National Australia Bank (NAB): Last night of the Proms.
Price target rebased to $33.50, Buy rating maintained. Our earnings estimates are largely unchanged as CYBG contributions are already excluded. However, we have rebased NAB’s book value in anticipation of separation (in line with management’s pro-forma adjustment of -$5.6bn to $49.9bn) and updated the number of ordinary shares on issue. As the price target is partially based on a multiple of book value, it is lowered to $33.50 (previously $35.50). The Buy rating is maintained as NAB is nearing the completion of its strategic turnaround. Read our full report (attached).
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