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Nomura Real Estate Holdings

DB:N9U
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
N9U
DB
¥412B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Nomura Real Estate Holdings, Inc. operates as a real estate company in Japan and internationally. The last earnings update was 26 days ago. More info.


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N9U Share Price and Events
7 Day Returns
-0.6%
DB:N9U
0.1%
DE Real Estate
0.3%
DE Market
1 Year Returns
-10.8%
DB:N9U
12.5%
DE Real Estate
-11.6%
DE Market
N9U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nomura Real Estate Holdings (N9U) -0.6% 12.2% 10% -10.8% 19.5% 35.5%
DE Real Estate 0.1% 5.5% 4.1% 12.5% 48.1% 137.4%
DE Market 0.3% -3.8% 2.5% -11.6% 10.1% 7.9%
1 Year Return vs Industry and Market
  • N9U underperformed the Real Estate industry which returned 12.5% over the past year.
Price Volatility
N9U
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Nomura Real Estate Holdings's competitors could be found in our database.

Value

 Is Nomura Real Estate 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 Real Estate 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 Real Estate Holdings.

DB:N9U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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:N9U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.986 (1 + (1- 30.86%) (221.91%))
2.004
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)
= 0.23% + (2 * 5.96%)
12.15%

Discounted Cash Flow Calculation for DB:N9U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nomura Real Estate Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:N9U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 12.15%)
2019 -14,393.67 Analyst x3 -12,834.53
2020 24,786.45 Analyst x4 19,707.48
2021 1,752.01 Analyst x3 1,242.12
2022 27,710.25 Analyst x4 17,517.59
2023 46,000.00 Analyst x1 25,929.86
2024 43,500.00 Analyst x1 21,864.53
2025 41,832.16 Est @ -3.83% 18,748.63
2026 40,738.05 Est @ -2.62% 16,280.51
2027 40,020.06 Est @ -1.76% 14,261.13
2028 39,553.71 Est @ -1.17% 12,568.16
Present value of next 10 years cash flows ¥135,285.48
DB:N9U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥39,553.71 × (1 + 0.23%) ÷ (12.15% – 0.23%)
¥332,582.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥332,582.96 ÷ (1 + 12.15%)10
¥105,678.02
DB:N9U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥135,285.48 + ¥105,678.02
¥240,963.50
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥240,963.50 / 184.53
¥1305.8
DB:N9U Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:N9U represents 0.00804x of TSE:3231
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00804x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 1,305.80 x 0.00804
€10.50
Value per share (EUR) From above. €10.50
Current discount Discount to share price of €17.95
= -1 x (€17.95 - €10.50) / €10.50
-70.9%

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

  • The current share price of Nomura Real Estate Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Real Estate Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nomura Real Estate Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:N9U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥245.98
TSE:3231 Share Price ** TSE (2019-05-21) in JPY ¥2232
Germany Real Estate Industry PE Ratio Median Figure of 32 Publicly-Listed Real Estate Companies 16.09x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

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

** Primary Listing of Nomura Real Estate Holdings.

DB:N9U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:3231 Share Price ÷ EPS (both in JPY)

= 2232 ÷ 245.98

9.07x

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

  • Nomura Real Estate Holdings is good value based on earnings compared to the DE Real Estate industry average.
  • Nomura Real Estate Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Nomura Real Estate Holdings's expected growth come at a high price?
Raw Data
DB:N9U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
1.2%per year
Germany Real Estate Industry PEG Ratio Median Figure of 19 Publicly-Listed Real Estate Companies 1.03x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:N9U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.07x ÷ 1.2%

7.42x

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

  • Nomura Real Estate Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Nomura Real Estate Holdings's assets?
Raw Data
DB:N9U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥2,866.92
TSE:3231 Share Price * TSE (2019-05-21) in JPY ¥2232
Germany Real Estate Industry PB Ratio Median Figure of 42 Publicly-Listed Real Estate Companies 1.36x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:N9U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:3231 Share Price ÷ Book Value per Share (both in JPY)

= 2232 ÷ 2,866.92

0.78x

* Primary Listing of Nomura Real Estate Holdings.

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

  • Nomura Real Estate Holdings is good value based on assets compared to the DE Real Estate industry average.
X
Value checks
We assess Nomura Real Estate 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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Nomura Real Estate 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 Real Estate Holdings expected to perform in the next 1 to 3 years based on estimates from 9 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
1.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nomura Real Estate Holdings expected to grow at an attractive rate?
  • Nomura Real Estate Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Nomura Real Estate Holdings's earnings growth is positive but not above the Germany market average.
  • Nomura Real Estate Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:N9U Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:N9U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 1.2%
DB:N9U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.4%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -4.9%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:N9U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:N9U Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31
2023-03-31 647,500 44,400 1
2022-03-31 723,683 69,168 48,551 8
2021-03-31 690,813 69,061 47,165 9
2020-03-31 716,832 56,371 47,062 9
DB:N9U Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 668,510 89,964 45,873
2018-12-31 564,967 23,368 39,106
2018-09-30 582,075 27,368 38,916
2018-06-30 610,516 56,423 43,949
2018-03-31 623,762 21,498 46,029
2017-12-31 610,343 5,258 45,309
2017-09-30 594,547 -34,013 47,004
2017-06-30 623,354 -16,594 51,784
2017-03-31 569,680 -31,889 47,005
2016-12-31 557,785 -55,064 47,936
2016-09-30 524,818 -71,517 44,830
2016-06-30 546,133 -22,683 47,539

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nomura Real Estate Holdings's earnings are expected to grow by 1.2% yearly, however this is not considered high growth (20% yearly).
  • Nomura Real Estate Holdings's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
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:N9U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Nomura Real Estate Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:N9U Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 268.33 278.30 248.00 7.00
2021-03-31 255.81 285.62 229.10 10.00
2020-03-31 252.61 278.03 239.10 10.00
DB:N9U Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 245.98
2018-12-31 208.42
2018-09-30 205.92
2018-06-30 231.16
2018-03-31 240.88
2017-12-31 236.31
2017-09-30 244.97
2017-06-30 269.95
2017-03-31 245.10
2016-12-31 250.01
2016-09-30 233.87
2016-06-30 248.11

*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 Real Estate 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 Real Estate 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 Real Estate Holdings has a total score of 1/6, 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 Real Estate 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 Real Estate Holdings's growth in the last year to its industry (Real Estate).
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 Real Estate Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Nomura Real Estate Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Nomura Real Estate Holdings's 1-year earnings growth is negative, it can't be compared to the DE Real Estate industry average.
Earnings and Revenue History
Nomura Real Estate 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 Real Estate Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:N9U Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 668,510.00 45,873.00 109,549.00
2018-12-31 564,967.00 39,106.00 104,414.00
2018-09-30 582,075.00 38,916.00 103,519.00
2018-06-30 610,516.00 43,949.00 103,357.00
2018-03-31 623,762.00 46,029.00 105,393.00
2017-12-31 610,343.00 45,309.00 104,334.00
2017-09-30 594,547.00 47,004.00 103,105.00
2017-06-30 623,354.00 51,784.00 104,792.00
2017-03-31 569,680.00 47,005.00 99,970.00
2016-12-31 557,785.00 47,936.00 99,523.00
2016-09-30 524,818.00 44,830.00 95,803.00
2016-06-30 546,133.00 47,539.00 96,809.00
2016-03-31 569,545.00 47,182.00 97,061.00
2015-12-31 595,333.00 50,196.00 95,068.00 194.00
2015-09-30 616,990.00 49,225.00 95,661.00 194.00
2015-06-30 555,407.00 36,890.00 89,780.00 194.00
2015-03-31 567,159.00 38,441.00 89,963.00 194.00
2014-12-31 493,585.00 18,383.00 86,939.00
2014-09-30 523,146.00 20,975.00 87,353.00
2014-06-30 505,935.00 22,698.00 85,075.00
2014-03-31 532,016.00 26,844.00 85,027.00
2013-12-31 594,453.00 32,482.00 86,163.00
2013-09-30 547,087.00 23,629.00 81,357.00
2013-06-30 544,097.00 21,314.00 79,580.00
2013-03-31 517,740.00 19,357.00 76,263.00
2012-12-31 503,310.00 15,937.00 72,000.00
2012-09-30 521,921.00 25,838.00 71,316.00
2012-06-30 490,819.00 22,757.00 68,525.00

*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 Real Estate Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nomura Real Estate Holdings used its assets less efficiently than the DE Real Estate industry average last year based on Return on Assets.
  • Nomura Real Estate Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nomura Real Estate 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 Real Estate 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 Real Estate Holdings has a total score of 1/6, 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 Real Estate 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 Real Estate Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nomura Real Estate Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nomura Real Estate Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Nomura Real Estate 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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x 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 Real Estate Holdings Company Filings, last reported 1 month ago.

DB:N9U Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 541,561.00 914,000.00 136,417.00
2018-12-31 514,573.00 972,900.00 52,157.00
2018-09-30 518,809.00 941,400.00 55,006.00
2018-06-30 515,846.00 923,800.00 62,232.00
2018-03-31 514,981.00 877,800.00 61,347.00
2017-12-31 499,290.00 947,700.00 51,675.00
2017-09-30 504,316.00 940,700.00 88,702.00
2017-06-30 494,256.00 883,100.00 46,739.00
2017-03-31 493,811.00 810,100.00 47,701.00
2016-12-31 477,068.00 851,600.00 47,405.00
2016-09-30 472,101.00 789,600.00 45,105.00
2016-06-30 455,051.00 812,900.00 46,012.00
2016-03-31 456,407.00 721,900.00 57,593.00
2015-12-31 439,295.00 728,100.00 46,728.00
2015-09-30 438,792.00 649,500.00 44,333.00
2015-06-30 457,477.00 671,100.00 38,426.00
2015-03-31 461,030.00 616,700.00 50,420.00
2014-12-31 436,428.00 647,300.00 39,768.00
2014-09-30 431,685.00 643,620.00 48,280.00
2014-06-30 424,617.00 627,516.00 36,319.00
2014-03-31 418,695.00 617,583.00 67,984.00
2013-12-31 416,436.00 619,318.00 38,110.00
2013-09-30 412,909.00 624,927.00 57,922.00
2013-06-30 402,645.00 657,655.00 36,909.00
2013-03-31 398,275.00 669,268.00 62,498.00
2012-12-31 386,220.00 730,887.00 33,593.00
2012-09-30 389,552.00 720,137.00 52,180.00
2012-06-30 381,970.00 754,710.00 62,604.00
  • Nomura Real Estate Holdings's level of debt (168.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (147.5% vs 168.8% today).
  • Debt is not well covered by operating cash flow (9.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.2x coverage).
X
Financial health checks
We assess Nomura Real Estate 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 Real Estate 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 Real Estate 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
3.58%
Current annual income from Nomura Real Estate Holdings dividends. Estimated to be 3.65% next year.
If you bought €2,000 of Nomura Real Estate Holdings shares you are expected to receive €72 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 Real Estate Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Nomura Real Estate Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
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:N9U 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 9 Analyst Estimates (S&P Global) See Below
Germany Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 25 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:N9U Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 87.50 6.00
2021-03-31 81.33 9.00
2020-03-31 78.00 10.00
DB:N9U Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-04-25 80.000 3.514
2019-01-31 75.000 3.541
2018-11-09 75.000 3.522
2018-10-29 75.000 3.454
2018-06-26 75.000 3.212
2018-04-26 75.000 2.875
2018-02-09 70.000 2.734
2018-01-30 70.000 2.734
2017-11-10 70.000 2.703
2017-10-26 70.000 2.814
2017-06-29 70.000 3.090
2017-04-27 70.000 3.115
2017-02-10 60.000 3.228
2017-01-31 60.000 3.130
2016-11-09 60.000 3.117
2016-10-27 60.000 3.438
2016-06-29 60.000 3.463
2016-04-28 60.000 3.198
2016-02-09 55.000 2.686
2016-01-29 55.000 2.633
2015-11-13 55.000 2.454
2015-10-29 55.000 2.242
2015-06-26 50.000 2.071
2015-04-30 50.000 1.956
2015-02-13 40.000 1.799
2015-01-30 40.000 2.017
2014-11-14 40.000 1.922
2014-10-30 40.000 2.052
2014-06-27 40.000 2.175
2014-04-30 40.000 2.100
2014-02-14 30.000 1.473
2014-01-31 30.000 1.376
2013-11-14 30.000 1.292
2013-10-29 30.000 1.226
2013-06-27 30.000 1.265
2013-04-26 30.000 1.304
2013-02-14 30.000 1.491
2013-01-31 30.000 1.861
2012-11-14 30.000 1.944
2012-10-29 30.000 2.073
2012-07-26 30.000 2.160
2012-06-29 30.000 2.178
2012-04-27 30.000 2.327
2012-02-14 25.000 1.782
2012-01-31 25.000 2.009
2011-11-14 25.000 2.174
2011-07-28 25.000 2.079
2011-06-30 25.000 1.808
2011-05-06 25.000 1.979
2011-01-28 25.000 1.817
2010-07-01 25.000 2.011
2010-04-30 25.000 1.952
2010-02-12 40.000 2.790
2010-01-28 40.000 2.925
2009-11-13 40.000 2.973
2009-10-29 40.000 2.803

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Nomura Real Estate Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x 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 Real Estate Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Real Estate Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nomura Real Estate Holdings has a total score of 3/6, 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 Real Estate 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
Eiji Kutsukake
COMPENSATION ¥103,000,000
AGE 58
TENURE AS CEO 3.9 years
CEO Bio

Mr. Eiji Kutsukake has been the Chief Executive Officer and President at Nomura Real Estate Holdings, Inc. since June 2015. Mr. Kutsukake served as an Executive Vice President of Nomura Real Estate Holdings, Inc., since June 2014 until June 2015. Mr. Kutsukake served as Senior Managing Director of Nomura Holdings, Inc., since April 1, 2013. He served as an Executive Vice President and Representative Executive Officer of Nomura Securities Co., Ltd., since April 2013 and served as its Deputy President. He served as Deputy President of Nomura Securities at Nomura Holdings, Inc., since August 1, 2012. He joined Nomura Holdings, Inc. in April 1984. He served as an Executive Managing Director of Nomura Securities Co., Ltd., since April 2007 and also served as its Senior Managing Director since October 2008 and as Senior Corporate Managing Director since April 2009. He has been a Representative Director at Nomura Real Estate Holdings, Inc. since June 2014. Mr. Kutsukake served as a Director of Nomura Securities Co., Ltd., since April 2013.

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

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

1.1
Average Tenure
59
Average Age
  • The average tenure for the Nomura Real Estate Holdings management team is less than 2 years, this suggests a new team.
Management Team

Eiji Kutsukake

TITLE
President
COMPENSATION
¥103M
AGE
58
TENURE
3.9 yrs

Seiichi Miyajima

TITLE
Executive VP
COMPENSATION
¥102M
AGE
60
TENURE
2.3 yrs

Makoto Haga

TITLE
Exec. Officr
AGE
52
TENURE
0.3 yrs

Toshihide Tsukasaki

TITLE
Executive Officer & In Charge of Finance and Accounting Dept.
TENURE
0.3 yrs

Yukio Ichihara

TITLE
Exec Offcr & Grp Intrnl Audit

Daisuke Kitai

TITLE
General Manager of Corporate Communications & Investor Relations Dept.

Yoichiro Ishikawa

TITLE
Executive Officer & In charge of Group Human Resources Dept.
TENURE
1.1 yrs

Toshiaki Seki

TITLE
Executive VP & Representative Director
AGE
60
TENURE
1.1 yrs

Takashi Kaku

TITLE
Executive Officer

Shigeyuki Yamamoto

TITLE
Executive Officer & In charge of Development Planning
Board of Directors Tenure

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

4.9
Average Tenure
60
Average Age
  • The tenure for the Nomura Real Estate Holdings board of directors is about average.
Board of Directors

Atsushi Yoshikawa

TITLE
Chairman of the Board
AGE
64
TENURE
1.9 yrs

Eiji Kutsukake

TITLE
President
COMPENSATION
¥103M
AGE
58
TENURE
4.9 yrs

Seiichi Miyajima

TITLE
Executive VP
COMPENSATION
¥102M
AGE
60
TENURE
4.9 yrs

Makoto Haga

TITLE
Exec. Officr
AGE
52
TENURE
1.9 yrs

Toshiaki Seki

TITLE
Executive VP & Representative Director
AGE
60
TENURE
4.9 yrs

Takao Orihara

TITLE
Director
AGE
60

Hiroyuki Kimura

TITLE
Director
AGE
56
TENURE
4.9 yrs

Shigeru Matsushima

TITLE
External Director
AGE
69
TENURE
5.9 yrs

Satoshi Ogishi

TITLE
External Director
AGE
61

Shigeki Fujitani

TITLE
Director
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nomura Real Estate 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 Real Estate 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 Real Estate Holdings, Inc. operates as a real estate company in Japan and internationally. It operates through Residential Development, Leasing, Investment Management, Property Brokerage & CRE, and Property & Facility Management segments. The company develops and sells condominiums and detached housing properties under the PROUD and OHANA brands; plans, develops, leases, and manages office buildings, commercial facilities, logistics, warehouses, condominiums, and other facilities; provides financial products and investment management services, such as privately placed real estate funds, listed real estate investment trusts (REITs), and overseas real estate fund of funds, as well as real estate securitization products; offers residential real estate brokerage services; and sells condominium units and detached housing. It also designs and operates housing for the elderly; provides cleaning services for office buildings, schools, and condominiums; plans and operates hotels; offers facility management, inspection, cleaning, security, and construction services; and develops and manages fitness facilities, such as fitness clubs, kids’ schools, and tennis schools under the MEGALOS brand. In addition, the company provides Internet advertising services in the real estate and housing industries; electric services; home and living assistance services for corporate clients; heating and cooling services; property consulting and other services, including surveys of commercial facilities, project planning, leasing, commercial space design, and property management; and remodeling and repair services for condominiums and detached housing properties. Further, it offers investment support services for investors; and consulting on corporate real estate utilization. The company was founded in 2004 and is headquartered in Tokyo, Japan.

Details
Name: Nomura Real Estate Holdings, Inc.
N9U
Exchange: DB
Founded: 2004
¥3,334,269,871
184,533,737
Website: http://www.nomura-re-hd.co.jp
Address: Nomura Real Estate Holdings, Inc.
Shinjuku Nomura Building,
1-26-2 Nishi-Shinjuku,
Tokyo,
163-0566,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 3231 Common Stock The Tokyo Stock Exchange JP JPY 03. Oct 2006
OTCPK NMEH.F Common Stock Pink Sheets LLC US USD 03. Oct 2006
DB N9U Common Stock Deutsche Boerse AG DE EUR 03. Oct 2006
Number of employees
Current staff
Staff numbers
6,636
Nomura Real Estate Holdings employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 21:14
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
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.