Bendigo's retail bank branch focus is a core strength.
We reaffirm our AUD 11.50 per share fair value estimate for no-moat Bendigo and Adelaide Bank following its brief but disappointing trading update at the annual general meeting, or AGM. At current prices, the stock is fairly valued. Despite the slower-than-expected start to fiscal 2018, we confirm our fiscal 2018 cash profit forecast of AUD 452 million and fully franked dividend of AUD 70 cents per share based on a 75% payout. Longer term, we believe the outlook for Bendigo is mildly positive, b...
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