Does a robots meta tag of "nofollow" eliminate all the SEO value of the links on the page, even if the links aren't individually labeled as "nofollow"?

For example, the following seems to be a link that does pass PageRank to the linked domain:

<a href="http://www.example.com">click here</a>

However, if that link appears on a page that has this metatag ...

<meta name="robots" content="nofollow">

... does that metatag turn the link into a no-follow link that yields no SEO value to example.com?