NAB is set to report on Thursday and trade ex-dividend next week, yielding ~3.9% over the next 12-months. All things being equal, NAB is ok value trading on 19x, similar to WBC, which reported solidly yesterday, but we see no reason to consider switching from WBC at this stage. Assuming (a scary word before reports) NABs result is broadly in line with expectations can see the bank trading between $42 and $45 into Christmas.
- We like the risk/reward towards NAB around $41.50 before next week’s dividend – looks unlikely.
MM is neutral towards NAB
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