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 209.6 EUR za delnico.

Dodatne analize in napovedi

Income Statement (EURm)	Q4		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	241.0	241.0	944.0	945.9	1,007.7	990.3	1,031.5	1,036.5
Net fee and commission income	86.0	86.7	337.6	335.2	362.9	360.1	388.9	384.7
Other operating income	3.2	1.8	14.1	17.7	7.0	14.8	9.0	18.0
Net Non-interest income	89.0	88.5	351.7	352.9	369.1	374.9	402.5	402.7
Total net operating income	331.4	329.5	1,291.2	1,298.8	1,378.7	1,365.2	1,427.2	1,439.3
Employee costs	-100.4	-100.5	-355.9	-352.2	-375.6	-370.5	-384.9	-384.1
Other general and administrative expenses	-61.1	-61.8	-211.2	-213.6	-213.8	-220.3	-221.0	-227.8
Depreciation and amortisation	-17.2	-17.2	-65.9	-65.1	-67.8	-66.8	-68.1	-67.5
Total costs	-181.0	-179.4	-623.5	-630.9	-657.5	-657.6	-683.4	-679.4
Balance sheet tax	-8.5	-8.5	-33.0	-33.8	-35.0	-35.9	-36.5	-38.1
Result before impairments and provisions	144.9	141.6	635.0	634.1	686.6	671.7	707.4	721.8
Net impairments and provisions (sum of below)	-39.3	-37.9	-54.3	-54.4	-76.0	-76.8	-82.4	-85.7
Impairments and provisions for credit risk	-33.6	-33.7	-46.7	-43.4	-62.9	-64.7	-70.0	-73.2
Other impairments and provisions	-6.3	-7.8	-9.0	-9.9	-12.6	-12.2	-12.8	-12.5
Gains less losses from capital investments in subsidiaries, associates and JVs	0.6	0.8	2.0	2.1	2.0	2.0	2.5	2.5
Result before tax	104.3	104.2	586.8	581.7	596.8	596.9	618.5	638.6
Income tax expense	-14.2	-14.0	-79.0	-75.3	-79.1	-79.2	-90.8	-89.9
Non controlling interests	-3.6	-3.8	-15.3	-15.6	-14.0	-15.1	-14.2	-15.5
Net profit attributable to shareholders	87.5	86.4	493.5	490.8	503.6	502.6	519.4	533.3

Key Ratios	2025		2026		2027
	Median	Average	Median	Average	Median	Average
NPL ratio	1.7%	1.8%	1.7%	1.7%	1.7%	1.7%
Net loans to deposits	77.7%	77.7%	78.8%	78.7%	80.0%	79.8%
CET1 ratio	15.1%	15.3%	15.2%	15.5%	15.5%	15.6%
T1 ratio	15.6%	15.8%	16.2%	16.3%	16.2%	16.4%
Total capital ratio	18.9%	19.1%	19.4%	19.4%	19.1%	19.6%
Loan growth	12.7%	13.0%	7.8%	7.7%	7.5%	7.0%
Deposit growth	8.0%	7.3%	6.5%	6.3%	6.0%	5.6%
Net interest margin	3.26%	3.26%	3.16%	3.18%	3.14%	3.16%
Cost of risk	0.27%	0.24%	0.30%	0.32%	0.35%	0.35%
Cost to income ratio	48.2%	48.6%	47.7%	48.2%	47.2%	47.0%
ROA	1.7%	1.7%	1.6%	1.6%	1.6%	1.6%
ROTE	15.0%	14.8%	13.9%	14.0%	14.1%	14.0%
RWA	19,523	19,546	20,804	20,750	22,410	22,045
Dividends (per share, €)	12.86	12.86	13.53	13.26	14.41	14.24