Nomura Real Estate Holdings, Inc.

DB:N9U Stock Report

Market Cap: €4.5b

Nomura Real Estate Holdings Valuation

Is N9U undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of N9U when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€3.50
Fair Value
47.2% overvalued intrinsic discount
9
Number of Analysts

Below Fair Value: N9U (€5.15) is trading above our estimate of fair value (€3.5)

Significantly Below Fair Value: N9U is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for N9U?

Key metric: As N9U is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for N9U. This is calculated by dividing N9U's market cap by their current earnings.
What is N9U's PE Ratio?
PE Ratio9.8x
EarningsJP¥74.84b
Market CapJP¥736.22b

Price to Earnings Ratio vs Peers

How does N9U's PE Ratio compare to its peers?

The above table shows the PE ratio for N9U vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average32.1x
PAT PATRIZIA
43.2x19.63%€678.6m
FC9 FCR Immobilien
5.8x-33.42%€127.3m
LEG LEG Immobilien
22.1x25.73%€5.6b
AT1 Aroundtown
57.4x49.09%€3.0b
N9U Nomura Real Estate Holdings
9.8x5.24%€736.2b

Price-To-Earnings vs Peers: N9U is good value based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (32.1x).

Price to Earnings Ratio vs Industry

How does N9U's PE Ratio compare vs other companies in the DE Real Estate Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GTY Gateway Real Estate
0.6xn/aUS$139.39m
AAA A.A.A. Allgemeine Anlageverwaltung
2.6xn/aUS$47.44m
ADJ Adler Group
0.04xn/aUS$43.46m
N9H Global Connectivity
0.2xn/aUS$2.59m
No more companies available in this PE range
N9U 9.8xIndustry Avg. 23.2xNo. of Companies5PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: N9U is good value based on its Price-To-Earnings Ratio (9.8x) compared to the German Real Estate industry average (23.2x).

Price to Earnings Ratio vs Fair Ratio

What is N9U's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

N9U PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.8x
Fair PE Ratio16.8x

Price-To-Earnings vs Fair Ratio: N9U is good value based on its Price-To-Earnings Ratio (9.8x) compared to the estimated Fair Price-To-Earnings Ratio (16.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst N9U forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.15
€5.82
+12.93%
9.02%€6.59€4.88n/a9
May ’26€5.15
€5.87
+13.89%
9.26%€6.66€4.94n/a9
Apr ’26€5.35
€5.56
+3.92%
8.80%€6.66€4.93n/a9
Mar ’26€5.40
€5.72
+5.93%
9.10%€6.89€5.04n/a9
Feb ’26€5.08
€5.53
+8.93%
7.98%€6.48€4.92n/a9
Jan ’26€4.64
€5.52
+18.90%
8.12%€6.46€4.91n/a9
Dec ’25€4.60
€5.69
+23.76%
8.51%€6.57€4.99n/a9
Nov ’25€4.48
€5.54
+23.72%
7.55%€6.29€4.90n/a9
Oct ’25€4.76
€5.78
+21.47%
7.17%€6.45€5.12n/a9
Sep ’25€5.08
€5.73
+12.76%
7.59%€6.31€5.01n/a9
Aug ’25€4.72
€5.52
+16.89%
7.37%€6.11€4.85n/a9
Jul ’25€4.60
€5.37
+16.76%
8.40%€5.98€4.69n/a9
Jun ’25€4.64
€5.45
+17.45%
9.85%€6.21€4.69n/a9
May ’25€5.16
€5.23
+1.43%
8.50%€5.92€4.56€5.1510
Apr ’25€5.08
€5.18
+1.93%
9.05%€6.09€4.51€5.3510
Mar ’25€4.60
€5.15
+11.91%
8.85%€5.59€4.20€5.4010
Feb ’25€4.80
€5.15
+7.19%
8.91%€5.66€4.25€5.0810
Jan ’25€4.64
€5.12
+10.43%
7.80%€5.65€4.34€4.649
Dec ’24€4.40
€4.79
+8.80%
8.58%€5.40€4.15€4.6010
Nov ’24€4.36
€4.77
+9.40%
7.47%€5.49€4.21€4.4811
Oct ’24€4.64
€4.78
+3.12%
8.37%€5.58€4.29€4.7611
Sep ’24€4.56
€4.65
+1.89%
7.57%€5.27€4.14€5.0811
Aug ’24€4.40
€4.81
+9.22%
9.26%€5.51€3.91€4.7211
Jul ’24€4.24
€4.62
+8.84%
9.55%€5.33€3.78€4.6011
Jun ’24€4.40
€4.68
+6.39%
9.47%€5.60€3.97€4.6411
May ’24€4.44
€4.58
+3.08%
8.66%€5.44€3.95€5.1610
AnalystConsensusTarget
Consensus Narrative from 9 Analysts
€5.72
Fair Value
10.0% undervalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/19 01:53
End of Day Share Price 2025/05/19 00:00
Earnings2025/03/31
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nomura Real Estate Holdings, Inc. is covered by 23 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Angus McKinnonBNP Paribas Securities (Asia)
David GleesonBofA Global Research
Masashi MikiCitigroup Inc