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

$37.16

03 Sep
2025

-1.410

OPEN

$38.30

-3.66%

HIGH

$38.44

5,352,406

LOW

$37.11

TARGET
$31.80 -14.4% 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 200.9 201.6 xxx
DPS (cps) xxx 166.0 153.8 xxx
EPS Growth xxx - 2.2% 0.4% xxx
DPS Growth xxx 16.9% - 7.3% xxx
PE Ratio xxx N/A 18.8 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 82.6% 76.3% xxx

Dividend yield today if purchased 3 years ago: 7.78%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.38

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

-0.7

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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UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

18/08/2025

5

Sell

$29.75

-19.94%

After a deeper look at Westpac's 3Q25 update, Citi revised earnings forecasts by 3-4% following higher net interest margin and marginally lower bad debt charges.

Target lifted to $29.75 from $28.50. Sell retained.

Below is a summary of the broker's initial reaction: 

Citi notes Westpac reported 3Q25 net profit after tax of $1.9bn, which beat both the broker's and consensus expectations by 12% and 14%, respectively, due to better revenue from Treasury & Markets, with costs in line.

Core NIM at 1.85% came in better than anticipated and above Citi's 1.76% estimate.

The analyst notes the market has taken the result well but cautions against assuming the revenue momentum will be maintained into 4Q25.

FORECAST
Citi forecasts a full year FY25 dividend of 152.00 cents and EPS of 201.10 cents.
Citi forecasts a full year FY26 dividend of 152.00 cents and EPS of 194.10 cents.

Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

18/08/2025

4

Underweight

$30.00

-19.27%

Jarden notes Westpac's 3Q25 net interest margin rose 5bps to 1.85% due mainly to a reduction in liquid assets, replicating portfolio benefit and 1bps from NZ loans.

Cash net profit rose 8% q/q to $1.9bn but the broker expects higher costs and bad debts in 4Q, along with lower other operating income.

The broker notes the appointment of Carolyn McCann as chief executive for consumer bank means the bank has leadership in place to execute the UNITE project, though highlights it carries significant risks.

No change to EPS forecasts. Underweight with unchanged target price of $30.

FORECAST
Jarden forecasts a full year FY25 dividend of 153.00 cents and EPS of 198.00 cents.
Jarden forecasts a full year FY26 dividend of 155.00 cents and EPS of 196.00 cents.
Access Extra Coverage Research History >

WBC STOCK CHART

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