TSE: 4307 - Nomura Research Institute, Ltd.

Yield per half year: -9.68%
Dividend yield: +1.68%
Sector: Technology

Reporting Nomura Research Institute, Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				1 740			2 310	1740.00	0.00
Выручка, млрд ¥	501.24	528.87	550.34	611.63	692.17	736.56	736.56	623.91	6.85
Чистая прибыль, млрд ¥	50.93	69.28	52.87	71.45	76.31	79.64	79.64	69.91	2.83
EV, млрд ¥	1 121.47	1 375.2	2 118.16	2 592.77	1 923.2	2 566.83	2 566.83	2115.23	13.29
EBIT, млрд ¥	76.59	83.18	80.75	102.66	109.58	123.1	123.1	99.85	8.16
EBITDA, млрд ¥	107.01	115.2	123.5	144.6	154.67	171.26	171.26	141.85	8.25
Баланс стоимость, млрд ¥	411.96	267	330.5	339.36	399.01	399.53	399.53	347.08	8.39
FCF, млрд ¥	30.85	75.39	55.57	55.16	64.2	92.48	92.48	68.56	4.17
Операционный денежный поток, млрд ¥	56.35	102.79	84.59	98.14	118.9	142.28	142.28	109.34	6.72
Операционная прибыль, млрд ¥	71.44	83.18	80.75	106.22	111.83	120.41	120.41	100.48	7.68
Операционные расходы, млрд ¥	93.29	97.69	105.11	110.06	128.45	142.35	142.35	116.73	7.82
CAPEX, млрд ¥	25.5	27.4	29.03	42.98	54.7	49.8	49.8	40.78	12.69

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	167.54	171.52	177.01	27 610.11	176.71	185.36	187.95	186.54	188.11	188.67	187.33	0.35
Чистая прибыль, млрд ¥	18.76	17.09	19.18	3 335.36	17.21	20.45	23.43	18.55	22.17	23.49	21.62	2.81
EV, млрд ¥	2 255.58	2 192.97	1 977.82	302 564.24	2 459.95	2 419.88	2 522.12	2 542.55	2 633.62	3 154.16	2654.47	5.44
EBIT, млрд ¥	28.08	27.19	28.6	4 435.81	28.06	31.7	32.04	28.32	32.49	34.36	31.78	1.62
EBITDA, млрд ¥	40.24	38.23	40.89	6 236.13	39.78	43.73	44.35	40.42	44.77	46.58	43.97	1.27
Баланс стоимость, млрд ¥	351.98	373.54	392.54	62 556.63	391.73	386.54	371.96	399.53	404.87	406.19	393.82	1.00
FCF, млрд ¥	24.08	11.44	0.969	4 344.09	27.58	12.68	19.84	32.39	29.79	25.32	24.00	14.83
Операционный денежный поток, млрд ¥	36.35	24.32	15.86	6 642.04	43.49	24.51	31.72	42.55	32.09	26.57	31.49	1.63
Операционная прибыль, млрд ¥	28.08	27.19	28.6	4 383.45	27.03	31.84	32.37	29.02	32.64	31.99	31.57	0.09
Операционные расходы, млрд ¥	29.32	33.06	33.86	5 051.18	36.29	33.51	34.57	37.01	35.02	35.08	35.04	0.92
CAPEX, млрд ¥	12.27	12.89	14.89	2 297.94	15.92	11.83	11.89	10.16	2.3	1.25	7.49	-36.21

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	124.77	104.84	163.03	115.61	129.26	173.94	173.94	137.34	10.66
Short Term Investments ¥	2.12	2.3	9.84	14.02	14.2	13.98	13.98	10.87	43.47
Total Receivables ¥	133.63	147.35	106.32	135.68	131.59	141.87	141.87	132.56	-0.76
Total Current Assets ¥	285.79	259.86	323.37	333.65	349.1	405.18	405.18	334.23	9.29
Чистые активы, млрд ¥	285.79	259.86	323.37	76.45	73.99		73.99	203.89	-23.68
Активы, млрд ¥	612.19	528.14	656.54	789.66	838.22	922.77	922.77	747.07	11.81
Short Term Debt ¥	11.55	12.68	36.19	129.19	29.6	24.24	24.24	46.38	13.84
Long Term Debt ¥	47.67	127.45	129.4	121.23	208.15	253.86	253.86	168.02	14.78
Задолженность, млрд ¥	187.16	246	323.33	447.17	435.82	519.75	519.75	394.41	16.14
Чистый долг, млрд ¥	-65.55	3.24	12.41	134.81	108.49	124.6	124.6	76.71	107.49
Долг, млрд ¥	59.22	102.98	117.5	250.42	237.74	298.54	298.54	201.44	23.72
Расходы на обслуживание долга ¥	0.441	11.51	3.52	3.52	5.55	6.66	6.66	6.15	-10.36
Чист. проц. доходы, млрд ¥	0.264	0.255	1.84	1.97	2.22	3.47	2.22	1.95	68.56
Амортизация, млрд ¥	30.43	32.02	42.75	41.94	45.09	48.16	48.16	41.99	8.51
Себестоимость, млрд ¥		348.01	364.54	395.56	452.34	475.55	475.55	407.20	6.44
Товарно материальные запасы ¥	2.13	2.61	2.4	55.09	55.98		55.98	23.64	92.28

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥		121.58	116.19	161.78	20 265.07	137.35	125.21	144.3	173.94	152.13	147.26	148.57	3.30
Short Term Investments ¥	14.02	17.79	18.33	14.8	2 226.45	17.02	16.47	17.02	13.98			458.19	-63.73
Total Receivables ¥		98.22	106.69	93.77	29 407.76	97.62	114.04	95.06	141.87	166.45	193.02	142.09	11.10
Total Current Assets ¥		323.73	330	369.41	54 732.63	331.71	346.25	353.62	405.18	359.96	383.66	369.73	2.07
Чистые активы, млрд ¥	333.65	323.73	330	369.41	11 600.4	75.45						2539.80	-25.27
Активы, млрд ¥		790.64	810.28	846.17	131 417.76	841.04	861.48	862.37	922.77	890.08	892.98	885.94	0.72
Short Term Debt ¥		124.11	117.29	50.41	4 640.57	27.47	45.92	26.77	24.24	26.46	24.91	29.66	-11.51
Long Term Debt ¥	121.23	91.69	92.38	199.2	32 633.22	229.99	198.12	252.65	253.86			6713.57	-62.14
Задолженность, млрд ¥		435.44	433.4	450.27	68 328.22	446.34	471.85	487.18	519.75	481.77	483.24	488.76	0.48
Чистый долг, млрд ¥		122.82	120.92	113.57	17 008.72	120.12	143.87	157.37	124.6	107.46	112.97	129.25	-4.72
Долг, млрд ¥		244.41	237.11	275.35	37 273.79	257.47	269.08	301.68	298.54	259.6	260.23	277.83	-0.67
Расходы на обслуживание долга ¥		1.22	1.43	1.67	194.1	1.48	1.63	1.63	1.91	1.93	1.15	1.65	-6.74
Чист. проц. доходы, млрд ¥	0.48	0.928	0.204	0.751	52.36	70.08	118.37	158.22	0.693			79.94	-57.89
Амортизация, млрд ¥		12.16	10.84	11.54	1 800.32	11.72	12.03	12.31	12.1	12.28	12.21	12.19	0.30
Себестоимость, млрд ¥						113.54	120.15	121.35	120.51	120.45	121.61	120.81	0.24
Товарно материальные запасы ¥						60.41	68.85					64.63	6.76

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	71.94	109.07	88.12	120.34	128.88	136.83		136.83	116.65	4.64
Цена акции ао				3030	4101	4659	4887	4887	4169.25	12.69
Число акций ао, млн	707.96	635	599	593.71	592.08	582.04		582.04	600.37	-1.73
FCF/акцию	43.57	118.69	92.62	92.91	108.43	158.89		158.89	114.31	6.01

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	31.76	28.87	32.35	5612.77	29.13	34.98	40.63	32.19	38.5	40.93		37.45	3.19
Цена акции ао											4887	4887.00	0.00
FCF/акцию	40.76	19.32	1.63	46.63	46.68	21.69	34.41	56.2	51.75	44.12		41.63	15.26

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	12.23	20.41	17.7	21.33	20.67	19.95		19.95	10.89	20.01	-0.45
ROA, %	8.05	12.15	8.93	9.88	9.38	9.05		9.05	6.93	9.88	-5.72
ROIC, %		19.28	15.22	16.42	16.32			16.32	13.78	16.81	-4.08
ROS, %		11	9.61	11.68	11.02	10.81	10.81	10.81	8.40	10.79	2.38
ROCE, %	15.7	21.46	16.75	20.89	17.12	17.38	30.54	30.54	15.06	20.54	12.76
Ebit margin, %		16.36	15.06	16.78	15.83	16.71	16.71	16.71		16.22	2.10
Рентаб EBITDA, %	21.35	21.78	22.44	23.64	22.35	23.25	23.25	23.25	17.05	22.99	0.71
Чистая рентаб, %	10.16	13.1	9.61	11.68	11.02	10.81		10.81	8.40	11.24	-3.77
Operation Margin, %		15.73	14.67	17.37	16.16	16.35	16.35	16.35	11.21	16.18	2.19

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	5.9	5.11	5.41	5.72	4.39	5.23	6.01	4.79	5.7	5.97	10.89	5.54	2.68
ROA, %	2.37	2.14	2.32	2.53	2.05	2.4	2.72	2.08	2.45	2.63	6.93	2.46	1.85
ROIC, %					4.76	3.12	5.55	2.66	5.85	3.53	13.78	4.14	2.50
ROS, %					9.74	11.03	12.47	9.94	11.78	12.45	8.40	11.53	2.45
ROCE, %	6.03	5.53	5.25	4.86	7.11	4.87	4.87	4.19	4.73	4.92	15.06	4.72	0.20
Ebit margin, %						17.1	17.05	15.18	17.27	18.21		16.96	1.27
Рентаб EBITDA, %	24.02	22.29	23.1	22.59	22.51	23.59	23.6	21.67	23.8	24.69	17.05	23.47	0.92
Чистая рентаб, %	11.2	9.97	10.83	12.08	9.74	11.03	12.47	9.94	11.78	12.45	8.40	11.53	2.45
Operation Margin, %					15.29	17.18	17.22	15.56	17.35	16.95	11.21	16.85	-0.27

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	23.31	19.8	39.83	34.4	23.78	30.66		30.66	229.98	29.69	9.14
P/BV	2.79	4.86	6.32	7.18	4.51	6.06		6.06	200.58	5.79	4.51
P/S	2.37	2.59	3.83	4.02	2.62	3.32		3.32	200.20	3.28	5.09
P/FCF					35.98	24.98	24.98	24.98	-3.43	28.65	-11.45
E/P					0.033	0.0345	0.0345	0.0345	0.33	0.0340	1.49
EV/EBIT		15.89	25.55	25.26	17.55	20.85	20.85	20.85		22.01	-3.98
EV/EBITDA	10.48	11.94	17.15	17.93	12.43	14.99		14.99	208.12	14.89	4.65
EV/S		2.6	3.85	4.24	2.78	3.48	3.48	3.48	199.94	3.57	-2.00
EV/FCF		18.24	38.12	47	29.96	27.76	27.76	27.76	66.89	34.12	-6.15
Debt/EBITDA	0.5534	0.9182	1.34	1.73	1.54	1.74	1.74	1.74	1.02	1.62	5.36
Netdebt/Ebitda		0.0281	0.1005	0.9323	0.7014	0.7276	0.7276	0.7276	-0.99	0.6379	48.57
Debt/Ratio		0.2653	0.2522	0.3171	0.2836	0.3235	0.3235	0.3235	0.12	0.3000	5.11
Debt/Equity		0.5248	0.501	0.7379	0.5958	0.7472	4.03	4.03	12.72	1.32	51.74
Debt/Net Income		2.41	3.13	3.51	3.12	3.75	3.75	3.75	2.21	3.45	3.68
PEG							1.32	1.32		1.32	0.00
Бета				0.53	0.2966	-1.19	-0.9614	-0.9614	29.22	-0.3312	-216.05
Индекс Альтмана				0	5.08	4.69	4.73	4.73	4.75	4.83	-2.35

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	29.69	29.21	25.78	23.8	31.4	29.43	29.18	30.64	29.99	34.81			229.98	30.81	3.41
P/BV	6	5.5	4.71	4.53	5.93	5.84	6.3	6	6.19	7.42			200.58	6.35	4.91
P/S	3.35	3.14	2.74	2.62	3.35	3.21	3.31	3.31	3.39	4.06			200.20	3.46	4.81
EV/EBIT						76.35	78.71	89.79	81.06	91.79				83.54	3.75
EV/EBITDA	14.78	14.32	12.72	12.13	61.84	15.14	15.36	15.22	15.2	17.91			208.12	15.77	3.42
EV/S					13.92	13.06	13.42	13.63	14	16.72			199.94	14.17	5.07
EV/FCF					89.21	190.83	127.13	78.51	88.39	124.59			66.89	121.89	-8.17
Debt/EBITDA	6.07	6.2	6.73	5.98	6.47	6.15	6.8	7.39	5.8	5.59			1.02	6.35	-1.89
Netdebt/Ebitda					3.02	3.29	3.55	3.08	2.4	2.43			-0.99	2.95	-5.88
Debt/Ratio					0.3061	0.3123	0.3498	0.3235	0.2917	0.2914			0.12	0.3137	-1.38
Debt/Equity					0.6572	0.6961	0.811	0.7472	0.6412	0.6407			12.72	0.7072	-1.64
Debt/Net Income					14.96	13.16	12.88	16.09	11.71	11.08			2.21	12.98	-3.38
Бета											-1.54	-0.9614	29.22	-1.2507	-20.99
Индекс Альтмана											4.73	4.73	4.75	4.73	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд			21.37	19.6	20.31	22.65	25.37	27.58		27.58		23.10	7.07
Дивиденд	24.24	15	16.67	30	34	19	43	47	58	58		40.20	11.27
Див доход, ао, %	2.31	0.8964	1	1.3	0.9728	0.3938	1.75	1.77	1.55	1.68	66.41	1.29	9.76
Дивиденды / прибыль, %				41.96	28.29	38.41	31.7	33.25	34.63	34.63	38.64	33.26	4.13

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	12.36	0.017	12.98	3.14	13.68	0.029	13.94	0.001	16.68	0.029		6.14	0.00
Дивиденды / прибыль, %	65.87	0.0995	67.67	0.094	79.46	0.1418	59.48	0.0054	75.25	0.1235	38.64	27.00	-2.73

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	CAGR 5
Всего задолженность	140.46	174.35				11.41
Персонал, чел			16512	16512	17394	1.75

	CAGR 5

	CAGR 5