Financials NOMURA Co., Ltd.

Equities

9716

JP3762400004

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-07 am EDT			5-day change	1st Jan Change
803 ^JPY	-0.12%		-2.55%	-8.75%

May. 31	Morinaga Milk Issuing 20 Billion Yen Worth of Green Bonds to Expand Kobe Factory	MT
May. 27	Nomura Real Estate Master Fund Sets Interest Rate on 3 Billion Yen of Syndicated Loan	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	109,372	90,569	103,199	99,234	94,929	89,469	-	-
Enterprise Value (EV) ¹	76,215	56,813	66,122	69,707	62,316	55,910	53,022	49,422
P/E ratio	14 x	29.5 x	25.9 x	44.5 x	24.6 x	19.9 x	17 x	14.2 x
Yield	3.26%	3.07%	3.02%	2.81%	3.17%	3.36%	3.49%	3.86%
Capitalization / Revenue	0.76 x	0.84 x	0.93 x	0.89 x	0.71 x	0.63 x	0.61 x	0.62 x
EV / Revenue	0.53 x	0.53 x	0.6 x	0.63 x	0.46 x	0.39 x	0.36 x	0.34 x
EV / EBITDA	6.37 x	9.86 x	10.1 x	16.5 x	9.64 x	7.26 x	5.99 x	4.49 x
EV / FCF	17.8 x	13.2 x	11.1 x	-26 x	10.6 x	13 x	11 x	-
FCF Yield	5.63%	7.6%	8.97%	-3.85%	9.44%	7.69%	9.05%	-
Price to Book	2.29 x	1.91 x	2.12 x	2.02 x	1.89 x	1.73 x	1.66 x	1.54 x
Nbr of stocks (in thousands)	111,264	111,264	111,326	111,373	111,419	111,419	-	-
Reference price ²	983.0	814.0	927.0	891.0	852.0	803.0	803.0	803.0
Announcement Date	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	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	143,689	107,736	111,081	110,928	134,138	141,750	147,250	145,000
EBITDA ¹	11,964	5,760	6,518	4,231	6,464	7,700	8,850	11,000
EBIT ¹	11,086	4,882	5,431	3,113	5,213	6,500	7,550	9,100
Operating Margin	7.72%	4.53%	4.89%	2.81%	3.89%	4.59%	5.13%	6.28%
Earnings before Tax (EBT) ¹	11,289	4,687	5,962	3,240	5,421	5,900	6,600	-
Net income ¹	7,795	3,071	3,984	2,229	3,862	4,500	5,250	6,300
Net margin	5.42%	2.85%	3.59%	2.01%	2.88%	3.17%	3.57%	4.34%
EPS ²	70.06	27.61	35.80	20.02	34.67	40.39	47.13	56.55
Free Cash Flow ¹	4,289	4,319	5,934	-2,686	5,883	4,300	4,800	-
FCF margin	2.98%	4.01%	5.34%	-2.42%	4.39%	3.03%	3.26%	-
FCF Conversion (EBITDA)	35.85%	74.98%	91.04%	-	91.01%	55.84%	54.24%	-
FCF Conversion (Net income)	55.02%	140.64%	148.95%	-	152.33%	95.56%	91.43%	-
Dividend per Share ²	32.00	25.00	28.00	25.00	27.00	27.00	28.00	31.00
Announcement Date	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	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
Net sales ¹	53,720	54,016	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	2,414	2,468	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	4.49%	4.57%	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	2,405	2,282	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	1,407	1,664	723	1,680	1,581	3,261	137	693	830	536	863	1,399	4	1,678	1,682	829
Net margin	2.62%	3.08%	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	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	10/8/20	4/8/21	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	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	33,157	33,756	37,077	29,527	32,613	33,559	36,447	40,047
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,289	4,319	5,934	-2,686	5,883	4,300	4,800	-
ROE (net income / shareholders' equity)	17.1%	6.4%	8.3%	4.6%	7.8%	8.92%	10%	11.4%
ROA (Net income/ Total Assets)	12.5%	3.56%	6.95%	4.11%	6.48%	4.6%	5.1%	-
Assets ¹	62,245	86,361	57,323	54,285	59,599	97,826	102,941	-
Book Value Per Share ²	429.0	427.0	437.0	440.0	452.0	465.0	484.0	520.0
Cash Flow per Share	78.00	35.50	45.60	30.10	45.90	-	-	-
Capex	2,021	1,352	816	584	361	-	-	-
Capex / Sales	1.41%	1.25%	0.73%	0.53%	0.27%	-	-	-
Announcement Date	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

803 JPY

Average target price

1,200 JPY

Spread / Average Target

+49.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Business Support Services

	1st Jan change	Capi.
NOMURA CO., LTD.	-8.75%	571M
CINTAS CORPORATION	+13.19%	69.22B
JACOBS SOLUTIONS INC.	+7.13%	17.41B
BUREAU VERITAS SA	+23.31%	13.83B
RB GLOBAL, INC.	+8.67%	13.35B
INTERTEK GROUP PLC	+13.99%	9.93B
TELEPERFORMANCE SE	-20.79%	6.73B
GENPACT LIMITED	-3.95%	6B
MAXIMUS, INC.	+1.45%	5.17B
EXLSERVICE HOLDINGS, INC.	-5.41%	4.74B

Other Business Support Services