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

$42.54

01 Sep
2025

-0.250

OPEN

$42.56

-0.58%

HIGH

$42.88

2,091,737

LOW

$42.33

TARGET
$35.358 -16.9% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 224.6 230.0 xxx
DPS (cps) xxx 169.0 170.2 xxx
EPS Growth xxx - 5.0% 2.4% xxx
DPS Growth xxx 1.2% 0.7% xxx
PE Ratio xxx N/A 18.7 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 75.2% 74.0% xxx

Dividend yield today if purchased 3 years ago: 5.53%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.93

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

-0.3

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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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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Morgans

19/08/2025

5

Sell

$31.15

-26.77%

National Australia Bank reported third quarter 2025 cash earnings of around $1.77bn, down -1% from the first half average but broadly in line with Morgans and consensus.

Revenue grew 3% and net interest income rose 5% to $4.4bn, with the net interest margin (NIM) up 8bps, a meaningful positive surprise against expectations of a -3bps fall, suggests the analyst.

The broker notes underlying profit grew 2%, above flat expectations, but was offset by higher credit impairment charges of -$254m, up 46% quarter-on-quarter.

Costs worsened by -3%, with full-year operating expense growth now guided to 4.5%, including -$130m for payroll issues.

The CET1 ratio ended the quarter at 12.14%, slightly above expectations, though the broker now targets 11.9% by year-end due to higher risk-weighted assets.

The broker raises its FY26 and FY27 forecasts by 2% and 3%, respectively, on stronger NIM, now expecting earnings per share growth of around 3% a year across FY25-27.

Morgans raises its target price to $31.15 from $28.01 and retains a Sell rating.

FORECAST
Morgans forecasts a full year FY25 dividend of 170.00 cents and EPS of 227.00 cents.
Morgans forecasts a full year FY26 dividend of 170.00 cents and EPS of 240.00 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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UBS

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

20/08/2025

4

Underweight

$29.00

-31.83%

National Australia Bank reported unaudited 3Q25 profit of $1.7bn, down -1% and around 49% of Jarden’s 2H25 forecast, which the broker says was broadly in line outside of higher costs and rising bad debts.

Core profit rose 2% to $2.8bn, supported by revenue growth of 3% from margin and volume outcomes, explain the analysts.

The report notes opex increased/worsened by -3% due to staff and IT, with management abandoning its FY25 guidance for growth below 4.5% and now guiding to 4.5% due to payroll remediation costs of circa -$130m.

Bad debts rose sharply to $254m, up 214% quarter-on-quarter, driven by deterioration in New Zealand business banking, explains Jarden.

No changes to forecasts. Underweight rating and $29 target.

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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