Just an update to most brokers - here is the latestAnd here is...

Just an update to most brokers - here is the latest



And here is Goldman Sachs - Price target Changes to $26.24

1Q22 trading update
WBC’s 1Q22 unaudited cash earnings (ex-notables) of A$1.58 bn
were run-rating 4% ahead of what was implied by our prior 1H22E,
with the beat entirely driven by better than expected revenues
(primarily in Markets and Treasury). The BDD charge was broadly
consistent with what was implied by our prior 1H22E estimate and
as such, 1Q22 PPOP was run-rating 4% higher. CET1 came in at
12.2% and was tracking c.17bp ahead of prior GSe.

Earnings and valuation changes
We move our FY22E/23E/24E EPS by +2.4%/+5.5%/+10.5% driven
by: i) stronger markets revenue in 1Q22, and ii) improved NIM in
outer years from earlier expectation of cash rate rises (here). As a
result of these changes, our 12-month TP moves to A$26.24 (from
A$25.60).


Stay Neutral but reasons to be positive
While we remain Neutral on WBC, we do note that management is
making progress on a number of its initiatives, and we specifically
note: i) while NIM trends were weak, given higher liquids,
competition and mortgage mix, it was not materially worse than
market expectations, and the market should not forget WBC’s
medium term NIM leverage to higher cash rates, ii) underlying costs
were well down in the quarter (vs. last half average), management
remains committed to further expense reductions in FY22E,
management reiterated its FY24 cost target of A$8 bn, and
continues to make adjustments to the business model to support
this target, and iii) balance sheet settings remain conservative.
Further evidence of i) execution on its strategy and/or ii) stabilisation
of retail profitability, would see us get more positive.

Love the exhibit below - bottom line is expected dividends - if you workout franking credits - that is a very solid number for the years to come



Finally check the below exhibits - Brilliant Comparisons