Live News • May 22
NAB Reshapes Wealth Business With FirstCape Partnership and Updates RBA Rate Outlook Pacific Equity Partners and NAB will jointly control FirstCape after Jarden exits its 18% stake, reshaping ownership of several New Zealand wealth and asset management businesses including JBWere New Zealand, Harbour Asset Management and Consilium.
The new partnership positions NAB alongside a private equity firm in FirstCape’s parent structure, which could influence how these New Zealand wealth operations are managed and grown.
NAB now expects the RBA to lift interest rates in August instead of June, following an unemployment increase to 4.5% in April that was above both its own and wider market forecasts.
This combination of a reshaped wealth partnership and a later expected RBA rate move highlights how NAB is adjusting both its regional wealth footprint and its macro assumptions at the same time.
For investors, the key watchpoints are how the FirstCape structure affects NAB’s broader wealth offering across Australia and New Zealand, and how a later potential rate hike interacts with credit demand, funding costs and customer stress. Declared Dividend • May 06
First half dividend of AU$0.85 announced Dividend of AU$0.85 is the same as last year. Ex-date: 7th May 2026 Payment date: 2nd July 2026 Dividend yield will be 4.2%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (85% payout ratio) and is expected to be covered in 3 years' time (68% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Apr 21
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from AU$2.47 to AU$2.20 per share. Revenue forecast steady at AU$22.1b. Net income forecast to grow 0.6% next year vs 31% growth forecast for Banks industry in Australia. Consensus price target down from AU$41.67 to AU$40.47. Share price fell 7.8% to AU$41.21 over the past week. Recent Insider Transactions • Feb 27
MD, Group CEO & Director recently sold AU$1.9m worth of stock On the 24th of February, Andrew Irvine sold around 40k shares on-market at roughly AU$48.04 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months. Reported Earnings • Feb 19
First quarter 2026 earnings released: EPS: AU$0.66 (vs AU$0.56 in 1Q 2025) First quarter 2026 results: EPS: AU$0.66 (up from AU$0.56 in 1Q 2025). Revenue: AU$5.40b (up 8.7% from 1Q 2025). Net income: AU$2.00b (up 17% from 1Q 2025). Profit margin: 37% (up from 35% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • Feb 19
Price target increased by 7.2% to AU$42.06 Up from AU$39.23, the current price target is an average from 14 analysts. New target price is 13% below last closing price of AU$48.28. Stock is up 38% over the past year. The company is forecast to post earnings per share of AU$2.46 for next year compared to AU$2.22 last year. Recent Insider Transactions Derivative • Dec 24
MD, Group CEO & Director exercised options to buy AU$1.8m worth of stock. On the 22nd of December, Andrew Irvine exercised options to buy 42k shares at a strike price of around AU$42.11, costing a total of AU$1.8m. This transaction amounted to 28% of their direct individual holding at the time of the trade. Since March 2025, Andrew's direct individual holding has increased from 125.32k shares to 192.89k. Company insiders have collectively bought AU$1.8m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Nov 25
MD, Group CEO & Director exercised options to buy AU$1.0m worth of stock. On the 17th of November, Andrew Irvine exercised options to buy 25k shares at a strike price of around AU$43.27, costing a total of AU$1.1m. This transaction amounted to 20% of their direct individual holding at the time of the trade. Since December 2024, Andrew's direct individual holding has decreased from 156.32k shares to 150.41k. Company insiders have collectively sold AU$10k more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Nov 09
Final dividend of AU$0.85 announced Dividend of AU$0.85 is the same as last year. Ex-date: 11th November 2025 Payment date: 12th December 2025 Dividend yield will be 3.9%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (77% payout ratio) and is expected to be covered in 3 years' time (71% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: AU$2.22 (down from AU$2.28 in FY 2024). Revenue: AU$20.0b (flat on FY 2024). Net income: AU$6.79b (down 3.9% from FY 2024). Profit margin: 34% (down from 36% in FY 2024). Net interest margin (NIM): 1.74% (up from 1.71% in FY 2024). Non-performing loans: 1.51% (up from 1.34% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Nov 07
National Australia Bank Limited, Annual General Meeting, Dec 10, 2026 National Australia Bank Limited, Annual General Meeting, Dec 10, 2026. Announcement • Nov 06
National Australia Bank Limited Declares Final Dividend for the Six Months Ended 30 September 2025, Payable on 12 December 2025 National Australia Bank Limited declared final dividend of 85 cents per ordinary share, franked to 100% at the company tax rate of 30% for the six months ended 30 September 2025, payable on 12 December 2025. Ex-dividend Date for Final Dividend is 11 November 2025, Record Date is 12 November 2025. Announcement • Oct 21
NAB Group Announces Executive Changes NAB Group Chief Executive Officer Andrew Irvine announced the following changes to the Bank's Executive Leadership Team and their accountabilities: Shane Conway has been promoted to Group Executive, Transformation, reporting to Mr. Irvine, effective 1 December, 2025. Mr. Conway will continue to be accountable for the ongoing delivery of NAB's Technology Modernisation and Simplification agenda Sharon Cook, Group Executive, Customer & Corporate Services (CCS) and Group General
Counsel, will retire effective 31 December, 2025. Group Chief Operating Officer Les Matheson will be accountable for CCS from 1 December, 2025. This includes Customer Services, Corporate Affairs, Climate and Group Governance A new role Executive, Group General Counsel, will be created from 1 December, 2025, reporting to Mr. Matheson, and will be accountable for legal and regulatory affairs. Jon Benson, currently Chief Legal Officer, Corporate & Customer Divisions Legal, will be appointed to this role. Mr. Conway's appointment is subject to regulatory approvals. Shane Conway has over 25 years' experience in the financial services industry, covering strategy, corporate finance, transformation, product management, operations, payments and specialist sales. In his time at NAB, Shane has held senior leadership roles in deposits, transaction banking, payments and trade finance businesses as well as strategy, planning and remediation and analytics enablement roles. Prior to NAB, Shane worked for PricewaterhouseCoopers where he specialised in providing valuation and strategic advisory services. Shane has a Bachelor of Business, is a qualified Chartered Financial Analyst (CFA) and is a Board Member of Australian Payments Plus. Announcement • Oct 10
National Australia Bank Limited, Annual General Meeting, Dec 12, 2025 National Australia Bank Limited, Annual General Meeting, Dec 12, 2025. Announcement • Aug 30
NAB Group Announces Appointment of Inder Singh as Group Chief Financial Officer NAB Group Chief Executive Officer Andrew Irvine announced the appointment of Inder Singh as Group Chief Financial Officer and Group Executive, Strategy. Mr. Singh has been CFO of QBE Insurance Group since 2018. He spent significant time in investment banking, including at Deutsche Bank and UBS in Australia and overseas, where he advised on bank strategy, mergers and acquisitions and capital structures. Mr. Singh will commence with NAB in March 2026. His responsibilities at NAB will include all Finance functions as well as the Strategy and Group Development teams. Shaun Dooley, who has been acting Group CFO since March 2025, will return to his permanent role as Group Chief Risk Officer in March 2026. Mr. Singh will be based in Sydney. His appointment is subject to regulatory approvals. Reported Earnings • Aug 20
Third quarter 2025 earnings released: EPS: AU$0.59 (vs AU$0.57 in 3Q 2024) Third quarter 2025 results: EPS: AU$0.59 (up from AU$0.57 in 3Q 2024). Revenue: AU$4.90b (down 3.1% from 3Q 2024). Net income: AU$1.80b (up 2.3% from 3Q 2024). Profit margin: 37% (up from 35% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 06
HSBC Reportedly to Offload Local Retail Bank HSBC Holdings plc (LSE:HSBA) is believed to be just days away from releasing documents into the market for a sale of its Australian retail banking arm, according to sources, which suggest that the business could sell for a price in the billions of dollars. Speculation surfaced at the beginning of the year that HSBC was planning a sale out of Australia, and a move would be consistent with recent strategic moves elsewhere around the global. Sources have suggested that the business had about $40 billion of loans and about $30 billion of deposits, and the talk in the market is that at least three of the top four local banks will take a look at the business - National Australia Bank Limited (ASX:NAB), Westpac Banking Corporation (ASX:WBC) and ANZ Group Holdings Limited (ASX:ANZ). Much of its value would depend on the quality of its funding, but market experts believe a sale would be in the billions of dollars. Some say Westpac could be the most likely to bid for the business, while Australian listed financial services operator AMP, which is tipped to be weighing up future options for its bank, may also make an offer. Announcement • Jun 26
National Australia Bank Limited Appoints Pete Steel as Group Executive for Digital, Data and Artificial Intelligence, Effective January 5, 2026 National Australia Bank Limited announced the appointment of Pete Steel as Group Executive, Digital, Data & Artificial Intelligence. In this new role reporting to NAB Group Chief Executive Officer, Andrew Irvine, Mr. Steel will lead the bank's digital, data and AI teams and initiatives to deliver better experiences for customers. He will also be accountable for design, customer onboarding and NAB's digital bank ubank. Mr. Steel is Managing Director, Customer Engagement, at Lloyds Banking Group in the UK, leading a division of approximately 16,000 people responsible for consumer sales and service, digital, artificial intelligence, personalisation, branches, call centres and advisers. Prior to joining Lloyds, he founded fintech startup Expertli and served as a Senior Adviser on digital transformation at Boston Consulting Group. Previously, he spent 16 years at CBA in executive roles including Group Chief Digital Officer. Mr. Steel will start at NAB on January 5, 2026, subject to regulatory approvals and on completing his employment at Lloyds. Following these changes, Group Chief Operating Officer Les Matheson will continue to have responsibility for several of NAB's key strategic priorities including Business-led Technology Modernisation, Payments, Customer Experience, Group Marketing and Enterprise Simplification. Announcement • May 10
National Australia Bank Limited Appoints Claire Hannon as A Company Secretary, Effective May 9, 2025 National Australia Bank Limited has appointed Ms. Claire Hannon as a Company Secretary, effective May 9, 2025. Tricia Conte and Paris Nicolaou will continue to serve as Company Secretaries of National Australia Bank Limited. Declared Dividend • May 09
First half dividend of AU$0.85 announced Shareholders will receive a dividend of AU$0.85. Ex-date: 12th May 2025 Payment date: 2nd July 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (75% payout ratio) and is expected to be covered in 3 years' time (73% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 7.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First half 2025 earnings: EPS misses analyst expectations First half 2025 results: EPS: AU$1.12 (down from AU$1.14 in 1H 2024). Revenue: AU$9.93b (up 1.4% from 1H 2024). Net income: AU$3.43b (down 3.2% from 1H 2024). Profit margin: 35% (down from 36% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to AU$32.19. The fair value is estimated to be AU$41.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 4.7%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 1.8% per annum over the same time period. Recent Insider Transactions • Mar 05
MD, Group CEO & Director recently sold AU$1.1m worth of stock On the 26th of February, Andrew Irvine sold around 31k shares on-market at roughly AU$35.35 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months. Announcement • Feb 05
National Australia Bank Reportedly Considers A Return to Scottish Pacific DataRoom understands that one of Australia's top four lenders, National Australia Bank Limited (ASX:NAB), has been carrying out an -assessment of the business, weighing up whether to make an acquisition. The understanding is that NAB has decided against the move for now, but what it does suggest is that the bank has- -mergers and acquisitions on the agenda. NAB has also been connected to HSBC and a potential purchase of its retail banking operations in Australia, with suggestions that the UK-based group is staging a retreat from this market, after it purchased Citi's Australia retail bank in 2022. Goldman Sachs was hired by Affinity Equity Partners Limited last year to sell its non-bank lending business, Scottish Pacific Group Limited. And while a sale process is yet to get officially under way, it's already believed to have presented the opportunity to some buyers. A few have kicked the tyres, say sources, while one group took a serious look before passing on the deal, thought to be the NAB. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Warwick Ean Hunt was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 12
Nippon Life Insurance Company agreed to acquire remaining 20% stake in MLC Limited from National Australia Bank Limited (ASX:NAB) for AUD 500 million Nippon Life Insurance Company agreed to acquire remaining 20% stake in MLC Limited from National Australia Bank Limited (ASX:NAB) for AUD 500 million on December 11, 2024. A cash consideration of AUD 500 million will be paid by Nippon Life Insurance Company. As part of consideration, AUD 500 million is paid towards common equity of MLC Limited. Upon completion, Nippon Life Insurance Company will own 100% stake in MLC Limited.
The transaction is subject to approval by regulatory board / committee and completion of Resolution Life Group transaction. The expected completion of the transaction is in second half of 2025. Announcement • Dec 03
National Australia Bank Announces Executive Changes National Australia Bank appointed Sally Auld as chief economist. She is to take over from Alan Oster, who is retiring from the company. Oster joined the bank in 1992. Auld, who is to start to transition into the role on February 14, 2025, is the current chief investment officer at JBWere. Declared Dividend • Nov 09
Final dividend increased to AU$0.85 Dividend of AU$0.85 is 1.2% higher than last year. Ex-date: 12th November 2024 Payment date: 16th December 2024 Dividend yield will be 4.3%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (74% payout ratio) and is expected to be covered in 3 years' time (74% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: AU$19.5b (down 1.6% from FY 2023). Net income: AU$7.06b (down 5.4% from FY 2023). Profit margin: 36% (down from 38% in FY 2023). Revenue exceeded analyst estimates by 1.7%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in Australia. Announcement • Oct 25
National Australia Bank Limited Announces Board Changes The Chair of National Australia Bank Limited, Philip Chronican, announced the appointment of Warwick Hunt as an independent non-executive director, effective 2 December 2024. Mr. Hunt, who is the Chair of NAB subsidiary Bank of New Zealand (BNZ), will stand as a Boardendorsed candidate at the NAB Annual General Meeting (AGM) in Melbourne on Wednesday 18 December 2024. Mr. Hunt will replace former BNZ Chair, Doug McKay, who is standing down as a Director at the AGM, along with Anne Loveridge. Mr. McKay retired from the BNZ Board earlier in the year and Ms Loveridge has completed three terms of three years on the Board. Mr. Hunt served as Managing Partner of PwC United Kingdom and Europe, Middle East and Africa until 2022. Prior to that, he led PwC New Zealand and PwC Middle East. He was appointed to the BNZ Board in November 2022 and became Chair on 1 June 2024. He is a director of Genesis Energy Limited in New Zealand (listed on NZX and ASX) and a Member of the New Zealand Order of Merit. Reported Earnings • May 04
First half 2024 earnings released: EPS: AU$1.14 (vs AU$1.27 in 1H 2023) First half 2024 results: EPS: AU$1.14 (down from AU$1.27 in 1H 2023). Revenue: AU$9.79b (down 3.6% from 1H 2023). Net income: AU$3.54b (down 11% from 1H 2023). Profit margin: 36% (down from 39% in 1H 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Declared Dividend • May 04
First half dividend of AU$0.84 announced Shareholders will receive a dividend of AU$0.84. Ex-date: 7th May 2024 Payment date: 3rd July 2024 Dividend yield will be 4.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (75% payout ratio) and is expected to be covered in 3 years' time (72% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 9.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 06
National Australia Bank Limited announced that it expects to receive AUD 300 million in funding National Australia Bank Limited announced a private placement to issue Convertible Subordinated Callable Floating Rate Medium Term Notes Due December 2043 for the gross proceeds of AUD 300 million on December 5, 2023. The convertible subordinated notes are convertible into fully paid ordinary shares. Buying Opportunity • Nov 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be AU$35.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 1.0% per annum over the same time period. Announcement • Nov 11
National Australia Bank Limited Announces Final Dividend for 2023, Payable on 15 December 2023 National Australia Bank Limited announced 2023 Final Dividend of 84 cents per ordinary share, franked to 100% at the company tax rate of 30%, payable on 15 December 2023. 14 November 2023 is Ex-dividend Date for Final Dividend. 15 November 2023 is Record Date for Final Dividend. Reported Earnings • Nov 09
Full year 2023 earnings released Full year 2023 results: Revenue: AU$19.9b (up 7.6% from FY 2022). Net income: AU$7.47b (up 5.7% from FY 2022). Profit margin: 38% (in line with FY 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Banks industry in Australia. Buying Opportunity • Nov 09
Now 20% undervalued Over the last 90 days, the stock is up 1.3%. The fair value is estimated to be AU$36.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 1.3% per annum over the same time period. Buying Opportunity • Oct 19
Now 20% undervalued Over the last 90 days, the stock is up 4.4%. The fair value is estimated to be AU$36.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 1.0% per annum over the same time period. Announcement • Sep 27
National Australia Bank Limited Announces Appointment of Alison Mary Kitchen as Director National Australia Bank Limited announced the appointment of Alison Mary Kitchen as Director, Date of appointment is September 27, 2023. Announcement • Sep 19
National Australia Bank Limited Announces Distribution for the Quarter Ending December 17, 2023, Payment Date Is December 18, 2023 National Australia Bank Limited announced distribution for the quarter ending December 17, 2023 of AUD 1.26870000 per share on NABPI - CAP NOTE 3-BBSW+3.15% PERP NON-CUM RED T-12-29. Record date is December 06, 2023. Ex-date is December 5, 2023. Payment date is December 18, 2023. Announcement • Aug 15
National Australia Bank Limited (ASX:NAB) announces an Equity Buyback for AUD 1,500 million worth of its shares. National Australia Bank Limited (ASX:NAB) announces a share repurchase program. Under the program, the company will repurchase up to AUD 1,500 million worth of its shares. The purpose of the program is to reduce share count and increase sustainable ROE benefits for our shareholders. The program will expire on August 14, 2024. As of August 15, 2023, the company had 3,139,510,633 shares in issue. Announcement • Aug 03
National Australia Bank Announces the Appointment of Sarah White as Group Executive People & Culture National Australia Bank announced the appointment of Sarah White as Group Executive People & Culture. Ms White joins the NAB Executive Leadership Team after more than five years as Chief of Staff to the NAB Group CEO. Prior to that Ms White was Executive General Manager, Talent and Leadership. She has held a number of other key executive roles in the People & Culture division during her more than 30 years with NAB. Announcement • Jul 30
National Australia Bank Limited Announces Resignation of Ricardo Vasquez an Assistant Company Secretary Mr. Ricardo Vasquez will resign as an Assistant Company Secretary of National Australia Bank Limited effective, 28 July 2023. Penny MacRae and Tricia Conte continue to be Assistant Company Secretaries of NAB. Louise Thomson continues to be the Group Company Secretary of NAB and the person responsible for communication with ASX in relation to listing rule matters. Announcement • Jul 04
National Australia Bank Announces Group Executive People and Culture Susan Ferrier Will Retire on 31 October 2023 National Australia Bank announced that Group Executive People and Culture Susan Ferrier will retire from NAB on 31 October 2023. Ms. Ferrier joined NAB in 2019 from KPMG, most recently as Global Head of People, and has aninternational human resources career spanning more than 30 years across financial and professional services. Ms. Ferrier intends to transition after her retirement into non-executive director roles. She is a director with Sydney Symphony Orchestra, Committee for Sydney and the Financial Executives Institute of Australia. A successor for Ms. Ferrier will be selected in due course. Buying Opportunity • Jun 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be AU$32.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 0.5% per annum over the same time period. Buying Opportunity • Jun 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be AU$32.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 0.5% per annum over the same time period. Announcement • May 19
National Australia Bank Limited Announces Board Changes National Australia Bank Limited announced the appointments of Carolyn Kay and Christine Fellowes as independent non-executive directors. Ms. Kay brings more than 30 years of experience in financial services and governance as an executive and non-executive director, while Ms. Fellowes is a global media executive with experience in transformation, disruptive technology and complex operating environments. Carolyn has been a director of enterprises across a broad range of sectors, which currently includes Scentre Group Ltd, Foreign Investment Review Board and Myer Family Investments, and she recently stepped down as a Guardian of The Future Fund. This follows an extensive executive career in financial services internationally and in Australia. She is highly regarded across the various corporate, government and for-purpose roles she has held and will add to the core banking industry knowledge on the NAB Board, as well as an international perspective. Christine brings experience in digital disruption, transformation and technology, primarily from the media industry. Until recently, she was a Managing Director at NBCUniversal Media with responsibility for global networks as well as direct-to-consumer media and entertainment products and services for Asia Pacific. Her roles have required expertise in understanding different markets, cultures, demographics and consumer trends. The appointments are subject to regulatory approval. Ms. Fellowes’ appointment is expected to be effective 5 June and Ms. Kay’s appointment is expected to be effective 31 July. These appointments will take the NAB Board to 11 directors, including the Managing Director. Two current non-executive directors, David Armstrong and Peeyush Gupta, will stand down following the Company’s 2023 AGM in December, having served three three-year terms on the Board. Announcement • May 06
National Australia Bank Limited Announces Dividend for the Six Months Ended March 31, 2023, Payable on July 5, 2023 National Australia Bank Limited announced dividend of AUD 0.83000000 for the six months ended March 31, 2023. The dividend is payable on July 5, 2023 with Ex Date of May 10, 2023 and Record Date of May 11, 2023. Reported Earnings • May 04
First half 2023 earnings released: EPS: AU$1.27 (vs AU$1.10 in 1H 2022) First half 2023 results: EPS: AU$1.27 (up from AU$1.10 in 1H 2022). Revenue: AU$10.2b (up 12% from 1H 2022). Net income: AU$3.98b (up 12% from 1H 2022). Profit margin: 39% (in line with 1H 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Buying Opportunity • May 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be AU$34.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. Buying Opportunity • Mar 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be AU$34.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is also forecast to grow by 2.8% per annum over the same time period. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non Executive Director Simon McKeon was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 30
Now 20% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be AU$39.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings is also forecast to grow by 2.9% per annum over the same time period. Recent Insider Transactions Derivative • Nov 20
Group CEO exercised options to buy AU$420k worth of stock. On the 15th of November, Ross McEwan exercised options to buy 14k shares at a strike price of around AU$32.12, costing a total of AU$440k. This transaction amounted to 25% of their direct individual holding at the time of the trade. Since March 2022, Ross' direct individual holding has increased from 53.90k shares to 67.60k. This was the only transaction from an insider over the last 12 months. Buying Opportunity • Nov 11
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$39.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 2.9% per annum over the same time period. Reported Earnings • Nov 10
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: AU$2.19 (up from AU$1.96 in FY 2021). Revenue: AU$18.4b (up 8.9% from FY 2021). Net income: AU$7.06b (up 9.4% from FY 2021). Profit margin: 38% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Banks industry in Australia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 
