why does cba(GMA's biggest client) trade at more than 2x nta whilst gma trades at something like 0.7x NTA? in many cases they are exposed to the same underlying property assets. GMA has a more junior exposure to any common property asset , which means gma has more to gain from rising property prices. meanwhile cba has exposure to all kinds of loans without owner occupied residential collateral ie. cba has a lot of less well secured assets. there are fewer competitors in GMA's industry ie. Gma is cba's exclusive lmi provider but cba is not GMA's only client.
to me the relative premium and discount of the two to book value is unwarranted.
why does cba(GMA's biggest client) trade at more than 2x...
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