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HORIBA

DB:01H
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
01H
DB
¥281B
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

HORIBA, Ltd. provides a range of instruments and systems for automotive research and development (R&D), process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing, metrology, and scientific R&D and QC measurement applications. The last earnings update was 24 days ago. More info.


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  • HORIBA has significant price volatility in the past 3 months.
01H Share Price and Events
7 Day Returns
4.9%
DB:01H
3.4%
DE Electronic
2.5%
DE Market
1 Year Returns
-9.8%
DB:01H
-1.9%
DE Electronic
-6.7%
DE Market
01H Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
HORIBA (01H) 4.9% 12.8% 30% -9.8% 54.4% 110.5%
DE Electronic 3.4% 4.8% 23% -1.9% 95% 89.5%
DE Market 2.5% 3.3% 9.2% -6.7% 9% 13.5%
1 Year Return vs Industry and Market
  • 01H underperformed the Electronic industry which returned -1.9% over the past year.
  • 01H underperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
01H
Industry
5yr Volatility vs Market

Value

 Is HORIBA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of HORIBA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for HORIBA.

DB:01H Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:01H
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.067 (1 + (1- 30.86%) (15.67%))
1.122
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.122 * 5.96%)
6.92%

Discounted Cash Flow Calculation for DB:01H using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for HORIBA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:01H DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 6.92%)
2019 18,102.00 Analyst x2 16,930.90
2020 13,814.67 Analyst x3 12,085.02
2021 15,676.67 Analyst x3 12,826.68
2022 20,982.00 Analyst x1 16,056.87
2023 23,469.00 Analyst x1 16,798.17
2024 25,324.57 Est @ 7.91% 16,953.65
2025 26,743.50 Est @ 5.6% 16,745.29
2026 27,810.69 Est @ 3.99% 16,286.95
2027 28,606.55 Est @ 2.86% 15,669.20
2028 29,199.17 Est @ 2.07% 14,959.10
Present value of next 10 years cash flows ¥155,311.82
DB:01H DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥29,199.17 × (1 + 0.23%) ÷ (6.92% – 0.23%)
¥437,524.56
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥437,524.56 ÷ (1 + 6.92%)10
¥224,149.29
DB:01H Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥155,311.82 + ¥224,149.29
¥379,461.12
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥379,461.12 / 42.17
¥8998.27
DB:01H Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:01H represents 0.00781x of TSE:6856
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00781x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 8,998.27 x 0.00781
€70.25
Value per share (EUR) From above. €70.25
Current discount Discount to share price of €52.07
= -1 x (€52.07 - €70.25) / €70.25
25.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price HORIBA is available for.
Intrinsic value
26%
Share price is €52.07 vs Future cash flow value of €70.25
Current Discount Checks
For HORIBA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • HORIBA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • HORIBA's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for HORIBA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are HORIBA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:01H PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥529.22
TSE:6856 Share Price ** TSE (2019-04-18) in JPY ¥6670
Germany Electronic Industry PE Ratio Median Figure of 14 Publicly-Listed Electronic Companies 21.3x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 19.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of HORIBA.

DB:01H PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:6856 Share Price ÷ EPS (both in JPY)

= 6670 ÷ 529.22

12.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HORIBA is good value based on earnings compared to the DE Electronic industry average.
  • HORIBA is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does HORIBA's expected growth come at a high price?
Raw Data
DB:01H PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
4.3%per year
Germany Electronic Industry PEG Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.1x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

DB:01H PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.6x ÷ 4.3%

2.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HORIBA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on HORIBA's assets?
Raw Data
DB:01H PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥3,839.47
TSE:6856 Share Price * TSE (2019-04-18) in JPY ¥6670
Germany Electronic Industry PB Ratio Median Figure of 20 Publicly-Listed Electronic Companies 2.49x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.87x
DB:01H PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:6856 Share Price ÷ Book Value per Share (both in JPY)

= 6670 ÷ 3,839.47

1.74x

* Primary Listing of HORIBA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HORIBA is good value based on assets compared to the DE Electronic industry average.
X
Value checks
We assess HORIBA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. HORIBA has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is HORIBA expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is HORIBA expected to grow at an attractive rate?
  • HORIBA's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • HORIBA's earnings growth is positive but not above the Germany market average.
  • HORIBA's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:01H Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:01H Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 4.3%
DB:01H Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 3.2%
Germany Electronic Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Electronic Industry Revenue Growth Rate Market Cap Weighted Average 7.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:01H Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:01H Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 250,160 34,952 29,400 1
2022-12-31 241,700 32,077 27,100 1
2021-12-31 229,580 29,763 23,180 5
2020-12-31 218,793 26,646 21,352 8
2019-12-31 211,186 30,092 18,974 7
DB:01H Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 210,570 19,536 22,313
2018-09-30 209,140 18,969
2018-06-30 208,037 24,420 20,325
2018-03-31 202,427 18,617
2017-12-31 195,399 28,287 16,281
2017-09-30 185,481 16,466
2017-06-30 177,437 26,158 15,293
2017-03-31 174,491 13,559
2016-12-31 170,093 15,871 12,962
2016-09-30 170,929 12,940
2016-06-30 173,266 10,654 11,793
2016-03-31 172,106 13,101

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • HORIBA's earnings are expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).
  • HORIBA's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:01H Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from HORIBA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:01H Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 697.20 697.20 697.20 1.00
2022-12-31 642.60 642.60 642.60 1.00
2021-12-31 543.37 616.50 455.30 6.00
2020-12-31 507.04 557.30 400.80 9.00
2019-12-31 449.52 497.98 393.60 8.00
DB:01H Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 529.22
2018-09-30 449.95
2018-06-30 482.14
2018-03-31 441.63
2017-12-31 386.27
2017-09-30 390.72
2017-06-30 362.94
2017-03-31 321.84
2016-12-31 307.73
2016-09-30 307.28
2016-06-30 280.10
2016-03-31 311.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • HORIBA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess HORIBA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
HORIBA has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has HORIBA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare HORIBA's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • HORIBA's year on year earnings growth rate has been positive over the past 5 years.
  • HORIBA's 1-year earnings growth exceeds its 5-year average (37% vs 16.7%)
  • HORIBA's earnings growth has exceeded the DE Electronic industry average in the past year (37% vs 18.1%).
Earnings and Revenue History
HORIBA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from HORIBA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:01H Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 210,570.00 22,313.00 45,917.00 15,183.00
2018-09-30 209,140.00 18,969.00 46,873.00 13,911.00
2018-06-30 208,037.00 20,325.00 44,939.00 13,911.00
2018-03-31 202,427.00 18,617.00 43,717.00 13,911.00
2017-12-31 195,399.00 16,281.00 42,546.00 13,911.00
2017-09-30 185,481.00 16,466.00 41,189.00 12,933.00
2017-06-30 177,437.00 15,293.00 39,441.00 12,933.00
2017-03-31 174,491.00 13,559.00 38,521.00 12,933.00
2016-12-31 170,093.00 12,962.00 38,321.00 12,933.00
2016-09-30 170,929.00 12,940.00 38,974.00 12,341.00
2016-06-30 173,266.00 11,793.00 40,602.00 12,341.00
2016-03-31 172,106.00 13,101.00 40,443.00 12,341.00
2015-12-31 170,898.00 12,882.00 39,617.00 12,341.00
2015-09-30 168,886.00 13,868.00 39,295.00 11,986.00
2015-06-30 162,747.00 13,214.00 37,239.00 11,986.00
2015-03-31 159,757.00 12,305.00 36,479.00 11,986.00
2014-12-31 153,065.00 10,589.00 35,980.00 11,986.00
2014-09-30 146,907.00 8,722.00 36,798.00 10,774.00
2014-06-30 146,388.00 9,062.00 35,741.00 10,774.00
2014-03-31 142,768.00 8,875.00 34,785.00 10,774.00
2013-12-31 138,136.00 8,999.00 33,003.00 10,774.00
2013-09-30 127,043.00 7,541.00 31,290.00 10,092.00
2013-06-30 120,336.00 6,876.00 29,582.00 10,092.00
2013-03-31 116,825.00 6,625.00 28,006.00 10,092.00
2012-12-31 117,609.00 7,396.00 27,545.00 10,092.00
2012-09-30 118,654.00 6,847.00 28,237.00 10,060.00
2012-06-30 120,380.00 7,436.00 29,337.00 10,060.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • HORIBA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • HORIBA used its assets less efficiently than the DE Electronic industry average last year based on Return on Assets.
  • HORIBA has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess HORIBA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
HORIBA has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is HORIBA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up HORIBA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • HORIBA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • HORIBA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of HORIBA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from HORIBA Company Filings, last reported 3 months ago.

DB:01H Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 162,018.00 44,072.00 66,031.00
2018-09-30 156,849.00 44,496.00 63,479.00
2018-06-30 154,188.00 40,511.00 64,065.00
2018-03-31 150,715.00 40,015.00 58,683.00
2017-12-31 150,864.00 42,056.00 60,897.00
2017-09-30 143,552.00 43,080.00 57,132.00
2017-06-30 138,678.00 41,766.00 56,497.00
2017-03-31 133,681.00 40,306.00 51,732.00
2016-12-31 133,190.00 46,718.00 53,450.00
2016-09-30 122,876.00 44,808.00 52,831.00
2016-06-30 121,354.00 44,424.00 49,638.00
2016-03-31 125,889.00 42,941.00 46,461.00
2015-12-31 130,049.00 44,705.00 50,849.00
2015-09-30 124,449.00 43,747.00 50,623.00
2015-06-30 126,053.00 29,249.00 53,594.00
2015-03-31 122,241.00 26,671.00 48,390.00
2014-12-31 124,312.00 28,041.00 54,635.00
2014-09-30 114,669.00 26,361.00 51,124.00
2014-06-30 113,117.00 25,351.00 52,089.00
2014-03-31 111,887.00 23,819.00 50,680.00
2013-12-31 114,544.00 24,182.00 52,499.00
2013-09-30 106,477.00 18,984.00 47,409.00
2013-06-30 104,764.00 17,104.00 41,803.00
2013-03-31 101,700.00 16,556.00 39,790.00
2012-12-31 99,535.00 17,636.00 40,785.00
2012-09-30 92,621.00 16,241.00 38,935.00
2012-06-30 92,276.00 15,567.00 40,693.00
  • HORIBA's level of debt (27.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (21.1% vs 27.2% today).
  • Debt is well covered by operating cash flow (44.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 244.4x coverage).
X
Financial health checks
We assess HORIBA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. HORIBA has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is HORIBA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.95%
Current annual income from HORIBA dividends. Estimated to be 2.06% next year.
If you bought €2,000 of HORIBA shares you are expected to receive €39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • HORIBA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • HORIBA's dividend is below the markets top 25% of dividend payers in Germany (3.74%).
Upcoming dividend payment

Purchase HORIBA before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:01H Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Germany Electronic Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 1.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:01H Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 150.00 1.00
2022-12-31 145.00 1.00
2021-12-31 150.20 5.00
2020-12-31 137.67 9.00
2019-12-31 128.33 9.00
DB:01H Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-03-25 130.000 2.051
2019-02-12 130.000 2.226
2018-11-09 120.000 2.400
2018-08-03 120.000 1.980
2018-03-26 120.000 1.471
2018-02-13 120.000 1.543
2017-11-07 95.000 1.346
2017-08-04 90.000 1.386
2017-03-27 90.000 1.342
2017-02-14 90.000 1.429
2016-03-28 75.000 1.559
2016-02-09 75.000 1.946
2015-11-06 70.000 1.582
2015-08-05 70.000 1.595
2015-05-11 70.000 1.416
2015-02-12 64.000 1.407
2014-02-13 60.000 1.594
2013-11-06 45.000 1.251
2013-08-06 45.000 1.304
2013-05-13 45.000 1.234
2013-02-14 40.000 1.308
2012-11-06 36.000 1.466
2012-08-06 33.000 1.460
2012-05-09 33.000 1.217
2012-03-26 33.000 1.187
2012-02-14 33.000 1.249
2011-11-07 30.000 1.276
2011-08-04 30.000 1.243
2011-05-10 22.000 0.865
2011-02-15 22.000 0.909
2010-11-12 15.000 0.646
2010-11-08 15.000 0.665
2010-08-04 15.000 0.734
2010-05-10 15.000 0.609
2010-03-29 15.000 0.547
2010-02-15 15.000 0.609
2009-11-04 13.000 0.592
2009-08-13 13.000 0.593
2009-08-05 13.000 0.644
2009-05-08 15.000 0.666
2009-04-20 15.000 0.839

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of HORIBA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess HORIBA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can HORIBA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. HORIBA has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of HORIBA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Atsushi Horiba
COMPENSATION ¥315,000,000
AGE 70
TENURE AS CEO 27.3 years
CEO Bio

Mr. Horiba Atsushi has been the Chief Executive Officer of Horiba, Ltd. since 1992 and served as its President from 1992 to January 2018. Mr. Atsushi has been the President of Art Hikkoshi Center (now Art Corporation) since June 1977. He served as the President of HORIBA ABX, Inc. He served as General Manager of Overseas Business at Horiba Ltd. since June 1982 and as its Senior Managing Director and General Manager of Sales Division since June 1989. He has been the Chairman of Horiba Ltd. since June 2005 and also its Director since June 1982. Mr. Atsushi joined Horiba, Ltd., in September 1972. He has been an External Director of Rock Field Co. Ltd. since July 2000. He has been a Representative Director of Art Hikkoshi Center (now, Art Corporation) since June 1977. He serves as Ex-Officio Board of Directors of Semiconductor Equipment and Materials International. He served as an Outside Director at Wacoal Holdings Corp. Mr. Atsushi served as a Director of Dainippon Screen Mfg. Co. Ltd. (now SCREEN Holdings Co., Ltd).

CEO Compensation
  • Atsushi's compensation has been consistent with company performance over the past year.
  • Atsushi's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the HORIBA management team in years:

1.3
Average Tenure
67
Average Age
  • The average tenure for the HORIBA management team is less than 2 years, this suggests a new team.
Management Team

Atsushi Horiba

TITLE
Chairman & Group CEO
COMPENSATION
¥315M
AGE
70
TENURE
27.3 yrs

Juichi Saito

TITLE
Executive Vice Chairman & Group COO
COMPENSATION
¥138M
AGE
60
TENURE
1.3 yrs

Masayuki Adachi

TITLE
President
COMPENSATION
¥104M
TENURE
1.3 yrs

Sunao Kikkawa

TITLE
Senior Corporate Officer and General Manager of Finance & Control Division

Masao Okawa

TITLE
Senior Corporate Officer and General Manager of General Administration Division

Hideyuki Nishibun

TITLE
Junior Corporate Officer and Deputy General Manager of International Sales Division

Jai Hakhu

TITLE
Executive Corporate Officer
AGE
67

Yuichi Muroga

TITLE
Senior Corporate Officer and President of HORIBA Techno Service Co Ltd

Hiroshi Kawamura

TITLE
Corporate Officer

Tadao Nakamura

TITLE
Junior Corporate Officer
Board of Directors Tenure

Average tenure and age of the HORIBA board of directors in years:

7.1
Average Tenure
67
Average Age
  • The tenure for the HORIBA board of directors is about average.
Board of Directors

Juichi Saito

TITLE
Executive Vice Chairman & Group COO
COMPENSATION
¥138M
AGE
60
TENURE
1.3 yrs

Masayuki Adachi

TITLE
President
COMPENSATION
¥104M
TENURE
5.3 yrs

Jai Hakhu

TITLE
Executive Corporate Officer
AGE
67
TENURE
9 yrs

Masahiro Sugita

TITLE
Outside Director
AGE
74
TENURE
13.3 yrs

Atsushi Horiba

TITLE
Chairman & Group CEO
COMPENSATION
¥315M
AGE
70
TENURE
13.8 yrs

Takashi Nagano

TITLE
Director
TENURE
3 yrs

Sawako Takeuchi

TITLE
Outside Director
AGE
66

Jiko Higashifushimi

TITLE
Outside Independent Director
TENURE
3 yrs

Kanji Ishizumi

TITLE
Outside Independent Auditor
TENURE
24.3 yrs

Keisuke Ishida

TITLE
Outside Auditor
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess HORIBA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. HORIBA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

HORIBA, Ltd. provides a range of instruments and systems for automotive research and development (R&D), process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing, metrology, and scientific R&D and QC measurement applications. Its Automotive Test Systems segment offers emission measurement systems, in-use automotive emissions analyzers, driveline test systems, engine test and brake test systems, and intelligent transport systems; and provides engineering consultancy, test services and consultancy, and research and development facility leasing services. The company’s Process & Environmental Instruments & Systems segment provides stack gas analyzers, water quality analysis and examination systems, air pollution analyzers, environmental radiation monitors, and process measurement equipment. Its Medical-Diagnostic Instruments & Systems segment designs, develops, and distributes hematology analyzers, equipment for measuring immunological responses, clinical chemistry analyzers, and blood sugar measurement systems. The company’s Semiconductor Instruments & Systems segment provides mass flow controllers, chemical concentration monitors, reticle/mask particle detection systems, and residual gas analyzers. Its Scientific Instruments & Systems segment offers pH meters, particle-size distribution analyzers, X-Ray fluorescence analyzers, metal analyzers, Raman fluorescence spectroscopy systems, spectrophotometers, and gratings. HORIBA, Ltd. was founded in 1945 and is headquartered in Kyoto, Japan.

Details
Name: HORIBA, Ltd.
01H
Exchange: DB
Founded: 1945
¥2,235,738,301
42,170,433
Website: http://www.horiba.com
Address: HORIBA, Ltd.
2 Miyanohigashi,
Kisshoin,
Kyoto,
601-8510,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 6856 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK HRIB.F Common Stock Pink Sheets LLC US USD 06. Jan 1992
DB 01H Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
7,943
HORIBA employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:27
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/11
Last earnings filing: 2019/03/25
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.