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Nomura Holdings (FRA:NSE) E10 : €0.31 (As of Mar. 2024)


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What is Nomura Holdings E10?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Nomura Holdings's adjusted earnings per share data for the three months ended in Mar. 2024 was €0.111. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is €0.31 for the trailing ten years ended in Mar. 2024.

During the past 12 months, Nomura Holdings's average E10 Growth Rate was 0.70% per year. During the past 3 years, the average E10 Growth Rate was 4.70% per year. During the past 5 years, the average E10 Growth Rate was 7.50% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Nomura Holdings was 11.00% per year. The lowest was -33.80% per year. And the median was 6.15% per year.

As of today (2024-06-15), Nomura Holdings's current stock price is €5.322. Nomura Holdings's E10 for the quarter that ended in Mar. 2024 was €0.31. Nomura Holdings's Shiller PE Ratio of today is 17.17.

During the past 13 years, the highest Shiller PE Ratio of Nomura Holdings was 702.64. The lowest was 9.14. And the median was 12.84.


Nomura Holdings E10 Historical Data

The historical data trend for Nomura Holdings's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Nomura Holdings E10 Chart

Nomura Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.33 0.36 0.37 0.34 0.31

Nomura Holdings Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.34 0.30 0.31 0.31 0.31

Competitive Comparison of Nomura Holdings's E10

For the Capital Markets subindustry, Nomura Holdings's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Nomura Holdings's Shiller PE Ratio Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Nomura Holdings's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Nomura Holdings's Shiller PE Ratio falls into.



Nomura Holdings E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Nomura Holdings's adjusted earnings per share data for the three months ended in Mar. 2024 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=0.111/107.2000*107.2000
=0.111

Current CPI (Mar. 2024) = 107.2000.

Nomura Holdings Quarterly Data

per share eps CPI Adj_EPS
201406 0.038 98.000 0.042
201409 0.102 98.500 0.111
201412 0.127 97.900 0.139
201503 0.169 97.900 0.185
201506 0.134 98.400 0.146
201509 0.094 98.500 0.102
201512 0.073 98.100 0.080
201603 -0.043 97.900 -0.047
201606 0.107 98.100 0.117
201609 0.146 98.000 0.160
201612 0.159 98.400 0.173
201703 0.140 98.100 0.153
201706 0.127 98.500 0.138
201709 0.109 98.800 0.118
201712 0.188 99.400 0.203
201803 0.052 99.200 0.056
201806 0.012 99.200 0.013
201809 0.315 99.900 0.338
201812 -0.223 99.700 -0.240
201903 0.001 99.700 0.001
201906 0.135 99.800 0.145
201909 0.348 100.100 0.373
201912 0.145 100.500 0.155
202003 -0.095 100.300 -0.102
202006 0.377 99.900 0.405
202009 0.173 99.900 0.186
202012 0.247 99.300 0.267
202103 -0.392 99.900 -0.421
202106 0.118 99.500 0.127
202109 0.008 100.100 0.009
202112 0.148 100.100 0.158
202203 0.076 101.100 0.081
202206 0.004 101.800 0.004
202209 0.038 103.100 0.040
202212 0.151 104.100 0.155
202303 0.016 104.400 0.016
202306 0.048 105.200 0.049
202309 0.071 106.200 0.072
202312 0.103 106.800 0.103
202403 0.111 107.200 0.111

Add all the adjusted EPS together and divide 10 will get our e10.


Nomura Holdings  (FRA:NSE) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Nomura Holdings's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=5.322/0.31
=17.17

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of Nomura Holdings was 702.64. The lowest was 9.14. And the median was 12.84.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Nomura Holdings E10 Related Terms

Thank you for viewing the detailed overview of Nomura Holdings's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Nomura Holdings (FRA:NSE) Business Description

Address
13-1, Nihonbashi 1-chome, Chuo-Ku, Tokyo, JPN, 103-8645
Nomura is Japan's largest broker, about twice the size of rival Daiwa Securities and roughly three times the size of the securities units of the three megabanks. It is also the largest asset-management company in Japan, with a similar size differential compared with its rivals. Despite its topnotch brand name in retail broking and asset management in Japan, Nomura has struggled to compete effectively in the institutional securities business against larger global rivals. In 2008, Nomura bought European and Asian assets of the failed Lehman Brothers, which led to a sharply higher cost base but did not provide commensurate revenue. Nomura has reduced the scale of these businesses but maintains its ambition to compete globally with the top players.

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