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

$31.34

23 May
2025

0.020

OPEN

$31.45

0.06%

HIGH

$31.59

3,731,046

LOW

$31.18

TARGET
$28.983 -7.5% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 200.9 195.4 xxx
DPS (cps) xxx 166.0 152.2 xxx
EPS Growth xxx - 2.2% - 2.7% xxx
DPS Growth xxx 16.9% - 8.3% xxx
PE Ratio xxx N/A 16.0 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 82.6% 77.9% xxx

Dividend yield today if purchased 3 years ago: 6.95%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.30

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx200.9
DPS All xxxxxxxxxxxxxxx166.0
Sales/Revenue xxxxxxxxxxxxxxx57,514.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,085.3
Net Operating Cash Flow xxxxxxxxxxxxxxx-933.0 M
Net Profit Margin xxxxxxxxxxxxxxx12.14 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx9.69 %
Return on Invested Capital xxxxxxxxxxxxxxx2.90 %
Return on Assets xxxxxxxxxxxxxxx0.66 %
Return on Equity xxxxxxxxxxxxxxx9.69 %
Return on Total Capital xxxxxxxxxxxxxxx3.43 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-6,820.0 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 xxxxxxxxxxxxxxx55,005 M
Long Term Debt xxxxxxxxxxxxxxx174,645 M
Total Debt xxxxxxxxxxxxxxx229,650 M
Goodwill - Gross xxxxxxxxxxxxxxx7,433 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx65,667 M
Price To Book Value xxxxxxxxxxxxxxx1.52

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,017.0 M
Capex % of Sales xxxxxxxxxxxxxxx1.77 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,564 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx177,222 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

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

06/05/2025

5

Underweight

$27.30

-12.89%

Morgan Stanley describes a "sound" interim result for Westpac but maintains an Underweight weighting, suggesting too much optimism is reflected in the share price. Target of $27.30 is unchanged. Industry view remains In-Line.

The broker believes the bank faces emerging margin headwinds, a risk of higher cost growth, and below-system mortgage growth. A reduced scope for further buybacks and dividend growth is also envisaged.

For the half, group revenue growth remained weak, according to the analysts, easing to circa 0.5% half-on-half from around 1% in 2H24.

Cash profit missed forecasts by Morgan Stanley and consensus by -2.5%, as revenue was -2% lower than forecast. Net interest income (NII) was in line with the analysts' forecast, but trading income and fee income were misses.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 152.00 cents and EPS of 194.10 cents.
Morgan Stanley forecasts a full year FY26 dividend of 167.00 cents and EPS of 198.30 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

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

30/04/2025

4

Underweight

$31.00

-1.08%

Ahead of upcoming banks' half-yearly results, Jarden notes fundamentals have been set aside in favour of flows and passive in recent weeks, with CommBank ((CBA)) emerging as the most loved stock. 

The broker expects net margin compression across all majors except ANZ Bank, due to shifts in deposit mix and lending competition. Buybacks are also seen as less likely as banks' preference would be to lift CET1 target by 25bps to 11.25-11.75%.

The broker expects Westpac to post net profit of $3.59bn in 1H25, down -1% h/h, mainly due to a -3bps decline in net interest margin. Commentary on top-line growth, updates on UNITE and NIM management will be watched.

Underweight. Target unchanged at $31.

FORECAST
Jarden forecasts a full year FY25 dividend of 168.00 cents and EPS of 200.40 cents.
Jarden forecasts a full year FY26 dividend of 156.00 cents and EPS of 199.00 cents.
Access Extra Coverage Research History >

WBC STOCK CHART

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