NOMURA RESEARCH INSTITUTE, LTD. Financials Nomura Research Institute, Ltd. Deutsche Boerse AG
Equities
NR7
JP3762800005
IT Services & Consulting
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 26.2 EUR | +0.77% |
|
+3.15% | +0.77% |
| 02/07 | Tranche Update on Nomura Research Institute, Ltd.'s Equity Buyback Plan announced on April 25, 2024. | CI |
| 25/04 | Nomura Research Institute’s Attributable Profit Up 4.8% in Fiscal 2024 | MT |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 13,61,460 | 20,53,376 | 23,67,803 | 18,10,008 | 24,43,193 | 26,52,142 | - | - |
| Enterprise Value (EV) 1 | 13,62,394 | 20,65,782 | 25,02,608 | 19,18,495 | 25,67,796 | 27,74,266 | 27,27,871 | 26,76,977 |
| P/E ratio | 20.9 x | 38.8 x | 33.3 x | 23.8 x | 31 x | 29.6 x | 26.6 x | 24.4 x |
| Yield | 1.4% | 1.05% | 1% | 1.47% | 1.25% | 1.27% | 1.44% | 1.6% |
| Capitalization / Revenue | 2.57 x | 3.73 x | 3.87 x | 2.61 x | 3.32 x | 3.39 x | 3.22 x | 3.06 x |
| EV / Revenue | 2.58 x | 3.75 x | 4.09 x | 2.77 x | 3.49 x | 3.55 x | 3.31 x | 3.09 x |
| EV / EBITDA | 12 x | 17.5 x | 16.9 x | 12.2 x | 15.2 x | 15 x | 13.6 x | 12.6 x |
| EV / FCF | 18.6 x | 40.3 x | -77.2 x | 33.2 x | 28.9 x | 35.3 x | 32.3 x | 27.9 x |
| FCF Yield | 5.38% | 2.48% | -1.3% | 3.01% | 3.46% | 2.83% | 3.09% | 3.58% |
| Price to Book | 5.03 x | 6.25 x | 6.98 x | 4.55 x | 6.12 x | 6.02 x | 5.24 x | 4.89 x |
| Nbr of stocks (in thousands) | 5,95,044 | 5,99,526 | 5,89,006 | 5,90,541 | 5,75,817 | 5,74,803 | - | - |
| Reference price 2 | 2,288 | 3,425 | 4,020 | 3,065 | 4,243 | 4,614 | 4,614 | 4,614 |
| Announcement Date | 28/04/20 | 27/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,28,873 | 5,50,337 | 6,11,634 | 6,92,165 | 7,36,556 | 7,81,333 | 8,24,783 | 8,66,982 |
| EBITDA 1 | 1,13,592 | 1,17,879 | 1,48,159 | 1,56,924 | 1,68,568 | 1,84,759 | 2,00,058 | 2,11,873 |
| EBIT 1 | 83,178 | 80,748 | 1,06,218 | 1,11,832 | 1,20,411 | 1,34,588 | 1,47,678 | 1,59,950 |
| Operating Margin | 15.73% | 14.67% | 17.37% | 16.16% | 16.35% | 17.23% | 17.91% | 18.45% |
| Earnings before Tax (EBT) 1 | 1,02,496 | 71,075 | 1,04,671 | 1,08,499 | 1,17,224 | 1,31,680 | 1,45,194 | 1,57,228 |
| Net income 1 | 69,276 | 52,867 | 71,445 | 76,307 | 79,643 | 90,402 | 99,741 | 1,07,747 |
| Net margin | 13.1% | 9.61% | 11.68% | 11.02% | 10.81% | 11.57% | 12.09% | 12.43% |
| EPS 2 | 109.4 | 88.34 | 120.6 | 128.9 | 136.9 | 155.9 | 173.3 | 188.9 |
| Free Cash Flow 1 | 73,321 | 51,222 | -32,410 | 57,709 | 88,855 | 78,560 | 84,343 | 95,929 |
| FCF margin | 13.86% | 9.31% | -5.3% | 8.34% | 12.06% | 10.05% | 10.23% | 11.06% |
| FCF Conversion (EBITDA) | 64.55% | 43.45% | - | 36.78% | 52.71% | 42.52% | 42.16% | 45.28% |
| FCF Conversion (Net income) | 105.84% | 96.89% | - | 75.63% | 111.57% | 86.9% | 84.56% | 89.03% |
| Dividend per Share 2 | 32.00 | 36.00 | 40.00 | 45.00 | 53.00 | 58.69 | 66.33 | 73.60 |
| Announcement Date | 28/04/20 | 27/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,69,720 | 2,66,300 | 2,84,190 | 2,91,974 | 1,55,973 | 1,63,687 | 3,19,660 | 1,67,537 | 1,71,516 | 3,39,054 | 1,77,005 | 1,76,106 | 3,53,111 | 1,76,709 | 1,85,356 | 3,62,065 | 1,87,954 | 1,86,536 | 1,85,165 | 1,95,003 | 3,79,000 | 1,98,104 | 2,00,153 |
| EBITDA | - | - | - | - | 38,031 | 35,694 | - | 39,308 | 38,030 | - | 40,144 | 39,442 | - | 38,746 | - | - | 44,680 | 41,271 | - | - | - | - | - |
| EBIT 1 | 42,270 | 39,312 | 47,190 | 53,913 | 27,459 | 24,846 | 52,305 | 28,079 | 27,189 | 55,268 | 28,605 | 27,959 | 56,564 | 27,027 | 31,838 | 58,865 | 32,374 | 29,172 | 29,848 | 34,430 | 63,800 | 34,625 | 34,169 |
| Operating Margin | 15.67% | 14.76% | 16.61% | 18.47% | 17.6% | 15.18% | 16.36% | 16.76% | 15.85% | 16.3% | 16.16% | 15.88% | 16.02% | 15.29% | 17.18% | 16.26% | 17.22% | 15.64% | 16.12% | 17.66% | 16.83% | 17.48% | 17.07% |
| Earnings before Tax (EBT) 1 | 41,629 | 39,345 | - | 53,517 | 26,335 | 24,819 | 51,154 | 27,789 | 25,963 | 53,753 | 27,691 | 27,055 | 54,746 | 26,580 | 30,959 | 57,539 | 31,735 | 27,950 | 29,200 | 33,100 | 62,300 | 34,900 | 33,100 |
| Net income 1 | 28,383 | 26,027 | 42,093 | 36,513 | 17,801 | 17,131 | 34,932 | 18,762 | 17,094 | 35,857 | 19,176 | 21,274 | 40,450 | 17,210 | 20,452 | 37,662 | 23,431 | 18,549 | 20,000 | 22,700 | 42,700 | 24,000 | 22,500 |
| Net margin | 10.52% | 9.77% | 14.81% | 12.51% | 11.41% | 10.47% | 10.93% | 11.2% | 9.97% | 10.58% | 10.83% | 12.08% | 11.46% | 9.74% | 11.03% | 10.4% | 12.47% | 9.94% | 10.8% | 11.64% | 11.27% | 12.11% | 11.24% |
| EPS 2 | 48.50 | 43.58 | 70.25 | 61.26 | 30.24 | 29.07 | 59.31 | 31.80 | 28.91 | 60.71 | 32.38 | 35.83 | 68.21 | 29.15 | 34.98 | 64.13 | 40.55 | 32.20 | 35.66 | 39.50 | - | 41.81 | 43.60 |
| Dividend per Share | 17.00 | 17.00 | - | 19.00 | - | - | 21.00 | - | 22.00 | 22.00 | - | 23.00 | - | - | - | 24.00 | - | - | - | - | - | - | - |
| Announcement Date | 28/04/20 | 28/10/20 | 27/04/21 | 27/10/21 | 27/01/22 | 27/04/22 | 27/04/22 | 28/07/22 | 27/10/22 | 27/10/22 | 30/01/23 | 27/04/23 | 27/04/23 | 27/07/23 | 26/10/23 | 26/10/23 | 31/01/24 | 25/04/24 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 934 | 12,406 | 1,34,805 | 1,08,487 | 1,24,603 | 1,22,125 | 75,730 | 24,835 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.008222 x | 0.1052 x | 0.9099 x | 0.6913 x | 0.7392 x | 0.661 x | 0.3785 x | 0.1172 x |
| Free Cash Flow 1 | 73,321 | 51,222 | -32,410 | 57,709 | 88,855 | 78,560 | 84,343 | 95,929 |
| ROE (net income / shareholders' equity) | 20.3% | 18.2% | 21.3% | 20.7% | 19.9% | 21.4% | 21.2% | 21.5% |
| ROA (Net income/ Total Assets) | 14.8% | 11.9% | 9.88% | 9.38% | 13.3% | 11.5% | 12.1% | 12.6% |
| Assets 1 | 4,67,285 | 4,42,456 | 7,23,098 | 8,13,941 | 5,98,218 | 7,87,144 | 8,26,612 | 8,52,765 |
| Book Value Per Share 2 | 455.0 | 548.0 | 576.0 | 674.0 | 693.0 | 767.0 | 880.0 | 943.0 |
| Cash Flow per Share 2 | 157.0 | 157.0 | 191.0 | 205.0 | 220.0 | 228.0 | 246.0 | 266.0 |
| Capex 1 | 29,466 | 33,372 | 46,980 | 58,565 | 56,777 | 55,783 | 57,083 | 55,625 |
| Capex / Sales | 5.57% | 6.06% | 7.68% | 8.46% | 7.71% | 7.14% | 6.92% | 6.42% |
| Announcement Date | 28/04/20 | 27/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
4,614
JPY
Average target price
4,678
JPY
Spread / Average Target
+1.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -13.42% | 19TCr | |
| +5.90% | 17TCr | |
| +8.41% | 16TCr | |
| +1.57% | 9.65TCr | |
| +50.81% | 9.54TCr | |
| +14.95% | 8.42TCr | |
| +5.07% | 7.89TCr | |
| -28.68% | 4.78TCr | |
| +1.00% | 4.77TCr |
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