LPL Financial Holdings Inc (LPLA) is undervalued and Nomura Holdings Inc ADR (NMR) is undervalued.
Against our estimates of intrinsic value, NMR trades at the wider discount: a margin of safety of +56%, against +50% for LPLA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $618.22; the price of $307.50 is 50% below that value, and 82% of that value comes from beyond year five.
Leak Score 53/100 on 9 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 | LPLA | NMR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $307.50 | $9.96 |
| Intrinsic value | $618.22 | $22.48 |
| Margin of safety | +50% | +56% |
| Leak Score | 53/100 (9/12) | 41/100 (3/12) |
| Market cap | $24.2B | $29.1B |
| Revenue growth, 5 years | 23.7% | 15.7% |
| Operating margin | 12.8% | 11.9% |
| Net margin | 5.1% | 8.1% |
| Return on equity | 18.6% | 10.9% |
| Debt to equity | 1.43 | 10.19 |
| P/E | 24.5x | 11.6x |
| Forward P/E | 10.3x | 10.4x |
| P/B | 4.2x | 1.2x |
| Dividend yield | 0.4% | 3.9% |