2025-05-28-Jefferies-加拿大国民银行（NA）_加拿大国民银行2025年第二季度收益回顾_交易业务提振季度业绩_CWB成为下一个杠杆_13页_278kb

Here is a summary of the provided National Bank of Canada (NA CN) equity research report from Jefferies:

The report covers National Bank of Canada's second-quarter 2025 earnings, which were strong due to exceptional trading revenues, surpassing consensus estimates. The CWB acquisition is noted as a key driver of potential future growth and earnings boosts, with synergies and capital relief starting to materialize. While the bank exceeded expectations, the sustainability of its trading revenues and overall credit outlook remain concerns. The price target was increased to C$139 from C$126, reflecting improved credit quality and the integration timeline. Risks include potential integration challenges with CWB, economic slowdowns, and credit-related headwinds, but the bank's capital ratios and dividend hike (to C$1.18 per share) support its valuation. Financial metrics show revenue and EPS growth, but sequential slowdowns are expected moving forward.

• Earnings Highlights: EPS of C$2.85 beat consensus by 19.2%. Trading revenues surged 42.5% year-over-year.
• CWB Impact: Benefits from acquisition include synergies and portfolio migration, leading to capital relief; bulk of CWB integration is expected in 2026.
• Valuation: Target set at C$139 based on 11.5x forward P/E for FY2026.
• Risks: Persisting challenges from trade tensions, credit losses, and potential delays in CWB synergies.
• Outlook: Neutral, with focus on sustainable earnings and risk management.