Financials Westpac Banking Corporation

Equities

WBC

AU000000WBC1

Banks

Market Closed - Australian Stock Exchange Other stock markets 12:10:09 2023-12-08 am EST			5-day change	1st Jan Change
21.92 ^AUD	+0.05%		+3.06%	-6.12%

Dec. 06	Downer Refinaces NZ$500 Million Loan Facility	MT
Dec. 06	Westpac Banking Corporation Announces Ordinary Fully Franked Dividend for the Six Months Ended September 30, 2023, Payable on December 19, 2023	CI

Valuation

Fiscal Period : September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	103 239	60 722	95 271	72 158	74 103	76 768	-	-
Enterprise Value (EV) ¹	103 239	60 722	95 271	72 158	74 103	76 768	76 768	76 768
P/E ratio	15,1x	26,4x	18,9x	12,9x	10,3x	12,1x	12,3x	11,3x
Yield	5,87%	1,84%	4,54%	6,06%	6,71%	6,45%	6,49%	6,67%
Capitalization / Revenue	5,00x	2,94x	4,53x	3,80x	3,42x	3,61x	3,53x	3,44x
EV / Revenue	5,00x	2,94x	4,53x	3,80x	3,42x	3,61x	3,53x	3,44x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1,56x	0,89x	1,32x	1,14x	1,02x	1,06x	1,04x	1,02x
Nbr of stocks (in thousands)	3 483 095	3 605 822	3 664 269	3 496 051	3 503 681	3 502 180	-	-
Reference price ²	29,6	16,8	26,0	20,6	21,2	21,9	21,9	21,9
Announcement Date	11/3/19	11/1/20	10/31/21	11/6/22	11/5/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20 655	20 626	21 038	19 001	21 645	21 271	21 732	22 334
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	10 624	7 926	7 755	8 210	10 953	10 310	10 587	11 009
Operating Margin	51,4%	38,4%	36,9%	43,2%	50,6%	48,5%	48,7%	49,3%
Earnings before Tax (EBT) ¹	9 749	4 266	8 501	8 469	10 305	9 156	9 050	9 810
Net income ¹	6 784	2 290	5 458	5 694	7 195	6 382	6 273	6 677
Net margin	32,8%	11,1%	25,9%	30,0%	33,2%	30,0%	28,9%	29,9%
EPS ²	1,97	0,64	1,38	1,60	2,05	1,81	1,78	1,93
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1,74	0,31	1,18	1,25	1,42	1,41	1,42	1,46
Announcement Date	11/3/19	11/1/20	10/31/21	11/6/22	11/5/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : September	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	10 552	10 341	10 285	10 799	10 239	5 056	9 959	9 042	11 003	10 642	10 603	10 653	10 715	10 931	10 974
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5 562	4 181	3 745	4 818	2 937	2 359	4 593	3 617	6 015	4 938	5 091	5 083	5 096	-	-
Operating Margin	52,7%	40,4%	36,4%	44,6%	28,7%	46,7%	46,1%	40,0%	54,7%	46,4%	48,0%	47,7%	47,6%	-	-
Earnings before Tax (EBT) ¹	5 194	2 185	2 081	5 061	3 440	2 628	4 718	3 751	5 625	4 680	4 447	4 237	4 035	-	-
Net income ¹	3 611	1 190	1 100	3 443	2 015	1 815	3 280	2 414	4 001	3 194	3 111	2 964	2 823	-	-
Net margin	34,2%	11,5%	10,7%	31,9%	19,7%	35,9%	32,9%	26,7%	36,4%	30,0%	29,3%	27,8%	26,3%	-	-
EPS	1,04	0,33	0,31	0,95	0,53	-	0,91	0,69	1,14	0,91	0,88	0,86	0,84	0,90	-
Dividend per Share	0,80	-	0,31	0,58	0,60	-	0,61	0,64	0,70	0,72	0,73	0,74	0,74	-	-
Announcement Date	11/3/19	5/3/20	11/1/20	5/3/21	10/31/21	2/3/22	5/8/22	11/6/22	5/7/23	11/5/23	-	-	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period : September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10,8%	3,83%	7,70%	8,10%	10,1%	8,92%	9,69%	9,24%
Shareholders' equity ¹	62 815	59 791	70 883	70 296	71 308	71 554	64 702	72 301
ROA (Net income/ Total Assets)	0,77%	0,25%	0,59%	0,58%	0,70%	0,61%	0,59%	0,62%
Assets ¹	884 600	908 730	923 988	975 000	1 027 857	1 042 185	1 059 897	1 072 027
Book Value Per Share ²	19,0	18,9	19,7	18,1	20,7	20,7	21,1	21,5
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	11/3/19	11/1/20	10/31/21	11/6/22	11/5/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Westpac Banking Corporation

Trading Rating :

Investor Rating :

ESG Refinitiv :

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

21.92AUD

Average target price

21.52AUD

Spread / Average Target

-1.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Banks

	1st Jan change	Capi.
WESTPAC BANKING CORPORATION	-6.12%	50 598 M $
JPMORGAN CHASE & CO.	+18.21%	453 B $
BANK OF AMERICA CORPORATION	-6.52%	243 B $
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	-9.70%	219 B $
WELLS FARGO & COMPANY	+11.65%	165 B $
HDFC BANK LIMITED	+1.54%	148 B $
BANK OF CHINA LIMITED	-0.70%	148 B $
HSBC HOLDINGS PLC	+20.07%	147 B $
CHINA CONSTRUCTION BANK CORPORATION	-9.20%	145 B $
ROYAL BANK OF CANADA	-1.62%	129 B $

Other Banks