BEN, BENDIGO AND ADELAIDE BANK LIMITED

[mrbear]

In Reply To: nipper's post @ Jun 5 2013, 10:01 AM

Sitting in paris having a quiet vodka overlooking the seine and checking out ben yesterday,dont know what happened but someone looks like they liked it at 80c rise for the day,cheers mrbear

[nipper]

BEN's investor day reiterated a consistent story to that told by management at 1H13

Credit growth – While low system credit remains a sector-wide challenge, BEN's management remains optimistic of further growth given the maturity profile of the branch network has not yet peaked.

Funding – Management's commentary suggested term deposit markets have remained competitive. However, with BEN's deposit funding at 80% vs. a 75%/25% optimal mix, the group noted it has flexibility to tap easing wholesale markets.

Efficiency a long-term focus – BEN is focused on holding its cost base at current levels. The group faces short-term headwinds due to costs associated with its advanced accreditation project.

Asset quality – No systemic issues being seen across the group, however six cattle exposures within Rural Bank remain a challenge.

Implications
We maintain our Neutral view on BEN. Our estimates see BEN delivering top-of-sector PPOP 5 year CAGR from FY12A-FY17E at 6.7% to deliver sustainable ROTE c. 13%. On this basis, we see the stock's fair value at 1.0x NTA (or 1.3x including franking credits) which is in line with current levels.

Valuation
No changes to earnings. Our 12 month price target remains A$9.75, based on an equal blended ROTE vs P/NTA and DCF methodology.

GS

[jons]

In Reply To: prakashd3000's post @ Jan 29 2013, 12:59 PM

I thought that the div chasers had overbought @ $9, the market has pushed it higher still,
happy to be out.

[prakashd3000]

In Reply To: jons's post @ Jan 17 2013, 02:29 PM

BEN trading at $9.36 today, does it have more steam in it, anyone?

[prakashd3000]

In Reply To: jons's post @ Jan 17 2013, 02:29 PM

I am thinking it should reach $9.30 to $9.50 as div approaching next month.

[jons]

In Reply To: Carsha's post @ Aug 3 2012, 07:02 PM

Picked some up a month ago for $8.40, out today @ $9.00, too pricey atm.

[Carsha]

In Reply To: Carsha's post @ Jul 17 2012, 04:54 PM

Maybe a push to $8.50 pre div ?

Has been a nice trade from my last buy at $6.88.

If only all my trades went this well

CS

[Carsha]

In Reply To: prakashd3000's post @ Jul 17 2012, 03:49 PM

Yes I agree.

From this level getting close to the div you would have to think the sp
has more upside yet.

CS

[prakashd3000]

In Reply To: Carsha's post @ Jul 17 2012, 03:06 PM

Same feeling here. Normally the share price peaks in the week before going exdividend.
Lets wait a little longer.

[Carsha]

In Reply To: Carsha's post @ Jul 4 2012, 04:43 PM

Within a few cents of my target and looking strong.
Was going to sell a few around this level but now thinkiing the trend could continue.

Then again it could be just greed taking control

CS