Financials NOMURA Co., Ltd.

Equities

9716

JP3762400004

Business Support Services

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
849 ^JPY	+0.59%		+2.17%	-3.52%

Apr. 28	Week Ahead for FX, Bonds : Focus on Fed Decision, -2-	DJ
Apr. 26	Week Ahead for FX, Bonds : Focus on Fed Decision, -2-	DJ

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	178,578	109,372	90,569	103,199	99,234	94,595	-	-
Enterprise Value (EV) ¹	146,758	76,215	56,813	66,122	69,707	94,929	63,972	61,358
P/E ratio	26.5 x	14 x	29.5 x	25.9 x	44.5 x	24.6 x	23.6 x	18.2 x
Yield	1.62%	3.26%	3.07%	3.02%	2.81%	3.17%	3.18%	3.34%
Capitalization / Revenue	1.42 x	0.76 x	0.84 x	0.93 x	0.89 x	0.71 x	0.67 x	0.65 x
EV / Revenue	1.17 x	0.53 x	0.53 x	0.6 x	0.63 x	0.71 x	0.45 x	0.42 x
EV / EBITDA	14.7 x	6.37 x	9.86 x	10.1 x	16.5 x	14.7 x	9.55 x	7.21 x
EV / FCF	22.1 x	17.8 x	13.2 x	11.1 x	-26 x	16.1 x	14.9 x	11.6 x
FCF Yield	4.53%	5.63%	7.6%	8.97%	-3.85%	6.2%	6.72%	8.62%
Price to Book	4.13 x	2.29 x	1.91 x	2.12 x	2.02 x	1.89 x	1.84 x	1.77 x
Nbr of stocks (in thousands)	111,264	111,264	111,264	111,326	111,373	111,419	-	-
Reference price ²	1,605	983.0	814.0	927.0	891.0	849.0	849.0	849.0
Announcement Date	4/11/19	4/14/20	4/8/21	4/7/22	4/6/23	4/11/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	125,859	143,689	107,736	111,081	110,928	134,138	141,000	146,560
EBITDA ¹	9,991	11,964	5,760	6,518	4,231	6,464	6,700	8,510
EBIT ¹	9,154	11,086	4,882	5,431	3,113	5,213	5,800	7,393
Operating Margin	7.27%	7.72%	4.53%	4.89%	2.81%	3.89%	4.11%	5.04%
Earnings before Tax (EBT) ¹	9,840	11,289	4,687	5,962	3,240	5,421	5,900	7,410
Net income ¹	6,745	7,795	3,071	3,984	2,229	3,862	4,000	5,183
Net margin	5.36%	5.42%	2.85%	3.59%	2.01%	2.88%	2.84%	3.54%
EPS ²	60.63	70.06	27.61	35.80	20.02	34.67	35.90	46.53
Free Cash Flow ¹	6,643	4,289	4,319	5,934	-2,686	5,883	4,300	5,289
FCF margin	5.28%	2.98%	4.01%	5.34%	-2.42%	4.39%	3.05%	3.61%
FCF Conversion (EBITDA)	66.49%	35.85%	74.98%	91.04%	-	91.01%	64.18%	62.15%
FCF Conversion (Net income)	98.49%	55.02%	140.64%	148.95%	-	152.33%	107.5%	102.04%
Dividend per Share ²	26.00	32.00	25.00	28.00	25.00	27.00	27.00	28.33
Announcement Date	4/11/19	4/14/20	4/8/21	4/7/22	4/6/23	4/11/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	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	70,724	53,720	54,016	22,944	43,729	31,041	36,311	67,352	22,287	25,197	47,484	29,362	34,082	63,444	24,909	34,607	59,516	35,583
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,592	2,414	2,468	827	920	2,227	2,284	4,511	64	976	1,040	781	1,292	2,073	191	2,029	2,220	1,292
Operating Margin	9.32%	4.49%	4.57%	3.6%	2.1%	7.17%	6.29%	6.7%	0.29%	3.87%	2.19%	2.66%	3.79%	3.27%	0.77%	5.86%	3.73%	3.63%
Earnings before Tax (EBT) ¹	6,683	2,405	2,282	1,034	1,193	2,483	2,286	4,769	145	-	1,143	796	1,301	2,097	263	2,337	2,600	1,301
Net income ¹	4,517	1,407	1,664	709	723	1,680	1,581	3,261	137	693	830	536	863	1,399	4	1,678	1,682	829
Net margin	6.39%	2.62%	3.08%	3.09%	1.65%	5.41%	4.35%	4.84%	0.61%	2.75%	1.75%	1.83%	2.53%	2.21%	0.02%	4.85%	2.83%	2.33%
EPS ²	40.60	12.65	-	-	6.500	15.09	-	-	1.230	6.230	7.460	4.810	-	-	0.0400	15.06	15.10	7.440
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/10/19	10/8/20	4/8/21	10/7/21	10/7/21	1/13/22	4/7/22	4/7/22	7/7/22	10/6/22	10/6/22	1/12/23	4/6/23	4/6/23	7/13/23	10/12/23	10/12/23	1/12/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	31,820	33,157	33,756	37,077	29,527	30,251	30,622	33,237
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,643	4,289	4,319	5,934	-2,686	5,883	4,300	5,289
ROE (net income / shareholders' equity)	16.3%	17.1%	6.4%	8.3%	4.6%	7.8%	7.9%	9.91%
ROA (Net income/ Total Assets)	11.3%	12.5%	3.56%	6.95%	4.11%	6.48%	4.6%	5.8%
Assets ¹	59,676	62,245	86,361	57,323	54,285	59,599	86,957	89,352
Book Value Per Share ²	389.0	429.0	427.0	437.0	440.0	452.0	460.0	481.0
Cash Flow per Share	68.10	78.00	35.50	45.60	30.10	45.90	-	-
Capex ¹	1,040	2,021	1,352	816	584	750	860	860
Capex / Sales	0.83%	1.41%	1.25%	0.73%	0.53%	0.57%	0.61%	0.59%
Announcement Date	4/11/19	4/14/20	4/8/21	4/7/22	4/6/23	4/11/24	-	-

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 Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

849 JPY

Average target price

1,125 JPY

Spread / Average Target

+32.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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