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

$33.91

24 Mar
2025

0.730

OPEN

$33.23

2.20%

HIGH

$33.91

4,107,974

LOW

$33.18

TARGET
$32.645 -3.7% 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 224.6 224.1 xxx
DPS (cps) xxx 169.0 170.2 xxx
EPS Growth xxx - 5.0% - 0.2% xxx
DPS Growth xxx 1.2% 0.7% xxx
PE Ratio xxx N/A 15.1 xxx
Dividend Yield xxx N/A 5.0% xxx
Div Pay Ratio(%) xxx 75.2% 75.9% xxx

Dividend yield today if purchased 3 years ago: 5.34%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.01

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 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

-0.6

No. Of Recommendations

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

Citi

xx/xx/xxxx

5

xxxx

$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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Morgans

xx/xx/xxxx

5

xxxxxx

$xx.xx

xx.xx%

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Macquarie

20/02/2025

3

Neutral

$35.00

3.21%

National Australia Bank's pre-provision result was -1% below Macquarie, albeit with stronger markets and treasury income offsetting softer margins.

Excluding markets income, the pre-provision result was -6% below Macquarie's forecast due to weaker margins and volumes.

NAB saw a "small decline" in margins in the first quarter, with headwinds from lending competition, funding costs, and deposit
mix.

The bank appears to lag peers, Macquarie notes, potentially due to a bigger impact from deposit switching and more wholesale funding pressures.

With the RBA's easing cycle commenced, the broker expects the margin outlook across the sector to deteriorate, but expects NAB to be less impacted than peers.

Target falls to $35 from $36, Neutral retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 170.00 cents and EPS of 227.00 cents.
Macquarie forecasts a full year FY26 dividend of 163.00 cents and EPS of 222.00 cents.

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

4

xxxxxxxxx xx xxxxxxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

16/10/2024

-1

No Rating

-

As a result of analyst Andrew Lyons leaving the employ of Goldman Sachs, the broker is suspending research coverage of National Australia Bank.

The former rating, target, and forecasts no longer apply.
Access Extra Coverage Research History >

NAB STOCK CHART

FNArena News on NAB

1
Weekly Ratings, Targets, Forecast Changes – 21-03-25

Mar 24 2025 - Weekly Reports
2
Next Week At A Glance 24-28 Mar 2025

Mar 21 2025 - Weekly Reports
3
In Case You Missed It – BC Extra Upgrades & Downgrades – 21-03-25

Mar 21 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Mar 18, 2025

Mar 18 2025 - Daily Market Reports
5
Rudi’s View: Post February Conviction Calls

Mar 13 2025 - Rudi's View

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