WESTPAC BANKING CORPORATION (WBC)
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WBC

WBC - WESTPAC BANKING CORPORATION

FNArena Sector : Banks
Year End: September
GICS Industry Group : Banks
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Westpac is an Australian bank and financial services provider. It is Australia's oldest bank, being established in Sydney as the Bank of NSW in 1817. It is the second largest bank by market cap. It listed on the ASX in July 1970.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$40.21

05 Nov
2025

-0.210

OPEN

$40.62

-0.52%

HIGH

$41.00

6,674,876

LOW

$40.12

TARGET
$34.483 -14.2% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . NAB . RMC . SUN .
FNARENA'S MARKET CONSENSUS FORECASTS
WBC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 201.9 206.6 xxx
DPS (cps) xxx 153.0 158.6 xxx
EPS Growth xxx 0.5% 2.3% xxx
DPS Growth xxx - 7.8% 3.7% xxx
PE Ratio xxx N/A 19.1 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 75.8% 76.8% xxx

Dividend yield today if purchased 3 years ago: 6.34%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.87

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: 09/05 - ex-div 90c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx201.9
DPS All xxxxxxxxxxxxxxx153.0
Sales/Revenue xxxxxxxxxxxxxxx58,417.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,128.3
Net Operating Cash Flow xxxxxxxxxxxxxxx13,925.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx9.57 %
Return on Invested Capital xxxxxxxxxxxxxxx2.77 %
Return on Assets xxxxxxxxxxxxxxx0.63 %
Return on Equity xxxxxxxxxxxxxxx9.57 %
Return on Total Capital xxxxxxxxxxxxxxx3.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx8,339.0 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 xxxxxxxxxxxxxxx52,741 M
Long Term Debt xxxxxxxxxxxxxxx179,702 M
Total Debt xxxxxxxxxxxxxxx232,443 M
Goodwill - Gross xxxxxxxxxxxxxxx7,413 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx50,430 M
Price To Book Value xxxxxxxxxxxxxxx1.83

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,147.0 M
Capex % of Sales xxxxxxxxxxxxxxx1.96 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,942 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx191,846 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

-0.7

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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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

04/11/2025

3

Neutral

$40.00

-0.52%

On second consideration, UBS' price target has improved to $40 from $38 but Neutral rating remained with commentary suggesting further upside post year-to-date re-rating is now "capped".

Interestingly, not much is projected in dividend payout increases for the years ahead.

The broker's earlier response was:

A quick response to today's FY25 result release suggests Westpac's financial performance is more or less in line with forecasts, with key metrics including net profit and statutory EPS 'beating' by less than 2%.

UBS's assessment corrects for an $125m hedging gain. The bank's CET1 ratio at 12.53% is better than expected (incl consensus).

Costs rose 9% HoH due to a -$273M restructuring charge. Interim dividend of 77cps fully-franked, is in line.

Neutral rating retained with commentary highlighting the shares are still trading three standard deviations about their long term average.

UBS highlights its forecasts for FY26 and FY27 are higher than market consensus. Target $38.

FORECAST
UBS forecasts a full year FY26 dividend of 170.00 cents and EPS of 207.00 cents.
UBS forecasts a full year FY27 dividend of 175.00 cents and EPS of 212.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

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

06/11/2025

4

Underweight

$32.00

-20.42%

Jarden concludes Westpac delivered a sound 2H25 result, with FY25 cash NPAT of $6,972m down -2% y/y, with 2H25 cash NPAT of $3,515m up 2% on the 1H, a 4% beat to Jarden’s forecast and in line with consensus.

Core net interest margin was 1.82%, up 2bps on 1H but down -6bps in the final quarter. The analyst expects further compression through FY26 as volume and margin trade-offs persist.

Loan growth remained solid in business and institutional banking, up 8% and 10% respectively, but remains subdued in home lending, up just 3% and tracking below system growth. Deposits rose 4% with an improving mix.

Bad debts remain minimal at 4bps of loans, but Jarden highlights execution risk in FY26–27

Jarden lifts FY26 cash earnings forecast by 4% and increases its target price to $32.00 from $30. No change to Underweight rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 200.70 cents.
Jarden forecasts a full year FY27 dividend of 157.00 cents and EPS of 198.40 cents.
Access Extra Coverage Research History >

WBC STOCK CHART

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