MyState Leveraging a Stronger Tasmanian Economy, but Mainland Loan Growth Cooling. FVE AUD 5 Intact
Our neutral view on MyState Limited is unchanged following our post result management update. We reaffirm our AUD 5.00 fair value estimate and fiscal 2018 cash earnings forecast of AUD 33 million. Our fair value implies a fiscal 2018 P/E of 14.1 times, an attractive fully franked dividend yield of 5.8% or 8.3% on a grossed-up basis. Our earnings outlook is intact, with average annual EPS growth forecast of 4% over the five-year forecast period. At current levels, MyState is trading 5% below our ...MyState is a provider of banking, trustee and wealth management products and services through its wholly-owned subsidiaries MyState Bank Limited and Tasmanian Perpetual Trustees Limited. The banking division's product offerings include lending, encompassing home loans, personal, overdraft, line of credit and commercial products; transactional savings accounts and fixed term deposits; and insurance products. The wealth management division is a provider of funds management, financial planning and trustee services. It operates predominantly within Tasmania. As of June 30 2016, Co. had total assets of A$4.42 billion and total deposits of A$3.26 billion.
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