Nomura’s Past Risk Reduction Has Started to Show in Numbers; Shares Undervalued
We increase our fair value estimate for Nomura to JPY 760 per share from JPY 690 after making several adjustments to our forecasts, along with our updated interest-rate assumptions.Nomura's third-quarter results were in line with our estimates despite some positive headline numbers. The firm is not immune to rising competition from online brokerage targeting younger customers and the three major banks offering more comprehensive financial services. Adjusted for the JPY 45 billion one-off foreig...
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