Financials National Australia Bank Limited

Equities

NAB

AU000000NAB4

Banks

Delayed Australian S.E. Other stock markets 08:29:16 2024-05-01 pm EDT			5-day change	1st Jan Change
34.08 ^AUD	+0.86%		+0.62%	+10.91%

May. 01	NAB's Interim Profit Falls 12%, Share Buyback Increases -- Update	DJ
May. 01	NAB's Interim Profit Falls 12%, Share Buyback Increases	DJ

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	85,393	58,300	91,164	90,650	90,729	104,488	-	-
Enterprise Value (EV) ¹	85,393	58,300	91,164	90,650	90,729	104,488	104,488	104,488
P/E ratio	18.1 x	22 x	14.8 x	14 x	12.7 x	15.6 x	15.1 x	14.1 x
Yield	5.59%	3.38%	4.56%	5.24%	5.74%	4.97%	5.01%	5.08%
Capitalization / Revenue	4.96 x	3.39 x	5.42 x	4.95 x	4.39 x	5.11 x	4.98 x	4.82 x
EV / Revenue	4.96 x	3.39 x	5.42 x	4.95 x	4.39 x	5.11 x	4.98 x	4.82 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.54 x	0.99 x	1.57 x	1.57 x	1.48 x	1.69 x	1.65 x	1.6 x
Nbr of stocks (in thousands)	2,875,173	3,284,509	3,275,762	3,146,471	3,121,044	3,092,272	-	-
Reference price ²	29.70	17.75	27.83	28.81	29.07	33.79	33.79	33.79
Announcement Date	11/6/19	11/4/20	11/8/21	11/8/22	11/9/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,221	17,190	16,806	18,296	20,648	20,443	20,985	21,671
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	8,208	8,183	8,989	10,022	11,266	11,048	11,342	11,769
Operating Margin	47.66%	47.6%	53.49%	54.78%	54.56%	54.04%	54.05%	54.3%
Earnings before Tax (EBT) ¹	7,177	5,163	9,068	9,744	10,450	10,173	10,294	10,750
Net income ¹	4,798	2,559	6,364	6,891	7,414	6,982	7,021	7,462
Net margin	27.86%	14.89%	37.87%	37.66%	35.91%	34.15%	33.46%	34.43%
EPS ²	1.644	0.8050	1.882	2.056	2.287	2.163	2.236	2.389
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1.660	0.6000	1.270	1.510	1.670	1.678	1.692	1.718
Announcement Date	11/6/19	11/4/20	11/8/21	11/8/22	11/9/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	8,347	8,573	8,835	8,439	4,274	4,274	8,367	4,536	8,828	9,468	10,568	10,080	10,223	10,248	10,238	10,514	10,660
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	3,509	3,223	4,575	4,576	-	-	4,413	-	4,865	5,157	6,108	5,158	5,540	5,474	5,416	5,670	-
Operating Margin	42.04%	37.59%	51.78%	54.22%	-	-	52.74%	-	55.11%	54.47%	57.8%	51.17%	54.19%	53.42%	52.9%	53.93%	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	2,500	5,001	4,743	-	-	5,163	4,983	-	-	-
Net income ¹	2,104	1,313	1,246	3,208	-	-	3,156	1,800	3,551	3,340	3,967	3,447	3,526	3,450	3,068	-	-
Net margin	25.21%	15.32%	14.1%	38.01%	-	-	37.72%	39.68%	40.22%	35.28%	37.54%	34.2%	34.49%	33.67%	29.97%	-	-
EPS	-	-	-	-	-	-	0.9550	-	1.048	1.008	-	-	-	-	-	-	-
Dividend per Share	0.8300	0.3000	0.3000	0.6000	-	-	0.6700	-	0.6700	0.7800	0.8300	0.8400	0.8480	0.8433	0.8500	-	-
Announcement Date	11/6/19	4/26/20	11/4/20	5/5/21	11/8/22	11/8/21	11/8/21	2/9/22	5/4/22	11/8/22	5/3/23	11/9/23	-	-	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	6.5%	10.6%	11.7%	12.9%	11.5%	11.2%	11.6%
ROA (Net income/ Total Assets)	0.58%	0.43%	0.73%	0.72%	0.73%	0.67%	0.62%	0.65%
Assets ¹	826,814	590,993	869,755	960,820	1,013,811	1,045,221	1,129,250	1,145,353
Book Value Per Share ²	19.30	18.00	17.70	18.30	19.70	20.00	20.50	21.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	11/6/19	11/4/20	11/8/21	11/8/22	11/9/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for National Australia Bank Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

33.79 AUD

Average target price

31 AUD

Spread / Average Target

-8.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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