WESTPAC BANKING CORPORATION (WBC)
Share Price Analysis and Chart

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WBC - WESTPAC BANKING CORPORATION

FNArena Sector : Banks
Year End: September
GICS Industry Group : Banks
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Westpac is an Australian bank and financial services provider. It is Australia's oldest bank, being established in Sydney as the Bank of NSW in 1817. It is the second largest bank by market cap. It listed on the ASX in July 1970.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$21.91

07 Dec
2023

0.120

OPEN

$21.82

0.55%

HIGH

$21.94

5,516,182

LOW

$21.75

TARGET
$22.552 2.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ABA . AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . NAB . RMC . SUN . VUK .
FNARENA'S MARKET CONSENSUS FORECASTS
WBC: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 205.3 183.5 xxx
DPS (cps) xxx 142.0 141.3 xxx
EPS Growth xxx 28.4% - 10.6% xxx
DPS Growth xxx 13.6% - 0.5% xxx
PE Ratio xxx N/A 11.9 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx 69.2% 77.0% xxx

Dividend yield today if purchased 3 years ago: 7.05%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.48

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 09/11 - ex-div 72c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2023 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx205.3
DPS All xxxxxxxxxxxxxxx142.0
Sales/Revenue xxxxxxxxxxxxxxx47,435.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,068.8
Net Operating Cash Flow xxxxxxxxxxxxxxx-3,694.0 M
Net Profit Margin xxxxxxxxxxxxxxx15.16 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx10.06 %
Return on Invested Capital xxxxxxxxxxxxxxx3.16 %
Return on Assets xxxxxxxxxxxxxxx0.70 %
Return on Equity xxxxxxxxxxxxxxx10.06 %
Return on Total Capital xxxxxxxxxxxxxxx3.61 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-8,436.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx57,114 M
Long Term Debt xxxxxxxxxxxxxxx162,231 M
Total Debt xxxxxxxxxxxxxxx219,345 M
Goodwill - Gross xxxxxxxxxxxxxxx7,419 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx102,522 M
Price To Book Value xxxxxxxxxxxxxxx1.02

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx1,379.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.91 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,028 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx127,176 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.1

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

07/11/2023

3

Neutral

$23.60

7.71%

Following a further review of Westpac's largely in-line FY23 results, Citi raises its target price to $23.60 from $21.80 in anticipation of management's simplification agenda bearing fruit. Neutral is retained given the strategy's execution risk.

Yesterday's summary of the broker's initial take on the results is as follows:

Westpac's FY23 report narrowly missed market consensus (by between -0.5%-1.5%) but slightly beat its own forecasts.

The "surprise" seems to find its origin in Citi making a more downbeat call on operational costs, which has proved to be too bearish, on the analysts' own admission.

Bad debts of $648m were well below the estimated $900m, with asset quality continuing to be benign, the analysts highlight. They predict the post release conference call will focus on the outlook for costs.

FORECAST
Citi forecasts a full year FY24 dividend of 144.00 cents and EPS of 185.10 cents.
Citi forecasts a full year FY25 dividend of 147.00 cents and EPS of 196.10 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >

WBC STOCK CHART

FNArena News on WBC

1
Next Week At A Glance – 11-15 Dec 2023

10:50 AM - Weekly Reports
2
November In Review: Equities Up As Bond Yields Slide

Dec 06 2023 - Australia
3
Rudi’s View: Bear&Bull Market To Continue (?) In 2024

Dec 06 2023 - Rudi's View
4
Australian Banks Post FY23 Results: Same, Same

Nov 30 2023 - Feature Stories
5
Rudi’s View: All-Weather Portfolio In 2023

Nov 29 2023 - Rudi's View

Latest Banks News

1
Australian Banks Post FY23 Results: Same, Same

Nov 30 2023 - Feature Stories
2
Costs Continue To Drag On Westpac

Nov 07 2023 - Australia
3
In Brief: House Prices; Mortgage Stress, Banks

Nov 03 2023 - Weekly Reports
4
Australian Banks: Choppy And Messy

Sep 28 2023 - Technicals
5
Post August Reflections

Sep 05 2023 - Australia
6
Banks: Topping Out?

Jul 25 2023 - Technicals
7
Australian Banks: Future Not Bright

May 17 2023 - Feature Stories
8
Judo Capital Offers Differentation

May 11 2023 - Small Caps
9
Bank Of Queensland Disappoints

Apr 17 2023 - Australia
10
Australian Banks: Clouds On The Horizon

Apr 14 2023 - Feature Stories