Ex Div + the broader macro environment re: finance and banking sectors. Now at a ~PE14 and growing at 20% a year. The market is possibly pricing in slower growth dropping it down into mid teens from a PE from ~18. Should growth be maintained then this is trading on a FPE ~12. As it’s in the Financial Industries area it’s at the mercy of the present financial challenges. The good thing is the Aussie banking financing industry is well capitalised. Consequently, we are likely to see some serious battles in the 2nd half of the year not only in the battle for new banking clients, but high value investor funds and M&A Advisor fees should a consolidation period take place. It’s going to get bumpy so hold onto your hat. My two thoughts.
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