NATIONAL AUSTRALIA BANK LIMITED (NAB)
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NAB

NAB - NATIONAL AUSTRALIA BANK LIMITED

FNArena Sector : Banks
Year End: September
GICS Industry Group : Banks
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

National Australia Bank is the third largest Australian bank by market capitalisation. First listed in 1974 it became the NAB in 1982 with the merger of National Bank of Australasia and the Commercial Banking Company of Sydney.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$42.52

23 Dec
2025

0.390

OPEN

$42.10

0.93%

HIGH

$42.74

2,624,286

LOW

$41.89

TARGET
$37.677 -11.4% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . RMC . SUN . WBC .
FNARENA'S MARKET CONSENSUS FORECASTS
NAB: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 221.0 235.6 xxx
DPS (cps) xxx 170.0 171.2 xxx
EPS Growth xxx - 1.6% 6.6% xxx
DPS Growth xxx 0.6% 0.7% xxx
PE Ratio xxx N/A 18.0 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 76.9% 72.7% xxx

Dividend yield today if purchased 3 years ago: 5.60%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.01

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 07/05 - ex-div 84c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx221.0
DPS All xxxxxxxxxxxxxxx170.0
Sales/Revenue xxxxxxxxxxxxxxx60,247.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,059.3
Net Operating Cash Flow xxxxxxxxxxxxxxx8,511.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.27 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.92 %
Return on Invested Capital xxxxxxxxxxxxxxx2.77 %
Return on Assets xxxxxxxxxxxxxxx0.62 %
Return on Equity xxxxxxxxxxxxxxx10.92 %
Return on Total Capital xxxxxxxxxxxxxxx2.81 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,275.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx108,678 M
Long Term Debt xxxxxxxxxxxxxxx180,995 M
Total Debt xxxxxxxxxxxxxxx289,673 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,604 M
Price To Book Value xxxxxxxxxxxxxxx2.14

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,408.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.34 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3,621 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx214,326 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

07/11/2025

5

Downgrade to Sell from Lighten

$35.00

-17.69%

Ord Minnett raises its target for National Australia Bank to $35 from $34 and downgrades to Sell from Lighten on valuation grounds and the broker's concerns over the regulatory capital position.

The bank's main challenge, suggests the analyst, is the rapid growth in risk-weighted assets combined with a 75% dividend payout. This has compressed its common equity tier-one ratio to 11.7%, down 31bps half-on-half.

Following the final dividend and without moderating risk-weighted assets (RWA) growth, the CET1 ratio is expected to fall close to the regulatory minimum of 11.25%.

Second-half FY25 cash earnings missed market expectations due to higher bad debt charges, explains the broker, though pre-provision operating profit and the final dividend were in line.

The analyst highlights the net interest margin (NIM) widened 8bps to 1.78%, ahead of consensus, driven by benefits from the replicating portfolio.

Business lending rose 5.3% half-on-half, with growth across multiple sectors, but asset quality weakened as non-performing loans increased to 1.55% of total loans, explains Ord Minnett.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

18/08/2025

4

Underweight

$29.00

-31.80%

The key takeaway from National Australia Bank's 3Q25 update was a lift in FY25 opex guidance, with the bank now expecting it to be approximately 4.5% higher vs FY24. Previously it signalled lower growth than FY24's 4.5%.

This is, however, offset by higher-than-expected net interest margin, Jarden notes, though the bank didn't disclose it. Commentary pointed to 4bps increase on replicating porftolio benefits, lower liquids and lower short-term funding costs.

The higher opex is due to -$130m related to payroll remediation, and -$15.5m civil penalty on a case brought by ASIC.

No change to earnings forecasts. Underweight. Target unchanged at $29.

FORECAST
Jarden forecasts a full year FY26 dividend of 173.00 cents and EPS of 226.70 cents.
Access Extra Coverage Research History >

NAB STOCK CHART

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