Konsenz analitikov

Ocena nakupa

Ocena temelji na osnovi desetih analitikov, ki močno priporočajo nakup delnice NLB.

Napoved vrednosti delnice

Srednja ocenjena vrednost gibanja delnice NLBR po ocenah 10 analitikov je postavljena pri 162,5 EUR za delnico.

Dodatne analize in napovedi

Income Statement (EURm)	4Q24E		2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	235.0	234.8	926.0	904.4	925.2	909.7	926.0	927.8
Net fee and commission income	83.8	83.8	314.6	308.4	327.6	324.7	346.9	344.2
Other operating income	0.0	-1.9	-1.4	-0.5	-9.0	-1.7	1.1	2.8
Total net operating income	319.8	316.7	1,243.3	1,212.3	1,252.8	1,232.7	1,273.4	1,274.9
Employee costs	-81.6	-81.3	-306.9	-306,4	-322.8	-319.8	-336.8	-332.0
Other general and administrative expenses	-65.3	-64.5	-218.6	-212.8	-231.5	-222.7	-241.7	-237.0
of which Balance sheet tax	-8.3	-8.3	-32.5	-32.6	-33.0	-33.1	-35.6	-35.6
Depreciation and amortisation	-15.6	-15.2	-57.2	-54.5	-57.5	-54.6	-59.2	-58.8
Total costs	-161.6	-161.0	-585.6	-573.7	-612.3	-597.1	-626.1	-627.8
Result before impairments and provisions	158.3	155.7	654.8	638.6	633.9	635.6	634.8	647.0
Net impairments and provisions (sum of below)	-34.0	-34.0	-30.8	-36.4	-64.6	-61.3	-67.6	-68.0
Impairments and provisions for credit risk	-34.0	-31.4	-24.7	-27.2	-53.9	-51.3	-57.7	-58.7
Other impairments and provisions	-3.6	-3.0	-11.2	-11.1	-10.7	-10.0	-8.6	-9.3
Gains less losses from capital investments in subsidiaries. associates and JVs	0.3	0.0	2.3	2.1	2.0	2.0	2.3	2.2
Result before tax	125.0	121.7	629.2	604.3	577.6	576.2	571.1	581.2
Income tax expense	-19.6	-17.4	-81.4	-74.2	-77.9	-69.5	-82.1	-81.9
Non controlling interests	-3.0	-2.8	-13.3	-13.6	-12.7	-13.1	-12.5	-12.5
Net profit attributable to shareholders	103.4	101.5	526.6	516.5	494.1	493.6	475.8	486.9

Key Ratios	2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average
NPL ratio	1.6%	1.8%	2.0%	1.8%	1.8%	1.8%
Net loans to deposits	73.1%	71.4%	72.8%	71.8%	74.1%	73.0%
CET1 ratio	15.8%	15.7%	16.1%	16.0%	16.4%	16.83%
Total capital ratio	19.4%	18.8%	19.5%	19.9%	19.7%	20.1%
Loan growth	14.2%	12.6%	7.7%	7.7%	7.2%	7.3%
Deposit growth	5.3%	5.4%	5.8%	5.6%	5.9%	5.5%
Net interest margin	3.4%	3.4%	3.2%	3.3%	3.0%	3.1%
Cost of risk	0.17%	0.18%	0.35%	0.32%	0.32%	0.33%
Cost to income ratio	44.9%	45.2%	46.7%	46.4%	47.2%	46.9%
ROA	1.9%	1.9%	1.7%	1.7%	1.6%	1.6%
ROE	17.0%	16.6%	14.6%	14.5%	13.5%	13.5%
RWA	16,864	16,764	17,740	17,916	18,931	19,071
Dividends	11.75	11.99	12.45	12.11	12.50	12.61

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