Nomura Holdings Inc ADR (NMR) is slightly undervalued and Tradeweb Markets Inc (TW) is fairly valued.
Against our estimates of intrinsic value, NMR trades at the wider discount: a margin of safety of +9%, against +1% for TW.
Values as of the 16 Oct 2026 close.
Book value at 1.25x, the multiple a 10.9% return on equity justifies, blended with earnings, values the shares at $10.19; the price of $9.24 is 9% below that value.
Leak Score 30/100 on 11 of 12 signals
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $114.15; the price of $113.49 is 1% below that value, and 79% of that value comes from beyond year five.
Leak Score 66/100 on 10 of 12 signals
| Metric | NMR | TW |
|---|---|---|
| Verdict | Slightly undervalued | Fairly valued |
| Price | $9.24 | $113.49 |
| Intrinsic value | $10.19 | $114.15 |
| Margin of safety | +9% | +1% |
| Leak Score | 30/100 (11/12) | 66/100 (10/12) |
| Market cap | $27.0B | $26.6B |
| Revenue growth, 5 years | 15.7% | 18.1% |
| Operating margin | 11.9% | 43.6% |
| Net margin | 8.1% | 40.6% |
| Return on equity | 10.9% | 14.1% |
| Debt to equity | 10.19 | 0.02 |
| P/E | 10.7x | 27.1x |
| Forward P/E | 9.1x | 24.4x |
| P/B | 1.1x | 3.6x |
| Dividend yield | 4.5% | 0.5% |