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 1,020,914 - -
Change - -15.17% 92.68% -17.65% 74.57% 52.32% - -
Enterprise Value (EV) 1 228,403 167,827 391,854 302,019 572,172 920,344 918,414 894,807
Change - -26.52% 133.49% -22.93% 89.45% 60.85% -0.21% -2.57%
P/E 13.4x 7.1x 11.6x 11.4x 18.1x 19.5x 16x 14.3x
PBR 1.4x 1.01x 1.65x 1.22x 1.93x 2.68x 2.46x 2.23x
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 2.62x 2.35x 2.17x
EV / Revenue 1.02x 0.62x 1.35x 0.95x 1.72x 2.36x 2.11x 1.9x
EV / EBITDA 5.42x 2.96x 6.6x 4.95x 8.64x 10.4x 8.67x 7.61x
EV / EBIT 7.13x 3.66x 8.29x 6.25x 10.8x 12.5x 10.2x 8.61x
EV / FCF 11.1x 7.23x 42x 14.4x 21.2x 36.1x 31.1x 14.5x
FCF Yield 9.02% 13.8% 2.38% 6.93% 4.71% 2.77% 3.22% 6.88%
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% 3.14% 2.55% 2.84%
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 24,295.00 24,295.00 24,295.00
Nbr of stocks (in thousands) 42,197 42,230 42,270 41,952 41,996 42,022 - -
Announcement Date 2/14/22 A 2/14/23 A 2/14/24 A 2/13/25 A 2/12/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.09x2.31x10.16x3.2% 6.35B
42.15x8.54x25x-.--% 61.24B
501.72x - - - 18.94B
27.4x4.05x14.44x0.39% 17.47B
36.28x8.25x26.83x0.58% 9.88B
172.72x12.81x68.1x-.--% 8.09B
32.85x3.71x18.06x0.29% 7.74B
45.84x5.2x21x - 6.89B
136.71x - - - 6.53B
Average 112.75x 6.41x 26.23x 0.74% 15.91B
Weighted average by Cap. 111.10x 7.29x 25.06x 0.32%

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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