Nomura Real Estate Holdings, Inc.

DB:N9U Stock Report

Market Cap: €4.0b

Nomura Real Estate Holdings Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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.

Below Fair Value: N9U (€22.6) is trading above our estimate of fair value (€16.34)

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 Ratio8.3x
EarningsJP¥77.72b
Market CapJP¥642.23b

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 Average28.7x
FC9 FCR Immobilien
12.6x8.8%€93.3m
SPB Sedlmayr Grund und Immobilien
65.6xn/a€903.2m
GWK3 GAG Immobilien
24xn/a€848.5m
3289 Tokyu Fudosan Holdings
12.8x10.8%JP¥697.2b
N9U Nomura Real Estate Holdings
8.3x2.9%€642.2b

Price-To-Earnings vs Peers: N9U is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (28.7x).

Price to Earnings Ratio vs Industry

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

22 CompaniesPrice / EarningsEstimated GrowthMarket Cap
N9U 8.3xIndustry Avg. 18.0xNo. of Companies30PE01224364860+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: N9U is good value based on its Price-To-Earnings Ratio (8.3x) compared to the European Real Estate industry average (18.2x).

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 Ratio8.3x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: N9U is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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€22.60
€27.93
+23.6%
8.2%€32.14€25.03n/a9
Nov ’25€22.40
€27.71
+23.7%
7.6%€31.47€24.51n/a9
Oct ’25€23.80
€28.66
+20.4%
7.2%€31.98€25.40n/a9
Sep ’25€25.40
€28.64
+12.8%
7.6%€31.56€25.07n/a9
Aug ’25€23.60
€27.59
+16.9%
7.4%€30.55€24.26n/a9
Jul ’25€23.00
€26.86
+16.8%
8.4%€29.88€23.44n/a9
Jun ’25€23.20
€26.25
+13.1%
9.8%€29.89€22.57n/a9
May ’25€25.80
€26.17
+1.4%
8.5%€29.60€22.79n/a10
Apr ’25€25.40
€25.89
+1.9%
9.1%€30.46€22.54n/a10
Mar ’25€23.00
€25.74
+11.9%
8.8%€27.97€21.01n/a10
Feb ’25€24.00
€25.73
+7.2%
8.9%€28.30€21.26n/a10
Jan ’25€23.20
€25.62
+10.4%
7.8%€28.27€21.72n/a9
Dec ’24€22.00
€23.94
+8.8%
8.6%€27.01€20.75n/a10
Nov ’24€21.80
€23.85
+9.4%
7.5%€27.43€21.07€22.4011
Oct ’24€23.20
€23.92
+3.1%
8.4%€27.91€21.44€23.8011
Sep ’24€22.80
€23.23
+1.9%
7.6%€26.36€20.71€25.4011
Aug ’24€22.00
€24.03
+9.2%
9.3%€27.54€19.54€23.6011
Jul ’24€21.20
€23.08
+8.8%
9.6%€26.64€18.90€23.0011
Jun ’24€22.00
€23.41
+6.4%
9.5%€28.01€19.87€23.2011
May ’24€22.20
€22.88
+3.1%
8.7%€27.18€19.75€25.8010
Apr ’24€19.70
€23.60
+19.8%
13.3%€28.48€16.67€25.4010
Mar ’24€20.40
€23.93
+17.3%
13.7%€28.61€16.75€23.0010
Feb ’24€19.50
€24.70
+26.7%
11.3%€28.98€19.09€24.0010
Jan ’24€19.50
€25.70
+31.8%
7.3%€28.74€22.50€23.2010
Dec ’23€22.20
€25.84
+16.4%
6.9%€28.49€21.93€22.0010
Nov ’23€22.40
€25.84
+15.3%
6.9%€28.49€21.93€21.8010

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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