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NATIONAL BANK OF CANADA - NACN 6.191 PERP (NA-PR-S.CA) Stock Fundamental Analysis

TSX:NA-PR-S - Toronto Stock Exchange - CA6330673196 - Currency: CAD

25.25  +0.07 (+0.28%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to NA-PR-S. NA-PR-S was compared to 29 industry peers in the Banks industry. While NA-PR-S is still in line with the averages on profitability rating, there are concerns on its financial health. NA-PR-S scores decently on growth, while it is valued quite cheap. This could make an interesting combination. Finally NA-PR-S also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year NA-PR-S was profitable.
NA-PR-S had a positive operating cash flow in the past year.
NA-PR-S had positive earnings in each of the past 5 years.
Of the past 5 years NA-PR-S 4 years had a positive operating cash flow.
NA-PR-S.CA Yearly Net Income VS EBIT VS OCF VS FCFNA-PR-S.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

1.2 Ratios

NA-PR-S's Return On Assets of 0.69% is in line compared to the rest of the industry. NA-PR-S outperforms 55.17% of its industry peers.
NA-PR-S has a Return On Equity (11.30%) which is comparable to the rest of the industry.
Industry RankSector Rank
ROA 0.69%
ROE 11.3%
ROIC N/A
ROA(3y)0.78%
ROA(5y)0.76%
ROE(3y)14.26%
ROE(5y)14.14%
ROIC(3y)N/A
ROIC(5y)N/A
NA-PR-S.CA Yearly ROA, ROE, ROICNA-PR-S.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

NA-PR-S has a better Profit Margin (29.12%) than 93.10% of its industry peers.
In the last couple of years the Profit Margin of NA-PR-S has grown nicely.
NA-PR-S does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 29.12%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-2.07%
PM growth 5Y2.22%
GM growth 3YN/A
GM growth 5YN/A
NA-PR-S.CA Yearly Profit, Operating, Gross MarginsNA-PR-S.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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2

2. Health

2.1 Basic Checks

NA-PR-S does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for NA-PR-S has been increased compared to 1 year ago.
The number of shares outstanding for NA-PR-S has been increased compared to 5 years ago.
NA-PR-S has a better debt/assets ratio than last year.
NA-PR-S.CA Yearly Shares OutstandingNA-PR-S.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
NA-PR-S.CA Yearly Total Debt VS Total AssetsNA-PR-S.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100B 200B 300B 400B

2.2 Solvency

The Debt to FCF ratio of NA-PR-S is 6.13, which is on the high side as it means it would take NA-PR-S, 6.13 years of fcf income to pay off all of its debts.
NA-PR-S's Debt to FCF ratio of 6.13 is fine compared to the rest of the industry. NA-PR-S outperforms 75.86% of its industry peers.
NA-PR-S has a Debt/Equity ratio of 1.78. This is a high value indicating a heavy dependency on external financing.
NA-PR-S's Debt to Equity ratio of 1.78 is amongst the best of the industry. NA-PR-S outperforms 86.21% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.78
Debt/FCF 6.13
Altman-Z N/A
ROIC/WACCN/A
WACC23.25%
NA-PR-S.CA Yearly LT Debt VS Equity VS FCFNA-PR-S.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
NA-PR-S.CA Yearly Current Assets VS Current LiabilitesNA-PR-S.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 12.01% over the past year.
NA-PR-S shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 10.31% yearly.
The Revenue has grown by 20.85% in the past year. This is a very strong growth!
Measured over the past years, NA-PR-S shows a quite strong growth in Revenue. The Revenue has been growing by 8.93% on average per year.
EPS 1Y (TTM)12.01%
EPS 3Y5.02%
EPS 5Y10.31%
EPS Q2Q%8.86%
Revenue 1Y (TTM)20.85%
Revenue growth 3Y8.49%
Revenue growth 5Y8.93%
Sales Q2Q%25.12%

3.2 Future

The Earnings Per Share is expected to grow by 3.17% on average over the next years.
Based on estimates for the next years, NA-PR-S will show a quite strong growth in Revenue. The Revenue will grow by 8.61% on average per year.
EPS Next Y4.43%
EPS Next 2Y7.22%
EPS Next 3Y6.8%
EPS Next 5Y3.17%
Revenue Next Year14.93%
Revenue Next 2Y10.6%
Revenue Next 3Y8.61%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
NA-PR-S.CA Yearly Revenue VS EstimatesNA-PR-S.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5B 10B 15B
NA-PR-S.CA Yearly EPS VS EstimatesNA-PR-S.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2 4 6 8 10

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7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 2.30, the valuation of NA-PR-S can be described as very cheap.
Compared to the rest of the industry, the Price/Earnings ratio of NA-PR-S indicates a rather cheap valuation: NA-PR-S is cheaper than 82.76% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 26.92. NA-PR-S is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 2.11 indicates a rather cheap valuation of NA-PR-S.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NA-PR-S indicates a somewhat cheap valuation: NA-PR-S is cheaper than 75.86% of the companies listed in the same industry.
NA-PR-S is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.46, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 2.3
Fwd PE 2.11
NA-PR-S.CA Price Earnings VS Forward Price EarningsNA-PR-S.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of NA-PR-S indicates a rather cheap valuation: NA-PR-S is cheaper than 82.76% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 1.03
EV/EBITDA N/A
NA-PR-S.CA Per share dataNA-PR-S.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.52
PEG (5Y)0.22
EPS Next 2Y7.22%
EPS Next 3Y6.8%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.81%, NA-PR-S is a good candidate for dividend investing.
NA-PR-S's Dividend Yield is rather good when compared to the industry average which is at 4.84. NA-PR-S pays more dividend than 86.21% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.44, NA-PR-S pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.81%

5.2 History

The dividend of NA-PR-S is nicely growing with an annual growth rate of 10.25%!
NA-PR-S has been paying a dividend for at least 10 years, so it has a reliable track record.
NA-PR-S has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)10.25%
Div Incr Years1
Div Non Decr Years4
NA-PR-S.CA Yearly Dividends per shareNA-PR-S.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

NA-PR-S pays out 47.57% of its income as dividend. This is a bit on the high side, but may be sustainable.
NA-PR-S's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP47.57%
EPS Next 2Y7.22%
EPS Next 3Y6.8%
NA-PR-S.CA Yearly Income VS Free CF VS DividendNA-PR-S.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B
NA-PR-S.CA Dividend Payout.NA-PR-S.CA Dividend Payout, showing the Payout Ratio.NA-PR-S.CA Dividend Payout.PayoutRetained Earnings

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NATIONAL BANK OF CANADA - NACN 6.191 PERP

TSX:NA-PR-S (6/24/2025, 7:00:00 PM)

25.25

+0.07 (+0.28%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-28 2025-05-28/bmo
Earnings (Next)08-27 2025-08-27/bmo
Inst Owners36.35%
Inst Owner ChangeN/A
Ins Owners0.1%
Ins Owner ChangeN/A
Market Cap9.88B
Analysts72.73
Price Target26.44 (4.71%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.81%
Yearly Dividend4.83
Dividend Growth(5Y)10.25%
DP47.57%
Div Incr Years1
Div Non Decr Years4
Ex-Date07-07 2025-07-07 (0.3869375)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)9.4%
Min EPS beat(2)7.33%
Max EPS beat(2)11.47%
EPS beat(4)3
Avg EPS beat(4)5.23%
Min EPS beat(4)-2.42%
Max EPS beat(4)11.47%
EPS beat(8)6
Avg EPS beat(8)2.9%
EPS beat(12)7
Avg EPS beat(12)0.96%
EPS beat(16)10
Avg EPS beat(16)2.54%
Revenue beat(2)2
Avg Revenue beat(2)4.06%
Min Revenue beat(2)3.19%
Max Revenue beat(2)4.93%
Revenue beat(4)3
Avg Revenue beat(4)1.95%
Min Revenue beat(4)-1.39%
Max Revenue beat(4)4.93%
Revenue beat(8)5
Avg Revenue beat(8)0.48%
Revenue beat(12)5
Avg Revenue beat(12)-1.52%
Revenue beat(16)6
Avg Revenue beat(16)-1.53%
PT rev (1m)-3.3%
PT rev (3m)-9.98%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.04%
EPS NY rev (1m)0%
EPS NY rev (3m)0.12%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.22%
Valuation
Industry RankSector Rank
PE 2.3
Fwd PE 2.11
P/S 0.77
P/FCF 1.03
P/OCF 1.01
P/B 0.3
P/tB 0.35
EV/EBITDA N/A
EPS(TTM)10.96
EY43.41%
EPS(NY)11.94
Fwd EY47.3%
FCF(TTM)24.47
FCFY96.89%
OCF(TTM)25.07
OCFY99.28%
SpS32.64
BVpS84.09
TBVpS71.44
PEG (NY)0.52
PEG (5Y)0.22
Profitability
Industry RankSector Rank
ROA 0.69%
ROE 11.3%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 29.12%
GM N/A
FCFM 74.95%
ROA(3y)0.78%
ROA(5y)0.76%
ROE(3y)14.26%
ROE(5y)14.14%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-2.07%
PM growth 5Y2.22%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 1.78
Debt/FCF 6.13
Debt/EBITDA N/A
Cap/Depr 42.83%
Cap/Sales 1.85%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 257.41%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC23.25%
ROIC/WACCN/A
Cap/Depr(3y)71.63%
Cap/Depr(5y)60.13%
Cap/Sales(3y)3.48%
Cap/Sales(5y)3.04%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)12.01%
EPS 3Y5.02%
EPS 5Y10.31%
EPS Q2Q%8.86%
EPS Next Y4.43%
EPS Next 2Y7.22%
EPS Next 3Y6.8%
EPS Next 5Y3.17%
Revenue 1Y (TTM)20.85%
Revenue growth 3Y8.49%
Revenue growth 5Y8.93%
Sales Q2Q%25.12%
Revenue Next Year14.93%
Revenue Next 2Y10.6%
Revenue Next 3Y8.61%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-26.6%
FCF growth 3Y-10.63%
FCF growth 5Y-12.35%
OCF growth 1Y-26.6%
OCF growth 3Y-8.7%
OCF growth 5Y-10.89%