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

$37.02

02 Jun
2026

-0.350

OPEN

$37.34

-0.94%

HIGH

$37.34

5,969,906

LOW

$36.70

TARGET
$39.20 5.9% 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 221.0 213.5 xxx
DPS (cps) xxx 170.0 170.0 xxx
EPS Growth xxx - 1.6% - 3.4% xxx
DPS Growth xxx 0.6% 0.0% xxx
PE Ratio xxx N/A 17.4 xxx
Dividend Yield xxx N/A 4.6% xxx
Div Pay Ratio(%) xxx 76.9% 79.6% xxx

Dividend yield today if purchased 3 years ago: 6.59%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.57

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

-0.1

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$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

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

13/05/2026

1

Buy

$48.50

31.01%

UBS' initial assessment of the Budget on the banks explains it is "early days" in terms of how the tax changes will alter investment markets, the outlook for the banking sector and how management strategies will evolve on lending and housing flows.

From a top-down 'high level' approach, the relative winners are likely to be banks with more robust business and institutional banking franchises, notably National Australia Bank and ANZ Bank ((ANZ)), with less reliance on investor mortgages, notably CommBank ((CBA)) and Westpac ((WBC)).

Unknowns that can impact investor funds flow include the appetite for higher dividend yield stocks and any asset allocation or portfolio rebalancing.

The analyst highlights bank stocks are down around -12% over the last month, with the market likely to have been pricing in concerns around the Budget.

National Australia Bank is Buy rated with a $48.50 target.

FORECAST
UBS forecasts a full year FY26 EPS of 238.00 cents.
UBS forecasts a full year FY27 EPS of 251.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxxxxx xx xxxx xxxx 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

07/05/2026

5

Sell

$29.00

-21.66%

Jarden maintains a Sell rating for National Australia Bank and cuts the target price to $29.00 from $30.00 following a downbeat half-year result.

The broker highlights a precarious position for the bank, noting a 26% half-on-half surge in operating expenses driven by a -$1.4bn software capitalisation write-off, alongside a 46% spike in bad debts to $706m.

While net interest margins improved 3bps to 1.81% due to deposit endowments in a rising rate environment, the report views this benefit as unsustainable amid increasing competition and technological advancements.

Jarden downgrades FY26, FY27, and FY28 cash earnings estimates by -2%, -2%, and -4% respectively, reflecting higher operating costs, elevated bad debts, and a marked deterioration in corporate and institutional asset quality.

Despite a $3bn equity buyback in FY25, organic capital generation remains weak, leaving the bank vulnerable to a potential credit cycle downturn, Jarden concludes.

FORECAST
Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 206.00 cents.
Jarden forecasts a full year FY27 dividend of 171.00 cents and EPS of 236.20 cents.
Access Extra Coverage Research History >

NAB STOCK CHART

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