Company Valuation: NOMURA Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: February 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 90,569 103,199 99,234 94,929 95,706 158,350 - -
Change - 13.95% -3.84% -4.34% 0.82% 65.46% - -
Enterprise Value (EV) 1 56,813 66,122 69,707 62,316 64,384 124,385 119,105 113,874
Change - 16.39% 5.42% -10.6% 3.32% 93.19% -4.24% -4.39%
P/E ratio 29.5x 25.9x 44.5x 24.6x 14.2x 17.3x 16.3x 15.4x
PBR 1.91x 2.12x 2.02x 1.89x 1.76x 2.7x 2.49x 2.29x
PEG - 0.9x -1x 0.3x 0.2x 0.5x 2.62x 2.7x
Capitalization / Revenue 0.84x 0.93x 0.89x 0.71x 0.64x 0.97x 0.96x 0.91x
EV / Revenue 0.53x 0.6x 0.63x 0.46x 0.43x 0.76x 0.72x 0.65x
EV / EBITDA 9.86x 10.1x 16.5x 9.64x 6.35x 8.52x 7.73x 6.82x
EV / EBIT 11.6x 12.2x 22.4x 12x 7.24x 9.52x 8.69x 7.85x
EV / FCF 13.2x 11.1x -26x 10.6x 37.4x 12.1x 11.1x -
FCF Yield 7.6% 8.97% -3.85% 9.44% 2.67% 8.28% 8.98% -
Dividend per Share 2 25 28 25 27 32 42 43.67 46
Rate of return 3.07% 3.02% 2.81% 3.17% 3.73% 2.96% 3.08% 3.24%
EPS 2 27.61 35.8 20.02 34.67 60.6 81.82 86.92 91.86
Distribution rate 90.5% 78.2% 125% 77.9% 52.8% 51.3% 50.2% 50.1%
Net sales 1 107,736 111,081 110,928 134,138 150,256 163,333 164,333 174,500
EBITDA 1 5,760 6,518 4,231 6,464 10,143 14,600 15,400 16,700
EBIT 1 4,882 5,431 3,113 5,213 8,897 13,067 13,700 14,500
Net income 1 3,071 3,984 2,229 3,862 6,757 9,133 9,700 10,250
Net Debt 1 -33,756 -37,077 -29,527 -32,613 -31,322 -33,965 -39,245 -44,476
Reference price 2 814.00 927.00 891.00 852.00 858.00 1,419.00 1,419.00 1,419.00
Nbr of stocks (in thousands) 111,264 111,326 111,373 111,419 111,545 111,593 - -
Announcement Date 4/8/21 4/7/22 4/6/23 4/11/24 4/10/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.28x0.76x8.48x2.97% 1B
41.97x7.51x27.09x0.82% 81.42B
38.41x4.47x14.44x1.22% 19.37B
22.62x1.27x12.48x1.03% 16.07B
21.35x2.22x11.01x3.23% 14.82B
36.3x4.13x16.76x1.73% 8.55B
17.88x2.11x9.34x3.99% 8.29B
11.93x1.31x6.81x1.81% 7.08B
11.91x0.54x7.87x1.75% 5.35B
19.13x2.13x9.86x-.--% 5.08B
Average 23.88x 2.65x 12.41x 1.85% 16.7B
Weighted average by Cap. 33.30x 4.96x 19.27x 1.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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