Nomura: IB Could Recover In Ebullient Q1, Macquarie Integration Costs Will Pass
Nomura's investment banking division may see a rebound in a strong Q1 market, though profits will remain under pressure over the next year due to integration costs from the Macquarie acquisition. Despite temporarily depressed earnings, the firm's asset management inflows and alternative AUM growth are robust. Its diversified business model demonstrated resilience, with volatility-sensitive units offsetting weaker IB performance. Nomura trades at a discount to global peers, supported by favorable Japanese market dynamics and shifting domestic savings trends.
- ▪Nomura's integration costs from the Macquarie deal are expected to weigh on profits for the next year.
- ▪Underlying asset management inflows and alternative assets under management are growing steadily.
- ▪The investment banking segment faces near-term challenges but could benefit from improved market conditions.
- ▪Wealth management margins are strong, driven by Japanese savers reallocating assets amid inflation.
- ▪Nomura trades at an 11x P/E ratio, a discount compared to global peers despite solid fundamentals.
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