NED Trading Statement Bullish
NEDBANK GROUP LIMITED - Further Trading Statement
Nedbank Group Limited
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What this filing means
Nedbank's further trading statement confirms a non-cash 52-55% basic EPS drop from the Ecobank disposal while upgrading headline earnings growth to 1-3%.
Bull case
- Underlying headline earnings (HEPS) are expected to grow 1% to 3% for FY25, indicating a stronger-than-expected finish to the year.
- The 52%-55% drop in basic EPS is a non-cash accounting recycling of historical losses from the Ecobank (ETI) disposal, with no impact on actual Net Asset Value (NAV).
Bear case
- Statutory basic EPS is collapsing by 52% to 55%, which represents the final crystallization of substantial historical losses from the ETI investment.
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