Financials HORIBA, Ltd.

Equities

6856

JP3853000002

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-07-16 am EDT			5-day change	1st Jan Change
13,190 ^JPY	-0.23%		-1.53%	+19.58%

Jul. 01	Jefferies Upgrades Horiba to Buy From Hold; Adjusts Price Target to 16,000 Yen From 15,000 Yen	MT
Jul. 01	Jefferies Upgrades Horiba to Buy From Hold; Price Target is 16,000 Yen	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	309,152	255,294	285,254	241,976	466,235	554,384	-	-
Enterprise Value (EV) ¹	280,800	215,858	228,403	167,827	391,854	466,709	449,855	421,843
P/E ratio	20 x	19.4 x	13.4 x	7.1 x	11.6 x	14.7 x	13 x	12.5 x
Yield	1.77%	1.49%	2.22%	4.28%	2.63%	2.06%	2.29%	2.35%
Capitalization / Revenue	1.54 x	1.36 x	1.27 x	0.9 x	1.6 x	1.75 x	1.65 x	1.6 x
EV / Revenue	1.4 x	1.15 x	1.02 x	0.62 x	1.35 x	1.47 x	1.34 x	1.22 x
EV / EBITDA	9.55 x	7.45 x	5.42 x	2.96 x	6.6 x	7.03 x	6.07 x	5.44 x
EV / FCF	20.3 x	12.6 x	11.1 x	7.23 x	42 x	34.2 x	14.8 x	10.6 x
FCF Yield	4.92%	7.92%	9.02%	13.8%	2.38%	2.92%	6.74%	9.45%
Price to Book	1.81 x	1.43 x	1.4 x	1.01 x	1.65 x	1.82 x	1.66 x	1.51 x
Nbr of stocks (in thousands)	42,176	42,197	42,197	42,230	42,270	41,935	-	-
Reference price ²	7,330	6,050	6,760	5,730	11,030	13,220	13,220	13,220
Announcement Date	2/14/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	200,241	187,080	224,314	270,133	290,558	317,284	336,237	347,033
EBITDA ¹	29,401	28,990	42,109	56,754	59,393	66,366	74,132	77,524
EBIT ¹	20,916	19,694	32,046	45,843	47,296	52,547	59,252	61,359
Operating Margin	10.45%	10.53%	14.29%	16.97%	16.28%	16.56%	17.62%	17.68%
Earnings before Tax (EBT) ¹	20,734	18,821	30,204	47,272	53,703	53,469	60,102	62,370
Net income ¹	15,481	13,188	21,311	34,072	40,302	38,026	42,789	44,433
Net margin	7.73%	7.05%	9.5%	12.61%	13.87%	11.98%	12.73%	12.8%
EPS ²	367.1	312.6	505.0	807.1	953.7	901.5	1,016	1,057
Free Cash Flow ¹	13,804	17,088	20,606	23,221	9,337	13,642	30,314	39,858
FCF margin	6.89%	9.13%	9.19%	8.6%	3.21%	4.3%	9.02%	11.49%
FCF Conversion (EBITDA)	46.95%	58.94%	48.93%	40.92%	15.72%	20.56%	40.89%	51.41%
FCF Conversion (Net income)	89.17%	129.57%	96.69%	68.15%	23.17%	35.87%	70.84%	89.7%
Dividend per Share ²	130.0	90.00	150.0	245.0	290.0	271.8	302.4	310.3
Announcement Date	2/14/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	84,975	102,105	101,317	70,357	122,997	55,510	59,455	114,965	70,156	85,012	155,168	65,854	65,251	131,105	69,574	89,879	159,453	70,252	72,610	143,332	78,820	98,230	173,868
EBITDA	-	-	-	14,912	-	11,211	10,332	-	15,424	20,113	-	13,385	10,451	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,676	13,018	13,069	12,187	-	8,605	7,655	16,260	12,311	17,272	29,583	10,450	7,388	17,838	10,661	18,797	29,458	10,009	10,177	19,584	13,343	19,661	31,941
Operating Margin	7.86%	12.75%	12.9%	17.32%	-	15.5%	12.88%	14.14%	17.55%	20.32%	19.07%	15.87%	11.32%	13.61%	15.32%	20.91%	18.47%	14.25%	14.02%	13.66%	16.93%	20.01%	18.37%
Earnings before Tax (EBT)	7,319	-	13,012	10,377	-	8,730	8,066	16,796	13,122	17,354	-	16,377	8,007	24,384	11,181	-	-	10,160	-	-	-	-	-
Net income ¹	4,860	8,328	8,744	7,590	-	5,721	5,519	11,240	9,462	13,370	22,832	13,556	5,450	19,006	7,966	13,330	21,296	7,029	7,200	14,229	-	-	21,671
Net margin	5.72%	8.16%	8.63%	10.79%	-	10.31%	9.28%	9.78%	13.49%	15.73%	14.71%	20.58%	8.35%	14.5%	11.45%	14.83%	13.36%	10.01%	9.92%	9.93%	-	-	12.46%
EPS ²	115.2	197.4	207.2	179.9	-	135.6	130.7	266.3	224.1	316.7	540.8	321.0	128.9	449.9	188.4	315.4	503.8	166.6	449.9	336.9	-	-	513.2
Dividend per Share	30.00	-	50.00	100.0	-	-	65.00	65.00	-	180.0	-	-	80.00	80.00	-	-	210.0	-	-	-	-	-	-
Announcement Date	8/11/20	2/15/21	8/10/21	2/14/22	2/14/22	5/13/22	8/12/22	8/12/22	11/11/22	2/14/23	2/14/23	5/12/23	8/9/23	8/9/23	11/13/23	2/14/24	2/14/24	5/14/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	28,352	39,436	56,851	74,149	74,381	87,675	104,529	132,540
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,804	17,088	20,606	23,221	9,337	13,642	30,314	39,859
ROE (net income / shareholders' equity)	9.3%	7.6%	11.2%	15.4%	15.4%	13.1%	14%	13%
ROA (Net income/ Total Assets)	6.92%	6.03%	9.16%	11.9%	11.1%	9.5%	10.1%	10.2%
Assets ¹	223,813	218,633	232,697	286,597	361,571	400,276	423,654	435,619
Book Value Per Share ²	4,053	4,217	4,827	5,685	6,695	7,247	7,985	8,746
Cash Flow per Share ²	568.0	533.0	744.0	1,065	1,240	1,241	1,409	1,581
Capex ¹	12,834	15,165	12,195	12,565	9,122	22,633	18,689	16,407
Capex / Sales	6.41%	8.11%	5.44%	4.65%	3.14%	7.13%	5.56%	4.73%
Announcement Date	2/14/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for HORIBA, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13,220 JPY

Average target price

16,314 JPY

Spread / Average Target

+23.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Testing & Measuring Equipment