Nomura Real Estate Holdings, Inc.

TSE:3231 Stock Report

Market Cap: JP¥642.2b

Nomura Real Estate Holdings Valuation

Is 3231 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 3231 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3231 (¥3711) is trading above our estimate of fair value (¥2683.01)

Significantly Below Fair Value: 3231 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3231?

Key metric: As 3231 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3231. This is calculated by dividing 3231's market cap by their current earnings.
What is 3231's PE Ratio?
PE Ratio8.3x
EarningsJP¥77.72b
Market CapJP¥642.23b

Price to Earnings Ratio vs Peers

How does 3231's PE Ratio compare to its peers?

The above table shows the PE ratio for 3231 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.9x
3289 Tokyu Fudosan Holdings
12.6x10.8%JP¥697.2b
8804 Tokyo Tatemono
10.8x3.6%JP¥557.5b
1878 Daito Trust ConstructionLtd
12.6x4.0%JP¥1.1t
8850 Starts
7.5x6.5%JP¥184.3b
3231 Nomura Real Estate Holdings
8.3x2.9%JP¥642.2b

Price-To-Earnings vs Peers: 3231 is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does 3231's PE Ratio compare vs other companies in the JP Real Estate Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
3231 8.3xIndustry Avg. 11.8xNo. of Companies18PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3231 is good value based on its Price-To-Earnings Ratio (8.3x) compared to the JP Real Estate industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is 3231'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.

3231 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio15x

Price-To-Earnings vs Fair Ratio: 3231 is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (15x).

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 3231 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥3,711.00
JP¥4,535.56
+22.2%
8.3%JP¥5,200.00JP¥4,050.00n/a9
Nov ’25JP¥3,777.00
JP¥4,580.00
+21.3%
7.6%JP¥5,200.00JP¥4,050.00n/a9
Oct ’25JP¥3,881.00
JP¥4,570.00
+17.8%
7.2%JP¥5,100.00JP¥4,050.00n/a9
Sep ’25JP¥4,174.00
JP¥4,627.78
+10.9%
7.6%JP¥5,100.00JP¥4,050.00n/a9
Aug ’25JP¥3,871.00
JP¥4,605.56
+19.0%
7.4%JP¥5,100.00JP¥4,050.00n/a9
Jul ’25JP¥4,052.00
JP¥4,583.33
+13.1%
8.4%JP¥5,100.00JP¥4,000.00n/a9
Jun ’25JP¥4,039.00
JP¥4,477.78
+10.9%
9.8%JP¥5,100.00JP¥3,850.00n/a9
May ’25JP¥4,454.00
JP¥4,420.00
-0.8%
8.5%JP¥5,000.00JP¥3,850.00n/a10
Apr ’25JP¥4,264.00
JP¥4,250.00
-0.3%
9.1%JP¥5,000.00JP¥3,700.00n/a10
Mar ’25JP¥3,826.00
JP¥4,141.00
+8.2%
8.8%JP¥4,500.00JP¥3,380.00n/a10
Feb ’25JP¥3,907.00
JP¥4,091.00
+4.7%
8.9%JP¥4,500.00JP¥3,380.00n/a10
Jan ’25JP¥3,709.00
JP¥3,987.78
+7.5%
7.8%JP¥4,400.00JP¥3,380.00n/a9
Dec ’24JP¥3,639.00
JP¥3,898.40
+7.1%
8.6%JP¥4,400.00JP¥3,380.00n/a10
Nov ’24JP¥3,575.00
JP¥3,825.82
+7.0%
7.5%JP¥4,400.00JP¥3,380.00JP¥3,777.0011
Oct ’24JP¥3,753.00
JP¥3,771.27
+0.5%
8.4%JP¥4,400.00JP¥3,380.00JP¥3,881.0011
Sep ’24JP¥3,694.00
JP¥3,701.27
+0.2%
7.6%JP¥4,200.00JP¥3,300.00JP¥4,174.0011
Aug ’24JP¥3,539.00
JP¥3,664.91
+3.6%
9.3%JP¥4,200.00JP¥2,980.00JP¥3,871.0011
Jul ’24JP¥3,414.00
JP¥3,637.64
+6.6%
9.6%JP¥4,200.00JP¥2,980.00JP¥4,052.0011
Jun ’24JP¥3,380.00
JP¥3,509.45
+3.8%
9.5%JP¥4,200.00JP¥2,980.00JP¥4,039.0011
May ’24JP¥3,380.00
JP¥3,452.00
+2.1%
8.7%JP¥4,100.00JP¥2,980.00JP¥4,454.0010
Apr ’24JP¥2,930.00
JP¥3,398.00
+16.0%
13.3%JP¥4,100.00JP¥2,400.00JP¥4,264.0010
Mar ’24JP¥3,030.00
JP¥3,429.00
+13.2%
13.7%JP¥4,100.00JP¥2,400.00JP¥3,826.0010
Feb ’24JP¥2,848.00
JP¥3,494.00
+22.7%
11.3%JP¥4,100.00JP¥2,700.00JP¥3,907.0010
Jan ’24JP¥2,830.00
JP¥3,667.00
+29.6%
7.3%JP¥4,100.00JP¥3,210.00JP¥3,709.0010
Dec ’23JP¥3,240.00
JP¥3,781.00
+16.7%
6.9%JP¥4,170.00JP¥3,210.00JP¥3,639.0010
Nov ’23JP¥3,365.00
JP¥3,781.00
+12.4%
6.9%JP¥4,170.00JP¥3,210.00JP¥3,575.0010

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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