Financials Nomura Holdings, Inc.

Equities

8604

JP3762600009

Investment Banking & Brokerage Services

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
914.2 ^JPY	+1.56%		+4.31%	+43.36%

26/04	Nomura Holdings Fiscal Q4 Earnings, Revenue Up	MT
26/04	Transcript : Nomura Holdings, Inc., Q4 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,24,718	13,90,449	17,78,673	15,54,416	15,30,541	27,45,964	-	-
Enterprise Value (EV) ¹	13,24,718	13,90,449	17,78,673	15,54,416	15,30,541	29,30,878	27,45,964	27,45,964
P/E ratio	-13.4 x	6.76 x	11.6 x	11 x	16.5 x	17.8 x	12 x	13.5 x
Yield	1.5%	4.37%	6.02%	4.27%	3.34%	2.6%	3.28%	3.35%
Capitalization / Revenue	1.19 x	1.08 x	1.1 x	1.14 x	1.15 x	0.7 x	1.7 x	1.74 x
EV / Revenue	1.19 x	1.08 x	1.1 x	1.14 x	1.15 x	0.7 x	1.7 x	1.74 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-36,04,871 x	-5,05,25,024 x	27,14,396 x	-	-21,71,371 x	-	-	-
FCF Yield	-0%	-0%	0%	-	-0%	-	-	-
Price to Book	0.5 x	0.52 x	0.66 x	0.53 x	0.49 x	0.87 x	0.81 x	0.78 x
Nbr of stocks (in thousands)	33,10,140	30,37,240	30,59,293	30,17,111	30,02,827	30,03,679	-	-
Reference price ²	400.2	457.8	581.4	515.2	509.7	914.2	914.2	914.2
Announcement Date	25/04/19	08/05/20	27/04/21	26/04/22	26/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,16,770	12,87,800	16,17,235	13,63,890	13,35,577	41,57,294	16,15,700	15,78,568
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-37,701	2,48,261	2,30,671	2,26,623	1,49,474	2,73,850	4,23,303	4,26,304
Operating Margin	-3.38%	19.28%	14.26%	16.62%	11.19%	6.59%	26.2%	27.01%
Earnings before Tax (EBT) ¹	-37,700	2,48,300	2,30,671	2,26,623	1,49,474	2,73,850	3,14,800	3,20,076
Net income ¹	-1,00,400	2,17,000	1,53,116	1,42,996	92,786	1,65,863	1,91,345	2,00,434
Net margin	-8.99%	16.85%	9.47%	10.48%	6.95%	3.99%	11.84%	12.7%
EPS ²	-29.90	67.76	50.11	46.68	30.86	54.97	76.30	67.79
Free Cash Flow	-3,67,480	-27,520	6,55,274	-	-7,04,873	-	-	-
FCF margin	-32.91%	-2.14%	40.52%	-	-52.78%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	427.96%	-	-	-	-	-
Dividend per Share ²	6.000	20.00	35.00	22.00	17.00	23.80	30.00	30.60
Announcement Date	25/04/19	08/05/20	27/04/21	26/04/22	26/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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
Net sales ¹	10,85,283	-	9,33,391	-	3,18,866	7,84,381	3,50,965	3,40,784	-	2,99,028	3,17,958	-	3,93,658	3,24,933	-	3,48,913	15,57,140	19,06,053	4,00,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,03,292	-	2,65,438	-	-	97,000	80,100	-	-	11,733	-	43,217	83,566	-	-	46,310	-	1,03,045	78,711
Operating Margin	18.73%	-	28.44%	-	-	12.37%	22.82%	-	-	3.92%	-	-	21.23%	-	-	13.27%	-	5.41%	19.67%
Earnings before Tax (EBT) ¹	2,03,292	-	2,65,438	-	18,467	97,000	80,100	49,523	-	11,733	31,484	43,217	83,566	22,691	-	46,310	56,735	1,03,045	78,700
Net income ¹	1,94,407	-	2,10,158	-	3,213	51,700	60,333	30,963	-	1,696	16,771	18,467	66,944	7,375	-	23,331	35,232	58,563	50,550
Net margin	17.91%	-	22.52%	-	1.01%	6.59%	17.19%	9.09%	-	0.57%	5.27%	-	17.01%	2.27%	-	6.69%	2.26%	3.07%	12.63%
EPS ²	58.89	-	68.87	-	1.040	16.76	19.66	10.28	-	0.5600	5.570	6.130	22.27	2.460	-	7.710	11.63	19.34	16.74
Dividend per Share	15.00	5.000	20.00	15.00	8.000	8.000	-	14.00	14.00	-	5.000	5.000	-	12.00	12.00	-	8.000	8.000	-
Announcement Date	29/10/19	08/05/20	28/10/20	27/04/21	29/10/21	29/10/21	01/02/22	26/04/22	26/04/22	03/08/22	02/11/22	02/11/22	01/02/23	26/04/23	26/04/23	01/08/23	27/10/23	27/10/23	31/01/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-3,67,480	-27,520	6,55,274	-	-7,04,873	-	-	-
ROE (net income / shareholders' equity)	-3.7%	8.2%	5.7%	5.1%	3.1%	5.1%	6.35%	6.55%
ROA (Net income/ Total Assets)	-0.09%	0.58%	0.53%	0.53%	-	0.53%	0.3%	0.3%
Assets ¹	10,85,99,243	3,71,35,279	2,87,14,275	2,71,09,788	-	3,11,67,296	7,05,97,814	6,68,11,390
Book Value Per Share ²	795.0	873.0	880.0	966.0	1,048	1,128	1,124	1,173
Cash Flow per Share	-12.70	87.60	71.00	66.10	51.30	75.30	-	-
Capex	6,315	11,577	10,496	8,770	10,053	-	-	-
Capex / Sales	0.57%	0.9%	0.65%	0.64%	0.75%	-	-	-
Announcement Date	25/04/19	08/05/20	27/04/21	26/04/22	26/04/23	26/04/24	-	-

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 Nomura Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

914.2 JPY

Average target price

817.2 JPY

Spread / Average Target

-10.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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