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 established as the Bank of New South Wales in 1817. It is one of Australia’s major banks and listed on the ASX in 1970.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$37.19

02 Nov
2026

0.370

OPEN

$36.34

1.00%

HIGH

$37.61

5,284,141

LOW

$36.34

TARGET
$33.603

-0.36 change from previous day

 -9.6% 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 FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 199.3 206.8 xxx
DPS (cps) xxx 0.0 155.8 xxx
EPS Growth xxx - 1.3% 3.8% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 17.8 xxx
Dividend Yield xxx N/A 4.2% xxx
Div Pay Ratio(%) xxx N/A 75.4% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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: 08/05 - ex-div 77.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx199.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx59,424.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,075.8
Net Operating Cash Flow xxxxxxxxxxxxxxx8,214.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.45 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx9.47 %
Return on Invested Capital xxxxxxxxxxxxxxx2.73 %
Return on Assets xxxxxxxxxxxxxxx0.59 %
Return on Equity xxxxxxxxxxxxxxx9.47 %
Return on Total Capital xxxxxxxxxxxxxxx3.15 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,650.0 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx74,528 M
Long Term Debt xxxxxxxxxxxxxxx175,694 M
Total Debt xxxxxxxxxxxxxxx250,222 M
Goodwill - Gross xxxxxxxxxxxxxxx7,376 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx45,959 M
Price To Book Value xxxxxxxxxxxxxxx1.69

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx1,058.0 M
Capex % of Sales xxxxxxxxxxxxxxx1.78 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,973 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx204,736 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

Morgans

xx/xx/xxxx

4

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

03/11/2026

1

Buy

$41.50

11.59%

Further to the FY26 result from Westpac, UBS notes a recovery in net interest margins remains key and the liquidity impact of competitive lending and deposit pricing should largely reverse in the first half of FY27.

The broker's Buy rating rests on the prospect of higher sustainable returns and earnings, supported by productivity, franchise growth and capital strength.

Commentary suggests the key catalysts will be margin stabilisation and measurable savings from Unite. Target is reduced to $41.50 from $45.00.

****

On first read, UBS points out Westpac's 2H26 NPAT of $3.6bn was in line with the analyst's and consensus forecasts, as weaker revenue trends were offset by cost discipline and lower credit impairment charges.

The interim dividend of 77c was -1c below expectations, while the CET1 capital ratio of 12.5% was ahead of consensus.

Net interest income rose 1.5% to $9.9bn, below expectations, while group net interest margins (NIM) declined -3bps to 1.86%, reflecting intensifying competition across lending and deposits. Operating costs fell -1.6% to $5.8bn, with bad debts of $421m also below forecasts.

Management expects a 3bps NIM benefit in 1H27 from interest rate increases and repricing, alongside more than $600m in cost benefits for FY27.

Housing growth expectations have been reduced to 3.8% from 4.7%, while investment spending of -$2.1bn includes -$850m–950m for Project UNITE.

UBS cautions weaker revenue momentum leaves limited room for cost slippage in FY27.

FORECAST
UBS forecasts a full year FY27 dividend of 160.00 cents and EPS of 207.00 cents.
UBS forecasts a full year FY28 dividend of 165.00 cents and EPS of 219.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$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

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

03/11/2026

5

Sell

$30.00

-19.33%

Jarden maintains a Sell rating for Westpac with its target price decreased to $30.00 from $31.00 following results broadly in line with expectations, featuring a 2.7% half-on-half increase in core profit and FY26 cash earnings of $7.0bn.

The bank projects 3.8% home loan growth and 7% institutional and business banking growth in FY27.

Jarden cuts FY27 and FY28 cash earnings estimates by -2% to -3% to account for higher bad and doubtful debts and lower net interest margins.
Access Extra Coverage Research History >

WBC STOCK CHART

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