nab where to this week, page-9

Pandelis - this is not a sell. Many are selling the other major banks and buying NAB. This is way oversold. As I said previously the other major banks are valued around 2 times book value - that would place NAB anywhere between 34 and 36. I think that SPoors still have a AA rating on NAB - I could be wrong on this because SP are currently reviewing. Once there is a turn this will go above 26. Bought more at 20 for the divi fully franked 1.94 at 20 - go and work that one out at the current rate. There is a CDO risk but in these days what bank does not have heafty provisions in the B/s/ Market will shortly turn and I reckon that we are looking at around 31 by February.