` Comparison: WBC, NAB - Alpha Spread

WBC
vs
NAB

Over the past 12 months, WBC has outperformed NAB, delivering a return of +25% compared to the NAB's +12% growth.

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WBC
NAB
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Stocks Compared:
WBC NAB
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Valuation Comparison

WBC Intrinsic Value
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NAB Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Westpac Banking Corp
NZX:WBC
44.45 NZD
National Australia Bank Ltd
ASX:NAB
42.22 AUD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WBC, NAB

WBC
NAB
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Westpac Banking Corp
Revenue
National Australia Bank Ltd
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
WBC, NAB

WBC
NAB
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Westpac Banking Corp
NZX:WBC
FCF is not applicable for financial companies
National Australia Bank Ltd
ASX:NAB
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

WBC
NAB
LTM 3Y Avg 5Y Avg 10Y Avg
Westpac Banking Corp
Not applicable for financial companies
National Australia Bank Ltd
Not applicable for financial companies

Operating Margin

WBC
NAB
LTM 3Y Avg 5Y Avg 10Y Avg
Westpac Banking Corp
Not applicable for financial companies
National Australia Bank Ltd
Not applicable for financial companies

Net Margin

WBC
31.4%
NAB
27.2%

FCF Margin

WBC
NAB
LTM 3Y Avg 5Y Avg 10Y Avg
Westpac Banking Corp
Not applicable for financial companies
National Australia Bank Ltd
Not applicable for financial companies

ROE

WBC
9.6%
NAB
10.9%

ROA

WBC
0.7%
NAB
0.6%

ROIC

WBC
NAB
LTM 3Y Avg 5Y Avg 10Y Avg
Westpac Banking Corp
Not applicable for financial companies
National Australia Bank Ltd
Not applicable for financial companies

ROCE

WBC
NAB
LTM 3Y Avg 5Y Avg 10Y Avg
Westpac Banking Corp
Not applicable for financial companies
National Australia Bank Ltd
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WBC, NAB

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WBC
NAB
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Performance Gap
WBC, NAB

Performance Gap Between WBC and NAB
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Performance By Year
WBC, NAB

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WBC
NAB
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