whilst I’m not defending the poor performance, you’ve selectively used the period where ANZ, WBC and NAB were record highs. Longer term, it’s been better. True performance also includes dividends which are significant too, that chart excludes the . The only bank to be higher than that period is CBA, which travels at an astronomical PE and PB ratio compared to major banks here and globally.
Given the business is still fundamentally sound, albeit governance issues. I’d argue WBC is a value buy. NAB is priced for growth/perfection. ANZ is a little cheaper, but still not in a value zone for banks. WBC is cheap compared to the sector/broader market. We own all the banks, however the only one we’ve bought recently was WBC.
WBC Price at posting:
$21.05 Sentiment: Hold Disclosure: Held
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