HORIBA Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Masayuki Adachi

Chief executive officer

JP¥193.0m

Total compensation

CEO salary percentage	15.5%
CEO tenure	10.3yrs
CEO ownership	0.05%
Management average tenure	no data
Board average tenure	3.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Masayuki Adachi's remuneration changed compared to HORIBA's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	JP¥40b
Sep 30 2023	n/a	n/a	JP¥40b
Jun 30 2023	n/a	n/a	JP¥42b
Mar 31 2023	n/a	n/a	JP¥42b
Dec 31 2022	JP¥193m	JP¥30m	JP¥34b
Sep 30 2022	n/a	n/a	JP¥28b
Jun 30 2022	n/a	n/a	JP¥24b
Mar 31 2022	n/a	n/a	JP¥23b
Dec 31 2021	JP¥131m	JP¥30m	JP¥21b
Sep 30 2021	n/a	n/a	JP¥19b
Jun 30 2021	n/a	n/a	JP¥17b
Mar 31 2021	n/a	n/a	JP¥15b
Dec 31 2020	JP¥132m	JP¥28m	JP¥13b
Sep 30 2020	n/a	n/a	JP¥15b
Jun 30 2020	n/a	n/a	JP¥15b
Mar 31 2020	n/a	n/a	JP¥15b
Dec 31 2019	JP¥134m	JP¥30m	JP¥15b
Sep 30 2019	n/a	n/a	JP¥17b
Jun 30 2019	n/a	n/a	JP¥18b
Mar 31 2019	n/a	n/a	JP¥19b
Dec 31 2018	JP¥130m	JP¥28m	JP¥22b
Sep 30 2018	n/a	n/a	JP¥19b
Jun 30 2018	n/a	n/a	JP¥20b
Mar 31 2018	n/a	n/a	JP¥19b
Dec 31 2017	JP¥108m	JP¥25m	JP¥16b

Compensation vs Market: Masayuki's total compensation ($USD1.24M) is below average for companies of similar size in the German market ($USD2.47M).

Compensation vs Earnings: Masayuki's compensation has increased by more than 20% in the past year.

CEO

Masayuki Adachi (61 yo)

10.3yrs

Tenure

JP¥193,000,000

Compensation

Dr. Masayuki Adachi, ,Ph.D. has been President & COO at HORIBA, Ltd since January 2018. He served as Senior Managing Director at HORIBA, Ltd from April 14, 2016 to January 2018. He served as General Manage...

Board Members

Name	Position	Tenure	Compensation	Ownership
Atsushi Horiba	Chairman & Group CEO	41.8yrs	JP¥381.00m	2.58% ¥ 94.4m
Masayuki Adachi	President	10.3yrs	JP¥193.00m	0.053% ¥ 1.9m
Juichi Saito	Executive Vice Chairman & Group COO	19.3yrs	JP¥247.00m	0.066% ¥ 2.4m
Masao Okawa	MD, GM of Finance & Legal Division and Director	no data	JP¥107.00m	0.031% ¥ 1.1m
Hideyuki Koishi	Director	1.1yrs	no data	0.028% ¥ 1.0m
Atsushi Nakamine	Audit & Supervisory Board Member	4.3yrs	no data	0.036% ¥ 1.3m
Jai Hakhu	Director	2.3yrs	JP¥89.00m	0.024% ¥ 866.4k
Haruyuki Toyama	Non-Executive Independent Director	3.3yrs	no data	0.00092% ¥ 33.6k
Tomoko Tanabe	Independent Non-Executive Director	1.1yrs	no data	0.0046% ¥ 168.4k
Keiji Yamada	Outside Audit & Supervisory Board Member	4.3yrs	no data	0.0032% ¥ 115.1k
Fumihiko Matsuda	Non-Executive Independent Director	3.3yrs	no data	0.0013% ¥ 47.8k
Sayoko Kawamoto	Outside Independent Audit & Supervisory Board Member	1.1yrs	no data	no data

3.3yrs

Average Tenure

63.5yo

Average Age

Experienced Board: 01H's board of directors are considered experienced (3.3 years average tenure).

HORIBA Management

Management criteria checks 2/4

Key information

Recent management updates

HORIBA, Ltd., Annual General Meeting, Mar 23, 2024

HORIBA, Ltd., Annual General Meeting, Mar 25, 2023

Less than half of directors are independent

Less than half of directors are independent

HORIBA, Ltd., Annual General Meeting, Mar 26, 2022

HORIBA, Ltd., Annual General Meeting, Mar 27, 2021

Recent updates

Now 20% undervalued

Now 21% undervalued

Final dividend of JP¥80.00 announced

HORIBA, Ltd. to Report Q1, 2024 Results on May 14, 2024

Full year 2023 earnings released: EPS: JP¥954 (vs JP¥807 in FY 2022)

HORIBA, Ltd. Provides Earnings Guidance for the Year 2028

Now 21% undervalued

Now 20% undervalued

HORIBA, Ltd., Annual General Meeting, Mar 23, 2024

Full year 2023 earnings released: EPS: JP¥954 (vs JP¥807 in FY 2022)

Investor sentiment improves as stock rises 21%

HORIBA, Ltd. (TSE:6856) announces an Equity Buyback for 530,000 shares, representing 1.25% for ¥5,000 million.

Horiba, Ltd. Announces Year End Dividend for 2023 , Payable on March 4, 2024

HORIBA, Ltd. to Report Fiscal Year 2023 Results on Feb 14, 2024

Upcoming dividend of JP¥180 per share at 2.4% yield

Third quarter 2023 earnings released: EPS: JP¥188 (vs JP¥224 in 3Q 2022)

Horiba, Ltd. Announces Dividend for the Fiscal Year Ending December 31, 2023

HORIBA, Ltd. to Report Q3, 2023 Results on Nov 13, 2023

HORIBA, Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2023

Second quarter 2023 earnings released: EPS: JP¥129 (vs JP¥131 in 2Q 2022)

Upcoming dividend of JP¥80.00 per share at 3.2% yield

HORIBA, Ltd. to Report Q2, 2023 Results on Aug 09, 2023

HORIBA, Ltd. Provides Consolidated Earnings Guidance for the First Half and Full Year of Fiscal Year Ending December 31, 2023

First quarter 2023 earnings released: EPS: JP¥321 (vs JP¥136 in 1Q 2022)

Full year 2022 earnings released

Full year 2022 earnings released: EPS: JP¥807 (vs JP¥505 in FY 2021)

Investor sentiment improves as stock rises 16%

HORIBA, Ltd., Annual General Meeting, Mar 25, 2023

HORIBA, Ltd. Approves Dividend for the Fiscal Year 2022, Payable on March 6, 2023

Upcoming dividend of JP¥145 per share

HORIBA, Ltd. to Report Fiscal Year 2022 Results on Feb 14, 2023

Third quarter 2022 earnings released: EPS: JP¥224 (vs JP¥118 in 3Q 2021)

Less than half of directors are independent

HORIBA, Ltd. Provides Consolidated Earnings Guidance for the Year Ending December 31, 2022

Third quarter 2022 earnings released: EPS: JP¥224 (vs JP¥118 in 3Q 2021)

Horiba, Ltd. Announces Amendments to Dividend Forecasts for Year End 2022

Now 21% undervalued after recent price drop

HORIBA, Ltd. to Report Q3, 2022 Results on Nov 11, 2022

HORIBA, Ltd. Provides Earnings Guidance for the Year Ending December 31, 2022

Second quarter 2022 earnings released: EPS: JP¥131 (vs JP¥115 in 2Q 2021)

HORIBA, Ltd. Revises Dividend Guidance for Interim and Full Year of 2022

Upcoming dividend of JP¥60.00 per share

HORIBA, Ltd. to Report Q2, 2022 Results on Aug 12, 2022

First quarter 2022 earnings released: EPS: JP¥136 (vs JP¥92.42 in 1Q 2021)

HORIBA, Ltd. Provides Dividend Guidance for the Second Quarter and Year Ending December 31, 2022

HORIBA, Ltd. Revises Dividend Guidance for the Interim Fiscal Year 2022 and Fiscal Year End 2022

Less than half of directors are independent

HORIBA, Ltd. to Report Q1, 2022 Results on May 13, 2022

Now 21% undervalued after recent price drop

HORIBA, Ltd., Annual General Meeting, Mar 26, 2022

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

HORIBA, Ltd. Provides Dividend Guidance for the Year Ending December 31, 2022

HORIBA, Ltd. Announces Dividend for the Year Ended December 31, 2021, Payable on March 7, 2022

Upcoming dividend of JP¥80.00 per share

Third quarter 2021 earnings released: EPS JP¥118 (vs JP¥63.16 in 3Q 2020)

HORIBA, Ltd. Revises Consolidated Earnings Guidance for the Year Ending December 31, 2021

Upcoming dividend of JP¥40.00 per share

HORIBA, Ltd. Provides Earnings Guidance for the First Half of 2021 and Year Ending December 31, 2021

First quarter 2021 earnings released: EPS JP¥92.42 (vs JP¥54.22 in 1Q 2020)

Full year 2020 earnings released: EPS JP¥313 (vs JP¥367 in FY 2019)

HORIBA, Ltd. to Report Q1, 2021 Results on May 13, 2021

Full year 2020 earnings released: EPS JP¥313 (vs JP¥367 in FY 2019)

Revenue misses expectations

HORIBA, Ltd., Annual General Meeting, Mar 27, 2021

New 90-day high: €55.50

New 90-day high: €51.00

New 90-day high: €47.80

Upcoming Dividend of JP¥45.00 Per Share

HORIBA, Ltd. to Report Fiscal Year 2020 Results on Feb 15, 2021