Nonic, you may be right but can you show some figures to illustrate how low the PE's for banks went down to in a bear market?
I was only able to track the relative average annual PE back to 1999 on the Westpac research site. It shows:
ANZ from 1999: 12.1 11.2 12.9 13.4 12.1 12.4 13.3 13.5 14.1
WBC: 13.6 12.7 13.3 14.4 13.1 13.1 13.5 13.7 13.8
CBA: 19.4 13.4 15.6 14.7 18.0 15.3 11.0 14.1 14.5
Would appreaciate some hard data especially for the recession years.
Thanks
new lows, page-7
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