Capital Boost Behind Westpac’s Sell-Down of BT Investment Management. AUD 35 FVE Unchanged
Westpac Banking Corporation’s decision to sell down its equity stake in BT Investment Management did not surprise and our positive view and AUD 35 fair value estimate for the wide moat-rated bank are unchanged. At current levels, Westpac stock is undervalued trading 13% below valuation. Westpac sold 60 million BT Investment Management shares, or 19% of shares on issue, via an institutional bookbuild for AUD 10.75 per share effective May 26, 2017. Gross sale proceeds of around AUD 645 million wil...
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