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 2024-07-03 pm EDT 		5-day change 1st Jan Change
262 ZAR +1.33% Intraday chart for Nedbank Group Limited +5.46% +21.17%
Jun. 27 Nedbank Group and Nedbank Limited Appoints Mavis Ann Hermanus as Independent Non-Executive Director and Member of the Nedbank Group Sustainability and Climate Resilience Committee, Effective 15 July 2024 CI
Jun. 14 Nedbank Group Limited agreed to acquire Eqstra Investment Holdings Proprietary Limited from enX Group Limited ZAR 1 billion. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 103,120 62,950 84,950 103,594 100,512 121,716 - -
Enterprise Value (EV) 1 103,120 62,950 84,950 103,594 100,512 121,716 121,716 121,716
P/E ratio 8.7 x 18.3 x 7.71 x 7.46 x 6.91 x 7.53 x 6.94 x 6.42 x
Yield 6.6% 5.37% 6.8% 7.76% 8.75% 7.73% 8.42% 9.09%
Capitalization / Revenue 1.84 x 1.16 x 1.48 x 1.63 x 1.42 x 1.67 x 1.58 x 1.49 x
EV / Revenue 1.84 x 1.16 x 1.48 x 1.63 x 1.42 x 1.67 x 1.58 x 1.49 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.18 x 0.7 x 0.85 x 0.99 x - 1.06 x 0.99 x 0.92 x
Nbr of stocks (in thousands) 481,195 486,175 485,372 487,317 464,837 464,566 - -
Reference price 2 214.3 129.5 175.0 212.6 216.2 262.0 262.0 262.0
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 72,819 76,807 81,605
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% 41.47% 40.91% 40.53%
Earnings before Tax (EBT) 1 16,606 6,331 16,430 19,744 21,432 23,230 26,096 28,412
Net income 1 12,001 3,467 11,238 14,275 15,305 16,795 18,565 20,084
Net margin 21.37% 6.39% 19.54% 22.45% 21.67% 23.06% 24.17% 24.61%
EPS 2 24.62 7.090 22.71 28.51 31.28 34.80 37.77 40.84
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 14.15 6.950 11.91 16.49 18.93 20.26 22.06 23.81
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% 15.9% 16.2%
ROA (Net income/ Total Assets) 1.13% 0.45% 0.98% 1.14% 1.21% 1.2% 1.3% 1.3%
Assets 1 1,062,035 770,444 1,146,735 1,252,193 1,264,876 1,399,574 1,428,115 1,544,959
Book Value Per Share 2 182.0 184.0 205.0 215.0 - 247.0 264.0 284.0
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
8
Last Close Price
262 ZAR
Average target price
272 ZAR
Spread / Average Target
+3.83%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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