Stock 4307 NOMURA RESEARCH INSTITUTE, LTD.
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Financials Nomura Research Institute, Ltd.

Equities

4307

JP3762800005

IT Services & Consulting

Delayed Japan Exchange
Other stock markets
 10:47:12 30/04/2024 am IST 		5-day change 1st Jan Change
3,841 JPY -2.51% Intraday chart for Nomura Research Institute, Ltd. -2.44% -6.32%
25/04 Nomura Research Institute’s Attributable Profit Up 4.8% in Fiscal 2024 MT
25/04 Nomura Research Institute, Ltd. announces an Equity Buyback for 10,000,000 shares, representing 1.72% for ¥30,000 million. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,76,343 13,61,460 20,53,376 23,67,803 18,10,008 22,70,430 - -
Enterprise Value (EV) 1 11,08,672 13,62,394 20,65,782 25,02,608 19,18,495 25,67,796 24,10,091 23,37,148
P/E ratio 23.3 x 20.9 x 38.8 x 33.3 x 23.8 x 31 x 25.7 x 22.5 x
Yield 1.79% 1.4% 1.05% 1% 1.47% 1.25% 1.47% 1.7%
Capitalization / Revenue 2.35 x 2.57 x 3.73 x 3.87 x 2.61 x 3.32 x 2.93 x 2.77 x
EV / Revenue 2.21 x 2.58 x 3.75 x 4.09 x 2.77 x 3.49 x 3.11 x 2.85 x
EV / EBITDA 10.9 x 12 x 17.5 x 16.9 x 12.2 x 15.2 x 13.3 x 11.5 x
EV / FCF 36.9 x 18.6 x 40.3 x -77.2 x 33.2 x 28.9 x 34.5 x 29.4 x
FCF Yield 2.71% 5.38% 2.48% -1.3% 3.01% 3.46% 2.9% 3.41%
Price to Book 2.85 x 5.03 x 6.25 x 6.98 x 4.55 x 6.12 x 5.36 x 4.34 x
Nbr of stocks (in thousands) 7,01,597 5,95,044 5,99,526 5,89,006 5,90,541 5,76,251 - -
Reference price 2 1,677 2,288 3,425 4,020 3,065 3,940 3,940 3,940
Announcement Date 25/04/19 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 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,01,243 5,28,873 5,50,337 6,11,634 6,92,165 7,36,556 7,75,843 8,20,211
EBITDA 1 1,01,869 1,13,592 1,17,879 1,48,159 1,56,924 1,68,568 1,80,881 2,03,082
EBIT 1 71,442 83,178 80,748 1,06,218 1,11,832 1,20,411 1,32,787 1,49,691
Operating Margin 14.25% 15.73% 14.67% 17.37% 16.16% 16.35% 17.12% 18.25%
Earnings before Tax (EBT) 1 76,749 1,02,496 71,075 1,04,671 1,08,499 1,17,224 1,30,065 1,47,707
Net income 1 50,931 69,276 52,867 71,445 76,307 79,643 89,601 1,01,301
Net margin 10.16% 13.1% 9.61% 11.68% 11.02% 10.81% 11.55% 12.35%
EPS 2 72.11 109.4 88.34 120.6 128.9 136.9 153.6 175.4
Free Cash Flow 1 30,073 73,321 51,222 -32,410 57,709 88,855 69,811 79,614
FCF margin 6% 13.86% 9.31% -5.3% 8.34% 12.06% 9% 9.71%
FCF Conversion (EBITDA) 29.52% 64.55% 43.45% - 36.78% 52.71% 38.6% 39.2%
FCF Conversion (Net income) 59.05% 105.84% 96.89% - 75.63% 111.57% 77.91% 78.59%
Dividend per Share 2 30.00 32.00 36.00 40.00 45.00 53.00 58.00 67.08
Announcement Date 25/04/19 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 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 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 2,59,153 2,69,720 2,66,300 2,84,190 1,49,327 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 1,85,009 1,95,511 1,98,733 2,02,067
EBITDA 1 - - - - 37,605 - 38,031 35,694 - 39,308 38,030 - 40,144 39,442 - 38,746 - - 44,680 41,271 - - - -
EBIT 1 40,908 42,270 39,312 47,190 27,349 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 30,306 34,647 35,133 34,367
Operating Margin 15.79% 15.67% 14.76% 16.61% 18.31% 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% 16.38% 17.72% 17.68% 17.01%
Earnings before Tax (EBT) 1 60,867 41,629 39,345 - 26,780 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 - - - -
Net income 1 40,893 28,383 26,027 42,093 18,102 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 22,012 23,662 - -
Net margin 15.78% 10.52% 9.77% 14.81% 12.12% 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% 11.9% 12.1% - -
EPS 2 60.85 48.50 43.58 70.25 30.69 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 38.09 40.95 - -
Dividend per Share 15.00 17.00 17.00 - 19.00 19.00 - - 21.00 - 22.00 22.00 - 23.00 - - - 24.00 - - - - - -
Announcement Date 25/10/19 28/04/20 28/10/20 27/04/21 27/10/21 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 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 934 12,406 1,34,805 1,08,487 1,24,603 1,39,661 66,718
Net Cash position 1 67,671 - - - - - - -
Leverage (Debt/EBITDA) - 0.008222 x 0.1052 x 0.9099 x 0.6913 x 0.7392 x 0.7721 x 0.3285 x
Free Cash Flow 1 30,073 73,321 51,222 -32,410 57,709 88,855 69,811 79,614
ROE (net income / shareholders' equity) 12.3% 20.3% 18.2% 21.3% 20.7% 19.9% 21.3% 21%
ROA (Net income/ Total Assets) 11.4% 14.8% 11.9% 9.88% 9.38% 13.3% 14.6% 14%
Assets 1 4,44,839 4,67,285 4,42,456 7,23,098 8,13,941 5,98,218 6,14,442 7,25,008
Book Value Per Share 2 588.0 455.0 548.0 576.0 674.0 693.0 736.0 909.0
Cash Flow per Share 2 115.0 157.0 157.0 191.0 205.0 220.0 230.0 249.0
Capex 1 26,276 29,466 33,372 46,980 58,565 56,777 56,140 56,860
Capex / Sales 5.24% 5.57% 6.06% 7.68% 8.46% 7.71% 7.24% 6.93%
Announcement Date 25/04/19 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

Ratings for Nomura Research Institute, Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
3,940 JPY
Average target price
4,686 JPY
Spread / Average Target
+18.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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