NMR - Nomura: Above-Expectations Results And New Buyback Plan Were Positive Surprises (Rating Upgrade)
2024-02-01 11:46:40 ET
Summary
- NMR's latest quarterly top line and bottom line were better than what the sell-side analysts had forecasted previously.
- Nomura revealed a new share repurchase program which suggests that the company has the intention to spend a maximum of JPY100 billion on share buybacks in the next couple of months.
- I upgraded my rating for NMR to a Buy, as I think that Nomura can improve its ROE to 8% or higher to justify a 1 times P/B multiple.
Elevator Pitch
My rating for Nomura Holdings, Inc. ( NMR ) [8604:JP] stock is a Buy. I previously wrote about NMR's FY 2025 (YE March 31) ROE target and the potential increase in the number of Japanese investors for the future with my November 16, 2023, update ....
Nomura: Above-Expectations Results And New Buyback Plan Were Positive Surprises (Rating Upgrade)