(Bloomberg) -- The relentless slide in shares of Nomura Holdings Ltd. is headed for unprecedented territory.
Japan’s largest brokerage sank toward its lowest close since 2012 on Wednesday, sending the firm’s valuation to 0.43 times net assets. That’s within a hair’s breadth of an all-time low set during the European debt crisis in 2011 and leaves Nomura trading at a record discount versus global financial stocks, according to data compiled by Bloomberg.
The stock has dropped 17% this year as Nomura reported its first annual loss in a decade and investors questioned whether Chief Executive Officer Koji Nagai can turn around a business buffeted by volatile global capital markets and increased competition at home. Nomura’s prospects have only gotten worse in the past week after it was hit with a rare business improvement order from Japan’s financial regulator for improperly sharing sensitive information. Several Nomura clients dropped the firm from bond deals after the revelation.