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

$38.82

11 Aug
2025

0.330

OPEN

$38.60

0.86%

HIGH

$39.00

3,163,945

LOW

$38.45

TARGET
$33.235 -14.4% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 224.6 225.8 xxx
DPS (cps) xxx 169.0 170.0 xxx
EPS Growth xxx - 5.0% 0.5% xxx
DPS Growth xxx 1.2% 0.6% xxx
PE Ratio xxx N/A 17.2 xxx
Dividend Yield xxx N/A 4.4% xxx
Div Pay Ratio(%) xxx 75.2% 75.3% xxx

Dividend yield today if purchased 3 years ago: 5.49%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.39

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx224.6
DPS All xxxxxxxxxxxxxxx169.0
Sales/Revenue xxxxxxxxxxxxxxx63,168.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,004.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-35,781.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx11.52 %
Return on Invested Capital xxxxxxxxxxxxxxx2.92 %
Return on Assets xxxxxxxxxxxxxxx0.66 %
Return on Equity xxxxxxxxxxxxxxx11.52 %
Return on Total Capital xxxxxxxxxxxxxxx2.88 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-41,921.0 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx96,619 M
Long Term Debt xxxxxxxxxxxxxxx185,246 M
Total Debt xxxxxxxxxxxxxxx281,865 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,499 M
Price To Book Value xxxxxxxxxxxxxxx1.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,440.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3,434 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx205,415 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

-0.4

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Citi

16/07/2025

5

Sell

$30.50

-21.43%

Citi believes the RBA's decision to leave the cash rate on hold in July has provided a brief timing reprieve for banks and comes on top of other positive recent developments, including the -50-60bps fall in swap rates.

The broker notes banks have also managed their deposit pricing well, given the higher starting point for base rates in this cycle.

The analyst reckons the downside risk from lower rates is now a FY26 story, and in the near term, the earnings outlook is looking more constructive.

EPS forecasts for National Australia Bank lifted for FY25 and FY26. Sell maintained at unchanged target price of $30.50.

FORECAST
Citi forecasts a full year FY25 dividend of 170.00 cents and EPS of 218.40 cents.
Citi forecasts a full year FY26 dividend of 170.00 cents and EPS of 208.20 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

5

xxxxxx

$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

12/05/2025

4

Underweight

$29.00

-25.30%

Jarden's reaction to National Australia Bank's 1H25 result lacks any positive comment, with the broker noting the net interest margin (NIM) trend is down, asset quality is worsening, and further capital action is unlikely.

Core profit was up 1.9% sequentially, but the broker sees it as a -5% miss, given ex-markets profit was down -3.2%. NIM came in at 1.70%, but without solid contribution from markets segment, it was down -3bps.

The analyst wonders if the bank is understating cost base by -$250m as capitalisation of spend has risen to 60% from 40% in FY20-21, and compares with the peer average of 36%.

The broker lifted FY25 EPS forecast by 0.3% but cut FY26 by -2%.

Underweight. Target cut to $29 from $30.

FORECAST
Jarden forecasts a full year FY25 dividend of 171.00 cents and EPS of 226.10 cents.
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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