Company announcements

Nedbank Group Ltd

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Nedbank Group Ltd

Full year results for the year ending 31 December 2013 expected on the 24th of February 2014 

Nedbank Group is one of South Africa's largest banking groups, with a strong asset and deposit franchise. The group provides a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through five main business clusters, namely Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth.

Results expectation

Nedbank Group Ltd is expected to release full year results for the year ending 31 December 2013 on the 24th of February 2014.

The company has not yet released a trading statement guiding for fourth quarter or full year earnings, which leaves us to believe there should be little surprises in the upcoming results.

Interim results for the company released for the six months ending June 2013 witnessed diluted headline earnings per share increase 12.6%, 15.3% growth in non-interest revenue, while net interest income grew 7%.

A third quarter trading statement revealed non-interest revenue increased by 15.4%, while net interest income grew 6.9%.

Nedbank Group appears to be in line to achieve its diluted headline earnings per share target which is the sum of GDP and CPI +5% (+-12.9%).

 

Source: IG Insight, as of 15:12 20/02/2014

Source: IG Insight, as of 14:55 20/02/2014

Technical View

The price of Nedbank has formed a bear flag (parallel black lines) in the near-term downtrend.

The pattern highlights a slow cumbersome move up after an aggressive move down, suggesting that the momentum remains down. The declining volume (blue arrow) on the price rebound shows a lack of enthusiasm on the buy side, supporting the bearish price indication. For the bear flag to trigger an action, the price would need to break below the 19750 support in which case the support level at 19000 would be favoured.

Should the 19000 level be breached, 18750 would be the next anticipated support target. The price closing above our downward trend line at 20550 would indicate failure of the aforementioned bearish indications.

Source:  ProRealTime charts, as of 18/02/2014

Fundamentals

Source: IG Insight, as of 15:20 20/02/2014

Source: IG Insight, as of 15:33 20/02/2014

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