the main issue is sentiment in the market.
US and Euro stocks have been recovering over the last few days and the pencil head fund managers here been selling banks.
Given CBA and NAB are around down (around 40% in NAB's case) from its high you would think that they are making no profit.
They are probably on PE's of 10x now, thats a very attractive entry price. the big question will be how much earnings slow in the future? thats what the market is grappling with, however i dont see a massive slow down.
the next thing will be the RBA lowering rates in 12 months time and all the analysts will be saying earnings are going to slow etc. Remember these are the same analysts that were saying in November that NAB was worth $49 per share. Why you believe them now?
Remeber this rule, the market always over buys and over sells. NAB and CBA are trading on multiples that assume zero growth and even contraction, if this proves to be wrong these stocks will thunder back and all the short sellers will be stuck with their pants down!!!
Buy and let the divs reinvest and dont look at it for the next 12 months!!!
12month lows reached today, page-4
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Last
$39.65 |
Change
0.320(0.81%) |
Mkt cap ! $121.8B | |||
| Open | High | Low | Value | Volume |
| $39.50 | $39.80 | $39.18 | $209.5M | 5.303M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 3435 | $39.64 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $39.66 | 14865 | 3 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| NAB (ASX) Chart |