Ann: CEO and Managing Director Succession Update, page-39

I think ARB is a much better company.
Look at its 5yr growth/10yr growth and compare to BAP (not share price, company growth).

Next look at:
5yr/10 yr:
*shares outstanding (ARB never raises capital)
*ROE: ARB consistently outperforms on ROE which means they can 'reinvest' their retained capital at a higher growth rate which better grows future earnings.

Not saying BAP is poor, just ARB much better for long term buy and hold. (Unfortunately ARB has not had any decent price declines so I can take a position).

In regards to PE, I would look at PE two years out: Market is forecasting EPS of 40c for FY23, at $6.40 forward PE is 16 which whilst not a bargain, is below BAP average historical PE. So at current share prices, in my opinion, taking a first position (from which one can dollar average downwards if share price continues to drop) makes sense.