NAB’s First Quarter a Bit Soft but Fiscal 2017 Profit Forecast Maintained. AUD 31 FVE Unchanged
National Australia Bank’s first-quarter fiscal 2017 unaudited cash profit of AUD 1.6 billion just missed our estimate and was a minor 1% below the average of the previous two quarters. Despite the slight miss, our AUD 31 fair value estimate is unchanged for the wide moat-rated bank. Our medium uncertainty rating is unchanged, and currently the stock is trading at our fair value. No change to our positive view and our fiscal 2017 AUD 6.7 billion cash profit forecast. Our above consensus forecast ...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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