Westpac Cuts the Apron Strings; BT Investment Management’s FVE Unchanged
Our forecasts and AUD 10.90 per share fair value estimate for narrow-moat rated BT Investment Management remain intact following Westpac Banking Corporation’s sell-down of its equity stake from 29% to 9.8%. The bank intends to sell the remaining stake after BT Investment Management’s interim fiscal 2018 results in May 2018. At current levels, the shares are fairly valued.The potential increase in liquidity of BT Investment Management shares is welcomed and we expect it to be business as usual o...
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