Time to tread carefully

In a recent research note sent to its clients, the broker said it had a "more cautious outlook" on the banks.

As they said:

We've adjusted our loan growth and loan loss forecasts to reflect the initial impact of a weaker economic outlook.

The broker was not ringing the alarm bells, adding that the next reporting season "should demonstrate a continuation of recent trends: good volume growth, stable margins, no surprises on costs, and sound credit quality''.

But they said a shift in operating conditions meant the outlook for loan growth and credit quality would be important.

Their note of caution related in part to the Reserve Bank of Australia (RBA) flagging the potential for a "stagflationary shock", in which the economy experiences flat growth coupled with inflation.

Morgan Stanley said National Australia Bank Ltd (ASX: NAB) was the most vulnerable of the big four.

As they said:

In our view, NAB is the most vulnerable of the major banks to the shift in operating conditions. At the 1H26 result, we expect close scrutiny of outlook commentary, the business lending pipeline, credit quality lead indicators, collective provision coverage … capital buffers, and capital management decisions.

Morgan Stanley has marginally reduced its price target on NAB shares from $39.80 down to $39.30.

Economic factors weighing

Overall, Morgan Stanley is expecting slower loan growth, as it said:

We believe the combination of RBA rate hikes, higher fuel costs, softer consumer sentiment, and a deterioration in business conditions point to a slowdown in loan growth. Our Macro+ team's lead indicators suggest that housing loan growth has peaked and that business loan growth will be weaker. We have downgraded our major bank Australian housing loan growth forecasts by about 1% in FY26 and about 0.5% in FY27.

Among the other banks, Morgan Stanley has reduced its price target on Commonwealth Bank of Australia Ltd (ASX: CBA) shares by just 20 cents to $131.

They are forecasting the third-quarter profit to come in at $2.74 billion, down 1.5% compared with the average of the past two quarters.

Morgan Stanley's price target for ANZ Group Holdings Ltd (ASX: ANZ) shares has been reduced by 80 cents to $37, adding "we think investors are more cautious than consensus about margin trends and mortgage/SME loan growth''.

For Westpac Banking Corp (ASX: WBC), Morgan Stanley kept its price target stable at $34.40.

The post In the midst of economic turmoil, what does Morgan Stanley say the ASX banks are worth? appeared first on The Motley Fool Australia.

Investors initially turned away from financial stocks in fear of an unstable macro environment. Then, more recently, it seems like investors have rotated back into bank stocks as macro fears have started easing again.

How are Australia's major banks faring today?

The banking sector is dominated by Australia's big four banks: Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB), and ANZ Group Holdings Ltd (ASX: ANZ). Together, the big four banks make up around a quarter of the S&P/ASX 200 Index (ASX: XJO) by market capitalisation. 

CBA shares have climbed 3.2% higher over the past month, and are up 12.4% for the year to date. At the time of writing, the bank's shares are changing hands at $181.21.

Westpac shares, however, have fallen 2.32% over the past month but are up 2.4% year to date. At the time of writing, Westpac shares are changing hands for $39.90 a piece.

NAB shares also dropped over the past month by 7.3%, but they're up 2.8% year to date. At the time of writing, the shares are changing hands at $43.64.

ANZ shares are up 1.5% over the past month and up 4.5% over the year to date. At the time of writing, the shares are changing hands at $38.04.

Which banks do analysts rate as a sell?

Analyst sentiment appears to be pretty bearish on most of the major ASX bank stocks.

TradingView data shows that CBA, Westpac, and NAB shares are all rated a sell or a strong sell by brokers, with significant downside risks over the next 12 months.

CBA shares are tipped to crash up to 50.5% to $90 per share, at the time of writing.

Westpac shares are tipped to tumble up to 26.6% to $29.32 per share.

NAB shares are also tipped to drop up to 32% to just $30 per share over the next 12 months.

And there is one major bank which analysts rate as a buy

The data shows that ANZ is the favourite among the bunch. Out of 16 analysts, six have a buy or strong buy rating on ANZ shares, and another six have a hold rating.

The average target price of $26.38 implies a potential 4.5% downside at the time of writing. But some are optimistic that the shares could climb 13% higher from here to $43 each.

Why is ANZ the standout?

ANZ's strong earnings momentum, predictable cash flow, and diversified portfolio mean that it looks like better value versus its peers. It also has a higher dividend yield than the other major banks, suggesting better upside potential.

I expect more investors to rotate into ANZ shares over the next few months.

The post ANZ, NAB, Westpac, and CBA shares: Analysts rate 3 to sell, and 1 to buy appeared first on The Motley Fool Australia.

The market was closed on Monday as Australians celebrated Easter.

The S&P/ASX 200 Index (ASX: XJO) ripped 4.41% to 8,960.6 points over the four trading days.

The remarkable recovery followed news of a two-week ceasefire deal between the US and Iran.

ASX investors hope this will pave the way toward an end to the war in Iran.

Investors continued to buy the dip last week following the steep sell-off over the first three weeks of March.

ASX 200 shares fell 9.1% between 2 March and 23 March before a rebound began, with the index now up 7.1% since then.

James Gerrish from Shaw and Partners says "war fear" in the market is fading but "we're not out of the woods yet".

Businesses across multiple sectors are still assessing the impact of the oil shock, which is likely to reverberate for months to come.

Let's recap the week.

Financial shares led the ASX sectors last week

The ASX 200 financial sector incorporates bank shares, insurers, fund managers, financial services providers, and more.

Let's take a look at how some of these ASX financial stocks performed last week.

The Commonwealth Bank of Australia (ASX: CBA) share price rose 5.98% to close at $183.38 on Friday.

ANZ Group Holdings Ltd (ASX: ANZ) shares lifted 6.31% to $38.84.

Westpac Banking Corp (ASX: WBC) shares ascended 6.87% to $42.77.

The National Australia Bank Ltd (ASX: NAB) share price spiked 9.06% to $45.36.

The Macquarie Group Ltd (ASX: MQG) share price soared 9.3% to finish the week at $225.

Among the ASX 200 investment companies and fund managers, GQG Partners Inc (ASX: GQG) shares fell 0.28% to $1.78.

Magellan Financial Group Ltd (ASX: MFG) shares fell 0.84% to $9.45 amid a shareholder vote on the Barrenjoey merger on Friday.

Magellan announced it had received more than 90% approval from shareholders.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL) shares lifted 3.92% to $42.98.

Among the financial services providers, AMP Ltd (ASX: AMP) shares lifted 6.06% to $1.37.

The Challenger Ltd (ASX: CGF) share price lost 2.6% to close at $8.07 on Friday.

ASX 200 buy now, pay later share Zip Co Ltd (ASX: ZIP) ripped 16.5% to $1.85.

Among the insurers, Insurance Australia Group Ltd (ASX: IAG) shares fell 1.03% to $7.21.

Medibank Private Ltd (ASX: MPL) shares lifted 1.92% to $4.52.

The QBE Insurance Group Ltd (ASX: QBE) share price ascended 4.13% to $22.46.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the four trading days:

Looking for inspiration after the March sell-off?

Check out these 7 ASX 200 shares just upgraded to strong buy consensus ratings after last month's turmoil.

The post ASX 200 shares rip with financials leading a remarkable recovery last week appeared first on The Motley Fool Australia.

It's great news for investors after the bank's share price fluctuated over the past month as the market adjusted to a new market normal. Throughout March ANZ's share price fell 8.5%.

Despite ongoing global uncertainty, cash rate hikes, and a slowdown in lending, the banking giant's shares are now up 2.3% for the year-to-date and 39% above their trading levels this time last year. 

For context, the S&P/ASX 200 Index (ASX: XJO) is practically flat for the year-to-date, and 18.9% higher than 12 months ago.

Despite interest rate headwinds and broad under-certainty across the ASX financial sector, I still think ANZ shares are a great buy.

Here are three reasons why.

1. ANZ has stable earnings and a predictable cash flow

ANZ is generally considered to have stable earnings and predictable cash flow. This is due to its position as one of Australia's big four banks. The bank has a strong deposit base and a diversified portfolio that means it is relatively defensive in nature.

In mid-February, ANZ posted a first-quarter cash profit of $1.94 billion, up a whopping 75% from the second-half average of FY25. Operating income was up 4% and cash return on tangible equity climbed 11.7% over the quarter.

The news beat expectations, delighted investors and instilled some renewed confidence into the stock. ANZ shares closed at an all-time high following the announcement.

2. It pays a regular dividend to shareholders

ANZ traditionally makes dividend payments to shareholders every six months, payable in July and December. It also offers both a dividend reinvestment plan (DRP) and a bonus option plan (BOP) as alternatives to receiving cash dividends on ANZ ordinary shares.

The bank's most recent dividend was paid out to shareholders in December. It paid 83 cents per share franked at 70%. This brought the total annual dividend to $1.66 per share, at a yield of 4.45%. UBS brokers are projecting a similar payout from ANZ in FY27, resulting in a dividend yield of 4.2% (excluding franking credits).

3. It has a better share price outlook versus some of its peers

Brokers are neutral on the outlook for ANZ shares over the next 12 months. Most have a hold rating with an average target price of $38.01, which implies a potential 2% upside at the time of writing. 

Therefore, ANZ has a better share price outlook than its big four bank peers. Brokers hold a strong sell rating on Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corporation Ltd (ASX: WBC) with a 25% and 11% downside respectively.

Brokers have a neutral rating on National Australia Bank Ltd (ASX: NAB) shares but with a smaller 0.08% average upside. 

The post 3 reasons to buy ANZ shares today appeared first on The Motley Fool Australia.

The question is, how do you work out what to invest to get the passive income you want.

It's actually more straightforward than you'd think.

For example, let's assume you want to earn $1,000 in passive income every month by investing in ASX shares.

That totals $12,000 per year in dividend payments.

The easy way to work out the investment you need is to divide your annual passive income by the dividend yield.

The tricky part is that the answer varies widely depending on the dividend yield of the ASX shares you'd be buying. 

How much you'd need depending on the ASX share's dividend yield

Here's a breakdown of how much you can expect to invest depending on the dividend yield of the shares.

The average dividend yield on the Australian share market is traditionally around 4%. These are usually blue chip companies and major heavyweights which are considered low-risk but long-growth. For example, major banks like National Australia Bank Ltd (ASX: NAB) and defensive stocks like Telstra Group Ltd (ASX: TLS).

An investor would need to invest $300,000 into shares with a 4% dividend yield in order to earn a passive income of $1,000 per month (or $12,000 per year).

If the yield is higher, at around 6%, you're looking at a $200,000 investment. These are typically companies with a stronger cash flow, which operate in more cyclical industries, which comes with additional risk. For example, ASX infrastructure shares such as APA Group (ASX: APA) or energy companies like Origin Energy Ltd (ASX: ORG).

Then there's high-yielding companies, which come with even greater risk, and are usually highly cyclical. ASX shares like intellectual property (IP) services company IPH Ltd (ASX: IPH) and media giant Nine Entertainment Co. Holdings Ltd (ASX: NEC) yield around 10%, or even more. You'd only need to invest $120,000 in order to earn $1,000 in passive income.

The catch…

While it can be tempting to buy the shares with the highest yield with the view of lowering the initial investment amount, it's not usually a wise financial decision.

As I mentioned above, the higher the yield, the higher the level of risk. Rather than fast short-term growth, your focus should always be on earning a sustainable passive income over a long period of time.

The post How much would I need to invest in ASX shares to earn $1,000 in passive income every month? appeared first on The Motley Fool Australia.

The bank may benefit from the Reserve Bank of Australia (RBA) increasing the cash rate because NAB can lend out transaction account balances for a higher return (but the cost is minimal and doesn't change, unlike a savings account balance, during rate hikes).

But, there is a danger of higher loan arrears and bad debts due to rate rises, which may be a headwind for NAB's profit. Let's have a look at what could happen with the dividend in the coming years.

FY26

The bank recently reported its FY26 first quarter which included some strong positives.

It said it generated $2.02 billion of cash earnings, representing a 16% increase year-over-year. The bank said that underlying net profit grew by 12% year-over-year.

The bank said it was executing across key priorities including growing business banking, driving deposit growth and strengthening its own-channel (proprietary) home lending.

Australian business lending rose 2%, with market share gains in small and medium enterprises (SMEs) and total business lending.

Its Australian home lending grew by 1.1x the speed of the overall lending system, implying that it grew market share.

NAB also noted that its deposit balances in business and private banking and personal banking, increased 3%, including 6% growth in transaction accounts excluding offsets.

The ASX bank share is also targeting productivity savings of more than $450 million for FY26 and it's also aiming for FY26 operating expense growth to be less than FY25 growth of 4.6%.

In terms of the dividend for owners of NAB shares, the projection on CMC Invest suggests that the ASX bank share could pay an annual payout of $1.705 in FY26. At the time of writing, that's a dividend yield of 4.1%, or 5.8% including franking credits.

FY27

Time will tell what happens with the Middle East, fuel prices, inflation and interest rates, but I wouldn't be surprised if we're still living with the effects of it in the 2027 financial year.

Currently, analysts are projecting an increase in the NAB dividend in the 2027 financial year. In this period of uncertainty. If I were a shareholder, I'd be happy with any sort of dividend growth during economic challenges.

The projection on CMC Invest suggests that NAB could hike its annual dividend per share by 1.5% to $1.73.

FY28

The final year of this series of projections is the 2028 financial year, which could see another year of growth for the dividend.

Currently, the forecast on CMC Invest suggests the annual payout could grow another 1.7% year-over-year to $1.76 per share.

That's certainly not the strongest growth rate around for dividend rises, but it's a lot better than nothing and would ensure a pleasing ongoing dividend yield for investors.

The post Here's the dividend forecast out to 2028 for NAB shares appeared first on The Motley Fool Australia.

March was a difficult month for most stocks following the onset of the Iran war at the end of February.

The resulting conflict in the Middle East saw the Brent crude oil price spike 48% over the month just past, soaring from US$72.50 on 27 February to US$107.50 on 31 March, according to data from Bloomberg.

That's likely to push inflation significantly higher over the coming months, which in turn could pressure global central banks, including the Reserve Bank of Australia, into raising interest rates.

As you're likely aware, the RBA already has hiked the official cash rate twice this year. The second interest rate rise was delivered on 17 March, with the 0.25% lift taking the benchmark rate to 4.10%.

Higher interest rates have the potential to support ASX 200 bank stocks by enabling a larger net interest margin (NIM). But if higher rates and rising inflation lead to a broader economic downturn in Australia, the banks – among other headwinds – could get hit with a material increase in non-performing loans.

With that picture in mind…

ASX 200 bank stocks retreat in March

Commonwealth Bank of Australia (ASX: CBA) was the best performing big bank stock last month.

CBA shares closed out February trading for $174.62 and finished March at $167.70 each. That put the CBA share price down 4.0% in March, significantly outperforming the 7.8% loss posted by the benchmark index.

Westpac Banking Corp (ASX: WBC) shares also outperformed the benchmark.

Barely.

Shares in the ASX 200 bank stock closed on 27 February trading for $42.54. When the closing bell sounded on 31 March, shares were changing hands for $39.47 apiece. This saw Westpac shares down 7.2% over the month.

That was a better performance than we saw from ANZ Group Holdings Ltd (ASX: ANZ).

ANZ shares ended February at $40.04 and closed out March trading for $35.97. The 10.2% decline in ANZ shares over the month underperformed the benchmark.

Which brings us to March's laggard, National Australia Bank Ltd (ASX: NAB).

NAB shares closed out February trading for $49.02. On 31 March, shares ended the day changing hands for $41.44. That saw the NAB share price down 15.5% over the month, or almost twice the losses posted by the benchmark index.

Taking a step back

While March saw the big four ASX 200 bank stocks take a tumble, investors who bought any of the banks a year ago will still be sitting on some benchmark beating gains.

Here's how they've performed (as at time of writing today) over the past 12 months, not including dividends:

• NAB shares are up 21.6%
• CBA shares are up 11.0%
• Westpac shares are up 25.6%
• ANZ shares are up 22.6%

The post What happened with ASX 200 bank stocks like CBA and Westpac in March? appeared first on The Motley Fool Australia.

Then you may want to have a look into National Australia Bank Ltd (ASX: NAB) shares.

On the reliability front, the S&P/ASX 200 Index (ASX: XJO) bank stock has paid out two fully-franked dividends every year for more than a decade now. And that includes the pandemic-addled year of 2020.

Atop that welcome passive income, NAB shares have also delivered benchmark-smashing capital gains.

At the time of writing, the NAB share price is $41.96. That sees NAB shares up 23% in 12 months and up 60.3% in five years. That's well ahead of the 6.5% one-year and 24.4% five-year gains posted by the ASX 200.

And remember, that's not including those twice-yearly NAB dividends.

With that in mind, we'll dig into how many NAB shares you'd need to buy today for a $10,000 annual passive income in a tick.

But first, a few important reminders.

Don't put all your eggs in one basket

First, while we're looking at the income potential of NAB shares, do note that a diversified passive income portfolio contains much more than just one ASX dividend stock. There's no magic number. But somewhere in the range of 10 to 20 is a good ballpark, ideally operating in various sectors and locations.

This will reduce the risk of your passive income stream taking a big hit if any particular company or sector runs into a rough patch.

Also, take note that the dividend yields you generally see are trailing yields. Future yields may be higher or lower depending on a range of company-specific and macroeconomic factors.

For NAB, this includes the bank's risk management and cost controls. It also includes the future path of interest rates and the broader performance of the Australian economy.

With that said…

Banking on NAB shares for a $10,000 annual passive income

NAB paid a fully-franked interim dividend of 85 cents a share on 2 July. The ASX 200 bank paid its final fully-franked dividend, also 85 cents a share, on 12 December.

That works out to a full-year passive income payout of $1.70 per share.

So, for that extra $10,000 a year, you'd need to buy 5,883 shares today.

How much would that cost?

At the price of $41.96 a share at the time of writing, you'd need to invest $246,851 in NAB shares today to target that $10,000 yearly passive income stream.

Now that's a sizeable chunk to invest at one go. But that's okay. Investing is a long game.

You can also invest a smaller amount on a regular basis, and you'll reach your income goals in good time.

NAB shares trade on a fully-franked trailing dividend yield of 4.1%.

The post How many NAB shares do I need to buy for $10,000 a year in passive income? appeared first on The Motley Fool Australia.

That's not hard to understand. The big four have historically generated strong profits, paid out a large portion of earnings as dividends, and offered franking credits that can boost after-tax returns for local investors.

For many portfolios, bank shares have been a reliable source of income.

However, it's worth noting that the sector's strong share price performance over the past couple of years has had an impact. As share prices rise, dividend yields naturally compress, which means investors today are generally getting lower yields than they might have a few years ago.

With that in mind, let's take a look at how the major banks stack up right now based on consensus estimates according to CommSec.

Commonwealth Bank of Australia (ASX: CBA)

CBA shares ended yesterday's session at $173.18.

Consensus estimates currently predict fully franked dividends of $5.20 per share in FY26 and $5.50 per share in FY27 from Australia's largest bank. That equates to dividend yields of around 3.0% for FY26 and 3.2% for FY27.

While that is the lowest yield among the big four, it reflects the bank's premium valuation. Investors have historically been willing to accept a lower yield in exchange for what many consider to be the highest-quality banking franchise in Australia.

National Australia Bank Ltd (ASX: NAB)

NAB shares were trading at $42.56 at Thursday's close.

CommSec's consensus estimates point to fully franked dividends of $1.76 per share in FY26 and $1.82 per share in FY27. This implies dividend yields of approximately 4.1% and 4.3%, respectively.

That places NAB in the middle of the pack.

Westpac Banking Corp (ASX: WBC)

Westpac shares last traded at $40.46.

The bank is expected to pay fully franked dividends of $1.56 per share in FY26 and $1.60 per share in FY27. Based on those estimates, Westpac offers dividend yields of roughly 3.9% for FY26 and 4.0% for FY27.

Like NAB, this positions it as a relatively solid income option, though not the highest in the group.

ANZ Group Holdings Ltd (ASX: ANZ)

Finally, ANZ shares last traded at $36.65.

According to CommSec, the bank is expected to pay partially franked dividends of $1.68 per share in FY26 and $1.72 per share in FY27. That puts its forward dividend yield at roughly 4.6% for FY26 and 4.7% for FY27.

The partial franking is worth keeping in mind, as it can affect after-tax income compared to fully franked alternatives.

ANZ is the ASX bank with the biggest dividend yield

Based on current consensus estimates, ANZ offers the highest forecast dividend yield among the big four banks.

However, the difference is not especially large, and it comes with the trade-off of only partial franking.

Foolish takeaway

ANZ may currently offer the highest forecast yield, but its partial franking means the after-tax outcome may not be as straightforward when compared to fully franked alternatives like CBA, NAB, and Westpac. At the same time, CBA's lower yield reflects the premium the market places on its quality and consistency.

In my view, the banks can still provide attractive and relatively reliable income, but the best choice will depend on whether you prioritise yield, franking, or overall business quality.

The post Which ASX bank has the biggest dividend yield? appeared first on The Motley Fool Australia.

At the time of writing, NAB shares are down 0.12% to $42.65. The weakness adds to a softer run over recent weeks, with the stock now down around 13% over the past month.

Here's what investors are reacting to.

Restructure signals shift in operating model

NAB is undertaking a broad business reset aimed at improving efficiency and reshaping how parts of the group operate.

According to The Australian, the changes span multiple divisions, including business banking, retail, technology, and operations.

The update points to a continued shift toward lower-cost operating structures, including increased use of offshore centres alongside changes to local teams.

This approach is widely used across the banking sector and shows investors that NAB is focused on lifting productivity.

Cost pressures remain in focus

The move comes at a time when managing expenses is becoming increasingly important for major banks.

Inflationary pressures remain elevated, with ongoing war in the Middle East contributing to higher input costs and broader market volatility.

This is flowing through to higher operating outlays, while revenue growth is becoming much tighter.

Margins are also under pressure as competition for deposits remains strong and funding costs stay high.

At the same time, loan growth is starting to slow, as higher interest rates continue to weigh on borrowing demand across both households and businesses.

That mix is limiting earnings growth and keeping the focus on how banks run their operations.

As a result, financial institutions are continuing to look for ways to streamline operations and protect profitability.

Share price reflects broader sector weakness

While today's decline is relatively modest, the recent trend in NAB's share price points to a more cautious tone from investors.

The stock is now down 10% in a week, reflecting a mix of macroeconomic pressure and softer sentiment across the banking sector.

Other major ASX bank stocks have also faced similar headwinds, particularly as expectations around interest rates, funding costs, and credit growth continue to shift.

Foolish Takeaway

NAB's business reset highlights the current environment for Australian banks, where controlling costs is becoming just as important as growing revenue.

While the changes are aimed at improving efficiency over time, they also reflect the pressure being felt across the sector.

With margins still under pressure, near-term performance is likely to depend on how well NAB manages spending while maintaining earnings.

The post Why NAB shares are slipping today despite a major business reset appeared first on The Motley Fool Australia.

Are they buys, holds, or sells? Let's find out:

National Australia Bank Ltd (ASX: NAB)

While this banking giant delivered a solid quarterly update last month, it isn't enough to justify its valuation.

As a result, the broker has retained its sell rating with a $37.27 price target. It said:

Like its peers that reported in February, NAB's 1Q26 trading update showed it is benefitting from a supportive interest rate, credit growth, and asset quality environment. We make upgrades to our forecasts to reflect performance and outlook. 12 month target price set at $37.27/sh.

With more aggressive assumptions than previously we estimate a higher fundamental value for NAB. However, the share price is still trading far ahead of this revised estimate. SELL retained, with potential TSR of -17% (including 3.6% cash yield).

Pro Medicus Ltd (ASX: PME)

This health imaging technology company's shares could be undervalued according to Morgans.

Although Pro Medicus' half-year earnings were a touch short of expectations, the broker remains very positive on its outlook.

And while it has retained its buy rating with a trimmed price target of $275.00, this is more than double its current share price. It said:

PME delivered record revenue and underlying EBIT up ~30% YoY, yet the result fell short of expectations on operating leverage with a jump in staff costs driving an EBITDA miss as Trinity contributed less than anticipated. The longer-term outlook strengthened with more than A$280m of new contracts signed and five-year contracted revenue now around A$1.1bn, though the market remains wary of a heavy 2H execution load and cost base increase.

It is not ideal to deliver a miss in this market, but the reaction feels overcooked and the setup into 2H is far better than the share price implies. Our valuation is reduced to A$275 (from A$290) and we retain our Buy recommendation.

Telstra Group Ltd (ASX: TLS)

Finally, this telco giant delivered a result that was better than expected. However, it only reaffirmed its guidance for the full year.

In light of this, Morgans held firm with its hold rating with a $5.20 price target. It commented:

TLS's 1H26 result was slightly better than expected albeit with full year guidance broadly reiterated. Highlights of the result were strong performance for the all-important mobile business, strong cashflow and a slightly higher than expected interim dividend. The interim dividend is partially franked (90.5%) and above consensus expectations. Our TP lifts to $5.20 and we retain our Hold recommendation.

The post Buy, hold, sell: NAB, Pro Medicus, and Telstra shares appeared first on The Motley Fool Australia.

The Reserve Bank raised the official cash rate by 25 basis points to 4.10% this month, marking the second consecutive increase in 2026. The bank cited persistent inflationary pressures and a tight labour market for the increase. 

Now the experts are warning that Australia's inflation rate could keep climbing, and major banks widely predict another cash rate increase in May. 

What's the latest out of ASX bank stocks?

The Australian share market is dominated by the big 4 major banks. Together, the majors – Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB), and ANZ Group Holdings Ltd (ASX: ANZ) – make up around a quarter of the S&P/ASX 200 Index (ASX: XJO) by market capitalisation.

Then there are the smaller players, Macquarie Group Ltd (ASX: MQG), Bank of Queensland Ltd (ASX: BOQ), Bendigo and Adelaide Bank Ltd (ASX: BEN), and Judo Capital Holdings Ltd (ASX: JDO). 

At the time of writing on Wednesday morning, CBA shares are up 1% to $172.86; Westpac shares are up 1.3% to $40.25; NAB shares are up 1.4% to $40.31; and ANZ shares are up 1.3% to $36.93.

Over the month, the major bank shares are down 3%, 6.2%, 11.8%, and 7%, respectively.

Outside of the majors, Macquarie shares are 1.9% higher at the time of writing to $198.71; BOQ shares are 1% higher at $6.83 a piece; Bendigo shares are 0.6% higher at $10.11 each; and Judo shares have climbed 0.3% to $1.48.

Over the month, the smaller bank shares are down 4%, 2%, 6.5%, and 14%, respectively.

Which ASX bank stocks are a buy?

Analysts are the most optimistic about the outlook for Judo Bank shares. It's the only ASX bank stock where analysts mostly hold a strong buy rating. Its average target price is $2.25, which implies a huge 51% upside at the time of writing. Although some think this could jump even higher, by up to 68% to $2.50 per share.

Sentiment on the outlook for Macquarie shares is mostly very positive. Most analysts have a buy or strong buy rating on the bank's shares. The average $238.28 target price implies the shares could jump 21% from here.

Which ASX bank stocks are a hold?

Analysts are undecided about the outlook for NAB shares, with sentiment mostly for a hold rating. The average target price is $43.90, which implies a potential 1.88% downside at the time of writing.

Brokers are also neutral on the outlook for ANZ shares over the next 12 months. Most have a hold rating with an average target price of $35.56, which implies a potential 0.3% downside at the time of writing.

Sentiment is also neutral on BOQ shares, with data showing most analysts have a hold rating on the stock. However, the average $6.37 target price implies a potential 6.5% downside at the time of writing.

Analysts also mostly have a hold rating on Bendigo shares. Although its average target price of $10.41 implies a 3% upside at the time of writing.

Which ASX bank stocks are a sell?

Sentiment is that CBA shares are overpriced and out of keeping with the company's fundamentals. Most analysts have a sell or strong sell rating on CBA shares and are tipping an average downside of 23% to $133.85 a piece over the next 12 months, at the time of writing.

Westpac is also expected to have limited growth over the next few years. Most analysts also have a sell or strong sell rating on the ASX bank's shares and tip an average downside of 8% to $40.35.

The post ASX bank stocks: Buy, sell, or hold? appeared first on The Motley Fool Australia.

Australia's benchmark index is now down 9% since the beginning of the month. 

In this period: 

• National Australia Bank Ltd (ASX: NAB) shares have fallen 10%
• ANZ Group Holdings Ltd (ASX: ANZ) shares have dropped 7.3%
• Westpac Banking Corp (ASX: WBC) shares are down roughly 5%
• Commonwealth Bank of Australia (ASX: CBA) shares have fallen 1.37%.

What's impacting bank shares?

There are multiple factors putting pressure on big four bank shares. 

Firstly, energy costs are rising as a result of the conflict in the Middle East. 

This is reigniting global inflation pressures, complicating the outlook for central banks. 

Additionally, CommBank economists note that persistently higher oil prices could weigh on household sentiment at a time when inflation is already pushing higher and interest rates look like climbing. 

This is a headwind for mortgage borrowers and loan quality.

According to Commbank, the longer the conflict drags on, the more pressure banks will face through slower growth, stressed household budgets, and an uncertain interest rate environment. 

I covered last week two possible outcomes from the current conflict and how investors may decide to construct their portfolios. 

For now, the ASX big four remain in a difficult position – caught between a risk-off market and the broader economic damage an extended energy shock would inflict on their customers.

Is there any opportunity in ASX big four bank shares?

Based on current valuations from experts, it appears sentiment is largely cautious on ASX bank shares. 

CBA recently received a sell rating from Medallion Financial Group. 

The note out of the group said its shares are trading at a significant premium to peers despite having similar earnings growth outlook. 

For Westpac, analyst targets indicate it could continue to fall in the near term. 

14 analyst forecasts via TradingView have an average price target of $35.16 on Westpac shares. 

From yesterday's closing price of $39.72, that indicates a downside of approximately 11%. 

ANZ appears to have the most optimistic outlook from recent analysis. 

Citi have recently retained their buy rating and $40.30 price target on ANZ shares. 

This indicates a potential upside of 10%. 

Finally, Samantha Menzies recently laid out the bull case for NAB shares after the recent 10% fall. 

Analysts views on NAB shares are mixed, with price targets ranging from $30 – $50 per share compared to a current price hovering around $42.75. 

Foolish takeaway 

With messaging changing day to day regarding the Iran/USA conflict, it is extremely difficult to predict the future of blue-chip shares like the ASX big four. 

A quick resolution could mean current valuations are an ideal entry point. 

However if the conflict continues long-term, the more pressure these stocks may come under through subdued growth and unclear interest rate decisions. 

The post How have the ASX big four bank shares held up in March? appeared first on The Motley Fool Australia.

The slump means the banking giant's share price has dropped nearly 9% over the past month as global volatility, higher interest rates, and a slowdown in lending take their toll on the banking sector.  

However, year to date, NAB shares are still trading 4% higher, and they're a huge 30% above where they were this time last year.

For context, the S&P/ASX 200 Index (ASX: XJO) is 3.8% lower year to date and 5.8% higher over the year.

NAB shares might have come off the boil this morning, along with many other ASX 200 shares, but there are still three compelling reasons why the bank stock is still a buy.

1. NAB is a classic defensive stock

The banking giant is a fantastic defensive stock that can remain stable in times of economic crisis. Unlike discretionary spending, which can be curbed, there will always be a need for banking services regardless of where we are in the economic cycle.

2. The company is stable

Because NAB is a defensive stock, the bank is able to benefit from a stable and recurring income. Its latest financial results show how its operational performance and earnings are able to stay strong and consistent, even when markets are weaker. The banking giant revealed a 15% hike in its cash earnings for the first quarter of FY26 and a 6% increase in revenue. 

While it is still sensitive to economic conditions such as further interest rate increases, increased sharemarket volatility, or a potential recession, its income and scale make it a good, stable option over the long term.

3. NAB pays reliable dividends to investors

NAB shares typically trade at a lower price-earnings (P/E) ratio than other sectors, which means investors are able to earn a higher dividend yield.

The bank paid an annual dividend of $1.70 per share in FY25, which was 1 cent per share higher than FY24. The annual dividend is forecast to also be $1.70 per share in FY26, fully franked, and then to climb to $1.705 per share in FY27 and $1.72 per share in FY28. It's not a huge increase, but it's a steady one.

The post 3 reasons to buy NAB shares today appeared first on The Motley Fool Australia.

The ASX bank share's earnings are fairly exposed to the Reserve Bank of Australia (RBA) cash rate.

Generally, a higher RBA cash rate means NAB can earn a higher net interest margin (NIM) from lending out money that it doesn't pay much/any interest on (such as transaction accounts). However, a higher rate could mean a higher risk of loan arrears and bad debts.

It's uncertain at this stage how high inflation and interest rates will go. But, these are latest forecasts for earnings from broker UBS on where NAB's earnings could change, which includes analysis on the latest quarterly update from the bank.

FY26

After seeing a record quarterly result in the first quarter of FY26, broker UBS decided to increase its earnings per share (EPS) estimates for FY26 by 2.8%, for FY27 by 2.1% and for FY28 by 0.8%, largely driven by an improving NIM and reduced credit charges in FY26 and FY27.

NAB's FY26 first quarter earnings increased 16% year-over-year to $2.02 billion, while underlying profit rose by 11% year-over-year.

UBS noted that NAB's NIM improved by 2 basis points (0.02%) to 1.8% over the quarter, supporting strong net interest income (NII) growth on the back of loan growth. NAB's total loans and acceptances (GLAs) rose by 6%.

Costs were largely flat compared to the second-half quarterly average, but up 5% year-over-year because of tech spending and staff inflation.

UBS also said that NAB's business lending was progressing more profitably its than peers, excluding Commonwealth Bank of Australia (ASX: CBA).

The broker thinks investors will focus on continued cost management, as well as loan growth with how the market treats the NAB share price.

UBS currently estimates that NAB could generate net profit of $7.5 billion in FY26.

FY27

The profit is expected to continue rising in the subsequent financial years.

In the 2027 financial year, NAB is projected to generate $7.7 billion of net profit.

FY28

UBS expects that NAB could deliver further net profit growth in the 2028 financial year, with net profit rising to $8 billion.

FY29

The 2029 financial year could see further growth in net profit, with earnings rising to $8.7 billion.

FY30

In the 2030 financial year, NAB could see net profit climb again in the final year of this series of projections, with earnings potentially climbing to $9.2 billion.

The post Here's the latest earnings forecast out to 2030 for NAB shares appeared first on The Motley Fool Australia.

The US and Israel launched strikes on Iran on 28 February (US time) with the intention of destroying Iran's nuclear capability.

This has caused a global fuel crunch, with oil prices skyrocketing due to the effective closure of the Strait of Hormuz.

The Strait is a crucial shipping lane for transporting oil and gas from the Middle East to markets worldwide.

On top of that, fresh missile strikes on energy infrastructure this week have further disrupted oil and gas supply chains.

These events have far-reaching ramifications for individual businesses relying on fuel to power machines and transport goods.

Higher petrol prices are already having a broader economic impact, contributing to the Reserve Bank's call to raise interest rates this week.

Amid all this volatility, how are Australia's top 10 ASX 200 shares faring?

Are they demonstrating resilience, or have they been caught up in the broader market sell-off?

Let's take a look at their share price performance since the start of March.

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank share price is $176.50, down 0.5% on Friday and up 1.1% since the war began.

Amid the market turmoil, CBA quietly reclaimed its title as Australia's largest ASX 200 share by market capitalisation.

CBA and BHP Group Ltd (ASX: BHP) have been passing the crown back and forth for the past few months.

On 27 February, BHP reassumed the title.

Less than three weeks later, CBA shares are back on top with more than $50 billion in market cap separating them from BHP shares.

Over 12 months, the CBA share price has lifted 21.1%.

BHP Group Ltd (ASX: BHP)

BHP is the market's largest mining share, and leads the ASX 200 materials sector.

The BHP share price is $47.56, down 1.6% on Friday and down 18.6% since the war in Iran began.

Over 12 months, BHP shares have lifted 22%, and reached a record high of $59.39 apiece last month.

ASX 200 mining shares have been the worst hit by the war, with the materials sector falling 19% so far this month.

Mining shares have fallen because higher oil prices will directly impact operating costs and potentially production, if there's a shortage.

It is also likely that investors are taking profits after a strong 12-month run for materials amid a new longer-term mining boom in Australia.

National Australia Bank Ltd (ASX: NAB)

Business lending specialist NAB is the second-largest ASX 200 bank by market capitalisation.

The NAB share price is $45.82, down 1.7% on Friday and down 6.5% since the start of the war.

Over 12 months, NAB shares have lifted 38%, and reached a record $49.45 last month.

Westpac Banking Corp (ASX: WBC) 

Westpac is Australia's oldest bank.

The Westpac share price is $40.87, down 0.6% today and down 3.9% since the war began.

Over 12 months, the ASX 200 bank share has lifted 33%, and hit a record $43.32 last month.

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is $36.78, down 0.7% on Friday and down 8.1% since the war began.

Over 12 months, ANZ shares have lifted 26% and reached a record high of $41 last month.

Wesfarmers Ltd (ASX: WES)

Wesfarmers is the largest ASX 200 consumer discretionary share. 

The conglomerate owns household names like Bunnings, Kmart, Officeworks, and Priceline.

The Wesfarmers share price is $73.51, down 0.2% today and down 7.7% since the start of the month.

Over 12 months, Wesfarmers shares are up 4%.

Macquarie Group Ltd (ASX: MQG)

This investment bank is the fifth-largest ASX 200 bank by market capitalisation.

The Macquarie share price is $195.70, down 0.2% on Friday and down 8.3% since the war broke out.

Over the past 12 months, Macquarie shares have fallen by 3%.

CSL Ltd (ASX: CSL)

CSL is still the largest ASX 200 healthcare stock, despite a near-halving in its share price over the past 12 months.

The CSL share price is $137.88, up 2.4% today and down 6% since the war in Iran began.

Over 12 months, CSL shares have fallen 46% due to company-specific issues, including a drop in vaccination rates worldwide.

The CSL share price touched an eight-year low of $133.35 yesterday.

Woodside Energy Group Ltd (ASX: WDS)

Woodside is the largest ASX 200 energy share on the market.

The Woodside share price is $33.92, up 0.7% on Friday and up 19.8% since the war started.

Over 12 months, Woodside shares have increased by 48%.

The oil & gas giant has benefited from rising oil and gas prices since the war began.

Over the past 30 days, the Brent Crude oil price has soared 47% while the European gas price has skyrocketed 96%.

The Woodside share price reached a two-and-a-half-year high of $34.31 in earlier trading today.

Telstra Group Ltd (ASX: TLS)

Telstra is the No. 1 ASX 200 communications share by market cap.

The Telstra share price is $5.31, up 0.1% on Friday and up 2.4% since the war in Iran began.

Over the past 12 months, Telstra shares have risen 28%.

On Friday, the Telstra share price reached a nine-year high of $5.35.

The post Pulse check: How are the top 10 ASX 200 shares performing amid a new war? appeared first on The Motley Fool Australia.

In late morning trade today, shares in S&P/ASX 200 Index (ASX: XJO) bank stock are down 0.4%, trading for $176.47 apiece.

Despite today's dip, that sees CBA shares up 19.9% since market close on 21 January.

For some context, the ASX 200 is down 3.2% over this same period.

But with the Reserve Bank of Australia (RBA) increasing interest rates for the second time in 2026 on Tuesday – lifting the official cash rate by 0.25% to 4.10% – that strong outperformance could be about to shift into reverse.

That's the warning issued by Morgan Stanley this week, with the broker cautioning that CBA's earnings could take a material hit.

Here's why.

Are CBA shares eyeing the perfect storm?

The RBA is back on the tightening path in an effort to rein in resurgent inflation. Higher interest rates work to reduce demand. But if energy prices remain high amid the Iran war, higher rates also could put the brakes on Australia's GDP growth.

Indeed, Morgan Stanley bank analyst Richard Wiles said fast rising interest rates could "fundamentally shift operating conditions" for CBA shares and the other big four ASX bank stocks (quoted by The Australian Financial Review).

"The uncertain environment raises the risk of both earnings downgrades and a de-rating, increasing the probability that banks underperform the ASX 200 in 2026," Wiles said

Amid the prospect of two more RBA interest rate hikes this year, Morgan Stanley expects Australia's GDP growth to slow to 1.6% in 2026, down from 2.6% last year.

This in turn, would likely impact CBA's loan growth. In a worst-case scenario, Wiles said that CommBank could see its earnings downgraded by 8.9%.

Should that occur, Wiles said that CBA shares could plunge more than 42% to $101.50 each.

What about the other big four ASX 200 bank stocks?

It's not just CBA shares that could be looking at a sharp fall.

Wiles estimates that in the above scenario, Westpac Banking Corp (ASX: WBC) earnings would be downgraded by 9.7%; ANZ Group Holdings Ltd (ASX: ANZ) earnings would be downgraded by 10.1%; and National Australia Bank Ltd (ASX: NAB) earnings would be downgraded by 14.3%.

That could see Westpac shares fall more than 35% from the current $41.27 to $26.50; NAB shares could tumble more 30% to $32.90; and ANZ shares could fall almost 20% to $29.80 each.

CBA shares and the other ASX 200 banks are at particular risk as they're already trading at high price to earnings (P/E) ratios.

Wiles concluded (quoted by the AFR):

History tells you that when the RBA hikes, bank price-to-earnings multiples go down. It hasn't happened yet, but that's what's happened historically.

Our own forecasts currently assume a favourable operating environment continues. That means the banks are vulnerable to de-rating risk and that an earnings downgrade risk could emerge if the economy slows down more than expected.

The post How higher interest rates could send CBA shares plunging 42% appeared first on The Motley Fool Australia.

NAB has been the best-performing ASX bank stock over the past 12 months. It has outpaced its peers Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corporation Ltd (ASX: WBC) and ANZ Group Holdings Ltd (ASX: ANZ), and also other mid-tier regional bank stocks.

NAB, and the other big-four major banks, have been in the spotlight over the past 12 months after the sector soared in value in 2025 thanks to high interest rates and high-cost of living. 

NAB also reported stronger-than expected profits in its first quarter FY26 earnings result last month. The banking giant revealed a 15% hike in its cash earnings and a 6% increase in revenue. 

So, if I bought $5,000 worth of NAB shares 12 months ago, what are they worth today?

At the time of writing, NAB shares are a whopping 42.78% higher than 12 months ago.

For context, CBA shares are 21.75% higher, Westpac shares are up 38.81% and ANZ shares have hiked 30.81% over the same period.

The current share price means that an investor who bought $5,000 worth of NAB shares 12 months ago would now have $7,139!

Any investors who bought the same amount of shares 5 years ago would now be sitting on double those returns. A 83.03% five-year increase means $5,000 would now be worth a huge $9,154.

Can NAB shares keep climbing at the same rate?

Unfortunately, it's probably unlikely.

Although some analysts haven't given up hope just yet.

TradingView data shows that four out of 16 analysts still have a strong buy rating on NAB shares. Another six have a hold rating and six have a strong sell position on NAB's stock.

The maximum target price is $50.64, which implies a potential 6.7% upside at the time of writing.

But some also think NAB shares could sink 11.71% to $41.90. Or worse, plummet 36.79% to just $30 a piece.

Is there any reason for investors to buy NAB shares?

Analyst forecasts are mixed, but there are other reasons that NAB shares are still a good investment option. 

The ASX bank stock is a good, stable option for investors seeking passive income. It's a defensive stock which is able to remain stable in times of economic crisis. 

The NAB share price typically trades at a lower price-earnings (P/E) ratio than other sectors, which means investors are able to earn a higher dividend yield. The bank paid an annual dividend per share of $1.70 in FY25, which was 1 cent per share higher than FY24. This is forecast to be $1.705 per share in FY27 and $1.72 per share in FY28. 

The post $5,000 invested in NAB shares 12 months ago is already worth… appeared first on The Motley Fool Australia.

It's clear to see why this is the case. Instead of picking individual shares, investors can buy a single ETF and gain exposure to dozens or even hundreds of businesses at once. 

For investors looking for broad exposure to Australian shares, one of the most favoured options is the Vanguard Australian Shares Index ETF (ASX: VAS).

So if I had $2,000 ready to invest, would I consider putting it into this ETF? Personally, I think it could be a very sensible option.

VAS ETF offers exposure to many of Australia's biggest shares

One of the biggest advantages of the VAS ETF is diversification.

The ETF tracks the S&P/ASX 300 Index, which means it provides exposure to roughly 300 companies listed on the Australian share market. This includes many of the country's largest and most established businesses.

Major holdings include companies such as Commonwealth Bank of Australia (ASX: CBA), BHP Group Ltd (ASX: BHP), CSL Ltd (ASX: CSL), and National Australia Bank Ltd (ASX: NAB).

At the same time, the fund also includes smaller companies that many investors might not otherwise own individually. Businesses like TechnologyOne Ltd (ASX: TNE), Lovisa Holdings Ltd (ASX: LOV), and Netwealth Group Ltd (ASX: NWL) are also part of the index.

That mix gives investors exposure to both the stability of large blue chips and the growth potential of smaller companies.

A simple way to back the Australian economy

Another reason I like broad-market ETFs such as the Vanguard Australian Shares Index ETF is that they effectively allow investors to back the long-term growth of the Australian economy.

Over time, companies rise and fall, industries evolve, and new businesses emerge. Because the VAS ETF tracks the index, it naturally adjusts as the market changes. In fact, we are currently in the process of the latest quarterly rebalance.

If one company declines in importance and another grows, the index gradually reflects that shift.

For investors who prefer not to constantly research and select individual ASX shares, this can be an easy way to stay invested in the broader market.

A slightly better entry point after the pullback

Like many parts of the market, the VAS ETF has experienced some volatility recently.

After hitting a record high not long ago, the fund has pulled back roughly 6%.

While that is not a huge decline, it does make the entry point a little more attractive than it was just a few weeks ago.

Long-term investing still matters most

Of course, buying an ETF doesn't guarantee positive returns in the short term.

The share market will continue to experience periods of volatility, and prices can move both higher and lower in the months ahead.

But historically, long-term investors who remain invested in diversified share portfolios have benefited from the growth of corporate earnings and dividends over time.

The Vanguard Australian Shares Index ETF provides a simple way to capture that long-term trend.

Foolish takeaway

If I had $2,000 to invest and wanted broad exposure to Australian shares, the Vanguard Australian Shares Index ETF could be a very reasonable option.

It provides diversification across hundreds of companies, exposure to both large and smaller businesses, and a simple way to participate in the long-term growth of the Australian share market.

The post Should I invest $2,000 in the VAS ETF? appeared first on The Motley Fool Australia.

NAB is in a competitive landscape, with names like Commonwealth Bank of Australia (ASX: CBA), ANZ Group Holdings Ltd (ASX: ANZ), Westpac Banking Corp (ASX: WBC), Macquarie Group Ltd (ASX: MQG), and Bendigo and Adelaide Bank Ltd (ASX: BEN) to just name a few of the other ASX bank shares trying to win loans.

But because NAB has a fairly generous dividend payout ratio and a relatively low price-to-earnings (P/E) ratio, it can offer investors a good dividend yield.

Dividend potential of NAB shares

According to CMC Invest's estimate, the business is projected to pay an annual dividend per share of $1.705 in FY26, then rise to $1.72 in FY27.

While that's not the fastest growth rate in the world, it does represent forecast growth year over year.

At a time of elevated financial uncertainty, any dividend growth would be welcome, in my view.

At the current NAB share price, that represents a cash dividend yield of 3.6% and a grossed-up dividend yield of 5.2%, including the franking credits.

Further dividend growth is expected in FY28, though that's a few years away, so I wouldn't be as confident about that projection as the nearer-term forecasts. The 2028 financial year annual dividend per share is estimated to be $1.755.

How much passive income for a $5,000 investment?

NAB's focus on business banking has allowed its profitability to remain relatively strong, and that could help a $5,000 investment deliver a solid return.

Based on the above yields, making a $5,000 investment today could mean unlocking $260 of annual passive income, including the franking credits. Just the cash part of the passive income would be $182, excluding franking credits.

Is this a good time to invest in NAB shares?

Analysts generally don't seem to think so, based on their price targets.

A price target indicates where the analyst expects the share price to be in 12 months from the time of the investment call.

According to CMC Invest, there are currently four buy ratings, one hold rating, and four sell ratings on the business. However, the average price target on NAB shares is $42.20, implying a decline of around 10%, according to CMC Invest.

The most optimistic price target is $50.64 – implying a possible rise of less than 10%, while the most pessimistic price target is $30, implying a decline of 36% from where it is at the time of writing.

In my view, there are other ASX dividend shares that would make better buys for both stronger dividend yields and better capital growth potential.

The post If I invest $5,000 in NAB shares, how much passive income will I receive in 2027? appeared first on The Motley Fool Australia.