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

$40.38

25 Mar
2026

0.660

OPEN

$40.00

1.66%

HIGH

$40.90

4,356,471

LOW

$39.99

TARGET
$35.503 -12.1% 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 201.9 211.5 xxx
DPS (cps) xxx 153.0 161.4 xxx
EPS Growth xxx 0.5% 4.7% xxx
DPS Growth xxx - 7.8% 5.5% xxx
PE Ratio xxx N/A 19.1 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 75.8% 76.3% xxx

Dividend yield today if purchased 3 years ago: 7.22%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.79

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: 06/11 - ex-div 77c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

-0.6

No. Of Recommendations

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

Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

23/03/2026

3

Neutral

$39.00

-3.42%

Citi expects Westpac's multi-year technology transformation program (Unite) update on March 26 to maintain a measured tone despite growing investor interest in AI’s potential impact on scope and costs.

It is considered unlikely AI will materially alter timelines given regulatory requirements and accuracy standards, with 2026 focused on testing before implementation from 2027.

Consensus revisions have exposed limitations in relative return on tangible equity (RoTE) targets as peer expectations rise, highlights the broker, supporting a shift toward absolute targets by management.

Target $39. Neutral.

FORECAST
Citi forecasts a full year FY26 dividend of 160.00 cents and EPS of 203.30 cents.
Citi forecasts a full year FY27 dividend of 160.00 cents and EPS of 207.40 cents.

UBS

xx/xx/xxxx

3

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

19/03/2026

4

Underweight

$32.00

-20.75%

APRA has announced a consultation on enhancements to bank capital and liquidity frameworks which Jarden notes appears to be a marginal tweak to requirements to further buttress the financial system.

The regulator had recently noted that its inaugural system risk stress test uncovered liquidity stress vulnerabilities from the listed superannuation sector.

The proposals for consultation include LCR banks (the majors plus Macquarie Group) buttressing the liquidity coverage ratio by addressing risks not currently covered.

The MLH banks are advised to create a more risk-sensitive framework that incentivises better liquidity management practices.

LCR stands for liquidity coverage ratio and refers to more complex banking operations. MLH refers to minimum liquidity holdings, essentially smaller, less complex bank businesses.

Jarden retains an Underweight rating and $32 target for Westpac.

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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