Nomura's Core Domestic Unit NSC Falls to Operating Loss for First Time in CEO Nagai's Tenure
We adjust our fair value estimate for Nomura from JPY 543 to JPY 527 and from USD 5.00 to USD 4.70. We continue to value the firm at 0.70 times book value, based on assumed cost of equity of 8.5% and long-term ROE of around 6%. We have a no-moat rating on Nomura but believe its domestic retail and asset-management businesses are moaty. If Nomura were to pare back its overseas operations more radically and adopt a business model similar to that of smaller rival Daiwa Securities, we might consider...
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