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)	Q1E		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	235.4	237.2	926.5	931.7	961.2	943.6	968.9	969.5
Net fee and commission income	79.6	79.0	329.0	330.5	349.7	348.3	364.8	365.2
Other operating income	-5.0	-3.5	28.0	28.0	2.6	-0.4	2.9	0.2
Total net operating income	312.0	312.9	1,264.1	1,295.5	1,303.0	1,290.0	1,361.9	1,335.0
Employee costs	-78.7	-79.8	-331.5	-332.8	-344.0	-342.0	-361.9	-356.4
Other general and administrative expenses	-49.4	-51.4	-201.8	-199.6	-201.0	-190.0	-217.7	-215.1
Depreciation and amortisation	-15.0	-14.8	-58.3	-57.2	-59.3	-58.4	-60.3	-60.4
Balance sheet tax	-8.1	-8.2	-34.1	-33.3	-35.6	-35.1	-37.0	-36.6
Total costs	-151.1	-152.2	-631.0	-624.0	-641.8	-647.4	-667.4	-670.6
Result before impairments and provisions	165.7	176.7	641.1	635.6	647.6	643.1	660.1	657.1
Net impairments and provisions (sum of below)	-12.6	-11.4	-65.3	-60.3	-73.9	-70.2	-82.4	-75.1
Impairments and provisions for credit risk	-10.3	-9.6	-53.9	-48.1	-65.9	-58.9	-78.9	-65.8
Other impairments and provisions	-1.2	-1.5	-13.2	-13.2	-13.3	-13.5	-13.7	-13.6
Gains less losses from capital investments in subsidiaries, associates and JVs	0.8	0.7	2.0	1.1	2.0	2.1	2.0	2.0
Result before tax	150.4	159.9	577.6	576.4	577.8	574.1	587.5	588.4
Income tax expense	-20.4	-19.9	-78.7	-75.9	-79.5	-77.9	-82.3	-81.7
Non controlling interests	-3.4	-3.5	-15.0	-14.2	-13.0	-13.8	-13.0	-13.9
Net profit attributable to shareholders	124.7	142.5	483.7	485.6	483.9	480.7	492.2	491.1

Key Ratios	2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average
NPL ratio	1.9%	1.9%	1.8%	1.8%	1.7%	1.8%
Net loans to deposits	75.8%	74.9%	76.6%	76.0%	78.8%	77.1%
CET1 ratio	15.5%	15.7%	15.6%	15.7%	15.6%	15.7%
Total capital ratio	15.9%	16.0%	15.9%	16.1%	15.9%	16.1%
Loan growth	7.5%	7.1%	6.6%	6.5%	6.6%	6.8%
Deposit growth	5.0%	5.2%	5.0%	5.0%	5.2%	5.4%
Net interest margin	3.3%	3.3%	3.2%	3.2%	3.1%	3.1%
Cost of risk	0.35%	0.32%	0.40%	0.38%	0.40%	0.39%
Cost to income ratio	45.9%	45.4%	45.2%	45.5%	44.2%	45.4%
ROA	1.7%	1.7%	1.6%	1.6%	1.5%	1.5%
ROE	14.6%	14.6%	13.6%	13.6%	12.9%	13.0%
RWA	18,667	18,517	19,711	19,755	20,836	21,095
Dividends	12.93	13.08	13.43	13.55	13.82	14.04

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Analyst Consensus 2025

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Analyst Consensus February 2025

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Analyst Consensus November 2024

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Analyst Consensus July 2024

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