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 195 EUR za delnico.

Dodatne analize in napovedi

Income Statement (EURm)	Q3		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	234.3	233.5	939.1	939.8	961.8	971.4	1,011.5	1,031.0
Net fee and commission income	85.5	85.6	336.6	333.3	359.5	357.5	388.8	386.7
Other operating income	1.9	2.3	4.3	9.3	9.6	14.2	8.7	16.9
Net Non-interest income	86.7	88.0	333.7	342.6	372.3	371.7	409.1	403.6
Total net operating income	321.8	321.5	1,274.0	1,282.5	1,329.2	1,343.2	1,404.2	1,434.6
Employee costs	-87.8	-85.9	-352.3	-349.2	-369.0	-366.2	-373.3	-378.3
Other general and administrative expenses	-53.0	-53.1	-211.1	-213.7	-223.6	-223.3	-221.6	-228.8
Depreciation and amortisation	-17.3	-16.6	-66.9	-66.2	-68.7	-67.0	-68.3	-67.4
Total costs	-155.6	-155.6	-629.3	-629.1	-658.2	-656.5	-680.0	-674.5
Balance sheet tax	-8.3	-8.4	-33.0	-33.1	-34.1	-34.6	-35.6	-36.6
Result before impairments and provisions	156.5	157.4	617.2	620.3	646.8	652.1	684.7	723.5
Net impairments and provisions (sum of below)	-17.2	-16.1	-52.2	-50.3	-74.9	-67.9	-81.9	-85.6
Impairments and provisions for credit risk	-13.6	-13.7	-43.4	-39.1	-61.3	-55.9	-73.6	-73.2
Other impairments and provisions	-2.8	-2.6	-10.0	-11.2	-12.2	-12.0	-12.8	-12.4
Gains less losses from capital investments in subsidiaries, associates and JVs	0.8	0.6	2.3	2.4	2.8	2.5	3.0	3.0
Result before tax	142.2	141.8	573.0	572.4	575.3	586.7	605.8	640.8
Income tax expense	-18.7	-17.5	-76.0	-73.2	-79.9	-77.6	-94.7	-90.1
Non controlling interests	-4.0	-3.8	-15.8	-15.2	-14.7	-15.0	-13.4	-15.2
Net profit attributable to shareholders	123.7	120.5	484.3	484.0	494.5	494.1	522.8	535.5

Key Ratios	2025		2026		2027
	Median	Average	Median	Average	Median	Average
NPL ratio	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
Net loans to deposits	77.7%	77.2%	78.8%	78.9%	80.9%	81.9%
CET1 ratio	15.1%	15.0%	15.1%	15.0%	15.1%	15.0%
T1 ratio	15.6%	15.5%	15.6%	15.4%	15.4%	15.3%
Total capital ratio	18.4%	18.6%	18.3%	18.4%	18.1%	18.4%
Loan growth	11.8%	10.6%	7.9%	7.6%	8.0%	8.2%
Deposit growth	5.4%	5.6%	5.0%	5.4%	5.0%	5.4%
Net interest margin	3.3%	3.2%	3.1%	3.1%	3.1%	3.1%
Cost of risk	0.3%	0.3%	0.3%	0.3%	0.4%	0.3%
Cost to income ratio	49.0%	48.8%	48.1%	48.4%	47.7%	47.1%
ROA	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
ROE	14.1%	14.2%	13.8%	13.7%	13.8%	14.0%
RWA	19,508	19,533	20,846	20,942	22,324	22,518
Dividends (per share, €)	12.86	12.86	13.23	13.09	14.03	13.98