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 one of Australia’s major banks, providing personal, business and institutional banking services. It became NAB in 1982 after the merger of National Bank of Australasia and the Commercial Banking Company of Sydney.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$40.97

03 Nov
2026

0.060

OPEN

$41.30

0.15%

HIGH

$41.42

3,570,830

LOW

$40.58

TARGET
$39.378 -3.9% 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 221.0 210.3 xxx
DPS (cps) xxx 170.0 170.0 xxx
EPS Growth xxx - 1.6% - 4.8% xxx
DPS Growth xxx 0.6% 0.0% xxx
PE Ratio xxx N/A 19.6 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 76.9% 80.8% xxx

Dividend yield today if purchased 3 years ago: 5.85%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.13

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 85.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.1

No. Of Recommendations

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

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

21/10/2026

5

Underweight

$34.00

-17.01%

Morgan Stanley notes National Australia Bank's plan to simplify its operations by reducing the workforce and use of consultants.

The broker asserts the need for these cost savings reflects higher inflation and weaker revenue growth and is consistent with the view there is a "better-than-expected cost story" in the November report.

At first glance, gross cost savings are estimated at around $400m-450m but the net impact for expense growth is suspected to be less.

Underweight rating retained. Target is $34.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 170.00 cents and EPS of 201.40 cents.
Morgan Stanley forecasts a full year FY27 dividend of 170.00 cents and EPS of 230.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$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

23/10/2026

5

Sell

$29.00

-29.22%

Jarden maintains a Sell rating for National Australia Bank with its target price unchanged at $29.00 following announcements regarding restructuring charges.

The analyst notes the lender expects to recognise a pre-tax restructuring charge of -$300m in FY27 alongside an initial -$80m charge in FY26 covering redundancy, redeployment, and organisational redesign costs.

These provisions reflect ongoing revenue pressure and increasing bad debts which elevate the risk of another dividend reinvestment plan underwrite to buttress common equity tier 1 capital.

Commentary flags further cost details will emerge during upcoming FY26 results announcements.

Following these updates, Jarden's estimates for FY27 and FY28 earnings experience adjustments of -1% and up 4% respectively.
Access Extra Coverage Research History >

NAB STOCK CHART

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