Bendigo and Adelaide Bank Transfer of Analyst Coverage
We transfer analyst coverage of Bendigo and Adelaide Bank. We reaffirm our current forecasts, our DCF-based fair value estimate of AUD 12 per share and our no-moat ratings. We are upgrading our uncertainty rating to medium from high due to the bank’s conservative management, well-funded balance sheet, diversified business model and very strong credit quality. At current prices, the shares are undervalued, trading 9% below valuation and a fiscal 2017 P/E multiple of 11.4. The stock could continue...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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