Effectively the extra capital will be used to reduce ANZ's gearing and replace long term debt at say 4% pre tax return so the new capital won't earn much. The new capital requirements will make the business more capital intensive so instead of being able to maintain, say a 70% earnings payout ratio without issuing dilutory DRP shares, this will fall to say 65% meaning lower dividends and/or dilutory DRP issuance.
The new capital rules mean ANZ is worth less, so a share price fall is expected. Whether it is overdone is another matter.
ANZ. Why perform like that!, page-19
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Last
$31.59 |
Change
-0.230(0.72%) |
Mkt cap ! $94.08B | |||
| Open | High | Low | Value | Volume |
| $31.81 | $31.85 | $31.46 | $174.0M | 5.641M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $31.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $31.60 | 12719 | 5 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| ANZ (ASX) Chart |