No Surprises in NAB’s 1Q18 Trading Update. AUD 32 FVE Unchanged
Wide-moat-rated National Australia Bank’s unaudited cash profit of AUD 1.65 billion for first-quarter fiscal 2018 was in line with our expectations, 1% lower than the average of the two previous quarters, and 3% higher than a year ago. No changes to our AUD 32 fair value estimate and our fiscal 2018 cash profit forecast of AUD 6.7 billion or total fully franked dividends of AUD 1.98 per share. At current levels, the stock is undervalued trading 10% below our valuation. Our fiscal 2018 forecast d...
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