Value Investor: What is NAB worth?

After years of restructuring in the UK operations, NAB appears to have turned a corner but much still depends on the outlook for domestic lending growth.

NAB’s long-suffering shareholders were finally rewarded this year with a meaningful share price rally but the stock is still only back to levels of early 2006 and the FY13 dividend was less than FY08. After a 34 per cent increase in FY13 earnings and a return to profitability in core UK banking, has NAB turned the corner? And are the shares still good buying?

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