Company Valuation: HORIBA, Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 285,254 241,976 466,235 383,949 670,256 1,027,217 - -
Change - -15.17% 92.68% -17.65% 74.57% 53.26% - -
Enterprise Value (EV) 1 228,403 167,827 391,854 302,019 572,172 926,647 924,717 901,110
Change - -26.52% 133.49% -22.93% 89.45% 61.95% -0.21% -2.55%
P/E 13.4x 7.1x 11.6x 11.4x 18.1x 19.6x 16.1x 14.4x
PBR 1.4x 1.01x 1.65x 1.22x 1.93x 2.7x 2.48x 2.24x
PEG - 0.1x 0.6x -0.7x 1.7x 0.5x 0.7x 1.2x
Capitalization / Revenue 1.27x 0.9x 1.6x 1.21x 2.01x 2.64x 2.36x 2.19x
EV / Revenue 1.02x 0.62x 1.35x 0.95x 1.72x 2.38x 2.13x 1.92x
EV / EBITDA 5.42x 2.96x 6.6x 4.95x 8.64x 10.5x 8.73x 7.66x
EV / EBIT 7.13x 3.66x 8.29x 6.25x 10.8x 12.6x 10.3x 8.67x
EV / FCF 11.1x 7.23x 42x 14.4x 21.2x 36.3x 31.3x 14.6x
FCF Yield 9.02% 13.8% 2.38% 6.93% 4.71% 2.75% 3.2% 6.83%
Dividend per Share 2 150 245 290 270 450 762 618.3 690
Rate of return 2.22% 4.28% 2.63% 2.95% 2.82% 3.12% 2.53% 2.82%
EPS 2 505 807.1 953.7 799.4 883.5 1,246 1,516 1,694
Distribution rate 29.7% 30.4% 30.4% 33.8% 50.9% 61.2% 40.8% 40.7%
Net sales 1 224,314 270,133 290,558 317,369 333,081 389,484 435,146 469,790
EBITDA 1 42,109 56,754 59,393 60,993 66,220 88,467 105,954 117,624
EBIT 1 32,046 45,843 47,296 48,340 53,040 73,810 90,059 103,979
Net income 1 21,311 34,072 40,302 33,591 37,090 52,363 63,713 71,221
Net Debt 1 -56,851 -74,149 -74,381 -81,930 -98,084 -100,570 -102,499 -126,107
Reference price 2 6,760.00 5,730.00 11,030.00 9,152.00 15,960.00 24,445.00 24,445.00 24,445.00
Nbr of stocks (in thousands) 42,197 42,230 42,270 41,952 41,996 42,022 - -
Announcement Date 14/02/22 14/02/23 14/02/24 13/02/25 12/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.5x2.36x10.4x3.14% 6.47B
31.02x5.4x19.55x0.83% 122B
34.67x5.45x20.65x1.55% 96.9B
42.25x8.56x25.06x-.--% 61.4B
26.92x3.08x17.81x0.77% 58.81B
39.58x6.16x27.17x1.96% 57.33B
26.77x4.92x17.21x2.25% 34.98B
30.18x4.03x15.22x0.11% 29.67B
20.39x1.74x12.55x2.3% 29.67B
20.22x3.48x11.13x1.51% 28.14B
Average 29.15x 4.52x 17.68x 1.44% 52.58B
Weighted average by Cap. 31.83x 5.15x 19.68x 1.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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