NAB 0.24% $37.81 national australia bank limited

Let's do a comparison of JPM vs NAB.  Buffett has said earnings...

  1. 564 Posts.
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    Let's do a comparison of JPM vs NAB.  Buffett has said earnings is key to valuing banks, not P/B.


    JPM (2017 annual report)NAB (FY18 annual report)
    1EPS$6.35$2.29 ex RC and one-offs
    2Share price$105$24.87
    3PE16.5x10.8x
    4Internationally comparable CET1 Ratio12.2% (note: Jamie Dimon says the banks current position is like the rock of gibraltar)14.6% (NAB's Internationally comparable CET1 Ratio is stronger than JPM)
    5Tangible book value per share$53.56$16-17
    6P/NTA1.96x (this is relevant as Jamie Dimon has said no financial institution should trade at net asset backing when it is people generating income, not PPE.  JPM bought back shares aggressively at 1-2x NTA)1.5x
    7Asset qualityLoans but also 'trading securities' 'trading assets' 'securities'Pretty much just mortgages and business loans
    8Population growth325.7 million people with not much growth25 million people with a lot of upside
    9
    etcetc
    10



    You get the picture.  NAB is cheaper than JPM.  NAB is better capitalised than JPM.  NAB has better asset exposures than JPM. 
    And Warren Buffet paid current prices for JPM.
    Last edited by G650er: 28/02/19
 
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