Transferring Coverage; Challenging Outlook Results in a 5% Cut in Bendigo Bank's FVE to AUD 10
We reduce our fair value estimate for no-moat-rated Bendigo and Adelaide Bank by 5% to AUD 10.00 from AUD 10.50 per share as we transition coverage to a new analyst. Our no-moat, medium fair value uncertainty, and Standard stewardship ratings are unchanged. At current prices, the stock is fairly valued trading at an undemanding one year forward P/E of 11 times. We confirm our fiscal 2019 cash profit forecast of AUD 430 million and fully franked dividend of AUD 69 cents per share based on a high ...Bendigo & Adelaide Bank provides a range of banking and other financial services including consumer, residential, business and commercial lending, deposit-taking, payments services, wealth management, funds management and superannuation, treasury and foreign exchange services. Co. provides these services primarily to retail customers and small to medium sized businesses throughout Australia. The key lending activities are commercial finance, business lending and consumer finance which includes residential loans, personal loans, credit cards and overdrafts. As of June 30 2016, Co. had total assets of A$68.58 billion and total deposits of A$57.05 billion.
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