In a yield driven, arguably fully valued market, the argument for Challenger just keeps getting stronger. One comment in particular by Mr Benari caught my attention :
“Retail annuity sales have continued to grow strongly yet we’re only four years into the 20 year retirement phase of Australia’s 4 million plus Baby Boomers.
Banks are highly leveraged, interest rates are in decline, uncertainty continues, yields are falling as PE ratios expand. Their is little doubt in my opinion that Challenger is well undervalued.
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