Stock NED NEDBANK GROUP LIMITED
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Financials Nedbank Group Limited

Equities

NED

ZAE000004875

Banks

End-of-day quote Johannesburg S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
222.6 ZAR +2.76% Intraday chart for Nedbank Group Limited +3.52% +2.96%
Apr. 19 South African insurer Old Mutual gets green light to establish bank RE
Apr. 02 Nedbank Group and Nedbank Announces Changes to the Boards and Board Committees CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 103,120 62,950 84,950 103,594 100,512 103,431 - -
Enterprise Value (EV) 1 103,120 62,950 84,950 103,594 100,512 103,431 103,431 103,431
P/E ratio 8.7 x 18.3 x 7.71 x 7.46 x 6.91 x 6.37 x 5.81 x 5.38 x
Yield 6.6% 5.37% 6.8% 7.76% - 9.16% 10% 10.7%
Capitalization / Revenue 1.84 x 1.16 x 1.48 x 1.63 x 1.42 x 1.41 x 1.34 x 1.27 x
EV / Revenue 1.84 x 1.16 x 1.48 x 1.63 x 1.42 x 1.41 x 1.34 x 1.27 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.18 x 0.7 x 0.85 x 0.99 x - 0.9 x 0.84 x 0.79 x
Nbr of stocks (in thousands) 481,195 486,175 485,372 487,317 464,837 464,566 - -
Reference price 2 214.3 129.5 175.0 212.6 216.2 222.6 222.6 222.6
Announcement Date 3/3/20 3/17/21 3/9/22 3/6/23 3/5/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 56,164 54,221 57,527 63,578 70,628 73,156 77,078 81,509
EBITDA - - - - - - - -
EBIT 1 22,889 21,301 22,815 26,001 31,440 30,200 31,422 33,075
Operating Margin 40.75% 39.29% 39.66% 40.9% 44.51% 41.28% 40.77% 40.58%
Earnings before Tax (EBT) 1 16,606 6,331 16,430 19,744 21,432 23,425 26,182 27,845
Net income 1 12,001 3,467 11,238 14,275 15,305 16,950 18,744 19,923
Net margin 21.37% 6.39% 19.54% 22.45% 21.67% 23.17% 24.32% 24.44%
EPS 2 24.62 7.090 22.71 28.51 31.28 34.98 38.35 41.40
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 14.15 6.950 11.91 16.49 - 20.38 22.32 23.79
Announcement Date 3/3/20 3/17/21 3/9/22 3/6/23 3/5/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 28,471 27,189 27,032 27,602 29,925 30,525 33,053 34,473 36,155
EBITDA - - - - - - - - -
EBIT - - 10,095 - - - - - -
Operating Margin - - 37.34% - - - - - -
Earnings before Tax (EBT) - 2,749 3,582 7,727 - - - - -
Net income - 1,301 - 5,239 - - - - -
Net margin - 4.79% - 18.98% - - - - -
EPS - 2.670 - 10.65 - - - - -
Dividend per Share - - 6.950 4.330 - - - - -
Announcement Date 3/3/20 8/26/20 3/17/21 8/11/21 3/9/22 8/10/22 3/6/23 8/8/23 3/5/24
1ZAR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 15% 6.2% 12.5% 14% 15.1% 15.1% 16% 16.2%
ROA (Net income/ Total Assets) 1.13% 0.45% 0.98% 1.14% 1.21% 1.23% 1.28% 1.31%
Assets 1 1,062,035 770,444 1,146,735 1,252,193 1,264,876 1,379,179 1,470,094 1,523,146
Book Value Per Share 2 182.0 184.0 205.0 215.0 - 247.0 264.0 283.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/3/20 3/17/21 3/9/22 3/6/23 3/5/24 - - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nedbank Group Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
222.6 ZAR
Average target price
263.7 ZAR
Spread / Average Target
+18.45%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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