Interactive Brokers Group Inc (IBKR) is undervalued and Nomura Holdings Inc ADR (NMR) is undervalued.
Against our estimates of intrinsic value, IBKR trades at the wider discount: a margin of safety of +64%, against +56% for NMR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $252.05; the price of $91.88 is 64% below that value, and 80% of that value comes from beyond year five.
Leak Score 70/100 on 7 of 12 signals
Discounting its cash flows at 5.7% values the shares at $22.48; the price of $9.96 is 56% below that value, and 88% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
| Metric | IBKR | NMR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $91.88 | $9.96 |
| Intrinsic value | $252.05 | $22.48 |
| Margin of safety | +64% | +56% |
| Leak Score | 70/100 (7/12) | 41/100 (3/12) |
| Market cap | $41.6B | $29.1B |
| Revenue growth, 5 years | 33.1% | 15.7% |
| Operating margin | 86.7% | 11.9% |
| Net margin | 10.0% | 8.1% |
| Return on equity | 21.0% | 10.9% |
| Debt to equity | 7.72 | 10.19 |
| P/E | 36.6x | 11.6x |
| Forward P/E | 28.9x | 10.4x |
| P/B | 7.0x | 1.2x |
| Dividend yield | 0.4% | 3.9% |