Provisions Mar Commonwealth Bank’s Solid 1H18 Underlying Performance. AUD 85 FVE Unchanged
Wide-moat-rated Commonwealth Bank of Australia reported a first-half fiscal 2018 cash profit of AUD 4.74 billion, down 1.9%, or AUD 2.72 per share, down 3.2%. No change to our AUD 85 per share fair value estimate, with the shares screening as 9% undervalued. Our fair value implies a fiscal 2018 P/E of 13.3 times, an attractive fully franked dividend yield of 5.6% or 8% on a grossed up basis. Importantly, Australia’s largest home loan lender, with 25% market share, continues to derisk its home lo...
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