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Nomura Holdings

DB:NSE
Snowflake Description

Fair value with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NSE
DB
¥1,310B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide. The last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
  • Nomura Holdings has significant price volatility in the past 3 months.
NSE Share Price and Events
7 Day Returns
-5.7%
DB:NSE
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
7.4%
DB:NSE
-6.9%
DE Capital Markets
-17.2%
DE Market
NSE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nomura Holdings (NSE) -5.7% -9.9% -21.2% 7.4% -35% -34.5%
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • NSE outperformed the Capital Markets industry which returned -6.9% over the past year.
  • NSE outperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
NSE
Industry
5yr Volatility vs Market

Value

 Is Nomura Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nomura Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nomura Holdings.

DB:NSE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= ¥963.76 * 6.5%
¥62.55
Book Value of Equity per Share Weighted future Book Value estimates from 6 analysts. ¥963.76
Discount Rate (Cost of Equity) See below 12.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:NSE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.753 (1 + (1- 30.86%) (2286.83%))
8.81
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 6.33%)
12.27%

Discounted Cash Flow Calculation for DB:NSE using Excess Returns Model Model

The calculations below outline how an intrinsic value for Nomura Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:NSE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.5% – 12.27%) * ¥963.76)
¥-55.70
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥-55.70 / (12.27% - -0.39%)
¥-439.97
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥963.76 + ¥-439.97
¥523.79
DB:NSE Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:NSE represents 0.00844x of TSE:8604
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00844x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 523.79 x 0.00844
€4.42
Value per share (EUR) From above. €4.42
Current discount Discount to share price of €3.64
= -1 x (€3.64 - €4.42) / €4.42
17.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Nomura Holdings is available for.
Intrinsic value
18%
Share price is €3.64 vs Future cash flow value of €4.42
Current Discount Checks
For Nomura Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Nomura Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Nomura Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nomura Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nomura Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NSE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥77.28
TSE:8604 Share Price ** TSE (2020-04-01) in JPY ¥431.2
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nomura Holdings.

DB:NSE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8604 Share Price ÷ EPS (both in JPY)

= 431.2 ÷ 77.28

5.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nomura Holdings is good value based on earnings compared to the DE Capital Markets industry average.
  • Nomura Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Nomura Holdings's expected growth come at a high price?
Raw Data
DB:NSE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-12.1%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:NSE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.58x ÷ -12.1%

-0.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nomura Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Nomura Holdings's assets?
Raw Data
DB:NSE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥873.68
TSE:8604 Share Price * TSE (2020-04-01) in JPY ¥431.2
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:NSE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8604 Share Price ÷ Book Value per Share (both in JPY)

= 431.2 ÷ 873.68

0.49x

* Primary Listing of Nomura Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nomura Holdings is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Nomura Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Nomura Holdings has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Nomura Holdings expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-12.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nomura Holdings expected to grow at an attractive rate?
  • Nomura Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Nomura Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Nomura Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NSE Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NSE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -12.1%
DB:NSE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -1.7%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:NSE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NSE Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 1,289,621 205,725 1
2023-03-31 1,282,204 185,949 2
2022-03-31 1,256,044 187,896 7
2021-03-31 1,249,879 167,200 8
2020-04-01
2020-03-31 1,348,101 281,743 6
DB:NSE Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 1,344,613 498,872 252,317
2019-09-30 1,270,232 -502,377 99,975
2019-06-30 1,169,774 -151,713 -49,832
2019-03-31 1,109,770 -361,165 -100,442
2018-12-31 1,204,553 -345,365 -78,611
2018-09-30 1,350,572 -24,805 104,627
2018-06-30 1,419,143 -25,264 167,710
2018-03-31 1,507,969 -445,690 219,343
2017-12-31 1,462,009 -339,487 257,934
2017-09-30 1,424,038 -497,122 240,318
2017-06-30 1,419,540 981,666 249,648
2017-03-31 1,397,197 1,304,994 239,617

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nomura Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Nomura Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:NSE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Nomura Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NSE Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 66.50 66.50 66.50 1.00
2023-03-31 61.05 61.10 61.00 2.00
2022-03-31 60.82 88.15 44.73 8.00
2021-03-31 54.64 70.91 39.50 9.00
2020-04-01
2020-03-31 91.42 93.50 89.98 6.00
DB:NSE Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 77.28
2019-09-30 30.18
2019-06-30 -14.92
2019-03-31 -29.90
2018-12-31 -23.25
2018-09-30 30.71
2018-06-30 48.77
2018-03-31 63.13
2017-12-31 73.50
2017-09-30 68.02
2017-06-30 70.42
2017-03-31 67.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nomura Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nomura Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nomura Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Nomura Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nomura Holdings's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nomura Holdings's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Nomura Holdings has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Nomura Holdings has become profitable in the last year making it difficult to compare the DE Capital Markets industry average.
Earnings and Revenue History
Nomura Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nomura Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NSE Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,344,613.00 252,317.00 662,672.00
2019-09-30 1,270,232.00 99,975.00 578,509.00
2019-06-30 1,169,774.00 -49,832.00 590,203.00
2019-03-31 1,109,770.00 -100,442.00 588,572.00
2018-12-31 1,204,553.00 -78,611.00 570,960.00
2018-09-30 1,350,572.00 104,627.00 631,090.00
2018-06-30 1,419,143.00 167,710.00 624,003.00
2018-03-31 1,507,969.00 219,343.00 635,298.00
2017-12-31 1,462,009.00 257,934.00 585,357.00
2017-09-30 1,424,038.00 240,318.00 574,754.00
2017-06-30 1,419,540.00 249,648.00 610,573.00
2017-03-31 1,397,197.00 239,617.00 601,332.00
2016-12-31 1,327,266.00 159,198.00 586,405.00
2016-09-30 1,313,520.00 124,254.00 608,016.00
2016-06-30 1,297,129.00 109,633.00 678,362.00
2016-03-31 1,388,681.00 131,550.00 672,891.00
2015-12-31 1,544,044.00 232,717.00 781,742.00
2015-09-30 1,614,141.00 267,354.00 784,244.00
2015-06-30 1,651,370.00 273,667.00 695,643.00
2015-03-31 1,597,176.00 224,785.00 707,935.00
2014-12-31 1,569,605.00 204,027.00 700,668.00
2014-09-30 1,524,030.00 182,317.00 695,508.00
2014-06-30 1,514,587.00 167,557.00 693,084.00
2014-03-31 1,569,070.00 213,591.00 688,685.00
2013-12-31 1,810,073.00 234,757.00 658,527.00
2013-09-30 1,819,738.00 206,540.00 717,667.00
2013-06-30 1,863,027.00 171,237.00 718,982.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Nomura Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nomura Holdings used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Nomura Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Nomura Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nomura Holdings has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Nomura Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nomura Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nomura Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nomura Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nomura Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nomura Holdings Company Filings, last reported 3 months ago.

DB:NSE Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,789,623.00 29,949,655.00 24,330,111.00
2019-09-30 2,788,175.00 30,266,905.00 38,283,968.00
2019-06-30 2,726,868.00 27,906,737.00 29,147,250.00
2019-03-31 2,680,793.00 26,256,930.00 29,434,427.00
2018-12-31 2,706,011.00 30,261,526.00 24,675,159.00
2018-09-30 2,846,010.00 29,111,896.00 39,276,453.00
2018-06-30 2,845,199.00 27,525,544.00 30,756,844.00
2018-03-31 2,799,824.00 25,556,998.00 28,357,483.00
2017-12-31 2,905,681.00 27,671,056.00 25,619,547.00
2017-09-30 2,892,407.00 27,487,764.00 25,322,555.00
2017-06-30 2,910,789.00 28,685,509.00 37,891,735.00
2017-03-31 2,843,791.00 27,719,548.00 31,535,987.00
2016-12-31 2,867,979.00 26,187,638.00 25,947,301.00
2016-09-30 2,699,957.00 27,540,389.00 26,356,802.00
2016-06-30 2,699,280.00 27,998,323.00 25,642,614.00
2016-03-31 2,743,015.00 26,448,052.00 28,675,438.00
2015-12-31 2,837,275.00 26,562,740.00 28,569,497.00
2015-09-30 2,794,936.00 28,143,399.00 37,659,724.00
2015-06-30 2,816,981.00 27,449,975.00 38,296,515.00
2015-03-31 2,744,946.00 25,687,355.00 27,633,596.00
2014-12-31 2,771,980.00 25,895,801.00 29,982,323.00
2014-09-30 2,615,218.00 28,018,532.00 38,235,580.00
2014-06-30 2,513,674.00 27,038,418.00 27,844,824.00
2014-03-31 2,553,213.00 28,031,193.00 28,578,755.00
2013-12-31 2,528,466.00 26,491,116.00 28,404,727.00
2013-09-30 2,411,306.00 28,049,120.00 27,717,663.00
2013-06-30 2,394,869.00 25,575,870.00 36,371,058.00
  • Nomura Holdings's level of debt (1066.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (934.2% vs 1066.6% today).
  • Debt is not well covered by operating cash flow (1.7%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Nomura Holdings's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Nomura Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nomura Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Nomura Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.39%
Current annual income from Nomura Holdings dividends. Estimated to be 4.26% next year.
If you bought €2,000 of Nomura Holdings shares you are expected to receive €28 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nomura Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Nomura Holdings's dividend is below the markets top 25% of dividend payers in Germany (4.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:NSE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:NSE Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 22.00 1.00
2023-03-31 20.50 2.00
2022-03-31 18.79 8.00
2021-03-31 16.91 8.00
2020-04-01
2020-03-31 24.13 4.00
DB:NSE Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-04-25 6.000 1.346
2018-04-26 20.000 4.048
2017-10-30 20.000 3.033
2017-04-27 20.000 3.065
2016-10-27 12.000 1.772
2016-04-27 13.000 2.933
2015-04-30 19.000 2.806
2014-10-28 15.000 2.150
2014-04-30 18.000 2.729
2014-02-14 16.000 2.434
2014-01-30 16.000 2.302
2013-11-27 16.000 2.030
2013-10-29 16.000 2.108
2013-04-26 8.000 1.041
2013-02-14 4.000 0.661
2013-01-31 4.000 0.757
2012-10-29 4.000 1.072
2012-04-27 4.000 1.447
2012-02-28 8.000 2.187
2012-02-01 8.000 2.419
2011-11-01 8.000 3.139
2011-04-28 8.000 2.341
2011-02-14 8.000 1.764
2011-02-02 8.000 1.531
2010-11-29 8.000 1.551
2010-11-15 8.000 1.656
2010-10-29 8.000 1.851
2010-06-29 8.000 1.723
2010-04-28 8.000 1.427
2010-02-02 8.000 1.197
2009-10-28 8.000 1.196
2009-08-14 0.000 0.000
2009-07-29 0.000 0.000
2009-06-30 0.000 0.000
2009-05-08 0.000 0.000
2009-04-24 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Nomura Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Nomura Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nomura Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nomura Holdings has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Nomura Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Koji Nagai
COMPENSATION ¥119,000,000
AGE 60
TENURE AS CEO 7.7 years
CEO Bio

Mr. Koji Nagai has been the President of Nomura Holdings, Inc. since April 1, 2017 and serves its Representative Executive Officer & Group CEO. Mr. Nagai served as Representative Executive Officer and President of Nomura Securities Co., Ltd., since April 2012 until April 1, 2017. He has been a Director of Nomura Securities Co., Ltd. since April 2012 and was a Director in 2003. In April 2009, he was serving as Executive Managing Director and Executive Vice President of Nomura Securities Co., Ltd. In October 2008, he was serving as Senior Corporate Managing Director of Nomura Securities Co., Ltd. In April 2007, Mr. Nagai was serving as Executive Managing Director of Nomura Securities Co., Ltd. He has been the President of Nomura Securities Co. Ltd. since April 1, 2012 and served as its Senior Managing Director, since June 2003. Mr. Nagai has been the Group Chief Executive Officer at the Nomura Securities Co., Ltd. since August 2012 and served as a Senior Managing Director at Nomura Securities Co., Ltd. since April 2013. He served as a Co-Chief Operating Officer and Deputy President at Nomura Securities Co. Ltd since April 2011. Mr. Nagai served as Senior Managing Director of Investment Banking Division of Nomura Securities Co., Ltd. Since June 2013, he has been a Director, Representative Executive Officer and Group Chief Executive Officer at Nomura Holdings, Inc. Since August 2012, he was a Representative Executive Officer and Group Chief Executive Officer at Nomura Holdings, Inc. Since April 2012, he was serving as Senior Managing Director at Nomura Holdings, Inc. He has been the President of Nomura Securities Co., Ltd. at Nomura Holdings, Inc. He joined Nomura in April 1981. He joined ASICS Corporation in August 1972. He served as an Overseas Administrative General Manager 1st Overseas Business Division at ASICS Corporation since January 1986. He served as a General Manager of Legal Affairs Division at ASICS Corporation since April 1993. He served as the President of Kita Kyushu ASICS Kogyo K.K. since January 1996. He served as Senior Managing Director of ASICS Apparel Industry Corporation since October 1998. He has been the Chairman of Nomura Securities Co., Ltd. since April 1, 2017. Mr. Nagai has been a Standing Corporate Auditor at ASICS Trading Co., Ltd. since June 2004. He served as an Auditor at ASICS Trading Co., Ltd. since June 2002. He served as a Representative Director of Kita Kyushu ASICS Kogyo K.K. since January 1996. Mr. Nagai served as a Director ASICS Apparel Industry Corporation until June 2002. He serves as the Director at Nomura Holdings, Inc. since June 22, 2018.

CEO Compensation
  • Koji's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Koji's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Nomura Holdings management team in years:

2
Average Tenure
56.5
Average Age
  • The tenure for the Nomura Holdings management team is about average.
Management Team

Koji Nagai

TITLE
President
COMPENSATION
¥119M
AGE
60
TENURE
7.7 yrs

Takumi Kitamura

TITLE
Executive MD & CFO
COMPENSATION
¥100M
AGE
53
TENURE
4 yrs

Kenji Tsuge

TITLE
Co-Chief Financial Officer

Kentaro Okuda

TITLE
Deputy President
AGE
56
TENURE
2 yrs

Toshio Morita

TITLE
Executive MD & Group Co-COO
COMPENSATION
¥203M
AGE
58
TENURE
2 yrs

Michio Okazaki

TITLE
MD and Head of Management Accounting & Investor Relations

Yo Akatsuka

TITLE
Senior MD & Global Head of Investment Banking
TENURE
2 yrs

Jonathan Lewis

TITLE
Senior MD & Chief Administrative Officer
AGE
52
TENURE
0.9 yrs

Junko Tago

TITLE
Executive Director

Tomoyuki Teraguchi

TITLE
Executive MD & Chief Compliance Officer
AGE
57
Board of Directors Tenure

Average tenure and age of the Nomura Holdings board of directors in years:

4.3
Average Tenure
66
Average Age
  • The tenure for the Nomura Holdings board of directors is about average.
Board of Directors

Nobuyuki Koga

TITLE
Chairman of the Board
COMPENSATION
¥239M
AGE
64
TENURE
8.8 yrs

Koji Nagai

TITLE
President
COMPENSATION
¥119M
AGE
60
TENURE
6.8 yrs

Shoichi Nagamatsu

TITLE
Representative Executive Officer
COMPENSATION
¥180M
AGE
61
TENURE
1.8 yrs

Hiroshi Kimura

TITLE
Outside Director
AGE
66
TENURE
4.8 yrs

Noriaki Shimazaki

TITLE
Outside Director
AGE
73
TENURE
3.8 yrs

Michael Lim

TITLE
Outside Director
AGE
73
TENURE
8.8 yrs

Hisato Miyashita

TITLE
Director
AGE
61
TENURE
3.8 yrs

Deepak Parekh

TITLE
Advisory Board Member
AGE
75

Chok Goh

TITLE
Advisory Board Member

Mari Sono

TITLE
Outside Director
AGE
67
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nomura Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nomura Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide. It operates through three segments: Retail, Asset Management, and Wholesale. The Retail segment offers various financial products and investment services for individuals and corporations. As of March 31, 2019, this segment operated a network of 156 branches. The Asset Management segment engages in the development and management of investment trusts, including low risk/low return products and high risk/high return products, as well as products for various investor needs; and provision of investment advisory services to public pension funds, private pension funds, governments and their agencies, central banks, and institutional investors. The Wholesale segment is involved in the research, sale, trading, agency execution, and market-making of fixed income and equity-related products. It also engages in underwriting various securities and other financial instruments, such as various classes of shares, convertible and exchangeable securities, investment grade and high yield debts, sovereign and emerging market debts, structured securities, and other securities; arranging private placements, as well as other capital raising activities; and the provision of financial advisory services on business transactions comprising mergers and acquisitions, divestitures, spin-offs, capital structuring, corporate defense activities, leveraged buyouts, and risk solutions. In addition, this segment offers various financial instruments that include equity and debt securities, investment trusts, and variable annuity insurance products for the short, medium, and long-terms. The company was formerly known as The Nomura Securities Co., Ltd. and changed its name to Nomura Holdings, Inc. in October 2001. Nomura Holdings, Inc. was founded in 1925 and is headquartered in Tokyo, Japan.

Details
Name: Nomura Holdings, Inc.
NSE
Exchange: DB
Founded: 1925
¥11,174,702,756
3,037,240,389
Website: http://www.nomura.com
Address: Nomura Holdings, Inc.
1-9-1, Nihonbashi,
Chuo-ku,
Tokyo,
103-8645,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8604 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1975
OTCPK NRSC.F Common Stock Pink Sheets LLC US USD 06. Jan 1975
DB NSE Common Stock Deutsche Boerse AG DE EUR 06. Jan 1975
NYSE NMR SPONSORED ADR New York Stock Exchange US USD 06. Jan 1975
DB NSEA SPONSORED ADR Deutsche Boerse AG DE EUR 06. Jan 1975
Number of employees
Current staff
Staff numbers
27,864
Nomura Holdings employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 21:53
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.