Financials Nomura Holdings, Inc.

Equities

8604

JP3762600009

Investment Banking & Brokerage Services

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
914.2 ^JPY	+1.56%		+4.31%	+43.36%

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

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,324,718	1,390,449	1,778,673	1,554,416	1,530,541	2,716,207	-	-
Enterprise Value (EV) ¹	1,324,718	1,390,449	1,778,673	1,554,416	1,530,541	2,930,878	2,716,207	2,716,207
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	1.68 x	1.72 x
EV / Revenue	1.19 x	1.08 x	1.1 x	1.14 x	1.15 x	0.7 x	1.68 x	1.72 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-3,604,871 x	-50,525,024 x	2,714,396 x	-	-2,171,371 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)	3,310,140	3,037,240	3,059,293	3,017,111	3,002,827	2,971,130	-	-
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: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,116,770	1,287,800	1,617,235	1,363,890	1,335,577	4,157,294	1,615,700	1,578,568
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-37,701	248,261	230,671	226,623	149,474	273,850	423,303	426,304
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	248,300	230,671	226,623	149,474	273,850	314,800	320,076
Net income ¹	-100,400	217,000	153,116	142,996	92,786	165,863	191,345	200,434
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	-367,480	-27,520	655,274	-	-704,873	-	-	-
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	1,085,283	-	933,391	-	318,866	784,381	350,965	340,784	-	299,028	317,958	-	393,658	324,933	-	348,913	1,557,140	1,906,053	400,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	203,292	-	265,438	-	-	97,000	80,100	-	-	11,733	-	43,217	83,566	-	-	46,310	-	103,045	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	203,292	-	265,438	-	18,467	97,000	80,100	49,523	-	11,733	31,484	43,217	83,566	22,691	-	46,310	56,735	103,045	78,700
Net income ¹	194,407	-	210,158	-	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	-367,480	-27,520	655,274	-	-704,873	-	-	-
ROE (net income / shareholders' equity)	-3.7%	8.2%	5.7%	5.1%	3.1%	5.1%	6.48%	6.55%
ROA (Net income/ Total Assets)	-0.09%	0.58%	0.53%	0.53%	-	0.53%	0.3%	0.3%
Assets ¹	108,599,243	37,135,279	28,714,275	27,109,788	-	31,167,296	63,781,694	66,811,390
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

Sector Other Investment Banking & Brokerage Services

	1st Jan change	Capi.
NOMURA HOLDINGS, INC.	+43.36%	17.26B
THE GOLDMAN SACHS GROUP, INC.	+10.84%	147B
CHARLES SCHWAB	+9.00%	137B
CITIGROUP INC.	+21.81%	120B
CITIC SECURITIES COMPANY LIMITED	-5.94%	36.38B
RAYMOND JAMES FINANCIAL, INC.	+9.29%	25.26B
CSC FINANCIAL CO., LTD.	-9.42%	21.24B
LPL FINANCIAL HOLDINGS INC.	+17.00%	19.89B
CHINA MERCHANTS SECURITIES CO., LTD.	+11.73%	16.69B
HUATAI SECURITIES CO., LTD.	+2.08%	16.28B

Other Investment Banking & Brokerage Services