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 162,8 EUR za delnico.

Dodatne analize in napovedi

Key Ratios	2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average
NPL ratio	2,0%	2,0%	2,1%	2,0%	2,0%	2,0%
Net loans to deposits	68,2%	68,3%	69,0%	69,7%	70,1%	70,8%
CET1 ratio	16,5%	16,3%	16,6%	16,8%	16,7%	16,8%
Total capital ratio	19,9%	20,1%	20,1%	20,2%	20,0%	20,0%
Loan growth	7,9%	7,6%	7,0%	6,9%	6,4%	6,7%
Deposit growth	4,5%	4,1%	5,6%	5,2%	5,6%	5,2%
Net interest margin	3,4%	3,3%	3,2%	3,1%	3,0%	3,0%
Cost of risk	0,20%	0,23%	0,35%	0,36%	0,39%	0,39%
Cost to income ratio	46,4%	46,1%	47,1%	47,4%	48,1%	48,5%
ROA	1,9%	1,9%	1,7%	1,7%	1,5%	1,5%
ROE	16,5%	16,4%	14,4%	14,2%	13,1%	13,0%
RWA	16.864	16.692	17.728	17.670	18.734	18.900
Dividends	11,00	11,00	11,50	11,49	12,21	11,79

Income Statement (EURm)	3Q24E		2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	224,0	220,1	885,8	884,2	880,0	876,9	877,0	875,4
Net fee and commission income	79,0	78,1	299,0	300,0	321,0	317,3	341,7	336,6
Other operating income	-1,1	0,0	-2,2	2,5	10,0	3,7	10,0	3,9
Total net operating income	302,5	298,3	1196,5	1186,7	1193,2	1197,9	1233,0	1216,0
Employee costs	-77,0	-76,6	-303,3	-305,1	-318,5	-318,4	-322,6	-327,4
Other general and administrative expenses	-50,6	-51,3	-211,7	-207,2	-229,0	-219,5	-236,7	-227,1
of which Balance sheet tax	-8,1	-7,5	-32,2	-32,3	-33,5	-32,9	-35,4	-33,8
Depreciation and amortisation	-13,0	-12,7	-53,0	-51,3	-54,3	-52,3	-55,2	-53,3
Total costs	-142,7	-141,8	-573,0	-561,5	-587,4	-585,9	-608,0	-603,3
Result before impairments and provisions	160,6	156,4	636,0	628,6	622,0	606,1	617,3	607,2
Net impairments and provisions (sum of below)	-11,4	-12,8	-42,6	-42,0	-64,4	-63,3	-68,4	-71,8
Impairments and provisions for credit risk	-8,4	-11,3	-36,2	-35,7	-54,0	-56,5	-64,3	-65,4
Other impairments and provisions	-2,7	-3,2	-12,9	-12,2	-10,7	-11,1	-10,3	-11,2
Gains less losses from capital investments in subsidiaries, associates and JVs	0,3	0,2	2,0	1,6	2,0	1,9	1,1	1,0
Result before tax	141,8	143,8	586,1	587,3	553,0	556,8	542,4	550,8
Income tax expense	-19,6	-17,9	-70,3	-66,3	-76,0	-69,8	-78,6	-69,5
Non controlling interests	-3,2	-3,6	-13,0	-12,9	-13,0	-13,2	-13,0	-13,4
Net profit attributable to shareholders	121,7	122,3	501,0	504,7	488,0	473,8	467,0	468,1

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Analyst Consensus November 2024

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Analyst Consensus July 2024

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Analyst Consensus May 2024

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Analyst Consensus February 2024

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