Credit Growth Slows but Remains Supportive of Major Bank Earnings Growth. FVEs Unchanged
In our view, the modest slowdown in credit growth in Australia is more than offset by improving economic fundamentals as global and domestic economic conditions continue to recover. We make no changes to our fair value estimates for the four wide-moat major banks, and at current prices, Commonwealth Bank of Australia and Westpac Banking Corporation are undervalued, trading 12% and 9%, respectively, below our fair value estimates. National Australia Bank and Australia and New Zealand Banking Grou...
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