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OFFON

MORGAN STANLEY

(MS)
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Morgan Stanley : rates NAB as Equal-weight

08/12/2021 | 08:31pm EDT

Morgan Stanley reports National Australia Bank improved momentum in retail and business banking in the third quarter. The bank has grown its annualised rate from -1% in FY20 to 2% in the first half of FY21 and now 10% in the third quarter of FY21. 

The broker notes National Australia Bank is in a strong capital position, and expects the bank to undertake around $7bn in buybacks over the next three years. This implies a further $4.5bn in buybacks in FY23 and FY24 following the already announced $2.5bn buyback. 

While the company's dividend is reporting recovery, the broker notes there is modest revenue growth outlook and limited potential for near-term positive surprise on costs. 

The Equal-Weight rating is retained and the target price increases to $27.90 from $27.20. Industry view: In-Line.

Sector: Banks.

Target price is $27.90.Current Price is $27.27. Difference: $0.63 - (brackets indicate current price is over target). If NAB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena

Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY 1.53% 103.47 Delayed Quote.48.71%
NATIONAL AUSTRALIA BANK LIMITED 0.56% 28.9 End-of-day quote.27.88%
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Financials (USD)
Sales 2021 59 610 M - -
Net income 2021 14 227 M - -
Net Debt 2021 112 B - -
P/E ratio 2021 13,0x
Yield 2021 2,06%
Capitalization 183 B 183 B -
EV / Sales 2021 4,96x
EV / Sales 2022 5,03x
Nbr of Employees 72 000
Free-Float 71,1%
Chart MORGAN STANLEY
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Morgan Stanley Technical Analysis Chart | MS | US6174464486 | MarketScreener
Technical analysis trends MORGAN STANLEY
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 101,91 $
Average target price 109,61 $
Spread / Average Target 7,56%
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Managers and Directors
James Patrick Gorman Chairman & Chief Executive Officer
Andrew Michael Saperstein Co-President
Edward N. Pick Co-President
Sharon Yeshaya Chief Financial Officer
Robert P. Rooney Head-Technology, Operations & Firm Resilience
Sector and Competitors