NOMURA REAL ESTATE HOLDINGS, INC. Financials Nomura Real Estate Holdings, Inc.
Equities
3231
JP3762900003
Real Estate Development & Operations
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,426 JPY | +7.22% |
|
+8.99% | +19.33% |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 392,481 | 318,431 | 482,544 | 523,065 | 511,255 | 763,982 | - | - |
| Enterprise Value (EV) 1 | 1,188,130 | 1,110,030 | 1,419,419 | 1,442,891 | 1,603,740 | 759,263 | 1,941,621 | 1,947,432 |
| P/E ratio | 8.64 x | 6.57 x | 11.5 x | 9.53 x | 8.02 x | 11.2 x | 10.8 x | 10.3 x |
| Yield | 3.53% | 4.56% | 3.1% | 3.32% | 4.1% | 3.18% | 3.49% | 3.77% |
| Capitalization / Revenue | 0.59 x | 0.47 x | 0.83 x | 0.81 x | 0.78 x | 1.03 x | 0.98 x | 0.95 x |
| EV / Revenue | 1.78 x | 1.64 x | 2.44 x | 2.24 x | 2.45 x | 1.03 x | 2.5 x | 2.42 x |
| EV / EBITDA | 12.1 x | 10.9 x | 14.7 x | 13.1 x | 13.3 x | 5.73 x | 13.9 x | 13.4 x |
| EV / FCF | 27.5 x | 42.5 x | -11.9 x | 221 x | -15.2 x | -60.5 x | - | -91.8 x |
| FCF Yield | 3.64% | 2.35% | -8.4% | 0.45% | -6.59% | -1.65% | - | -1.09% |
| Price to Book | 0.74 x | 0.58 x | 0.83 x | 0.84 x | 0.78 x | 1.1 x | 1.04 x | 0.97 x |
| Nbr of stocks (in thousands) | 184,697 | 181,442 | 181,067 | 178,338 | 174,490 | 172,612 | - | - |
| Reference price 2 | 2,125 | 1,755 | 2,665 | 2,933 | 2,930 | 4,426 | 4,426 | 4,426 |
| Announcement Date | 4/25/19 | 5/1/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 668,510 | 676,495 | 580,660 | 645,049 | 654,735 | 734,715 | 778,072 | 806,056 |
| EBITDA 1 | 98,363 | 101,710 | 96,354 | 110,299 | 120,191 | 132,559 | 139,856 | 145,464 |
| EBIT 1 | 79,162 | 81,905 | 76,333 | 91,210 | 99,598 | 112,114 | 115,545 | 118,841 |
| Operating Margin | 11.84% | 12.11% | 13.15% | 14.14% | 15.21% | 15.26% | 14.85% | 14.74% |
| Earnings before Tax (EBT) 1 | 65,407 | 73,090 | 62,820 | 81,052 | 88,088 | 96,653 | 100,868 | 106,976 |
| Net income 1 | 45,873 | 48,886 | 42,198 | 55,312 | 64,520 | 68,164 | 70,147 | 73,702 |
| Net margin | 6.86% | 7.23% | 7.27% | 8.57% | 9.85% | 9.28% | 9.02% | 9.14% |
| EPS 2 | 246.0 | 267.2 | 232.5 | 307.8 | 365.3 | 392.3 | 409.5 | 429.5 |
| Free Cash Flow 1 | 43,265 | 26,128 | -119,293 | 6,516 | -105,705 | -31,972 | - | -21,215 |
| FCF margin | 6.47% | 3.86% | -20.54% | 1.01% | -16.14% | -4.29% | - | -2.63% |
| FCF Conversion (EBITDA) | 43.99% | 25.69% | - | 5.91% | - | - | - | - |
| FCF Conversion (Net income) | 94.31% | 53.45% | - | 11.78% | - | - | - | - |
| Dividend per Share 2 | 75.00 | 80.00 | 82.50 | 97.50 | 120.0 | 140.0 | 154.6 | 166.8 |
| Announcement Date | 4/25/19 | 5/1/20 | 4/27/21 | 4/26/22 | 4/26/23 | 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 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 247,015 | 429,480 | 223,935 | 356,725 | 110,582 | 257,126 | 103,878 | 284,045 | 387,923 | 199,721 | 115,035 | 314,756 | 107,834 | 232,145 | 339,979 | 209,366 | 158,952 | 368,318 | 150,027 | 216,370 | 366,397 | 191,349 | 179,860 | 178,756 | 243,139 |
| EBITDA | 31,460 | - | - | - | - | - | - | - | - | 42,278 | - | 58,992 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 21,684 | 60,221 | 24,187 | 52,146 | 9,867 | 40,360 | 8,775 | 42,075 | 50,850 | 37,289 | 11,595 | 48,884 | 12,566 | 38,148 | 50,714 | 38,485 | 22,887 | 61,372 | 17,247 | 33,495 | 50,742 | 30,233 | 24,308 | 24,903 | 37,061 |
| Operating Margin | 8.78% | 14.02% | 10.8% | 14.62% | 8.92% | 15.7% | 8.45% | 14.81% | 13.11% | 18.67% | 10.08% | 15.53% | 11.65% | 16.43% | 14.92% | 18.38% | 14.4% | 16.66% | 11.5% | 15.48% | 13.85% | 15.8% | 13.52% | 13.93% | 15.24% |
| Earnings before Tax (EBT) 1 | 18,238 | 54,852 | 18,226 | 44,594 | 7,318 | 34,456 | 5,417 | 41,179 | 46,596 | 36,308 | 9,208 | 45,516 | 9,868 | 32,704 | 42,572 | 35,256 | 13,030 | 48,286 | 14,693 | 33,674 | - | 26,000 | 20,000 | 19,000 | 39,000 |
| Net income 1 | 12,468 | 36,418 | 12,030 | 30,168 | 4,907 | 23,513 | 3,346 | 28,453 | 31,799 | 26,933 | 6,941 | 33,874 | 7,045 | 23,601 | 30,646 | 24,318 | 8,638 | 32,956 | 10,269 | 24,939 | 35,208 | 18,000 | 14,000 | 13,000 | 26,000 |
| Net margin | 5.05% | 8.48% | 5.37% | 8.46% | 4.44% | 9.14% | 3.22% | 10.02% | 8.2% | 13.49% | 6.03% | 10.76% | 6.53% | 10.17% | 9.01% | 11.62% | 5.43% | 8.95% | 6.84% | 11.53% | 9.61% | 9.41% | 7.78% | 7.27% | 10.69% |
| EPS 2 | 67.86 | - | 66.26 | - | 27.27 | 130.4 | 18.72 | 158.7 | - | 151.5 | 39.12 | 190.7 | 40.19 | 134.4 | - | 139.9 | 49.45 | 189.4 | 59.05 | 143.9 | - | 46.76 | 86.68 | 119.1 | 152.5 |
| Dividend per Share 2 | 40.00 | - | 40.00 | - | 42.50 | 42.50 | - | 55.00 | - | - | 55.00 | 55.00 | - | 65.00 | - | - | 65.00 | 65.00 | - | 75.00 | - | - | 76.25 | - | 78.75 |
| Announcement Date | 10/28/19 | 5/1/20 | 10/27/20 | 4/27/21 | 10/28/21 | 10/28/21 | 1/27/22 | 4/26/22 | 4/26/22 | 7/28/22 | 10/27/22 | 10/27/22 | 1/26/23 | 4/26/23 | 4/26/23 | 7/27/23 | 10/26/23 | 10/26/23 | 1/31/24 | 4/25/24 | 4/25/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 795,649 | 791,599 | 936,875 | 919,826 | 1,092,485 | 1,168,807 | 1,177,639 | 1,183,451 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.089 x | 7.783 x | 9.723 x | 8.339 x | 9.09 x | 8.87 x | 8.42 x | 8.136 x |
| Free Cash Flow 1 | 43,265 | 26,128 | -119,293 | 6,516 | -105,705 | -31,972 | - | -21,215 |
| ROE (net income / shareholders' equity) | 8.9% | 9.1% | 7.4% | 9.2% | 10.1% | 10.1% | 9.96% | 9.83% |
| ROA (Net income/ Total Assets) | 4.04% | 4.1% | 3.54% | 4.17% | 4.53% | 4.5% | 4.53% | 4.3% |
| Assets 1 | 1,135,906 | 1,191,002 | 1,190,672 | 1,327,178 | 1,422,825 | 1,513,219 | 1,550,204 | 1,712,635 |
| Book Value Per Share 2 | 2,854 | 3,031 | 3,230 | 3,478 | 3,756 | 4,003 | 4,261 | 4,549 |
| Cash Flow per Share 2 | 349.0 | 375.0 | 343.0 | 414.0 | 482.0 | 510.0 | 259.0 | 436.0 |
| Capex 1 | 20,824 | 20,363 | 45,575 | 36,618 | 35,140 | 66,059 | 75,392 | 70,043 |
| Capex / Sales | 3.11% | 3.01% | 7.85% | 5.68% | 5.37% | 8.99% | 9.69% | 8.69% |
| Announcement Date | 4/25/19 | 5/1/20 | 4/27/21 | 4/26/22 | 4/26/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
4,426
JPY
Average target price
4,390
JPY
Spread / Average Target
-0.81%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +19.33% | 4.85B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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- Financials Nomura Real Estate Holdings, Inc.
