Commonwealth Bank’s Competitive Position Underpins Solid Earnings Outlook. AUD 85 FVE Unchanged.
Wide-moat Commonwealth Bank of Australia is slowly recovering its price/earnings premium to peers, with the P/E premium recently widening to 11% compared with around just 1% in late September 2017. Prior to early August, Commonwealth Bank’s five-year average P/E premium to peers was about 17%. Based on our unchanged AUD 85 per share fair value estimate, the stock is fairly valued following a solid 12% four-month share price rally. Currently, the stock screens as fairly valued trading 5% below ou...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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