Nomura’s Legal Risk from its Past Will not Damage its Earning Power, Maintaining FVE at JPY 690
Nomura’s first-quarter results were slightly above our neutral estimates as better-than-expected domestic retail margin expansion was accompanied with smaller-than-expected setbacks in its global market activities. Overall, we like that Nomura has reinforced the area of its strength in domestic retail franchise, without reversing the course of global cost containment and reduced market risk taking. We maintain our fair value estimate of JPY 690 per share, representing a price/forward earnings of...Nomura Holdings is a holding company and financial services groups in Japan and have worldwide operations. Co., through its subsidiaries, is engaged in the provision of a range of financial services including brokerage, trading, underwriting, M&A financial advisory services, merchant banking, and development and management of investment trusts and investment advisory services to clients such as individuals, corporations, financial institutions, governments and governmental agencies. Co. operates offices in countries and regions worldwide including Japan, the U.S., the U.K., Singapore and Hong Kong Special Administrative Region ("Hong Kong") through Co.'s subsidiaries.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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