Stock NR7 NOMURA RESEARCH INSTITUTE, LTD.
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Financials Nomura Research Institute, Ltd. Deutsche Boerse AG

Equities

NR7

JP3762800005

IT Services & Consulting

Market Closed - Deutsche Boerse AG
Other stock markets
 07:30:03 02/07/2024 BST 		5-day change 1st Jan Change
26.2 EUR +0.77% Intraday chart for Nomura Research Institute, Ltd. +3.15% +0.77%
07-02 Tranche Update on Nomura Research Institute, Ltd.'s Equity Buyback Plan announced on April 25, 2024. CI
04-25 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 1,361,460 2,053,376 2,367,803 1,810,008 2,443,193 2,652,142 - -
Enterprise Value (EV) 1 1,362,394 2,065,782 2,502,608 1,918,495 2,567,796 2,774,266 2,727,871 2,676,977
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) 595,044 599,526 589,006 590,541 575,817 574,803 - -
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 1 528,873 550,337 611,634 692,165 736,556 781,333 824,783 866,982
EBITDA 1 113,592 117,879 148,159 156,924 168,568 184,759 200,058 211,873
EBIT 1 83,178 80,748 106,218 111,832 120,411 134,588 147,678 159,950
Operating Margin 15.73% 14.67% 17.37% 16.16% 16.35% 17.23% 17.91% 18.45%
Earnings before Tax (EBT) 1 102,496 71,075 104,671 108,499 117,224 131,680 145,194 157,228
Net income 1 69,276 52,867 71,445 76,307 79,643 90,402 99,741 107,747
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 1 269,720 266,300 284,190 291,974 155,973 163,687 319,660 167,537 171,516 339,054 177,005 176,106 353,111 176,709 185,356 362,065 187,954 186,536 185,165 195,003 379,000 198,104 200,153
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 12,406 134,805 108,487 124,603 122,125 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 1 467,285 442,456 723,098 813,941 598,218 787,144 826,612 852,765
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

Ratings for Nomura Research Institute, Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
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%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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