Financials NATIONAL BANK OF KUWAIT Kuwait S.E.

Equities

NBK

KW0EQ0100010

Banks

End-of-day quote Kuwait S.E. 06:00:00 2020-02-19 pm EST 5-day change 1st Jan Change
1,025 KWF +0.69% Intraday chart for NATIONAL BANK OF KUWAIT +0.39% -0.19%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,912 5,705 7,171 8,141 7,089 7,186 - -
Enterprise Value (EV) 1 6,912 5,705 7,171 8,141 7,089 7,186 7,186 7,186
P/E ratio 17.8 x 26.2 x 21.2 x 16.6 x 13.1 x 12.7 x 12.8 x 13.1 x
Yield 3.27% 2.38% 3.01% 3.25% 3.91% 3.99% 4.16% 4.06%
Capitalization / Revenue 7.72 x 6.77 x 7.91 x 8.06 x 6.08 x 5.85 x 5.53 x 5.38 x
EV / Revenue 7.72 x 6.77 x 7.91 x 8.06 x 6.08 x 5.85 x 5.53 x 5.38 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 2.02 x 1.74 x 2.03 x 2 x 1.64 x 1.73 x 1.61 x 1.51 x
Nbr of stocks (in thousands) 8,244,114 8,254,716 8,326,443 8,326,443 8,326,443 8,326,443 - -
Reference price 2 0.8384 0.6911 0.8612 0.9778 0.8514 0.8630 0.8630 0.8630
Announcement Date 1/20/20 1/26/21 1/26/22 1/29/23 1/31/24 - - -
1KWD in Million2KWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 895.5 842.5 906.3 1,010 1,167 1,229 1,298 1,336
EBITDA - - - - - - - -
EBIT 1 591.2 530.9 547.4 623.6 740.3 774 841.8 847
Operating Margin 66.02% 63.02% 60.4% 61.76% 63.45% 63% 64.84% 63.4%
Earnings before Tax (EBT) 1 461.5 284.5 414.9 578.3 637.2 687.7 711.7 719.3
Net income 1 401.3 246.3 362.2 509.1 560.6 564 597.5 609.7
Net margin 44.81% 29.24% 39.97% 50.42% 48.05% 45.91% 46.02% 45.64%
EPS 2 0.0470 0.0263 0.0406 0.0590 0.0648 0.0677 0.0672 0.0661
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.0274 0.0164 0.0259 0.0318 0.0333 0.0344 0.0359 0.0351
Announcement Date 1/20/20 1/26/21 1/26/22 1/29/23 1/31/24 - - -
1KWD in Million2KWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 225.2 236.5 243.6 273.3 256.3 277.9 288 297.9 303 309 309.8 311.5 312
EBITDA - - - - - - - - - - - - - -
EBIT - 132.7 144.5 147.2 174 157.8 176.4 182.8 194.4 186.7 197.5 - - -
Operating Margin - 58.92% 61.11% 60.44% 63.67% 61.58% 63.48% 63.48% 65.25% 61.62% 63.92% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income 1 160.8 107.4 116.6 121.2 136.4 134.8 134.2 141.1 155.8 129.5 146.6 146.5 147.7 146.2
Net margin - 47.69% 49.29% 49.77% 49.91% 52.62% 48.3% 49.01% 52.28% 42.74% 47.44% 47.27% 47.41% 46.86%
EPS 2 - - - - - - - 0.0162 0.0181 0.0152 0.0170 0.0162 0.0162 0.0162
Dividend per Share 2 - - - - - - - - - - - - - -
Announcement Date 7/18/21 1/26/22 4/19/22 7/20/22 10/18/22 1/29/23 4/17/23 7/17/23 10/17/23 1/31/24 4/23/24 - - -
1KWD in Million2KWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 12.2% 7.31% 10.6% 14.3% 15% 13.8% 13.6% 12.2%
ROA (Net income/ Total Assets) 1.42% 0.84% 1.15% 1.48% 1.53% 1.55% 1.49% 1.35%
Assets 1 28,350 29,495 31,487 34,398 36,642 36,326 40,139 45,185
Book Value Per Share 2 0.4200 0.4000 0.4300 0.4900 0.5200 0.5000 0.5400 0.5700
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/20/20 1/26/21 1/26/22 1/29/23 1/31/24 - - -
1KWD in Million2KWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
0.863 KWD
Average target price
0.9138 KWD
Spread / Average Target
+5.89%
Consensus
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