HORIBA, Ltd.

TSE

6856

Stock

Yield per half year: +3.81%
Dividend yield: 3.17%
Sector: Technology

Reporting HORIBA, Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								341.14
Выручка, млрд ¥	210.57	200.24	187.08	224.31	270.13	290.56	317.37	317.37	257.89	11.15
Чистая прибыль, млрд ¥	22.31	15.48	13.19	21.31	34.07	40.3	33.59	33.59	28.49	20.56
EV, млрд ¥	170.55	285.25	219.01	231.88	170.51	396.12	306.66	306.66	264.84	6.96
EBIT, млрд ¥	29.33	20.92	19.69	32.05	45.84	54.43	48.34	48.34	40.07	19.68
EBITDA, млрд ¥	36.57	29.81	29.48	42.99	57.19	67.03	61.4	61.4	51.62	15.81
OIBDA, млрд ¥			35.82	53.22	68.96	74.02	76.15	76.15	61.63	16.28
Баланс стоимость, млрд ¥	161.91	171.6	178.66	204.48	240.83	283.71	314.69	314.69	244.47	11.99
FCF, млрд ¥	9.26	13.7	17.21	22.7	21.88	7.48	22.18	22.18	18.29	5.20
Операционный денежный поток, млрд ¥	19.54	26.64	32.25	35.27	33.97	16.65	40.34	40.34	31.70	4.58
Операционная прибыль, млрд ¥	28.84	20.92	19.69	32.05	45.84	47.3	48.34	48.34	38.64	19.68
Операционные расходы, млрд ¥	61.1	61.7	56.74	61.18	70.83	80.09	88.52	88.52	71.47	9.30
CAPEX, млрд ¥	10.28	12.93	15.05	12.57	12.08	9.17	18.15	18.15	13.40	3.82

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		70.16	85.01	65.85	65.25	69.57	89.88	70.25	72.47	73.16	101.49	81.45	2.46
Чистая прибыль, млрд ¥		9.46	13.37	13.56	5.45	7.97	13.33	7.03	6.12	6.77	13.68	9.39	0.52
EV, млрд ¥		551.65	174.33	253.02	279.81	277.2	396.43	601.79	432.32	328.79	306.07	413.08	-5.04
EBIT, млрд ¥		12.31	17.27	10.45	8.12	11.38	15.07	7.18	8.5	11.29	18.44	12.10	4.12
EBITDA, млрд ¥		12.89	17.55	10.55	11.18	14.71	18.33	10.37	11.9	14.44	21.7	15.35	3.43
OIBDA, млрд ¥							23.8	13.35	14.39	18.96	26.46	19.39	2.14
Баланс стоимость, млрд ¥		233.23	240.83	249.09	266.79	274.63	283.72	290.14	303.76	288.7	314.69	296.20	2.09
FCF, млрд ¥			5.9	5.87	6.13	6.67	6.54					6.22	2.08
Операционный денежный поток, млрд ¥	10.27		33.97	5.87	6.13	6.67	6.54					11.84	-28.07
Операционная прибыль, млрд ¥		12.31	17.27	10.45	7.39	10.66	18.8	10.01	8.61	11.29	18.44	13.43	-0.39
Операционные расходы, млрд ¥		17.78	20.4	18.84	19.45	20.01	21.78	21.2	22.25	21.96	23.11	22.06	1.19
CAPEX, млрд ¥	4.12		12.08									8.10	71.23

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	63.63	95.65	114.54	135.02	139.86	132.78	144.27	144.27	133.29	4.72
Short Term Investments ¥	2.4	3.08	1.97	2.01	1.5	2	2.06	2.06	1.91	0.90
Total Receivables ¥	58.43	59.12	50.87	59.88	69.82	70.22	79.77	79.77	66.11	9.41
Total Current Assets ¥	192.2	216.55	223.96	258.04	296.55	318.58	336.8	336.8	286.79	8.50
Чистые активы, млрд ¥	192.2	216.55	223.96	258.04	95.7	289.97		95.7	216.84	6.01
Активы, млрд ¥	278.14	315.13	328.07	371.59	416.74	449.03	481.62	481.62	409.41	7.98
Short Term Debt ¥	12.04	23.5	9.55	25.11	12.35	5.7	9.01	9.01	12.34	-1.16
Long Term Debt ¥	32.03	46.88	70.07	57.43	57.57	54.7	55.39	55.39	59.03	-4.59
Задолженность, млрд ¥	116.12	143.52	149.4	167.09	175.89	165.3	166.91	166.91	164.92	2.24
Чистый долг, млрд ¥	-19.56	-25.27	-37.47	-54.84	-72.65	-72.38	-79.87	-79.87	-63.4420	16.34
Долг, млрд ¥	44.07	70.37	77.07	80.18	69.92	60.39	64.4	64.4	70.39	-3.53
Расходы на обслуживание долга ¥	0.44	0.496	0.466	0.516	0.657	0.722	0.924	0.924	0.6570	14.67
Чист. проц. доходы, млрд ¥	0.144	0.237	0.28	0.182	0.585	1.89		1.89	0.6348	51.48
Амортизация, млрд ¥	7.24	8.89	9.79	10.95	11.35	12.6	13.06	13.06	11.55	5.93
Себестоимость, млрд ¥		117.62	110.65	131.09	153.46	163.17	180.51	180.51	147.78	10.28
Товарно материальные запасы ¥	55.14	51.61	49.25	53.11	75.27	99.47	97.68	97.68	74.96	14.68

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			132.24	139.86	125.49	127.73	126.65	132.78	125.79	134.4	128.22	144.27	133.09	1.67
Short Term Investments ¥			1.05	1.5	2	2	2	2	2	2.01	2	2.06	2.01	0.59
Total Receivables ¥			61.16	69.82	65.34	62.33	63.04	70.22	66.89	66.67	62.04	79.77	69.12	2.58
Total Current Assets ¥			283.4	296.55	289.97	303.3	311.88	318.58	316.5	327.84	313.69	336.8	322.68	1.12
Чистые активы, млрд ¥	266.38	279.55	283.4	296.55	96.59	101.39	101.36						175.86	-18.59
Активы, млрд ¥			402.31	416.74	414.06	435.26	441.27	449.03	454.08	469.35	445.93	481.62	460.00	1.41
Short Term Debt ¥			11.92	12.35	1.44	-34.33	-29.69	-19.02	-21.34	11.83	8.41	9.01	-2.2220	-186.12
Long Term Debt ¥	55.36	55.29	55.36	57.57	54.89	54.92	54.99	54.7	54.86	55.03			54.90	0.04
Задолженность, млрд ¥			169.08	175.89	164.95	168.45	166.62	165.3	163.92	165.57	157.21	166.91	163.78	0.19
Чистый долг, млрд ¥			-64.96	-72.65	-69.16	-69.8	-66.6	-72.38	-62.34	-67.54	-65.22	-79.87	-69.4700	1.99
Долг, млрд ¥			67.28	67.21	56.33	57.94	60.05	60.39	63.45	66.86	63	64.4	63.62	1.29
Расходы на обслуживание долга ¥	0.123	0.164	0.17	0.2	0.224	0.108	0.195	0.195	0.212	0.226			0.1872	15.91
Чист. проц. доходы, млрд ¥	0.056	0.1	0.159	0.27	0.322	0.393	0.544	0.633	0.639	0.599			0.5616	8.79
Амортизация, млрд ¥			0.583	0.279	0.095	3.06	3.34	3.27	3.19	3.4	3.15	3.26	3.25	-0.06
Себестоимость, млрд ¥						38.41	38.9	49.3	39.04	41.62	39.92	59.95	45.97	3.99
Товарно материальные запасы ¥			77.38	75.27	85.07	95.77	103.95	99.47	105.26	109.81	106.81	97.68	103.81	-0.36

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	526.98	365.44	311.09	502.46	802.88	948.84	795.34		795.34	672.12	20.65
Цена акции ао					5730	11030	9152	9986	9986	8974.50	14.90
Число акций ао, млн	42.34	42.36	42.39	42.41	42.44	42.48	42.23		42.23	42.39	-0.08
FCF/акцию	218.65	323.49	405.92	535.11	515.66	176.13	525.23		525.23	431.61	5.29

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	87.93	315.06	319.36	128.31	187.54	313.62	165.69	145.12	160.48	324.33			221.85	0.67
Цена акции ао											10290	9986	10138.00	-1.49
FCF/акцию		139.1	138.29	144.23	157.08	153.78							146.50	2.03

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	14.27	9.28	7.53	11.12	15.3	15.37	11.23		11.23	11.35	12.11	8.32
ROA, %	8.2	5.22	4.1	6.09	8.64	9.31	7.22		7.22	7.17	7.07	11.98
ROIC, %		8.31	6.9	9.85	14.5	15.27				13.58	10.97	12.94
ROS, %		7.73	7.05	9.5	12.61	13.87	10.58	10.58	10.58	8.67	11.43	2.18
ROCE, %	14.66	9.23	7.71	11.89	15.05	15.64	12.68	15.36	15.36	15.53	14.12	5.25
Ebit margin, %		10.45	10.53	14.29	16.97	18.73	15.23	15.23	15.23		16.09	1.28
Рентаб EBITDA, %	17.37	14.89	15.76	19.17	21.17	23.07	19.35	19.35	19.35	17.26	20.42	0.19
Чистая рентаб, %	10.6	7.73	7.05	9.5	12.61	13.87	10.58		10.58	8.67	10.72	8.46
Operation Margin, %		10.45	10.53	14.29	16.97	16.28	15.23	15.23	15.23	11.42	15.60	1.28

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.43	6	5.84	2.25	3.15	5.06	2.57	2.16	2.33	4.63		11.35	3.35	-1.76
ROA, %	2.36	3.26	3.26	1.28	1.82	2.99	1.56	1.33	1.48	2.95		7.17	2.06	-0.27
ROS, %				8.35	11.45	14.83	10.01	8.44	9.25	13.48	10.58	8.67	10.35	1.11
ROCE, %		5.91	3.47	2.6	3.53	4.52	2.09	2.41	3.17	5.05	15.36	15.53	5.62	49.02
Ebit margin, %				12.44	16.35	16.76	10.23	11.73	15.43	18.17	15.23		14.16	8.28
Рентаб EBITDA, %		20.65	16.01	17.13	21.14	20.4	14.76	16.42	19.74	21.38	19.35	17.26	18.33	5.56
Чистая рентаб, %	13.49	15.73	20.58	8.35	11.45	14.83	10.01	8.44	9.25	13.48		8.67	11.20	-1.89
Operation Margin, %				11.32	15.32	20.91	14.25	11.88	15.43	18.17	15.23	11.42	14.99	1.34

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	8.52	20.06	19.45	13.45	7.14	11.62	11.51		11.51	228.62	12.63	-9.96
P/BV	1.17	1.81	1.44	1.4	1.01	1.65	1.23		1.23	200.63	1.35	-3.10
P/S	0.9028	1.55	1.37	1.28	0.9002	1.61	1.22		1.22	200.20	1.28	-2.29
P/FCF						15.59	45.6	15.38	15.38	-0.61	25.52	-0.45
E/P						0.0999	0.1181	0.0985	0.0985	0.37	0.1055	-0.47
EV/EBIT		13.64	11.12	7.24	3.72	7.28	6.34	6.34	6.34		6.18	-2.62
EV/EBITDA	4.66	9.57	7.43	5.39	2.98	5.91	4.99		4.99	207.38	5.34	-7.65
EV/S		1.42	1.17	1.03	0.6312	1.36	0.9663	0.9663	0.9663	199.94	0.9908	-1.27
EV/FCF		20.82	12.73	10.22	7.79	52.95	13.82	13.82	13.82	68.94	19.72	6.22
Debt/EBITDA	1.21	2.36	2.61	1.87	1.22	0.901	1.05	1.05	1.05	0.94	1.22	-10.90
Netdebt/Ebitda		-0.8478	-1.27	-1.28	-1.27	-1.08	-1.3	-1.3	-1.3	-0.94	-1.2460	0.31
Debt/Ratio		0.2233	0.2427	0.2221	0.1678	0.1345	0.1337	0.1337	0.1337	0.12	0.1584	-9.65
Debt/Equity		0.4101	0.4456	0.4037	0.2903	0.2129	0.2047	0.5304	0.5304	0.84	0.3284	5.61
Debt/Net Income		4.55	6.04	3.87	2.05	1.5	1.92	1.92	1.92	2.64	2.25	-13.08
PEG								0.4236	0.4236		0.4236	0.00
Бета						8.68	-0.2967	0.645	0.645	-31.69	3.01	-57.96
Индекс Альтмана						1.24	1.11	1.09	1.09	4.49	1.15	-4.21

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	16.63	9.88	9.81	9.68	8.52	11.62	19.69	14.6	11.9	11.5			228.62	13.86	-0.21
P/BV	2.64	1.03	1.29	1.31	1.25	1.65	2.29	1.65	1.36	1.23			200.63	1.64	-5.71
P/S	1.81	1.29	1.59	1.43	1.2	1.61	2.25	1.66	1.29	1.22			200.20	1.61	-5.40
P/FCF												15.38	-0.61	15.38	0.00
E/P												0.0985	0.37	0.0985	0.00
EV/EBIT				34.48	24.37	26.31	83.77	50.87	29.13	16.6		6.34		37.34	-40.32
EV/EBITDA	13.62	3.67	5.14	4.15	4.2	6.22	11.02	7.82	5.97	5.24			207.38	7.25	-3.37
EV/S				4.29	3.98	4.41	8.57	5.97	4.49	3.02		0.9663	199.94	4.60	-35.37
EV/FCF				45.68	41.55	60.65						13.82	68.94	40.42	-25.84
Debt/EBITDA		3.83	5.34	5.18	4.08	3.29	6.12	5.62	4.36	2.97		1.05	0.94	4.02	-29.71
Netdebt/Ebitda				-6.24	-4.53	-3.95	-6.01	-5.67	-4.52	-3.68		-1.3	-0.94	-4.2360	-26.38
Debt/Ratio				0.1331	0.1361	0.1345	0.1397	0.1425	0.1413	0.1337		0.1337	0.12	0.1382	-0.87
Debt/Equity				0.2172	0.2187	0.2129	0.2187	0.2201	0.2182	0.2047		0.5304	0.84	0.2784	19.39
Debt/Net Income				10.63	7.54	4.53	9.03	10.93	9.31	4.71		1.92	2.64	7.18	-26.63
PEG												0.4236		0.4236	0.00
Бета											-4.18	0.645	-31.69	-1.7675	-139.28
Индекс Альтмана											1.11	1.09	4.49	1.10	-0.90

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		5.31	6.11	4.64	4.64	6.96	10.97	12.23				7.89	21.39
Дивиденд	85	116	70	130	135	150	245	290	105	105		185.00	-4.90
Див доход, ао, %	1.43	1.37	2.37	0.9736	1.95	0.7278	6.02	4.26	3.44	3.17	68.89	3.28	12.02
Дивиденды / прибыль, %			23.79	39.47	35.16	21.76	20.42	27.23	36.4	36.4	38.99	28.19	0.70

	2022Q2	2022Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	4.22	6.96		5.59	28.42
Дивиденды / прибыль, %	76.39	52.05	38.99	64.22	-17.45

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	8.04	5.6	4.47	3.16	5.72	5.72	-6.58
Персонал, чел				8 432	8 665		1.37

	CAGR 5

	CAGR 5