Company Valuation: Nomura Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,554,416 1,530,541 2,930,878 2,684,377 3,523,319 4,621,215 - -
Change - -1.54% 91.49% -8.41% 31.25% 31.16% - -
Enterprise Value (EV) 1 1,554,416 1,530,541 2,930,878 18,023,067 19,043,573 18,427,023 20,028,437 21,613,806
Change - -1.54% 91.49% 514.94% 5.66% -3.24% 8.69% 7.92%
P/E 11x 16.5x 17.8x 7.88x 9.78x 10.4x 10.5x 10.4x
PBR 0.53x 0.49x 0.87x 0.77x 0.94x 1.17x 1.1x 1.03x
PEG - -0.5x 0.2x 0x 1.45x 0.5x -9.78x 7.04x
Capitalization / Revenue 1.14x 1.15x 0.7x 1.42x 1.63x 1.93x 1.91x 1.87x
EV / Revenue 1.14x 1.15x 0.7x 9.52x 8.79x 7.69x 8.29x 8.72x
EV / EBITDA - - - - - - - -
EV / EBIT 6.86x 10.2x 10.7x 38.2x 35.3x 30.3x 32.5x 34.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 22 17 23 57 51 62.69 63.33 65.45
Rate of return 4.27% 3.34% 2.35% 6.28% 4.24% 3.96% 4.01% 4.14%
EPS 2 46.68 30.86 54.97 115.3 123.1 151.5 149.9 152.1
Distribution rate 47.1% 55.1% 41.8% 49.4% 41.4% 41.4% 42.3% 43%
Net sales 1 1,363,890 1,335,577 4,157,294 1,892,500 2,167,713 2,397,038 2,415,688 2,477,360
EBITDA - - - - - - - -
EBIT 1 226,623 149,474 273,850 471,964 539,821 608,342 616,106 629,308
Net income 1 142,996 92,786 165,863 340,700 362,129 444,741 440,575 452,522
Net Debt 1 - - - 15,338,690 15,520,254 13,805,808 15,407,222 16,992,591
Reference price 2 515.20 509.70 977.60 908.20 1,204.00 1,581.00 1,581.00 1,581.00
Nbr of stocks (in thousands) 3,017,111 3,002,827 2,998,034 2,955,712 2,926,345 2,922,970 - -
Announcement Date 4/26/22 4/26/23 4/26/24 4/25/25 4/24/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.61x7.05x - 2.12% 318B
13.36x10.29x - 2.02% 285B
11.79x - - 1.91% 221B
16.92x6.76x11.25x1.21% 182B
9.8x1.47x - 3.78% 59.13B
17.23x5.85x - 3.4% 33.54B
10.44x7.69x - 3.96% 29.44B
16.97x - - 0.37% 25.83B
8.07x6.23x - 3.75% 23.43B
Average 13.35x 6.48x 11.25x 2.5% 130.87B
Weighted average by Cap. 14.06x 7.59x 11.25x 2.08%

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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-40%: Exceptional extension
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