Nedbank Group Ltd (NED) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Nedbank Group Ltd stock ZAR 595, price ZAR 297, upside +100.0%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Nedbank Group Ltd
NED · JSECheap (50% below fair value) and rising price, but weak company: meets 2 of 3 rules.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range R152.10 – R314.87 · fair‑value band R492.13 – R820.22 · the R297.34 price screens below the R594.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Company profile
Nedbank Group Limited, together with its subsidiaries, provides various wholesale and retail banking services in South Africa, rest of Africa, Europe, Asia, the United States, and internationally.
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The company operates through Nedbank Corporate and Investment Banking; Nedbank Business and Commercial Banking; Nedbank Personal and Private Banking; Nedbank Africa Regions; and Centre segments.
It offers lending products, advisory services, leverage financing, trading, brokering, structuring, hedging, and client coverage; corporate finance advisory, innovative financial products and services, customised transactional banking, asset management, and commercial property finance; transactional accounts, home loans, vehicle and asset finance, card services, personal loans, insurance and investments; Wealth services include trust and estate planning, stockbroking, and financial planning, as well as tailored banking and services; and franchising and manufacturing industries and public sector.
The company also provides life and non-life insurance; asset management; trust and estate planning, stockbroking, and financial planning wealth management services. In addition, it offers capital management, funding, and liquidity risk management.
The company was formerly known as Nedcor Limited and changed its name to Nedbank Group Limited in 2005. Nedbank Group Limited was founded in 1831 and is headquartered in Sandton, South Africa.
Stock analysis
Nedbank Group Ltd (NED) currently trades at R297.34, while our model-based Fair Value estimate is R594.68, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R2,479 per share, and 5 of the 6 models we run sit above the R297.34 price.
Bear case: the Dividend Discount group reads lowest at R391.21, and 1 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: R492.13 (bear) to R820.22 (bull), the price of R297.34 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nedbank Group Ltd reported revenue of 161B ZAR in FY2025 versus 95.1B ZAR in FY2021, a compound +14.1%/yr. Reported net income was 9.3B ZAR in FY2025, compounding −6.8%/yr from FY2021.
Key figures
Market cap 139B ZAR Mid · P/E ratio 15.7 · P/S ratio 2.25 · EPS (TTM) R18.99 · Dividend yield 7.3% · Net margin 14.3% · Return on equity 8.0% · Return on assets (EBIT) 1.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 100%, NED screens cheaper than that median.
Fair Value models
All 6 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Watch NED, get fair value alerts →
Compare Nedbank Group Ltd with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Net margin by industry
- P/B ratio by industry
- PEG screener for stocks with fair value
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Postal Savings Bank of China Co 601658 | ¥5.62 | ¥7.59 | +35% | vs NED |
| China Merchants Bank Co 600036 | ¥42.63 | ¥52.73 | +24% | vs NED |
| BNP Paribas SA BNP | €95.68 | €107.43 | +12% | vs NED |
| Intesa Sanpaolo S.p.A ISP | €6.25 | €4.91 | −21% | vs NED |
| UniCredit S.p.A UCG | €84.24 | €58.08 | −31% | vs NED |
| Oversea-Chinese Banking Corporation O39 | 28.67 SGD | 18.20 SGD | −37% | vs NED |
| Mizuho Financial Group MFG | $10.12 | $5.87 | −42% | vs NED |
| DBS Group D05 | 71.00 SGD | 40.39 SGD | −43% | vs NED |
| HDFC Bank Limited HDFCBANK | ₹812.30 | ₹406.39 | −50% | vs NED |
| ICICI Bank Limited ICICIBANK | ₹1,590 | ₹615.63 | −61% | vs NED |
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Frequently asked questions
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Key figures of Nedbank Group Ltd
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