ANZ Bank’s Strong Asset Quality a 1Q18 Update Highlight. FVE AUD 30 Unchanged
As previously flagged, wide-moat Australia and New Zealand Banking Group’s first-quarter fiscal 2018 update focused on capital, funding, asset growth, and asset quality with no news on earnings. The four key operating drivers are in line with our expectations, underpinning our AUD 30 fair value estimate. At current levels, the stock is undervalued trading 7% below our valuation. We like the strong capital position, stable risk-weighted assets, sound asset quality, and slower lending to higher ri...
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