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 4,427,727 - -
Change - -1.54% 91.49% -8.41% 31.25% 25.67% - -
Enterprise Value (EV) 1 1,554,416 1,530,541 2,930,878 18,023,067 19,043,573 18,949,360 21,788,966 24,601,599
Change - -1.54% 91.49% 514.94% 5.66% -0.49% 14.99% 12.91%
P/E 11x 16.5x 17.8x 7.88x 9.78x 10.6x 10.3x 10.1x
PBR 0.53x 0.49x 0.87x 0.77x 0.94x 1.13x 1.05x 0.99x
PEG - -0.5x 0.2x 0x 1.45x 0.7x 3.49x 4.21x
Capitalization / Revenue 1.14x 1.15x 0.7x 1.42x 1.63x 1.98x 1.94x 1.85x
EV / Revenue 1.14x 1.15x 0.7x 9.52x 8.79x 8.48x 9.56x 10.3x
EV / EBITDA - - - - - - - -
EV / EBIT 6.86x 10.2x 10.7x 38.2x 35.3x 29.6x 34.3x 38.6x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 22 17 23 57 51 57.67 62.1 64.45
Rate of return 4.27% 3.34% 2.35% 6.28% 4.24% 3.81% 4.1% 4.25%
EPS 2 46.68 30.86 54.97 115.3 123.1 142.9 147.1 150.6
Distribution rate 47.1% 55.1% 41.8% 49.4% 41.4% 40.4% 42.2% 42.8%
Net sales 1 1,363,890 1,335,577 4,157,294 1,892,500 2,167,713 2,235,750 2,278,717 2,389,474
EBITDA - - - - - - - -
EBIT 1 226,623 149,474 273,850 471,964 539,821 640,011 635,096 637,056
Net income 1 142,996 92,786 165,863 340,700 362,129 413,666 424,099 441,992
Net Debt 1 - - - 15,338,690 15,520,254 14,521,633 17,361,238 20,173,871
Reference price 2 515.20 509.70 977.60 908.20 1,204.00 1,515.00 1,515.00 1,515.00
Nbr of stocks (in thousands) 3,017,111 3,002,827 2,998,034 2,955,712 2,926,345 2,922,592 - -
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.($)
16.28x7.21x - 2.04% 332B
14.51x10.71x - 1.86% 315B
11.95x - - 1.88% 224B
17.02x6.84x11.37x1.2% 184B
10.7x1.22x - 3.3% 60.13B
15.95x5.07x - 3.46% 27.88B
18.36x1.62x10.46x0.34% 28.37B
6.64x - - 4.19% 26.45B
9.25x7.04x - 3.23% 24.6B
Average 13.41x 5.67x 10.92x 2.39% 135.84B
Weighted average by Cap. 14.56x 7.68x 11.25x 1.96%

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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