Financials Nomura Research Institute, Ltd.

Equities

4307

JP3762800005

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,940 ^JPY	-0.38%		+1.44%	-3.93%

Apr. 25	Nomura Research Institute’s Attributable Profit Up 4.8% in Fiscal 2024	MT
Apr. 25	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	1,176,343	1,361,460	2,053,376	2,367,803	1,810,008	2,270,430	-	-
Enterprise Value (EV) ¹	1,108,672	1,362,394	2,065,782	2,502,608	1,918,495	2,567,796	2,410,091	2,337,148
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%	1.49%	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 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)	701,597	595,044	599,526	589,006	590,541	576,251	-	-
Reference price ²	1,677	2,288	3,425	4,020	3,065	3,940	3,940	3,940
Announcement Date	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	501,243	528,873	550,337	611,634	692,165	736,556	775,843	820,211
EBITDA ¹	101,869	113,592	117,879	148,159	156,924	168,568	186,081	203,082
EBIT ¹	71,442	83,178	80,748	106,218	111,832	120,411	132,787	149,691
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	102,496	71,075	104,671	108,499	117,224	129,826	147,707
Net income ¹	50,931	69,276	52,867	71,445	76,307	79,643	89,601	101,301
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%	37.52%	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	58.83	67.08
Announcement Date	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

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	259,153	269,720	266,300	284,190	149,327	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	185,009	195,511	198,733	202,067
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	10/25/19	4/28/20	10/28/20	4/27/21	10/27/21	10/27/21	1/27/22	4/27/22	4/27/22	7/28/22	10/27/22	10/27/22	1/30/23	4/27/23	4/27/23	7/27/23	10/26/23	10/26/23	1/31/24	4/25/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	934	12,406	134,805	108,487	124,603	139,661	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	0.7505 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	444,839	467,285	442,456	723,098	813,941	598,218	614,442	725,008
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	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

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

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,940 JPY

Average target price

4,668 JPY

Spread / Average Target

+18.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
NOMURA RESEARCH INSTITUTE, LTD.	-3.93%	14.42B
ACCENTURE PLC	-12.23%	194B
TATA CONSULTANCY SERVICES LTD.	+0.74%	166B
IBM	+2.19%	153B
AUTOMATIC DATA PROCESSING, INC.	+4.34%	99.85B
RELX PLC	+7.04%	77.56B
CROWDSTRIKE HOLDINGS, INC.	+19.09%	73.55B
INFOSYS LIMITED	-7.30%	71B
SNOWFLAKE INC.	-20.54%	52.81B
HCL TECHNOLOGIES LIMITED	+0.53%	47.86B

Other IT Services & Consulting