Major Australian Bank Earnings Remain Resilient, Despite Slowing Credit Growth. FVEs Unchanged
In our view, the modest slowdown in credit growth in Australia is more than offset by solid economic fundamentals as global and domestic economic conditions improve. We make no changes to our fair value estimates for the four wide-moat major banks. At current prices, Westpac Banking Corporation and Commonwealth Bank of Australia are undervalued, trading 13% and 11% respectively below our valuations. National Australia Bank and Australia and New Zealand Banking Group are trading close to our valu...
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