Company Valuation: Nomura Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,778,673 1,554,416 1,530,541 2,930,878 2,684,377 2,734,066 - -
Change - -12.61% -1.54% 91.49% -8.41% 1.85% - -
Enterprise Value (EV) 1 1,778,673 1,554,416 1,530,541 2,930,878 18,023,067 11,452,809 11,600,317 2,734,066
Change - -12.61% -1.54% 91.49% 514.94% -36.45% 1.29% -76.43%
P/E ratio 11.6x 11x 16.5x 17.8x 7.88x 8.57x 8.8x 8.59x
PBR 0.66x 0.53x 0.49x 0.87x 0.77x 0.75x 0.71x 0.67x
PEG - -1.61x -0.5x 0.2x 0x -1.35x -3.47x 3.53x
Capitalization / Revenue 1.1x 1.14x 1.15x 0.7x 1.42x 1.49x 1.5x 1.45x
EV / Revenue 1.1x 1.14x 1.15x 0.7x 9.52x 6.22x 6.35x 1.45x
EV / EBITDA - - - - - - - -
EV / EBIT 7.71x 6.86x 10.2x 10.7x 38.2x 24.4x 25x 5.62x
EV / FCF 2,706,795x -1,783,401x -2,171,371x 24,492,970x -26,031,165x - - -
FCF Yield 0% -0% -0% 0% -0% - - -
Dividend per Share 2 35 22 17 23 57 44.45 43.21 43.6
Rate of return 6.02% 4.27% 3.34% 2.35% 6.28% 4.8% 4.67% 4.71%
EPS 2 50.11 46.68 30.86 54.97 115.3 108 105.3 107.8
Distribution rate 69.8% 47.1% 55.1% 41.8% 49.4% 41.2% 41.1% 40.4%
Net sales 1 1,617,235 1,363,890 1,335,577 4,157,294 1,892,500 1,840,362 1,827,099 1,883,607
EBITDA - - - - - - - -
EBIT 1 230,671 226,623 149,474 273,850 471,964 468,649 463,893 486,394
Net income 1 153,116 142,996 92,786 165,863 340,700 306,913 298,635 308,803
Net Debt 1 - - - - 15,338,690 8,718,743 8,866,251 -
Reference price 2 581.40 515.20 509.70 977.60 908.20 925.90 925.90 925.90
Nbr of stocks (in thousands) 3,059,293 3,017,111 3,002,827 2,998,034 2,955,712 2,952,874 - -
Announcement Date 4/27/21 4/26/22 4/26/23 4/26/24 4/25/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.7x6.24x - 4.73% 18.63B
16.36x6.89x - 2.73% 227B
15.66x10.2x - 1.87% 206B
21.81x - - 1.18% 166B
12.1x - - 2.56% 167B
16.98x2.88x - 2.13% 56.83B
15.48x1.56x7.61x1.28% 31.53B
24.17x2.09x13.09x0.34% 29.35B
9.14x - - 3.55% 24.46B
11.33x6.13x - 2.75% 21.99B
Average 15.17x 5.14x 10.35x 2.31% 94.93B
Weighted average by Cap. 16.21x 7.09x 10.25x 2.15%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Nomura Holdings, Inc.