Financials National Bank of Canada

Equities

NA

CA6330671034

Banks

Market Closed - Toronto S.E. Other stock markets 16:15:20 2025-07-14 EDT			5-day change	1st Jan Change
141.00 ^CAD	+0.11%		-0.01%	+7.60%

07-14	National Bank Previews This Week's Macroeconomic Data in Canada	MT
07-14	Canadian Natural Resources Maintained at Sector Perform by National Bank of Canada	MT

Projected Income Statement: National Bank of Canada

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,216	9,116	9,934	10,658	11,628	13,828	14,491	15,210
Change	-	10.95%	8.97%	7.29%	9.1%	18.92%	4.79%	4.96%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	3,382	4,074	4,704	5,018	5,592	6,505	6,730	6,911
Change	-	20.46%	15.46%	6.68%	11.44%	16.33%	3.45%	2.69%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,536	4,072	4,277	3,972	4,777	5,374	5,851	5,539
Change	-	60.57%	5.03%	-7.13%	20.27%	12.49%	8.88%	-5.32%
Net income ¹	2,041	3,177	3,383	3,335	3,816	4,064	4,423	4,137
Change	-	55.66%	6.48%	-1.42%	14.42%	6.5%	8.84%	-6.47%
Announcement Date	12/2/20	12/1/21	11/30/22	12/1/23	12/4/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: October	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	2,021	2,073	2,281	2,282	2,254	2,252	2,530	2,491	2,484	2,429	2,712	2,611	2,576	2,759	2,820	2,837	2,982	2,989	3,230	3,650	3,517	3,450	3,534	3,553	3,624	3,618	3,658	3,633
Change	-	2.57%	10.03%	0.04%	-1.23%	-0.09%	12.34%	-1.54%	-0.28%	-2.21%	11.65%	-3.72%	-1.34%	7.1%	2.21%	0.6%	5.11%	0.23%	8.06%	13%	-3.65%	-1.89%	2.42%	0.54%	2.02%	-0.19%	1.12%	-0.67%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	894	741	1,101	1,039	1,038	953	1,253	1,198	1,178	1,083	1,309	1,237	1,184	1,288	1,371	1,365	1,448	1,408	1,610	1,850	1,639	1,575	1,762	1,735	1,805	1,814	-	-
Change	-	-17.11%	48.58%	-5.63%	-0.1%	-8.19%	31.48%	-4.39%	-1.67%	-8.06%	20.87%	-5.5%	-4.28%	8.78%	6.44%	-0.44%	6.08%	-2.76%	14.35%	14.91%	-11.38%	-3.9%	11.84%	-1.53%	4.03%	0.5%	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	894	631	963	1,034	1,038	994	1,255	1,195	1,121	901	1,093	1,152	1,098	872	1,251	1,140	1,306	1,190	1,283	1,163	1,462	1,423	1,447	1,437	1,458	1,455	1,433	1,441
Change	-	-29.42%	52.61%	7.37%	0.39%	-4.24%	26.26%	-4.78%	-6.19%	-19.63%	21.31%	5.4%	-4.69%	-20.58%	43.46%	-8.87%	14.56%	-8.88%	7.82%	-9.35%	25.67%	-2.63%	1.69%	-0.69%	1.46%	-0.21%	-1.51%	0.56%
Net income ¹	560	490	728	768	839	776	932	894	826	738	881	847	839	768	885	-	1,033	955	997	896	1,075	1,058	1,055	1,067	1,071	1,082	1,048	1,070
Change	-	-12.5%	48.57%	5.49%	9.24%	-7.51%	20.1%	-4.08%	-7.61%	-10.65%	19.38%	-3.86%	-0.94%	-8.46%	15.23%	-	-	-7.55%	4.4%	-10.13%	19.96%	-1.58%	-0.26%	1.14%	0.37%	1.03%	-3.14%	2.1%
Announcement Date	8/26/20	12/2/20	2/24/21	5/28/21	8/25/21	12/1/21	2/25/22	5/27/22	8/24/22	11/30/22	3/1/23	5/31/23	8/30/23	12/1/23	2/28/24	5/29/24	8/28/24	12/4/24	2/26/25	5/28/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: National Bank of Canada

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	12/2/20	12/1/21	11/30/22	12/1/23	12/4/24	-	-	-

Estimates

Cash Flow Forecast: National Bank of Canada

Fiscal Period: October	2019	2020	2021	2022	2023	2024
CAPEX ¹	144	182	217	296	352	443
Change	-	26.39%	19.23%	36.41%	18.92%	25.85%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	12/4/19	12/2/20	12/1/21	11/30/22	12/1/23	12/4/24

¹CAD in Million

Estimates

Forecast Financial Ratios: National Bank of Canada

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	41.16%	44.69%	47.35%	47.08%	48.09%	47.04%	46.44%	45.44%
EBT Margin (%)	-	30.87%	44.67%	43.05%	37.27%	41.08%	38.86%	40.38%	36.42%
Net margin (%)	-	24.84%	34.85%	34.05%	31.29%	32.82%	29.39%	30.53%	27.2%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	0.71%	0.92%	0.89%	0.81%	0.84%	0.77%	0.75%	0.76%
ROE	-	14.9%	20.7%	18.8%	16.5%	16.7%	14.94%	13.88%	14.04%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	2.84	2.84	3.58	3.98	4.32	4.698	4.981	5.218
Change	-	-	0%	26.06%	11.17%	8.54%	8.74%	6.03%	4.75%
Book Value Per Share ¹	-	39.97	47.95	55.24	60.68	65.74	78.86	85.31	87.78
Change	-	-	19.96%	15.2%	9.85%	8.34%	19.96%	8.18%	2.89%
EPS ¹	-	5.7	8.96	9.61	9.38	10.68	10.31	11.26	11.83
Change	-	-	57.19%	7.25%	-2.39%	13.86%	-3.48%	9.26%	5.06%
Nbr of stocks (in thousands)	-	335,968	337,773	336,580	338,258	340,537	391,825	391,825	391,825
Announcement Date	-	12/2/20	12/1/21	11/30/22	12/1/23	12/4/24	-	-	-