 122 95 862 89 193 86 139 88 399 102 221 108 469 100 359 111 541 118 966 121721 124 983 129 277 131 361 135 076 141 197 144 978 5829 21869 20849 18969 16912 15199 11846 10229 17919 17685 8 502 6 386 523 21086 21371 15 713 15 223 5633 15 010 15 835 3706 7404 2475 611 16606 19600 225 3549 12716 10669 2921 3328 6347 6432 8574 6757 8001 6393 2486 6939 ROA 2 2 5 0 4 7 4 7 4 2 2 8 3 6 3 9 3 6 3 1 ROE 3 8 9 3 9 3 9 0 7 8 5 0 6 2 6 5 6 1 5 4 58 2 51 2 51 6 53 2 56 6 59 2 60 4 60 4 58 0 57 2
83. 4 LA LA LA 600 2005 2008 6 2015 3 LP
84. Shared Research Report 2015 2 4 BA AA 198 6 7 6 3 6 3 2 9
85. sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 2010 3 2014 3 201 3 1 Telstar LA LSE 2014 3 18 69 10 19 2017 3 2017 3 20 2013 3 10
86. 0 3 6 sSh afed 6 esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 53 4 BA 750 1 4 6 4 53 5 1 58 19
87. 1 7 DE RD EE 1 AA 876 7 6 1 3 36 4 6 12 3 Hi
88. 10 820 15 300 2 5 8 6 5 9 3 9 7 8 6 0 1 020 6 649 7 669 2 170 6 330 8 500 0 9 4 8 3 1 1 9 4 5 3 3 SR 2015 3 2015 3 2 2014 10 30 2015 3 2 7 2 550 2 600 7 9 150 155 4 8 153 150 10 8 85 85 3 BA AA LSE LA
89. 11 16 606 1 960 2 275 3 549 12716 10 669 FCF 1 2 44796 1 018 5 048 20 475 4 765 17 673 12 948 2 084 2 294 5 166 2 921 3 328 6 347 6 432 8 574 6 757 8 001 6 393 2 486 6 939 A 2 291 2 351 4 579 5 037 5 756 6 242 5 788 5 300 4 979 5 593 B 1 876 3 763 5 703 5 008 6 998 3 195 3 206 2 716 3 294 4 741 C 1 377 9 630 9 619 4 858 6 724 3 002 1 213 8 607 333 136 FCF NI A B C 2 747 1 247 97 15 596 15 006 12 291 11 723 2 495 9 660 8 385 SR Shared eseaTCh http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 1906
90. 13 410 13 903 15 000 37 1 44 5 28 1 18 3 12 9 30 6 20 3 3 7 0 5 3 7 7 9 5 2 7 2 7 4 8 2 7 6 5 8 6 8 6 4 5 9 5 6 5 9 9495 13938 17 857 20404 17 169 12 646 14891 14596 14569 14599 15 300 38 9 46 8 28 1 14 3 15 9 26 3 17 8 2 0 0 2 0 2 4 8 5 3 7 4 7 6 8 2 7 3 6 0 6 8 6 5 6 4 5 9 6 0 3 709 9 795 10646 10 709 9524 6 242 7 928 8 518 8 308 7 669 8 500 14 5 164 1 8 7 0 6 11 1 34 5 27 0 7 4 2 5 7 7 10 6 2 1 5 2 4 5 4 3 4 0 2 9 3 6 3 8 3 7 3 1 3 3 73 576 28576 506 73 576 75116 75116 75116 75116 75116 75 116 EPS 49 88 132 52 144 71 145 63 127 87 84 52 _ 107 35 115 35 112 50 103 85 115 09 DPS 23 00 50 00 50 00 60 00 62 00 62 00 63 00 63 00 63 00 63 00 63 00 BPS 1356 7 1506 4 1 602 1642 1672 91 1 728 64 1 754 86 1806 46 1882 66 1940 56 38 319 30879 30067 45737 52458 56962 61466 57461 61662 67339 132 372 145 965 159 720 169 582 160 956 160 245 164 385 172 986 181 714 189 377 15074 31023 30677 29345 29836 27448 25744 24146 24 677 24501 23640 33910 341060 25063 21785 23642 21616 21937 24401 26618 1 496 6 982 6 174 4 852 8 267 7134 5 787 4405 12625 12950
91. 23 220 64 20 10 2022 3 3 000 2013 3 32 300 2 2 ROE10 4 2016 2 800 220 v ir o J o 9 9 9 o
92. 34 572 248 550 236 173 212 213 219 216 223 499 227 584 248 416 67 754 72 769 84 779 89 946 86 654 76 419 79 713 80 840 77 871 86 549 37 59p 38 696 36 1 36 2 36 796 36 096 36 496 36 296 34 296 34 896 32 39 31 596 28 896 27 9 29 196 30 296 29 69 29 896 28 396 29 296 9 352 13 514 17 313 20 484 17 832 12 384 14 896 14 348 13 410 13 903 5 2 7 2 7 4 8 296 7 696 5 896 6 896 6 496 5 9 5 6 3 709 9 795 10 646 10 709 9 524 6 242 7 928 8 518 8 308 7 669 BA 05 3 06 3 07 3 08 3 09 3 8 10 3 11 3 12 3 13 3 77 138 85 980 94 675 102 148 98 251 98 915 97 257 113 381 105 726 108 432 82 598 82 168 88 977 100 517 100 367 96 671 102 124 103 895 107 426 109 566 5 536 6 461 8 459 11 751 13 072 11 517 11 748 10 328 10 152 10 593 6 7 79 95 117 130 119 115 99 95 9 7 2 450 2 477 2 473 2 522 2 654 2 866 2 840 2 852 3 025 2 930 rm 86 230 95 735 101 623 102 912 92 483 69 743 82 986 89 851 86 663 93 105 84 316 92 986 99 749 105 445 93 630 76 938 80 975 88 873 87 676 90 826 4 723 7 483 9 068 8 925 4 965 552 3 233 4 158 3 646 3 966 56 806 91 85 53 07 40 47 42 449
93. 42 30 491 87 063 4 527 15 532 20 059 107 122 116 190 10 522 12 647 93 688 667 1 354 4 177 121 721 66 827 18 969 13 378 http www sharedresearch jp 09 3 37 866 14 592 74 842 21 238 12 719 301 160 956 29 836 952 6 367 948 8 267 11 706 578 2 533 6 968 21 785 59 889 220 845 35 977 14 673 28 089 78 739 2 239 14 883 17 122 95 862 123 771 10 522 17 197 98 691 2 640 1 429 217 124 983 60 103 16 912 20 954 10 3 11 3 45 067 11 895 74 651 16 434 12 511 313 160 245 27 448 856 5 369 909 7 134 15 213 306 1 110 7013 23 642 58 226 218 471 33 984 14 441 25 529 73 954 748 14 491 15 239 89 193 125 441 10 522 17 197 100 362 2 641 1 607 2 229 129 277 57 101 15 189 29 878 48 566 12 900 76 049 13 785 13 442 357 164 385 25 744 866 3 878 1 043 5 787 12 528 241 1 585 7 262 21 616 53 115 217 501 33 946 5 685 25 862 65 493 6 161 14 485 20 646 86 139 128 754 10 522 17 197 103 677 2 643 1 754 853 131 361 55 888 11 846 36 720 Shared Research Report 2015 2 4 12 3 45 061 12 400 85 546 16 134 14 140 295 172 986 24 146 721 2 604 1080 4405 12 872 247 1 638
94. 7 180 21 937 50 489 223 476 37 185 5 543 26 562 69 290 4686 14 423 19 109 88 399 132 615 10 522 17 197 107 538 2 643 1 509 952 135 076 64 495 10 229 34 832 Copyright C Shared Research Inc All Rights Reserved 13 3 48 411 13 251 88 874 16 502 15 038 362 181 714 24 677 740 9 662 2 223 12 625 15 304 288 1 801 7008 24 401 61 704 243 418 40 548 13 388 28 892 82 828 4 531 14 862 19 393 102 221 136 217 10 522 17 197 111 141 2 644 2 152 2 828 141 197 64 828 17 919 30 492 52 402 14 937 88 227 18 193 16 112 494 189 377 24 501 787 8 083 4 080 12 950 16 841 125 2 101 7 551 26 618 64 070 253 448 41 456 15 430 30 470 87 356 2 255 18 857 21 112 108 469 139 349 10 522 17 197 114 275 2 646 1 660 3 969 144 978 64 964 17 685 34 717 6845 Shared Research Report 2015 2 4 05 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 CE 1 6 502 6 366 7 523 21 086 21 371 15 713 15 223 5 633 15 010 15 835 2 3 706 7 404 2 475 6
95. 896 1 59 0 9 3 0 4 8 19 2 16 7 15 4 14 9 14 4 14 5 14 4 23 1 24 0 7 896 7 696 6 896 8 396 8 996 10 1 18 6 SR Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 274 SW Strengths Weaknesses SR Strengths BA BA 76 2014 3 Johnson Controls NYSE AA
96. aredresearch jp Copyright C Shared Research Inc All Rights Reserved 6845 Shared Research Report 2015 2 4 10 3 11 3 12 3 13 3 14 3 212 213 219 216 223 499 227 584 248 416 6 8 8 3 8 9 10 1 18 6 14 500 18 100 19 837 22 95S 46 135 7 100 8 600 9 978 11 115 16 066 5 100 6 400 6 690 8 639 11 292 1 000 1 600 1 721 1 589 3 444 900 800 822 895 11 572 400 700 624 715 2 758 SR 40
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