Financials National Bank of Pakistan

Equities

NBP

PK0078001010

Banks

End-of-day quote Pakistan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
42.29 PKR -1.90% Intraday chart for National Bank of Pakistan -4.08% +31.70%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 89,419 92,121 91,398 73,442 50,188 68,314
Enterprise Value (EV) 1 -15,745 136,315 -217,540 -294,897 1,663,878 1,748,896
P/E ratio 4.49 x 5.56 x 3 x 2.57 x 1.63 x 1.29 x
Yield - - - 2.9% - -
Capitalization / Revenue 1.02 x 0.96 x 0.82 x 0.59 x 0.35 x 0.35 x
EV / Revenue -0.18 x 1.41 x -1.96 x -2.36 x 11.7 x 8.87 x
EV / EBITDA - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Price to Book 0.43 x 0.39 x 0.33 x 0.25 x 0.16 x 0.17 x
Nbr of stocks (in thousands) 2,127,513 2,127,513 2,127,513 2,127,513 2,127,513 2,127,513
Reference price 2 42.03 43.30 42.96 34.52 23.59 32.11
Announcement Date 3/7/19 3/3/20 3/8/21 3/8/22 3/9/23 3/6/24
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 87,730 96,416 111,003 124,720 142,807 197,273
EBITDA - - - - - -
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) 1 29,880 28,978 46,384 53,792 63,597 103,299
Net income 1 19,913 16,583 30,490 28,600 30,835 53,102
Net margin 22.7% 17.2% 27.47% 22.93% 21.59% 26.92%
EPS 2 9.360 7.790 14.33 13.44 14.49 24.96
Free Cash Flow - - - - - -
FCF margin - - - - - -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share - - - 1.000 - -
Announcement Date 3/7/19 3/3/20 3/8/21 3/8/22 3/9/23 3/6/24
1PKR in Million2PKR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2022 Q4 2023 Q1
Net sales 48,586 - - - -
EBITDA - - - - -
EBIT - - - - -
Operating Margin - - - - -
Earnings before Tax (EBT) - - - - -
Net income 15,067 - - - -
Net margin 31.01% - - - -
EPS 1 7.080 7.980 3.550 5.460 5.290
Dividend per Share - - - - -
Announcement Date 9/2/20 8/26/21 10/27/21 3/9/23 4/28/23
1PKR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 44,194 - - 1,613,690 1,680,581
Net Cash position 1 105,165 - 308,938 368,338 - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow - - - - - -
ROE (net income / shareholders' equity) 10.3% 7.39% 11.9% 10.1% 10.2% 15.1%
ROA (Net income/ Total Assets) 0.75% 0.56% 0.99% 0.84% 0.68% 0.89%
Assets 1 2,641,696 2,956,973 3,065,221 3,418,246 4,537,835 5,935,793
Book Value Per Share 2 98.80 112.0 129.0 138.0 145.0 186.0
Cash Flow per Share 2 113.0 127.0 111.0 133.0 103.0 129.0
Capex 1 2,364 2,446 2,101 2,316 2,756 3,180
Capex / Sales 2.69% 2.54% 1.89% 1.86% 1.93% 1.61%
Announcement Date 3/7/19 3/3/20 3/8/21 3/8/22 3/9/23 3/6/24
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
42.29 PKR
Average target price
48 PKR
Spread / Average Target
+13.50%
Consensus
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