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Nomura Real Estate Holdings (N9U) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Nomura Real Estate Holdings €5.18, price €4.82, upside +7.5%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · DE · Home Japan · ISIN JP3762900003

In Frankfurt, only 0 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.

NR Broad data Sep 30, 2026

Nomura Real Estate Holdings

N9U · F

Low PriorityFair Value upside is limited and quality is weak.

·Fair value €5.18 · Fairly valued (+7.5%)
!Quality 36/100
!Expensive Growth (revenue 5y +10.2 %/yr)
!Thin margins · 8.2% net margin (TTM)
!High debt · negative free cash flow
!4.7% dividend yield · Watch coverage
!Mixed vs. peers (7/13)
!Narrow moat 43/100
!Weak on balance sheet: 14 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€6.01 €3.12 Fair Value €5.18 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.

How to read this chart

60‑month range €3.12 – €6.01 · fair‑value band €4.66 – €6.63 · the €4.82 price screens below the €5.18 fair value. Dashed = 300-day average. As of Sep 30, 2026.

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Company profile

Nomura Real Estate Holdings, Inc. operates as a real estate company in Japan and internationally.

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Nomura Real Estate Holdings, Inc. operates as a real estate company in Japan and internationally. The company develops, leases, and manages office buildings, commercial facilities, logistics facilities, hotels, and other properties; develops and sells condominiums and detached houses; operates housing with services for the elderly; develops rental properties; provides Internet advertising services for housing and living assistance services; and offers consignment services for planning and management for commercial facilities. It also provides asset management services for real estate securitization, including REITs and private placement funds; and real estate brokerage and consulting, insurance agency, and real estate information website management services. In addition, the company engages in the management of properties, such as condominiums and educational facilities; provision of renovation and repair work for tenants; remodeling of condominiums and housing; and provision of cleaning services for condominiums and office buildings. Further, it participates in, promotes, and supports urban development projects and reconstruction of housing complexes; and manages fitness clubs. Nomura Real Estate Holdings, Inc. was founded in 1957 and is headquartered in Tokyo, Japan.

Stock analysis

Nomura Real Estate Holdings (N9U) currently trades at €4.82, while our model-based Fair Value estimate is €5.18, so the stock looks roughly fairly valued today (gap 7.0%).

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Valuation

Bull case: the Multiples group reads highest at a median of €9.28 per share, and 5 of the 9 models we run sit above the €4.82 price.

Bear case: the Dividend Discount group reads lowest at €2.92, and 4 of the 9 models stay below the price. Evidence for this calculation is high.

Scenario range: €4.66 (bear) to €6.63 (bull), the price of €4.82 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Real Estate sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Nomura Real Estate Holdings reported revenue of ¥943B in FY2026 versus ¥645B in FY2022, a compound +9.9%/yr. Reported net income was ¥82.9B in FY2026, compounding +10.6%/yr from FY2022.

Key figures

Market cap €4.1B · P/E ratio 8.9 · P/S ratio 0.78 · EPS (TTM) €0.5400 · Dividend yield 4.7% · Net margin 8.8% · Return on equity 9.6% · Return on assets (EBIT) 4.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at 7%, N9U screens cheaper than that median.

Fair Value models

Bear €4.66 Fair Value €5.18 Bull €6.63
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income €4.64 €5.13 €6.43 76
Gordon GGM €1.79 €3.57 €5.41 67
DDM Multi-Stage €1.79 €2.92 €3.77 66
All 9 models by family
Dividend Discount
Gordon GGM €1.79 €3.57 €5.41 67
DDM Multi-Stage €1.79 €2.92 €3.77 66
Multiples
P/S Multiple €6.96 €9.28 €11.60 58
P/B Multiple €6.96 €9.28 €11.60 55
EV/EBIT €6.18 €11.19 €16.20 63
EV/EBITDA €5.24 €9.93 €14.62 64
EV/Revenue n/a €3.00 €6.55 50
Asset-Based
NCAV (Graham) €2.64 €3.54 €5.28 54
Economic Profit
Residual Income €4.64 €5.13 €6.43 76

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Quality Score breakdown

Overall quality 36/100

Of which business quality 34 · Market factors (momentum, volatility) 47

Profitability 31
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 43
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+24.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2021 (pandemic). Over 10 years: +5.2% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−13.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.5%
Dividend (yield on the price)4.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−18.5% vs −8.9%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 15%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 14.5%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 577 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside +6.1% · Below median
Profitability
Return on equity (TTM) 9.6% · Top 25%
Return on assets 2.9% · Above median
Net margin (TTM) 8.2% · Above median
Operating margin (TTM) 13.4% · Above median
Growth and dividend
Revenue growth −13.7% · Below median
Dividend yield (TTM) 4.7% · Above median
Balance sheet
Debt / equity 1.72× · Highest 25%

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/E (TTM) 8.9× · Cheaper than median
P/B 0.92× · Pricier than median
P/S (TTM) 0.81× · Cheaper than median
EV/EBITDA 13.3× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)43 · sector 72
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)38 · sector 11
HEALTH (low debt)14 · sector 84
DIVIDEND (yield)94 · sector 58

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$107.10 HK$155.14 +45%
China Resources Land Limited 1109 HK$28.64 HK$71.60 +150%
CK Asset Holdings 1113 HK$45.90 HK$71.49 +56%
Hongkong Land Holdings H78 $8.57 $1.52 −82%
DLF Limited DLF ₹658.40 ₹167.48 −75%
China Overseas Land & Investment Limited 0688 HK$12.42 HK$22.33 +80%
Sino Land Company 0083 HK$9.94 HK$7.28 −27%
Lodha Developers Limited LODHA ₹1,165 ₹274.14 −76%
Poly Developments and Holdings 600048 ¥5.77 ¥5.87 +2%
China Merchants Shekou Industrial Zone Holdings 001979 ¥7.18 ¥6.04 −16%

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Cite: Fair Value Calculator (2026). "Nomura Real Estate Holdings Fair Value". https://www.fairvalue-calculator.com/stock/N9U

Frequently asked questions

Is Nomura Real Estate Holdings (N9U) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €5.18 versus a price of €4.82, about +7% upside (fairly valued).
What is the fair value of N9U?
Our model-based fair value for Nomura Real Estate Holdings is €5.18 (as of Sep 30, 2026), built from audited fundamentals. The current price: €4.82.
What is the quality score of N9U?
Nomura Real Estate Holdings has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nomura Real Estate Holdings (N9U)?
Our model-based price target is the fair value of €5.18 (as of Sep 30, 2026) from 9 valuation models. Cautious scenario €4.66, optimistic scenario €6.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Nomura Real Estate Holdings stock forecast for 2026?
Our models put fair value at €5.18, about +7% upside versus a price of €4.82 (fairly valued). Cautious scenario €4.66, optimistic scenario €6.63. The calculation is refreshed regularly with new filings.
What is the revenue of Nomura Real Estate Holdings (N9U)?
Nomura Real Estate Holdings reported trailing-twelve-month revenue of about ¥912B (latest available figure, as of Sep 30, 2026).
Does Nomura Real Estate Holdings pay a dividend?
Nomura Real Estate Holdings currently shows a dividend yield of about 4.71% relative to its recent price (as of Sep 30, 2026).
What is the intrinsic value of Nomura Real Estate Holdings (N9U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nomura Real Estate Holdings it is €5.18 per share (as of Sep 30, 2026), against a price of €4.82. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Nomura Real Estate Holdings stock overvalued or undervalued in 2026?
As of Sep 30, 2026, N9U trades below its calculated fair value: price €4.82, fair value €5.18, a gap of about +7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of N9U?
No. The price is what the market pays today (€4.82); the fair value is what the company's own numbers justify (€5.18). For Nomura Real Estate Holdings the two are €0.3600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nomura Real Estate Holdings worth?
The market values Nomura Real Estate Holdings at about €4.1B (market capitalisation, as of Sep 30, 2026). Per share that is €4.82; our models calculate a fair value of €5.18 per share.
What do the bullish and bearish scenarios say about N9U?
Our models span a range for Nomura Real Estate Holdings: cautious scenario €4.66, base €5.18, optimistic €6.63 per share (as of Sep 30, 2026, price €4.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of N9U?
Nomura Real Estate Holdings trades at a price-to-earnings ratio of 8.9 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €5.18 is built from several models across several years. Other multiples: P/B 0.9, P/S 0.8, EV/EBITDA 13.3.
How solid is the balance sheet of Nomura Real Estate Holdings (N9U)?
Balance-sheet figures for Nomura Real Estate Holdings (as of Sep 30, 2026): return on equity 9.6%, debt of 1.72 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is N9U from its 52-week high?
Nomura Real Estate Holdings trades at €4.82, about 20% below its 52-week high of €6.01 and 5% above the low of €4.60 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €5.18 is for.
Which stocks are comparable to Nomura Real Estate Holdings?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, Hongkong Land Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nomura Real Estate Holdings stock attractive at the current price?
The data as of Sep 30, 2026: price €4.82, calculated fair value €5.18 (+7%), Quality Score 36/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of N9U calculated?
We run Nomura Real Estate Holdings through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €5.18, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nomura Real Estate Holdings currently trades 7 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nomura Real Estate Holdings (N9U)?
The closing price on Oct 1, 2026 was €4.82. Our model-based fair value is €5.18, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nomura Real Estate Holdings right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Nomura Real Estate Holdings

How large is the market capitalisation of Nomura Real Estate Holdings (N9U)?
The market capitalisation of Nomura Real Estate Holdings is €4.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nomura Real Estate Holdings (N9U)?
The price-to-sales ratio of Nomura Real Estate Holdings is 0.78 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nomura Real Estate Holdings (N9U)?
Earnings per share at Nomura Real Estate Holdings are €0.5400 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nomura Real Estate Holdings (N9U)?
The dividend yield of Nomura Real Estate Holdings is 4.7% (payout 42.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nomura Real Estate Holdings (N9U)?
The net margin of Nomura Real Estate Holdings is 8.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nomura Real Estate Holdings (N9U)?
The return on equity (ROE) of Nomura Real Estate Holdings is 9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nomura Real Estate Holdings (N9U)?
On an EBIT basis the return on assets of Nomura Real Estate Holdings is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nomura Real Estate Holdings (N9U)?
The operating margin of Nomura Real Estate Holdings is 13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nomura Real Estate Holdings (N9U)?
Revenue at Nomura Real Estate Holdings is growing −13.7% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nomura Real Estate Holdings (N9U)?
Earnings per share at Nomura Real Estate Holdings are growing −36.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nomura Real Estate Holdings (N9U) generate?
The free cash flow of Nomura Real Estate Holdings is −¥24.3B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nomura Real Estate Holdings (N9U) carry?
The net debt of Nomura Real Estate Holdings is ¥1.6T (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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