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

$40.22

22 Apr
2026

-0.990

OPEN

$40.80

-2.40%

HIGH

$41.04

5,729,441

LOW

$40.18

TARGET
$40.435 0.5% upside
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 221.0 226.7 xxx
DPS (cps) xxx 170.0 171.2 xxx
EPS Growth xxx - 1.6% 2.6% xxx
DPS Growth xxx 0.6% 0.7% xxx
PE Ratio xxx N/A 17.7 xxx
Dividend Yield xxx N/A 4.3% xxx
Div Pay Ratio(%) xxx 76.9% 75.5% xxx

Dividend yield today if purchased 3 years ago: 5.91%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.23

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: 11/11 - ex-div 85c (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

-0.4

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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xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

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Morgan Stanley

21/04/2026

5

Underweight

$39.30

-2.29%

Morgan Stanley was not surprised by National Australia Bank's announcement to lift provisions and capital buffers, with an increase in the collective provision by -$300m, resulting in a 1H26 impairment charge of -$706m versus expectations of -$799m.

The bank also pointed to NZD weakness and interest rate volatility, with the provision lowering CET1 by around -20bps as at March 31, and is now anticipated to apply a -1.5% discount to the 1H26 DRP and partially underwrite it.

This would add $1.8bn and circa 40bps to CET1 in 2H26, the analyst highlights.

The stock is rated Underweight with an unchanged target of $39.30. Underweight. Industry view: Cautious.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 171.00 cents and EPS of 227.60 cents.
Morgan Stanley forecasts a full year FY27 dividend of 176.00 cents and EPS of 258.40 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx xx xxxxxxx xxxx xxxx

$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

22/04/2026

5

Sell

$30.00

-25.41%

Jarden reiterates its Sell rating and $30.00 price target for National Australia Bank following this week's market update that included "significant" capital and accounting correction.

The bank announced an $1.8bn equity raise via a partial underwrite of its dividend reinvestment plan to address a persistent under-capitalisation relative to major peers.

Jarden observes NAB has historically over-earned by approximately $300m annually by capitalising a much higher proportion of software expenses than its competitors.

The stock remains over-owned by domestic institutions and trades at an elevated 21x price-to-earnings multiple compared to its long-term average of 12x, commentary points out.

The conclusion drawn is that future growth prospects appear limited as the bank pivots from share buybacks to equity issuance to preserve its balance sheet integrity.

FORECAST
Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 207.70 cents.
Jarden forecasts a full year FY27 dividend of 171.00 cents and EPS of 240.10 cents.
Access Extra Coverage Research History >

NAB STOCK CHART

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