Banks Stocks, page-62

Looking at dividend history going back 10-12 years, at its worst NAB has paid out a dividend of 73 cents. If dividends were to drop that far, at these prices it is still a yield of approx. 5%. Of course times were different then and Australia slowed down after GFC but avoided a technical recession. At this point in time, Australia is no where close to a tech recession and growth has been slow but steady. However, things could change very quickly over the next 6 to 12 months. Clearly the market is predicting a tough period for banks over the next 12 may be even 24 months. In saying that, IMO NAB is potentially an accumulate for long term income investors.